Ryan Lau personal page - To The Moon

Ryan Lau

Ryan Lau

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2021-06-29

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2021-06-28

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Growth VS value, this is the biggest difference in US stocks right now

2021-06-28

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2021-06-28

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2021-06-28

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HKEx to cancel morning session trading due to black rainstorm warning signal

2021-06-25

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Opening: S&P Index hits new high, Virgin Galactic rose 18%

2021-06-25

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The Migration History of Internet Majors: From "Gypsy Wandering" to Buying Houses and Land

2021-06-25

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China Travel Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange

2021-06-23

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Spark Thinking submits an IPO application in the United States, impacting "the first online quality education stock"

2021-06-23

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"Market method" and "central bank method" for judging short-term interest rates

2021-06-23

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2021-06-23

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The delivery time was 18 weeks! The tide of core shortage further intensifies

2021-06-23

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Xima Ophthalmology rose by more than 13%, and rose by more than 70% in the month

2021-06-22

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2021-06-22

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With the legalization of low-speed electric vehicles, is the spring of "elderly music" coming?

2021-06-22

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"Falling endlessly" Haidilao: the market value evaporated by 250 billion Hong Kong dollars

2021-06-21

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2021-06-21

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51job opens sharply higher and will be taken private at $79.05 per share

2021-06-21

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2021-06-21

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now","url":"https://stock-news.laohu8.com/highlight/detail?id=1175717613","media":"华尔街见闻","summary":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能","content":"<p>A wrestle between growth stocks and value stocks is unfolding. 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If the upward pressure on prices continues, the result is that rate hike expectations rise, and U.S. stocks may go through a bumpy road.</p><p>These uncertainties dominate the trend of growth and value stocks, and expected changes in inflation and monetary policy will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News previously mentioned that since the beginning of this year, as U.S. bond yields have risen rapidly and U.S. stocks have rotated rapidly, the stock prices of technology giants that have enjoyed great success during the epidemic have fallen sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and U.S. bond yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted that rate hike will be earlier than expected, the gains in technology stocks have intensified.</p><p>Many analysts sided with technology stocks, believing that after a correction, the valuations of U.S. technology giants have begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes U.S. technology stocks are relatively cheap right now. According to data from Barclays, FANMAG currently has an average forward P/E of 29.9 x. That's only marginally higher than the roughly 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, chief investment officer of Glenmede Private Wealth, believes that the market for value stocks is not over yet, and value stocks will outperform technology stocks:</p><p>We are still in the midst of a fundamental recovery, with improved economic growth and revenues. Our base assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also prefers value stocks. Andrew Slimmon, senior portfolio manager at the agency, said that when the economy is stronger, there is a tendency to hold inflation-sensitive stocks, and people may underestimate the duration of this cycle.</p><p>Slimmon pointed out that value stocks are still cheap relative to the broader market, and the phase of value stocks' overperformance will continue.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Growth VS value, this is the biggest difference in US stocks right now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGrowth VS value, this is the biggest difference in US stocks right now\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-27 21:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A wrestle between growth stocks and value stocks is unfolding. By the middle of the year, the uncertainty above the U.S. stock market is growing, which has also had a huge impact on the style of the U.S. stock market. A wrestling between growth stocks and value stocks is unfolding.</p><p>In terms of uncertainty, on the one hand, U.S. monetary and fiscal support is likely to decrease, which will weaken the dynamism of the current economic recovery and put pressure on corporate earnings growth. In addition, the U.S. government's plan to raise taxes is another potential disincentive factor.</p><p>On the other hand, the trend of inflation has become another major uncertainty affecting the trend of U.S. stocks. If the upward pressure on prices continues, the result is that rate hike expectations rise, and U.S. stocks may go through a bumpy road.</p><p>These uncertainties dominate the trend of growth and value stocks, and expected changes in inflation and monetary policy will determine the style of U.S. stocks in the second half of the year.</p><p>Wall Street News previously mentioned that since the beginning of this year, as U.S. bond yields have risen rapidly and U.S. stocks have rotated rapidly, the stock prices of technology giants that have enjoyed great success during the epidemic have fallen sharply, while cyclical stocks that are more sensitive to economic recovery have rebounded collectively.</p><p>However, recently, as inflation expectations have cooled and U.S. bond yields have declined, technology stocks have regained market favor, especially since the Federal Reserve hinted that rate hike will be earlier than expected, the gains in technology stocks have intensified.</p><p>Many analysts sided with technology stocks, believing that after a correction, the valuations of U.S. technology giants have begun to show attractiveness, which means that these technology leaders are expected to continue to rise.</p><p>Barclays strategist Maneesh Deshpande believes U.S. technology stocks are relatively cheap right now. According to data from Barclays, FANMAG currently has an average forward P/E of 29.9 x. That's only marginally higher than the roughly 28 times before the pandemic began in December 2019, and a significant drop from the peak of 40 times in the middle of last year.</p><p>Jason Pride, chief investment officer of Glenmede Private Wealth, believes that the market for value stocks is not over yet, and value stocks will outperform technology stocks:</p><p>We are still in the midst of a fundamental recovery, with improved economic growth and revenues. Our base assumption is that inflation will eventually stabilize between 2% and 3%, which will benefit value stocks more than growth stocks. Morgan Stanley Asset Management also prefers value stocks. Andrew Slimmon, senior portfolio manager at the agency, said that when the economy is stronger, there is a tendency to hold inflation-sensitive stocks, and people may underestimate the duration of this cycle.</p><p>Slimmon pointed out that value stocks are still cheap relative to the broader market, and the phase of value stocks' overperformance will continue.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175717613","content_text":"一场成长股与价值股之间的角力正在展开。\n\n行至年中，笼罩的美股上方的不确定性越来越大，对美股风格也产生了巨大影响，一场成长股与价值股之间的角力正在展开。\n就不确定性而言，一方面，美国货币和财政支持可能会减少，这将削弱当前经济复苏的活力，并对企业盈利增长造成压力。此外美国政府酝酿提高税收的计划是另一个潜在的抑制因素。\n另一方面，通胀走势成为牵动美股走势的另一大不确定性，如果价格的上行压力持续，结果是加息预期上升，美股可能会经历一段坎坷之路。\n这些不确定性主宰着成长和价值股票走势，通胀和货币政策走向预期的变动将决定美股下半年的风格。\n华尔街见闻此前提及，今年初以来，随着美债收益率快速走高，美股快速轮动，疫情期间风光无限的科技巨头们股价大幅回调，而对经济复苏较为敏感的周期股集体反弹。\n但近期，随着通胀预期降温，美债收益率下行，科技股重获市场青睐，尤其是美联储暗示将早于预期加息以来，科技股涨势加剧。\n有不少分析师站队科技股，认为经过一番回调，目前美国科技巨头们的估值已经开始彰显吸引力，这意味着这些科技领头羊有望继续上涨。\n巴克莱策略师Maneesh Deshpande认为目前美国科技股相对便宜。巴克莱(Barclays)的数据显示，FANMAG目前的平均预期市盈率为29.9倍。这只比2019年12月大流行开始前的约28倍高一点点，比去年年中40倍的峰值大幅下降。\n格伦米德(Glenmede)私人财富首席投资官Jason Pride则认为，价值股的行情还未结束，价值股将跑赢科技股：\n\n 我们仍处于基本面复苏之中，经济增长和收入都有所提高。我们的基本假设是，通胀最终会稳定在2%至3%之间，这对价值股的益处将大于成长股。\n\n摩根士丹利资产管理公司也偏好价值股。该机构高级投资组合经理Andrew Slimmon表示，在经济形势更为强劲的时候，倾向于持有对通胀敏感的股票，而人们可能低估了这个周期的持续时间。\nSlimmon指出，相对于更广泛的市场，价值型股票仍然很便宜，价值股表现超大盘的阶段将持续下去。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127848276,"gmtCreate":1624844315695,"gmtModify":1703845962783,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127848276","repostId":"2146007781","repostType":4,"isVote":1,"tweetType":1,"viewCount":2465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127840712,"gmtCreate":1624844204236,"gmtModify":1703845957871,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan 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Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127857475","repostId":"1108579788","repostType":4,"repost":{"id":"1108579788","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":1624842781,"share":"https://ttm.financial/m/news/1108579788?lang=en_US&edition=fundamental","pubTime":"2021-06-28 09:13","market":"sh","language":"zh","title":"HKEx to cancel morning session trading due to black rainstorm warning signal","url":"https://stock-news.laohu8.com/highlight/detail?id=1108579788","media":"老虎资讯综合","summary":"6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。\n此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。\n香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通","content":"<p>On June 28th, the Hong Kong Stock Exchange will cancel the morning trading due to the black rainstorm warning signal.</p><p>Earlier, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be cancelled at 9 a.m., the pre-market trading would be cancelled.</p><p>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the opening of securities (including Shanghai and Shenzhen Stock Connect) and derivatives markets will be delayed in the morning trading session. If the black rainstorm warning signal is maintained at 9am, morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect is suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Connect Business Implementation Measures\", trading in Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm is coming in Hong Kong, and the Hong Kong stock market is closed in the morning. How much do you know about the trading arrangements?</b></p><p>On June 28th, the Hong Kong Observatory issued a special report on the black rainstorm warning signal at 8: 20 am: The rainstorm warning signal is now black, indicating that heavy rain with an hourly rainfall of more than 70 mm has been recorded or is expected in a wide area of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9 a.m., the black rainstorm warning has not been lifted, and the opening of early trading in Hong Kong stocks will be delayed. If it is lifted after 9 a.m., the early trading of Hong Kong stocks will be cancelled. If it is lifted between 11:00 and 11:30 pm, trading will start at 1:30 pm; If it is lifted from 11:30 to 12:00, trading will start at 2:00 pm; It will be lifted after 12 noon and closed all day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather, the Hong Kong market has repeatedly delayed trading due to weather factors. Therefore, the HKEx's response measures are relatively complete.</p><p>On August 19th, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed its No.3 strong wind signal at 11:10 am on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session will begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that due to the Typhoon Signal No. 8 issued by the Observatory, the morning trading session of the securities market (including Shanghai and Shenzhen Stock Connect) and derivatives market will be delayed.</p><p>On October 21, 2016, the Hong Kong Stock Exchange stated that due to the Typhoon Signal No. 8 issued by the Observatory, the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading session.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that the Typhoon Signal No. 8 warning is still valid, and the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading hours.</p><p>On September 16th, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading hours. Previously, the Hong Kong Observatory had issued the No.8 storm signal for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times due to typhoons and heavy rains.</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>HKEx to cancel morning session trading due to black rainstorm warning signal</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\">\nHKEx to cancel morning session trading due to black rainstorm warning signal\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\">2021-06-28 09:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 28th, the Hong Kong Stock Exchange will cancel the morning trading due to the black rainstorm warning signal.</p><p>Earlier, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be cancelled at 9 a.m., the pre-market trading would be cancelled.</p><p>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the opening of securities (including Shanghai and Shenzhen Stock Connect) and derivatives markets will be delayed in the morning trading session. If the black rainstorm warning signal is maintained at 9am, morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect is suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Connect Business Implementation Measures\", trading in Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm is coming in Hong Kong, and the Hong Kong stock market is closed in the morning. How much do you know about the trading arrangements?</b></p><p>On June 28th, the Hong Kong Observatory issued a special report on the black rainstorm warning signal at 8: 20 am: The rainstorm warning signal is now black, indicating that heavy rain with an hourly rainfall of more than 70 mm has been recorded or is expected in a wide area of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9 a.m., the black rainstorm warning has not been lifted, and the opening of early trading in Hong Kong stocks will be delayed. If it is lifted after 9 a.m., the early trading of Hong Kong stocks will be cancelled. If it is lifted between 11:00 and 11:30 pm, trading will start at 1:30 pm; If it is lifted from 11:30 to 12:00, trading will start at 2:00 pm; It will be lifted after 12 noon and closed all day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather, the Hong Kong market has repeatedly delayed trading due to weather factors. Therefore, the HKEx's response measures are relatively complete.</p><p>On August 19th, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed its No.3 strong wind signal at 11:10 am on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session will begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that due to the Typhoon Signal No. 8 issued by the Observatory, the morning trading session of the securities market (including Shanghai and Shenzhen Stock Connect) and derivatives market will be delayed.</p><p>On October 21, 2016, the Hong Kong Stock Exchange stated that due to the Typhoon Signal No. 8 issued by the Observatory, the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading session.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that the Typhoon Signal No. 8 warning is still valid, and the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading hours.</p><p>On September 16th, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading hours. Previously, the Hong Kong Observatory had issued the No.8 storm signal for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times due to typhoons and heavy rains.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26e574706ced777ba0af741c0072c424","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108579788","content_text":"6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。\n此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。\n香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通）及衍生产品市场之早上交易时段均会延迟开市。如果上午9点黑色暴雨警告信号仍维持，上午交易将取消。\n上交所：香港联合证券交易所因黑色暴雨暂停交易。沪港通下港股通暂停交易。\n深交所：6月28日，香港联合证券交易所因黑色暴雨暂停交易。根据《深圳证券交易所深港通业务实施办法》，深港通下的港股通暂停交易。香港黑色暴雨来袭，港股上午休市，交易安排知多少？\n6月28日消息，香港天文台在上午8时20分发出之有关黑色暴雨警告信号的特别报告：暴雨警告信号现时为黑色，表示香港广泛地区已录得或预料会有每小时雨量超过70毫米的豪雨，且雨势可能持续。截至上午9点，黑色暴雨警告尚未解除，港股早盘交易将延迟开市。如果上午9点以后解除，港股早盘交易将取消。如果11点至11点30分解除，下午1点30开始交易；如果11点30分到12点解除，下午2点开始交易；中午12点后解除，全天休市。由于台风等天气出现频繁，香港市场已多次因天气因素影响而延迟交易，因此，港交所应对措施也较为完善。\n2020年8月19日，香港股市早盘休市，香港天文台19日上午11时10分改发三号强风信号。港交所随后宣布，下午交易时段将于13：30时开始。\n2017年8月23日，港交所于早间宣布，由于天文台现已发出八号台风信号，证券市场 (包括沪深股通) 及衍生产品市场的上午交易时段会延迟开市。\n2016年10月21日，港交所表示，由于天文台现已发出八号台风信号，证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2016年8月2日，港交所公告显示，八号风球预警仍然有效，证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2014年9月16日，港交所宣布，证券及衍生品市场早上交易时段均会延迟开市，此前香港天文台已针对台风“海鸥”发出八号暴风风球信号。\n2013年，也有数次因为台风和暴雨采取类似的行动。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122749949,"gmtCreate":1624634570181,"gmtModify":1703842430001,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122749949","repostId":"1151678687","repostType":4,"repost":{"id":"1151678687","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":1624625455,"share":"https://ttm.financial/m/news/1151678687?lang=en_US&edition=fundamental","pubTime":"2021-06-25 20:50","market":"us","language":"zh","title":"Opening: S&P Index hits new high, Virgin Galactic rose 18%","url":"https://stock-news.laohu8.com/highlight/detail?id=1151678687","media":"老虎资讯综合","summary":"6月25日（周五），标普500指数开盘上涨8.73点，涨幅0.20%，报4275.22点，盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点，涨幅0.20%，报14398.1点；道琼","content":"<p>June 25th (Friday),<b>The S&P 500 index opened up 8.73 points, or 0.20%, to 4,275.22 points, hitting a record high of 4,277.40 points at the beginning of the session.</b>The Nasdaq Composite Index opened up 28.4 points, or 0.20%, to 14,398.1 points; The Dow Jones index opened up 184.02 points, or 0.54%, to 34,380.84 points; On the news, S&P raised its forecast for U.S. real GDP growth in 2021 to 6.7%, and raised its forecast for U.S. real GDP growth in 2022 to 3.7%.</p><p><img src=\"https://static.tigerbbs.com/fc279c8c14f22142f7c28b993282f0f2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It opened up more than 2%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business established an independent company with a valuation of 13 billion.</p><p>Most of the popular Chinese concept stocks rose,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up more than 5%,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Up 4.85%,<a href=\"https://laohu8.com/S/HUYA\">Tiger Tooth</a>Up more than 3%, NetEase<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The opening rose more than 18%, and the company obtained a full commercial launch license from the Federal Aviation Administration to send customers into space.</p><p><a href=\"https://laohu8.com/S/NKE\">Nike</a>It opened up more than 13%. The company's full-year and fourth-quarter results exceeded market expectations. Fiscal fourth quarter<a href=\"https://laohu8.com/S/NKE\">Nike</a>Revenue in the North American market increased 141% year-on-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>It rose more than 12%, the largest intraday increase in a month. The stock became a hot topic of discussion in WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>The opening rose more than 15%, and Faraday Future announced that the merger and listing documents with PSAC came into effect, with the stock code FFIE.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It opened higher and rose more than 2%. JAPAN<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The company has liquidated its holdings for about 400 billion yen ($3.6 billion), a spokesman for the company said Friday<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Stocks, the proceeds will be used for the company's strategic investment.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It opened down 0.08%. Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A completely new generation of desktop operating system, Windows 11, has been introduced. However, Microsoft did not announce the official release time of the Windows 11 system, only stating that it will provide free upgrades for eligible Windows 10 computers starting from this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>Falling more than 4%, the company's financial guidance for fiscal year 2022 was lower than market expectations; The company's CEO said that due to recruitment difficulties, the company's operations were affected.</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>Opening: S&P Index hits new high, Virgin Galactic rose 18%</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\">\nOpening: S&P Index hits new high, Virgin Galactic rose 18%\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\">2021-06-25 20:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 25th (Friday),<b>The S&P 500 index opened up 8.73 points, or 0.20%, to 4,275.22 points, hitting a record high of 4,277.40 points at the beginning of the session.</b>The Nasdaq Composite Index opened up 28.4 points, or 0.20%, to 14,398.1 points; The Dow Jones index opened up 184.02 points, or 0.54%, to 34,380.84 points; On the news, S&P raised its forecast for U.S. real GDP growth in 2021 to 6.7%, and raised its forecast for U.S. real GDP growth in 2022 to 3.7%.</p><p><img src=\"https://static.tigerbbs.com/fc279c8c14f22142f7c28b993282f0f2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It opened up more than 2%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Its chip business established an independent company with a valuation of 13 billion.</p><p>Most of the popular Chinese concept stocks rose,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up more than 5%,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Up 4.85%,<a href=\"https://laohu8.com/S/HUYA\">Tiger Tooth</a>Up more than 3%, NetEase<a href=\"https://laohu8.com/S/DAO\">Youdao</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up more than 2%.</p><p><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The opening rose more than 18%, and the company obtained a full commercial launch license from the Federal Aviation Administration to send customers into space.</p><p><a href=\"https://laohu8.com/S/NKE\">Nike</a>It opened up more than 13%. The company's full-year and fourth-quarter results exceeded market expectations. Fiscal fourth quarter<a href=\"https://laohu8.com/S/NKE\">Nike</a>Revenue in the North American market increased 141% year-on-year to a record $5.38 billion.</p><p>Online payment solution platform<a href=\"https://laohu8.com/S/PSFE\">Paysafe</a>It rose more than 12%, the largest intraday increase in a month. The stock became a hot topic of discussion in WSB today.</p><p><a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition</a>The opening rose more than 15%, and Faraday Future announced that the merger and listing documents with PSAC came into effect, with the stock code FFIE.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It opened higher and rose more than 2%. JAPAN<a href=\"https://laohu8.com/S/PC\">Panasonic</a>The company has liquidated its holdings for about 400 billion yen ($3.6 billion), a spokesman for the company said Friday<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Stocks, the proceeds will be used for the company's strategic investment.</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It opened down 0.08%. Thursday,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>A completely new generation of desktop operating system, Windows 11, has been introduced. However, Microsoft did not announce the official release time of the Windows 11 system, only stating that it will provide free upgrades for eligible Windows 10 computers starting from this holiday.