mengseng personal page - To The Moon

mengseng

mengseng

No personal profile

3Follow

4Followers

0Topic

0Badge

2021-08-20

?????

TuSimple soared more than 15% in the future, and it is said that it has been increased by the "Queen of the Bull Market"

2021-08-13

???

Sorry, the original content has been removed

2021-08-10

???

TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it

2021-08-08

???

CICC Overseas: What if US Treasury yields goes up again?

2021-08-05

???

Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again

2021-08-04

???

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

2021-07-31

???

Sorry, the original content has been removed

2021-07-28

???

Sorry, the original content has been removed

2021-07-28

?

Sorry, the original content has been removed

2021-07-26

???

[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023

2021-07-25

???

The "secret" of ten times the base, how can Christians really make money?

2021-07-24

???

Sorry, the original content has been removed

2021-07-24

???

Alibaba Cloud provides cloud global broadcast technical support for the Olympics

2021-07-24

???

Lehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the "entertainment circle"

2021-07-23

???

Sorry, the original content has been removed

2021-07-23

???

U.S. existing home sales slightly worse than expected in June, with median home prices hitting new highs

2021-07-23

???

Financial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point

2021-07-22

???

[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%

2021-07-22

???

Sorry, the original content has been removed

2021-07-22

???

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3579764409572228","uuid":"3579764409572228","gmtCreate":1616670385673,"gmtModify":1623244611910,"name":"mengseng","pinyin":"mengseng","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":4,"headSize":3,"tweetSize":0,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.05.04","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.02.25","exceedPercentage":"93.44%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.23","exceedPercentage":"93.25%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":6,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":1,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":838264107,"gmtCreate":1629414609709,"gmtModify":1676530030702,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?????","listText":"?????","text":"?????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838264107","repostId":"1177892933","repostType":4,"repost":{"id":"1177892933","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":1629388917,"share":"https://ttm.financial/m/news/1177892933?lang=en_US&edition=fundamental","pubTime":"2021-08-20 00:01","market":"us","language":"zh","title":"TuSimple soared more than 15% in the future, and it is said that it has been increased by the \"Queen of the Bull Market\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1177892933","media":"老虎资讯综合","summary":"周四，图森未来低开高走，股价一路抬升，截至发稿涨幅扩大至15%。\n\n市场消息，“牛市女皇”、ARK基金的创始人凯西·伍德（Catherine Wood）在周三增持图森未来约22.1万股，当日该股收涨2","content":"<p>Thursday,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>Open low has gone higher, and the stock price has been rising all the way. As of press time, the increase has expanded to 15%.</p><p><img src=\"https://static.tigerbbs.com/e1212649a8e8e4b1eda6464876147076\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>According to market news, Catherine Wood, the \"Queen of the Bull Market\" and founder of ARK Fund, increased her holdings of about 221,000 shares of TuSimple on Wednesday, and the stock closed up 2.65% that day.</p><p>In terms of performance, TuSimple achieved revenue of US $1.482 million in the second quarter of 2021, a year-on-year increase of 463.5% and a quarter-on-quarter increase of 57%; The net loss was US $117 million, a year-on-year increase of 316.6%; Operating loss was US $121 million, an increase of 331.8% year-on-year.</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>TuSimple soared more than 15% in the future, and it is said that it has been increased by the \"Queen of the Bull Market\"</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\">\nTuSimple soared more than 15% in the future, and it is said that it has been increased by the \"Queen of the Bull Market\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-20 00:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Thursday,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>Open low has gone higher, and the stock price has been rising all the way. As of press time, the increase has expanded to 15%.</p><p><img src=\"https://static.tigerbbs.com/e1212649a8e8e4b1eda6464876147076\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>According to market news, Catherine Wood, the \"Queen of the Bull Market\" and founder of ARK Fund, increased her holdings of about 221,000 shares of TuSimple on Wednesday, and the stock closed up 2.65% that day.</p><p>In terms of performance, TuSimple achieved revenue of US $1.482 million in the second quarter of 2021, a year-on-year increase of 463.5% and a quarter-on-quarter increase of 57%; The net loss was US $117 million, a year-on-year increase of 316.6%; Operating loss was US $121 million, an increase of 331.8% year-on-year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b9accdc5716a7368b1240a904c5b874","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177892933","content_text":"周四，图森未来低开高走，股价一路抬升，截至发稿涨幅扩大至15%。\n\n市场消息，“牛市女皇”、ARK基金的创始人凯西·伍德（Catherine Wood）在周三增持图森未来约22.1万股，当日该股收涨2.65%。\n业绩方面，2021年第二季度图森未来实现营收148.2万美元，同比增长463.5%，环比上一季度增长57%；净亏损为1.17亿美元，同比扩大316.6%；运营亏损1.21亿美元，同比扩大331.8%。","news_type":1,"symbols_score_info":{"TSP":0.9}},"isVote":1,"tweetType":1,"viewCount":2660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894109547,"gmtCreate":1628809820889,"gmtModify":1676529859143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894109547","repostId":"1160603020","repostType":4,"isVote":1,"tweetType":1,"viewCount":3090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896349714,"gmtCreate":1628558503538,"gmtModify":1703508054394,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896349714","repostId":"1167003752","repostType":4,"repost":{"id":"1167003752","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":1628558299,"share":"https://ttm.financial/m/news/1167003752?lang=en_US&edition=fundamental","pubTime":"2021-08-10 09:18","market":"us","language":"zh","title":"TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it","url":"https://stock-news.laohu8.com/highlight/detail?id=1167003752","media":"华尔街见闻","summary":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU，均为该公司的核心产品，首批数量约为4000片，明年7月正式量产。\n\n据中国台湾经济日报，英特尔将成为第一家采用台积电3nm芯片制程的半导体","content":"<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order placed includes three kinds of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. This process will be used to produce server chips. It is expected to start production at TSMC's 18b factory in the second quarter of next year and officially mass-produced in July. The actual mass production time is one year earlier than originally planned.</p><p>For a long time, TSMC's most advanced chip manufacturing processes are usually based on<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processor of the latest iPhone of that year.</p><p>This cooperation between Intel and TSMC means that the company is sure that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Dominant position. According to TSMC's previous statement, the processability of 3nm can be improved by 10 to 15% compared with 5nm, and the power consumption can be reduced by 25 to 30%.</p><p>China's Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order with TSMC includes three server CPUs with integrated graphics cards, all of which are the company's core products, and the first batch is about 4,000 pieces.</p><p>Recently, TSMC Chairman Liu Deyin answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" When emphasizing that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's cooperation with it in 3-nanometer chip production has long been concluded.</p><p>As of the close of U.S. stocks yesterday, Intel's stock price was at $54.05, up 0.24%; TSMC's share price was at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" tg-width=\"840\" tg-height=\"470\" 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>TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it</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\">\nTSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it\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\">2021-08-10 09:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order placed includes three kinds of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. This process will be used to produce server chips. It is expected to start production at TSMC's 18b factory in the second quarter of next year and officially mass-produced in July. The actual mass production time is one year earlier than originally planned.</p><p>For a long time, TSMC's most advanced chip manufacturing processes are usually based on<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processor of the latest iPhone of that year.</p><p>This cooperation between Intel and TSMC means that the company is sure that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Dominant position. According to TSMC's previous statement, the processability of 3nm can be improved by 10 to 15% compared with 5nm, and the power consumption can be reduced by 25 to 30%.</p><p>China's Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order with TSMC includes three server CPUs with integrated graphics cards, all of which are the company's core products, and the first batch is about 4,000 pieces.</p><p>Recently, TSMC Chairman Liu Deyin answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" When emphasizing that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's cooperation with it in 3-nanometer chip production has long been concluded.</p><p>As of the close of U.S. stocks yesterday, Intel's stock price was at $54.05, up 0.24%; TSMC's share price was at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"159813":"芯片","03145":"华夏亚洲高息股","INTC":"英特尔","EWT":"台湾ETF-iShares MSCI","AAPL":"苹果","TSM":"台积电"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167003752","content_text":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU，均为该公司的核心产品，首批数量约为4000片，明年7月正式量产。\n\n据中国台湾经济日报，英特尔将成为第一家采用台积电3nm芯片制程的半导体公司。该制程将用于生产服务器芯片，预计明年二季度开始在台积电18b厂投片，7月份正式量产，实际量产时间较原计划提前一年。\n长期以来，台积电最先进的芯片制程通常以苹果作为第一个客户，主要生产当年最新款iPhone的A系列处理器。\n英特尔与台积电的本次合作，意味着该公司肯定台积电领先于三星的优势地位。按照台积电此前的说法，3nm工艺性较5nm能提升10~15%，功耗降低25~30%。\n中国台湾经济日报援引台积电供应商称，此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU，均为该公司的核心产品，首批数量约为4000片。\n近日，台积电董事长刘德音答股东问“如何看待英特尔涉足晶圆代工时强调“英特尔是台积电的客户，我们相信英特尔会采用台积电的最先进技术”。言下之意似乎对英特尔与其合作3纳米芯片生产早有定论。\n截至昨日美股收盘，英特尔股价报54.05美元，涨0.24%；台积电股价报118.22美元，涨0.01%。","news_type":1,"symbols_score_info":{"159813":0.9,"EWT":0.9,"AAPL":0.9,"INTC":0.9,"TSM":0.9,"03145":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891466099,"gmtCreate":1628413014211,"gmtModify":1703506035456,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/891466099","repostId":"1183188196","repostType":4,"repost":{"id":"1183188196","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1628405337,"share":"https://ttm.financial/m/news/1183188196?lang=en_US&edition=fundamental","pubTime":"2021-08-08 14:48","market":"us","language":"zh","title":"CICC Overseas: What if US Treasury yields goes up again?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183188196","media":"Kevin策略研究","summary":"摘要\n周五公布的7月非农（94.3万）超出预期和前值，呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上，我们更新了对于就业市场何时达到美联储门槛的测算，发现大概还需要5个","content":"<p><b>SUMMARY</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations and the previous value, showing a partial slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continued improvement. On this basis, we updated our calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of 64% employment recovery similar to the official reduction in 2013. Therefore,<b>December FOMC officially cuts volumes</b>、<b>The revised statement in September suggested that it still seems to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But data that didn't exceed expectations drove US Treasury yields and the US Dollar Index sharply higher</b>, the reasons behind it are worth thinking about, which may indicate that the previous continued low interest rates and the suppressed short rebound only need an introduction.</p><p><b>We believe that the trend of interest rates in the past period is not incomprehensible in direction, but the decline is even more surprising</b>。 In this context, it is necessary to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will be induced by some catalysts.</p><p><b>What may become a catalyst for rising interest rates in the future?</b></p><p><b>1) Recovery of growth expectations</b>: If the key growth data improves or the epidemic situation of mutated viruses falls back. Biden's new round of infrastructure progress currently being promoted is also worthy of attention.</p><p><b>2）</b><b>Policy exit expectations heat up</b>: For example, the FOMC hinted at a reduction in volume in September or the Jackson Hole meeting in August began to blow. Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation. In addition, after the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of another rise in interest rates?</b></p><p><b>1）</b><b>Velocity</b>: Excessively rapid rise in interest rates means increased volatility in bond assets, which will bring about cross-asset volatility contagion, which will in turn have an impact on U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring greater disturbance;<b>2）</b><b>Orientation and structure</b>: Rising long-term interest rates, especially widening interest rate spreads, are beneficial<b>Finance</b>The performance of the sector;<b>3）</b><b>Drivers</b>: Rising real interest rates are not conducive to interest rate-sensitive assets, such as<b>Gold</b>, may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but high-quality growth with reasonable valuations is still attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-agricultural data and its impact on monetary policy? Reductions at the end of the year and September hints are still a high probability</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations (870,000) and the previous value (938,000), showing that some parts (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of mutated viruses. However, overall employment continues to improve (Charts 1 ~ 2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment recovery during the official reduction in 2013 (Chart 3). Therefore,<b>The FOMC officially reduced volumes in December and revised the statement in September suggested that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the characteristics mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index up sharply (Chart 5). The reasons behind it are worth pondering. This<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>, just need an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenments for the fall in interest rates in the past period? The direction is understandable, but the level does not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50bp from the high point. First, the fall in inflation expectations dominated (\"Monthly Report on Overseas Asset Allocation (2021-7) Re-Fall in Inflation Trading\"). After the FOMC meeting in June, the real interest rate took over and hit a record low (\"What is the recent rise in the US dollar and the decline in long-term bonds?\" June 14 ~ June 20, 2021 \"). During this period, the Fed's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields trading downward? July 5-July 11, 2021\"), short covering, and Chinese unexpected RRR cuts triggered growth concerns, the surge in reverse repurchases actually increased demand for Treasury Bond (\"How to understand the Fed's reverse repurchase surge and the Interest Rate Corridor mechanism?\" June 28-July 4, 2021 \",\" The Fed has actually \"shrinking balance sheet\"? July 19-July 25, 2021 \").</p><p><b>We believe that the trend of interest rates over the past period is not incomprehensible in that direction</b>After all, we reminded in the previous stage of rapid interest rate rise that the rise in interest rates is intermittent and requires new catalysts; At the same time, it is relatively certain that long-term inflation expectations will gradually fall, and the disturbance of short-term growth momentum caused by the recurrence of mutant viruses cannot be completely ignored.<b>In contrast, its decline is even more surprising and puzzling</b>, especially the trend of real interest rates hitting new lows is more trading expectations of an economic recession than an immediate slowdown in growth momentum<b>。</b></p><p>In this context,<b>We believe that we need to pay attention to and even guard against the possibility that interest rates, which are continuously suppressed like a spring for whatever reason, will pump back under some catalyst</b>, the performance of long-term interest rates after Friday's non-farm payrolls data may be an example.</p><p><b>3. What may be a catalyst for rising interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>Admittedly, in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to completely explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. Referring to the forces that led to the downward trend of interest rates in the previous period, we believe that the following events or time points are worthy of attention:</p><p><b>► Growth expectations are repaired: If key growth data improves or the epidemic situation of mutated viruses peaks and falls.</b></p><p>We once analyzed in the \"Overseas Asset Allocation Monthly Report (2021-8): Short-term Stagflation-like Trading\" that we believe that the market may have overestimated the impact of mutated viruses and the pressure of declining growth, which in turn has led to continued new lows in interest rates in the near future. Although the market is worried that the real interest rate may not return to the previous level because the long-term growth prospect is still unstable, it is obviously a mismatch to be at such a low position.<b>What's more, this round of recurrence of mutated viruses may not be as severe as it appears for countries that have achieved large-scale vaccination</b>。 Large-scale vaccination ensures that the number of hospitalizations and deaths can remain low while the number of new confirmed cases continues to rise, thus eliminating the need for strict blockades at the policy level to avoid a run on medical resources (Figure 11). This epidemic prevention path seems to have gradually achieved results in the UK (\"Inspiration from the UK's Phased Anti-epidemic Achievements Weekly Tracking of Epidemic Resumption (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figure 12 ~ 13). If so, there may be too much concern reflected by the market in the near future, especially through real interest rates,<b>In the future, if the epidemic falls from its high point, it may become an inflection point for interest rates to rise</b>。 Of course, some key data, such as the better-than-expected non-agricultural data released on Friday, can also have the effect of dispelling growth concerns.</p><p>Furthermore,<b>Biden's new round of infrastructure progress currently being promoted is also worthy of attention</b>, will usher in a key vote in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may be brought about by achieving breakthrough progress are still worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Policy exit expectations are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its September statement to establish that the reduction was coming, and interest rates bottomed out and rebounded until they peaked after the official reduction started in December. During this period, real interest rates were the main driver (Exhibit 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to fall with the expectation of policy tightening and the marginal easing of the contradiction between supply and demand (such as second-hand car production capacity and inventory repair, Figure 14 ~ 15), it is still possible that the real interest rate rises mainly.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>Furthermore,<b>After the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Ministry of Finance released a large amount of liquidity and returned it to the Federal Reserve account through reverse repurchase, which not only \"locked\" some liquidity, but also substantially increased the demand for Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish part of TGA cash reserves (Chart 20), and the increase in Treasury Bond supply may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of interest rate rising again? Speed, Construction and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>Long-term interest rates do not rule out another upward trend, especially real interest rates. Among them, the signal of the Federal Reserve's September FOMC meeting on reductions deserves close attention, but it does not rule out gradual peaking after the official reduction starts</b>(Exhibit 21).</p><p>So, if interest rates go up again, what impact will it have? We believe that it is mainly reflected in the following aspects:</p><p><b>1) velocity,</b>Excessive rise in interest rates means increased volatility in bond assets, which will bring cross-asset volatility contagion, which will in turn bring greater disturbance to U.S. stocks and other markets, especially relatively high-valuation sectors (Figure 22);</p><p><b>2) Orientation and structure:</b>The rise in long-term interest rates, especially the widening of interest rate spreads, is conducive to the performance of the financial sector (Charts 23 ~ 24), as was the case after the non-agricultural data on Friday;</p><p><b>3) Drivers:</b>The rise in real interest rates is not conducive to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), and may also push up<b>dollar</b>(Exhibit 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the launch of liquidity is gradually approaching, although we expect another round of rising interest rates, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuation is still attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-farm payrolls exceeded expectations, pushing US Treasury yields and the US dollar to soar, with banks leading the gains; Emerging bulls decrease, U.S. bond bulls plummet</b></p><p><b>► Asset Performance: Leading. Stocks > Bonds > Bulk; US Treasury yields Picks Up, Banks Lead Gains</b></p><p>Non-farm employment data in July exceeded expectations. Although repeated epidemics have dragged down the recovery of some service industries, the overall job market is still strong. The U.S. dollar and US Treasury yields factors have risen sharply, with banks leading the gains. Overall, among the world's major assets, stocks > bonds > bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, while crude oil, VIX bulls, copper, and gold led the losses. In terms of sectors, financial sectors including banking, comprehensive finance, and insurance led the gains last week. The 10-year US Treasury yields closed at 1.30%, an increase of about 7bps, real interest rates rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment positions: Emerging bulls plummet, long-term U.S. bond bulls decrease</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, and the net long position of the US Dollar Index continued to increase; The net long position of 10-year U.S. bonds has decreased significantly, and the net short position of 2-year U.S. bonds has turned into net long.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Funds Flow: Stock market inflows slow, emerging turns to outflows</b></p><p>In the past week, bond market inflows have slowed slightly, stock market inflows have slowed significantly, and money market funds have continued to flow in. Looking at different markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: July non-agricultural payrolls exceeded expectations, ISM manufacturing PMI fell</b></p><p><b>The ISM manufacturing PMI fell in July, and prices and customer inventories fell significantly.</b>The July ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, missing expectations of 61.0. In terms of sub-items, the price index fell the largest since March 2020, indicating to a certain extent that inflationary pressures have eased. The employment index and orders on hand index rose, and the customer inventory index hit a record low.</p><p>Furthermore,<b>Non-farm payrolls remained strong in July, and leisure hotels remained the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expectations (870,000); In terms of sub-items, leisure hotels are still the main source of new jobs, with an increase of 380,000 in July. Health, transportation and warehousing, financial activities, and information improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% in the previous month, lower than the expected 5.7%. At the same time, the month-on-month wage growth rate in July remained at the level of June, reaching 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuations above growth and interest rate environment support levels</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500 index's 27.1 times static P/E is higher than the reasonable level that growth (July PMI = 59.5) and liquidity (10-year US Treasury yields 1.30%) can support (~ 26.8 times).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" 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>CICC Overseas: What if US Treasury yields goes up again?</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\">\nCICC Overseas: What if US Treasury yields goes up again?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-08-08 14:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>SUMMARY</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations and the previous value, showing a partial slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continued improvement. On this basis, we updated our calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of 64% employment recovery similar to the official reduction in 2013. Therefore,<b>December FOMC officially cuts volumes</b>、<b>The revised statement in September suggested that it still seems to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But data that didn't exceed expectations drove US Treasury yields and the US Dollar Index sharply higher</b>, the reasons behind it are worth thinking about, which may indicate that the previous continued low interest rates and the suppressed short rebound only need an introduction.</p><p><b>We believe that the trend of interest rates in the past period is not incomprehensible in direction, but the decline is even more surprising</b>。 In this context, it is necessary to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will be induced by some catalysts.</p><p><b>What may become a catalyst for rising interest rates in the future?</b></p><p><b>1) Recovery of growth expectations</b>: If the key growth data improves or the epidemic situation of mutated viruses falls back. Biden's new round of infrastructure progress currently being promoted is also worthy of attention.</p><p><b>2）</b><b>Policy exit expectations heat up</b>: For example, the FOMC hinted at a reduction in volume in September or the Jackson Hole meeting in August began to blow. Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation. In addition, after the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of another rise in interest rates?</b></p><p><b>1）</b><b>Velocity</b>: Excessively rapid rise in interest rates means increased volatility in bond assets, which will bring about cross-asset volatility contagion, which will in turn have an impact on U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring greater disturbance;<b>2）</b><b>Orientation and structure</b>: Rising long-term interest rates, especially widening interest rate spreads, are beneficial<b>Finance</b>The performance of the sector;<b>3）</b><b>Drivers</b>: Rising real interest rates are not conducive to interest rate-sensitive assets, such as<b>Gold</b>, may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but high-quality growth with reasonable valuations is still attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-agricultural data and its impact on monetary policy? Reductions at the end of the year and September hints are still a high probability</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations (870,000) and the previous value (938,000), showing that some parts (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of mutated viruses. However, overall employment continues to improve (Charts 1 ~ 2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment recovery during the official reduction in 2013 (Chart 3). Therefore,<b>The FOMC officially reduced volumes in December and revised the statement in September suggested that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the characteristics mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index up sharply (Chart 5). The reasons behind it are worth pondering. This<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>, just need an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenments for the fall in interest rates in the past period? The direction is understandable, but the level does not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50bp from the high point. First, the fall in inflation expectations dominated (\"Monthly Report on Overseas Asset Allocation (2021-7) Re-Fall in Inflation Trading\"). After the FOMC meeting in June, the real interest rate took over and hit a record low (\"What is the recent rise in the US dollar and the decline in long-term bonds?\" June 14 ~ June 20, 2021 \"). During this period, the Fed's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields trading downward? July 5-July 11, 2021\"), short covering, and Chinese unexpected RRR cuts triggered growth concerns, the surge in reverse repurchases actually increased demand for Treasury Bond (\"How to understand the Fed's reverse repurchase surge and the Interest Rate Corridor mechanism?\" June 28-July 4, 2021 \",\" The Fed has actually \"shrinking balance sheet\"? July 19-July 25, 2021 \").</p><p><b>We believe that the trend of interest rates over the past period is not incomprehensible in that direction</b>After all, we reminded in the previous stage of rapid interest rate rise that the rise in interest rates is intermittent and requires new catalysts; At the same time, it is relatively certain that long-term inflation expectations will gradually fall, and the disturbance of short-term growth momentum caused by the recurrence of mutant viruses cannot be completely ignored.<b>In contrast, its decline is even more surprising and puzzling</b>, especially the trend of real interest rates hitting new lows is more trading expectations of an economic recession than an immediate slowdown in growth momentum<b>。</b></p><p>In this context,<b>We believe that we need to pay attention to and even guard against the possibility that interest rates, which are continuously suppressed like a spring for whatever reason, will pump back under some catalyst</b>, the performance of long-term interest rates after Friday's non-farm payrolls data may be an example.</p><p><b>3. What may be a catalyst for rising interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>Admittedly, in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to completely explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. Referring to the forces that led to the downward trend of interest rates in the previous period, we believe that the following events or time points are worthy of attention:</p><p><b>► Growth expectations are repaired: If key growth data improves or the epidemic situation of mutated viruses peaks and falls.</b></p><p>We once analyzed in the \"Overseas Asset Allocation Monthly Report (2021-8): Short-term Stagflation-like Trading\" that we believe that the market may have overestimated the impact of mutated viruses and the pressure of declining growth, which in turn has led to continued new lows in interest rates in the near future. Although the market is worried that the real interest rate may not return to the previous level because the long-term growth prospect is still unstable, it is obviously a mismatch to be at such a low position.<b>What's more, this round of recurrence of mutated viruses may not be as severe as it appears for countries that have achieved large-scale vaccination</b>。 Large-scale vaccination ensures that the number of hospitalizations and deaths can remain low while the number of new confirmed cases continues to rise, thus eliminating the need for strict blockades at the policy level to avoid a run on medical resources (Figure 11). This epidemic prevention path seems to have gradually achieved results in the UK (\"Inspiration from the UK's Phased Anti-epidemic Achievements Weekly Tracking of Epidemic Resumption (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figure 12 ~ 13). If so, there may be too much concern reflected by the market in the near future, especially through real interest rates,<b>In the future, if the epidemic falls from its high point, it may become an inflection point for interest rates to rise</b>。 Of course, some key data, such as the better-than-expected non-agricultural data released on Friday, can also have the effect of dispelling growth concerns.</p><p>Furthermore,<b>Biden's new round of infrastructure progress currently being promoted is also worthy of attention</b>, will usher in a key vote in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may be brought about by achieving breakthrough progress are still worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Policy exit expectations are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its September statement to establish that the reduction was coming, and interest rates bottomed out and rebounded until they peaked after the official reduction started in December. During this period, real interest rates were the main driver (Exhibit 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to fall with the expectation of policy tightening and the marginal easing of the contradiction between supply and demand (such as second-hand car production capacity and inventory repair, Figure 14 ~ 15), it is still possible that the real interest rate rises mainly.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>Furthermore,<b>After the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Ministry of Finance released a large amount of liquidity and returned it to the Federal Reserve account through reverse repurchase, which not only \"locked\" some liquidity, but also substantially increased the demand for Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish part of TGA cash reserves (Chart 20), and the increase in Treasury Bond supply may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of interest rate rising again? Speed, Construction and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>Long-term interest rates do not rule out another upward trend, especially real interest rates. Among them, the signal of the Federal Reserve's September FOMC meeting on reductions deserves close attention, but it does not rule out gradual peaking after the official reduction starts</b>(Exhibit 21).</p><p>So, if interest rates go up again, what impact will it have? We believe that it is mainly reflected in the following aspects:</p><p><b>1) velocity,</b>Excessive rise in interest rates means increased volatility in bond assets, which will bring cross-asset volatility contagion, which will in turn bring greater disturbance to U.S. stocks and other markets, especially relatively high-valuation sectors (Figure 22);</p><p><b>2) Orientation and structure:</b>The rise in long-term interest rates, especially the widening of interest rate spreads, is conducive to the performance of the financial sector (Charts 23 ~ 24), as was the case after the non-agricultural data on Friday;</p><p><b>3) Drivers:</b>The rise in real interest rates is not conducive to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), and may also push up<b>dollar</b>(Exhibit 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the launch of liquidity is gradually approaching, although we expect another round of rising interest rates, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuation is still attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-farm payrolls exceeded expectations, pushing US Treasury yields and the US dollar to soar, with banks leading the gains; Emerging bulls decrease, U.S. bond bulls plummet</b></p><p><b>► Asset Performance: Leading. Stocks > Bonds > Bulk; US Treasury yields Picks Up, Banks Lead Gains</b></p><p>Non-farm employment data in July exceeded expectations. Although repeated epidemics have dragged down the recovery of some service industries, the overall job market is still strong. The U.S. dollar and US Treasury yields factors have risen sharply, with banks leading the gains. Overall, among the world's major assets, stocks > bonds > bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, while crude oil, VIX bulls, copper, and gold led the losses. In terms of sectors, financial sectors including banking, comprehensive finance, and insurance led the gains last week. The 10-year US Treasury yields closed at 1.30%, an increase of about 7bps, real interest rates rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment positions: Emerging bulls plummet, long-term U.S. bond bulls decrease</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, and the net long position of the US Dollar Index continued to increase; The net long position of 10-year U.S. bonds has decreased significantly, and the net short position of 2-year U.S. bonds has turned into net long.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Funds Flow: Stock market inflows slow, emerging turns to outflows</b></p><p>In the past week, bond market inflows have slowed slightly, stock market inflows have slowed significantly, and money market funds have continued to flow in. Looking at different markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: July non-agricultural payrolls exceeded expectations, ISM manufacturing PMI fell</b></p><p><b>The ISM manufacturing PMI fell in July, and prices and customer inventories fell significantly.</b>The July ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, missing expectations of 61.0. In terms of sub-items, the price index fell the largest since March 2020, indicating to a certain extent that inflationary pressures have eased. The employment index and orders on hand index rose, and the customer inventory index hit a record low.</p><p>Furthermore,<b>Non-farm payrolls remained strong in July, and leisure hotels remained the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expectations (870,000); In terms of sub-items, leisure hotels are still the main source of new jobs, with an increase of 380,000 in July. Health, transportation and warehousing, financial activities, and information improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% in the previous month, lower than the expected 5.7%. At the same time, the month-on-month wage growth rate in July remained at the level of June, reaching 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuations above growth and interest rate environment support levels</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500 index's 27.1 times static P/E is higher than the reasonable level that growth (July PMI = 59.5) and liquidity (10-year US Treasury yields 1.30%) can support (~ 26.8 times).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEF":"债券指数ETF-iShares Barclays 7-10年","BND":"债券指数ETF-Vanguard美国","IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183188196","content_text":"摘要\n周五公布的7月非农（94.3万）超出预期和前值，呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上，我们更新了对于就业市场何时达到美联储门槛的测算，发现大概还需要5个月达到类似2013年正式减量时就业修复至64%的门槛。因此，12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件。\n除此之外，此次非农数据本身可能并无太多圈点之处，但并未太超预期的数据却推动美债利率和美元指数大幅走高，背后原因值得寻味，这可能说明此前持续走低的利率和被压制的空头反弹，只需要一个引子而已。\n我们认为，过去一段时间利率走向在方向上并非不能理解，但回落幅度更让人意外。在这一背景下，需要关注甚至防范，不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性。\n后续有什么可能成为利率上行的催化剂？\n1）增长预期修复：如关键增长数据向好或者变异病毒疫情回落。当前正在推进的拜登新一轮基建进展也值得关注。\n2）政策退出预期升温：如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。由于利率变化会提前反应预期，因此比起正式执行，开始暗示减量的时点更为重要。此外，债务上限问题解决后财政部可以再度发债，国债供给上升也可能增加利率上行压力。\n利率再度上行的影响？\n1）速度：利率过快上行意味着债券资产波动加大，将会带来跨资产的波动传染，进而对美股和其他市场、特别是相对高估值板块带来较大扰动；2）方向和结构：长端利率上行特别是利差走阔有利于金融板块的表现；3）驱动因素：实际利率上行不利于利率敏感型资产，例如黄金，同时也可能推升美元。从风格表现上，价值也相对好于成长，但估值合理的优质成长仍具吸引力。\n本周焦点：利率再度上行的可能触发因素及其影响\n1. 非农数据及其对货币政策的影响？年底减量、9月暗示仍是大概率\n周五公布的7月非农（94.3万）超出预期（87.0万）和前值（93.8万），呈现出局部（如零售、休闲酒店等服务业）受变异病毒复发影响步伐放缓甚至停滞、但整体就业依然持续改善的态势（图表1~2）。在此基础上，我们更新了对于就业市场何时达到美联储门槛（所谓进一步重大进展further substantial progress）的测算，发现大概还需要5个月达到类似2013年正式减量时就业修复64%的水平（图表3）。因此，12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件（图表4）。\n\n除了上文中提到的特征外，此次非农数据本身可能并无太多圈点之处，但并未太超预期的数据却推动美债利率和美元指数大幅走高（图表5），背后原因值得寻味，这可能说明此前持续走低的利率和被压制的空头反弹（图表6），只需要一个引子而已。\n\n2. 过去一段时间利率回落的原因与启示？方向可以理解，水平并不匹配\n10年美债自5月中旬以来持续下行，一度降至1.17%的低位，从高点计最多降幅超过50bp。先是通胀预期回落主导（《海外资产配置月报（2021-7）再通胀交易的回落》），6月FOMC会议后实际利率接棒下行并创历史新低（《近期美元涨长债跌为哪般？2021年6月14日~6月20日》）。这期间，美联储点阵图和对利率走廊的技术调整引发“卖短买长”（《美债利率下行在交易什么？2021年7月5日~7月11日》）、空头回补、中国意外降准引发增长担忧、逆回购激增实质上增加对国债需求（《如何理解美联储逆回购激增与利率走廊机制？2021年6月28日~7月4日》、《美联储已经事实上“缩表”？2021年7月19日~7月25日》）以及近期Delta变异病毒复发（《引发市场大跌的变种疫情有多严重？》），虽然可能存在巧合，但却给了多头不断看多债券一环扣一环的理由，进而促成了长达3个月且幅度超预期的利率下行（图表9~10）。\n我们认为，过去一段时间利率走向在方向上并非不能理解，毕竟我们在此前利率快速上行阶段就提示利率上行是间歇性的、且需要新的催化剂；同时，长端通胀预期逐步回落较为确定，变异病毒复发对短期增长动能的扰动也不能完全无视。相比之下，其回落幅度更让人意外和费解，特别是实际利率创新低的走势更多是在交易经济衰退而非眼下增长动能放缓的预期。\n在这一背景下，我们认为就需要关注甚至防范，不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性，周五非农数据后长端利率的表现可能就是一个例子。\n3. 什么可能成为利率上行的催化剂？疫情、FOMC、基建方案和债务上限\n诚然，很多时候，利率的短期走势会受交易因素影响而难以完全用基本面来解释，但是一些拐点依然有规律可循，特别是一些关键的事件性催化剂。参考前期导致利率下行的力量，我们认为以下事件或时间点值得关注：\n►增长预期修复：如关键增长数据向好或者变异病毒疫情见顶回落。\n我们在《海外资产配置月报（2021-8）：短暂的类滞胀交易》中曾经分析到，我们认为市场可能高估了变异病毒的影响和增长回落的压力，进而导致近期利率持续新低。虽然市场担心因为长期增长前景依然不稳固可能使得实际利率回不到此前水平，但处于这么低的位置显然是不匹配的。更何况，此轮变异病毒复发对已经实现大规模疫苗接种的国家而言可能也没有表面上显现的那么严峻。大规模疫苗接种保证了新增确诊不断攀升时住院和死亡人数却能维持低位，进而无需采取从政策层面严格封锁以避免对对医疗资源的挤兑（图表11）。这一防疫路径似乎在英国已经逐渐成效（《英国阶段性抗疫成果的启示疫情复工周度追踪（7月31日）》），进而可能成为其他类似国家如美国未来防疫路径的样板（图表12~13）。如果是这样的话，近期市场特别是通过实际利率所反映的担忧可能就过多，未来疫情从高点回落就有可能成为利率回升的拐点。当然，一些关键数据，例如周五公布的非农数据好于预期也可以起到打消增长担忧的效果。\n此外，当前正在推进的拜登新一轮基建进展也值得关注，下周将在参议院迎来关键投票。尽管规模明显小于此前预期（图表29），但实现突破性进展可能带来的预期变化依然值得关注。\n\n►政策退出预期升温：如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。\n由于利率变化会提前反应预期，因此比起正式执行，开始暗示减量的时点更为重要。2013年正式减量之前就是如此，当年10月FOMC会议美联储维持9月声明确立减量即将到来后利率见底回升，直到12月正式减量开启后见顶。这一期间，实际利率是主要驱动力（图表17）。考虑到当前实际利率处于历史低位，而长端通胀预期随着政策收紧预期和供需矛盾边际缓解有望回落（如二手车产能和库存修复，图表14~15），因此依然可能是以实际利率上行为主。\n\n此外，债务上限问题解决后财政部可以再度发债，国债供给上升也可能增加利率上行压力。前期财政部TGA账户释放大量流动性通过逆回购又回到美联储账上，在“锁住”部分流动性的同时、也实质上增加了国债的需求。往前看，待债务上限得到解决后（财政部紧急措施可以持续到9月末）（图表19），财政部可以再度发债并预计补充部分TGA现金储备（图表20），而国债供给增加也可能会增加利率上行的压力。\n\n4. 利率再度上行的影响？速度、结构和驱动\n综合上文分析，在未来一些增长和流动性事件或政策的催化下，长端利率不排除再度上行、特别是实际利率，这其中美联储9月FOMC会议关于减量的信号值得密切关注，但待正式减量开启后不排除逐步筑顶（图表21）。\n那么，如果利率再度上行，会带来什么影响呢？我们认为主要体现在以下几个方面：\n1）速度，利率过快上行意味着债券资产波动加大，将会带来跨资产的波动传染，进而对美股和其他市场、特别是相对高估值板块带来较大扰动（图表22）；\n2）方向和结构：长端利率上行特别是利差走阔有利于金融板块的表现（图表23~24），周五非农数据后的情形便是如此；\n3）驱动因素：实际利率的上行不利于对利率特别是利率敏感型资产，例如黄金（图表25），同时也可能推升美元（图表26）。此外，从风格表现上，价值也相对好于成长（图表27）。不过，需要说明的是，由于当前已经不处于增加加速阶段且流动性推出逐步临近，同时我们虽然预期利率还有一轮上行但也有可能是最后一波，因此估值合理的优质成长依然具有吸引力。\n\n市场动态：非农超预期，推动美债利率和美元大涨，银行领涨；新兴多头减少，美债多头骤降\n►资产表现：领先。股>债>大宗；美债利率回升，银行领涨\n7月非农就业数据超预期，虽然疫情反复对于部分服务行业的修复产生拖累，但整体就业市场依然强劲，美元和美债利率因素大幅抬升，银行领涨。整体看，全球主要资产中，股>债>大宗，天然气、比特币、印度及韩国股市领涨，原油、VIX多头、铜、黄金领跌。分板块看，包括银行、综合金融、保险在内的金融板块上周领涨。10年美债利率收于1.30%，抬升约7bps，实际利率抬升11bps，通胀预期回落4bp。\n\n►情绪仓位：新兴多头骤降，长端美债多头减少\n过去一周，美股看空/看多期权比例较上周继续回落。仓位方面，美股净多头仓位略有抬升，美元指数净多头仓位继续增加；10年美债净多头仓位大幅减少，2年美债净空头转为净多头。\n\n►资金流向：股市流入放缓、新兴转为流出\n过去一周，债市流入略有放缓，股市流入大幅放缓，货币市场基金持续流入。分市场看，美股流入大幅放缓，欧洲和日本继续流入但同样放缓，新兴市场转为流出。\n\n►基本面与政策：7月非农超预期，ISM制造业PMI下滑\n7月ISM制造业PMI下滑，物价及客户库存回落明显。7月ISM制造业PMI从6月的60.6降至7月的59.5，不及预期的61.0。分项看，物价指数降幅创2020年3月以来最大，一定程度上说明通胀压力有所缓解。就业指数及在手订单指数抬升，客户库存指数创历史新低。\n此外，7月非农依旧强劲，休闲酒店仍是主要来源。7月非农新增就业94.3万，高于修正后前值（93.8万）和预期（87.0万）；分项看，休闲酒店依然是新增就业的主要来源，7月新增38.0万。教育健康、运输仓储业、金融活动、信息业较前月改善最多。7月失业率也从前月5.9%回落至5.4%，低于预期的5.7%。与此同时，7月工资环比增速维持6月水平，达0.4%，高于预期的0.3%。\n\n►美股估值高于增长和利率环境支撑水平\n伴随10年美债利率抬升及ISM制造业PMI回落，当前标普500指数27.1倍静态P/E高于增长（7月PMI=59.5）和流动性（10年美债利率1.30%）能够支撑的合理水平（~26.8倍）。","news_type":1,"symbols_score_info":{"ZFmain":0.9,"ZTmain":0.9,"ZNmain":0.9,"BND":0.9,"UBmain":0.9,"IEF":0.9,"GOVT":0.9,"SHY":0.9,"IEI":0.9,"ZBmain":0.9,"TLT":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890549697,"gmtCreate":1628125594719,"gmtModify":1703501638499,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890549697","repostId":"2157748502","repostType":4,"repost":{"id":"2157748502","kind":"news","pubTimestamp":1628124485,"share":"https://ttm.financial/m/news/2157748502?lang=en_US&edition=fundamental","pubTime":"2021-08-05 08:48","market":"sh","language":"zh","title":"Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again","url":"https://stock-news.laohu8.com/highlight/detail?id=2157748502","media":"证券时报网","summary":"　　人民银行近期公布的下半年重点工作安排中，再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下，随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁，离岸人民币市场的发展有望再提速。　　多位接受证券时报记者采访的专家认为，人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要，是当前积极推动离岸人民币市场发展的主要原因。","content":"<p><div>In the key work arrangements for the second half of the year recently announced by the People's Bank of China, \"developing the offshore RMB market\" was mentioned again. Under the current new development pattern of \"dual circulation\", with the deepening of the market-oriented reform of the RMB exchange rate and the increasingly frequent cross-border capital flows, the development of the offshore RMB market is expected to accelerate again. Many experts interviewed by Securities Times reporters believe that the relatively stable trend of the RMB exchange rate and the need for overseas institutions to accelerate the allocation of RMB assets and cross-border investment and financing activities are the main reasons for actively promoting the development of the offshore RMB market. However, compared with simply increasing the supply of RMB liquidity in the offshore market, the future...</p><p><a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">Web link</a></div></p>","source":"sina_fut","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>Front page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again</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\">\nFront page of Securities Times: Accumulating momentum, the development of offshore RMB market is expected to accelerate again\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\">2021-08-05 08:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In the key work arrangements for the second half of the year recently announced by the People's Bank of China, \"developing the offshore RMB market\" was mentioned again. Under the current new development pattern of \"dual circulation\", with the deepening of the market-oriented reform of the RMB exchange rate and the increasingly frequent cross-border capital flows, the development of the offshore RMB market is expected to accelerate again. Many experts interviewed by Securities Times reporters believe that the relatively stable trend of the RMB exchange rate and the need for overseas institutions to accelerate the allocation of RMB assets and cross-border investment and financing activities are the main reasons for actively promoting the development of the offshore RMB market. However, compared with simply increasing the supply of RMB liquidity in the offshore market, the future...</p><p><a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml\">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/62b889d823b16eb88fde7821485a6ea1","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"https://finance.sina.com.cn/roll/2021-08-05/doc-ikqcfncc0977755.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157748502","content_text":"人民银行近期公布的下半年重点工作安排中，再提“发展离岸人民币市场”。站在当前“双循环”的新发展格局下，随着人民币汇率市场化改革的深化以及跨境资金流动的日趋频繁，离岸人民币市场的发展有望再提速。\n多位接受证券时报记者采访的专家认为，人民币汇率走势相对平稳、境外机构加快增配人民币资产和跨境投融资活动的需要，是当前积极推动离岸人民币市场发展的主要原因。不过，相比于单纯增加离岸市场的人民币流动性供给，未来离岸人民币市场的发展需要全方位深化，包括深化人民币汇率市场化改革，丰富和活跃香港、伦敦等主要离岸人民币市场外汇衍生品交易产品，完善离岸人民币清算体系，以及完善人民币跨境资本流动管理框架等，以实现与在岸市场有出有进的内外畅通。\n离岸人民币市场\n正积蓄提速发展动能\n2015年“8·11”汇改后，人民币汇率经历过一轮急跌的惊心动魄时刻。彼时为稳定汇率，离岸人民币流动性受到一定控制，离岸人民币市场规模也相应地萎缩。香港金管局公布的数据显示，作为第一大离岸人民币市场，香港银行体系的人民币存款在“8·11”之前一度高达1万多亿元，但“8·11”之后一路震荡走低，一度低至5000亿元左右。\n离岸人民币流动性的收紧客观上起到了对冲人民币贬值预期、稳定人民币汇率的作用，但相应的，也会降低离岸市场人民币交易的活跃度。不过，随着汇改后人民币汇率的逐步企稳，恢复离岸人民币市场发展的动能重新积蓄。\n从市场主体的交易层面看，国际清算银行（BIS）发布的最新数据显示，全球交易最活跃货币中人民币排名第八位，在新兴市场国家货币中排名第一，全球人民币日均交易量从2016年的2020亿美元增至2840亿美元。从货币当局的举措看，2018年底，人民银行在香港推出离岸央票，这一工具通过对离岸人民币流动性的调节，可以不断完善离岸人民币市场利率曲线，目前已形成常态化的发行机制；同时，近年来推出的债券通等跨境证券投资开放管道，其交易汇兑环节也放在离岸市场完成，增强了离岸人民币市场交易的活跃性。\n香港金管局的最新数据显示，截至2021年5月末，香港银行体系的人民币存款已达8211亿元，逼近“8·11”汇改前的万亿高峰。\n发展离岸市场有何用意？\n官方政策的正式推出与实施往往有迹可循而非突然之举，就在央行此番年中工作会议正式提出“发展离岸人民币市场”之前，政策“吹风”实际上时有发生。\n2020年底，央行金融研究所所长周诚君就在公开场合提出，人民币资产的投资回报大幅优于其它货币资产，目前持有人民币的境外投资者占比相对较低。下一步要广泛地促进离岸人民币市场，尤其是离岸人民币外汇市场建设，为不同时区的投资者提供7×24小时不间断的外汇交易所需要的流动性，这需要中央银行和监管部门共同努力和推动。\n中国银行研究院高级研究员王有鑫对证券时报记者表示，目前积极推动离岸人民币市场发展主要有以下方面考量：一方面，在外部形势波动背景下，人民币汇率走势相对稳定，境外机构加快增配人民币资产，深化离岸市场发展有利于进一步便利人民币跨境使用，吸引更多外资流入。\n“从外资便利化投资的角度看，发展离岸人民币市场可以提供流动性管理渠道，互联互通机制下外资买卖内地证券以人民币报价和交易，丰富离岸人民币流动性可满足更多境外投资者投资内地资本市场需求。”王有鑫称。\n另一方面，王有鑫表示，“双循环”新发展格局下人民币离岸市场发展是重要配套措施，是题中应有之义。人民币内外循环畅通有利于推动跨境贸易、投融资等活动开展。此外，根据国际货币基金组织（IMF）统计，目前国际主权财富机构、央行等持有的人民币储备资产越来越多，具有深度的离岸市场、丰富的离岸人民币金融产品体系、便利的投融资渠道和汇兑安排，以及完善的金融基础设施，都将进一步推动人民币承担储备货币职能。\n德意志银行大中华区宏观策略主管刘立男对证券时报记者表示，发展离岸人民币市场将为外资提供更多投资渠道，并推进人民币的自由可兑换，提升流动性。同时，央行此时再提发展离岸人民币市场，可能也是在为债券通开放“南向通”做准备，随着跨境资本市场的进一步放开以及海外人民币资金池的增长，必然要求离岸人民币市场与之匹配协调发展。\n离岸人民币市场发展≠增加流动性\n随着跨境资金流动的日趋频繁，不少分析指出，相比于单纯增加离岸市场的人民币流动性供给，未来发展离岸人民币市场的内涵也有望进一步丰富，深化人民币汇率市场化改革、活跃主要离岸人民币市场外汇衍生品交易产品、完善离岸人民币清算体系，以及完善人民币跨境资本流动管理框架等均有发展空间，以实现与在岸市场有出有进的内外畅通。\n一在港中资机构的外汇交易员对记者表示，发展离岸人民币市场不是让离岸市场独大，核心目的还是要形成良好的人民币内外循环机制，让离岸人民币流动性既能放出去也能收回来。否则仅仅增加离岸人民币流动性，而没有太多可供投资的人民币资产标的，万一遭遇极端风险，就容易成为境外机构用来集中做空汇率的“武器”。\n“离岸央票是一种调节流动性的方式，但这一工具的作用是有限的，要实现人民币内外畅通，以及离岸流动性的收放自如，关键还是要丰富境外投资人民币资产的品种和渠道，以及人民币汇率形成机制的更加市场化。”上述外汇交易员称。\n丰富境外投资人民币资产的品种不仅包括境内的债券、股权等资产，也可进一步发展壮大离岸人民币债券市场。刘立男就表示，如何在离岸市场推动人民币国际化，提供更多人民币资产的投资机会等议题愈发重要。目前海外央行量化宽松政策下，美元、欧元的绝对利率较低，使得企业通过美元、欧元融资的成本较低，相较而言，离岸人民币的融资成本仍相对较高。未来可考虑进一步提升人民币资金流动性保障，以吸引发行人在离岸人民币市场发债。\n此外，对于持有外币的市场主体而言，汇率风险对冲的需求会一直存在，这就需要发展完善的外汇衍生工具。央行近期发布的工作论文中就建议，研究各类汇率衍生品对汇率形成作用，适时建立人民币汇率期货市场，或引导境内相关主体有效利用离岸期货市场规避汇率风险；加强对全球人民币流动、资产配置和价格变动的监测，健全人民币汇率风险的宏观审慎管理体系，稳步推进人民币国际化。\n不过，即使离岸人民币市场有望再获提速发展，但也并不意味着会一路坦途。王有鑫表示，发展离岸市场将主要面临三方面挑战：一是人民币定价权问题，参考离岸美元利率定价权旁落教训，离岸市场人民币快速发展，可能加大对在岸市场利率和汇率的冲击，特别是在人民币贬值阶段，在岸汇率通常跟随离岸汇率波动。二是人民币跨境流动规模增加可能加大货币政策管理难度，货币政策除要考虑对国内流动性影响，还要考虑对离岸市场的影响及离岸市场的可能反应。三是离岸人民币清算系统有待进一步完善，离岸人民币产品创新有待强化，人民币跨境资本流动管理框架有待完善。\n上述外汇交易员还表示，美联储可能会于今年底或明年初开始缩减购债规模，美联储货币政策逐步回归正常化势必会引发全球外汇市场和跨境流动资金的波动，届时过快地向离岸人民币市场注入大规模流动性反而会增加风险。\n“当年‘8·11’汇改前，全球也是面临着美联储缩减购债、加息的货币政策环境，当前及未来一段时间所面临的大环境与当年有些类似。有了此前汇改的经验教训，相信央行会注意把握离岸人民币市场发展的节奏。”上述外汇交易员称。","news_type":1,"symbols_score_info":{"CYB":0.9,"UCmain":0.9,"CNHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807873964,"gmtCreate":1628032597958,"gmtModify":1703499790819,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807873964","repostId":"2156201911","repostType":4,"repost":{"id":"2156201911","kind":"news","pubTimestamp":1628026500,"share":"https://ttm.financial/m/news/2156201911?lang=en_US&edition=fundamental","pubTime":"2021-08-04 05:35","market":"sh","language":"zh","title":"Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2156201911","media":"新浪财经","summary":"　　在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。　　纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。　　