</p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>Falling more than 4%, the company's financial guidance for fiscal year 2022 was lower than market expectations; The company's CEO said that due to recruitment difficulties, the company's operations were affected.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151678687","content_text":"6月25日（周五），标普500指数开盘上涨8.73点，涨幅0.20%，报4275.22点，盘初创下4277.40点历史高位。纳斯达克综合指数开盘上涨28.4点，涨幅0.20%，报14398.1点；道琼斯指数开盘上涨184.02点，涨幅0.54%，报34380.84点；消息面上，标普将2021年美国实际GDP增长预期上调至6.7％，将美国2022年实际GDP增速预期上调至3.7%。\n\n百度开盘涨超2%，百度旗下芯片业务成立独立公司，估值为130亿。\n热门中概股多数走高，哔哩哔哩涨超5%，逸仙电商涨4.85%，虎牙涨超3%，网易有道、京东、阿里巴巴涨超2%。\n维珍银河开盘涨超18%，公司获得美国联邦航空管理局的全面商业发射许可，可将客户送入太空。\n耐克开盘涨超13%。公司全年及第四季度业绩均超出市场预期。第四财季耐克北美市场营收同比增长141%，达到创纪录的53.8亿美元。\n在线支付解决方案平台Paysafe涨超12%，创一个月来最大盘中涨幅，该股今日成为WSB讨论热点。\nProperty Solutions Acquisition开盘涨超15%，法拉第未来宣布与PSAC公司的合并上市文件生效，股票代码为FFIE。\n特斯拉高开涨超2%。日本松下的新闻发言人周五表示，公司已经以约4000亿日元（折合约36亿美元）的价格清仓了所持有的特斯拉股票，所得款项将用于公司战略投资。\n微软开盘跌0.08%。周四，微软推出了全新一代的桌面操作系统Windows 11。不过，微软并未宣布Windows 11系统的正式发布时间，只表示从这个节假日开始为符合条件的Windows 10电脑提供免费升级。\n联邦快递跌逾4%，公司对2022财年财务指引低于市场预期；公司CEO表示因招聘困难，公司运营受到影响。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122757113,"gmtCreate":1624634528832,"gmtModify":1703842426717,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122757113","repostId":"1131945227","repostType":4,"repost":{"id":"1131945227","kind":"news","pubTimestamp":1624630961,"share":"https://ttm.financial/m/news/1131945227?lang=en_US&edition=fundamental","pubTime":"2021-06-25 22:22","market":"hk","language":"zh","title":"The Migration History of Internet Majors: From \"Gypsy Wandering\" to Buying Houses and Land","url":"https://stock-news.laohu8.com/highlight/detail?id=1131945227","media":"Tech星球","summary":"迁徙，成为了互联网公司早期的主题，居无定所，曾是互联网公司们最有活力的证据。","content":"<p>Text/Qiao Xue</p><p>Migration was once the motif of the life of the most mysterious gypsy in the world. After repeated migrations, the Gypsies left India, went to Persia in the 11th century, to Southeast Europe in the early 14th century, and to Western Europe in the 15th century. In the second half of the 20th century, the traces of Gypsies spread all over North and South America. Legend has it that they migrate all their lives.</p><p>Internet giants adhering to the spirit of \"freedom and openness\" have also worked in Oriental Silicon Valley<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>, Wudaokou, and Xierqi migrated. They used to be like \"gypsies\" in big cities. They started with code and devoted themselves to science and technology. Nowadays, their tentacles have penetrated deep into public life and every corner of the city, and they have stepped out of the world that was originally only built in \"0\" and \"1\". They have more and more sense of existence in the real world by buying houses and land.</p><p>There is a saying in \"Mencius\" that says this: \"If a person has no permanent property, he must have no perseverance.\" Buildings and lands witness the rise and fall of Internet technology companies.</p><p><b>Migrating Internet \"Gypsies\"</b></p><p>When Jobs and Wozniak assembled the first generation of Apple computers in the garage,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Silicon Valley became Silicon Valley when the first garage office was rented.</p><p>The entrepreneurial story of Chinese technology companies is also continuing the \"glorious tradition\" on the other side of the ocean: Lenovo rented a reception room of less than 20 square meters in the Institute of Computing Technology of the Chinese Academy of Sciences, Huawei was born in a dilapidated private house in Shenzhen, and Pony Ma rented a dance studio to start his struggle. On the road, Jack Ma is a little better. He owns a four-bedroom apartment in Hangzhou Lakeside Garden, and Robin Li is in<a href=\"https://laohu8.com/S/00618\">Peking University Resources</a>The hotel was created<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The story of the new generation of BAT is more down-to-earth. The common hometown of Kuaishou, Byte, and Meituan is \"Huaqing Jiayuan\", a community located in Wudaokou, the \"center of the universe\". Although the current housing prices are often 8 figures, the early investor of Kuaishou Hu Boyu recalled: When I found Kuaishou, they only had 8 employees, in a very dilapidated residential building, without any income or tangible assets.</p><p>This is also the home of the two founders of Kuaishou. Cheng Yixiao's family rented a private house in Huaqing Jiayuan Community, and later Su Hua, another main founder and CEO, also chose to live here. There is a warm picture of the two people often eating a bowl of snail noodles together after get off work and walking home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there are only three people, Wang Xing, Wang Huiwen, and Lai Binqiang. They work during the day and sleep there at night. Three people have no money. By sending a text message, they can see a group of \"angels\" in the same community.</p><p>Zhang Yiming's reward for the important departments was that they could use the bedroom inside to work, while the unimportant departments would be squeezed in the living room.</p><p>In 1998, Ding Lei will<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Moving from Guangzhou to Beijing, the office location changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>Building A of the center moved to Kerry Center and the third floor of Oriental Plaza East, and finally found a place to live in Block D of Tsinghua Science and Technology Park, Wudaokou. Established Internet giants choose to settle down after migration, while cutting-edge Internet will inevitably repeat the old road and constantly migrate to their places of residence.</p><p>Migration is not necessarily a bad thing. \"If you can't move out in two or three years, this company will have to go yellow.\" This metaphor says that getting out of Huaqing Jiayuan and moving to a bigger place is the sign that the enterprise is on the right track. The story of Internet entrepreneurship always has a low starting point. After all, it is enough to have a computer to write code, but gradually, as the number of people increases, the small always becomes big, and the simple always becomes complicated.</p><p>Soon, Kuaishou moved from Huaqing Jiayuan to Block B of Tsinghua Science and Technology Park, 200 meters away. At that time, there were about 20 employees, and the daily activity had reached tens of millions. Then, after a calculation problem, the two founders decided to put Kuaishou's LOGO was erected on the roof of Block D of the Science and Technology Building. Within 3 kilometers of Wudaokou, Kuaishou already has multiple office areas such as Tsinghua Science and Technology Park, Tongfang Science and Technology Plaza, and Wenjin International Hotel.</p><p>But it didn't take long for Kuaishou to move again. At the end of 2018, Kuaishou moved to Lenovo Beiyan Park in Xier Banner. Regarding the reason for Kuaishou's relocation, there are rumors that the rent of Tsinghua Science and Technology Park is higher.</p><p>Su Hua chooses to go north, while Zhang Yiming prefers the prosperity of the urban area.</p><p>Zhongguancun, the \"Oriental Silicon Valley\", used to be the favorite stronghold of Internet companies. The founders come from the surrounding universities such as Qingbei National People's Congress, Beihang University and Beiyou University, and as one of the first areas to introduce preferential tax policies for high-tech companies, this is an incubator for high-quality IT enterprises.</p><p>The eternal landmark of Zhongguancun Internet is Ideal Building, which is the earliest and most expensive Grade A office building in Zhongguancun. Before settling in Ideal,<a href=\"https://laohu8.com/S/SINA\">SINA</a>Living in Xiaobailou in Wanquanzhuang, it is an annex building of a primary school. \"Three floors, such a long strip, just like a small matchbox.\"</p><p>Being able to settle in such an office building is the most beautiful day for Sina. According to People, Sina has always been the largest tenant of Ideal International Building. When the building was most crowded, it accommodated 4,500 people, of which there were more than 3,000 people in Sina. The more expensive the floors went up, Sina rented four floors from top to bottom.</p><p>Therefore, the building put up a huge logo for the most \"heroic\" tenants, which once became Baidu's heart disease. It was not until the listing that it was relieved by having a name in its own search building.</p><p>Baidu's scale is getting bigger and bigger, and Putian Building and Ideal Building are not enough to carry it, so it chose to move to Xier Banner further north; Some people migrate because they have abundant food and grass, while others migrate because they hurt their menstruations and bones. The ideal later tenant ofo moved to the Internet financial center after a short glorious stay. At this time, it has been reduced from the most prosperous 3,400 people to 400 people until it gradually tends to be forgotten.</p><p>Migration has become the early theme of Internet companies, and there is no fixed place. It was once the most dynamic evidence of Internet companies.</p><p><b>Settle down</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had been lingering in Zhongguancun for many years, took the lead in leaving, ending the scattered office work in many office buildings such as Putian Building, Ideal Building and roof of the world Building. It went all the way north and moved from outside the North Third Ring Road to the new headquarters \"Search Box\" building of Shangdi Science and Technology Park outside the North Fifth Ring Road.</p><p>A Baidu person told Tech Planet that this 90,000-square-meter building, which is enough to accommodate more than 7,000 Baidu employees, was once a proud existence for Baidu people. There are not many companies with their own buildings in Beijing. But it didn't take long for the \"Search Box\" building to be overcrowded, and Baidu could only continue to move. Penghuan Building, Kuike Building and Capital Space Building around Shangdi all left Baidu's footprints.</p><p>In 2012, the number of Baidu employees was only in the early 20,000, and it more than doubled in 2014. It was also in this year that Baidu Science and Technology Park was completed in the second phase of Zhongguancun Software Park, 3 kilometers west of the \"Search Box\" building, becoming Baidu's new \"home\".</p><p>Later, in this garden, Sina spent more than 1.5 billion, and became neighbors with Baidu. NetEase is directly opposite Sina, and next door is<a href=\"https://laohu8.com/S/00700\">Tencent</a>, opposite Tencent is Baidu, and the four companies occupy the legendary intersection of the Internet, nicknamed \"Houchang Village F4\".</p><p>There is an old saying in Beijing that \"the upper wind is the upper water\". The north of Beijing has always been regarded as a treasure land of geomantic omen. Except colleges and universities<a href=\"https://laohu8.com/S/YJ\">gather</a>, many Internet high-tech companies have unanimously set their companies in Xierqi.</p><p>Some people don't believe in evil and choose to go to Wangjing, which young people love more.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>In 2015, I purchased Building 3 of Wangjing Greenland Center as the headquarters, but recently I want to return to the bustling north, and have already expanded land in the north of Zhongguancun.</p><p>Lei Jun and Xiaomi successively moved to Yingu Building, Juanshi Building, China Resources Colorful City and other places. Until the completion of Xiaomi Science and Technology Park in 2019, this \"home\" cost Lei Jun 5.2 billion yuan. Kuaishou also began to look for a new headquarters in mid-2018 to end the scattered state of multiple office areas, and finally bought a building for 2.8 billion to become a neighbor with Xiaomi.</p><p>Zhang Yiming, who loves Zhongguancun the most and wants to dance at the Digital Festival, bought Xiaheng Fashion Center for Byte as his first home, and did not forget to remind employees to post their addresses to show that \"we are one of the few companies in Zhichun Road in the city center.\", unlike those companies in the urban-rural fringe areas such as Shangdi and Tongzhou. \"</p><p>A real estate agent told Tech Planet that Byte settled down here, which also indirectly boosted nearby housing prices. During that time, his favorite words were, \"If you settle down soon, you can be neighbors with Byte.\"</p><p>But mobility is still the theme of Byte employees. Although there are 4,333 stations in Fangheng Fashion Center, compared with the 5,618 stations in the original AVIC office and the 5,655 stations in Zhongguancun e-World Fortune Center, this \"home\" is not big enough. ByteDance has 39 office spaces like this in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered office locations. According to the calculation of Liu Run, a native of We Media, it is necessary to shuttle a distance from Chengdu to Tokyo.</p><p>Ali, who is located in the \"Paradise Silicon Valley\", is much luckier. Not only does it have a park with a total construction area of 136,000 square meters in Binjiang District, Hangzhou, but in October 2020,<a href=\"https://laohu8.com/S/06688\">Ant Group</a>At a price of 2.699 billion yuan and a floor price of 5,194 yuan per square meter, we won a commercial plot with a total volume of more than 700,000 square meters in Zhijiang Resort, Xihu District, and the surrounding house prices also rose accordingly.</p><p>In order to settle down, many Internet companies spend all their net worth. As early as 2006,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Using 30% cash savings, he purchased Wudaokou Beijing Weixin International Building for a total price of about 277 million US dollars, and later built Sohu Media Building and Sohu Media Building<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>Building, the old aristocrats of the Internet did not expect that according to the stock price on June 22, the market value of US $675 million lost to the real estate in the early years.</p><p>Station B is currently rented in the center of Kaide, Wujiaochang, Yangpu District, Shanghai, and is the largest tenant here. In 2020, Bilibili, which has been \"drifting\" for 10 years, finally spent 8.1 billion yuan to settle in Shanghai. As of the third quarter of 2020, Bilibili's available monetary funds were only 1 billion.</p><p>Coincidentally, in November of the same year, Meituan also spent 6.541 billion yuan to acquire the land next door, and became its deskmate. Meituan, which was diligent and thrifty, moved and expanded in Wangjing again and again, and its employees were scattered in Henderson Weiye, Wangjing R&D Park, Qiming International Building, Cyberport Building and other office buildings of over 300,000 square meters. This is also the first time that Meituan has purchased such a large-scale real estate in the 10 years since its establishment.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to expanding the territory in the base camp, the tentacles of Internet companies have also extended to farther and wider places.</p><p>Companies in the north choose to go south, and Baidu's South China headquarters and international headquarters are both located in Shenzhen; Byte, which has been singing all the way, also spent 1 billion, and \"Dance\" went to Shenzhen and became neighbors with Tencent. In addition to the demand brought by its own business growth, the surge in employee scale may also be related to ByteDance's increased investment and acquisitions. CVSource investment data shows that since 2014, ByteDance has invested or acquired a total of 117 companies. Xiaomi also won a commercial land in Hai for 531 million yuan and officially joined the \"headquarters group\" in Houhai.</p><p>While companies rooted in the south choose to go north, Ali will set up dual headquarters in Beijing and Hangzhou, as well as regional headquarters in Chongqing, Zhengzhou, Xi'an and other places; Although Ren Zhengfei said that Huawei's headquarters will never leave Shenzhen, it does not prevent Huawei from preparing to acquire Beijing's emerging Lize business district and become the management headquarters and center of domestic business.</p><p>On the one hand, Internet technology companies are looking for a home for their growing strength, while on the other hand, they are also taking land acquisition as a business.</p><p><a href=\"https://laohu8.com/S/JD\">JD.com</a>Not only has it taken the action of acquiring land to build headquarters, logistics centers, and customer service centers, but it has also focused on the cake of new industrial cities. In 2017, JD.com invested in the construction of \"Plastic Rice Jingdong Cloud Yuedong Operation Center\" in Shantou, Guangdong. In the same year, JD.com signed a strategic cooperation agreement with the Dongguan Municipal Government of Guangdong, and spent 1.06 billion yuan to acquire land in Fenggang, Dongguan two years later. The \"Fenggang Jingdong Smart Valley\" project will be built. In October 2020, JD.com teamed up with Ping An,<a href=\"https://laohu8.com/S/000961\">Central South Construction</a>Two plots of land in the high-speed railway new city plate of Xiangcheng District, Suzhou were acquired for 4.73 billion yuan.</p><p>JD.COM's most famous recent acquisition was to spend 2.7 billion yuan to acquire the Jade Palace Hotel in Beijing. Soon, this building was transferred to the well-known hedge fund Anzug Gordon.</p><p>Buying land and building is also inseparable from the support of the place where the enterprise is located. When the US Mission won the Shanghai plot, the transfer conditions specified the introduction of the headquarters set up by well-known international, national and regional enterprises in the field of Internet online new economy industry; Behind Xiaomi's land acquisition at the reserve price is the new generation of mobile terminal equipment such as A0610 smartphones and mobile TVs stated in the access requirements.</p><p>Huawei, known as the light of domestic products, has a stronger GR. When Huawei moved to Dongguan, Dongguan City allocated 1,900 acres of land for Huawei's terminal headquarters to build Huawei employee apartments, Huawei terminal headquarters and other projects. Huawei's research institutes are located in Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi'an, Wuhan and Suzhou.</p><p>Huawei already has a huge land reserve. In recent years, it has acquired a cumulative land area of about 10 million square meters, which is equivalent to a national small and medium-sized developer.</p><p>The headquarters economy brought about by the base camp that once made the Internet proud of has changed. The local economy is eager to bring a new leap myth by the Internet giants, while the Internet giants enjoy some supporting policies. At the same time, plan ahead to ensure that you have enough space in the future.</p><p>At a time when the growth of the Internet industry is generally slowing down and stabilizing, these office buildings and land parcels have become one of the most valuable assets of Internet technology upstarts, which seems to confirm the old saying, \"If the main business is done well, it is better to buy a property early\".</p><p>I heard that Tencent recently bought an island in Dachan Bay, and the hottest name on the intranet is \"Goose City\", which makes people want to echo the phrase \"I just want to stand and earn money\" in \"Let the Bullets Fly\".</p>","source":"techxq","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 Migration History of Internet Majors: From \"Gypsy Wandering\" to Buying Houses and Land</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 Migration History of Internet Majors: From \"Gypsy Wandering\" to Buying Houses and Land\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tech星球</strong><span class=\"h-time small\">2021-06-25 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Text/Qiao Xue</p><p>Migration was once the motif of the life of the most mysterious gypsy in the world. After repeated migrations, the Gypsies left India, went to Persia in the 11th century, to Southeast Europe in the early 14th century, and to Western Europe in the 15th century. In the second half of the 20th century, the traces of Gypsies spread all over North and South America. Legend has it that they migrate all their lives.</p><p>Internet giants adhering to the spirit of \"freedom and openness\" have also worked in Oriental Silicon Valley<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>, Wudaokou, and Xierqi migrated. They used to be like \"gypsies\" in big cities. They started with code and devoted themselves to science and technology. Nowadays, their tentacles have penetrated deep into public life and every corner of the city, and they have stepped out of the world that was originally only built in \"0\" and \"1\". They have more and more sense of existence in the real world by buying houses and land.</p><p>There is a saying in \"Mencius\" that says this: \"If a person has no permanent property, he must have no perseverance.\" Buildings and lands witness the rise and fall of Internet technology companies.</p><p><b>Migrating Internet \"Gypsies\"</b></p><p>When Jobs and Wozniak assembled the first generation of Apple computers in the garage,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Silicon Valley became Silicon Valley when the first garage office was rented.</p><p>The entrepreneurial story of Chinese technology companies is also continuing the \"glorious tradition\" on the other side of the ocean: Lenovo rented a reception room of less than 20 square meters in the Institute of Computing Technology of the Chinese Academy of Sciences, Huawei was born in a dilapidated private house in Shenzhen, and Pony Ma rented a dance studio to start his struggle. On the road, Jack Ma is a little better. He owns a four-bedroom apartment in Hangzhou Lakeside Garden, and Robin Li is in<a href=\"https://laohu8.com/S/00618\">Peking University Resources</a>The hotel was created<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>······</p><p>The story of the new generation of BAT is more down-to-earth. The common hometown of Kuaishou, Byte, and Meituan is \"Huaqing Jiayuan\", a community located in Wudaokou, the \"center of the universe\". Although the current housing prices are often 8 figures, the early investor of Kuaishou Hu Boyu recalled: When I found Kuaishou, they only had 8 employees, in a very dilapidated residential building, without any income or tangible assets.</p><p>This is also the home of the two founders of Kuaishou. Cheng Yixiao's family rented a private house in Huaqing Jiayuan Community, and later Su Hua, another main founder and CEO, also chose to live here. There is a warm picture of the two people often eating a bowl of snail noodles together after get off work and walking home together.</p><p>Meituan was also born here. In a three-bedroom apartment, there are only three people, Wang Xing, Wang Huiwen, and Lai Binqiang. They work during the day and sleep there at night. Three people have no money. By sending a text message, they can see a group of \"angels\" in the same community.</p><p>Zhang Yiming's reward for the important departments was that they could use the bedroom inside to work, while the unimportant departments would be squeezed in the living room.</p><p>In 1998, Ding Lei will<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Moving from Guangzhou to Beijing, the office location changed several times: from the earliest Chongwenmen<a href=\"https://laohu8.com/S/600628\">New World</a>Building A of the center moved to Kerry Center and the third floor of Oriental Plaza East, and finally found a place to live in Block D of Tsinghua Science and Technology Park, Wudaokou. Established Internet giants choose to settle down after migration, while cutting-edge Internet will inevitably repeat the old road and constantly migrate to their places of residence.</p><p>Migration is not necessarily a bad thing. \"If you can't move out in two or three years, this company will have to go yellow.\" This metaphor says that getting out of Huaqing Jiayuan and moving to a bigger place is the sign that the enterprise is on the right track. The story of Internet entrepreneurship always has a low starting point. After all, it is enough to have a computer to write code, but gradually, as the number of people increases, the small always becomes big, and the simple always becomes complicated.