总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。","content":"<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So this is really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForeign media headlines: U.S. household debt hit the largest increase since 2013 in the second quarter\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-04 05:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Mortgage boom drives U.S. household debt to the biggest increase since 2013</b><b>2. Natixis: It is expected that the Fed will wait until after the 2024 election before rate hike</b><b>3. US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b><b>4. The Delta variant virus is fierce, and the herd immunity threshold is expected to be pushed up to more than 80%</b><b>5. The world's major banks made US $170 billion in profits amid the epidemic, setting the most profitable year ever</b><b>6. The UK is reported to be considering blocking the largest chip manufacturer in the United States due to national security concerns<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>Arm Acquisition</b><img src=\"https://static.tigerbbs.com/42d7305c68055f3de54cae5c51091b1e\" tg-width=\"550\" tg-height=\"334\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Mortgage boom drives U.S. household debt to biggest increase since 2013</b></p><p>U.S. household debt grew at its fastest pace since 2013 in the second quarter, driven by the mortgage boom. Low borrowing costs and the desire for more spacious home office spaces have spawned mortgage demand.</p><p>The New York Fed released a report on Tuesday showing that as of the end of June, household debt increased by $313 billion to $14.96 trillion, an increase of 2.1% from three months ago. The increment mainly comes from mortgage balances.</p><p>For other types of credit, such as auto loans and credit cards, credit standards have been easing, according to the Federal Reserve's July Senior Loan Commissioner Opinion Survey released Monday.</p><p>Overall, household debt as a share of the economy remains well below the highs set in the years leading up to the 2008 financial crisis. And some borrowing balances are still below pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/6e8de5a34c997f13ec1aab21f9a9b5ef\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Natixis: The Fed is expected to wait until after the 2024 election to rate hike</b></p><p>Bond investors expecting the Fed to change course may have to wait a long time.</p><p>\"My guess is that we won't tighten policy until after the next presidential election,\" Joseph LaVorgna, chief Americas economist at Natixis, said in an interview on Tuesday. \"You look at the last two cycles, the average time from the last rate cut to the first rate hike is seven years. So this is really not that unusual.\"</p><p>LaVorgna served as a financial market and economic adviser to former US President Donald Trump, where he was special assistant and chief economist of the National Economic Council. He said economic growth is poised to slow in 2022 after strong growth this year, putting little pressure on the Fed to take interest rate action.</p><p>\"Next year I think the growth rate is only 2% or even lower,\" he said. \"Inflation will be temporary. That's what the market is telling us.\"</p><p><img src=\"https://static.tigerbbs.com/efff1ba5fb6313b1cce4bfb7b8dde08f\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>US SEC Chairman Gensler guides Bitcoin ETFs: accept strict supervision</b></p><p>Gary Gensler, chairman of the US Securities and Exchange Commission, hinted at a way to approve the establishment of Bitcoin ETFs, saying that ETFs that meet the SEC's strict rules on mutual funds can provide investors with the necessary protection.</p><p>Crypto enthusiasts believe that Bitcoin ETFs are crucial for cryptocurrencies to enter the mainstream space. In his first major talk on cryptocurrencies, Gensler also hinted at openness to an ETF focused on Bitcoin futures. Such futures are offered by CME group and require investors to put up a considerable margin.</p><p>\"With these important protections in place, I look forward to staff review of such applications, especially if these ETFs are limited to CME-traded Bitcoin futures,\" he said in remarks prepared for the Aspen Security Forum on Tuesday.</p><p>Under the leadership of Gensler and former Chairman Jay Clayton, the SEC has repeatedly refused to approve cryptocurrency ETFs, concerned about transparency and manipulation risks in Bitcoin's spot market.</p><p><img src=\"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236\" tg-width=\"550\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The Delta variant virus is coming fiercely, and the herd immunity threshold is expected to be pushed up to more than 80%</b></p><p>The spread of the delta Novel Coronavirus variant has pushed the threshold for herd immunity above 80% and could approach 90%, the Infectious Diseases Society of America said Tuesday at a briefing.</p><p>Richard Franco, an assistant professor at the University of Alabama, said that's \"much higher\" than previous estimates of 60% to 70% because delta spreads twice as fast as previous viruses.</p><p>\"Obviously this is a very dangerous virus, much more dangerous than the original virus,\" Franco said.</p><p>Herd immunity is based on the idea that immunization when a percentage of the population has been vaccinated or has been previously infected will help protect the wider population and reduce the spread of the virus.</p><p><img src=\"https://static.tigerbbs.com/b52ef92fbf36ab71df9cf269a097a761\" tg-width=\"550\" tg-height=\"285\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Big global banks make $170 billion in pandemic profits, record their most profitable year ever</b></p><p>The dust has settled on earnings season, with more than a dozen of the largest banks making combined profits of more than $170 billion in the past four quarters, underscoring how dramatically the industry has changed from the downturn earlier in the pandemic.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Especially outstanding, the profit earned is equivalent to $131 million a day.</p><p>Some of COVID-19 pandemic's early successful deals helped the industry. As last year's market volatility subsides, investment bankers are poised to drive acquisition and fundraising activity with special purpose acquisition vehicles. Then as the world economy began to recover, banks with wealth management and asset management departments enjoyed the dividends of the stock market. The same trend has also benefited the retail sector, which has long been regarded as a drag on performance, as they begin to cut loan loss provisions.</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Both broke their own earnings records, European peers<a href=\"https://laohu8.com/S/UBS\">UBS</a>And Barclays both posted their highest profits in a decade.<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>And<a href=\"https://laohu8.com/S/0J6Y.UK\">Societe Generale</a>And other banks said their business benefited from the improvement of the global economy. Bank stocks reflect the impact of this wave of strong results, and Dow Jones<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The industry index has risen 59% in the past year, and the European Stoxx banking index has risen 56%.</p><p><img src=\"https://static.tigerbbs.com/a80a0b994f4a61751162e92c143ca57c\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The UK is reported to be considering blocking Nvidia, the largest U.S. chip maker, from acquiring Arm due to national security concerns</b></p><p>The UK is considering blocking Nvidia's acquisition of Arm Ltd. due to potential national security risks, according to people familiar with the matter.</p><p>Nvidia, the largest chip company in the United States by market value, announced in September last year that it would acquire Arm for US $40 billion to expand its presence in the rapidly growing semiconductor market. Arm is currently owned by Japanese conglomerate SoftBank.</p><p>In April, Culture Secretary Oliver Dowden asked the Competition and Markets Authority (CMA) to prepare a report on whether the deal could be considered anti-competitive and to aggregate any national security concerns raised by third parties.</p><p>The assessment report released at the end of July contains national security concerns, and Britain is currently inclined to deny the deal. Another person familiar with the matter said that due to national security concerns, the UK may conduct a more in-depth evaluation of the merger.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d5b16f07eb7d6ece2c21db131847c236","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","PSQ":"做空纳斯达克100指数ETF-ProShares","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","DOG":"道指ETF-ProShares做空","UPRO":"三倍做多标普500ETF-ProShares","EBON":"亿邦国际","QQQ":"纳指100ETF",".DJI":"道琼斯","SDOW":"三倍做空道指30ETF-ProShares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","CAN":"嘉楠科技","SDS":"两倍做空标普500 ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEF":"标普100指数ETF-iShares",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","SH":"做空标普500-Proshares","OEX":"标普100",".IXIC":"NASDAQ Composite","QID":"两倍做空纳斯达克指数ETF-ProShares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-04/doc-ikqciyzk9379676.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2156201911","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n\n\n2、法国外贸银行：预计美联储要等到2024年大选后才加息\n\n\n3、美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n\n\n4、Delta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n\n\n5、全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n\n\n6、英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n\n\n抵押贷款热潮推动美国家庭债务创2013年以来最大增幅\n在抵押贷款热潮推动下，第二季度美国家庭债务创下2013年以来最快增速。低借贷成本以及对更宽敞居家办公空间的渴望催生了房贷需求。\n纽约联储周二公布报告显示 ，截至6月底，家庭负债增长3130亿美元，至14.96万亿美元，较三个月前增长2.1%。增量主要来自抵押贷款余额。\n美联储周一公布的7月高级贷款专员意见调查显示，对于其他类型的信贷，例如汽车贷款和信用卡，信贷标准一直在放松。\n总体而言，家庭债务占经济的比重仍远低于2008年金融危机前几年创下的高点。而且一些借款余额仍低于疫情爆发前水平。\n\n法国外贸银行：预计美联储要等到2024年大选后才加息\n期待美联储改弦更张的债券投资者可能要等很久。\n“我的猜测是我们要等到下一次总统大选之后才会收紧政策，”法国外贸银行首席美洲经济学家Joseph LaVorgna周二接受采访时表示。“你看看最近两个周期，从最后一次降息到第一次加息的平均时间是七年。所以这真不是那么不寻常。”\nLaVorgna曾任美国前总统唐纳德·特朗普的金融市场和经济顾问，职务是国家经济委员会特别助理兼首席经济学家。他表示，在今年强劲增长后，2022年经济增长势将放缓，令美联储采取利率行动的压力不大。\n“明年我认为增长率只有2%，甚至更低，”他说。“通胀将是暂时的。这是市场告诉我们的。”\n\n美国SEC主席根斯勒为比特币ETF指路：接受严格监管\n美国证券交易委员会主席根斯勒（Gary Gensler）暗示了一条批准设立比特币ETF的途径，表示符合SEC关于共同基金严格规则的ETF能给投资者提供必要的保护。\n加密货币爱好者认为，比特币ETF对于加密货币进入主流领域至关重要。在他首次有关加密货币的重要演讲中，Gensler还暗示对专注于比特币期货的ETF持开放态度。这种期货由芝商所提供，并要求投资者拿出可观的保证金。\n“有了这些重要的保护措施，我期待工作人员对此类申请进行审查，特别是如果这些ETF仅限于CME交易的比特币期货，”他在周二为阿斯彭安全论坛准备的讲话中表示。\n在Gensler及前任主席Jay Clayton领导下，SEC多次拒绝批准加密货币ETF，担心比特币现货市场的透明度和操纵风险。\n\nDelta变种病毒来势凶猛 群体免疫门槛料被推高至80%以上\n美国传染病学会周二在一次情况通报会上表示，delta新冠病毒变种的传播已将群体免疫的门槛推高至80%以上，并可能接近90%。\n阿拉巴马大学助理教授Richard Franco表示，这比之前估计的60%至70%“高得多”，因为delta的传播率是先前病毒的两倍。\n“显然这是一种非常危险的病毒，比原始病毒危险得多，” Franco说。\n群体免疫是基于这样的想法：当一定比例的人口已经接种疫苗或之前曾感染而获得免疫，将有助于保护更广泛的人群并减少病毒的传播。\n\n全球大银行疫情中盈利1700亿美元 创下有史以来最赚钱的一年\n财报季尘埃落定，十几家最大银行过去四个季度的利润总和超过1700亿美元，彰显出该行业与疫情早期的低迷相比发生了多么巨大的变化。摩根大通尤为出色，所获利润相当于每天赚进1.31亿美元。\n新冠疫情早期一些成功的交易帮助了该行业。随着去年的市场波动消退，投资银行家准备通过特殊目的收购工具来推动收购和筹资活动。然后随着世界经济开始复苏，拥有财富管理和资产管理部门的银行享受到了股市的红利。同样的趋势也惠及长期以来被视为拖业绩后腿的零售部门，因为他们开始削减贷款损失拨备。\n高盛和摩根士丹利双双打破自身盈利纪录，欧洲同行瑞银和巴克莱的利润都创十年来最高水平。德意志银行和法国兴业银行等银行表示业务受益于全球经济改善。银行股反映了这一波强劲业绩的影响，道琼斯美国银行业指数过去一年上涨59%，欧洲斯托克银行股指数上涨56%。\n\n英国据悉因国家安全关切考虑阻止美国最大芯片商英伟达收购Arm\n据知情人士透露，英国因潜在国家安全风险正考虑阻止英伟达收购Arm Ltd．。\n按市值计算美国最大芯片公司英伟达去年9月宣布以400亿美元收购Arm，以在发展迅猛的半导体市场扩大地盘。Arm目前为日本企业集团软银所有。\n今年4月，英国文化大臣Oliver Dowden要求竞争和市场管理局（CMA）准备一份有关该交易是否可被视为反竞争的报告，并汇总第三方提出的任何国家安全关切。\n7月底出炉的评估报告包含国家安全关切，英国目前倾向于否定该交易。另一位知情人士表示，出于国家安全考虑，英国可能会对这笔并购进行更深入的评估。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"QLD":0.9,"SDS":0.9,"DXD":0.9,"UPRO":0.9,"SH":0.9,"NQmain":0.9,"DOG":0.9,"EBON":0.9,"IVV":0.9,"BTCmain":0.9,"DDM":0.9,"SPXU":0.9,".DJI":0.9,"SSO":0.9,"UDOW":0.9,"OEF":0.9,"CAN":0.9,"SQQQ":0.9,"QID":0.9,"QQQ":0.9,".SPX":0.9,"MNQmain":0.9,"XBTmain":0.9,"SDOW":0.9,"OEX":0.9,"PSQ":0.9,"DJX":0.9,".IXIC":0.9,"ESmain":0.9,"TQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806564390,"gmtCreate":1627680566410,"gmtModify":1703494497374,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806564390","repostId":"1114965747","repostType":4,"isVote":1,"tweetType":1,"viewCount":2243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803360000,"gmtCreate":1627421480300,"gmtModify":1703489466813,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803360000","repostId":"1168202239","repostType":4,"isVote":1,"tweetType":1,"viewCount":4620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803384752,"gmtCreate":1627421314776,"gmtModify":1703489464968,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803384752","repostId":"1120859674","repostType":4,"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177492503,"gmtCreate":1627256637602,"gmtModify":1703485974163,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177492503","repostId":"2153840759","repostType":4,"repost":{"id":"2153840759","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":1627052471,"share":"https://ttm.financial/m/news/2153840759?lang=en_US&edition=fundamental","pubTime":"2021-07-23 23:01","market":"us","language":"zh","title":"[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2153840759","media":"老虎资讯综合","summary":"7月23日，英特尔跌超5%，CEO 称芯片短缺将持续至2023年。\n业界越来越多的人认为，芯片供应中断不会很快得到解决，Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中，他","content":"<p>July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Falling more than 5%, the CEO said the chip shortage will continue until 2023.</p><p>There is a growing belief in the industry that chip supply disruptions won't be resolved anytime soon, and Gelsinger's forecast adds voices from leading figures in the industry to that view. In an interview Thursday, he said it could take one to two years for the semiconductor industry to return to a reasonable balance between supply and demand. We still have a long way to go because it takes a long time to build manufacturing capacity. In addition, Intel is already adding new chip production plants, though some of these capacities won't be in place for about two years.<img src=\"https://static.tigerbbs.com/198a9c06c3ac52d89ba193e88d320c04\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></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>[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023</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\">\n[Change] Intel fell more than 5%, CEO said chip shortage will last until 2023\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 23:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 23,<a href=\"https://laohu8.com/S/INTC\">Intel</a>Falling more than 5%, the CEO said the chip shortage will continue until 2023.</p><p>There is a growing belief in the industry that chip supply disruptions won't be resolved anytime soon, and Gelsinger's forecast adds voices from leading figures in the industry to that view. In an interview Thursday, he said it could take one to two years for the semiconductor industry to return to a reasonable balance between supply and demand. We still have a long way to go because it takes a long time to build manufacturing capacity. In addition, Intel is already adding new chip production plants, though some of these capacities won't be in place for about two years.<img src=\"https://static.tigerbbs.com/198a9c06c3ac52d89ba193e88d320c04\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153840759","content_text":"7月23日，英特尔跌超5%，CEO 称芯片短缺将持续至2023年。\n业界越来越多的人认为，芯片供应中断不会很快得到解决，Gelsinger的预测为这种观点增添了业内领先人物的声音。 在周四的采访中，他表示，半导体行业可能需要一到两年时间才能恢复合理的供需平衡。 我们还有很长的路要走，因为建立制造产能需要很长的时间。此外，英特尔已经在增加新的芯片生产工厂，不过其中一些产能在大约两年内不会到位。","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177306096,"gmtCreate":1627178939715,"gmtModify":1703485102656,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177306096","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"sh","language":"zh","title":"The \"secret\" of ten times the base, how can Christians really make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师","content":"<p>It is undoubtedly the dream of all investors to dig out ten times the investment target. As the saying goes, it is difficult to realize a dream, but we find that there are still such \"dream realizers\" around us. How do they do it?</p><p><b>Why tenfold?</b></p><p>\"Tenbagger\" is a word mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>It roughly means a stock whose stock price can rise 10 times after long-term development and with the support of revenue and profit growth.</p><p>Peter Lynch once wrote in his autobiography:<b>The best way to find ten-fold stocks is to start from the side. If you can't find them there, go to the shopping mall to look for them. His early attachment with ten-fold stocks also started from the \"side\".</b></p><p>Peter Lynch once found that all three of his daughters were using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in more conspicuous places such as street corners, not just in shopping malls.</p><p>Peter Lynch's research found that this company's products are relatively standardized, the price is affordable, and its customers cover a wide age group. Expansion by increasing franchise chain stores, and multinational operation from the beginning, the market expansion ability is very strong.</p><p>Peter Lynch seized the opportunity, and after The body Shop went public in the UK, the share price climbed steadily, eventually becoming a veritable Tenbagger (ten-fold stock).</p><p><b>Tenbagger in Public Offering of Fund Market</b></p><p>Tenbagger was later extended to the fund circle, which refers to funds whose net value has increased ten times or more compared with the time of issuance. As of June 25, 2021, there are 56 tenfold funds in domestic public funds. (Data source: Galaxy Securities, as of 2021/6/25)</p><p>What kind of markets have these funds experienced, and what are their common characteristics?</p><p><b>Birth-mostly born in or before 2006</b></p><p>Among the 56 funds, except for 2 funds, the remaining 54 funds were established in 2006 and before. They have experienced the big bull market from 2006 to 2007, and also experienced the market decline in 2008. They have gone through several bull-bear conversions. As of June 25, 2021, the average establishment time is 16.6 years. (Data source: Galaxy Securities, as of 2021/6/25)</p><p><b>It can be seen that a good investment does take time to witness.</b></p><p>The establishment time of ten-fold base and the corresponding index point</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021, the bar chart represents the ten-fold number of funds established in that year, the line chart represents the Shanghai Composite Index, the left axis is the corresponding index point, and the right axis is the number of funds established. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Growth-not always the top few in the \"class\"</b></p><p>During the growth process of ten-fold funds, we found that they rarely rank among the top of their class in a single year in a row. One of the important reasons is that these funds are less likely to pursue short-term hot spots and abandon long-term investment strategies and styles.</p><p>Among the 56 ten-fold funds, only 7 funds have won the championship in the same category (2007-2020), 13 funds have not entered the top 10 of the same category in a single year, and few funds have been ranked in the same category for two consecutive years. top 10. (Data source: Galaxy Securities, as of 2021/6/25)</p><p>We have listed the annual \"report cards\" of the top ten-fold funds. These funds cannot always be in the top quarter in the short term, but their value is highlighted under the influence of time.</p><p>Part of the ten-fold base \"report card\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of 2021/6/25. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Adults-Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market has short bulls and long bears. Ten times base has often experienced several bear markets, and difficult problems are also their compulsory courses.</p><p>We have selected several typical unilateral downward markets in the A-share market, and the average decline of ten-fold base in these markets is lower than that of Shanghai Composite Index and partial stock fund index.</p><p>Ten-fold basis unilateral downward market performance</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" method of inquiry, the performance of these funds in the unilateral downward market still gives us some inspiration.</p><p>One of the most important things is,<b>\"Seek undefeated first, then win\", and sophisticated investors are familiar with it, a 50% drop requires about 100% increase to get back to the original point</b>。</p><p>Not only that, in the regular reports of ten times base, we found that during the hot market period, most ten times funds have a certain defensive tendency towards the market. In the first quarterly report of 2007, the reports of many of the above funds mentioned \"improving the defensiveness of the portfolio\"; In 2015, some ten-fold fund reports mentioned \"reducing shareholding concentration\" and so on.</p><p><b>Therefore, the ten-fold base not only relies on the rise in the \"easy\" market, but also relies on the fact that it will not perform too badly when facing difficult \"test papers\".</b></p><p><b>Success-the bonus of \"family background\" and \"noble people\"</b></p><p>In exploring the ten-fold base, fund companies and fund managers play an important role.</p><p>Most of the ten times base's family background have solid investment and research capabilities, which is one of the foundations to support the long-term excellent performance of the fund.</p><p><b>From the perspective of fund managers, a good fund manager can be described as a \"noble person\" with ten times the base.</b></p><p>Huabao Securities once produced a four-quadrant diagram of fund managers to depict the industry allocation and investment philosophy of fund managers.</p><p>Overall, there are more ten-fold fund managers in the left quadrant, that is, industries are scattered or concentrated, and industries are less switched. Industry balance and dispersion + less industry switching can control the risk of the portfolio as much as possible; Fund managers with centralized industry allocation + less industry switching are usually firmly optimistic about a certain high-quality track and hold it for a long time.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Warburg Securities</p><p>Of course, when choosing a ten-fold base, you should also pay attention to analyzing the time in management and related performance of the current fund manager, and choose products that are more in line with your risk-return preferences.</p><p><b>Who is guarding the \"ten times base\"?</b></p><p><b>In fact, the holders will also experience the growth, adulthood and \"difficult periods\" in the process of a fund. Many people can accompany the fund for one year, but few people can accompany the fund for ten years.</b></p><p><b>The idea of long-term investment is to be a friend of time. 'The most romantic thing I can think of is to grow old with you'.</b></p><p><b>--Mr. Li held the fund for 17 years</b></p><p><b>The longest-term fund investment lasts for more than 10 years, and it was originally bought with children's lucky money. I believe that the long-term power of investment will always persist.</b></p><p><b>--Ms. Han held the fund for 13 years</b></p><p><b>It's possible that I'm the only one who has only bought but not sold since it was released.</b></p><p><b>--\"Looking for Trend Million Holders\" activity message</b></p><p><b>Only through the accumulation and hard work of time can we gain the possibility of qualitative change, grow together and move forward together.</b></p><p><b>--Christians in the discussion forum</b></p><p>Investors have done relevant research and found the holders of the ten-fold base from the regular reports of the fund. Their characteristics are that they dare to buy when the market panics and are more patient than most investors. Some people say that Maybe he \"forgot\" his position, but this \"forgetting\" has also become a staunch guardian of the ten-fold base from another aspect.</p><p><b>Finally, reasonable expectations are the prerequisite for investment and companionship. The road to investment requires both strength and endurance. If it is a high-quality fund, you might as well give it more time to allow the value to accumulate.</b></p>","source":"lsy1619314504794","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 \"secret\" of ten times the base, how can Christians really make money?</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 \"secret\" of ten times the base, how can Christians really make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is undoubtedly the dream of all investors to dig out ten times the investment target. As the saying goes, it is difficult to realize a dream, but we find that there are still such \"dream realizers\" around us. How do they do it?</p><p><b>Why tenfold?</b></p><p>\"Tenbagger\" is a word mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>It roughly means a stock whose stock price can rise 10 times after long-term development and with the support of revenue and profit growth.</p><p>Peter Lynch once wrote in his autobiography:<b>The best way to find ten-fold stocks is to start from the side. If you can't find them there, go to the shopping mall to look for them. His early attachment with ten-fold stocks also started from the \"side\".</b></p><p>Peter Lynch once found that all three of his daughters were using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in more conspicuous places such as street corners, not just in shopping malls.</p><p>Peter Lynch's research found that this company's products are relatively standardized, the price is affordable, and its customers cover a wide age group. Expansion by increasing franchise chain stores, and multinational operation from the beginning, the market expansion ability is very strong.</p><p>Peter Lynch seized the opportunity, and after The body Shop went public in the UK, the share price climbed steadily, eventually becoming a veritable Tenbagger (ten-fold stock).</p><p><b>Tenbagger in Public Offering of Fund Market</b></p><p>Tenbagger was later extended to the fund circle, which refers to funds whose net value has increased ten times or more compared with the time of issuance. As of June 25, 2021, there are 56 tenfold funds in domestic public funds. (Data source: Galaxy Securities, as of 2021/6/25)</p><p>What kind of markets have these funds experienced, and what are their common characteristics?</p><p><b>Birth-mostly born in or before 2006</b></p><p>Among the 56 funds, except for 2 funds, the remaining 54 funds were established in 2006 and before. They have experienced the big bull market from 2006 to 2007, and also experienced the market decline in 2008. They have gone through several bull-bear conversions. As of June 25, 2021, the average establishment time is 16.6 years. (Data source: Galaxy Securities, as of 2021/6/25)</p><p><b>It can be seen that a good investment does take time to witness.</b></p><p>The establishment time of ten-fold base and the corresponding index point</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021, the bar chart represents the ten-fold number of funds established in that year, the line chart represents the Shanghai Composite Index, the left axis is the corresponding index point, and the right axis is the number of funds established. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Growth-not always the top few in the \"class\"</b></p><p>During the growth process of ten-fold funds, we found that they rarely rank among the top of their class in a single year in a row. One of the important reasons is that these funds are less likely to pursue short-term hot spots and abandon long-term investment strategies and styles.</p><p>Among the 56 ten-fold funds, only 7 funds have won the championship in the same category (2007-2020), 13 funds have not entered the top 10 of the same category in a single year, and few funds have been ranked in the same category for two consecutive years. top 10. (Data source: Galaxy Securities, as of 2021/6/25)</p><p>We have listed the annual \"report cards\" of the top ten-fold funds. These funds cannot always be in the top quarter in the short term, but their value is highlighted under the influence of time.</p><p>Part of the ten-fold base \"report card\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of 2021/6/25. Historical performance does not represent the future, so fund investment needs to be cautious.</p><p><b>Adults-Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market has short bulls and long bears. Ten times base has often experienced several bear markets, and difficult problems are also their compulsory courses.</p><p>We have selected several typical unilateral downward markets in the A-share market, and the average decline of ten-fold base in these markets is lower than that of Shanghai Composite Index and partial stock fund index.</p><p>Ten-fold basis unilateral downward market performance</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" method of inquiry, the performance of these funds in the unilateral downward market still gives us some inspiration.</p><p>One of the most important things is,<b>\"Seek undefeated first, then win\", and sophisticated investors are familiar with it, a 50% drop requires about 100% increase to get back to the original point</b>。</p><p>Not only that, in the regular reports of ten times base, we found that during the hot market period, most ten times funds have a certain defensive tendency towards the market. In the first quarterly report of 2007, the reports of many of the above funds mentioned \"improving the defensiveness of the portfolio\"; In 2015, some ten-fold fund reports mentioned \"reducing shareholding concentration\" and so on.</p><p><b>Therefore, the ten-fold base not only relies on the rise in the \"easy\" market, but also relies on the fact that it will not perform too badly when facing difficult \"test papers\".</b></p><p><b>Success-the bonus of \"family background\" and \"noble people\"</b></p><p>In exploring the ten-fold base, fund companies and fund managers play an important role.</p><p>Most of the ten times base's family background have solid investment and research capabilities, which is one of the foundations to support the long-term excellent performance of the fund.</p><p><b>From the perspective of fund managers, a good fund manager can be described as a \"noble person\" with ten times the base.</b></p><p>Huabao Securities once produced a four-quadrant diagram of fund managers to depict the industry allocation and investment philosophy of fund managers.</p><p>Overall, there are more ten-fold fund managers in the left quadrant, that is, industries are scattered or concentrated, and industries are less switched. Industry balance and dispersion + less industry switching can control the risk of the portfolio as much as possible; Fund managers with centralized industry allocation + less industry switching are usually firmly optimistic about a certain high-quality track and hold it for a long time.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Warburg Securities</p><p>Of course, when choosing a ten-fold base, you should also pay attention to analyzing the time in management and related performance of the current fund manager, and choose products that are more in line with your risk-return preferences.</p><p><b>Who is guarding the \"ten times base\"?</b></p><p><b>In fact, the holders will also experience the growth, adulthood and \"difficult periods\" in the process of a fund. Many people can accompany the fund for one year, but few people can accompany the fund for ten years.</b></p><p><b>The idea of long-term investment is to be a friend of time. 'The most romantic thing I can think of is to grow old with you'.</b></p><p><b>--Mr. Li held the fund for 17 years</b></p><p><b>The longest-term fund investment lasts for more than 10 years, and it was originally bought with children's lucky money. I believe that the long-term power of investment will always persist.</b></p><p><b>--Ms. Han held the fund for 13 years</b></p><p><b>It's possible that I'm the only one who has only bought but not sold since it was released.</b></p><p><b>--\"Looking for Trend Million Holders\" activity message</b></p><p><b>Only through the accumulation and hard work of time can we gain the possibility of qualitative change, grow together and move forward together.</b></p><p><b>--Christians in the discussion forum</b></p><p>Investors have done relevant research and found the holders of the ten-fold base from the regular reports of the fund. Their characteristics are that they dare to buy when the market panics and are more patient than most investors. Some people say that Maybe he \"forgot\" his position, but this \"forgetting\" has also become a staunch guardian of the ten-fold base from another aspect.</p><p><b>Finally, reasonable expectations are the prerequisite for investment and companionship. The road to investment requires both strength and endurance. If it is a high-quality fund, you might as well give it more time to allow the value to accumulate.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展，在营收与利润增长的支持下，股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道：寻找十倍股最佳的方式就是从身边找起，在那里找不到，就去购物中心里去找，而他早期与十倍股结缘，也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺（The body Shop）公司的化妆品。The body Shop 虽然是一个美妆品牌，但它在欧美地区的大多数连锁店，都是开在街角等较为显眼的地方，而不仅仅是在商场里。\n彼得·林奇研究发现，这家公司的产品相对标准化，价格亲民，客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张，而且一开始就进行跨国经营，市场扩张能力很强。\n彼得·林奇把握住了这一机会，The body Shop 在英国上市后，股价节节攀升，最终成为名副其实的Tenbagger（十倍股）。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈，意指基金净值较发行时增长十倍及以上的基金，截至到2021年6月25日，国内公募基金共有56只十倍基。（数据来源：银河证券，截至2021/6/25）\n这些基金都经历过怎样的市场，又都有什么共同的特点呢？\n出生——大部分生于2006年及之前\n在56只基金中，除了2只基金，其余54只基金均成立于2006年及之前，经历过2006年-2007年的大牛市，也经历过2008年市场下跌，历经数度牛熊转换，截至2021年6月25日，平均成立时间16.6年。（数据来源：银河证券，截至2021/6/25）\n可见，好的投资，确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源：银河证券，截至2021/6/25，柱状图代表在当年成立的十倍基数量，折线图代表沪指，左侧轴为相对应指数点位，右侧为基金成立数量。历史业绩不代表未来，基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中，我们发现，它们很少能连续在单一年度业绩排在同类前几名，其中重要的原因之一是，这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中，仅有7只基金曾获得过同类别冠军（2007年-2020年），有13只基金未进入过单一年度同类前10，鲜有基金能连续两年排进同类前10。（数据来源：银河证券，截至2021/6/25）\n我们罗列了排在前几位的十倍基每年的“成绩单”，这些基金在短期内无法总在前1/4，但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源：银河证券，截至2021/6/25。历史业绩不代表未来，基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长，十倍基往往都经历过数个熊市，而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场，十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源：wind，银河证券，截至2021/6/25\n尽管这是一种“上帝视角”的探究方式，但这些基金在单边下行市场中的表现，还是给了我们一定的启发。\n其中很重要的一条是，“先求不败，再求胜”，而老练的投资者熟知，下跌50%，需要约100%的涨幅才能回到原点。\n不仅如此，在十倍基的定期报告中我们发现，在市场较热时期，大部分的十倍基金对市场都有一定的防守倾向，2007年一季报中，上述基金中多只基金的报告中提到“提高组合防御性”；2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以，十倍基不仅仅是靠着“容易”市场中的上涨，还靠着在面对难“试卷”的时候，也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基，基金公司及基金经理扮演着重要的角色。\n十倍基的家世，多数都拥有扎实的投研实力，这是支撑基金长期业绩优异的基础之一。\n从基金经理来看，好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图，刻画基金经理的行业配置及投资理念。\n整体来看，十倍基基金经理在左侧象限较多，即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险；行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源：华宝证券\n当然，在选择十倍基的时候，也要注意分析现任基金经理的在管时间和相关业绩表现，选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”？\n实际上，一只基金经历的成长、成人以及过程中的“困难时期”，持有人也一样会经历，而能陪伴基金一年者甚多，但十年者甚少。\n长期投资的理念是要做时间的朋友，‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年，最开始是用小孩的压岁钱买的。相信投资的长期力量，会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能，一起成长，共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究，从基金定期报告中，找到十倍基的持有者，他们的特点是，敢于在市场恐慌的时候买入，并比多数投资者更有耐心，有人说，也许他“遗忘”了自己的持仓，但这种“遗忘”，也从另一个侧面成为了十倍基的坚定守护者。\n最后，合理的预期是投资和陪伴的前提。投资之路，既要比拼实力，也要比拼耐力，如果是一只优质的基金，不妨多给它一些时间，让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174447499,"gmtCreate":1627133117211,"gmtModify":1703484656143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174447499","repostId":"2153809933","repostType":4,"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174331516,"gmtCreate":1627075615935,"gmtModify":1703483714447,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174331516","repostId":"2153360675","repostType":2,"repost":{"id":"2153360675","kind":"news","pubTimestamp":1627004209,"share":"https://ttm.financial/m/news/2153360675?lang=en_US&edition=fundamental","pubTime":"2021-07-23 09:36","market":"us","language":"zh","title":"Alibaba Cloud provides cloud global broadcast technical support for the Olympics","url":"https://stock-news.laohu8.com/highlight/detail?id=2153360675","media":"AAFN","summary":"阿里  旗下云端运算服务平台阿里云表示，与奥林匹克广播服务公司联手打造的奥林匹克转播云OBS Cloud将在今年东京奥运会上首次投入使用，为全球转播机构提供云上转播支持，将是奥运历史上首次采用云计算支撑全球转播。国际奥委会主席巴赫表示，今年奥运首次采用云支撑全球转播，是数字化水平最高的一届，3D模拟技术亦提供全新的观看体验。","content":"<p><html><body>Alibaba Cloud, a cloud computing service platform owned by Alibaba, said that OBS Cloud, an Olympic broadcasting cloud jointly built with Olympic Broadcasting Service Company, will be put into use for the first time at this year's Tokyo Olympic Games, providing cloud broadcasting support for global broadcasters. It will be the first time in the history of the Olympic Games that cloud computing supports global broadcasting. Alibaba Cloud<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>President Zhang Jianfeng said that the global audience will watch the Olympics in the cloud for the first time; Based on OBS Cloud, broadcasters can not only receive event content, but also establish their own content creation, management and distribution system on the platform. Broadcaster staff will not have to go to the Tokyo Olympics site in person and can complete broadcasting and editing work remotely. International Olympic Committee President Bach said that this year's Olympic Games used cloud to support global broadcast for the first time, which is the highest level of digitalization. 3D simulation technology also provides a brand-new viewing experience. It is an important step into the digital age. (gc/w) ~ Aastock Financial News Website: www.aastocks.com</p><p></body></html></p>","source":"aastocks","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>Alibaba Cloud provides cloud global broadcast technical support for the Olympics</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\">\nAlibaba Cloud provides cloud global broadcast technical support for the Olympics\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-07-23 09:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Alibaba Cloud, a cloud computing service platform owned by Alibaba, said that OBS Cloud, an Olympic broadcasting cloud jointly built with Olympic Broadcasting Service Company, will be put into use for the first time at this year's Tokyo Olympic Games, providing cloud broadcasting support for global broadcasters. It will be the first time in the history of the Olympic Games that cloud computing supports global broadcasting. Alibaba Cloud<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>President Zhang Jianfeng said that the global audience will watch the Olympics in the cloud for the first time; Based on OBS Cloud, broadcasters can not only receive event content, but also establish their own content creation, management and distribution system on the platform. Broadcaster staff will not have to go to the Tokyo Olympics site in person and can complete broadcasting and editing work remotely. International Olympic Committee President Bach said that this year's Olympic Games used cloud to support global broadcast for the first time, which is the highest level of digitalization. 3D simulation technology also provides a brand-new viewing experience. It is an important step into the digital age. (gc/w) ~ Aastock Financial News Website: www.aastocks.com</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1114805&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c6c9a7d77e798f12f2e1532e2204e1c5","relate_stocks":{"09988":"阿里巴巴-W"},"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1114805&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","is_english":false,"share_image_url":"https://static.laohu8.com/51f6b9126f36f92bbf92982596066e5a","article_id":"2153360675","content_text":"阿里  旗下云端运算服务平台阿里云表示，与奥林匹克广播服务公司联手打造的奥林匹克转播云OBS Cloud将在今年东京奥运会上首次投入使用，为全球转播机构提供云上转播支持，将是奥运历史上首次采用云计算支撑全球转播。阿里云智能总裁张建锋表示，全球观众将首次以「云」方式观看奥运；而基於OBS Cloud，转播方不仅可以接收赛事内容，还可以在平台上建立自己的内容创作、管理和分发系统，转播方工作人员将不必亲赴东京奥运现场，可以远程完成转播和编辑工作。国际奥委会主席巴赫表示，今年奥运首次采用云支撑全球转播，是数字化水平最高的一届，3D模拟技术亦提供全新的观看体验。是迈入数字时代的重要一步。(gc/w)~阿思达克财经新闻网址: www.aastocks.com","news_type":1,"symbols_score_info":{"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174333502,"gmtCreate":1627075542906,"gmtModify":1703483713121,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174333502","repostId":"2153099276","repostType":2,"repost":{"id":"2153099276","kind":"news","pubTimestamp":1627007649,"share":"https://ttm.financial/m/news/2153099276?lang=en_US&edition=fundamental","pubTime":"2021-07-23 10:34","market":"sh","language":"zh","title":"Lehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the \"entertainment circle\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2153099276","media":"华夏时报","summary":"华夏时报记者 于玉金 北京报道一个领域都不能少，大厂们的赛道布局触及到娱乐圈。天眼查APP显示，7月19日，经纪公司北京乐华圆娱文化传播有限公司（下称“乐华娱乐”）发生工商变更，新增浙 ...","content":"<p><div>Huaxia Times reporter Yu Yujin reported in Beijing that no field is missing, and the track layout of major manufacturers touches the entertainment industry. Tianyancha APP shows that on July 19, the brokerage company Beijing Lehua Yuanyu Culture Communication Co., Ltd. (hereinafter referred to as \"Lehua Entertainment\") underwent industrial and commercial changes, adding Zhejiang Dongyang Alibaba Pictures Co., Ltd. (hereinafter referred to as \"Alibaba Pictures\"), ByteDance affiliated company Beijing Quantum Leap Technology Co., Ltd. (hereinafter referred to as \"Quantum Leap\"), etc. are shareholders. At the same time, Tencent has also been supporting Wow Haw Wow, which was established in early 2017. A brokerage analyst who did not want to be named was accepting the \"China...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">Web link</a></div></p>","source":"tonghuashun","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>Lehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the \"entertainment circle\"</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\">\nLehua Entertainment received investment from Alibaba and Byte, and Tencent supported Wow Haw Wow Big Factory to enter the \"entertainment circle\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华夏时报</strong><span class=\"h-time small\">2021-07-23 10:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Huaxia Times reporter Yu Yujin reported in Beijing that no field is missing, and the track layout of major manufacturers touches the entertainment industry. Tianyancha APP shows that on July 19, the brokerage company Beijing Lehua Yuanyu Culture Communication Co., Ltd. (hereinafter referred to as \"Lehua Entertainment\") underwent industrial and commercial changes, adding Zhejiang Dongyang Alibaba Pictures Co., Ltd. (hereinafter referred to as \"Alibaba Pictures\"), ByteDance affiliated company Beijing Quantum Leap Technology Co., Ltd. (hereinafter referred to as \"Quantum Leap\"), etc. are shareholders. At the same time, Tencent has also been supporting Wow Haw Wow, which was established in early 2017. A brokerage analyst who did not want to be named was accepting the \"China...</p><p><a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml\">华夏时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2983fe6cedcdbad074bb89556ca1b665","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"http://stock.10jqka.com.cn/hks/20210723/c631224930.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2153099276","content_text":"华夏时报记者 于玉金 北京报道　　一个领域都不能少，大厂们的赛道布局触及到娱乐圈。　　天眼查APP显示，7月19日，经纪公司北京乐华圆娱文化传播有限公司（下称“乐华娱乐”）发生工商变更，新增浙江东阳阿里巴巴影业有限公司（下称“阿里影业”）、字节跳动关联公司北京量子跃动科技有限公司（下称“量子跃动”）等为股东。与此同时，腾讯也一直在扶植2017年初成立的哇唧唧哇。　　有不愿具名券商分析师在接受《华夏时报》记者采访时表示，“（哇唧唧哇与乐华娱乐等老牌的艺人经纪公司）不存在差距，目前的互联网流量优势太强，传统的艺人经纪公司在互联网巨头面前，可溢价的空间有限。”　　乐华娱乐获阿里与字节投资　　天眼查APP显示，乐华娱乐新增股东阿里影业占股15%，量子跃动占股4.99%，分别为乐华娱乐第三和第六大股东。　　作为老牌艺人经纪公司，乐华娱乐成立于2009年，注册资本11000万元，法定代表人为杜华，经营范围包括组织文化艺术交流活动（不含演出）；市场调查；影视策划；营销策划；经营演出及经纪业务等。目前，乐华娱乐旗下艺人众多，包括韩庚、王一博、李汶翰、孟美岐、吴宣仪、范丞丞等。　　2015年9月22日，乐华文化（即乐华娱乐；833564.OC）登陆新三板挂牌交易,交易方式为协议交易。　　挂牌3个月后，乐华文化就宣布以23.2亿元的价格将100%股权卖给共达电声（002655）(002655.SZ)，拟登陆A股市场；2016年10月，经过双方调整估值，共达电声将以18.87亿元收购乐华文化全部股权，乐华文化曾承诺2016年-2018年净利润分别为至1.5亿、1.9亿、2.5亿，但乐华文化2016年净利润仅为6448.38万元。多重原因导致该笔交易以失败而告终。　　乐华文化董事长杜华曾在接受媒体采访时表示，“乐华不管是业务形态，或者未来的业务成长模式，各方面我觉得都有发展的空间，我们对自己的未来充满信心。因此，我们想单独地IPO。”　　在此次获得阿里、字节投资之前，2012年，乐华娱乐获得乐搏资本、融玺创投A轮数千万人民币融资，2014年，获得华人文化集团2.55亿元人民币B轮融资。　　一位文娱行业人士则告诉本报记者，乐华娱乐资本化是显而易见的，但是如果赴港上市，在二级市场上的表现则可以参考稻草熊娱乐(02125.HK)。　　对于此次乐华娱乐获得大厂投资，是否预示着距离资本市场更近了，上述不愿具名券商分析师表示，“是否上市，目前还不知道，这个涉及公司自己的财务情况和监管机构对该类业务的审核态度。”　　不过，乐华娱乐与字节跳动早有合作。当顶流偶像接连因私生活丑闻而“塌房”时，人设永不倒的虚拟偶像则吸引了更多目光，乐华娱乐与字节跳动的合作也是在虚拟偶像领域。字节跳动全资子公司北京游逸科技有限公司此前全资入股杭州看潮信息咨询有限公司，后者拥有乐华娱乐旗下虚拟偶像女团A-SOUL成员虚拟偶像的美术著作权。　　据头豹行业研报显示，虚拟偶像是通过绘画、音乐、动画、CG等形式制作，在因特网等虚拟场景或现实场景进行演艺活动，但本身并不以实体形式存在的人物形象，具有参与性强、可控性强、无负面信息、周边产业多等特点。虚拟偶像在制作完成后，需进行IP打造、运营，完成人气积累后，再通过演唱会、音乐、广告代言、直播等路径进行变现。　　该报告显示，2016年至2020年间，中国虚拟偶像市场规模(按收入)从3.1亿元增长至14.8亿元。预计未来5年，中国虚拟偶像市场规模仍将保持较高的增速增长，并于2025年增长至41.6亿元。　　上述不愿具名分析师分析认为：“所谓虚拟偶像只是一个IP的玩法，并不是什么新的东西，只是创造了一个词语而已；我是认可虚拟偶像的价值的，虚拟偶像的优势在于可控性，以及边际成本为很低。”　　大厂探索娱乐产业　　字节跳动并非头一次押注艺人经纪公司，从2015年开始，其就通过投资不断布局明星经纪公司、网红MCN机构、虚拟偶像等娱乐产业。　　泰洋川禾2020年3月获得了字节跳动独家战略投资的1.8亿元B轮融资。泰洋川禾是成立于2015年的新型娱乐集团，以传统艺人经纪业务起家，随后转向多元化发展，相继成立了papitube（短视频MCN机构）、泰洋恒星（新人演员培养厂）等厂牌。　　虽然，王子文、周冬雨、Angelababy陆续与泰洋川禾解约，但泰洋川禾内部艺人储备依然丰厚，除了陈赫、张钧甯、孙艺洲、金晨、尹正等近50位全约艺人外，还手握papi酱、爆胎草莓粥、王蓝莓等数十位短视频博主。　　而在今年7月2日，字节跳动投资了顶流网红李子柒的签约公司微念品牌管理，持股1.48%。　　字节跳动开启投资时，另一家巨头腾讯也在布局娱乐领域。　　腾讯一直扶植由“选秀教母”龙丹妮创立的哇唧唧哇娱乐文化有限公司（下称“哇唧唧哇”）。　　哇唧唧哇成立于2017年初，采取从偶像挖掘、培训、养成、经纪到粉丝经济的全产业链闭环打造偶像模式，以“偶像”为核心，通过养成综艺、影视IP、潮流音乐等维度，给年轻人带来正能量的偶像产品。　　天眼查显示，2017年7月，哇唧唧哇获得君联资本、华兴资本及正心谷资本A轮融资；2018年3月，哇唧唧哇获得腾讯投资战略投资，而傍上了腾讯后，哇唧唧哇获得资金、流量与资源。　　据《华夏时报》记者了解，哇唧唧哇成立之初，就签下内地男子偶像团体X玖少年团，但存在感并不高；随后参与出品《明日之子》第一、二季，签下毛不易在内的所有人气选手，其中《明日之子》第一季由企鹅影视、哇唧唧哇和微博联合出品，《明日之子》第二季，由腾讯视频、哇唧唧哇、TME联合出品。　　而在2018年之后，哇唧唧哇还拿下了腾讯选秀节目《创造101》、《创造营2019》、《创造营2020》成团的火箭少女女团、R1SE男团、硬糖少女303女团的运营权。与此同时，哇唧唧哇旗下艺人频频出现在腾讯视频相关剧综项目中的概率极高。　　以周震南为例，他在2017年参加《明日之子》以第四名出道后，先后参与了《放开我北鼻第三季》《潮音战纪》《超新星全运会》等腾讯视频的综艺项目，并在2019年于《创造营2019》加入R1SE以C位再次出道。　　对于头部厂商布局艺人经纪公司，上述不愿具名分析师认为，“互联网巨头作为产业布局，投资各种娱乐资产很常见，主要就是生态补足和资源把控。”　　责任编辑：黄兴利 主编：寒丰\n关注同花顺财经（ths518），获取更多机会\n\n责任编辑：jdm","news_type":1,"symbols_score_info":{"00700":1,"TCEHY":1,"QNETCN":0.6}},"isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175062987,"gmtCreate":1626999067449,"gmtModify":1703482052458,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175062987","repostId":"1165946057","repostType":4,"isVote":1,"tweetType":1,"viewCount":1139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172476041,"gmtCreate":1626990112983,"gmtModify":1703481820783,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172476041","repostId":"2153747626","repostType":4,"repost":{"id":"2153747626","kind":"highlight","pubTimestamp":1626966018,"share":"https://ttm.financial/m/news/2153747626?lang=en_US&edition=fundamental","pubTime":"2021-07-22 23:00","market":"us","language":"zh","title":"U.S. existing home sales slightly worse than expected in June, with median home prices hitting new highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2153747626","media":"华尔街见闻","summary":"根据美国全国房地产经纪人协会（NAR）的数据，6月份季调后年化成屋销售为586万套，略低于市场预期的590万套。该数据与去年同期相比大增22.9%，环比则上升1.4%。此外，5月的年化成屋销售已修正为","content":"<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized existing home sales in June were 5.86 million, slightly below market expectations of 5.9 million. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. In addition, annualized existing home sales in May have been revised to 5.78 million units.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million units, up about 3.3% from the previous month and down 18.8% from the same period last year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than the 2.5 months last month, but compared with the 3.9 months in the same period last year, the above-mentioned destocking rate is still relatively fast. In addition, the sales rate of existing homes continues to accelerate, with an average speed of 17 days from listing to sale. 88% of the houses sold in June have been listed on the market for less than a month.</p><p>In terms of sales prices, the median existing home price in June reached US $363,300, a record high and a year-on-year increase of 23.4%. However, according to statistics, the median existing home price has been rising since the beginning of the year. In this regard, Lawrence Yun, chief economist of NAR, said in a press release in official website that on a broader level, there is no risk of the median house price falling because inventory is still tight, but he expects that the increase in house prices may slow down before the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. existing home sales slightly worse than expected in June, with median home prices hitting new highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. existing home sales slightly worse than expected in June, with median home prices hitting new highs\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-22 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized existing home sales in June were 5.86 million, slightly below market expectations of 5.9 million. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. In addition, annualized existing home sales in May have been revised to 5.78 million units.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million units, up about 3.3% from the previous month and down 18.8% from the same period last year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than the 2.5 months last month, but compared with the 3.9 months in the same period last year, the above-mentioned destocking rate is still relatively fast. In addition, the sales rate of existing homes continues to accelerate, with an average speed of 17 days from listing to sale. 88% of the houses sold in June have been listed on the market for less than a month.</p><p>In terms of sales prices, the median existing home price in June reached US $363,300, a record high and a year-on-year increase of 23.4%. However, according to statistics, the median existing home price has been rising since the beginning of the year. In this regard, Lawrence Yun, chief economist of NAR, said in a press release in official website that on a broader level, there is no risk of the median house price falling because inventory is still tight, but he expects that the increase in house prices may slow down before the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636115\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/486336673db1298d2fbd9e144e9c53b2","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636115","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153747626","content_text":"根据美国全国房地产经纪人协会（NAR）的数据，6月份季调后年化成屋销售为586万套，略低于市场预期的590万套。该数据与去年同期相比大增22.9%，环比则上升1.4%。此外，5月的年化成屋销售已修正为578万套。\n房屋供应方面，根据统计，截至6月底待售成屋供应量为125万套，较上月上升约3.3%，同比去年则下降18.8%，如按照目前销售速度计算，消化完以上库存需要2.6个月，该速度与上月的2.5个月相比略有增加，但相对去年同期的3.9个月，上述去库存速度仍然较快。此外，成屋销售速度也继续加快，平均从挂牌到售出的速度为17天，6月所售房屋当中有88%在市场上挂牌的时间不到一个月。\n销售价格方面，6月份的成屋价格中位数达到36.33万美元，创下历史最高记录，同比则上升23.4%。不过根据统计，成屋价格中位数自年初以来一直处于上升当中。对此NAR的首席经济学家Lawrence Yun在官网的新闻稿当中表示，在更广泛的层面上，由于库存仍然紧张，房屋价格中位数没有下降的风险，但他预期到年底之前房价的涨幅可能会放慢。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172471012,"gmtCreate":1626989913236,"gmtModify":1703481817650,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172471012","repostId":"1113819989","repostType":4,"repost":{"id":"1113819989","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":1626691417,"share":"https://ttm.financial/m/news/1113819989?lang=en_US&edition=fundamental","pubTime":"2021-07-19 18:43","market":"us","language":"zh","title":"Financial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point","url":"https://stock-news.laohu8.com/highlight/detail?id=1113819989","media":"老虎资讯综合","summary":"微软将于7月27日（下周二）公布2021财年第四季度财报。