</p><p>Soon, Kuaishou moved from Huaqing Jiayuan to Block B of Tsinghua Science and Technology Park, 200 meters away. At that time, there were about 20 employees, and the daily activity had reached tens of millions. Then, after a calculation problem, the two founders decided to put Kuaishou's LOGO was erected on the roof of Block D of the Science and Technology Building. Within 3 kilometers of Wudaokou, Kuaishou already has multiple office areas such as Tsinghua Science and Technology Park, Tongfang Science and Technology Plaza, and Wenjin International Hotel.</p><p>But it didn't take long for Kuaishou to move again. At the end of 2018, Kuaishou moved to Lenovo Beiyan Park in Xier Banner. Regarding the reason for Kuaishou's relocation, there are rumors that the rent of Tsinghua Science and Technology Park is higher.</p><p>Su Hua chooses to go north, while Zhang Yiming prefers the prosperity of the urban area.</p><p>Zhongguancun, the \"Oriental Silicon Valley\", used to be the favorite stronghold of Internet companies. The founders come from the surrounding universities such as Qingbei National People's Congress, Beihang University and Beiyou University, and as one of the first areas to introduce preferential tax policies for high-tech companies, this is an incubator for high-quality IT enterprises.</p><p>The eternal landmark of Zhongguancun Internet is Ideal Building, which is the earliest and most expensive Grade A office building in Zhongguancun. Before settling in Ideal,<a href=\"https://laohu8.com/S/SINA\">SINA</a>Living in Xiaobailou in Wanquanzhuang, it is an annex building of a primary school. \"Three floors, such a long strip, just like a small matchbox.\"</p><p>Being able to settle in such an office building is the most beautiful day for Sina. According to People, Sina has always been the largest tenant of Ideal International Building. When the building was most crowded, it accommodated 4,500 people, of which there were more than 3,000 people in Sina. The more expensive the floors went up, Sina rented four floors from top to bottom.</p><p>Therefore, the building put up a huge logo for the most \"heroic\" tenants, which once became Baidu's heart disease. It was not until the listing that it was relieved by having a name in its own search building.</p><p>Baidu's scale is getting bigger and bigger, and Putian Building and Ideal Building are not enough to carry it, so it chose to move to Xier Banner further north; Some people migrate because they have abundant food and grass, while others migrate because they hurt their menstruations and bones. The ideal later tenant ofo moved to the Internet financial center after a short glorious stay. At this time, it has been reduced from the most prosperous 3,400 people to 400 people until it gradually tends to be forgotten.</p><p>Migration has become the early theme of Internet companies, and there is no fixed place. It was once the most dynamic evidence of Internet companies.</p><p><b>Settle down</b></p><p>Baidu was the first to settle down. In 2009, Baidu, which had been lingering in Zhongguancun for many years, took the lead in leaving, ending the scattered office work in many office buildings such as Putian Building, Ideal Building and roof of the world Building. It went all the way north and moved from outside the North Third Ring Road to the new headquarters \"Search Box\" building of Shangdi Science and Technology Park outside the North Fifth Ring Road.</p><p>A Baidu person told Tech Planet that this 90,000-square-meter building, which is enough to accommodate more than 7,000 Baidu employees, was once a proud existence for Baidu people. There are not many companies with their own buildings in Beijing. But it didn't take long for the \"Search Box\" building to be overcrowded, and Baidu could only continue to move. Penghuan Building, Kuike Building and Capital Space Building around Shangdi all left Baidu's footprints.</p><p>In 2012, the number of Baidu employees was only in the early 20,000, and it more than doubled in 2014. It was also in this year that Baidu Science and Technology Park was completed in the second phase of Zhongguancun Software Park, 3 kilometers west of the \"Search Box\" building, becoming Baidu's new \"home\".</p><p>Later, in this garden, Sina spent more than 1.5 billion, and became neighbors with Baidu. NetEase is directly opposite Sina, and next door is<a href=\"https://laohu8.com/S/00700\">Tencent</a>, opposite Tencent is Baidu, and the four companies occupy the legendary intersection of the Internet, nicknamed \"Houchang Village F4\".</p><p>There is an old saying in Beijing that \"the upper wind is the upper water\". The north of Beijing has always been regarded as a treasure land of geomantic omen. Except colleges and universities<a href=\"https://laohu8.com/S/YJ\">gather</a>, many Internet high-tech companies have unanimously set their companies in Xierqi.</p><p>Some people don't believe in evil and choose to go to Wangjing, which young people love more.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>In 2015, I purchased Building 3 of Wangjing Greenland Center as the headquarters, but recently I want to return to the bustling north, and have already expanded land in the north of Zhongguancun.</p><p>Lei Jun and Xiaomi successively moved to Yingu Building, Juanshi Building, China Resources Colorful City and other places. Until the completion of Xiaomi Science and Technology Park in 2019, this \"home\" cost Lei Jun 5.2 billion yuan. Kuaishou also began to look for a new headquarters in mid-2018 to end the scattered state of multiple office areas, and finally bought a building for 2.8 billion to become a neighbor with Xiaomi.</p><p>Zhang Yiming, who loves Zhongguancun the most and wants to dance at the Digital Festival, bought Xiaheng Fashion Center for Byte as his first home, and did not forget to remind employees to post their addresses to show that \"we are one of the few companies in Zhichun Road in the city center.\", unlike those companies in the urban-rural fringe areas such as Shangdi and Tongzhou. \"</p><p>A real estate agent told Tech Planet that Byte settled down here, which also indirectly boosted nearby housing prices. During that time, his favorite words were, \"If you settle down soon, you can be neighbors with Byte.\"</p><p>But mobility is still the theme of Byte employees. Although there are 4,333 stations in Fangheng Fashion Center, compared with the 5,618 stations in the original AVIC office and the 5,655 stations in Zhongguancun e-World Fortune Center, this \"home\" is not big enough. ByteDance has 39 office spaces like this in Beijing.</p><p>Every day, 53 shuttle buses shuttle back and forth between these 39 scattered office locations. According to the calculation of Liu Run, a native of We Media, it is necessary to shuttle a distance from Chengdu to Tokyo.</p><p>Ali, who is located in the \"Paradise Silicon Valley\", is much luckier. Not only does it have a park with a total construction area of 136,000 square meters in Binjiang District, Hangzhou, but in October 2020,<a href=\"https://laohu8.com/S/06688\">Ant Group</a>At a price of 2.699 billion yuan and a floor price of 5,194 yuan per square meter, we won a commercial plot with a total volume of more than 700,000 square meters in Zhijiang Resort, Xihu District, and the surrounding house prices also rose accordingly.</p><p>In order to settle down, many Internet companies spend all their net worth. As early as 2006,<a href=\"https://laohu8.com/S/SOHU\">Sohu</a>Using 30% cash savings, he purchased Wudaokou Beijing Weixin International Building for a total price of about 277 million US dollars, and later built Sohu Media Building and Sohu Media Building<a href=\"https://laohu8.com/S/CYOU\">Swim freely</a>Building, the old aristocrats of the Internet did not expect that according to the stock price on June 22, the market value of US $675 million lost to the real estate in the early years.</p><p>Station B is currently rented in the center of Kaide, Wujiaochang, Yangpu District, Shanghai, and is the largest tenant here. In 2020, Bilibili, which has been \"drifting\" for 10 years, finally spent 8.1 billion yuan to settle in Shanghai. As of the third quarter of 2020, Bilibili's available monetary funds were only 1 billion.</p><p>Coincidentally, in November of the same year, Meituan also spent 6.541 billion yuan to acquire the land next door, and became its deskmate. Meituan, which was diligent and thrifty, moved and expanded in Wangjing again and again, and its employees were scattered in Henderson Weiye, Wangjing R&D Park, Qiming International Building, Cyberport Building and other office buildings of over 300,000 square meters. This is also the first time that Meituan has purchased such a large-scale real estate in the 10 years since its establishment.</p><p><b>Wider migration and weakening of headquarters</b></p><p>In addition to expanding the territory in the base camp, the tentacles of Internet companies have also extended to farther and wider places.</p><p>Companies in the north choose to go south, and Baidu's South China headquarters and international headquarters are both located in Shenzhen; Byte, which has been singing all the way, also spent 1 billion, and \"Dance\" went to Shenzhen and became neighbors with Tencent. In addition to the demand brought by its own business growth, the surge in employee scale may also be related to ByteDance's increased investment and acquisitions. CVSource investment data shows that since 2014, ByteDance has invested or acquired a total of 117 companies. Xiaomi also won a commercial land in Hai for 531 million yuan and officially joined the \"headquarters group\" in Houhai.</p><p>While companies rooted in the south choose to go north, Ali will set up dual headquarters in Beijing and Hangzhou, as well as regional headquarters in Chongqing, Zhengzhou, Xi'an and other places; Although Ren Zhengfei said that Huawei's headquarters will never leave Shenzhen, it does not prevent Huawei from preparing to acquire Beijing's emerging Lize business district and become the management headquarters and center of domestic business.</p><p>On the one hand, Internet technology companies are looking for a home for their growing strength, while on the other hand, they are also taking land acquisition as a business.</p><p><a href=\"https://laohu8.com/S/JD\">JD.com</a>Not only has it taken the action of acquiring land to build headquarters, logistics centers, and customer service centers, but it has also focused on the cake of new industrial cities. In 2017, JD.com invested in the construction of \"Plastic Rice Jingdong Cloud Yuedong Operation Center\" in Shantou, Guangdong. In the same year, JD.com signed a strategic cooperation agreement with the Dongguan Municipal Government of Guangdong, and spent 1.06 billion yuan to acquire land in Fenggang, Dongguan two years later. The \"Fenggang Jingdong Smart Valley\" project will be built. In October 2020, JD.com teamed up with Ping An,<a href=\"https://laohu8.com/S/000961\">Central South Construction</a>Two plots of land in the high-speed railway new city plate of Xiangcheng District, Suzhou were acquired for 4.73 billion yuan.</p><p>JD.COM's most famous recent acquisition was to spend 2.7 billion yuan to acquire the Jade Palace Hotel in Beijing. Soon, this building was transferred to the well-known hedge fund Anzug Gordon.</p><p>Buying land and building is also inseparable from the support of the place where the enterprise is located. When the US Mission won the Shanghai plot, the transfer conditions specified the introduction of the headquarters set up by well-known international, national and regional enterprises in the field of Internet online new economy industry; Behind Xiaomi's land acquisition at the reserve price is the new generation of mobile terminal equipment such as A0610 smartphones and mobile TVs stated in the access requirements.</p><p>Huawei, known as the light of domestic products, has a stronger GR. When Huawei moved to Dongguan, Dongguan City allocated 1,900 acres of land for Huawei's terminal headquarters to build Huawei employee apartments, Huawei terminal headquarters and other projects. Huawei's research institutes are located in Shenzhen, Shanghai, Hangzhou, Nanjing, Beijing, Xi'an, Wuhan and Suzhou.</p><p>Huawei already has a huge land reserve. In recent years, it has acquired a cumulative land area of about 10 million square meters, which is equivalent to a national small and medium-sized developer.</p><p>The headquarters economy brought about by the base camp that once made the Internet proud of has changed. The local economy is eager to bring a new leap myth by the Internet giants, while the Internet giants enjoy some supporting policies. At the same time, plan ahead to ensure that you have enough space in the future.</p><p>At a time when the growth of the Internet industry is generally slowing down and stabilizing, these office buildings and land parcels have become one of the most valuable assets of Internet technology upstarts, which seems to confirm the old saying, \"If the main business is done well, it is better to buy a property early\".</p><p>I heard that Tencent recently bought an island in Dachan Bay, and the hottest name on the intranet is \"Goose City\", which makes people want to echo the phrase \"I just want to stand and earn money\" in \"Let the Bullets Fly\".</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqcfnca3242159.shtml\">Tech星球</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5ae87ee7fa7637f621353ab8a89104f8","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"http://finance.sina.com.cn/tech/csj/2021-06-25/doc-ikqcfnca3242159.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131945227","content_text":"文/乔雪\n迁徙，曾是世界上最神秘的吉普赛人一生的母题。吉普赛人经屡次迁徙，离开印度，11世纪到波斯，14世纪初到东南欧，15世纪到西欧，20世纪下半叶，吉普赛人的踪迹已遍布北美和南美。传说中，他们的一生都在迁徙。\n秉承“自由与开放”精神的互联网大厂们，也曾在东方硅谷的中关村、五道口、西二旗迁徙，他们曾经有如各个大城市里的“吉普赛人”，起始于代码，潜心于科技。如今，他们的触角深入大众生活和城市的各个角落，走出了原本只在“0”“1”中构建的世界，买楼买地，在现实世界中拥有越来越多的存在感。\n《孟子》中有一句话是这么说的：“人无恒产，必无恒心。”楼、地，见证着互联网科技公司们的兴衰变迁。\n迁徙的互联网“吉普赛人”\n当乔布斯和沃兹尼亚克在车库组装出第一代苹果电脑，谷歌租用了第一间车库办公室时，硅谷就成为了硅谷。\n中国科技公司的创业故事，也在延续着大洋彼岸的“光荣传统”：联想租用中科院计算所的一个不足20平的传达室，华为诞生在深圳一间破旧民房里，马化腾租着舞蹈室开启奋斗之路，马云好一点，在杭州湖畔花园拥有一套四居室，李彦宏则在北大资源宾馆创立了百度······\n新一代BAT故事更接地气，快手、字节、美团的共同故乡是“华清嘉园”，这个位于“宇宙中心”五道口的小区，虽然现在的房价动辄8位数，但快手早期投资人胡博予回忆：我找到快手的时候，他们只有8个员工，在一个非常破的居民楼里，没有任何收入，也没有任何有形资产。\n这里还是快手两位创始人的安家之所，程一笑一家租住在华清嘉园小区的一套民房里，而后来的另一位主要创始人、CEO宿华也选择住在这里，这样就有了两人经常下班后一起吃碗螺蛳粉，结伴步行回家的温馨画面。\n美团也诞生在这儿，在一个三居室里，只有王兴、王慧文、赖斌强三个人，白天办公，晚上就睡在那里。三个人已经没钱了，发个短信，就能在同小区见到一批“天使”。\n张一鸣给重要的部门的奖赏，是可以用里面的卧室办公，而不重要的部门就挤在客厅里。\n1998年，丁磊将网易从广州搬来北京，办公地点几经变迁：从最早的崇文门新世界中心A楼，搬到嘉里中心和东方广场东三楼，最终，终于在五道口清华科技园D座找到栖身之地。老牌互联网巨头经过迁徙选择定居，而新锐互联网也难免重复老路，不断迁徙栖身之地。\n迁徙未必是坏事，“如果两三年都搬不走，这公司就得黄。”这份暗喻表示，走出华清嘉园，搬到更大的地方，才是企业走上正轨的标志。互联网创业的故事，起点总是低微，毕竟，写代码，能拥有一台电脑就足够了，但渐渐地，随着人数越来越多，小总要变成大，简单总要走向繁复。\n很快，快手就从华清嘉园迁入了200米开外的清华科技园B座，当时员工20来人，日活已经来到千万，接着，两位创始人经过一道计算题，决定把快手的LOGO竖立在了科技大厦D座楼顶。五道口3公里范围内，快手已经拥有清华科技园、同方科技广场、文津国际酒店等多个办公区。\n但没过多久，就又再次搬家，2018年底，快手便搬到了位于西二旗的联想北研园区，关于快手易址的原因，坊间有传闻称是清华科技园租金较高。\n宿华选择北上，张一鸣则更喜欢市区内的繁华。\n“东方硅谷”中关村，曾经是互联网公司最爱的据点。创始人们出自周围环绕的清北人大、北航北邮等高校，加上作为最早一批出台高科技公司税收优惠政策的区域，这里是优质IT企业的孵化器。\n中关村互联网永恒地标是理想大厦，这里是中关村最早且最贵的甲级写字楼。在入驻理想前，新浪蜗居在万泉庄的小白楼，那是一所小学的附属楼。“三层楼，长长的这么一小条，就跟个小火柴盒一样。”\n能入驻这样的写字楼，是新浪最风光的日子，据《人物》报道，新浪始终是理想国际大厦最大的租户，大厦最拥挤的时候容纳4500人，其中新浪就有3000多人，楼层越往上越贵，新浪是从顶往下租了四层。\n因此，大厦为最“豪气”的租户挂上了硕大的logo，这一度成为了百度的心病，直到上市后，在自己的搜索大厦拥有姓名才纾解。\n百度的规模越来越大，普天大厦、理想大厦都不足以承载，于是选择迁往更北的西二旗；有人迁徙是因为拥有丰沛的粮草，而有的迁徙，则是伤经动骨，理想后来的租客ofo，在短暂的辉煌停留后搬去了互联网金融中心，此时已从最繁荣的3400人，缩减到400人，直至逐渐趋于被遗忘。\n迁徙，成为了互联网公司早期的主题，居无定所，曾是互联网公司们最有活力的证据。\n安家\n最先安家的是百度，2009年，在中关村流连多年的百度率先动身，结束了在普天大厦、理想大厦、第三极大厦等多幢写字楼分散办公的状态，一路北上，从北三环外搬到了北五环外的上地科技园区的新总部“搜索框”大厦。\n一位百度人告诉Tech星球，这座达9万平方米，足以容纳百度7000多名员工的大厦，曾一度是让百度人骄傲的存在，在北京有属于自己楼的公司并不多。但没多久，“搜索框”大厦也人满为患，百度只能继续搬家，上地周围的鹏寰大厦、奎科大厦、首创空间大厦都留下过百度的足迹。\n2012年，百度员工数量只有2万出头，2014年就翻了一倍多，也正是在这一年，“搜索框”大厦向西3公里的中关村软件园二期里百度科技园落成，成为了百度的新“家”。\n后来这座园子里，新浪花费了超过15亿，兜兜转转与百度又做上了邻居，新浪正对面是网易，隔壁是腾讯，腾讯对面是百度，四家公司分占据了传说中的「互联网的十字路口」，被戏称为“后厂村F4”。\n北京有句老话叫“上风上水”，北京城的北面气象万千，历来被认为是风水宝地。除了高校云集，众多互联网高科技公司都不约而同地将公司定在了西二旗。\n也有人不信邪，选择去年轻人更爱的望京，阿里巴巴2015年购得望京绿地中心3号楼，作为总部，但是最近又想要重回热闹的北边，已经在中关村的北部拓土。\n雷军和小米先后辗转银谷大厦、卷石大厦、华润五彩城等地，直到2019年小米科技园落成，这个“家”花掉雷军52亿元。快手也从2018年中开始寻找新总部，以结束多个办公区分散的状态，最后28亿买楼，跟小米做上邻居。\n最钟情中关村的还要数字节跳动的张一鸣，为字节买下方恒时尚中心作为第一个家，还不忘提醒员工要晒出地址，以彰显“我们是少有的在市中心知春路的，不像那些在上地、通州等城乡结合部的公司。”\n一位地产中介告诉Tech星球，字节在这里安家，还间接带动了附近的房价，那段时间，他最喜欢的话术是，“快定下来，就能和字节做邻居了。”\n但流动仍然是字节员工的主题，虽然方恒时尚中心有4333个工位，和原来中航办公室的5618个工位、中关村e世界财富中心5655工位相比，这个“家”还不够大，而类似这样的办公场所，字节跳动在北京有39个。\n每天的53辆穿梭车，就在这散落的39个办公地点之间来回反复穿梭、循环，根据自媒体人刘润计算，要穿梭出一个从成都到东京的距离。\n而身处“天堂硅谷”的阿里就幸运的多，不仅在杭州滨江区拥有总建筑面积136000㎡的园区，2020年10月，蚂蚁集团以26.99亿元、楼面价5194元每平方米的价格拿下西湖区之江度假区一宗总体量超过70万方的商办地块，周边的房价也应声上涨。\n为了安家，很多互联网公司拿出全部身家。早在2006年，搜狐动用30%的现金储蓄，以约2.77亿美元的总价，购置了五道口北京威新国际大厦，后来又自建了搜狐媒体大厦和搜狐畅游大厦，互联网旧贵族没有想到，按照6月22日股价，市值6.75亿美元不敌早年的不动产。\nB站目前整租于上海市杨浦区五角场凯德国正中心，是这里的最大租户。2020年，“上漂”10年的B站，终于拿出81亿元在上海落脚，而截至2020年三季度，B站可用货币资金只有10亿。\n巧合的是，同年11月，美团也斥资65.41亿元拿下隔壁地块，成为其同桌，勤俭持家的美团，一次次在望京搬家、扩张，员工分散在恒基伟业、望京研发园、启明国际大厦、数码港大厦等超30万平方米的写字楼，这也是美团成立10年来第一次购置如此大规模的不动产。\n更广的迁徙与总部的弱化\n除了在大本营不断扩大版图外，互联网公司的触角还伸向了更远更广的地方。\n北方的公司选择南下，百度的华南总部和国际总部，都在深圳落地；一路高歌的字节也花费10亿，“跳动”到深圳和腾讯做上了邻居，员工规模激增的背后除了自身业务增长带来的需求，或许也与字节跳动加大投资收购有关系。CVSource投中数据显示，2014年以来字节跳动累计对117家企业进行投资或并购。小米也以5.31亿元竞得海的一宗商业用地，正式加入到了后海“总部群”。\n而南方生根的公司选择北上，阿里将在北京和杭州设立双总部，还在重庆、郑州、西安等地都设有区域总部；虽然任正非表示，华为的总部永远不会离开深圳，但并不妨碍华为也准备拿下北京新兴的丽泽商业区，成为国内业务的管理总部和中心，\n一方面，互联网科技公司们是为了自己日益壮大的力量寻找归宿，而另一面，也在将拿地作为一门生意。\n京东不仅有过拿地建设总部、物流中心、客服中心的动作，其还盯上了产业新城这块蛋糕。2017年，京东在广东汕头投资建设“塑米京东云粤东运营中心”，同年，京东再与广东东莞市政府签署战略合作协议，并于两年后斥资10.6亿元在东莞凤岗拿地，将建设“凤岗京东智谷”项目。2020年10月，京东又联手平安、中南建设以47.3亿元将苏州相城区高铁新城板块两宗地块收入囊中。\n京东近期最著名的一次收购是花费27亿元拿下北京翠宫饭店，很快，这栋楼又被转给知名对冲基金安祖高顿。\n拿地买楼的也离不开企业所在地方的支持，美团拿下上海地块时，出让条件上指定要求引进互联网在线新经济产业领域的国际性、全国性和大区域性知名企业设立的总部；小米用底价拿地的背后，是准入要求中写明行业为A0610智能手机、移动电视等新一代移动终端设备。\n而称为国货之光的华为，则拥有更强大的GR，当年华为搬去东莞的时候，东莞市为华为终端总部划拨了1900亩土地，用来建设华为员工公寓、华为终端总部等项目，而华为的研究所，遍布深圳、上海、杭州、南京、北京、西安、武汉和苏州等。\n华为已拥有庞大的土地储备，近几年累计获得的土地面积约为1000万平方米，规模相当于一个全国性的中小型开发商。\n曾让互联网引以为傲的大本营所带来的总部经济变了，地方经济渴望由互联网巨头们带来新的飞跃神话，而互联网巨头们则享受一些扶持政策。同时，未雨绸缪，以保证自己未来有足够的空间。\n在互联网行业增长总体减速趋稳的当下，这些写字楼和地块，成为了互联网科技新贵们最值钱的资产之一，似乎印证着那句老话，“主业做得好，不如买楼买得早”。\n听说，最近腾讯在大铲湾买下了一座岛，内网最热的征名是“鹅城”，让人不禁想呼应《让子弹飞》那句“我就是想站着，还把钱挣了”。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetTyp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Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122754756","repostId":"1133892127","repostType":4,"repost":{"id":"1133892127","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":1624631213,"share":"https://ttm.financial/m/news/1133892127?lang=en_US&edition=fundamental","pubTime":"2021-06-25 22:26","market":"hk","language":"zh","title":"China Travel Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1133892127","media":"老虎资讯综合","summary":"据港交所文件：中旅集团、中国中免向港交所提交上市申请书。\n中国中免正与中金合作，消息人士指公司有望成香港今年最大新股，并料IPO规模有望达93亿美元(约725亿港元)。","content":"<p>According to HKEx documents: China Travel Service Group,<a href=\"https://laohu8.com/S/601888\">China CDFG</a>Submit a listing application to the Hong Kong Stock Exchange.</p><p>China CDFG is cooperating with CICC. Sources said that the company is expected to become the largest new stock in Hong Kong this year, and the IPO scale is expected to reach 9.3 billion US dollars (about 72.5 billion Hong Kong dollars).</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>China Travel Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange</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\">\nChina Travel Service Group and CDFG submit listing applications to the Hong Kong Stock Exchange\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\">2021-06-25 22:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to HKEx documents: China Travel Service Group,<a href=\"https://laohu8.com/S/601888\">China CDFG</a>Submit a listing application to the Hong Kong Stock Exchange.</p><p>China CDFG is cooperating with CICC. Sources said that the company is expected to become the largest new stock in Hong Kong this year, and the IPO scale is expected to reach 9.3 billion US dollars (about 72.5 billion Hong Kong dollars).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/186ff42cf72b907a21ea58520e2c0f78","relate_stocks":{"601888":"中国中免","01880":"中国中免"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133892127","content_text":"据港交所文件：中旅集团、中国中免向港交所提交上市申请书。\n中国中免正与中金合作，消息人士指公司有望成香港今年最大新股，并料IPO规模有望达93亿美元(约725亿港元)。","news_type":1,"symbols_score_info":{"601888":0.9,"01880":1}},"isVote":1,"tweetType":1,"viewCount":2452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123883022,"gmtCreate":1624415610366,"gmtModify":1703836000836,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123883022","repostId":"1168540454","repostType":4,"repost":{"id":"1168540454","kind":"news","weMediaInfo":{"introduction":"提供IPO最新消息，及时更新市场动态，专家团队助力分析可投资项目价值，提供IPO项目咨询服务。","home_visible":1,"media_name":"独角兽早知道","id":"1023683695","head_image":"https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5"},"pubTimestamp":1624414107,"share":"https://ttm.financial/m/news/1168540454?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:08","market":"us","language":"zh","title":"Spark Thinking submits an IPO application in the United States, impacting \"the first online quality education stock\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1168540454","media":"独角兽早知道","summary":"北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺","content":"<p>On June 21, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriter of Spark Thinking's IPO is<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>, Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education stock\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and the founder Luo Jian was the CTO of Ganji.com. The company mainly aims at mathematical thinking training for children aged 3-10, focusing on online small class classes. Tianyancha APP shows that the main body of Spark Thinking Company is Beijing Xingengyuan Technology Development Co., Ltd.</p><p>Spark Thinking's products are divided into two categories, one is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Course\", which covers mathematics, Chinese and English for younger ages.</p><p>According to statistics from CIC, in terms of total revenue in 2020 and the number of students as of December 31, 2020, Spark Thinking has become the largest online small-class education company in China.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking has a total of 370,530 students, and 77% of the students come from referrals and organic traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 will be 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small class courses generate the vast majority of the company's revenue. In 2019, 2020, the first quarter of 2020, and the first quarter of 2021, online small class courses accounted for 99.2%, 95.6%, 97.6%, and 92.3% of the total net income, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan respectively. The net loss in the first quarter of 2021 was 374 million yuan, a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, the sales and marketing expenses, research and development expenses and general administrative expenses of Spark Thinking in 2019 were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures will be 798 million yuan, 327 million yuan and 178 million yuan respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were 343 million yuan, a year-on-year increase of 203.5%. Spark Thinking stated in the prospectus that \"mainly due to our increased marketing and branding activities\" and \"increased sales and marketing personnel.\"</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, a year-on-year increase of 107.7%. General administrative expenses were 72 million yuan, a year-on-year increase of 110.72%.</p><p>As of March 31, Spark Thinking's deferred income in the first quarter of 2021 was 1.423 billion yuan, and its cash and cash-like assets were about 3 billion yuan. As of December 31, the deferred revenue in 2020 was 1.217 billion yuan.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Spark Thinking CTO Shan Zebing held 1.4% of the shares. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6% of the shares. The directors and senior executives of Spark Thinking hold a total of 16.3% of the shares.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5% of the shares, and other investors are GGV Capital 8.9%, IDG Capital 8.7%, and ZETA ASIA HOLDINGS PTE. LTD.8.5%, TBP Sparkling Holdings Limited7.5%, Shanxing Capital 6.3%, Lightspeed China 5.7%.</p><p>About 40% of the funds raised this time are used to improve teaching methods, courseware and educational content, and further expand the scope of courses; About 30% is used to improve technological infrastructure; About 15% is used to expand marketing and branding; The remainder provides funds for company operations and other purposes.</p><p>In recent years, the online mathematical thinking track where Spark Thinking is located has developed rapidly. According to data from iiMedia Consulting, the scale of China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic models, small class classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in the Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively rapid growth in the next four years. In 2022, the market size of small class classes will exceed the 1V1 model, and in 2025, the market size of small class classes exceeds the AI class model, becoming the mainstream education model second only to large classes.</p><p>According to CIC data, in 2020, there will be about 15 online small class K12 after-school tutoring with a total revenue of more than 500 million yuan. In 2020, China's online small class K12 after-school tutoring market has reached 11.9 billion yuan, and it is expected to reach 101.2 billion yuan by 2025. The compound annual growth rate from 2020 to 2025 is 53.3%.</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>Spark Thinking submits an IPO application in the United States, impacting \"the first online quality education stock\"</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\">\nSpark Thinking submits an IPO application in the United States, impacting \"the first online quality education stock\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1023683695\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/1147954ba5ed4a54ba9a061e9dd405e5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">独角兽早知道 </p>\n<p class=\"h-time smaller\">2021-06-23 10:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 21, Beijing time, Spark Thinking, an online quality education institution, submitted an IPO application to the US SEC, seeking to be listed on Nasdaq under the stock code \"SPRK\". The underwriter of Spark Thinking's IPO is<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>, Citigroup,<a href=\"https://laohu8.com/S/601995\">CICC</a>Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>。</p><p>If successfully passed, Spark Thinking will become the \"first online quality education stock\" in China.</p><p><img src=\"https://static.tigerbbs.com/bf1a3b45fc4dbcc69919d2476d07854e\" tg-width=\"1023\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p>Spark Thinking was established in December 2017, and the founder Luo Jian was the CTO of Ganji.com. The company mainly aims at mathematical thinking training for children aged 3-10, focusing on online small class classes. Tianyancha APP shows that the main body of Spark Thinking Company is Beijing Xingengyuan Technology Development Co., Ltd.</p><p>Spark Thinking's products are divided into two categories, one is Spark Live Class, which focuses on mathematical thinking and Chinese; The second is the newly launched brand \"Little Spark AI Course\", which covers mathematics, Chinese and English for younger ages.</p><p>According to statistics from CIC, in terms of total revenue in 2020 and the number of students as of December 31, 2020, Spark Thinking has become the largest online small-class education company in China.</p><p><img src=\"https://static.tigerbbs.com/5b8a58dbaa6ec65f6b184f61ceae0939\" tg-width=\"645\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p>As of March 31, 2021, Spark Thinking has a total of 370,530 students, and 77% of the students come from referrals and organic traffic.</p><p>According to the prospectus, the net income of Spark Thinking in 2019 and 2020 will be 195 million yuan and 1.174 billion yuan respectively; Net income in the first quarter of 2021 was 453.7 million yuan, a year-on-year increase of 203.3%.</p><p><img src=\"https://static.tigerbbs.com/26f8b6aa6f75b07e9467b5761fab85ef\" tg-width=\"1080\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p>Online small class courses generate the vast majority of the company's revenue. In 2019, 2020, the first quarter of 2020, and the first quarter of 2021, online small class courses accounted for 99.2%, 95.6%, 97.6%, and 92.3% of the total net income, respectively.</p><p>The net losses of Spark Thinking in 2019 and 2020 were 771 million yuan and 952 million yuan respectively. The net loss in the first quarter of 2021 was 374 million yuan, a year-on-year increase of 78.95%. The loss was mainly attributable to the increase in selling and marketing expenses.</p><p>According to the prospectus, the sales and marketing expenses, research and development expenses and general administrative expenses of Spark Thinking in 2019 were 236 million yuan, 240 million yuan and 128 million yuan respectively; In 2020, these three expenditures will be 798 million yuan, 327 million yuan and 178 million yuan respectively.</p><p>In the first quarter of 2021, Spark Thinking's sales and marketing expenses were 343 million yuan, a year-on-year increase of 203.5%. Spark Thinking stated in the prospectus that \"mainly due to our increased marketing and branding activities\" and \"increased sales and marketing personnel.\"</p><p>R&D expenses in the first quarter of 2021 were 144 million yuan, a year-on-year increase of 107.7%. General administrative expenses were 72 million yuan, a year-on-year increase of 110.72%.</p><p>As of March 31, Spark Thinking's deferred income in the first quarter of 2021 was 1.423 billion yuan, and its cash and cash-like assets were about 3 billion yuan. As of December 31, the deferred revenue in 2020 was 1.217 billion yuan.</p><p>According to the prospectus, before the IPO, Luo Jian, founder and CEO of Spark Thinking, held 13.6% of the shares, and Spark Thinking CTO Shan Zebing held 1.4% of the shares. In addition, Venus Mission Limited, an affiliate of Luo Jian, holds 13.6% of the shares. The directors and senior executives of Spark Thinking hold a total of 16.3% of the shares.</p><p>The investor with the highest shareholding ratio, Sequoia Capital China, holds 10.5% of the shares, and other investors are GGV Capital 8.9%, IDG Capital 8.7%, and ZETA ASIA HOLDINGS PTE. LTD.8.5%, TBP Sparkling Holdings Limited7.5%, Shanxing Capital 6.3%, Lightspeed China 5.7%.</p><p>About 40% of the funds raised this time are used to improve teaching methods, courseware and educational content, and further expand the scope of courses; About 30% is used to improve technological infrastructure; About 15% is used to expand marketing and branding; The remainder provides funds for company operations and other purposes.</p><p>In recent years, the online mathematical thinking track where Spark Thinking is located has developed rapidly. According to data from iiMedia Consulting, the scale of China's online mathematical thinking market will reach 8.23 billion yuan in 2020 and exceed 10 billion yuan in 2021.</p><p>As the best class type to balance users' personalized learning needs and enterprise economic models, small class classes are also attracting much attention.</p><p>In the \"Research and Prospect Report on the Development of Small Classes in the Online Education Industry in 2020\" released by the Chinese Academy of Sciences in February this year, it is predicted that the small class model will maintain a relatively rapid growth in the next four years. In 2022, the market size of small class classes will exceed the 1V1 model, and in 2025, the market size of small class classes exceeds the AI class model, becoming the mainstream education model second only to large classes.</p><p>According to CIC data, in 2020, there will be about 15 online small class K12 after-school tutoring with a total revenue of more than 500 million yuan. In 2020, China's online small class K12 after-school tutoring market has reached 11.9 billion yuan, and it is expected to reach 101.2 billion yuan by 2025. The compound annual growth rate from 2020 to 2025 is 53.3%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/65d31e4c3baa6ee7379282a92bdba277","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168540454","content_text":"北京时间6月21日，在线素质教育机构火花思维向美国SEC提交IPO申请，寻求在纳斯达克挂牌上市，股票代码为“SPRK”。火花思维此次IPO的承销商为瑞士信贷、花旗集团、中金公司、富途和老虎证券。\n若顺利通过，火花思维将成为国内“在线素质教育第一股”。\n\n火花思维成立于2017年12月，创始人罗剑曾任赶集网CTO。该公司主要瞄准3-10岁孩子的数学思维训练，主打在线小班课。天眼查APP显示，火花思维公司主体为北京心更远科技发展有限公司。\n火花思维旗下产品分为两大类，一是以数理思维和语文为主的火花直播课；二是新推出的品牌“小火花AI课”，学科覆盖低龄段的数学、语文以及英语。\n据灼识咨询统计，就2020年的总收入以及截至2020年12月31日的学生人数而言，火花思维已成为中国最大的在线小班教育公司。\n\n截至2021年3月31日，火花思维共有370530名学员，77%的学员来自转介绍及自然流量。\n招股书显示，火花思维2019年、2020年净收入分别为1.95亿元、11.74亿元；2021年一季度净收入为4.537亿元，同比增长203.3%。\n\n在线小班课程为该公司带来绝大部分的收入。2019年、2020年以及2020年一季度、2021年一季度，在线小班课程占总净收入比例分别为99.2%、95.6%、97.6% 和92.3%。\n火花思维在2019年、2020年的净亏损分别为7.71亿元、9.52亿元。2021年一季度净亏损为3.74亿元，亏损同比扩大78.95%。亏损主要来自于销售及市场营销费用支出的增长。\n招股书显示，2019年火花思维的销售及市场营销费用、研发费用和一般行政管理支出费用分别是2.36亿元、2.4亿元及1.28亿元；2020年，这三项支出分别是7.98亿元、3.27亿元和1.78亿元。\n2021年一季度，火花思维的销售及市场营销费用支出为3.43亿元，同比增长203.5%。火花思维在招股书中称，“主要是由于我们增加了营销和品牌活动”以及“增加销售和营销人员”。\n2021年一季度的研发费用为1.44亿元，同比增长107.7%。一般行政管理支出为0.72亿元，同比增长110.72%。\n截至3月31日，火花思维2021年一季度的递延收入为14.23亿元，持有的现金及类现金资产约30亿元。截至12月31日，2020年的递延收入为12.17亿元。\n招股书显示，IPO前，火花思维创始人兼CEO罗剑占股13.6%，火花思维CTO单泽兵持股1.4%。此外，罗剑的关联公司Venus Mission Limited 持股为13.6%。火花思维董事及高管持股比例共16.3%。\n持股比例最高的投资方红杉资本中国持股10.5%、其他资方依次为GGV纪源资本8.9%、IDG资本8.7%、ZETA ASIA HOLDINGS PTE. LTD.8.5%、TBP Sparkling Holdings Limited7.5%、山行资本6.3%、光速中国5.7%。\n此次募集资金用途，约40%用于改进教学法、课件和教育内容，并进一步扩大课程范围；约30%用于改善技术基础设施；约15%用于扩大营销和品牌推广；剩余则为公司营运和其他用途提供资金。\n近年来，火花思维所在的在线数理思维赛道获得较快发展。据艾媒咨询数据显示，2020年中国在线数理思维市场规模将达到82.3亿元，2021年将突破100亿元。\n作为平衡用户的个性化学习需求和企业经济模型的最佳班型，小班课也在备受关注。\n中科院在今年二月发布的《2020年在线教育行业小班课发展研究及前瞻报告》中预测，小班课模式未来四年将保持较高速增长，2022年小班课市场规模将超过1V1模式，2025年小班课市场规模超过AI课模式，成为仅次于大班课的主流教育模式。\n据CIC数据，2020 年约有15家在线小班K12课后辅导的总收入超过5亿元。2020年中国在线小班K12课后辅导市场已达到119亿元，预计到2025年将达到1012亿元。2020年至2025年的复合年增长率为53.3%。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123889388,"gmtCreate":1624415589344,"gmtModify":1703836000019,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123889388","repostId":"1178642444","repostType":4,"repost":{"id":"1178642444","kind":"news","pubTimestamp":1624414683,"share":"https://ttm.financial/m/news/1178642444?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:18","market":"sh","language":"zh","title":"\"Market method\" and \"central bank method\" for judging short-term interest rates","url":"https://stock-news.laohu8.com/highlight/detail?id=1178642444","media":"光大证券","summary":"1、研判短期利率的“市场方法”和“央行方法”\n别人家的央行通常只是与市场沟通观点，我们的央行还会手把手地教市场如何做研究。比如说，看到市场常纠结于OMO是净投放还是净回笼，并以此揣测货币政策的取向，央","content":"<p><b>1. \"Market method\" and \"central bank method\" for judging short-term interest rates</b></p><p><b>Other people's central banks usually just communicate their views with the market, and our central bank will also teach the market how to do research step by step.</b>For example, seeing that the market is often entangled in whether OMO is a net release or a net withdrawal, and speculates on the orientation of monetary policy, the central bank told everyone in the \"Monetary Policy Implementation Report\" that \"just look at whether the policy interest rate changes, and there is no need to pay too much attention to the number of open market operations.\" For another example, seeing that some market players have unnecessary worries about liquidity, the Financial Times, which is in charge of the central bank, quickly published an article, saying that \"it is not appropriate to predict the 'tightening' and 'fluctuation' of liquidity and the policy orientation of the central bank with unfounded guesses\".</p><p><b>Perhaps, these research methods taught by the central bank are different from those commonly used in the market, and some investors can't accept them for a while.</b>At this time, don't be preconceived, but emancipate your mind, seek truth from facts and make comparative analysis, and then choose the best ones among different methods.</p><p>We believe that the difference between the \"market method\" and the \"central bank method\" for judging short-term interest rates is mainly reflected in the fact that the former relies on quantitative indicators such as OMO operation volume, net investment volume, liquidity gap, and excess reserve rate; The central bank suggests paying more attention to key interest rate indicators such as OMO interest rate. (Note: The excess reserve rate is the ratio of two quantitative indicators, not an interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we find that there are many problems in the \"market method\", and it is always right to listen to the central bank.</b></p><p><b>2. There are many problems with the \"market method\"</b></p><p><b>There are many problems with the \"market method\", which makes the conclusions drawn by this method very inaccurate or even contrary to the facts.</b>One of the important problems is that the factors affecting the amount of liquidity are numerous and difficult to predict. Another problem is that the method logically omits the decisive variable of central bank monetary policy.</p><p><b>There are many factors that affect the amount of liquidity and are difficult to predict, which is one reason why the \"market method\" often fails.</b>For example, some investors expect the net supply of land bonds to reach 1 trillion yuan in May, but looking back now, it is less than 590 billion yuan, which is a big gap. Our forecast result is 550 billion yuan, which is close to the actual situation, but to be honest, there is a lot of luck in it. In the forecast, we also frankly wrote that \"the scale of land bond issuance is not easy to predict, and it is difficult for us to guarantee that our forecast value is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the larger the liquidity gap, the tighter the funds will tend to be. This method seems reasonable, but it often biases in practice because it omits the decisive variable of central bank monetary policy.</b>(Note: This method also does not take into account the influence of factors such as the distribution structure of liquidity among different institutions.) For example, when faced with a large liquidity gap, the central bank can fully meet the reasonable liquidity needs of financial institutions at different maturities and maintain the reasonable and sufficient liquidity of the banking system by comprehensively using various monetary policy tools such as reserves, medium-term lending facilities, open market operations, refinancing and rediscounting. In other words, even if there is a large liquidity gap, funds may not necessarily tend to be tight.</p><p><b>Besides, there are many other problems with the \"market approach\".</b>For example, the dual relationship between the amount of liquidity and the capital interest rate is unstable, and it is difficult to predict the interest rate with quantitative indicators; Too much reliance on quantitative indicators such as OMO operations to judge monetary policy \"will lead to partial mistakes, and even often get results contrary to the facts.\"</p><p><b>3. It's always right to listen to the central bank</b></p><p><b>In recent years, more and more market players are aware of the problems existing in traditional analysis methods, so they are deeply confused. Fortunately, the central bank has taught everyone a more advanced method.</b>At this time, if we study with the attitude of opening the book and asking for something, we will certainly be able to hide the book and gain something. Some investors may be vaguely worried about whether the central bank can achieve \"unity of words and deeds\"? We think this is too much worry. On the one hand, there is no need for the central bank to mislead market expectations and artificially create fluctuations; On the other hand, these official communications need to stand the test of time, so they must not be false at all.</p><p><b>Historical experience has repeatedly told us that it is always right to listen to the central bank.</b>For example, since the beginning of the year, the central bank has emphasized the policy orientation of \"giving priority to stability\", which is obviously not empty talk. The volatility of DR007 has dropped significantly compared with the same period in previous years. For another example, on April 3, 2020, the central bank lowered the excess reserve interest rate. Some investors believed that this policy was to guide the funding interest rate of overnight and other maturities downward, and were quite surprised by the subsequent increase in funding interest rates. In fact, the central bank's communication article on the same day \"The relevant person in charge of the People's Bank of China said: Targeted cuts to required reserve ratios for small and medium-sized banks to support the development of the real economy\" has clearly stated that \"this time the central bank lowered the excess reserve interest rate from 0.72% to 0.35%, which can promote banks to improve the efficiency of capital use and better serve the real economy, especially small and medium-sized enterprises.\" In other words, the real purpose of the policy is to reduce the income from holding excess reserves and guide funds to the real economy. It can be seen that the central bank is not \"inconsistent with words and deeds\", on the contrary, it has already clearly explained its policies.</p><p>As for how to accurately judge the trend of short-term interest rates, the central bank made a special explanation in the \"Monetary Policy Implementation Report\" in the fourth quarter of last year and the first quarter of this year. Director Sun Guofeng also specifically emphasized it at the press conference of financial statistics in the first quarter of this year.<b>We summarize it as \"focus on observing the operating interest rate of OMO + MLF and representative market interest rates such as DR007, and do not pay too much attention to the number of open market operations and the liquidity of the banking system\".</b>Among them, the OMO + MLF interest rate is the central bank's policy interest rate, through which the central bank conveys interest rate regulation signals, which is the most critical indicator when we judge interest rate trends; DR007 interest rate is the key reference index of monetary policy regulation, so it can accurately reflect the policy orientation.</p><p><b>In addition, when observing the DR007 interest rate, we need to eliminate the daytime and short-term fluctuations in the data:</b>First, the time-point interest rates such as the highest price and lowest price of DR007 are easily affected by accidental factors during the day, which contain a lot of noise. Therefore, it is recommended not to pay attention to it, and only the weighted average of DR007 interest rates can be judged. Secondly, the single-day value of DR007 interest rate is easily affected by short-term factors, so it is recommended to use H-P filtering or moving average to remove short-term fluctuations.</p><p><b>4. Conclusion</b></p><p><b>When forecasting short-term interest rate, there are many problems in the traditional partial quantitative method of the market. The central bank has taught us a more advanced method: observe the operating interest rate of OMO + MLF and representative market interest rates such as DR007.</b>As a matter of fact, there have been many specious views in the market for a long time, such as thinking that banks are using deposit funds to issue loans, thinking that changes in base currency will be transmitted to M2 in equal proportion, and thinking that the government is the main body of money creation. The central bank has made an in-depth analysis of the above contents, and we market participants should further understand them.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market fluctuations.</p>","source":"gdzqyj","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>\"Market method\" and \"central bank method\" for judging short-term interest rates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Market method\" and \"central bank method\" for judging short-term interest rates\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">光大证券</strong><span class=\"h-time small\">2021-06-23 10:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>1. \"Market method\" and \"central bank method\" for judging short-term interest rates</b></p><p><b>Other people's central banks usually just communicate their views with the market, and our central bank will also teach the market how to do research step by step.</b>For example, seeing that the market is often entangled in whether OMO is a net release or a net withdrawal, and speculates on the orientation of monetary policy, the central bank told everyone in the \"Monetary Policy Implementation Report\" that \"just look at whether the policy interest rate changes, and there is no need to pay too much attention to the number of open market operations.\" For another example, seeing that some market players have unnecessary worries about liquidity, the Financial Times, which is in charge of the central bank, quickly published an article, saying that \"it is not appropriate to predict the 'tightening' and 'fluctuation' of liquidity and the policy orientation of the central bank with unfounded guesses\".</p><p><b>Perhaps, these research methods taught by the central bank are different from those commonly used in the market, and some investors can't accept them for a while.</b>At this time, don't be preconceived, but emancipate your mind, seek truth from facts and make comparative analysis, and then choose the best ones among different methods.</p><p>We believe that the difference between the \"market method\" and the \"central bank method\" for judging short-term interest rates is mainly reflected in the fact that the former relies on quantitative indicators such as OMO operation volume, net investment volume, liquidity gap, and excess reserve rate; The central bank suggests paying more attention to key interest rate indicators such as OMO interest rate. (Note: The excess reserve rate is the ratio of two quantitative indicators, not an interest rate, so we still classify it as a quantitative indicator.)<b>In practice, we find that there are many problems in the \"market method\", and it is always right to listen to the central bank.</b></p><p><b>2. There are many problems with the \"market method\"</b></p><p><b>There are many problems with the \"market method\", which makes the conclusions drawn by this method very inaccurate or even contrary to the facts.</b>One of the important problems is that the factors affecting the amount of liquidity are numerous and difficult to predict. Another problem is that the method logically omits the decisive variable of central bank monetary policy.</p><p><b>There are many factors that affect the amount of liquidity and are difficult to predict, which is one reason why the \"market method\" often fails.</b>For example, some investors expect the net supply of land bonds to reach 1 trillion yuan in May, but looking back now, it is less than 590 billion yuan, which is a big gap. Our forecast result is 550 billion yuan, which is close to the actual situation, but to be honest, there is a lot of luck in it. In the forecast, we also frankly wrote that \"the scale of land bond issuance is not easy to predict, and it is difficult for us to guarantee that our forecast value is accurate.\"</p><p><b>Moreover, the logic of the \"market approach\" is that the larger the liquidity gap, the tighter the funds will tend to be. This method seems reasonable, but it often biases in practice because it omits the decisive variable of central bank monetary policy.</b>(Note: This method also does not take into account the influence of factors such as the distribution structure of liquidity among different institutions.) For example, when faced with a large liquidity gap, the central bank can fully meet the reasonable liquidity needs of financial institutions at different maturities and maintain the reasonable and sufficient liquidity of the banking system by comprehensively using various monetary policy tools such as reserves, medium-term lending facilities, open market operations, refinancing and rediscounting. In other words, even if there is a large liquidity gap, funds may not necessarily tend to be tight.</p><p><b>Besides, there are many other problems with the \"market approach\".</b>For example, the dual relationship between the amount of liquidity and the capital interest rate is unstable, and it is difficult to predict the interest rate with quantitative indicators; Too much reliance on quantitative indicators such as OMO operations to judge monetary policy \"will lead to partial mistakes, and even often get results contrary to the facts.