今年以来，微软股价表现强劲，大涨超26%，并于近日连创历史新高。第四财季对于微软来说意义重大，季度内微软成为继苹果之后第二家市值突破2万亿美元","content":"<p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It will announce its fourth quarter financial report for fiscal 2021 on July 27 (next Tuesday). Since the beginning of this year, Microsoft's stock price has performed strongly, rising by more than 26%, and has hit record highs in recent days. The fourth fiscal quarter is significant for Microsoft, which became the next<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After that, the second American company with a market value exceeding US $2 trillion stood at a new starting point; Microsoft's board of directors unanimously approved the current CEO Nadella as the new chairman, taking charge of Microsoft. He holds two positions like this. Nadella is the second person after Bill Gates.</p><p>It took Microsoft 33 years from its listing to reaching a market value of US $1 trillion for the first time in 2019, while it only took about 2 years to go from US $1 trillion to US $2 trillion. It is expected to move towards a market value of US $3 trillion in the future.</p><p><img src=\"https://static.tigerbbs.com/0aaaf90f5a139e3b7cbd2d7d1106a484\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Last Quarter Review</b></p><p>Microsoft's third-quarter fiscal 2021 revenue and profit both exceeded market consensus expectations. Financial report data shows that Microsoft's revenue in the third fiscal quarter reached US $41.7 billion, a year-on-year increase of 19%; Net profit was US $15.5 billion, a year-on-year increase of 44%. Among them, Microsoft's Xbox and cloud service-related businesses have shown strong growth.</p><p><img src=\"https://static.tigerbbs.com/9302fd3ffa2d0caef2adf59953eca3e4\" tg-width=\"1274\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights of this quarter</b></p><p>Microsoft is expected to continue its strong revenue performance in the fiscal fourth quarter, and a strong rebound in enterprise IT spending will help the revenue growth of Dynamics, Azure and LinkedIn. Consumer PC revenue momentum may start to slow down, but after a year's delay in upgrades, business PC revenue may start to pick up.</p><p><img src=\"https://static.tigerbbs.com/9bc588c7f8d46ce1ca2d362c3dd7bd64\" tg-width=\"1747\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Cloud computing is growing strongly.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cloud business accounted for 33.8% of Microsoft's revenue in 2020, becoming the largest of the three major business units for the first time. According to analysts' forecasts, Microsoft's cloud computing revenue in the fourth quarter will be between US $16.2 billion and US $16.45 billion, driven by the rebound in Azure and IT spending. Judging from the current market structure,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>AWS is still at the forefront, but from the trend point of view, the gap between Microsoft Azure and AWS is constantly narrowing.</p><p><img src=\"https://static.tigerbbs.com/fe1da1faa7a065174ee9e62c24c53a64\" tg-width=\"580\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p>At the same time, we should also pay attention to the impact of intensified competition in the field of cloud computing on the future development of Microsoft's cloud computing business. On July 6th, the U.S. Department of Defense canceled the $10 billion cloud computing project contract signed with Microsoft during the Trump administration, and will start a new procurement process. Microsoft and other top cloud computing companies include Amazon,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>Parent company Alphabet and<a href=\"https://laohu8.com/S/IBM\">IBM</a>The competition for companies is more intense.</p><p><img src=\"https://static.tigerbbs.com/8b731e6dcc807918fe5ae315457b8cf6\" tg-width=\"1227\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>Productivity and business process business growth is likely to rise due to strong demand for LinkedIn, Dynamics and Office 365, with fiscal fourth-quarter revenue expected to be between $13.8 billion and $14.05 billion. On July 14, Microsoft officially released Windows 365 Cloud PC for enterprise users, a new cloud service that will allow enterprise customers to experience Windows 10 or Windows 11 from the cloud on any device.</p><p><img src=\"https://static.tigerbbs.com/7eafd47cad37d7db6d587c1ec9fd2ce6\" tg-width=\"1210\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>Nearly six years after the release of Windows 10, Microsoft has finally released a new version of its desktop operating system, Windows 11. The biggest highlight of Windows 11 is that it is more in line with the mobile platforms of Google and Apple. It cooperates with the Amazon App Store to support the installation and running of Android applications; Cloud-based Office 365 allows real-time viewing of recent documents on iOS and Android, optimizing the touch experience for Windows tablets. Company CEO Nadella said that Windows 11 is one of the important milestones of Windows, \"this is the beginning of a new generation.\"</p><p><img src=\"https://static.tigerbbs.com/8f689979d59db96355ac58d772666c9d\" tg-width=\"1231\" tg-height=\"737\" referrerpolicy=\"no-referrer\"></p><p>Microsoft's game business will continue to grow. The head of Microsoft Xbox said that Microsoft will not give up stand-alone narrative games and will continue to acquire studios. In addition, Microsoft hired the producer of \"Portal\" to be responsible for the cloud game business, expanded its cloud game platform, and acquired more publishers like Bethesda to develop exclusive first-party games. Microsoft may also phase out the gaming boundaries between Windows PCs and Xbox consoles, offering more on-premise streaming and cloud gaming options. Industry insiders predict that the stay-at-home economy effect will enable the explosive growth of Microsoft's game business to continue.</p><p><b>Analyst Forecasts</b></p><p>According to Bloomberg's consensus forecast, Microsoft's revenue in the fourth quarter of fiscal year 2021 will be US $44.27 billion, adjusted net profit will be US $14.574 billion, and adjusted EPS will be US $1.92. Forty of the 44 analysts have a buy rating and four have a hold rating with a price target of $298.37, which represents an upside of ~ 6% from the current price of $280.75.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c9fb53c72f77ad11002c8b399f23611\" tg-width=\"1917\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>Source: Bloomberg</span></p><p><table><tbody></tbody></table></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>Financial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point</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\">\nFinancial report preview: Standing on the top of US $2 trillion, Microsoft ushered in a new starting point\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-19 18:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It will announce its fourth quarter financial report for fiscal 2021 on July 27 (next Tuesday). Since the beginning of this year, Microsoft's stock price has performed strongly, rising by more than 26%, and has hit record highs in recent days. The fourth fiscal quarter is significant for Microsoft, which became the next<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After that, the second American company with a market value exceeding US $2 trillion stood at a new starting point; Microsoft's board of directors unanimously approved the current CEO Nadella as the new chairman, taking charge of Microsoft. He holds two positions like this. Nadella is the second person after Bill Gates.</p><p>It took Microsoft 33 years from its listing to reaching a market value of US $1 trillion for the first time in 2019, while it only took about 2 years to go from US $1 trillion to US $2 trillion. It is expected to move towards a market value of US $3 trillion in the future.</p><p><img src=\"https://static.tigerbbs.com/0aaaf90f5a139e3b7cbd2d7d1106a484\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Last Quarter Review</b></p><p>Microsoft's third-quarter fiscal 2021 revenue and profit both exceeded market consensus expectations. Financial report data shows that Microsoft's revenue in the third fiscal quarter reached US $41.7 billion, a year-on-year increase of 19%; Net profit was US $15.5 billion, a year-on-year increase of 44%. Among them, Microsoft's Xbox and cloud service-related businesses have shown strong growth.</p><p><img src=\"https://static.tigerbbs.com/9302fd3ffa2d0caef2adf59953eca3e4\" tg-width=\"1274\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Highlights of this quarter</b></p><p>Microsoft is expected to continue its strong revenue performance in the fiscal fourth quarter, and a strong rebound in enterprise IT spending will help the revenue growth of Dynamics, Azure and LinkedIn. Consumer PC revenue momentum may start to slow down, but after a year's delay in upgrades, business PC revenue may start to pick up.</p><p><img src=\"https://static.tigerbbs.com/9bc588c7f8d46ce1ca2d362c3dd7bd64\" tg-width=\"1747\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Cloud computing is growing strongly.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The cloud business accounted for 33.8% of Microsoft's revenue in 2020, becoming the largest of the three major business units for the first time. According to analysts' forecasts, Microsoft's cloud computing revenue in the fourth quarter will be between US $16.2 billion and US $16.45 billion, driven by the rebound in Azure and IT spending. Judging from the current market structure,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>AWS is still at the forefront, but from the trend point of view, the gap between Microsoft Azure and AWS is constantly narrowing.</p><p><img src=\"https://static.tigerbbs.com/fe1da1faa7a065174ee9e62c24c53a64\" tg-width=\"580\" tg-height=\"382\" referrerpolicy=\"no-referrer\"></p><p>At the same time, we should also pay attention to the impact of intensified competition in the field of cloud computing on the future development of Microsoft's cloud computing business. On July 6th, the U.S. Department of Defense canceled the $10 billion cloud computing project contract signed with Microsoft during the Trump administration, and will start a new procurement process. Microsoft and other top cloud computing companies include Amazon,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone inscriptions</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>Parent company Alphabet and<a href=\"https://laohu8.com/S/IBM\">IBM</a>The competition for companies is more intense.</p><p><img src=\"https://static.tigerbbs.com/8b731e6dcc807918fe5ae315457b8cf6\" tg-width=\"1227\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>Productivity and business process business growth is likely to rise due to strong demand for LinkedIn, Dynamics and Office 365, with fiscal fourth-quarter revenue expected to be between $13.8 billion and $14.05 billion. On July 14, Microsoft officially released Windows 365 Cloud PC for enterprise users, a new cloud service that will allow enterprise customers to experience Windows 10 or Windows 11 from the cloud on any device.</p><p><img src=\"https://static.tigerbbs.com/7eafd47cad37d7db6d587c1ec9fd2ce6\" tg-width=\"1210\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>Nearly six years after the release of Windows 10, Microsoft has finally released a new version of its desktop operating system, Windows 11. The biggest highlight of Windows 11 is that it is more in line with the mobile platforms of Google and Apple. It cooperates with the Amazon App Store to support the installation and running of Android applications; Cloud-based Office 365 allows real-time viewing of recent documents on iOS and Android, optimizing the touch experience for Windows tablets. Company CEO Nadella said that Windows 11 is one of the important milestones of Windows, \"this is the beginning of a new generation.\"</p><p><img src=\"https://static.tigerbbs.com/8f689979d59db96355ac58d772666c9d\" tg-width=\"1231\" tg-height=\"737\" referrerpolicy=\"no-referrer\"></p><p>Microsoft's game business will continue to grow. The head of Microsoft Xbox said that Microsoft will not give up stand-alone narrative games and will continue to acquire studios. In addition, Microsoft hired the producer of \"Portal\" to be responsible for the cloud game business, expanded its cloud game platform, and acquired more publishers like Bethesda to develop exclusive first-party games. Microsoft may also phase out the gaming boundaries between Windows PCs and Xbox consoles, offering more on-premise streaming and cloud gaming options. Industry insiders predict that the stay-at-home economy effect will enable the explosive growth of Microsoft's game business to continue.</p><p><b>Analyst Forecasts</b></p><p>According to Bloomberg's consensus forecast, Microsoft's revenue in the fourth quarter of fiscal year 2021 will be US $44.27 billion, adjusted net profit will be US $14.574 billion, and adjusted EPS will be US $1.92. Forty of the 44 analysts have a buy rating and four have a hold rating with a price target of $298.37, which represents an upside of ~ 6% from the current price of $280.75.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c9fb53c72f77ad11002c8b399f23611\" tg-width=\"1917\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>Source: Bloomberg</span></p><p><table><tbody></tbody></table></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63bcdd40747dbacf61bd55b0f5f96a16","relate_stocks":{"MSFT":"微软"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113819989","content_text":"微软将于7月27日（下周二）公布2021财年第四季度财报。今年以来，微软股价表现强劲，大涨超26%，并于近日连创历史新高。第四财季对于微软来说意义重大，季度内微软成为继苹果之后第二家市值突破2万亿美元的美国公司，站上新起点；微软董事会全票通过现任CEO纳德拉担任新任董事长，执掌微软，像这样兼任两个职位，纳德拉是继比尔·盖茨后的第二人。\n微软从上市到2019年首次达到1万亿美元市值用了33年，而从1万亿美元至2万亿美元市值仅用了约2年时间，未来有希望向3万亿美元市值迈进。\n\n上季度回顾\n微软2021财年第三季度营收和利润均超出市场一致预期。财报数据显示，微软第三财季营收达417亿美元，同比增长19%；净利润为155亿美元，同比增长44%。其中，微软的Xbox和云服务相关业务都表现出了强劲增长的态势。\n\n本季度看点\n微软第四财季有望延续强劲的营收业绩，企业IT支出的强劲反弹，将有助于Dynamics、Azure和LinkedIn的营收增长。消费者个人电脑营收势头可能开始放缓，不过在升级推迟一年后，商用电脑收入可能开始回升。\n\n云计算强劲增长。智能云业务占微软2020年营收的33.8%，首次成为三大主要业务部门中最大的一个。根据分析师预测，受Azure、IT支出反弹的推动，微软第四财季云计算营收将在162亿美元至164.5亿美元之间。从目前的市场格局看，亚马逊AWS依然跑在了最前面，但从趋势上看，微软Azure与AWS的差距在不断缩小。\n\n同时还要关注云计算领域竞争加剧对微软云计算业务未来发展的影响。7月6日，美国国防部取消了特朗普政府时期与微软签订的价值100亿美元的云计算项目合同，并将启动一个新的采购程序。微软与其他顶级云计算公司包括亚马逊、甲骨文、谷歌母公司Alphabet以及IBM公司的竞争更加激烈。\n\n由于对LinkedIn、Dynamics和Office 365的强劲需求，生产力和业务流程业务增长可能会上升，预计第四财季营收将在138亿美元至140.5亿美元之间。7月14日，微软正式发布面向企业用户的Windows 365云电脑(Cloud PC)，这是一项新的云服务，将可让企业客户从云端在任何设备上体验Windows 10或Windows 11。\n\nWindows 10发布近六年之后，微软终于发布了新版桌面操作系统Windows 11。Windows 11的最大亮点是更加契合谷歌和苹果的移动平台，与亚马逊应用商店合作，支持安装运行Android应用；基于云端的Office 365可以实时查看iOS和Android上的最近文档，优化了对Windows平板的触控体验。公司CEO纳德拉称，Windows 11是Windows重要里程碑之一，“这是新一代的开始”。\n\n微软的游戏业务将继续增长，微软Xbox负责人表示，微软不会放弃单机叙事游戏，会继续收购工作室。另外微软挖来《传送门》制作人负责云游戏业务，扩展其云游戏平台，并收购更多像Bethesda这样的发行商来开发独家的第一方游戏。微软还可能逐步取消Windows PC和Xbox游戏机之间的游戏界限，提供更多本地流媒体和云游戏选择。业内人士预计，宅经济效应令微软游戏业务暴发性增长得以持续。\n分析师预测\n根据彭博一致预期，微软2021财年第四季度营收为442.7亿美元，调整后净利润为145.74亿美元，调整后EPS为1.92美元。44位分析师中有40位给出买入评级，4位给出持有评级，目标价298.37美元，较当前280.75美元的价格有约6%的上涨空间。\n来源：彭博","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176577812,"gmtCreate":1626910547536,"gmtModify":1703480268368,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176577812","repostId":"1185896619","repostType":4,"repost":{"id":"1185896619","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":1626881333,"share":"https://ttm.financial/m/news/1185896619?lang=en_US&edition=fundamental","pubTime":"2021-07-21 23:28","market":"us","language":"zh","title":"[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1185896619","media":"老虎资讯综合","summary":"7月21日，美国抗疫概念板块拉升，联合保健产品涨超10%，BioNTech SE涨4.6%，Moderna涨近2%，Ocugen涨超1%。","content":"<p>On July 21, the U.S. anti-epidemic concept sector rose.<a href=\"https://laohu8.com/S/AHPI\">United Healthcare Products</a>Up more than 10%,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>It rose 4.6%, Moderna rose nearly 2%, and Ocugen rose more than 1%.</p><p><img src=\"https://static.tigerbbs.com/8c400382e287b8ad4484860491b6601f\" tg-width=\"840\" tg-height=\"470\" 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>[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%</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\">\n[Change] The anti-epidemic concept sector rose, and United Health Products rose by more than 10%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-21 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 21, the U.S. anti-epidemic concept sector rose.<a href=\"https://laohu8.com/S/AHPI\">United Healthcare Products</a>Up more than 10%,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>It rose 4.6%, Moderna rose nearly 2%, and Ocugen rose more than 1%.</p><p><img src=\"https://static.tigerbbs.com/8c400382e287b8ad4484860491b6601f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185896619","content_text":"7月21日，美国抗疫概念板块拉升，联合保健产品涨超10%，BioNTech SE涨4.6%，Moderna涨近2%，Ocugen涨超1%。","news_type":1,"symbols_score_info":{"AHPI":0.9}},"isVote":1,"tweetType":1,"viewCount":965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176547821,"gmtCreate":1626910022463,"gmtModify":1703480253365,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176547821","repostId":"1107424947","repostType":4,"isVote":1,"tweetType":1,"viewCount":1014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176548852,"gmtCreate":1626909860376,"gmtModify":1703480246073,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176548852","repostId":"1107424947","repostType":4,"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":894109547,"gmtCreate":1628809820889,"gmtModify":1676529859143,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894109547","repostId":"1160603020","repostType":4,"isVote":1,"tweetType":1,"viewCount":3090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148402782,"gmtCreate":1625998924346,"gmtModify":1703751792430,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148402782","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145146664,"gmtCreate":1626211777058,"gmtModify":1703755466202,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145146664","repostId":"2151569582","repostType":4,"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159359964,"gmtCreate":1624943117458,"gmtModify":1703848523960,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159359964","repostId":"1104770632","repostType":4,"repost":{"id":"1104770632","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":1624927163,"share":"https://ttm.financial/m/news/1104770632?lang=en_US&edition=fundamental","pubTime":"2021-06-29 08:39","market":"sh","language":"zh","title":"Nayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1104770632","media":"老虎资讯综合","summary":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头","content":"<p>News on June 29, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company issued 257 million shares, priced at HK $19.8 per share, with 500 shares per lot, and is expected to be listed on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 8%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering stage, Nayuki's tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of offer shares was 129 million shares (excluding over-allocation shares), equivalent to 50% of the total number of offer shares.</p><p>In terms of fund-raising purposes, the company intends to use the net proceeds received from the global offering estimated to be approximately HK $4.84 billion (assuming that the over-allotment option is not exercised) for the following purposes: approximately 70.0% will be used to expand the tea shop network in the next three years and increase its market penetration; Approximately 10.0% will be used in the next three years to further improve overall operations by strengthening technical capabilities to improve operational efficiency; About 10.0% will be used to improve supply chain capabilities in the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from 1.087 billion yuan in 2018 to 3.057 billion yuan in 2020, with a compound annual growth rate of 67.7% from 2018 to 2020; The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of 2.115 billion yuan and adjusted net profit of 4.484 million yuan. Under the influence of the epidemic, the domestic food industry has been greatly impacted. The company's adjusted net profit has narrowed under pressure, but its revenue still maintains a strong growth momentum.</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>Nayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot</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\">\nNayuki's tea lottery winning rate is 8%, and 40 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 29, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>According to the announcement, the company issued 257 million shares, priced at HK $19.8 per share, with 500 shares per lot, and is expected to be listed on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 8%. If you subscribe for 40 lots, you will secure one lot.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering stage, Nayuki's tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of offer shares was 129 million shares (excluding over-allocation shares), equivalent to 50% of the total number of offer shares.</p><p>In terms of fund-raising purposes, the company intends to use the net proceeds received from the global offering estimated to be approximately HK $4.84 billion (assuming that the over-allotment option is not exercised) for the following purposes: approximately 70.0% will be used to expand the tea shop network in the next three years and increase its market penetration; Approximately 10.0% will be used in the next three years to further improve overall operations by strengthening technical capabilities to improve operational efficiency; About 10.0% will be used to improve supply chain capabilities in the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is China's leading high-end ready-made tea chain store, focusing on providing ready-made tea drinks. According to CIC, Nayuki's tea is the second largest teahouse brand in China's high-end ready-made teahouse market in terms of total retail consumption in 2020, with a market share of 18.9%. In terms of total retail consumption in 2020, Nayuki's tea is the seventh largest teahouse brand in China's overall ready-made teahouse industry, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the company's Nayuki's tea shop network. The company's Nayuki tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. The revenue generated by the company's Nayuki teahouse increased from RMB 910 million in 2018 to RMB 2.292 billion in 2019, and further increased to RMB 2.871 billion in 2020.</p><p>In addition, in terms of same stores in 2018 and 2019, Nayuki's tea same store profit margin remained stable in 2018 and 2019, at 24.9% and 25.3%, respectively. Due to the impact of the COVID-19 outbreak, in terms of same stores in 2019 and 2020, Nayuki's tea same store profit margin was 13.5% in 2020, compared to 21.0% in 2019.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from 1.087 billion yuan in 2018 to 3.057 billion yuan in 2020, with a compound annual growth rate of 67.7% from 2018 to 2020; The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of 2.115 billion yuan and adjusted net profit of 4.484 million yuan. Under the influence of the epidemic, the domestic food industry has been greatly impacted. The company's adjusted net profit has narrowed under pressure, but its revenue still maintains a strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头为30万股（600手），获配3000股（6手）。公开发售阶段奈雪的茶获432.03倍认购，分配至公开发售的发售股份最终数目为1.29亿股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获642033份有效申请。\n此外，国际发售获大幅超额认购，发售股份最终数目为1.29亿股（不包括超额分配股份），相当于发售股份总数的50%。\n筹资用途方面，公司拟将收取的全球发售所得款项净额估计约48.4亿港元（假设超额配股权并无获行使）用于以下用途：约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率；约10.0%将在未来三年用于通过强化技术能力，进一步提升整体运营，以提升运营效率；约10.0%将在未来三年用于提升供应链能力，以支持公司的规模扩张；约10.0%将用作营运资金及作一般企业用途。\n据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现制茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n于整个往绩记录期间，公司的盈利能力不断提升，总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币，2018~2020年的复合年增长率达67.7%；经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元，并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月，公司录得收入21.15亿元，经调整净利润448.4万元。在疫情影响下，国内食品行业受到较大冲击，公司经调整净利润承压收窄，但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154579873,"gmtCreate":1625536395292,"gmtModify":1703743224751,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154579873","repostId":"1165762531","repostType":4,"repost":{"id":"1165762531","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":1625527248,"share":"https://ttm.financial/m/news/1165762531?lang=en_US&edition=fundamental","pubTime":"2021-07-06 07:20","market":"hk","language":"zh","title":"Chaoju Ophthalmology's first-hand winning rate is 5.67%, and 18 subscriptions are stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1165762531","media":"老虎资讯综合","summary":"7月6日，朝聚眼科发布公告，公司全球发售1.7093亿股股份，其中香港发售股份8546.5万股，国际发售股份8546.5万股，另有15%超额配股权；发售价已厘定为每股发售股份10.60港元，每手买卖单","content":"<p>July 6th,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company sold 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $10.60 per Offer Share in board lots of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>And Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 7, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 5.67% for one lot, and 18 subscribed lots are secure.</p><p>The head of Group B is 500,000 shares (1,000 lots), and 23,000 shares (46 lots) are allocated.