\"</p><p><b>3. It's always right to listen to the central bank</b></p><p><b>In recent years, more and more market players are aware of the problems existing in traditional analysis methods, so they are deeply confused. Fortunately, the central bank has taught everyone a more advanced method.</b>At this time, if we study with the attitude of opening the book and asking for something, we will certainly be able to hide the book and gain something. Some investors may be vaguely worried about whether the central bank can achieve \"unity of words and deeds\"? We think this is too much worry. On the one hand, there is no need for the central bank to mislead market expectations and artificially create fluctuations; On the other hand, these official communications need to stand the test of time, so they must not be false at all.</p><p><b>Historical experience has repeatedly told us that it is always right to listen to the central bank.</b>For example, since the beginning of the year, the central bank has emphasized the policy orientation of \"giving priority to stability\", which is obviously not empty talk. The volatility of DR007 has dropped significantly compared with the same period in previous years. For another example, on April 3, 2020, the central bank lowered the excess reserve interest rate. Some investors believed that this policy was to guide the funding interest rate of overnight and other maturities downward, and were quite surprised by the subsequent increase in funding interest rates. In fact, the central bank's communication article on the same day \"The relevant person in charge of the People's Bank of China said: Targeted cuts to required reserve ratios for small and medium-sized banks to support the development of the real economy\" has clearly stated that \"this time the central bank lowered the excess reserve interest rate from 0.72% to 0.35%, which can promote banks to improve the efficiency of capital use and better serve the real economy, especially small and medium-sized enterprises.\" In other words, the real purpose of the policy is to reduce the income from holding excess reserves and guide funds to the real economy. It can be seen that the central bank is not \"inconsistent with words and deeds\", on the contrary, it has already clearly explained its policies.</p><p>As for how to accurately judge the trend of short-term interest rates, the central bank made a special explanation in the \"Monetary Policy Implementation Report\" in the fourth quarter of last year and the first quarter of this year. Director Sun Guofeng also specifically emphasized it at the press conference of financial statistics in the first quarter of this year.<b>We summarize it as \"focus on observing the operating interest rate of OMO + MLF and representative market interest rates such as DR007, and do not pay too much attention to the number of open market operations and the liquidity of the banking system\".</b>Among them, the OMO + MLF interest rate is the central bank's policy interest rate, through which the central bank conveys interest rate regulation signals, which is the most critical indicator when we judge interest rate trends; DR007 interest rate is the key reference index of monetary policy regulation, so it can accurately reflect the policy orientation.</p><p><b>In addition, when observing the DR007 interest rate, we need to eliminate the daytime and short-term fluctuations in the data:</b>First, the time-point interest rates such as the highest price and lowest price of DR007 are easily affected by accidental factors during the day, which contain a lot of noise. Therefore, it is recommended not to pay attention to it, and only the weighted average of DR007 interest rates can be judged. Secondly, the single-day value of DR007 interest rate is easily affected by short-term factors, so it is recommended to use H-P filtering or moving average to remove short-term fluctuations.</p><p><b>4. Conclusion</b></p><p><b>When forecasting short-term interest rate, there are many problems in the traditional partial quantitative method of the market. The central bank has taught us a more advanced method: observe the operating interest rate of OMO + MLF and representative market interest rates such as DR007.</b>As a matter of fact, there have been many specious views in the market for a long time, such as thinking that banks are using deposit funds to issue loans, thinking that changes in base currency will be transmitted to M2 in equal proportion, and thinking that the government is the main body of money creation. The central bank has made an in-depth analysis of the above contents, and we market participants should further understand them.</p><p><b>5. Risk warning</b></p><p>Irrational expectations trigger rapid market fluctuations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633616\">光大证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8fca69a364eb1ccaf6e9078f1721480","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3633616","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178642444","content_text":"1、研判短期利率的“市场方法”和“央行方法”\n别人家的央行通常只是与市场沟通观点，我们的央行还会手把手地教市场如何做研究。比如说，看到市场常纠结于OMO是净投放还是净回笼，并以此揣测货币政策的取向，央行便在《货币政策执行报告》中告诉大家“只需看政策利率是否发生变化即可，无需过度关注公开市场操作数量”。再比如，看到部分市场主体对流动性产生不必要的担忧，央行主管的《金融时报》赶紧发表了篇文章，表示“不宜以没有根据的猜测去预测流动性‘收紧’和‘波动’以及央行政策取向”。\n也许，央行传授的这些研究方法与市场中惯用的有所区别，部分投资者一时不大能接受。此时千万不要先入为主，而是要解放思想，实事求是地对比分析，然后在不同的方法中择其善者而从之。\n我们认为，研判短期利率的“市场方法”和“央行方法”之间的差异主要体现于：前者依赖于OMO操作量、净投放量、流动性缺口、超储率等数量型的指标；央行则建议多关注OMO利率等关键的利率指标。（注：超储率为两个数量型指标之比，并不是一个利率，因此我们还是将其归为数量型指标。）在实践中我们发现，“市场方法”存在不少问题，听央行的话总是没错的。\n2、“市场方法”存在不少问题\n“市场方法”存在不少问题，这使得该方法得出的结论很不准确甚至与事实相反。其中一个重要的问题是影响流动性数量的因素很多且难以预测，另一个问题是该方法在逻辑上遗漏了央行货币政策这一决定性变量。\n影响流动性数量的因素很多且难以预测，这是导致“市场方法”常失效的一个原因。比如说，部分投资者预计5月地债净供给量会达到1万亿元，而现在回过头来看只有不到5900亿元，差距不小。我们的预测结果是5500亿元，与实际情况较为接近，但实话实说这里面有不少运气的成分，在预测时我们也坦诚地写道“地债发行规模不易预测，我们也很难保证自己的预测值是精确的。”\n而且，“市场方法”的逻辑是流动性缺口越大，资金就越会趋于紧张。该方法看似有道理，但在实践中经常出现偏差，这是因为其遗漏了央行货币政策这一决定性变量。（注：该方法也没有考虑到流动性在不同机构间的分布结构等因素所造成的影响。）例如，在面对较大的流动性缺口时，央行完全可以通过综合运用准备金、中期借贷便利、公开市场操作、再贷款、再贴现等多种货币政策工具，满足金融机构合理的不同期限的流动性需求，维护银行体系流动性的合理充裕。也就是说，即使有较大的流动性缺口，资金也不一定会趋于紧张。\n除此以外，“市场方法”还有不少其他的问题。比如说，流动性数量与资金利率之间的对偶关系并不稳定，难以用数量型指标预测利率；过多地依赖OMO操作量等数量上的指标来判断货币政策“会导致以偏概全的错误，甚至时常得到与事实相反的结果。”\n3、听央行的话总是没错的\n近几年以来，越来越多的市场主体意识到了传统分析方法中存在的问题，也因此深陷迷茫之中。万幸的是，央行教给了大家一个更为先进的方法。此时，我们以开卷有所求的态度去学习，必然可以掩卷有所获。部分投资者可能隐隐地担心央行能不能做到“言行合一”？我们觉得这是多虑的。一方面，央行没有必要误导市场预期，人为制造波动；另一方面，这些官方沟通都需要经受时间的检验，因此来不得半点虚假。\n历史经验反复告诉我们，听央行的话总是没错的。比如说，年初以来央行便强调“稳字当头”的政策取向，这显然不是句空话，DR007的波动率较往年同期明显下降。再比如说，2020年4月3日央行降低了超额准备金利率，部分投资者认为该政策是要引导隔夜等期限的资金利率下行，并对随后的资金利率上行颇感意外。事实上，央行在当日的沟通文章《中国人民银行有关负责人表示：对中小银行定向降准支持实体经济发展》中已经明确的表示“此次央行将超额准备金利率由0.72%下调至0.35%，可推动银行提高资金使用效率，促进银行更好地服务实体经济特别是中小微企业。”也就是说，政策真正的目的是降低持有超储的收益，将资金引导至实体经济。可见，央行并非“言行不一”，相反是对政策早有过明确的交代。\n对于如何准确地判断短期利率走势，央行在去年四季度以及今年一季度的《货币政策执行报告》中都有过专门的阐述，孙国峰司长在今年一季度金融统计数据新闻发布会上还特意强调过。我们将其总结为“重点观察OMO+MLF的操作利率以及DR007等具有代表性的市场利率，不过度关注公开市场操作数量和银行体系流动性”。其中的OMO+MLF利率是央行政策利率，央行通过其传达利率调控信号，是我们研判利率走势时最为关键的指标；DR007利率是货币政策调控的关键性参考指标，因此可以比较准确地体现出政策的取向。\n此外，在观测DR007利率时，我们需要剔除数据中日间的、短期的波动：第一，DR007的最高价、最低价等时点利率容易受到日间偶发因素的影响，所含的噪音颇多，因此建议不予关注，可以只对DR007利率的加权平均值进行研判。第二，DR007利率的单日数值容易受到短期因素的影响，因此建议用H-P滤波或是移动平均的方法将短期波动移除。\n4、结语\n在对短期利率进行预测时，市场传统的偏数量型的方法存在不少问题。央行教给了我们一个更先进的方法：观察OMO+MLF的操作利率以及DR007等具有代表性的市场利率。事实上，长时间以来在市场中还有不少似是而非的观点，比如说认为银行是在用存款资金发放贷款，认为基础货币的变化会等比例地传导至M2，认为政府是货币创造的主体。对以上内容，央行都有过深入腠理的分析，我们市场参与者还应再深入体悟。\n5、风险提示\n不理性的预期引发市场快速波动。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123880828,"gmtCreate":1624415565764,"gmtModify":1703835998708,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123880828","repostId":"2145069068","repostType":4,"isVote":1,"tweetType":1,"viewCount":1197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123817271,"gmtCreate":1624415546793,"gmtModify":1703835997388,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123817271","repostId":"2145506190","repostType":4,"repost":{"id":"2145506190","kind":"highlight","pubTimestamp":1624414862,"share":"https://ttm.financial/m/news/2145506190?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:21","market":"sh","language":"zh","title":"The delivery time was 18 weeks! The tide of core shortage further intensifies","url":"https://stock-news.laohu8.com/highlight/detail?id=2145506190","media":"华尔街见闻","summary":"近半年多，全球芯片短缺愈发严重，使得交货时间徒增。\nSusquehanna Financial Group最新研究报告显示，5月芯片整体交货期延长至18周，较前月进一步增加7天，续创近四年新高。这一交","content":"<p>In the past six months, the global chip shortage has become more and more serious, resulting in an increase in delivery time.</p><p>According to the latest research report of Susquehanna Financial Group,<b>The overall chip delivery time in May was extended to 18 weeks, a further increase of 7 days from the previous month, continuing to hit a new high in the past four years.</b>This delivery time has been more than 4 weeks longer than the previous peak in 2018.</p><p>Among them, widely used in many fields from industrial machinery to smartphones<b>For power management chips, the delivery time was extended by nearly two weeks to 25.6 weeks compared with the previous month, which made a \"major contribution\" to lengthening the average delivery time.</b>Even so, shortages in other fields are still widespread.</p><p>In a research note, Susquehanna analyst Chris Rolland said:</p><p>The data highlights the widespread nature of the chip shortage, as most key product categories (power management, discrete, analog, passive) have seen extended lead times. Yesterday's Wall Street Journal article wrote that the global chip shortage that began at the end of last year was caused by the following main reasons:</p><p>COVID-19 pandemic, chip factory fires and other factors have led to the shutdown of supply chain factories; People's working and living from home during the pandemic stimulated the sales growth of electronic products such as PCs and game consoles; The demand for new chips is growing due to the growth of shipments of 5G products and electric vehicles. Under the imbalance between supply and demand, chip prices continue to rise, and rising raw material costs caused by soaring inflation have also pushed up chip selling prices. The Wall Street Journal quoted chip industry sources as saying that the cost of a number of raw materials required in chip manufacturing, including semiconductor silicon wafers, resins and metals, has risen.</p><p>According to Bloomberg, the auto industry is currently most affected by the chip shortage, which is expected to lose more than $100 billion. The pressure is being felt in other areas, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Many electronics manufacturers, including big companies, are unable to meet all the demand for their products.</p><p>Industry insiders said that the shortage of chips and high selling prices will continue.</p><p><h2>Short supply or oversupply?</h2><b>However, compared with April, Susquehanna's May report began to show some signs of supply improvement.</b></p><p><b>The report shows that the supply of chips in a small number of areas is catching up with the demand, for example, the lead time of single chip microcomputers has been reduced by more than a week.</b>Single chip microcontroller, also known as microcontroller, is widely used in many fields such as mobile phones, PC peripherals, automotive electronics, washing machines, robot arms, etc.</p><p>In addition, although the delivery time of analog chips continues to extend, the speed has slowed down significantly.</p><p>Rolland cautioned that investors are paying attention to lead times for clues about demand trends, but this may also indicate that chip demand sides may be ordering too much due to panic.<b>He is worried that the demand for terminal equipment is not enough to support the current order level, which will mean that the entire chip industry is gradually moving towards oversupply.</b></p><p>Cited by Bloomberg<a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>(Broadcom) CEO Hock Tan and other industry insiders said not to over-interpret the lead time extension. This extension shows that their customers have a higher understanding of the chip industry and are more willing to sign some long-term supply agreements.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The delivery time was 18 weeks! The tide of core shortage further intensifies</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 delivery time was 18 weeks! The tide of core shortage further intensifies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-23 10:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the past six months, the global chip shortage has become more and more serious, resulting in an increase in delivery time.</p><p>According to the latest research report of Susquehanna Financial Group,<b>The overall chip delivery time in May was extended to 18 weeks, a further increase of 7 days from the previous month, continuing to hit a new high in the past four years.</b>This delivery time has been more than 4 weeks longer than the previous peak in 2018.</p><p>Among them, widely used in many fields from industrial machinery to smartphones<b>For power management chips, the delivery time was extended by nearly two weeks to 25.6 weeks compared with the previous month, which made a \"major contribution\" to lengthening the average delivery time.</b>Even so, shortages in other fields are still widespread.</p><p>In a research note, Susquehanna analyst Chris Rolland said:</p><p>The data highlights the widespread nature of the chip shortage, as most key product categories (power management, discrete, analog, passive) have seen extended lead times. Yesterday's Wall Street Journal article wrote that the global chip shortage that began at the end of last year was caused by the following main reasons:</p><p>COVID-19 pandemic, chip factory fires and other factors have led to the shutdown of supply chain factories; People's working and living from home during the pandemic stimulated the sales growth of electronic products such as PCs and game consoles; The demand for new chips is growing due to the growth of shipments of 5G products and electric vehicles. Under the imbalance between supply and demand, chip prices continue to rise, and rising raw material costs caused by soaring inflation have also pushed up chip selling prices. The Wall Street Journal quoted chip industry sources as saying that the cost of a number of raw materials required in chip manufacturing, including semiconductor silicon wafers, resins and metals, has risen.</p><p>According to Bloomberg, the auto industry is currently most affected by the chip shortage, which is expected to lose more than $100 billion. The pressure is being felt in other areas, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Many electronics manufacturers, including big companies, are unable to meet all the demand for their products.</p><p>Industry insiders said that the shortage of chips and high selling prices will continue.</p><p><h2>Short supply or oversupply?</h2><b>However, compared with April, Susquehanna's May report began to show some signs of supply improvement.</b></p><p><b>The report shows that the supply of chips in a small number of areas is catching up with the demand, for example, the lead time of single chip microcomputers has been reduced by more than a week.</b>Single chip microcontroller, also known as microcontroller, is widely used in many fields such as mobile phones, PC peripherals, automotive electronics, washing machines, robot arms, etc.</p><p>In addition, although the delivery time of analog chips continues to extend, the speed has slowed down significantly.</p><p>Rolland cautioned that investors are paying attention to lead times for clues about demand trends, but this may also indicate that chip demand sides may be ordering too much due to panic.<b>He is worried that the demand for terminal equipment is not enough to support the current order level, which will mean that the entire chip industry is gradually moving towards oversupply.</b></p><p>Cited by Bloomberg<a href=\"https://laohu8.com/S/BRCM\">Broadcom</a>(Broadcom) CEO Hock Tan and other industry insiders said not to over-interpret the lead time extension. This extension shows that their customers have a higher understanding of the chip industry and are more willing to sign some long-term supply agreements.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633614\">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/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"INTC":"英特尔","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3633614","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145506190","content_text":"近半年多，全球芯片短缺愈发严重，使得交货时间徒增。\nSusquehanna Financial Group最新研究报告显示，5月芯片整体交货期延长至18周，较前月进一步增加7天，续创近四年新高。这一交货期已比2018年上一个峰值长了4周有余。\n其中，从工业机械到智能手机等诸多领域中被广泛使用的电源管理芯片，交货期较前月延长近两周至25.6周，对拉长平均交货期做了“主要贡献”。即便如此，其余领域短缺现象依然普遍。\nSusquehanna分析师Chris Rolland在研究报告中表示：\n\n 数据突显了芯片短缺的广泛性，因为大多数关键产品类别（电源管理、分立器件、模拟器件、无源器件）都出现了交货期延长。\n\n昨天华尔街见闻文章中写道，去年年底开始的全球芯片短缺由下述多个主要原因共同导致：\n\n 新冠疫情、芯片厂大火等因素导致供应链工厂停工；大流行期间人们的居家工作和生活刺激了PC、游戏机等电子产品的销售增长；5G产品、电动汽车出货增长下的新芯片需求增长。\n\n供需不平衡下，芯片价格持续上涨，通胀飙升带来的原材料成本上涨同样推高了芯片售价。华尔街日报援引芯片行业人士称，芯片制造中所需的包括半导体硅晶片、树脂和金属等多项原材料的成本均有所上涨。\n据彭博，目前受芯片短缺影响最大的是汽车业，预计因此损失逾1000亿美元。其他领域也感受到了压力，包括苹果等大公司在内的许多电子产品制造商，都无法满足对其产品的所有需求。\n业内人士表示，芯片短缺和售价高企的状况还将持续。\n供不应求or供过于求？\n不过相比4月，Susquehanna 5月报告开始显露些许供应改善迹象。\n报告显示，一小部分领域芯片供应正赶上需求，比如单片机交货期减少了一个多星期。单片机又称微控制器，在手机、PC外围、汽车电子、洗衣机、机器手臂等多个领域都被广泛使用。\n此外，模拟芯片交货期虽继续延长，但速度明显放缓。\nRolland提醒称，投资者关注交货时间以寻找有关需求趋势的线索，但这也可能表明芯片需求方或因恐慌而订购过多。他担心，终端设备的需求不足以支持当前的订单水平，这将意味着整个芯片业逐渐走向供过于求。\n彭博援引博通(Broadcom)首席执行官Hock Tan等业内人士表示，不要过度解读交货期的延长，这一延长表明，他们的客户对芯片行业有了更高的理解，更有意愿签订一些长期供应协议。","news_type":1,"symbols_score_info":{"TSM":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123814708,"gmtCreate":1624415530304,"gmtModify":1703835996724,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123814708","repostId":"1196186292","repostType":4,"repost":{"id":"1196186292","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":1624415154,"share":"https://ttm.financial/m/news/1196186292?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:25","market":"us","language":"zh","title":"Xima Ophthalmology rose by more than 13%, and rose by more than 70% in the month","url":"https://stock-news.laohu8.com/highlight/detail?id=1196186292","media":"老虎资讯综合","summary":"6月23日，希玛眼科继续拉升，盘中最高涨超13%至10.84港元，股价创2018年3月以来新高，市值超120亿港元；该股月内累涨70%，位2018年以来最大月度涨幅。近日网传希玛眼科路演报告显示，希玛","content":"<p>On June 23,<a href=\"https://laohu8.com/S/03309\">Sima Ophthalmology</a>It continued to rise, with an intraday high of more than 13% to HK $10.84. The stock price hit a new high since March 2018, and the market value exceeded HK $12 billion; The stock rose 70% during the month, the largest monthly gain since 2018.<img src=\"https://static.tigerbbs.com/ce3194c3b2ee89382f92176b5b9e9e3b\" tg-width=\"840\" tg-height=\"470\">Recently, the online roadshow report of Xima Ophthalmology shows that Xima Ophthalmology announced its expansion goal in the next five years. It will double the number of eye hospitals to 20 in the short term through self-built projects and mergers and acquisitions, and increase the number of eye hospitals by 2025. Increase to no less than 50, which is equivalent to a four-fold increase in scale in the next five years. According to the report, Xima Ophthalmology will use in vitro cultivation in cooperation with strategic investors to expand rapidly.</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>Xima Ophthalmology rose by more than 13%, and rose by more than 70% in the month</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\">\nXima Ophthalmology rose by more than 13%, and rose by more than 70% in the month\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\">2021-06-23 10:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 23,<a href=\"https://laohu8.com/S/03309\">Sima Ophthalmology</a>It continued to rise, with an intraday high of more than 13% to HK $10.84. The stock price hit a new high since March 2018, and the market value exceeded HK $12 billion; The stock rose 70% during the month, the largest monthly gain since 2018.<img src=\"https://static.tigerbbs.com/ce3194c3b2ee89382f92176b5b9e9e3b\" tg-width=\"840\" tg-height=\"470\">Recently, the online roadshow report of Xima Ophthalmology shows that Xima Ophthalmology announced its expansion goal in the next five years. It will double the number of eye hospitals to 20 in the short term through self-built projects and mergers and acquisitions, and increase the number of eye hospitals by 2025. Increase to no less than 50, which is equivalent to a four-fold increase in scale in the next five years. According to the report, Xima Ophthalmology will use in vitro cultivation in cooperation with strategic investors to expand rapidly.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edc98c04cdc47dd0d16e08274ce9a364","relate_stocks":{"03309":"希玛医疗"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196186292","content_text":"6月23日，希玛眼科继续拉升，盘中最高涨超13%至10.84港元，股价创2018年3月以来新高，市值超120亿港元；该股月内累涨70%，位2018年以来最大月度涨幅。近日网传希玛眼科路演报告显示，希玛眼科公布未来5年扩张目标，将通过自建项目和并购，短期内将眼科医院的数目增加1倍至20家，2025年前将眼科医院的数目增加至不少于50家，相当于未来5年规模增大4倍。据报告显示，希玛眼科将采用与战略投资者合作体外培育来快速扩张。","news_type":1,"symbols_score_info":{"03309":0.9}},"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120586722,"gmtCreate":1624327894166,"gmtModify":1703833601540,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120586722","repostId":"1182298025","repostType":4,"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120586680,"gmtCreate":1624327877840,"gmtModify":1703833600893,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120586680","repostId":"2145088111","repostType":4,"repost":{"id":"2145088111","kind":"highlight","pubTimestamp":1624327433,"share":"https://ttm.financial/m/news/2145088111?lang=en_US&edition=fundamental","pubTime":"2021-06-22 10:03","market":"us","language":"zh","title":"With the legalization of low-speed electric vehicles, is the spring of \"elderly music\" coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2145088111","media":"华尔街见闻","summary":"老大爷：你干哈？\n交警：我想扣你车。\n老大爷：凭啥扣我车，我开了那么多次都没人查我，你是不是故意的，不让人开为啥还生产？\n交警：...\n这不是段子，而是2020年5月20日山东某地发生的真实事件。6旬","content":"<p>Old man: What are you doing?</p><p>Traffic Police: I want to detain your car.</p><p>Old man: Why do you detain my car? I have driven it so many times and no one has checked me. Did you mean it? Why do you still produce it if you don't let people drive it?</p><p>Traffic Police:...</p><p>This is not a joke, but a real event that happened somewhere in Shandong on May 20th, 2020. The 60-year-old man drove a pure electric four-wheeled scooter bought by his children to block the traffic. The traffic police on duty stopped the scooter and asked the old man to lean the car to the side of the road. The \"soul\" torture issued by the old man: Why don't people drive it? Still produce? Indeed, why are they still produced if they don't get out of the way? Low-speed electric vehicles, which are reasonably developed by virtue of their existence, have been wandering in the gray area of laws and regulations.</p><p><img src=\"https://static.tigerbbs.com/ed5c9b825e918ed2b913b55fde6c84c3\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"></p><p>And this embarrassment is finally over now. On June 17, the Ministry of Industry and Information Technology publicly solicited opinions on the new version of the national standard \"Technical Conditions for Pure Electric Passenger Vehicles (Draft for Comment)\". This \"Draft for Comments\" adds the definition and standards of micro low-speed pure electric passenger vehicles and manages them as a subcategory of pure electric passenger vehicles.</p><p>In other words, low-speed electric vehicles, which have been controversial for many years, are one step closer to legalization. Low-speed electric vehicles have always been named Elderly Music. The drivers are older, have no driver's license, have low vehicle performance, and violate traffic regulations. These have always been the labels of low-speed electric vehicles. Now this industry has finally ushered in a complete revolution and upgrading.</p><p><h2>Norms are always progress</h2>Since the establishment of the national standard project for low-speed electric vehicles in October 2016, there has been news that the national standard is about to be released every year. \"The wolf is coming\" several times, but it has been pending. By 2017, some media flowed out of \"Four-wheel Low-Speed Electric Vehicles-Technical Conditions (Draft)\". The leaked \"Draft\" shows that the national standard has made detailed provisions on the production standards of four-wheeled low-speed electric vehicles.