<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed by approximately 17.83 times. The Offer Shares initially being offered under the Hong Kong Public Offering have been very substantially oversubscribed. A total of 153,275 valid applications were received for a total of 1.948 billion shares, equivalent to approximately 113.97 times the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>Based on the offer price of HK $10.60 per offer share, according to the cornerstone investment agreement, the cornerstone investors have subscribed for a total of 74,674,500 offer shares, accounting for approximately 10.86% of the company's issued share capital immediately after the completion of the global offering; And approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the offer price of HK $10.60 per offer share, according to the latest estimate, the net proceeds received by the company from the global offering are estimated to be approximately HK $1,357.1 million (assuming the over-allotment option is not exercised). Among them, the company plans to use approximately 35.8% of the net proceeds to establish new hospitals and relocate, upgrade and decorate existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when suitable opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</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>Chaoju Ophthalmology's first-hand winning rate is 5.67%, and 18 subscriptions are stable</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\">\nChaoju Ophthalmology's first-hand winning rate is 5.67%, and 18 subscriptions are stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 07:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 6th,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company sold 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $10.60 per Offer Share in board lots of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>And Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 7, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 5.67% for one lot, and 18 subscribed lots are secure.</p><p>The head of Group B is 500,000 shares (1,000 lots), and 23,000 shares (46 lots) are allocated.<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed by approximately 17.83 times. The Offer Shares initially being offered under the Hong Kong Public Offering have been very substantially oversubscribed. A total of 153,275 valid applications were received for a total of 1.948 billion shares, equivalent to approximately 113.97 times the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.</p><p>Based on the offer price of HK $10.60 per offer share, according to the cornerstone investment agreement, the cornerstone investors have subscribed for a total of 74,674,500 offer shares, accounting for approximately 10.86% of the company's issued share capital immediately after the completion of the global offering; And approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the offer price of HK $10.60 per offer share, according to the latest estimate, the net proceeds received by the company from the global offering are estimated to be approximately HK $1,357.1 million (assuming the over-allotment option is not exercised). Among them, the company plans to use approximately 35.8% of the net proceeds to establish new hospitals and relocate, upgrade and decorate existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when suitable opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02219":"朝聚眼科"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165762531","content_text":"7月6日，朝聚眼科发布公告，公司全球发售1.7093亿股股份，其中香港发售股份8546.5万股，国际发售股份8546.5万股，另有15%超额配股权；发售价已厘定为每股发售股份10.60港元，每手买卖单位500股；海通国际及华泰国际为联席保荐人，预期股份将于2021年7月7日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5.67%，认购18手稳中一手。\n乙组头为50万股（1000手），获配23000股（46手）。\n根据国际发售初步提呈发售的发售股份已获大幅超额认购约17.83倍。根据香港公开发售初步提呈发售的发售股份已获非常大幅超额认购。合共接获153,275份有效申请，认购合共19.48亿股，相当于根据香港公开发售初步可供认购的香港发售股份总数约113.97倍。\n基于发售价每股发售股份10.60港元计算，根据基石投资协议，基石投资者已认购合共7467.45万股发售股份，合共占紧随全球发售完成后公司已发行股本约10.86%；及全球发售项下发售股份数目约43.69%(假设超额配股权未获行使)。\n基于发售价每股发售股份10.60港元计算，根据最新估计，公司自全球发售收取的所得款项净额估计约为13.571亿港元(假设超额配股权未获行使)。其中，公司拟将所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院；约44.8%将在出现合适机遇时，用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院；约9.4%将用于升级公司的信息技术系统；及约10.0%将用于营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02219":0.9}},"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173151642,"gmtCreate":1626649478486,"gmtModify":1703762535182,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/173151642","repostId":"1160796593","repostType":4,"repost":{"id":"1160796593","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":1626606185,"share":"https://ttm.financial/m/news/1160796593?lang=en_US&edition=fundamental","pubTime":"2021-07-18 19:03","market":"us","language":"zh","title":"OPEC + agrees to increase oil production, ending current stalemate","url":"https://stock-news.laohu8.com/highlight/detail?id=1160796593","media":"老虎资讯综合","summary":"7月18日，在沙特和阿联酋解决了一项阻碍协议达成的争端后，欧佩克及其盟友同意逐步向市场增加石油供应。与会代表表示，该组织将每月增产至多40万桶/日，直到所有闲置的产能都恢复，根据协议，阿联酋、伊拉克和","content":"<p>On July 18, OPEC and its allies agreed to gradually increase oil supplies to the market after Saudi Arabia and the United Arab Emirates settled a dispute that blocked the agreement. Delegates at the meeting said that the organization will increase production by up to 400,000 barrels per day per month until all idle production capacity is restored. Under the agreement, the United Arab Emirates, Iraq and Kuwait will receive higher production quotas from May 2022. The deal will ease the looming supply tightness and reduce the risk of higher oil prices. It also capped a stalemate that had rattled traders.</p><p>OPEC + agreed to a new baseline for the UAE's crude oil production cuts of 3.5 million barrels per day, which will take effect in May 2022.</p><p>In addition to the United Arab Emirates, other OPEC + members are also expected to obtain new production reduction benchmarks, with Iraq and Kuwait increasing their production baselines by 150,000 barrels per day each.</p><p>OPEC + agreed to adjust the benchmark oil production of Saudi Arabia and Russia to 11.5 million barrels per day from the previous 11 million barrels per day starting in May 2022.</p><p>OPEC + also agreed to further relax production cuts from August, with a new crude oil production reduction baseline taking effect in May 2022.</p><p>OPEC + has reached an agreement on crude oil production. The next OPEC + meeting will be held on September 21, agreeing to extend the production reduction agreement until the end of 2022.</p><p>The OPEC draft statement shows that OPEC + plans to completely cancel the 5.8 million barrels per day production cut before September 2022, when market conditions permit.</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>OPEC + agrees to increase oil production, ending current stalemate</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\">\nOPEC + agrees to increase oil production, ending current stalemate\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-18 19:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 18, OPEC and its allies agreed to gradually increase oil supplies to the market after Saudi Arabia and the United Arab Emirates settled a dispute that blocked the agreement. Delegates at the meeting said that the organization will increase production by up to 400,000 barrels per day per month until all idle production capacity is restored. Under the agreement, the United Arab Emirates, Iraq and Kuwait will receive higher production quotas from May 2022. The deal will ease the looming supply tightness and reduce the risk of higher oil prices. It also capped a stalemate that had rattled traders.</p><p>OPEC + agreed to a new baseline for the UAE's crude oil production cuts of 3.5 million barrels per day, which will take effect in May 2022.</p><p>In addition to the United Arab Emirates, other OPEC + members are also expected to obtain new production reduction benchmarks, with Iraq and Kuwait increasing their production baselines by 150,000 barrels per day each.</p><p>OPEC + agreed to adjust the benchmark oil production of Saudi Arabia and Russia to 11.5 million barrels per day from the previous 11 million barrels per day starting in May 2022.</p><p>OPEC + also agreed to further relax production cuts from August, with a new crude oil production reduction baseline taking effect in May 2022.</p><p>OPEC + has reached an agreement on crude oil production. The next OPEC + meeting will be held on September 21, agreeing to extend the production reduction agreement until the end of 2022.</p><p>The OPEC draft statement shows that OPEC + plans to completely cancel the 5.8 million barrels per day production cut before September 2022, when market conditions permit.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba0e918dfd4ec815c4f78fc4cfc3ea3e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160796593","content_text":"7月18日，在沙特和阿联酋解决了一项阻碍协议达成的争端后，欧佩克及其盟友同意逐步向市场增加石油供应。与会代表表示，该组织将每月增产至多40万桶/日，直到所有闲置的产能都恢复，根据协议，阿联酋、伊拉克和科威特从2022年5月起将获得更高的产量配额。协议将缓解迫在眉睫的供应紧张，并降低油价上涨的风险。这也为一场令交易员不安的僵局画上了句号。\nOPEC+同意阿联酋的原油减产新基线为350万桶/日，将于2022年5月开始生效。\n除了阿联酋，其他OPEC+成员也有望获得新的减产基准，伊拉克和科威特的产量基线分别提高15万桶/天。\n欧佩克+同意从2022年5月开始，将沙特和俄罗斯的基准石油产量从之前的1100万桶/日调整为1150万桶/日。\nOPEC+还同意从8月起进一步放宽减产，新的原油减产基准线将于2022年5月生效。\n欧佩克+已经就原油生产问题达成协议，下一次欧佩克+会议将在9月21日举行，同意将减产协议延长至2022年底。\n欧佩克草案声明显示，欧佩克+计划在2022年9月之前，在市场条件允许的情况下，全面取消580万桶/日的减产。","news_type":1,"symbols_score_info":{"BZmain":0.9,"CLmain":0.9}},"isVote":1,"tweetType":1,"viewCount":793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140116790,"gmtCreate":1625636946910,"gmtModify":1703745403541,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140116790","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","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":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoa-B</a>Announced that the company sold 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $53.3 per Offer Share in board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 8, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 6.5% for one lot, and 70 subscriptions are secure for one lot.</p><p>The head of Group B is 100,000 shares (200 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially being offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, equivalent to approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK $53.3 per offer share, the cornerstone investors have subscribed for a total of 27.6715 million offer shares, accounting for approximately 10.21% of the company's issued share capital immediately after the completion of the global offering; And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK $53.3 per offer share, and assuming that the over-allotment option is not exercised, the net proceeds from the global offering that the company will receive are estimated to be approximately HK $2.942 billion. The company plans to use approximately 60% of the proceeds from the global offering in the next three to five years, which will be mainly used for the research and development and commercialization of the company's core and main products; About 15% will be used for preclinical evaluation and clinical development of the company's other products under development; About 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</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>Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot</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\">\nConnoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoa-B</a>Announced that the company sold 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $53.3 per Offer Share in board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 8, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 6.5% for one lot, and 70 subscriptions are secure for one lot.</p><p>The head of Group B is 100,000 shares (200 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially being offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, equivalent to approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK $53.3 per offer share, the cornerstone investors have subscribed for a total of 27.6715 million offer shares, accounting for approximately 10.21% of the company's issued share capital immediately after the completion of the global offering; And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK $53.3 per offer share, and assuming that the over-allotment option is not exercised, the net proceeds from the global offering that the company will receive are estimated to be approximately HK $2.942 billion. The company plans to use approximately 60% of the proceeds from the global offering in the next three to five years, which will be mainly used for the research and development and commercialization of the company's core and main products; About 15% will be used for preclinical evaluation and clinical development of the company's other products under development; About 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896349714,"gmtCreate":1628558503538,"gmtModify":1703508054394,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896349714","repostId":"1167003752","repostType":4,"repost":{"id":"1167003752","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":1628558299,"share":"https://ttm.financial/m/news/1167003752?lang=en_US&edition=fundamental","pubTime":"2021-08-10 09:18","market":"us","language":"zh","title":"TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it","url":"https://stock-news.laohu8.com/highlight/detail?id=1167003752","media":"华尔街见闻","summary":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU，均为该公司的核心产品，首批数量约为4000片，明年7月正式量产。\n\n据中国台湾经济日报，英特尔将成为第一家采用台积电3nm芯片制程的半导体","content":"<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order placed includes three kinds of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. This process will be used to produce server chips. It is expected to start production at TSMC's 18b factory in the second quarter of next year and officially mass-produced in July. The actual mass production time is one year earlier than originally planned.</p><p>For a long time, TSMC's most advanced chip manufacturing processes are usually based on<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processor of the latest iPhone of that year.</p><p>This cooperation between Intel and TSMC means that the company is sure that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Dominant position. According to TSMC's previous statement, the processability of 3nm can be improved by 10 to 15% compared with 5nm, and the power consumption can be reduced by 25 to 30%.</p><p>China's Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order with TSMC includes three server CPUs with integrated graphics cards, all of which are the company's core products, and the first batch is about 4,000 pieces.</p><p>Recently, TSMC Chairman Liu Deyin answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" When emphasizing that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's cooperation with it in 3-nanometer chip production has long been concluded.</p><p>As of the close of U.S. stocks yesterday, Intel's stock price was at $54.05, up 0.24%; TSMC's share price was at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" tg-width=\"840\" tg-height=\"470\" 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>TSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it</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\">\nTSMC's 3nm chip is officially mass-produced one year ahead of schedule, and Intel is the first Apple to adopt it\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\">2021-08-10 09:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>This time<a href=\"https://laohu8.com/S/INTC\">Intel</a>To<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The order placed includes three kinds of server CPUs with integrated graphics cards, all of which are the company's core products. The first batch is about 4,000 pieces, which will be officially mass-produced in July next year. According to Taiwan Economic Daily, Intel will become the first semiconductor company to adopt TSMC's 3nm chip manufacturing process. This process will be used to produce server chips. It is expected to start production at TSMC's 18b factory in the second quarter of next year and officially mass-produced in July. The actual mass production time is one year earlier than originally planned.</p><p>For a long time, TSMC's most advanced chip manufacturing processes are usually based on<a href=\"https://laohu8.com/S/AAPL\">Apple</a>As the first customer, it mainly produced the A-series processor of the latest iPhone of that year.</p><p>This cooperation between Intel and TSMC means that the company is sure that TSMC is ahead of<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Dominant position. According to TSMC's previous statement, the processability of 3nm can be improved by 10 to 15% compared with 5nm, and the power consumption can be reduced by 25 to 30%.</p><p>China's Taiwan Economic Daily quoted TSMC suppliers as saying that Intel's order with TSMC includes three server CPUs with integrated graphics cards, all of which are the company's core products, and the first batch is about 4,000 pieces.</p><p>Recently, TSMC Chairman Liu Deyin answered a shareholder's question, \"What do you think of Intel's involvement in wafer foundry?\" When emphasizing that \"Intel is a customer of TSMC, and we believe that Intel will adopt TSMC's most advanced technology.\" The implication seems to be that Intel's cooperation with it in 3-nanometer chip production has long been concluded.</p><p>As of the close of U.S. stocks yesterday, Intel's stock price was at $54.05, up 0.24%; TSMC's share price was at $118.22, up 0.01%.</p><p><img src=\"https://static.tigerbbs.com/fc745ca5f258c25e7fb72f90285fa61e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dfc30fe83cc22ec1d2c8172e669f59a1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"159813":"芯片","03145":"华夏亚洲高息股","INTC":"英特尔","EWT":"台湾ETF-iShares MSCI","AAPL":"苹果","TSM":"台积电"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167003752","content_text":"此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU，均为该公司的核心产品，首批数量约为4000片，明年7月正式量产。\n\n据中国台湾经济日报，英特尔将成为第一家采用台积电3nm芯片制程的半导体公司。该制程将用于生产服务器芯片，预计明年二季度开始在台积电18b厂投片，7月份正式量产，实际量产时间较原计划提前一年。\n长期以来，台积电最先进的芯片制程通常以苹果作为第一个客户，主要生产当年最新款iPhone的A系列处理器。\n英特尔与台积电的本次合作，意味着该公司肯定台积电领先于三星的优势地位。按照台积电此前的说法，3nm工艺性较5nm能提升10~15%，功耗降低25~30%。\n中国台湾经济日报援引台积电供应商称，此次英特尔向台积电下的订单包含带有集成显卡的三种服务器CPU，均为该公司的核心产品，首批数量约为4000片。\n近日，台积电董事长刘德音答股东问“如何看待英特尔涉足晶圆代工时强调“英特尔是台积电的客户，我们相信英特尔会采用台积电的最先进技术”。言下之意似乎对英特尔与其合作3纳米芯片生产早有定论。\n截至昨日美股收盘，英特尔股价报54.05美元，涨0.24%；台积电股价报118.22美元，涨0.01%。","news_type":1,"symbols_score_info":{"159813":0.9,"EWT":0.9,"AAPL":0.9,"INTC":0.9,"TSM":0.9,"03145":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891466099,"gmtCreate":1628413014211,"gmtModify":1703506035456,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/891466099","repostId":"1183188196","repostType":4,"repost":{"id":"1183188196","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1628405337,"share":"https://ttm.financial/m/news/1183188196?lang=en_US&edition=fundamental","pubTime":"2021-08-08 14:48","market":"us","language":"zh","title":"CICC Overseas: What if US Treasury yields goes up again?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183188196","media":"Kevin策略研究","summary":"摘要\n周五公布的7月非农（94.3万）超出预期和前值，呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上，我们更新了对于就业市场何时达到美联储门槛的测算，发现大概还需要5个","content":"<p><b>SUMMARY</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations and the previous value, showing a partial slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continued improvement. On this basis, we updated our calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of 64% employment recovery similar to the official reduction in 2013. Therefore,<b>December FOMC officially cuts volumes</b>、<b>The revised statement in September suggested that it still seems to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But data that didn't exceed expectations drove US Treasury yields and the US Dollar Index sharply higher</b>, the reasons behind it are worth thinking about, which may indicate that the previous continued low interest rates and the suppressed short rebound only need an introduction.</p><p><b>We believe that the trend of interest rates in the past period is not incomprehensible in direction, but the decline is even more surprising</b>。 In this context, it is necessary to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will be induced by some catalysts.</p><p><b>What may become a catalyst for rising interest rates in the future?</b></p><p><b>1) Recovery of growth expectations</b>: If the key growth data improves or the epidemic situation of mutated viruses falls back. Biden's new round of infrastructure progress currently being promoted is also worthy of attention.</p><p><b>2）</b><b>Policy exit expectations heat up</b>: For example, the FOMC hinted at a reduction in volume in September or the Jackson Hole meeting in August began to blow. Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation. In addition, after the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of another rise in interest rates?</b></p><p><b>1）</b><b>Velocity</b>: Excessively rapid rise in interest rates means increased volatility in bond assets, which will bring about cross-asset volatility contagion, which will in turn have an impact on U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring greater disturbance;<b>2）</b><b>Orientation and structure</b>: Rising long-term interest rates, especially widening interest rate spreads, are beneficial<b>Finance</b>The performance of the sector;<b>3）</b><b>Drivers</b>: Rising real interest rates are not conducive to interest rate-sensitive assets, such as<b>Gold</b>, may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but high-quality growth with reasonable valuations is still attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-agricultural data and its impact on monetary policy? Reductions at the end of the year and September hints are still a high probability</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations (870,000) and the previous value (938,000), showing that some parts (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of mutated viruses. However, overall employment continues to improve (Charts 1 ~ 2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment recovery during the official reduction in 2013 (Chart 3). Therefore,<b>The FOMC officially reduced volumes in December and revised the statement in September suggested that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the characteristics mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index up sharply (Chart 5). The reasons behind it are worth pondering. This<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>, just need an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenments for the fall in interest rates in the past period? The direction is understandable, but the level does not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50bp from the high point. First, the fall in inflation expectations dominated (\"Monthly Report on Overseas Asset Allocation (2021-7) Re-Fall in Inflation Trading\"). After the FOMC meeting in June, the real interest rate took over and hit a record low (\"What is the recent rise in the US dollar and the decline in long-term bonds?\" June 14 ~ June 20, 2021 \"). During this period, the Fed's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields trading downward? July 5-July 11, 2021\"), short covering, and Chinese unexpected RRR cuts triggered growth concerns, the surge in reverse repurchases actually increased demand for Treasury Bond (\"How to understand the Fed's reverse repurchase surge and the Interest Rate Corridor mechanism?\" June 28-July 4, 2021 \",\" The Fed has actually \"shrinking balance sheet\"? July 19-July 25, 2021 \").</p><p><b>We believe that the trend of interest rates over the past period is not incomprehensible in that direction</b>After all, we reminded in the previous stage of rapid interest rate rise that the rise in interest rates is intermittent and requires new catalysts; At the same time, it is relatively certain that long-term inflation expectations will gradually fall, and the disturbance of short-term growth momentum caused by the recurrence of mutant viruses cannot be completely ignored.<b>In contrast, its decline is even more surprising and puzzling</b>, especially the trend of real interest rates hitting new lows is more trading expectations of an economic recession than an immediate slowdown in growth momentum<b>。</b></p><p>In this context,<b>We believe that we need to pay attention to and even guard against the possibility that interest rates, which are continuously suppressed like a spring for whatever reason, will pump back under some catalyst</b>, the performance of long-term interest rates after Friday's non-farm payrolls data may be an example.</p><p><b>3. What may be a catalyst for rising interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>Admittedly, in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to completely explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. Referring to the forces that led to the downward trend of interest rates in the previous period, we believe that the following events or time points are worthy of attention:</p><p><b>► Growth expectations are repaired: If key growth data improves or the epidemic situation of mutated viruses peaks and falls.</b></p><p>We once analyzed in the \"Overseas Asset Allocation Monthly Report (2021-8): Short-term Stagflation-like Trading\" that we believe that the market may have overestimated the impact of mutated viruses and the pressure of declining growth, which in turn has led to continued new lows in interest rates in the near future. Although the market is worried that the real interest rate may not return to the previous level because the long-term growth prospect is still unstable, it is obviously a mismatch to be at such a low position.