</p><p>It was not until September 2020 that the Ministry of Industry and Information Technology issued the \"Reply to Recommendation No. 7609 of the Third Session of the Thirteenth National People's Congress\" (hereinafter referred to as the \"Reply\"), stating that the draft standard \"Technical Conditions for Four-wheeled Low-Speed Electric Vehicles\" had been issued in September 2019. The project was approved by the standardization administrative department of the State Council, and the preparation of standards is currently being accelerated.</p><p><img src=\"https://static.tigerbbs.com/a47745bf43a0166fb405799ec185613d\" tg-width=\"1754\" tg-height=\"1443\" referrerpolicy=\"no-referrer\">On March 23 this year, the Ministry of Industry and Information Technology released the \"Minutes of the Low-Speed Electric Vehicle Standard Formulation Meeting.\" According to its content, it is expected that the new national standard for four-wheeled low-speed electric vehicles will be released and formulated as soon as the end of August and included in the management of new models. This opinion draft clarifies that four-wheeled low-speed electric vehicles will be a subcategory of pure electric passenger vehicles and named them \"micro low-speed pure electric passenger vehicles\". Therefore, the draft for comments published this time means that low-speed electric vehicles are once again moving towards standardization. In the draft for comments, the main definitions and technical indicators of micro low-speed pure electric passenger vehicles are as follows:</p><p>1. Number of seats: no more than 4 seats.</p><p>2. Size requirements: The length is not greater than 3500mm, the width is not greater than 1500mm, and the height is not greater than 1700mm.</p><p>3. Kerb weight: no more than 750kg.</p><p>4. Vehicle speed: The maximum speed in 30 minutes is greater than or equal to 40 km/h and less than 70 km/h.</p><p>5. Driving range: not less than 100km.</p><p>6. Battery energy density: not less than 70Wh/kg.</p><p>7. Acceleration performance: The acceleration time from 0 km/h to 30 km/h is no more than 10s.</p><p>8. Climbing performance: The speed of climbing a 4% slope is not less than 20 km/h, and the speed of climbing a 12% slope is not less than 10 km/h.</p><p>Such performance data is exactly the same as the \"Four-wheeled Low-Speed Electric Vehicle-Technical Conditions (Draft)\" that flowed out in 2017. Whether it is body size, battery performance or safety and stability, the \"Draft for Comment\" and the \"Draft\" are mostly the same, but there are also differences.</p><p>In terms of safety performance, the opinion draft modifies the braking speed and collision speed according to the characteristics of low speed vehicles, but the braking efficiency and post-collision requirements of vehicles have not been reduced. The original requirement that the ratio of power battery mass to vehicle curb mass should not be greater than 30% is reduced, which means that the weight occupied by the battery can be larger.</p><p>Not only that, the \"Draft for Comments\" also adds provisions on power ratio and low-temperature starting performance. The specific power value of micro low-speed pure electric passenger vehicles calculated by using the ratio of motor peak power to vehicle curb weight should be no less than 10kW/t and no more than 20kW/t. Under the test environment temperature of-20 ℃ ± 1 ℃, the vehicle should be able to start and drive normally after being immersed in the vehicle for 8 hours.</p><p><img src=\"https://static.tigerbbs.com/fce25ea5c1a555521e97119fd60bf85a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When Auto interviewed Zhao Yaning, executive vice president of the Research Institute of Hebei Yujie Automobile Industry Co., Ltd., about the launch of the Draft for Comments, he said, \"This should be a general trend, and it is also to better promote upgrading and ensure safety. From the perspective of industrial development, it is a better policy that can make car companies more formal.\"</p><p>Industry insiders also said that the introduction of the Draft for Comment is not only in line with the basic principle of China's Road Traffic Safety Law to distinguish motor vehicles from non-motor vehicles by power plants in form, but also more conducive to its comprehensive integration into the motor vehicle management system from the aspects of production, sales and use, so as to achieve the purpose of ensuring public safety. The standardized management of low-speed electric vehicle industry is about to enter the \"fast lane\". After all, norms are always progress.</p><p><h2>Spring or winter for old-age music?</h2>In recent years, the sales of low-speed electric vehicles in China have increased significantly, and the market has developed rapidly. Without any subsidies, relying on market demand, it increased more than tenfold from 2011 to 2017.</p><p>From a geographical point of view, low-speed electric vehicles are mainly distributed in Shandong, Hebei, Henan, Jiangsu, Anhui and other places, and the sales areas are concentrated in third-and fourth-tier cities and urban-rural fringe areas. Among them, Shandong and Henan are the major production and sales provinces of low-speed electric vehicles. In 2013, national sales of low-speed electric vehicles were approximately 200,000 units, which doubled to nearly 400,000 units in 2014. In 2015, national sales of low-speed electric vehicles increased by more than 50%, approaching 700,000 units. By 2018, national sales of low-speed electric vehicles have reached close to 1.4 million. As of the end of 2019, national sales of low-speed electric vehicles fell by about 8% year-on-year, but the number of vehicles in stock still exceeded 5 million.</p><p>The decline in 2018 was mainly due to the rectification of low-speed vehicles by the state and the uncertainty of policy expectations, which slowed down the growth rate of production and sales of low-speed vehicles nationwide, and affected major provinces. Among them, due to the government's strengthening of market management in Shandong Province, the production and sales of low-speed electric vehicles in the province have dropped significantly. For the launch of the \"Draft for Comments\", the market has experienced different reactions.</p><p>\"It doesn't matter. Our car has predicted the national standard a few years ago, and we have done a good job in product research and development.\" Zhao Yaning said. As a former manufacturer of low-speed electric vehicles, Yujie Automobile relies on<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>In-depth cooperation, transforming from low-speed electric vehicles to more normal pure electric models.</p><p><img src=\"https://static.tigerbbs.com/1792819e71c002df964aed7d948fb37e\" tg-width=\"1080\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p><p>They actually want to promulgate regulations after transforming into formal car companies, because once the regulations are issued, most non-national standard companies will definitely be eliminated, and the products currently at the low end of the product matrix are still \"workshop\" products. Therefore, from the actual sales point of view, the inclusion of micro-speed electric vehicles in the ranks of electric vehicles will definitely bring about industry norms, first of all, the norms for obtaining driver's license and the age of drivers, so it is conducive to the development of road traffic. However, we must know that a large number of low-speed electric vehicles are purchased because they don't need to take a driver's license test. Therefore, the implementation of the new regulations will also greatly raise the driving threshold of low-speed electric vehicles, and the decline in sales can be expected.</p><p>\"It seems that the issue of right of way has not been finalized yet. Now it is called micro-speed electric vehicles. Whether they can fully enjoy the right of way has not yet been concluded. There will be some restrictions in the prediction.\" Zhao Yaning said. It is true that the reason why microelectronics are different from ordinary electric vehicles is not only on the product side, but also on the actual usage scenarios. In other words,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Wuling Hongguang MINI EV may be listed as a micro-speed electric vehicle.</p><p>At present, there are more than 15,000 low-speed electric vehicle-related enterprises in China whose name or business scope includes \"low-speed electric vehicles and scooters for the elderly\", and whose status is in operation, surviving, moving in, and moving out. Among them, more than 80% of related enterprises were established within 5 years. Low technical content and no scale effect are the norm of these enterprises. Although in the short term, the implementation of the New Deal will definitely reshuffle the whole industry, in the long run, the standardized market sales will be healthier, which will also be greatly beneficial to the development of transportation.</p><p><h2>Chaos still exists</h2>In Dezhou, Shandong Province, you can buy a licensed low-speed electric vehicle with an ID card.</p><p>\"As long as you give me an ID card, I can give you a license.\" The agent of Boshuo's electric four-wheeled scooter vows that this low-speed electric car, which is 3,600mm long and looks like Land Rover, is the \"number one\" they sell. a sheet of<a href=\"https://laohu8.com/S/601319\">PICC</a>The green card of property insurance is the greatest confidence of this agent.</p><p><img src=\"https://static.tigerbbs.com/86420816330a71908e44aa764d43e532\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\">They are obviously not worried about the promulgation of new regulations. \"We drive this for the elderly. As long as we don't go to the city, it will be fine.\" \"Low-speed electric vehicles have been developed for more than 20 years, and they all say that they will come up with policies. Now we can not only sell them, but also sell them better. So it's okay.\" Although in the eyes of many people, low-speed electric vehicles are an industry with low technical content, they not only meet the travel needs of many rural consumers, but also make many small and medium-sized enterprises move on the road of \"transformation and upgrading\", opening up a new source of profit for them, and stepping out of the era of \"survival in the wilderness\".</p><p>Not only pure electric scooters, they are also expanding range low-speed electric vehicles in order to meet a longer cruising range. \"Some pure electric low-speed vehicles have reserved the installation position of gasoline engine range extender at the beginning of the design. As long as consumers have demand, we can provide installation services, and we only need to pay about 2,000 yuan extra.\" A low-speed electric vehicle salesperson told reporters.</p><p><img src=\"https://static.tigerbbs.com/5c4f73548bdf7092e40adce1af0b64c4\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\">They are upgrading, they are making progress for the purest needs of consumers, and the promulgation of laws and regulations may bring them more obstacles, but they can still find their own spring where the sun can't shine. We try to understand this industry that is growing wildly in the cracks, think about the reasonable meaning of existence, and argue for its legality, while low-speed electric vehicles are looking for their own spring in the streets, under bridges, and in the fields.</p><p>But such a spring must also moisten those who are eager for the spring breeze under the \"shelter\" of laws and regulations, which is very painful and inevitable. We don't know whether the promulgation of regulations can really change the industry from the deepest point, but what we are sure is that the industry will definitely change, and the chaos needs more regulations and manufacturers to solve it from the legal and consumer side.</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>With the legalization of low-speed electric vehicles, is the spring of \"elderly music\" coming?</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\">\nWith the legalization of low-speed electric vehicles, is the spring of \"elderly music\" coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-22 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Old man: What are you doing?</p><p>Traffic Police: I want to detain your car.</p><p>Old man: Why do you detain my car? I have driven it so many times and no one has checked me. Did you mean it? Why do you still produce it if you don't let people drive it?</p><p>Traffic Police:...</p><p>This is not a joke, but a real event that happened somewhere in Shandong on May 20th, 2020. The 60-year-old man drove a pure electric four-wheeled scooter bought by his children to block the traffic. The traffic police on duty stopped the scooter and asked the old man to lean the car to the side of the road. The \"soul\" torture issued by the old man: Why don't people drive it? Still produce? Indeed, why are they still produced if they don't get out of the way? Low-speed electric vehicles, which are reasonably developed by virtue of their existence, have been wandering in the gray area of laws and regulations.</p><p><img src=\"https://static.tigerbbs.com/ed5c9b825e918ed2b913b55fde6c84c3\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"></p><p>And this embarrassment is finally over now. On June 17, the Ministry of Industry and Information Technology publicly solicited opinions on the new version of the national standard \"Technical Conditions for Pure Electric Passenger Vehicles (Draft for Comment)\". This \"Draft for Comments\" adds the definition and standards of micro low-speed pure electric passenger vehicles and manages them as a subcategory of pure electric passenger vehicles.</p><p>In other words, low-speed electric vehicles, which have been controversial for many years, are one step closer to legalization. Low-speed electric vehicles have always been named Elderly Music. The drivers are older, have no driver's license, have low vehicle performance, and violate traffic regulations. These have always been the labels of low-speed electric vehicles. Now this industry has finally ushered in a complete revolution and upgrading.</p><p><h2>Norms are always progress</h2>Since the establishment of the national standard project for low-speed electric vehicles in October 2016, there has been news that the national standard is about to be released every year. \"The wolf is coming\" several times, but it has been pending. By 2017, some media flowed out of \"Four-wheel Low-Speed Electric Vehicles-Technical Conditions (Draft)\". The leaked \"Draft\" shows that the national standard has made detailed provisions on the production standards of four-wheeled low-speed electric vehicles.</p><p>It was not until September 2020 that the Ministry of Industry and Information Technology issued the \"Reply to Recommendation No. 7609 of the Third Session of the Thirteenth National People's Congress\" (hereinafter referred to as the \"Reply\"), stating that the draft standard \"Technical Conditions for Four-wheeled Low-Speed Electric Vehicles\" had been issued in September 2019. The project was approved by the standardization administrative department of the State Council, and the preparation of standards is currently being accelerated.</p><p><img src=\"https://static.tigerbbs.com/a47745bf43a0166fb405799ec185613d\" tg-width=\"1754\" tg-height=\"1443\" referrerpolicy=\"no-referrer\">On March 23 this year, the Ministry of Industry and Information Technology released the \"Minutes of the Low-Speed Electric Vehicle Standard Formulation Meeting.\" According to its content, it is expected that the new national standard for four-wheeled low-speed electric vehicles will be released and formulated as soon as the end of August and included in the management of new models. This opinion draft clarifies that four-wheeled low-speed electric vehicles will be a subcategory of pure electric passenger vehicles and named them \"micro low-speed pure electric passenger vehicles\". Therefore, the draft for comments published this time means that low-speed electric vehicles are once again moving towards standardization. In the draft for comments, the main definitions and technical indicators of micro low-speed pure electric passenger vehicles are as follows:</p><p>1. Number of seats: no more than 4 seats.</p><p>2. Size requirements: The length is not greater than 3500mm, the width is not greater than 1500mm, and the height is not greater than 1700mm.</p><p>3. Kerb weight: no more than 750kg.</p><p>4. Vehicle speed: The maximum speed in 30 minutes is greater than or equal to 40 km/h and less than 70 km/h.</p><p>5. Driving range: not less than 100km.</p><p>6. Battery energy density: not less than 70Wh/kg.</p><p>7. Acceleration performance: The acceleration time from 0 km/h to 30 km/h is no more than 10s.</p><p>8. Climbing performance: The speed of climbing a 4% slope is not less than 20 km/h, and the speed of climbing a 12% slope is not less than 10 km/h.</p><p>Such performance data is exactly the same as the \"Four-wheeled Low-Speed Electric Vehicle-Technical Conditions (Draft)\" that flowed out in 2017. Whether it is body size, battery performance or safety and stability, the \"Draft for Comment\" and the \"Draft\" are mostly the same, but there are also differences.</p><p>In terms of safety performance, the opinion draft modifies the braking speed and collision speed according to the characteristics of low speed vehicles, but the braking efficiency and post-collision requirements of vehicles have not been reduced. The original requirement that the ratio of power battery mass to vehicle curb mass should not be greater than 30% is reduced, which means that the weight occupied by the battery can be larger.</p><p>Not only that, the \"Draft for Comments\" also adds provisions on power ratio and low-temperature starting performance. The specific power value of micro low-speed pure electric passenger vehicles calculated by using the ratio of motor peak power to vehicle curb weight should be no less than 10kW/t and no more than 20kW/t. Under the test environment temperature of-20 ℃ ± 1 ℃, the vehicle should be able to start and drive normally after being immersed in the vehicle for 8 hours.</p><p><img src=\"https://static.tigerbbs.com/fce25ea5c1a555521e97119fd60bf85a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When Auto interviewed Zhao Yaning, executive vice president of the Research Institute of Hebei Yujie Automobile Industry Co., Ltd., about the launch of the Draft for Comments, he said, \"This should be a general trend, and it is also to better promote upgrading and ensure safety. From the perspective of industrial development, it is a better policy that can make car companies more formal.\"</p><p>Industry insiders also said that the introduction of the Draft for Comment is not only in line with the basic principle of China's Road Traffic Safety Law to distinguish motor vehicles from non-motor vehicles by power plants in form, but also more conducive to its comprehensive integration into the motor vehicle management system from the aspects of production, sales and use, so as to achieve the purpose of ensuring public safety. The standardized management of low-speed electric vehicle industry is about to enter the \"fast lane\". After all, norms are always progress.</p><p><h2>Spring or winter for old-age music?</h2>In recent years, the sales of low-speed electric vehicles in China have increased significantly, and the market has developed rapidly. Without any subsidies, relying on market demand, it increased more than tenfold from 2011 to 2017.</p><p>From a geographical point of view, low-speed electric vehicles are mainly distributed in Shandong, Hebei, Henan, Jiangsu, Anhui and other places, and the sales areas are concentrated in third-and fourth-tier cities and urban-rural fringe areas. Among them, Shandong and Henan are the major production and sales provinces of low-speed electric vehicles. In 2013, national sales of low-speed electric vehicles were approximately 200,000 units, which doubled to nearly 400,000 units in 2014. In 2015, national sales of low-speed electric vehicles increased by more than 50%, approaching 700,000 units. By 2018, national sales of low-speed electric vehicles have reached close to 1.4 million. As of the end of 2019, national sales of low-speed electric vehicles fell by about 8% year-on-year, but the number of vehicles in stock still exceeded 5 million.</p><p>The decline in 2018 was mainly due to the rectification of low-speed vehicles by the state and the uncertainty of policy expectations, which slowed down the growth rate of production and sales of low-speed vehicles nationwide, and affected major provinces. Among them, due to the government's strengthening of market management in Shandong Province, the production and sales of low-speed electric vehicles in the province have dropped significantly. For the launch of the \"Draft for Comments\", the market has experienced different reactions.</p><p>\"It doesn't matter. Our car has predicted the national standard a few years ago, and we have done a good job in product research and development.\" Zhao Yaning said. As a former manufacturer of low-speed electric vehicles, Yujie Automobile relies on<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>In-depth cooperation, transforming from low-speed electric vehicles to more normal pure electric models.</p><p><img src=\"https://static.tigerbbs.com/1792819e71c002df964aed7d948fb37e\" tg-width=\"1080\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p><p>They actually want to promulgate regulations after transforming into formal car companies, because once the regulations are issued, most non-national standard companies will definitely be eliminated, and the products currently at the low end of the product matrix are still \"workshop\" products. Therefore, from the actual sales point of view, the inclusion of micro-speed electric vehicles in the ranks of electric vehicles will definitely bring about industry norms, first of all, the norms for obtaining driver's license and the age of drivers, so it is conducive to the development of road traffic. However, we must know that a large number of low-speed electric vehicles are purchased because they don't need to take a driver's license test. Therefore, the implementation of the new regulations will also greatly raise the driving threshold of low-speed electric vehicles, and the decline in sales can be expected.</p><p>\"It seems that the issue of right of way has not been finalized yet. Now it is called micro-speed electric vehicles. Whether they can fully enjoy the right of way has not yet been concluded. There will be some restrictions in the prediction.\" Zhao Yaning said. It is true that the reason why microelectronics are different from ordinary electric vehicles is not only on the product side, but also on the actual usage scenarios. In other words,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Wuling Hongguang MINI EV may be listed as a micro-speed electric vehicle.</p><p>At present, there are more than 15,000 low-speed electric vehicle-related enterprises in China whose name or business scope includes \"low-speed electric vehicles and scooters for the elderly\", and whose status is in operation, surviving, moving in, and moving out. Among them, more than 80% of related enterprises were established within 5 years. Low technical content and no scale effect are the norm of these enterprises. Although in the short term, the implementation of the New Deal will definitely reshuffle the whole industry, in the long run, the standardized market sales will be healthier, which will also be greatly beneficial to the development of transportation.</p><p><h2>Chaos still exists</h2>In Dezhou, Shandong Province, you can buy a licensed low-speed electric vehicle with an ID card.</p><p>\"As long as you give me an ID card, I can give you a license.\" The agent of Boshuo's electric four-wheeled scooter vows that this low-speed electric car, which is 3,600mm long and looks like Land Rover, is the \"number one\" they sell. a sheet of<a href=\"https://laohu8.com/S/601319\">PICC</a>The green card of property insurance is the greatest confidence of this agent.