<b>What's more, this round of recurrence of mutated viruses may not be as severe as it appears for countries that have achieved large-scale vaccination</b>。 Large-scale vaccination ensures that the number of hospitalizations and deaths can remain low while the number of new confirmed cases continues to rise, thus eliminating the need for strict blockades at the policy level to avoid a run on medical resources (Figure 11). This epidemic prevention path seems to have gradually achieved results in the UK (\"Inspiration from the UK's Phased Anti-epidemic Achievements Weekly Tracking of Epidemic Resumption (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figure 12 ~ 13). If so, there may be too much concern reflected by the market in the near future, especially through real interest rates,<b>In the future, if the epidemic falls from its high point, it may become an inflection point for interest rates to rise</b>。 Of course, some key data, such as the better-than-expected non-agricultural data released on Friday, can also have the effect of dispelling growth concerns.</p><p>Furthermore,<b>Biden's new round of infrastructure progress currently being promoted is also worthy of attention</b>, will usher in a key vote in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may be brought about by achieving breakthrough progress are still worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Policy exit expectations are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its September statement to establish that the reduction was coming, and interest rates bottomed out and rebounded until they peaked after the official reduction started in December. During this period, real interest rates were the main driver (Exhibit 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to fall with the expectation of policy tightening and the marginal easing of the contradiction between supply and demand (such as second-hand car production capacity and inventory repair, Figure 14 ~ 15), it is still possible that the real interest rate rises mainly.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>Furthermore,<b>After the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Ministry of Finance released a large amount of liquidity and returned it to the Federal Reserve account through reverse repurchase, which not only \"locked\" some liquidity, but also substantially increased the demand for Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish part of TGA cash reserves (Chart 20), and the increase in Treasury Bond supply may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of interest rate rising again? Speed, Construction and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>Long-term interest rates do not rule out another upward trend, especially real interest rates. Among them, the signal of the Federal Reserve's September FOMC meeting on reductions deserves close attention, but it does not rule out gradual peaking after the official reduction starts</b>(Exhibit 21).</p><p>So, if interest rates go up again, what impact will it have? We believe that it is mainly reflected in the following aspects:</p><p><b>1) velocity,</b>Excessive rise in interest rates means increased volatility in bond assets, which will bring cross-asset volatility contagion, which will in turn bring greater disturbance to U.S. stocks and other markets, especially relatively high-valuation sectors (Figure 22);</p><p><b>2) Orientation and structure:</b>The rise in long-term interest rates, especially the widening of interest rate spreads, is conducive to the performance of the financial sector (Charts 23 ~ 24), as was the case after the non-agricultural data on Friday;</p><p><b>3) Drivers:</b>The rise in real interest rates is not conducive to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), and may also push up<b>dollar</b>(Exhibit 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the launch of liquidity is gradually approaching, although we expect another round of rising interest rates, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuation is still attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-farm payrolls exceeded expectations, pushing US Treasury yields and the US dollar to soar, with banks leading the gains; Emerging bulls decrease, U.S. bond bulls plummet</b></p><p><b>► Asset Performance: Leading. Stocks > Bonds > Bulk; US Treasury yields Picks Up, Banks Lead Gains</b></p><p>Non-farm employment data in July exceeded expectations. Although repeated epidemics have dragged down the recovery of some service industries, the overall job market is still strong. The U.S. dollar and US Treasury yields factors have risen sharply, with banks leading the gains. Overall, among the world's major assets, stocks > bonds > bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, while crude oil, VIX bulls, copper, and gold led the losses. In terms of sectors, financial sectors including banking, comprehensive finance, and insurance led the gains last week. The 10-year US Treasury yields closed at 1.30%, an increase of about 7bps, real interest rates rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment positions: Emerging bulls plummet, long-term U.S. bond bulls decrease</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, and the net long position of the US Dollar Index continued to increase; The net long position of 10-year U.S. bonds has decreased significantly, and the net short position of 2-year U.S. bonds has turned into net long.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Funds Flow: Stock market inflows slow, emerging turns to outflows</b></p><p>In the past week, bond market inflows have slowed slightly, stock market inflows have slowed significantly, and money market funds have continued to flow in. Looking at different markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: July non-agricultural payrolls exceeded expectations, ISM manufacturing PMI fell</b></p><p><b>The ISM manufacturing PMI fell in July, and prices and customer inventories fell significantly.</b>The July ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, missing expectations of 61.0. In terms of sub-items, the price index fell the largest since March 2020, indicating to a certain extent that inflationary pressures have eased. The employment index and orders on hand index rose, and the customer inventory index hit a record low.</p><p>Furthermore,<b>Non-farm payrolls remained strong in July, and leisure hotels remained the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expectations (870,000); In terms of sub-items, leisure hotels are still the main source of new jobs, with an increase of 380,000 in July. Health, transportation and warehousing, financial activities, and information improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% in the previous month, lower than the expected 5.7%. At the same time, the month-on-month wage growth rate in July remained at the level of June, reaching 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuations above growth and interest rate environment support levels</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500 index's 27.1 times static P/E is higher than the reasonable level that growth (July PMI = 59.5) and liquidity (10-year US Treasury yields 1.30%) can support (~ 26.8 times).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" 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>CICC Overseas: What if US Treasury yields goes up again?</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\">\nCICC Overseas: What if US Treasury yields goes up again?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-08-08 14:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>SUMMARY</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations and the previous value, showing a partial slowdown or even stagnation due to the recurrence of mutated viruses, but the overall trend of continued improvement. On this basis, we updated our calculation of when the job market will reach the Fed's threshold, and found that it will take about five months to reach the threshold of 64% employment recovery similar to the official reduction in 2013. Therefore,<b>December FOMC officially cuts volumes</b>、<b>The revised statement in September suggested that it still seems to be a high probability event</b>。</p><p>In addition, the non-agricultural data itself may not have many circles.<b>But data that didn't exceed expectations drove US Treasury yields and the US Dollar Index sharply higher</b>, the reasons behind it are worth thinking about, which may indicate that the previous continued low interest rates and the suppressed short rebound only need an introduction.</p><p><b>We believe that the trend of interest rates in the past period is not incomprehensible in direction, but the decline is even more surprising</b>。 In this context, it is necessary to pay attention to or even guard against the possibility that the interest rate, which is continuously suppressed like a spring for whatever reason, will be induced by some catalysts.</p><p><b>What may become a catalyst for rising interest rates in the future?</b></p><p><b>1) Recovery of growth expectations</b>: If the key growth data improves or the epidemic situation of mutated viruses falls back. Biden's new round of infrastructure progress currently being promoted is also worthy of attention.</p><p><b>2）</b><b>Policy exit expectations heat up</b>: For example, the FOMC hinted at a reduction in volume in September or the Jackson Hole meeting in August began to blow. Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation. In addition, after the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and the rising supply of Treasury Bond may also increase the upward pressure on interest rates.</p><p><b>The impact of another rise in interest rates?</b></p><p><b>1）</b><b>Velocity</b>: Excessively rapid rise in interest rates means increased volatility in bond assets, which will bring about cross-asset volatility contagion, which will in turn have an impact on U.S. stocks and other markets, especially<b>Relatively high valuation sectors</b>Bring greater disturbance;<b>2）</b><b>Orientation and structure</b>: Rising long-term interest rates, especially widening interest rate spreads, are beneficial<b>Finance</b>The performance of the sector;<b>3）</b><b>Drivers</b>: Rising real interest rates are not conducive to interest rate-sensitive assets, such as<b>Gold</b>, may also push up<b>dollar</b>。 In terms of style performance,<b>Value</b>Also relatively better than<b>grow up</b>, but high-quality growth with reasonable valuations is still attractive.</p><p><b>This week's focus: Possible triggers for another rise in interest rates and their impact</b></p><p><b>1. Non-agricultural data and its impact on monetary policy? Reductions at the end of the year and September hints are still a high probability</b></p><p>The July non-agricultural revenue (943,000) announced on Friday exceeded expectations (870,000) and the previous value (938,000), showing that some parts (such as retail, leisure hotels and other service industries) have slowed down or even stagnated due to the recurrence of mutated viruses. However, overall employment continues to improve (Charts 1 ~ 2). On this basis, we updated our calculation of when the job market will reach the Fed threshold (the so-called further substantial progress), and found that it will take about five months to reach a level similar to the 64% employment recovery during the official reduction in 2013 (Chart 3). Therefore,<b>The FOMC officially reduced volumes in December and revised the statement in September suggested that it still seems to be a high probability event</b>(Figure 4).</p><p><img src=\"https://static.tigerbbs.com/de929b3cb3fb6228e5e6c15e33c40852\" tg-width=\"941\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7ca7a453adbea56310974439653b4fab\" tg-width=\"739\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d50420cdf87bd41d7eca9eb86992c448\" tg-width=\"948\" tg-height=\"356\" referrerpolicy=\"no-referrer\"></p><p>In addition to the characteristics mentioned above, the non-agricultural data itself may not have many circles, but the data that did not exceed expectations pushed US Treasury yields and the US Dollar Index up sharply (Chart 5). The reasons behind it are worth pondering. This<b>Could indicate previously persistently lower interest rates and a suppressed short rally</b>(Figure 6)<b>, just need an introduction.</b></p><p><img src=\"https://static.tigerbbs.com/5bf8a204aa021f702ba2aea0f056cdf6\" tg-width=\"950\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p><b>2. What are the reasons and enlightenments for the fall in interest rates in the past period? The direction is understandable, but the level does not match</b></p><p>The 10-year U.S. bond has continued to decline since mid-May, once falling to a low of 1.17%, with a maximum drop of more than 50bp from the high point. First, the fall in inflation expectations dominated (\"Monthly Report on Overseas Asset Allocation (2021-7) Re-Fall in Inflation Trading\"). After the FOMC meeting in June, the real interest rate took over and hit a record low (\"What is the recent rise in the US dollar and the decline in long-term bonds?\" June 14 ~ June 20, 2021 \"). During this period, the Fed's dot plot and technical adjustments to Interest Rate Corridor triggered \"selling short and buying long\" (\"What is the US Treasury yields trading downward? July 5-July 11, 2021\"), short covering, and Chinese unexpected RRR cuts triggered growth concerns, the surge in reverse repurchases actually increased demand for Treasury Bond (\"How to understand the Fed's reverse repurchase surge and the Interest Rate Corridor mechanism?\" June 28-July 4, 2021 \",\" The Fed has actually \"shrinking balance sheet\"? July 19-July 25, 2021 \").</p><p><b>We believe that the trend of interest rates over the past period is not incomprehensible in that direction</b>After all, we reminded in the previous stage of rapid interest rate rise that the rise in interest rates is intermittent and requires new catalysts; At the same time, it is relatively certain that long-term inflation expectations will gradually fall, and the disturbance of short-term growth momentum caused by the recurrence of mutant viruses cannot be completely ignored.<b>In contrast, its decline is even more surprising and puzzling</b>, especially the trend of real interest rates hitting new lows is more trading expectations of an economic recession than an immediate slowdown in growth momentum<b>。</b></p><p>In this context,<b>We believe that we need to pay attention to and even guard against the possibility that interest rates, which are continuously suppressed like a spring for whatever reason, will pump back under some catalyst</b>, the performance of long-term interest rates after Friday's non-farm payrolls data may be an example.</p><p><b>3. What may be a catalyst for rising interest rates? Pandemic, FOMC, infrastructure package and debt ceiling</b></p><p>Admittedly, in many cases, the short-term trend of interest rates will be affected by trading factors and it is difficult to completely explain by fundamentals, but some inflection points still have rules to follow, especially some key event catalysts. Referring to the forces that led to the downward trend of interest rates in the previous period, we believe that the following events or time points are worthy of attention:</p><p><b>► Growth expectations are repaired: If key growth data improves or the epidemic situation of mutated viruses peaks and falls.</b></p><p>We once analyzed in the \"Overseas Asset Allocation Monthly Report (2021-8): Short-term Stagflation-like Trading\" that we believe that the market may have overestimated the impact of mutated viruses and the pressure of declining growth, which in turn has led to continued new lows in interest rates in the near future. Although the market is worried that the real interest rate may not return to the previous level because the long-term growth prospect is still unstable, it is obviously a mismatch to be at such a low position.<b>What's more, this round of recurrence of mutated viruses may not be as severe as it appears for countries that have achieved large-scale vaccination</b>。 Large-scale vaccination ensures that the number of hospitalizations and deaths can remain low while the number of new confirmed cases continues to rise, thus eliminating the need for strict blockades at the policy level to avoid a run on medical resources (Figure 11). This epidemic prevention path seems to have gradually achieved results in the UK (\"Inspiration from the UK's Phased Anti-epidemic Achievements Weekly Tracking of Epidemic Resumption (July 31)\"), and may then become a model for the future epidemic prevention path of other similar countries such as the United States (Figure 12 ~ 13). If so, there may be too much concern reflected by the market in the near future, especially through real interest rates,<b>In the future, if the epidemic falls from its high point, it may become an inflection point for interest rates to rise</b>。 Of course, some key data, such as the better-than-expected non-agricultural data released on Friday, can also have the effect of dispelling growth concerns.</p><p>Furthermore,<b>Biden's new round of infrastructure progress currently being promoted is also worthy of attention</b>, will usher in a key vote in the Senate next week. Although the scale is significantly smaller than previously expected (Chart 29), the expected changes that may be brought about by achieving breakthrough progress are still worthy of attention.</p><p><img src=\"https://static.tigerbbs.com/eaa4d382044f3e8091819910e06a8978\" tg-width=\"955\" tg-height=\"767\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7fcb63bcf80933f46eb1bf53cfa78c8c\" tg-width=\"931\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><b>► Policy exit expectations are heating up: for example, the FOMC hinted at a reduction in September or the Jackson Hole meeting in August began to blow.</b></p><p><b>Since changes in interest rates will reflect expectations in advance, it is more important to start hinting at reductions than formal implementation.</b>This was the case before the official reduction in 2013. At the FOMC meeting in October of that year, the Federal Reserve maintained its September statement to establish that the reduction was coming, and interest rates bottomed out and rebounded until they peaked after the official reduction started in December. During this period, real interest rates were the main driver (Exhibit 17). Considering that the current real interest rate is at a historically low level, and the long-term inflation expectation is expected to fall with the expectation of policy tightening and the marginal easing of the contradiction between supply and demand (such as second-hand car production capacity and inventory repair, Figure 14 ~ 15), it is still possible that the real interest rate rises mainly.</p><p><img src=\"https://static.tigerbbs.com/96521f1df2184a69d1284a5913ba39ab\" tg-width=\"737\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/bb6eb34dcb6f4964753daf3320fd0df3\" tg-width=\"940\" tg-height=\"511\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fdd2633cef77af2bb7189a51246cd314\" tg-width=\"936\" tg-height=\"368\" referrerpolicy=\"no-referrer\"></p><p>Furthermore,<b>After the debt ceiling issue is resolved, the Ministry of Finance can issue bonds again, and rising Treasury Bond supply may also increase upward pressure on interest rates</b>。 In the early stage, the TGA account of the Ministry of Finance released a large amount of liquidity and returned it to the Federal Reserve account through reverse repurchase, which not only \"locked\" some liquidity, but also substantially increased the demand for Treasury Bond. Looking ahead, after the debt ceiling is resolved (the emergency measures of the Ministry of Finance can last until the end of September) (Chart 19), the Ministry of Finance can issue bonds again and is expected to replenish part of TGA cash reserves (Chart 20), and the increase in Treasury Bond supply may also increase the upward pressure on interest rates.</p><p><img src=\"https://static.tigerbbs.com/eaeb4ca9f250bc987b71070d1466d870\" tg-width=\"946\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>4. What is the impact of interest rate rising again? Speed, Construction and Drive</b></p><p>Based on the above analysis, under the catalysis of some future growth and liquidity events or policies,<b>Long-term interest rates do not rule out another upward trend, especially real interest rates. Among them, the signal of the Federal Reserve's September FOMC meeting on reductions deserves close attention, but it does not rule out gradual peaking after the official reduction starts</b>(Exhibit 21).</p><p>So, if interest rates go up again, what impact will it have? We believe that it is mainly reflected in the following aspects:</p><p><b>1) velocity,</b>Excessive rise in interest rates means increased volatility in bond assets, which will bring cross-asset volatility contagion, which will in turn bring greater disturbance to U.S. stocks and other markets, especially relatively high-valuation sectors (Figure 22);</p><p><b>2) Orientation and structure:</b>The rise in long-term interest rates, especially the widening of interest rate spreads, is conducive to the performance of the financial sector (Charts 23 ~ 24), as was the case after the non-agricultural data on Friday;</p><p><b>3) Drivers:</b>The rise in real interest rates is not conducive to interest rates, especially interest-sensitive assets, such as<b>Gold</b>(Chart 25), and may also push up<b>dollar</b>(Exhibit 26). In addition, in terms of style performance, value is relatively better than growth (Chart 27). However, it should be noted that since it is no longer in the acceleration stage of increase and the launch of liquidity is gradually approaching, although we expect another round of rising interest rates, it may also be the last wave.<b>Therefore, high-quality growth with reasonable valuation is still attractive.</b></p><p><img src=\"https://static.tigerbbs.com/c183194b4ae3baec72aa317f1d9adbf6\" tg-width=\"954\" tg-height=\"397\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5be2ba7872bac80f04056c66510b1587\" tg-width=\"955\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d7e9f3df9445122220011f3aee999981\" tg-width=\"956\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f076f1627a7036f0f36d5a4ad308acf1\" tg-width=\"956\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p><b>Market dynamics: Non-farm payrolls exceeded expectations, pushing US Treasury yields and the US dollar to soar, with banks leading the gains; Emerging bulls decrease, U.S. bond bulls plummet</b></p><p><b>► Asset Performance: Leading. Stocks > Bonds > Bulk; US Treasury yields Picks Up, Banks Lead Gains</b></p><p>Non-farm employment data in July exceeded expectations. Although repeated epidemics have dragged down the recovery of some service industries, the overall job market is still strong. The U.S. dollar and US Treasury yields factors have risen sharply, with banks leading the gains. Overall, among the world's major assets, stocks > bonds > bulk, natural gas, Bitcoin, Indian and Korean stock markets led the gains, while crude oil, VIX bulls, copper, and gold led the losses. In terms of sectors, financial sectors including banking, comprehensive finance, and insurance led the gains last week. The 10-year US Treasury yields closed at 1.30%, an increase of about 7bps, real interest rates rose by 11bps, and inflation expectations fell by 4bp.</p><p><img src=\"https://static.tigerbbs.com/e6b3202772105670fdedf25ab5c8ac22\" tg-width=\"943\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/eb5793ee0f835fc4399a6147905be212\" tg-width=\"948\" tg-height=\"355\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/df48633b96eef4a3abe734c7ea22f16c\" tg-width=\"950\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment positions: Emerging bulls plummet, long-term U.S. bond bulls decrease</b></p><p>In the past week, the ratio of bearish/bullish options in U.S. stocks continued to fall compared with last week. In terms of positions, the net long position of U.S. stocks rose slightly, and the net long position of the US Dollar Index continued to increase; The net long position of 10-year U.S. bonds has decreased significantly, and the net short position of 2-year U.S. bonds has turned into net long.</p><p><img src=\"https://static.tigerbbs.com/91a118885ec9541cd261cae8154362a7\" tg-width=\"951\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8307269123bdf4233f4abd11fbcd767f\" tg-width=\"955\" tg-height=\"346\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/061f59624c4e22c051463b05dcf577d3\" tg-width=\"952\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/57c5b8402a85ace1675a182495a2a6ef\" tg-width=\"944\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><b>► Funds Flow: Stock market inflows slow, emerging turns to outflows</b></p><p>In the past week, bond market inflows have slowed slightly, stock market inflows have slowed significantly, and money market funds have continued to flow in. Looking at different markets, the inflow of U.S. stocks slowed down sharply, Europe and Japan continued to flow in but also slowed down, and emerging markets turned into outflows.</p><p><img src=\"https://static.tigerbbs.com/18276a69b2614b955d4a258055c1724a\" tg-width=\"946\" tg-height=\"766\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: July non-agricultural payrolls exceeded expectations, ISM manufacturing PMI fell</b></p><p><b>The ISM manufacturing PMI fell in July, and prices and customer inventories fell significantly.</b>The July ISM manufacturing PMI fell to 59.5 in July from 60.6 in June, missing expectations of 61.0. In terms of sub-items, the price index fell the largest since March 2020, indicating to a certain extent that inflationary pressures have eased. The employment index and orders on hand index rose, and the customer inventory index hit a record low.