</p><p><img src=\"https://static.tigerbbs.com/86420816330a71908e44aa764d43e532\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\">They are obviously not worried about the promulgation of new regulations. \"We drive this for the elderly. As long as we don't go to the city, it will be fine.\" \"Low-speed electric vehicles have been developed for more than 20 years, and they all say that they will come up with policies. Now we can not only sell them, but also sell them better. So it's okay.\" Although in the eyes of many people, low-speed electric vehicles are an industry with low technical content, they not only meet the travel needs of many rural consumers, but also make many small and medium-sized enterprises move on the road of \"transformation and upgrading\", opening up a new source of profit for them, and stepping out of the era of \"survival in the wilderness\".</p><p>Not only pure electric scooters, they are also expanding range low-speed electric vehicles in order to meet a longer cruising range. \"Some pure electric low-speed vehicles have reserved the installation position of gasoline engine range extender at the beginning of the design. As long as consumers have demand, we can provide installation services, and we only need to pay about 2,000 yuan extra.\" A low-speed electric vehicle salesperson told reporters.</p><p><img src=\"https://static.tigerbbs.com/5c4f73548bdf7092e40adce1af0b64c4\" tg-width=\"1080\" tg-height=\"2337\" referrerpolicy=\"no-referrer\">They are upgrading, they are making progress for the purest needs of consumers, and the promulgation of laws and regulations may bring them more obstacles, but they can still find their own spring where the sun can't shine. We try to understand this industry that is growing wildly in the cracks, think about the reasonable meaning of existence, and argue for its legality, while low-speed electric vehicles are looking for their own spring in the streets, under bridges, and in the fields.</p><p>But such a spring must also moisten those who are eager for the spring breeze under the \"shelter\" of laws and regulations, which is very painful and inevitable. We don't know whether the promulgation of regulations can really change the industry from the deepest point, but what we are sure is that the industry will definitely change, and the chaos needs more regulations and manufacturers to solve it from the legal and consumer side.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633405\">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/ed5c9b825e918ed2b913b55fde6c84c3","relate_stocks":{"601633":"长城汽车"},"source_url":"https://wallstreetcn.com/articles/3633405","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145088111","content_text":"老大爷：你干哈？\n交警：我想扣你车。\n老大爷：凭啥扣我车，我开了那么多次都没人查我，你是不是故意的，不让人开为啥还生产？\n交警：...\n这不是段子，而是2020年5月20日山东某地发生的真实事件。6旬大爷开着子女买的纯电动四轮代步车阻塞了交通，执勤的交警叫停了代步车，让老大爷将车子靠到路边，大爷发出的“灵魂”拷问：不让人开为啥还生产？ 确实，不让开为什么还生产，凭借存在即合理而发展的低速电动车一直游走于法规的灰色地带。\n\n而这样的尴尬到现在终于要结束了。6月17日工信部对新版国标《纯电动乘用车技术条件（征求意见稿）》公开征求意见。本次《征求意见稿》中增加了微型低速纯电动乘用车的定义和标准，将其作为纯电动乘用车的一个子类进行管理。\n也就是说多年以来一直备受争议的低速电动车距离合法化又更近了一步。一直以来低速电动车被冠名老年乐，驾驶者的年龄偏高，没有驾照，车辆性能低下、违反交规这些一直是低速电动车的标签。而现在这一行业终于迎来一次彻底的革命和升级。\n规范永远是进步\n自从2016年10月低速电动车国标立项以来，每年都传出国标即将出台的消息，“狼来了”好几次，但是一直悬而未决。到了2017年，有媒体流出《四轮低速电动车——技术条件（草案）》。流出的《草案》内容显示，国标对四轮低速电动车生产标准做出了详细规定。\n到了2020年9月，工信部才发布《对十三届全国人大三次会议第7609号建议的答复》（下称《答复》）称，《四轮低速电动车技术条件》标准草案已于2019年9月获得国务院标准化行政主管部门批准立项，目前正在加快标准编制工作。\n今年3月23日，工信部发布了《低速电动车标准制定会议纪要》。根据其内容，预计最快将于8月份底发布制定完成四轮低速电动车新国标，纳入新车型管理。此次意见稿明确了四轮低速电动车将作为纯电动乘用车的一个子类，并命名为“微型低速纯电动乘用车”所以这一次公布的征求意见稿意味着低速电动车又再一次走向规范。在征求意见稿中微型低速纯电动乘用车主要定义与技术指标如下：\n一、座位数：不多于 4 座。\n二、尺寸要求：长度不大于 3500mm、宽度不大于 1500mm，高度不大于 1700mm。\n三、整备质量：不超过 750kg。\n四、车速：30 分钟最高车速大于等于 40 km/h 且小于 70 km/h。\n五、续驶里程：不小于 100km。\n六、电池能量密度：不低于 70Wh/kg。\n七、加速性能：0 km/h~30 km/h 加速时间不大于 10s。\n八、爬坡性能：通过 4% 坡度爬坡车速不小于 20 km/h，通过 12% 坡度的爬坡车速不小于 10 km/h。\n这样的性能数据和2017年流出的《四轮低速电动车——技术条件（草案）》如出一辙，无论是车身尺寸、电池性能还是安全稳定性，《征求意见稿》和《草案》大都相同，但也有不同之处。\n在安全性能方面，意见稿根据车辆低速化特点修改了制动速度和碰撞速度，但车辆的制动效能和碰撞后的要求没有降低。减少了原来动力蓄电池质量与整车整备质量的比值应不大于30%的规定，也就是说电池所占的重量能够更大。\n不仅如此，《征求意见稿》还增加了功率比以及低温起动性能的规定。微型低速纯电动乘用车采用电机峰值功率与整车整备质量之比计算的比功率值应不小于10kW/t且不大于20kW/t。而车辆在-20℃±1℃的试验环境温度下，浸车8 h后，应能正常起动、行驶。\n\n当见闻Auto就《征求意见稿》的推出采访河北御捷车业有限公司研究院常务副院长赵亚宁时，其表示“这个应该是一个大势所趋，也是为了更好的促进升级，保证安全。从产业发展来看，是一个更好的政策，可以让车企更加正规化。”\n业内人士也表示《征求意见稿》的推出不但形式上符合我国《道路交通安全法》以动力装置区分机动车和非机动车的基本原则，也更有利于从生产、销售和使用等环节将其全面纳入机动车管理体系，以达到保障公共安全的目的，低速电动车行业规范管理即将进入“快车道”。 毕竟，规范永远是进步。\n老年乐的春天还是冬天？\n近年来，中国低速电动车销量大幅增长，市场发展迅猛，在没有任何补贴的情况下，依靠市场需求,从2011年到2017年增长十倍以上。\n从地域来看，低速电动车主要分布于山东、河北、河南、江苏、安徽等地，销售区域集中在三、四线城市和城乡结合部，其中山东和河南是低速电动车产销大省。 2013年全国低速电动汽车销量约20万辆，2014年翻倍达到近40万辆，2015年，全国低速电动汽车销量增长50%多，逼近70万辆。到2018年全国低速电动车销量已接近140万辆。截至2019年底，全国低速电动汽车销量同比下滑8%左右，但保有量仍超过500万辆。\n2018年的下滑主要是由于国家对低速车的整改加上对政策预期的不明朗，全国低速车产销量增速减缓，主要省份也受到影响。其中，山东省由于政府对市场管理加强，全省低速电动车产销量出现大幅下降。 对于《征求意见稿》的推出，市场出现了不同的反应。\n“没什么影响的，我们的车在几年之前就已经预判了国标，并且做好了产品的研发。”赵亚宁表示。作为曾经的低速电动车的生产商，御捷汽车凭借和长城汽车的深度合作，从低速电动车转型，向更正常的纯电动车型发展。\n\n已经向正规车企转型的他们其实更想法规的颁布，因为法规一旦发布，必定将淘汰大部分的非国标企业，而目前处于产品矩阵低端的依旧是“作坊”类型的产品。 所以从实际销量上来看，微速电动车被列入电动车的行列，必将带来行业的规范，首先就是驾照考取的规范，驾驶人员年龄的规定，所以有利于道路交通的发展。 但要知道大量低速电动车就是因为不用考驾照才会购买，所以新规的实行也将大大提升低速电动车的驾驶门槛，销量的下滑是能够预期的。\n“路权问题好像还没有最终定论，现在叫微速电动车，是否完全享受路权还没有结论出来。预判会有部分限制。”赵亚宁表示。确实微电之所以和普通电动车产生区别就不会仅仅在产品端，更会在实际使用场景上做出区别，也就是说蔚来五菱宏光MINI EV有可能会被列为微速电动车。\n我国目前有超1.5万家企业名称或经营范围含“低速电动车、老年代步车”，且状态为在业、存续、迁入、迁出的低速电动车相关企业。其中，超8成的相关企业成立于5年以内。技术含量不高、没有规模效应是这些企业的常态。 虽然从短期来看，新政的实行必将对整个行业进行一次洗牌，但是从长远来看，规范后的市场销量会更加健康，对交通发展也会有极大的利好。\n乱象依旧存在\n在山东德州，有一个身份证就能够买一个上牌的低速电动车。\n“你只要给我一张身份证，我就能给你上牌。”博硕电动四轮代步车的代理商信誓旦旦，这辆长3600mm并且神似路虎的低速电动车是他们销售的“头牌”。一张中国人保财险的绿牌是这位代理商最大的底气。\n对于新规的颁布，他们显然并不担心。“我们这个就是给老人开的，只要不去市里，就没事的”“低速电动车发展了20多年，都说要出政策，到现在我们不仅能卖，还卖得更好了。所以没事的。” 虽说在很多人看来低速电动车是一个技术含量并不高的行业，但其不仅满足了众多农村消费者的出行需求，还使得众多中小企业走向了“转型升级”的道路，为它们开辟出全新的利润来源，走出了“荒野求生”的时代。\n不仅仅是纯电代步车，他们为了满足更长的续航里程，也在增程式低速电动车。“一些纯电动低速车在设计之初就已经预留好了汽油机增程器安装位置，只要消费者有需求，我们就能提供安装服务，仅需额外支付2000块钱左右就可以了。”一位低速电动车销售向记者表示。\n他们在升级、他们在为消费者最纯真的需求而进步，法规的颁布或将给他们带来更多的阻碍，但是在太阳照不到的地方，他们依旧能够找到自己的春天。 我们试图去理解这一在缝隙中野蛮生长的产业，去思考存在即合理的意义，去为其合法性唇枪舌剑，而低速电动车们却兀自地在街上、在桥下、在田野中找寻属于自己的春天。\n但这样的春天也一定要在法规的“庇护”下滋润那些渴望春风的人们，这很痛苦，这也必然。我们不知道法规的颁布能否真正从最深处改变行业，但我们确定的是行业一定会改变，而乱象则需要更多的法规和厂家去从法律和消费者端解决。","news_type":1,"symbols_score_info":{"601633":0.9}},"isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120580690,"gmtCreate":1624327758310,"gmtModify":1703833593936,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/120580690","repostId":"2145032694","repostType":4,"repost":{"id":"2145032694","kind":"news","pubTimestamp":1624327527,"share":"https://ttm.financial/m/news/2145032694?lang=en_US&edition=fundamental","pubTime":"2021-06-22 10:05","market":"hk","language":"zh","title":"\"Falling endlessly\" Haidilao: the market value evaporated by 250 billion Hong Kong dollars","url":"https://stock-news.laohu8.com/highlight/detail?id=2145032694","media":"财经新媒体","summary":"6月21日，“海底捞市值蒸发2400亿港元”登上热搜。继上周跌破2000亿港元市值之后，当日股价再度下跌5%，报收37.50港元/股，最新市值1987.5亿港元。\n\n而4个月前，海底捞（06862.H","content":"<p>On June 21, \"Haidilao's market value evaporated by 240 billion Hong Kong dollars\" appeared on the hot search. After falling below the market value of HK $200 billion last week, the stock price fell again by 5% that day to close at HK $37.50 per share, with the latest market value of HK $198.75 billion.</p><p><img src=\"https://static.tigerbbs.com/fcb853e1bfccfeae8e4af572c4b43ef4\" tg-width=\"840\" tg-height=\"470\"></p><p>Four months ago, Haidilao (06862. HK) was still prosperous. On February 26, its stock price soared to HK $85.68, and its total market value once exceeded HK $450 billion. Compared with the highest point, Haidilao's market value has fallen by HK $250 billion.</p><p>Then the question is, how can the market value of this \"first hot pot stock\", which was originally steaming like hot pot, \"fall endlessly\"? Is this the \"cruelty\" of capital or the \"thoughtlessness\" of eating food, or has it reached an unescapable turning point of fate?</p><p>In fact, a few years ago, there were opinions that Haidilao's valuation was too high, and topics such as \"how long can Haidilao's high valuation last?\" Have also continued to pop up. Some people are optimistic, some are bad, and some are waiting and watching.</p><p>An economic analyst in the securities industry told Caijing New Media that there is no fairy tale in the capital market. Even Cinderella in a pumpkin cart will always usher in 12 o'clock in the evening when she shows her true color. \"A company's inflated valuation will return.\"</p><p>Song Xiangqian, president of Canada Capital, who pays attention to the food and beverage industry, pointed out to the new media of Caijing that due to factors such as the scarcity of supply, the market has given Haidilao a lot of room for valuation. After multiple rounds of market games, Haidilao has gone through a process of equilibrium value return, which is also a normal growth path for a company.</p><p>As a prestigious catering giant, Haidilao's story is exciting enough. Its mark in the catering arena is not only the myth of the founder and his wife's \"richest man in Singapore\", not only the confident \"you can't learn Haidilao\", not only the steady stream of loyal fans like a snowball, but also the moat gradually built-Haidilao is the first enterprise in China's traditional catering industry to complete the construction of the entire industrial chain.</p><p>In terms of brand potential, Haidilao is still the same Haidilao. However, in terms of performance growth, Haidilao has shown signs of fatigue.</p><p>An investor who pays attention to the catering industry pointed out in an interview with Caijing New Media that investment will eventually return to its original, that is, to look at corporate performance. The decline in performance is the main reason for the shrinking market value of Haidilao.</p><p>Combing the financial data from 2017 to 2020, it is found that the net profit of a single store of Haidilao Restaurant dropped from 4.374 million yuan to 239,000 yuan, and the net profit rate of a single store dropped from 11.22% to 1.08%. From 2017 to 2019, its single-store net profit and net profit margin declined for three consecutive years.</p><p>Under the impact of the epidemic, 2020 is even worse. Haidilao's annual revenue was 28.61 billion yuan, a year-on-year increase of 7.8%, and its net profit was 309.3 million yuan, a year-on-year decrease of 86.8%. Haidilao bluntly stated in its annual report that \"the outbreak of COVID-19 pandemic has restricted people's consumption activities\" is one of the reasons for the decline in its net profit.</p><p>Judging from the turnover rate of key indicators, Haidilao also suffered \"three consecutive declines\". From 2018 to 2020, the turnover rates of Haidilao were 5 times/day, 4.8 times/day, and 3.5 times/day respectively. The decreasing turnover rate year by year reflects that Haidilao is falling into profit anxiety.</p><p>Negative news has also eroded the good reputation accumulated by Haidilao over the years. In 2020 alone, Haidilao was frequently searched due to price increases, food safety and other issues. In April last year, Haidilao increased the price of dishes by 10% when the epidemic was initially under control and catering consumption recovered. Many consumers quickly set off a \"boycott wave\" on the Internet against Haidilao's price increase, and this storm ended with Haidilao's official public apology.</p><p>From quietly increasing prices to netizens' crusade, to being on the hot search, to publicly apologizing and restoring the original price, Haidilao at that time experienced an embarrassing \"4-day tour with price increase\".</p><p>Profitability is poor and price increases are blocked. In order to maintain the capital chain, Haidilao raises funds through bond issuance. In January 2021, Haidilao issued US $600 million of 2.150% notes due in 2026 for corporate operations.</p><p>An epidemic has caused Haidilao to be re-examined. This catering giant, which has been running wildly and expanding all the way, has reached an inflection point of fate, and its future is filled with dangerous atmosphere: not only is its performance under pressure, but the hot pot track has already staged encirclement and suppression competition.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>, Banu Hotpot, Donglaishun, etc. are working hard to grab traffic.</p><p>For Haidilao, the shrinking market value may just be the beginning.</p>","source":"lsy1624327499997","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>\"Falling endlessly\" Haidilao: the market value evaporated by 250 billion Hong Kong dollars</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\"Falling endlessly\" Haidilao: the market value evaporated by 250 billion Hong Kong dollars\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财经新媒体</strong><span class=\"h-time small\">2021-06-22 10:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On June 21, \"Haidilao's market value evaporated by 240 billion Hong Kong dollars\" appeared on the hot search. After falling below the market value of HK $200 billion last week, the stock price fell again by 5% that day to close at HK $37.50 per share, with the latest market value of HK $198.75 billion.</p><p><img src=\"https://static.tigerbbs.com/fcb853e1bfccfeae8e4af572c4b43ef4\" tg-width=\"840\" tg-height=\"470\"></p><p>Four months ago, Haidilao (06862. HK) was still prosperous. On February 26, its stock price soared to HK $85.68, and its total market value once exceeded HK $450 billion. Compared with the highest point, Haidilao's market value has fallen by HK $250 billion.</p><p>Then the question is, how can the market value of this \"first hot pot stock\", which was originally steaming like hot pot, \"fall endlessly\"? Is this the \"cruelty\" of capital or the \"thoughtlessness\" of eating food, or has it reached an unescapable turning point of fate?</p><p>In fact, a few years ago, there were opinions that Haidilao's valuation was too high, and topics such as \"how long can Haidilao's high valuation last?\" Have also continued to pop up. Some people are optimistic, some are bad, and some are waiting and watching.</p><p>An economic analyst in the securities industry told Caijing New Media that there is no fairy tale in the capital market. Even Cinderella in a pumpkin cart will always usher in 12 o'clock in the evening when she shows her true color. \"A company's inflated valuation will return.\"</p><p>Song Xiangqian, president of Canada Capital, who pays attention to the food and beverage industry, pointed out to the new media of Caijing that due to factors such as the scarcity of supply, the market has given Haidilao a lot of room for valuation. After multiple rounds of market games, Haidilao has gone through a process of equilibrium value return, which is also a normal growth path for a company.</p><p>As a prestigious catering giant, Haidilao's story is exciting enough. Its mark in the catering arena is not only the myth of the founder and his wife's \"richest man in Singapore\", not only the confident \"you can't learn Haidilao\", not only the steady stream of loyal fans like a snowball, but also the moat gradually built-Haidilao is the first enterprise in China's traditional catering industry to complete the construction of the entire industrial chain.</p><p>In terms of brand potential, Haidilao is still the same Haidilao. However, in terms of performance growth, Haidilao has shown signs of fatigue.</p><p>An investor who pays attention to the catering industry pointed out in an interview with Caijing New Media that investment will eventually return to its original, that is, to look at corporate performance. The decline in performance is the main reason for the shrinking market value of Haidilao.</p><p>Combing the financial data from 2017 to 2020, it is found that the net profit of a single store of Haidilao Restaurant dropped from 4.374 million yuan to 239,000 yuan, and the net profit rate of a single store dropped from 11.22% to 1.08%. From 2017 to 2019, its single-store net profit and net profit margin declined for three consecutive years.</p><p>Under the impact of the epidemic, 2020 is even worse. Haidilao's annual revenue was 28.61 billion yuan, a year-on-year increase of 7.8%, and its net profit was 309.3 million yuan, a year-on-year decrease of 86.8%. Haidilao bluntly stated in its annual report that \"the outbreak of COVID-19 pandemic has restricted people's consumption activities\" is one of the reasons for the decline in its net profit.</p><p>Judging from the turnover rate of key indicators, Haidilao also suffered \"three consecutive declines\". From 2018 to 2020, the turnover rates of Haidilao were 5 times/day, 4.8 times/day, and 3.5 times/day respectively. The decreasing turnover rate year by year reflects that Haidilao is falling into profit anxiety.</p><p>Negative news has also eroded the good reputation accumulated by Haidilao over the years. In 2020 alone, Haidilao was frequently searched due to price increases, food safety and other issues. In April last year, Haidilao increased the price of dishes by 10% when the epidemic was initially under control and catering consumption recovered. Many consumers quickly set off a \"boycott wave\" on the Internet against Haidilao's price increase, and this storm ended with Haidilao's official public apology.</p><p>From quietly increasing prices to netizens' crusade, to being on the hot search, to publicly apologizing and restoring the original price, Haidilao at that time experienced an embarrassing \"4-day tour with price increase\".</p><p>Profitability is poor and price increases are blocked. In order to maintain the capital chain, Haidilao raises funds through bond issuance. In January 2021, Haidilao issued US $600 million of 2.150% notes due in 2026 for corporate operations.</p><p>An epidemic has caused Haidilao to be re-examined. This catering giant, which has been running wildly and expanding all the way, has reached an inflection point of fate, and its future is filled with dangerous atmosphere: not only is its performance under pressure, but the hot pot track has already staged encirclement and suppression competition.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>, Banu Hotpot, Donglaishun, etc. are working hard to grab traffic.</p><p>For Haidilao, the shrinking market value may just be the beginning.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021062209241679c92278&s=b\">财经新媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/90749862320f66443f8cd563f6aa95f9","relate_stocks":{"06862":"海底捞"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021062209241679c92278&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145032694","content_text":"6月21日，“海底捞市值蒸发2400亿港元”登上热搜。继上周跌破2000亿港元市值之后，当日股价再度下跌5%，报收37.50港元/股，最新市值1987.5亿港元。\n\n而4个月前，海底捞（06862.HK）还风光无限，2月26日的股价飙至85.68港元，总市值一度突破4500亿港元。相较最高点，海底捞市值已跌去2500亿港元。\n那么问题来了，这支原本像火锅一样热气腾腾的“火锅第一股”，市值怎么就“跌跌不休”呢？这究竟是资本的“残酷”还是吃货的“薄情”，抑或是其自身走到了无法逃避的命运拐点？\n事实上，早几年就有观点直言海底捞估值过高，“海底捞的高估值还能维持多久”这类话题也不断涌出，有人看好，有人唱衰，有人观望。\n某证券行业经济分析师向《财经》新媒体表示，资本市场没有童话。即便是乘坐南瓜车的灰姑娘，总会迎来现出原形的晚12点。“一家企业虚高的估值，会回归。”\n关注食饮行业的加华资本总裁宋向前向《财经》新媒体指出，原来由于供给的稀缺性等因素，市场给了海底捞估值方面很大的空间。在市场多轮博弈之后，海底捞历经一个均衡价值回归的过程，这也是一家企业正常的成长之路。\n作为久负盛名的餐饮巨头，海底捞的故事足够精彩。其在餐饮江湖打下的印记，不止是成就了创始人夫妇的“新加坡首富”神话，不止是那句底气十足的“海底捞你学不会”，不止是像滚雪球一样吸附源源不断的忠实拥趸，还有那逐步构筑的护城河——海底捞是中国传统餐饮行业第一个完成全产业链建设的企业。\n在品牌势能上，海底捞依然是那个海底捞。但在业绩增长上，海底捞已疲态尽显。\n一位关注餐饮行业的投资人接受《财经》新媒体采访时指出，投资最终会回归到本原，那就是看企业业绩。业绩下降是海底捞市值缩水的主要原因。\n梳理2017年至2020年财务数据发现，海底捞餐厅单店净利润从437.4万元降至23.9万元，单店净利率从11.22%降至1.08%。2017年至2019年，其单店净利润和净利率连续三年下滑。\n疫情冲击下的2020年更是雪上加霜，海底捞全年营收286.1亿元，同比增长7.8%，净利润3.093亿元，同比下降86.8%。海底捞在年报中直言，“新冠疫情的暴发对人们消费活动的限制”是其净利润下滑原因之一。\n从关键指标翻台率来看，海底捞也遭遇“三连降”。2018年至2020年，海底捞翻台率分别为5次/天、4.8次/天、3.5次/天。逐年降低的翻台率，侧面反映出海底捞正陷入盈利焦虑。\n负面消息也侵蚀着海底捞多年积累的好口碑。仅2020年，海底捞就因涨价、食品安全等问题频上热搜。去年4月，海底捞在疫情初步得到控制、餐饮消费复苏的节点，将菜品价格提升10%。诸多消费者迅速在网络端掀起一场针对海底捞涨价的“抵制潮”，这场风波最终以海底捞官方公开道歉收场。\n从悄然涨价到网友讨伐，到登上热搜，再到公开道歉、恢复原价，彼时的海底捞，经历了让人唏嘘的“涨价4天游”。\n盈利不佳，涨价受阻，为守住资金链，海底捞通过发债融资。2021年1月，海底捞发行6亿美元于2026年到期的2.150%票据，用于企业经营。\n一场疫情，让海底捞被重新审视。这家一路狂奔、扩张的餐饮巨头，已然走到了命运的拐点，前途弥漫着危险的气息：不止是业绩承压，火锅赛道已然上演围剿式竞争，呷哺呷哺、巴奴火锅、东来顺等铆足了劲儿抢流量。\n对于海底捞而言，市值缩水或许只是刚刚开始。","news_type":1,"symbols_score_info":{"06862":0.9}},"isVote":1,"tweetType":1,"viewCount":871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167723707,"gmtCreate":1624285458709,"gmtModify":1703832511039,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167723707","repostId":"1175702656","repostType":4,"isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167723374,"gmtCreate":1624285438898,"gmtModify":1703832509565,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167723374","repostId":"1195452837","repostType":4,"repost":{"id":"1195452837","kind":"news","pubTimestamp":1624284638,"share":"https://ttm.financial/m/news/1195452837?lang=en_US&edition=fundamental","pubTime":"2021-06-21 22:10","market":"us","language":"zh","title":"51job opens sharply higher and will be taken private at $79.05 per share","url":"https://stock-news.laohu8.com/highlight/detail?id=1195452837","media":"澎湃新闻","summary":"收购财团包括德弘资本、鸥翎投资、前程无忧CEO甄荣辉。","content":"<p><div>On Monday, 51job opened higher, rising more than 3% as of press time. On June 21st, 51job, a recruitment website, announced that the company would be acquired by a consortium of investors at a price of $79.05 per ADS (American Depositary Receipt). Based on this calculation, the company's equity value is approximately $5.7 billion. The price of $79.05 represents a 28.89% premium to the closing price of the last trading day (May 3) before the company received the updated private proposal. The acquisition consortium includes DCP, Ocean Link Partners Limited,...</p><p><a href=\"https://www.thepaper.cn/newsDetail_forward_13238629\">Web link</a></div></p>","source":"pengpai_highlight","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>51job opens sharply higher and will be taken private at $79.05 per share</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\">\n51job opens sharply higher and will be taken private at $79.05 per share\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">澎湃新闻</strong><span class=\"h-time small\">2021-06-21 22:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>On Monday, 51job opened higher, rising more than 3% as of press time. On June 21st, 51job, a recruitment website, announced that the company would be acquired by a consortium of investors at a price of $79.05 per ADS (American Depositary Receipt). Based on this calculation, the company's equity value is approximately $5.7 billion. The price of $79.05 represents a 28.89% premium to the closing price of the last trading day (May 3) before the company received the updated private proposal. The acquisition consortium includes DCP, Ocean Link Partners Limited,...</p><p><a href=\"https://www.thepaper.cn/newsDetail_forward_13238629\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.thepaper.cn/newsDetail_forward_13238629\">澎湃新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/46494ff0a967fd1461f0d4b570a39e77","relate_stocks":{"JOBS":"前程无忧"},"source_url":"https://www.thepaper.cn/newsDetail_forward_13238629","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195452837","content_text":"周一，前程无忧高开，截至发稿涨超3%。\n\n6月21日，招聘网站前程无忧宣布，公司将以每ADS（美国存托凭证）79.05美元的价格，被一个投资者财团收购。以此计算，公司的股权价值约为57亿美元。\n79.05美元的价格，较公司收到更新后私有化提案前最后一个交易日（5月3日）的收盘价溢价28.89%。\n收购财团包括德弘资本（DCP）、鸥翎投资（Ocean Link Partners Limited）、前程无忧CEO甄荣辉（Rick Yan）。公司最大股东Recruit Holdings Co., Ltd.也参与了交易。\n上述消息宣布后，前程无忧21日晚美股开盘涨逾4%。\n交易完成后，前程无忧将成为一家私人控股公司，其美国存托凭证将不再在纳斯达克全球精选市场交易。合并预计在2021年下半年完成。\n前程无忧官网资料称，前程无忧成立于1998年，是中国领先的综合人力资源服务提供商，公司的主要在线招聘平台（.51job.com、yingjiesheng.com、lagou.com和51mdd.com）以及移动应用程序，每天都会为数百万的人们提供就业机会。51job还提供许多其他增值的HR服务，包括业务流程外包，培训，专业评估，校园招聘，高管搜寻和薪酬分析。51job在武汉设有呼叫中心，并在全国25个城市设有销售和服务网点。\n前程无忧2020年年报显示，该公司去年营业收入为36.89亿元，同比减少7.8%，净利润为10.97亿元。2019年同期为5.323亿元。\n此次牵头收购前程无忧的德弘资本，其官网资料称，德弘资本是一家专注于亚洲市场的国际性私募股权投资机构，核心团队曾领导了KKR及摩根士丹利在亚洲的私募股权投资业务，并创造了跨越多个周期的长期优异投资回报。鸥翎投资Ocean Link是一家专注于中国消费、旅行与互联网产业的私募股权投资公司。前程无忧最大股东公司Recruit Holdings Co., Ltd，为日本人力资源服务公司瑞可利。\n前程无忧在2018年股价窜上100美元后，便震荡滑落，今年私有化风声放出后有所攀升，目前前程无忧的市值约50.34亿美元。