</p><p>Furthermore,<b>Non-farm payrolls remained strong in July, and leisure hotels remained the main source</b>。 In July, 943,000 new non-agricultural jobs were created, higher than the revised previous value (938,000) and expectations (870,000); In terms of sub-items, leisure hotels are still the main source of new jobs, with an increase of 380,000 in July. Health, transportation and warehousing, financial activities, and information improved the most compared with the previous month. The unemployment rate also fell to 5.4% in July from 5.9% in the previous month, lower than the expected 5.7%. At the same time, the month-on-month wage growth rate in July remained at the level of June, reaching 0.4%, higher than the expected 0.3%.</p><p><img src=\"https://static.tigerbbs.com/4b7c8e39876fbe05cefc701f4fe09d69\" tg-width=\"949\" tg-height=\"320\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/08e6eb406a515a108821959e2ea4ccb2\" tg-width=\"952\" tg-height=\"362\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ce204e743bdd4bbac9e90b8c6e3a91d9\" tg-width=\"413\" tg-height=\"315\" referrerpolicy=\"no-referrer\"></p><p><b>► U.S. stock valuations above growth and interest rate environment support levels</b></p><p>With the 10-year US Treasury yields rising and the ISM manufacturing PMI falling, the current S&P 500 index's 27.1 times static P/E is higher than the reasonable level that growth (July PMI = 59.5) and liquidity (10-year US Treasury yields 1.30%) can support (~ 26.8 times).</p><p><img src=\"https://static.tigerbbs.com/7f99f376902d96742c5fab1597b79804\" tg-width=\"945\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEF":"债券指数ETF-iShares Barclays 7-10年","BND":"债券指数ETF-Vanguard美国","IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","GOVT":"iShares安硕核心美国国债ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183188196","content_text":"摘要\n周五公布的7月非农（94.3万）超出预期和前值，呈现出局部受变异病毒复发影响放缓甚至停滞、但整体依然持续改善的态势。在此基础上，我们更新了对于就业市场何时达到美联储门槛的测算，发现大概还需要5个月达到类似2013年正式减量时就业修复至64%的门槛。因此，12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件。\n除此之外，此次非农数据本身可能并无太多圈点之处，但并未太超预期的数据却推动美债利率和美元指数大幅走高，背后原因值得寻味，这可能说明此前持续走低的利率和被压制的空头反弹，只需要一个引子而已。\n我们认为，过去一段时间利率走向在方向上并非不能理解，但回落幅度更让人意外。在这一背景下，需要关注甚至防范，不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性。\n后续有什么可能成为利率上行的催化剂？\n1）增长预期修复：如关键增长数据向好或者变异病毒疫情回落。当前正在推进的拜登新一轮基建进展也值得关注。\n2）政策退出预期升温：如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。由于利率变化会提前反应预期，因此比起正式执行，开始暗示减量的时点更为重要。此外，债务上限问题解决后财政部可以再度发债，国债供给上升也可能增加利率上行压力。\n利率再度上行的影响？\n1）速度：利率过快上行意味着债券资产波动加大，将会带来跨资产的波动传染，进而对美股和其他市场、特别是相对高估值板块带来较大扰动；2）方向和结构：长端利率上行特别是利差走阔有利于金融板块的表现；3）驱动因素：实际利率上行不利于利率敏感型资产，例如黄金，同时也可能推升美元。从风格表现上，价值也相对好于成长，但估值合理的优质成长仍具吸引力。\n本周焦点：利率再度上行的可能触发因素及其影响\n1. 非农数据及其对货币政策的影响？年底减量、9月暗示仍是大概率\n周五公布的7月非农（94.3万）超出预期（87.0万）和前值（93.8万），呈现出局部（如零售、休闲酒店等服务业）受变异病毒复发影响步伐放缓甚至停滞、但整体就业依然持续改善的态势（图表1~2）。在此基础上，我们更新了对于就业市场何时达到美联储门槛（所谓进一步重大进展further substantial progress）的测算，发现大概还需要5个月达到类似2013年正式减量时就业修复64%的水平（图表3）。因此，12月FOMC正式减量、9月份修改声明暗示目前看来依然是大概率事件（图表4）。\n\n除了上文中提到的特征外，此次非农数据本身可能并无太多圈点之处，但并未太超预期的数据却推动美债利率和美元指数大幅走高（图表5），背后原因值得寻味，这可能说明此前持续走低的利率和被压制的空头反弹（图表6），只需要一个引子而已。\n\n2. 过去一段时间利率回落的原因与启示？方向可以理解，水平并不匹配\n10年美债自5月中旬以来持续下行，一度降至1.17%的低位，从高点计最多降幅超过50bp。先是通胀预期回落主导（《海外资产配置月报（2021-7）再通胀交易的回落》），6月FOMC会议后实际利率接棒下行并创历史新低（《近期美元涨长债跌为哪般？2021年6月14日~6月20日》）。这期间，美联储点阵图和对利率走廊的技术调整引发“卖短买长”（《美债利率下行在交易什么？2021年7月5日~7月11日》）、空头回补、中国意外降准引发增长担忧、逆回购激增实质上增加对国债需求（《如何理解美联储逆回购激增与利率走廊机制？2021年6月28日~7月4日》、《美联储已经事实上“缩表”？2021年7月19日~7月25日》）以及近期Delta变异病毒复发（《引发市场大跌的变种疫情有多严重？》），虽然可能存在巧合，但却给了多头不断看多债券一环扣一环的理由，进而促成了长达3个月且幅度超预期的利率下行（图表9~10）。\n我们认为，过去一段时间利率走向在方向上并非不能理解，毕竟我们在此前利率快速上行阶段就提示利率上行是间歇性的、且需要新的催化剂；同时，长端通胀预期逐步回落较为确定，变异病毒复发对短期增长动能的扰动也不能完全无视。相比之下，其回落幅度更让人意外和费解，特别是实际利率创新低的走势更多是在交易经济衰退而非眼下增长动能放缓的预期。\n在这一背景下，我们认为就需要关注甚至防范，不管因为何种原因像弹簧一样被持续压制的利率在一些催化剂诱发下反抽的可能性，周五非农数据后长端利率的表现可能就是一个例子。\n3. 什么可能成为利率上行的催化剂？疫情、FOMC、基建方案和债务上限\n诚然，很多时候，利率的短期走势会受交易因素影响而难以完全用基本面来解释，但是一些拐点依然有规律可循，特别是一些关键的事件性催化剂。参考前期导致利率下行的力量，我们认为以下事件或时间点值得关注：\n►增长预期修复：如关键增长数据向好或者变异病毒疫情见顶回落。\n我们在《海外资产配置月报（2021-8）：短暂的类滞胀交易》中曾经分析到，我们认为市场可能高估了变异病毒的影响和增长回落的压力，进而导致近期利率持续新低。虽然市场担心因为长期增长前景依然不稳固可能使得实际利率回不到此前水平，但处于这么低的位置显然是不匹配的。更何况，此轮变异病毒复发对已经实现大规模疫苗接种的国家而言可能也没有表面上显现的那么严峻。大规模疫苗接种保证了新增确诊不断攀升时住院和死亡人数却能维持低位，进而无需采取从政策层面严格封锁以避免对对医疗资源的挤兑（图表11）。这一防疫路径似乎在英国已经逐渐成效（《英国阶段性抗疫成果的启示疫情复工周度追踪（7月31日）》），进而可能成为其他类似国家如美国未来防疫路径的样板（图表12~13）。如果是这样的话，近期市场特别是通过实际利率所反映的担忧可能就过多，未来疫情从高点回落就有可能成为利率回升的拐点。当然，一些关键数据，例如周五公布的非农数据好于预期也可以起到打消增长担忧的效果。\n此外，当前正在推进的拜登新一轮基建进展也值得关注，下周将在参议院迎来关键投票。尽管规模明显小于此前预期（图表29），但实现突破性进展可能带来的预期变化依然值得关注。\n\n►政策退出预期升温：如9月FOMC暗示减量或者8月Jackson Hole会议开始吹风。\n由于利率变化会提前反应预期，因此比起正式执行，开始暗示减量的时点更为重要。2013年正式减量之前就是如此，当年10月FOMC会议美联储维持9月声明确立减量即将到来后利率见底回升，直到12月正式减量开启后见顶。这一期间，实际利率是主要驱动力（图表17）。考虑到当前实际利率处于历史低位，而长端通胀预期随着政策收紧预期和供需矛盾边际缓解有望回落（如二手车产能和库存修复，图表14~15），因此依然可能是以实际利率上行为主。\n\n此外，债务上限问题解决后财政部可以再度发债，国债供给上升也可能增加利率上行压力。前期财政部TGA账户释放大量流动性通过逆回购又回到美联储账上，在“锁住”部分流动性的同时、也实质上增加了国债的需求。往前看，待债务上限得到解决后（财政部紧急措施可以持续到9月末）（图表19），财政部可以再度发债并预计补充部分TGA现金储备（图表20），而国债供给增加也可能会增加利率上行的压力。\n\n4. 利率再度上行的影响？速度、结构和驱动\n综合上文分析，在未来一些增长和流动性事件或政策的催化下，长端利率不排除再度上行、特别是实际利率，这其中美联储9月FOMC会议关于减量的信号值得密切关注，但待正式减量开启后不排除逐步筑顶（图表21）。\n那么，如果利率再度上行，会带来什么影响呢？我们认为主要体现在以下几个方面：\n1）速度，利率过快上行意味着债券资产波动加大，将会带来跨资产的波动传染，进而对美股和其他市场、特别是相对高估值板块带来较大扰动（图表22）；\n2）方向和结构：长端利率上行特别是利差走阔有利于金融板块的表现（图表23~24），周五非农数据后的情形便是如此；\n3）驱动因素：实际利率的上行不利于对利率特别是利率敏感型资产，例如黄金（图表25），同时也可能推升美元（图表26）。此外，从风格表现上，价值也相对好于成长（图表27）。不过，需要说明的是，由于当前已经不处于增加加速阶段且流动性推出逐步临近，同时我们虽然预期利率还有一轮上行但也有可能是最后一波，因此估值合理的优质成长依然具有吸引力。\n\n市场动态：非农超预期，推动美债利率和美元大涨，银行领涨；新兴多头减少，美债多头骤降\n►资产表现：领先。股>债>大宗；美债利率回升，银行领涨\n7月非农就业数据超预期，虽然疫情反复对于部分服务行业的修复产生拖累，但整体就业市场依然强劲，美元和美债利率因素大幅抬升，银行领涨。整体看，全球主要资产中，股>债>大宗，天然气、比特币、印度及韩国股市领涨，原油、VIX多头、铜、黄金领跌。分板块看，包括银行、综合金融、保险在内的金融板块上周领涨。10年美债利率收于1.30%，抬升约7bps，实际利率抬升11bps，通胀预期回落4bp。\n\n►情绪仓位：新兴多头骤降，长端美债多头减少\n过去一周，美股看空/看多期权比例较上周继续回落。仓位方面，美股净多头仓位略有抬升，美元指数净多头仓位继续增加；10年美债净多头仓位大幅减少，2年美债净空头转为净多头。\n\n►资金流向：股市流入放缓、新兴转为流出\n过去一周，债市流入略有放缓，股市流入大幅放缓，货币市场基金持续流入。分市场看，美股流入大幅放缓，欧洲和日本继续流入但同样放缓，新兴市场转为流出。\n\n►基本面与政策：7月非农超预期，ISM制造业PMI下滑\n7月ISM制造业PMI下滑，物价及客户库存回落明显。7月ISM制造业PMI从6月的60.6降至7月的59.5，不及预期的61.0。分项看，物价指数降幅创2020年3月以来最大，一定程度上说明通胀压力有所缓解。就业指数及在手订单指数抬升，客户库存指数创历史新低。\n此外，7月非农依旧强劲，休闲酒店仍是主要来源。7月非农新增就业94.3万，高于修正后前值（93.8万）和预期（87.0万）；分项看，休闲酒店依然是新增就业的主要来源，7月新增38.0万。教育健康、运输仓储业、金融活动、信息业较前月改善最多。7月失业率也从前月5.9%回落至5.4%，低于预期的5.7%。与此同时，7月工资环比增速维持6月水平，达0.4%，高于预期的0.3%。\n\n►美股估值高于增长和利率环境支撑水平\n伴随10年美债利率抬升及ISM制造业PMI回落，当前标普500指数27.1倍静态P/E高于增长（7月PMI=59.5）和流动性（10年美债利率1.30%）能够支撑的合理水平（~26.8倍）。","news_type":1,"symbols_score_info":{"ZFmain":0.9,"ZTmain":0.9,"ZNmain":0.9,"BND":0.9,"UBmain":0.9,"IEF":0.9,"GOVT":0.9,"SHY":0.9,"IEI":0.9,"ZBmain":0.9,"TLT":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176543511,"gmtCreate":1626909791933,"gmtModify":1703480242919,"author":{"id":"3579764409572228","authorId":"3579764409572228","name":"mengseng","avatar":"https://static.tigerbbs.com/fa459e0d8e39660281c1567ec5207287","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579764409572228","idStr":"3579764409572228"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176543511","repostId":"2153640970","repostType":4,"repost":{"id":"2153640970","kind":"highlight","pubTimestamp":1626903189,"share":"https://ttm.financial/m/news/2153640970?lang=en_US&edition=fundamental","pubTime":"2021-07-22 05:33","market":"us","language":"zh","title":"Foreign media headlines: Delta variant rages, global economic recovery is sending warning signs","url":"https://stock-news.laohu8.com/highlight/detail?id=2153640970","media":"新浪财经","summary":"　　全球股市本周遭遇重挫，且大量避险资金涌入美国国债，表明投资者现在怀疑备受期待的疫情后恢复常态是否能在近期内实现。　　综合全球主要经济体的数据显示，随着各种商品和原材料价格的上涨，全球经济近期的高速增长放缓。　　德意志银行首席外汇策略师Saravelos对客户表示，在Delta变种病毒致疫情反弹之际，市场可能正在就全球经济前景发出警报信号。","content":"<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. The Delta variant virus rages and the global economic recovery is sending out warning signals</b><b>2. SEC Chairman: Warning about virtual stocks on blockchain, cryptocurrencies need more regulation</b><b>3. Musk:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It's'likely 'to re-accept Bitcoin payments</b><b>4. United Airlines CEO: Travel demand will \"rise and fall\" before more people are vaccinated</b><b>5、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>: Already for Delta variant impact People will focus on bigger brands when the market is constrained</b><b>6. Wedbush analyst: Netflix's foray into video games is \"unwise\"</b><img src=\"https://static.tigerbbs.com/4fcc4201341d30b87836270ad00eccdf\" tg-width=\"550\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p><p><b>Delta variant virus rages, global economic recovery is sending warning signs</b></p><p>Global stocks tumbled this week, and a flood of safe-haven funds poured into U.S. Treasury Bond, suggesting investors are now skeptical that the highly anticipated post-pandemic return to normalcy will materialize in the near term.</p><p>Comprehensive data from the world's major economies show that the recent rapid growth of the global economy has slowed down as the prices of various commodities and raw materials have risen.</p><p><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist Saravelos told clients that the market may be sending alarm signals about the global economic outlook as the Delta variant of the virus causes a rebound in the epidemic.</p><p>\"As prices have risen, consumers have been reducing demand rather than spending ahead of time. This is contrary to expectations of a truly inflationary environment, which suggests that there is a very low speed limit for the global economy.\"</p><p><img src=\"https://static.tigerbbs.com/2078f0930fe8e85b2ae089f5d7e6b01f\" tg-width=\"550\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>SEC Chair: Warning on Virtual Stocks on Blockchain Cryptocurrencies Need More Regulation</b></p><p>Securities and Exchange Commission Chairman Gary Gensler warned about the emergence of synthetic stocks on blockchains: Companies selling tokens to U.S. investors could end up in trouble with regulators.</p><p>In his presentation Wednesday, Gensler made it clear that mapping<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Tokens of stock prices of well-known companies such as Tesla, Tesla may still be regulated by U.S. securities laws. He also promised to use all of the SEC's law enforcement resources to hold those who may have offered such assets without registration accountable.</p><p>Whether it's equity tokens, securities-backed stable-value tokens, or other virtual products that provide synthetic exposure to underlying securities, \"these platforms-whether decentralized or centralized finance-are governed by securities laws and must operate within our securities regime,\" Gensler said at an event hosted by the ABA.</p><p>Gensler has repeatedly said cryptocurrencies need more regulation. He told a House committee in May this year that he looked forward to working with Congress and other regulators to \"fill the gap in investor protection.\"</p><p><img src=\"https://static.tigerbbs.com/627b780083c8f7cff885d64fef8ded31\" tg-width=\"550\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>Musk: Tesla'likely 'to re-accept Bitcoin payments</b></p><p>On Wednesday, electric car maker Tesla CEO Elon Musk said at a conference that Tesla is likely to return to accepting Bitcoin payments. Musk's comments come after Tesla said in May that it would stop accepting cars from Bitcoin.</p><p>Musk said he personally owns Bitcoin, Ethereum and Dogecoin in addition to Bitcoin owned by Tesla and SpaceX.</p><p>\"I want to see Bitcoin succeed,\" Musk said. \"If the price of Bitcoin falls, I will lose money.\"</p><p>Musk said Tesla is likely to resume accepting Bitcoin purchases once the environmental burden of mining in Bitcoin is reduced.</p><p>\"It looks like Bitcoin is moving more towards renewables,\" Musk said, \"and I want to wait until it's confirmed that the percentage of renewable energy usage is at or above 50%.\"</p><p><img src=\"https://static.tigerbbs.com/a97fa06041cd69f37d669466a13dc2e1\" tg-width=\"550\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>United CEO: Travel demand will'rise and fall 'until more people are vaccinated</b></p><p>United CEO Scott Kirby expects travel demand to continue to recover despite the resurgence of the epidemic caused by the more contagious Delta variant. But he warned on Wednesday that uncertainty remained until more people were vaccinated.</p><p>\"There will be ups and downs from now on, and waiting until enough people around the world are vaccinated to make this pandemic truly a thing of the past, which is what we expect,\" Kirby said on an investor call.</p><p>\"We believe the most likely outcome is that the continued recovery in demand is largely unabated. Because there is overwhelming evidence that vaccinated people are highly protected against severe illness, hospitalization and death,\" Kirby said. But only about half of eligible Americans are currently fully vaccinated against COVID-19.</p><p>United Airlines said it does not expect to resume flights to Europe until spring 2022, or at least until 2023 to Asia.</p><p><img src=\"https://static.tigerbbs.com/48f2ef83646736b442862a71b2164007\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Coca-Cola: Ready to cope with the impact of the Delta variant, people will focus on bigger brands when the market is limited</b></p><p>Coca-Cola Chief Financial Officer John Murphy said Wednesday that the company will rely on its pandemic-tested strategy to focus on larger brands and increase investment in its supply chain to combat the potential impact of Novel Coronavirus's Delta variant.</p><p>Murphy said sales in some Asian markets in the second quarter were hit by the rebound of the epidemic. In the raised sales forecast, some possible impacts have also been added.</p><p>\"When the market is more constrained, you're looking at bigger brands,\" Murphy said.</p><p>Coca-Cola has streamlined its product range over the past year to mitigate the impact of the pandemic. The company, which owns brands such as Sprite, Fanta and Dasani, has discontinued its TaB Diet Soda and Coca-Cola Energy brands in the United States and sold its ZICO coconut milk brand.</p><p><img src=\"https://static.tigerbbs.com/c37897d9e027fd0424c8dd846b4ef019\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\"><b>Wedbush analyst: Netflix's foray into video games is'unwise '</b></p><p>With the addition of new streaming services, Netflix's subscriber growth has stalled in recent quarters. To attract new members and reduce churn, the company is expanding into video games.</p><p>The move builds on Netflix's vast content library, which not only allows the company to expand its proprietary intellectual property, but will also gain access to vital data about users. These games could power Netflix's future shows and movies, enhancing the brand's appeal to consumers.</p><p>While subscribers may be excited about the gaming prospects of popular TV series such as Stranger Things, at least one Wall Street analyst is wary of Netflix's foray into video games, calling it an \"ill-considered attempt.\"</p><p>\"While burning cash, Netflix chose to expand its content offering, including podcasts (which we think is smart) and games (which we think is not smart),\" Wedbush analyst Pachter wrote in a research note Wednesday.</p>","source":"highlight_sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines: Delta variant rages, global economic recovery is sending warning signs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForeign media headlines: Delta variant rages, global economic recovery is sending warning signs\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-22 05:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. The Delta variant virus rages and the global economic recovery is sending out warning signals</b><b>2. SEC Chairman: Warning about virtual stocks on blockchain, cryptocurrencies need more regulation</b><b>3. Musk:<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It's'likely 'to re-accept Bitcoin payments</b><b>4. United Airlines CEO: Travel demand will \"rise and fall\" before more people are vaccinated</b><b>5、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>: Already for Delta variant impact People will focus on bigger brands when the market is constrained</b><b>6. Wedbush analyst: Netflix's foray into video games is \"unwise\"</b><img src=\"https://static.tigerbbs.com/4fcc4201341d30b87836270ad00eccdf\" tg-width=\"550\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p><p><b>Delta variant virus rages, global economic recovery is sending warning signs</b></p><p>Global stocks tumbled this week, and a flood of safe-haven funds poured into U.S. Treasury Bond, suggesting investors are now skeptical that the highly anticipated post-pandemic return to normalcy will materialize in the near term.</p><p>Comprehensive data from the world's major economies show that the recent rapid growth of the global economy has slowed down as the prices of various commodities and raw materials have risen.</p><p><a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist Saravelos told clients that the market may be sending alarm signals about the global economic outlook as the Delta variant of the virus causes a rebound in the epidemic.</p><p>\"As prices have risen, consumers have been reducing demand rather than spending ahead of time. This is contrary to expectations of a truly inflationary environment, which suggests that there is a very low speed limit for the global economy.\"</p><p><img src=\"https://static.tigerbbs.com/2078f0930fe8e85b2ae089f5d7e6b01f\" tg-width=\"550\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><b>SEC Chair: Warning on Virtual Stocks on Blockchain Cryptocurrencies Need More Regulation</b></p><p>Securities and Exchange Commission Chairman Gary Gensler warned about the emergence of synthetic stocks on blockchains: Companies selling tokens to U.S. investors could end up in trouble with regulators.</p><p>In his presentation Wednesday, Gensler made it clear that mapping<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Tokens of stock prices of well-known companies such as Tesla, Tesla may still be regulated by U.S. securities laws. He also promised to use all of the SEC's law enforcement resources to hold those who may have offered such assets without registration accountable.</p><p>Whether it's equity tokens, securities-backed stable-value tokens, or other virtual products that provide synthetic exposure to underlying securities, \"these platforms-whether decentralized or centralized finance-are governed by securities laws and must operate within our securities regime,\" Gensler said at an event hosted by the ABA.</p><p>Gensler has repeatedly said cryptocurrencies need more regulation. He told a House committee in May this year that he looked forward to working with Congress and other regulators to \"fill the gap in investor protection.\"</p><p><img src=\"https://static.tigerbbs.com/627b780083c8f7cff885d64fef8ded31\" tg-width=\"550\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><b>Musk: Tesla'likely 'to re-accept Bitcoin payments</b></p><p>On Wednesday, electric car maker Tesla CEO Elon Musk said at a conference that Tesla is likely to return to accepting Bitcoin payments. Musk's comments come after Tesla said in May that it would stop accepting cars from Bitcoin.</p><p>Musk said he personally owns Bitcoin, Ethereum and Dogecoin in addition to Bitcoin owned by Tesla and SpaceX.</p><p>\"I want to see Bitcoin succeed,\" Musk said. \"If the price of Bitcoin falls, I will lose money.\"</p><p>Musk said Tesla is likely to resume accepting Bitcoin purchases once the environmental burden of mining in Bitcoin is reduced.</p><p>\"It looks like Bitcoin is moving more towards renewables,\" Musk said, \"and I want to wait until it's confirmed that the percentage of renewable energy usage is at or above 50%.\"</p><p><img src=\"https://static.tigerbbs.com/a97fa06041cd69f37d669466a13dc2e1\" tg-width=\"550\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>United CEO: Travel demand will'rise and fall 'until more people are vaccinated</b></p><p>United CEO Scott Kirby expects travel demand to continue to recover despite the resurgence of the epidemic caused by the more contagious Delta variant. But he warned on Wednesday that uncertainty remained until more people were vaccinated.</p><p>\"There will be ups and downs from now on, and waiting until enough people around the world are vaccinated to make this pandemic truly a thing of the past, which is what we expect,\" Kirby said on an investor call.</p><p>\"We believe the most likely outcome is that the continued recovery in demand is largely unabated. Because there is overwhelming evidence that vaccinated people are highly protected against severe illness, hospitalization and death,\" Kirby said. But only about half of eligible Americans are currently fully vaccinated against COVID-19.</p><p>United Airlines said it does not expect to resume flights to Europe until spring 2022, or at least until 2023 to Asia.</p><p><img src=\"https://static.tigerbbs.com/48f2ef83646736b442862a71b2164007\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>Coca-Cola: Ready to cope with the impact of the Delta variant, people will focus on bigger brands when the market is limited</b></p><p>Coca-Cola Chief Financial Officer John Murphy said Wednesday that the company will rely on its pandemic-tested strategy to focus on larger brands and increase investment in its supply chain to combat the potential impact of Novel Coronavirus's Delta variant.</p><p>Murphy said sales in some Asian markets in the second quarter were hit by the rebound of the epidemic. In the raised sales forecast, some possible impacts have also been added.</p><p>\"When the market is more constrained, you're looking at bigger brands,\" Murphy said.</p><p>Coca-Cola has streamlined its product range over the past year to mitigate the impact of the pandemic. The company, which owns brands such as Sprite, Fanta and Dasani, has discontinued its TaB Diet Soda and Coca-Cola Energy brands in the United States and sold its ZICO coconut milk brand.</p><p><img src=\"https://static.tigerbbs.com/c37897d9e027fd0424c8dd846b4ef019\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\"><b>Wedbush analyst: Netflix's foray into video games is'unwise '</b></p><p>With the addition of new streaming services, Netflix's subscriber growth has stalled in recent quarters. To attract new members and reduce churn, the company is expanding into video games.</p><p>The move builds on Netflix's vast content library, which not only allows the company to expand its proprietary intellectual property, but will also gain access to vital data about users. These games could power Netflix's future shows and movies, enhancing the brand's appeal to consumers.</p><p>While subscribers may be excited about the gaming prospects of popular TV series such as Stranger Things, at least one Wall Street analyst is wary of Netflix's foray into video games, calling it an \"ill-considered attempt.\"</p><p>\"While burning cash, Netflix chose to expand its content offering, including podcasts (which we think is smart) and games (which we think is not smart),\" Wedbush analyst Pachter wrote in a research note Wednesday.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/world/gjcj/2021-07-22/doc-ikqcfnca8245616.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4fcc4201341d30b87836270ad00eccdf","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","EBON":"亿邦国际","NFLX":"奈飞","TSLA":"特斯拉","CAN":"嘉楠科技"},"source_url":"https://finance.sina.com.cn/world/gjcj/2021-07-22/doc-ikqcfnca8245616.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2153640970","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、Delta变种病毒肆虐 全球经济复苏正发出警告信号\n\n\n2、SEC主席：对区块链上的虚拟股票发出警告 加密货币需要更多监管\n\n\n3、马斯克：特斯拉“很可能”重新接受比特币支付\n\n\n4、美联航CEO：在更多的人接种疫苗之前 旅行需求会“起起落落”\n\n\n5、可口可乐：已准备应对Delta变体影响 市场受限时人们会关注更大品牌\n\n\n6、Wedbush分析师：Netflix进军视频游戏是“不明智的”\n\n\nDelta变种病毒肆虐 全球经济复苏正发出警告信号\n全球股市本周遭遇重挫，且大量避险资金涌入美国国债，表明投资者现在怀疑备受期待的疫情后恢复常态是否能在近期内实现。\n综合全球主要经济体的数据显示，随着各种商品和原材料价格的上涨，全球经济近期的高速增长放缓。\n德意志银行首席外汇策略师Saravelos对客户表示，在Delta变种病毒致疫情反弹之际，市场可能正在就全球经济前景发出警报信号。\n“随着价格的上涨，消费者一直在减少需求，而不是提前消费。这与人们对真正的通胀环境的预期相反，这表明全球经济有一个非常低的速度极限。”\n\nSEC主席：对区块链上的虚拟股票发出警告 加密货币需要更多监管\n美国证券交易委员会主席Gary Gensler对区块链上出现的合成股票发出警告：向美国投资者出售代币的公司可能最终会遇到监管机构的麻烦。\nGensler在周三的演讲中明确表示，映射亚马逊、特斯拉等知名公司股价的代币可能仍受美国证券法的监管。他还承诺使用SEC的所有执法资源来追责那些可能未注册而提供此类资产的人。\nGensler在美国律师协会举办的活动中表示，无论是股票代币、证券支持的稳定价值代币，还是其他提供基础证券合成敞口的虚拟产品，“这些平台——无论是去中心化还是中心化的金融领域——都受证券法管辖，必须在我们的证券制度内运作。”\nGensler多次表示，加密货币需要更多监管。他在今年5月告诉众议院的一个委员会，他期待与国会和其他监管机构合作“填补投资者保护的缺口”。\n\n马斯克：特斯拉“很可能”重新接受比特币支付\n周三，电动汽车制造商特斯拉CEO埃隆·马斯克在一次会议上表示，特斯拉很可能重新接受比特币支付。马斯克发表此番言论之前，特斯拉曾在5月份表示，将停止接受比特币购买汽车。\n马斯克表示，除了特斯拉和SpaceX拥有的比特币外，他个人还拥有比特币、以太坊和狗狗币。\n“我希望看到比特币成功，”马斯克说，“如果比特币的价格下跌，我就会赔钱。”\n马斯克表示，一旦比特币挖矿对环境的负担减少，特斯拉很可能会恢复接受比特币购买。\n“看起来比特币正在更多地转向可再生能源，”马斯克说，“我想等到确认可再生能源的使用百分比达到或超过50%。”\n\n美联航CEO：在更多的人接种疫苗之前 旅行需求会“起起落落”\n美联航CEO斯科特·柯比预计，尽管传染性更强的Delta变体导致疫情卷土重来，但旅行需求将继续复苏。不过他周三警告称，在更多的人接种疫苗之前，情况仍存在不确定性。\n柯比在投资者电话会议上表示，“从现在开始情况会有起伏，等到全世界足够多的人接种疫苗，让这场疫情真正成为过去式，这是我们所期待的。”\n柯比表示：“我们认为，最有可能的结果是，需求的持续复苏基本上没有减弱。因为有压倒性的证据表明，接种疫苗的人可以高度预防严重疾病、住院和死亡。”但目前只有大约一半符合条件的美国人完全接种了COVID-19疫苗。\n美联航方面表示，预计在2022年春季之前不会恢复飞往欧洲的航班，至少在2023年之前不会恢复飞往亚洲的航班。\n\n可口可乐：已准备应对Delta变体影响 市场受限时人们会关注更大品牌\n可口可乐首席财务官John Murphy周三表示，该公司将依靠其经过疫情考验的战略，专注于更大的品牌，并加大对供应链的投入，以应对新型冠状病毒Delta变种的潜在影响。\nMurphy表示，第二季亚洲部分市场的销售因疫情反弹而受到冲击。在上调的销售预测中，也加入了一些可能的影响。\nMurphy表示：“当市场受到更多限制时，你就会关注更大的品牌。”\n可口可乐在过去的一年里精简了产品范围，以缓解疫情的影响。这家拥有雪碧、芬达和达萨尼等品牌的公司已经停止了在美国的TaB健怡汽水和可口可乐能源品牌，并出售了其ZICO椰汁品牌。\nWedbush分析师：Netflix进军视频游戏是“不明智的”\n随着新的流媒体服务的加入，Netflix的用户增长在最近几个季度陷入停滞。为了吸引新会员并减少流失率，该公司正在向电子游戏领域扩张。\n这一举措建立在Netflix庞大的内容库的基础上，这不仅允许该公司扩展其专有知识产权，还将获取用户的重要数据。这些游戏可以为Netflix未来的节目和电影提供动力，增强该品牌对消费者的吸引力。\n虽然订户可能对《怪奇物语》（Stranger Things）等热门电视剧的游戏前景感到兴奋，但至少有一位华尔街分析师对Netflix进军视频游戏领域持谨慎态度，称这是“欠考虑的尝试”。\nWedbush分析师帕切特周三在一份研究报告中写道：“在烧钱的同时，Netflix选择扩大内容供应，包括播客（我们认为这是明智的）和游戏（我们认为这不是明智的）。”","news_type":1,"symbols_score_info":{"EBON":0.9,"QNETCN":0.9,"TSLA":0.9,"BTCmain":0.9,"CAN":0.9,"NFLX":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}