作为对比，前阵子刚刚在美上市的BOSS直聘（NASDAQ:BZ），市值达151.98亿美元。","news_type":1,"symbols_score_info":{"JOBS":0.9}},"isVote":1,"tweetType":1,"viewCount":841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167465912,"gmtCreate":1624282708536,"gmtModify":1703832359934,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167465912","repostId":"1175702656","repostType":4,"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167462829,"gmtCreate":1624282693861,"gmtModify":1703832359111,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581557349980222","authorIdStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167462829","repostId":"1167576320","repostType":4,"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":377977320,"gmtCreate":1619493267060,"gmtModify":1704724866447,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/377977320","repostId":"1172759945","repostType":4,"repost":{"id":"1172759945","kind":"news","pubTimestamp":1619492885,"share":"https://ttm.financial/m/news/1172759945?lang=en_US&edition=fundamental","pubTime":"2021-04-27 11:08","market":"hk","language":"zh","title":"The Secondary Anxiety of Tencent Games","url":"https://stock-news.laohu8.com/highlight/detail?id=1172759945","media":"竞核","summary":"“米哈游《崩坏3》兔女郎事件。”\n“腾讯投资《少女前线》开发商散爆网络。”\n这或许就是近段时间，国内二次元游戏领域发生的两件大事了。前者，更多反映的是二次元游戏独特品类，以及二次元玩家特有文化；后者，","content":"<p>\"MiHoYo's\" Honkai 3 \"Bunny Girl Incident.\"</p><p>“<a href=\"https://laohu8.com/S/00700\">Tencent</a>Invest in the developer of \"Girls' Frontline\" and explode the network. \"</p><p>These may be the two major events that have happened in the field of domestic secondary games recently. The former more reflects the unique category of secondary games and the unique culture of secondary players; The latter focuses on the layout of the two-dimensional game track by major manufacturers through capital means.</p><p>In order to avoid unnecessary troubles, this article won't talk about the \"Bunny Girl Incident\". Friends who want to eat melons can search for it by themselves.</p><p>On April 22, Yuzhong (Huang Chong), CEO of Sanbao Network, the developer of \"Girls' Frontline\" (abbreviation: Shaoqian), issued an internal letter stating that Sanbao and<a href=\"https://laohu8.com/S/00700\">Tencent</a>Formally reached strategic cooperation. After Tencent joins, Sanbao will continue to maintain the mode of 100% independent development and operation and independent enterprise operation, and will further concentrate resources on the highest quality game innovation and production.</p><p>According to the industrial and commercial information, Shanghai Sanbang Network has undergone industrial and commercial changes, and a new shareholder, Guangxi Tencent Venture Capital Co., Ltd., holds 20% of the shares. After the transaction was completed, Tencent became the third largest shareholder of Shanghai Sanbang.<img src=\"https://static.tigerbbs.com/fb1aa999340dbf367d51f8e5b302e90e\" tg-width=\"1399\" tg-height=\"316\" referrerpolicy=\"no-referrer\">In fact, whether it is investment or self-research, it is nothing new for Tencent to enter the field of two-dimensional games. For example, in 2016, Tencent invested in \"Idol Dream Festival\" to develop business music elements; In March 2021, Tencent's self-developed two-dimensional mobile game \"White Night\"<a href=\"https://laohu8.com/S/JG\">Aurora</a>\"Has received enthusiastic attention from both inside and outside the industry.</p><p>However, Tencent's ability to invest in the Sanbao network still surprised many people. After all, there are only a handful of manufacturers like Sanbao who have successful core-oriented two-dimensional game research and development experience and are well-known in the industry.</p><p><b>In addition, some media reported that Tencent's valuation of the scattered network was as high as several billion yuan, exceeding the secondary team invested by Tencent before. At the same time, according to the speculation of \"Domestic Two-dimensional Mobile Game Observation\", the UP owner of the two-dimensional game industry, Tencent's investment in Shangsanbang Network may be as much as 400 million.</b></p><p>As soon as the above news came out, there was quite a storm in the secondary game circle.</p><p>Who is the scattering network? Why did its \"Girls' Frontline\" win the favor of Tencent? What is Tencent's intention for the layout of the two-dimensional track? Today, let's have a brief chat.</p><p>Sanbao Network was established in 2015. Its predecessor was the fan game club Mica Group, and its founder was Huang Chong (Yuzhong).</p><p>The company's well-known product \"Girls' Frontline\" is a two-dimensional style chess strategy (gun girl cultivation) mobile game. Since the game landed in the domestic market in 2016, it has maintained a score of more than 8 points on game platforms such as Bilibili, TapTap, and Haoyou Kuaibao, and has a relatively stable turnover and user base.<img src=\"https://static.tigerbbs.com/369bfc723c077b4a8608f8e46869c51a\" tg-width=\"1400\" tg-height=\"790\" referrerpolicy=\"no-referrer\">At the same time, the overseas market performance of \"Girls' Frontline\" is also quite successful, and it once won the TOP1 position in the Korean iOS best-selling list.</p><p>In the circle of secondary mobile games, \"Girls' Frontline\" is nicknamed the backbone of \"secondary\" by the majority of players. To some extent, this unwritten statement also reflects that Shaoqian enjoys a high reputation and status in the secondary mobile game market.</p><p>From the perspective of product design, \"Girls' Frontline\" focuses on \"cultivating gun girls\" and \"battle flag strategy\". With excellent gameplay + quality, this game has gained a group of loyal fans in the secondary circle, and has a stable and objective business flow for a long time.</p><p><b>According to the data of \"Domestic Two-dimensional Mobile Game Observation\", the turnover of \"Girls' Frontline\" in 2020 will reach 350 million yuan. As a two-dimensional game that has been online for nearly five years, it is really valuable to still have this achievement.</b><img src=\"https://static.tigerbbs.com/c2871469dfc94b8a1c8078ca1953239c\" tg-width=\"1400\" tg-height=\"683\" referrerpolicy=\"no-referrer\">It is worth mentioning that the development of Girl Frontline doesn't stop at the game itself. Thanks to the strength of the loyal fan base, \"Girls' Frontline\" enjoys a lot of fame on bilibili, and has a large number of secondary creation content on related themes.</p><p>On bilibili, the player's spontaneous creation content searched with the keyword \"Girls' Frontline\" includes game strategies, plot explanations, cosplay, micromovies, and handwritten animations. For example, the \"Girls' Frontline Mengxin Raiders\" produced by UP master \"Destiny Movement\" has 770,000 hits on bilibili, and the \"Girls' Frontline Short Animation\" produced by UP master \"0 Ah Bao 0\" has 480,000 hits...<img src=\"https://static.tigerbbs.com/755ef5cee48172ac761e07d4be3c8184\" tg-width=\"1400\" tg-height=\"1007\" referrerpolicy=\"no-referrer\">These secondary creative contents not only contribute to the ecology of Girls' Frontline game community, but also further expand Shaoqian's influence in the entire secondary game circle, and also provide nourishment for the IP growth of Girls' Frontline.</p><p><b>All along, the scattering network has attached great importance to the sustainable development of IP of Girls' Frontline.</b></p><p>Around this IP, the production team launched a series of dramas \"Girls' Frontline Humanoid Theater\" and \"Girls' Frontline\" series of comics. In addition, the animated version of Girls' Frontline is also being produced.<img src=\"https://static.tigerbbs.com/772af265107c99a55d010ec871103aa8\" tg-width=\"1399\" tg-height=\"930\" referrerpolicy=\"no-referrer\">What needs to be mentioned is that these creations born out of products have received great support from fans. For example, \"Girls' Frontline Humanoid Small Theater\" has a chase volume of 72w at bilibili, even exceeding a considerable number of anime dramas.</p><p>Returning to the game level, Sanbang Network takes the IP of \"Girls' Frontline\" as the backbone, and has derived multiple game branches. At the press conference for the fourth anniversary of Shaoqian in 2020, the official announced 4 new Shaoqian IP games.</p><p>\"Shao Qian 2: Chasing and Releasing\" continues the main world outlook of \"Girls' Frontline\", takes American war chess as the core gameplay, and matches the collection and cultivation mode of girls' tactical humanoid; \"Shaoqian: Cloud Map Project\", based on the prequel world view of \"Girls' Frontline\", integrates auto chess + Roguelite gameplay.<img src=\"https://static.tigerbbs.com/7836b0f533de2b13b548f2358462d47a\" tg-width=\"1398\" tg-height=\"786\" referrerpolicy=\"no-referrer\">In addition, it also includes the pixel-wind action puzzle RPG \"Shaoqian: Treacherous Realm\" and the strategy war board game \"Reverse Collapse: Bakery Action\".</p><p><b>It is true that \"Girls' Frontline\" is growing from a single product to a huge two-dimensional game IP, and a self-recycling brand ecosystem has been built around games, animations, comics and other fields.</b></p><p>This may also be one of the key factors for Tencent to spare no expense to bet on the explosion.</p><p>As mentioned earlier, Tencent's layout of the two-dimensional game track is no longer \"news\".</p><p>The difference is that Tencent's early actions in the two-dimensional market focused more on \"manga\" products, such as the \"Naruto\" mobile game, the \"Saint Seiya\" mobile game, and the \"Fox Demon Little Matchmaker\" mobile game.<img src=\"https://static.tigerbbs.com/a61f4d5e6836d9c366bb942e733bcfa9\" tg-width=\"1400\" tg-height=\"933\" referrerpolicy=\"no-referrer\"><b>However, in fact, such products are difficult to be favored in the core two-dimensional circle, and they are not even called \"two-dimensional games\", but are more classified into the category of \"comic games\" or \"pan-two-dimensional games\".</b></p><p>It is worth mentioning that such products also have certain common characteristics, that is, they are often adapted from big animation IP owned by Tencent or introduced overseas. With the influence of animation IP, the product can quickly acquire a certain player base, and explode into high turnover in a short time at the beginning of its launch.</p><p>However, there are often many restrictions on changing games.</p><p>For example, while benefiting from the drainage of animation fans, manga games also have to accept harsh tests from these users. In addition, the manga IP bears the customer acquisition cost of fan customers to a certain extent.</p><p>Under the dual pressure of fans and KPIs, the design of manga games also tends to be conservative, and they dare not pursue too much innovation in gameplay, art, character design, etc.</p><p><b>It should be pointed out that the core players of \"Mangai Mobile Games\" are not exactly the same as the core users of \"Two-dimensional Games\". The former pays attention to the restoration degree of the original character and the gameplay; The latter is more concerned about the characteristics of the character itself, preferring to \"sell his wife\", \"sell his husband\" and \"sell his character\".</b><img src=\"https://static.tigerbbs.com/99211ec1e198324a66e4bfd5190dbb8e\" tg-width=\"1400\" tg-height=\"1165\" referrerpolicy=\"no-referrer\">In other words, Tencent actively deployed comic games in the early days, but it did not really penetrate into the core circle of the second dimension. What is impossible is that during the rising period of the two-dimensional market, the manga game has brought certain dividends to Tencent, but the real core two-dimensional user Tencent lacks confidence.</p><p>For example, Tencent seems to have passed by Eagle Corner Network's \"Arknights\" in 2019 and MiHoYo's \"Genshin Impact\" in 2020. However, these two representative secondary products have achieved great success.</p><p>\"Arknights\" had a turnover of nearly 600 million in the first month, and various captains, commanders and admirals turned into \"swordsman towers\" one after another, confirming the potential of the two-dimensional track to the market. \"Genshin Impact\" even earned 5 billion turnover in the first month and became a phenomenal product, which made the entire game market begin to re-examine the \"second-dimensional\" track and enhanced the confidence of second-dimensional practitioners.<img src=\"https://static.tigerbbs.com/8c65843043751d71d9549c170b93e458\" tg-width=\"1399\" tg-height=\"787\" referrerpolicy=\"no-referrer\"><b>On the other hand, on Tencent's side, there are not many two-dimensional games that are selling and popular, which has undoubtedly become a major anxiety for Tencent. This may also be one of the important reasons why Tencent has made frequent moves in the two-dimensional market since entering 2021.</b></p><p>According to the incomplete statistics of Jinghe, as of April 26th, Tencent has invested in a total of 8 two-dimensional game research and development companies this year, and most of these 8 investments hold 20% of the shares.<img src=\"https://static.tigerbbs.com/483b57a6f7dfdd13e3ed2980f2217c42\" tg-width=\"1399\" tg-height=\"460\" referrerpolicy=\"no-referrer\">Among them, \"Food Contract\" developed by Fantang Network is a gourmet mobile game. The game has been recognized by many two-dimensional users for its fresh Japanese style and top seiyuu, with a TapTap score of 7.6 and a Bilibili score of 8.1. This is a niche work with excellent reputation in the secondary circle.</p><p>In addition, the Daofeng two-dimensional action mobile game \"Above Qimen\" developed by the IndieLeague independent team (also known as the Independent Developer Alliance) has nearly 300,000 reservations on the TapTap platform, and its score is as high as 9.2.</p><p>What needs to be pointed out is that while investing abroad, Tencent is also beginning to gradually incubate two-dimensional game IP.</p><p>For example, the chess mobile game \"White Night\"<a href=\"https://laohu8.com/S/JG\">Aurora</a>\"(under development), female mobile games\" Love of Light and Night \",\" Walnut Diary \", etc., are all a series of attempts by Tencent in the two-dimensional mobile game track.</p><p>This time, Tencent has increased its holdings in the \"backbone force\" in the field of two-dimensional mobile games, although it cannot be said that Tencent has established itself on the two-dimensional game track. To be sure, this can push Tencent further on the second-dimensional track to a large extent.</p><p>As far as Sanbao Network is concerned, the company has sufficient cash flow with the blessing of Tencent, and naturally it has more confidence to put forward longer-term plans for the development of Shaoqian IP<b>。</b></p>","source":"hungrydou","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 Secondary Anxiety of Tencent Games</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 Secondary Anxiety of Tencent Games\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">竞核</strong><span class=\"h-time small\">2021-04-27 11:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"MiHoYo's\" Honkai 3 \"Bunny Girl Incident.\"</p><p>“<a href=\"https://laohu8.com/S/00700\">Tencent</a>Invest in the developer of \"Girls' Frontline\" and explode the network. \"</p><p>These may be the two major events that have happened in the field of domestic secondary games recently. The former more reflects the unique category of secondary games and the unique culture of secondary players; The latter focuses on the layout of the two-dimensional game track by major manufacturers through capital means.</p><p>In order to avoid unnecessary troubles, this article won't talk about the \"Bunny Girl Incident\". Friends who want to eat melons can search for it by themselves.</p><p>On April 22, Yuzhong (Huang Chong), CEO of Sanbao Network, the developer of \"Girls' Frontline\" (abbreviation: Shaoqian), issued an internal letter stating that Sanbao and<a href=\"https://laohu8.com/S/00700\">Tencent</a>Formally reached strategic cooperation. After Tencent joins, Sanbao will continue to maintain the mode of 100% independent development and operation and independent enterprise operation, and will further concentrate resources on the highest quality game innovation and production.</p><p>According to the industrial and commercial information, Shanghai Sanbang Network has undergone industrial and commercial changes, and a new shareholder, Guangxi Tencent Venture Capital Co., Ltd., holds 20% of the shares. After the transaction was completed, Tencent became the third largest shareholder of Shanghai Sanbang.<img src=\"https://static.tigerbbs.com/fb1aa999340dbf367d51f8e5b302e90e\" tg-width=\"1399\" tg-height=\"316\" referrerpolicy=\"no-referrer\">In fact, whether it is investment or self-research, it is nothing new for Tencent to enter the field of two-dimensional games. For example, in 2016, Tencent invested in \"Idol Dream Festival\" to develop business music elements; In March 2021, Tencent's self-developed two-dimensional mobile game \"White Night\"<a href=\"https://laohu8.com/S/JG\">Aurora</a>\"Has received enthusiastic attention from both inside and outside the industry.</p><p>However, Tencent's ability to invest in the Sanbao network still surprised many people. After all, there are only a handful of manufacturers like Sanbao who have successful core-oriented two-dimensional game research and development experience and are well-known in the industry.</p><p><b>In addition, some media reported that Tencent's valuation of the scattered network was as high as several billion yuan, exceeding the secondary team invested by Tencent before. At the same time, according to the speculation of \"Domestic Two-dimensional Mobile Game Observation\", the UP owner of the two-dimensional game industry, Tencent's investment in Shangsanbang Network may be as much as 400 million.</b></p><p>As soon as the above news came out, there was quite a storm in the secondary game circle.</p><p>Who is the scattering network? Why did its \"Girls' Frontline\" win the favor of Tencent? What is Tencent's intention for the layout of the two-dimensional track? Today, let's have a brief chat.</p><p>Sanbao Network was established in 2015. Its predecessor was the fan game club Mica Group, and its founder was Huang Chong (Yuzhong).</p><p>The company's well-known product \"Girls' Frontline\" is a two-dimensional style chess strategy (gun girl cultivation) mobile game. Since the game landed in the domestic market in 2016, it has maintained a score of more than 8 points on game platforms such as Bilibili, TapTap, and Haoyou Kuaibao, and has a relatively stable turnover and user base.<img src=\"https://static.tigerbbs.com/369bfc723c077b4a8608f8e46869c51a\" tg-width=\"1400\" tg-height=\"790\" referrerpolicy=\"no-referrer\">At the same time, the overseas market performance of \"Girls' Frontline\" is also quite successful, and it once won the TOP1 position in the Korean iOS best-selling list.</p><p>In the circle of secondary mobile games, \"Girls' Frontline\" is nicknamed the backbone of \"secondary\" by the majority of players. To some extent, this unwritten statement also reflects that Shaoqian enjoys a high reputation and status in the secondary mobile game market.</p><p>From the perspective of product design, \"Girls' Frontline\" focuses on \"cultivating gun girls\" and \"battle flag strategy\". With excellent gameplay + quality, this game has gained a group of loyal fans in the secondary circle, and has a stable and objective business flow for a long time.</p><p><b>According to the data of \"Domestic Two-dimensional Mobile Game Observation\", the turnover of \"Girls' Frontline\" in 2020 will reach 350 million yuan. As a two-dimensional game that has been online for nearly five years, it is really valuable to still have this achievement.</b><img src=\"https://static.tigerbbs.com/c2871469dfc94b8a1c8078ca1953239c\" tg-width=\"1400\" tg-height=\"683\" referrerpolicy=\"no-referrer\">It is worth mentioning that the development of Girl Frontline doesn't stop at the game itself. Thanks to the strength of the loyal fan base, \"Girls' Frontline\" enjoys a lot of fame on bilibili, and has a large number of secondary creation content on related themes.</p><p>On bilibili, the player's spontaneous creation content searched with the keyword \"Girls' Frontline\" includes game strategies, plot explanations, cosplay, micromovies, and handwritten animations. For example, the \"Girls' Frontline Mengxin Raiders\" produced by UP master \"Destiny Movement\" has 770,000 hits on bilibili, and the \"Girls' Frontline Short Animation\" produced by UP master \"0 Ah Bao 0\" has 480,000 hits...<img src=\"https://static.tigerbbs.com/755ef5cee48172ac761e07d4be3c8184\" tg-width=\"1400\" tg-height=\"1007\" referrerpolicy=\"no-referrer\">These secondary creative contents not only contribute to the ecology of Girls' Frontline game community, but also further expand Shaoqian's influence in the entire secondary game circle, and also provide nourishment for the IP growth of Girls' Frontline.</p><p><b>All along, the scattering network has attached great importance to the sustainable development of IP of Girls' Frontline.</b></p><p>Around this IP, the production team launched a series of dramas \"Girls' Frontline Humanoid Theater\" and \"Girls' Frontline\" series of comics. In addition, the animated version of Girls' Frontline is also being produced.<img src=\"https://static.tigerbbs.com/772af265107c99a55d010ec871103aa8\" tg-width=\"1399\" tg-height=\"930\" referrerpolicy=\"no-referrer\">What needs to be mentioned is that these creations born out of products have received great support from fans. For example, \"Girls' Frontline Humanoid Small Theater\" has a chase volume of 72w at bilibili, even exceeding a considerable number of anime dramas.</p><p>Returning to the game level, Sanbang Network takes the IP of \"Girls' Frontline\" as the backbone, and has derived multiple game branches. At the press conference for the fourth anniversary of Shaoqian in 2020, the official announced 4 new Shaoqian IP games.</p><p>\"Shao Qian 2: Chasing and Releasing\" continues the main world outlook of \"Girls' Frontline\", takes American war chess as the core gameplay, and matches the collection and cultivation mode of girls' tactical humanoid; \"Shaoqian: Cloud Map Project\", based on the prequel world view of \"Girls' Frontline\", integrates auto chess + Roguelite gameplay.<img src=\"https://static.tigerbbs.com/7836b0f533de2b13b548f2358462d47a\" tg-width=\"1398\" tg-height=\"786\" referrerpolicy=\"no-referrer\">In addition, it also includes the pixel-wind action puzzle RPG \"Shaoqian: Treacherous Realm\" and the strategy war board game \"Reverse Collapse: Bakery Action\".</p><p><b>It is true that \"Girls' Frontline\" is growing from a single product to a huge two-dimensional game IP, and a self-recycling brand ecosystem has been built around games, animations, comics and other fields.</b></p><p>This may also be one of the key factors for Tencent to spare no expense to bet on the explosion.</p><p>As mentioned earlier, Tencent's layout of the two-dimensional game track is no longer \"news\".</p><p>The difference is that Tencent's early actions in the two-dimensional market focused more on \"manga\" products, such as the \"Naruto\" mobile game, the \"Saint Seiya\" mobile game, and the \"Fox Demon Little Matchmaker\" mobile game.<img src=\"https://static.tigerbbs.com/a61f4d5e6836d9c366bb942e733bcfa9\" tg-width=\"1400\" tg-height=\"933\" referrerpolicy=\"no-referrer\"><b>However, in fact, such products are difficult to be favored in the core two-dimensional circle, and they are not even called \"two-dimensional games\", but are more classified into the category of \"comic games\" or \"pan-two-dimensional games\".</b></p><p>It is worth mentioning that such products also have certain common characteristics, that is, they are often adapted from big animation IP owned by Tencent or introduced overseas. With the influence of animation IP, the product can quickly acquire a certain player base, and explode into high turnover in a short time at the beginning of its launch.</p><p>However, there are often many restrictions on changing games.</p><p>For example, while benefiting from the drainage of animation fans, manga games also have to accept harsh tests from these users. In addition, the manga IP bears the customer acquisition cost of fan customers to a certain extent.</p><p>Under the dual pressure of fans and KPIs, the design of manga games also tends to be conservative, and they dare not pursue too much innovation in gameplay, art, character design, etc.</p><p><b>It should be pointed out that the core players of \"Mangai Mobile Games\" are not exactly the same as the core users of \"Two-dimensional Games\". The former pays attention to the restoration degree of the original character and the gameplay; The latter is more concerned about the characteristics of the character itself, preferring to \"sell his wife\", \"sell his husband\" and \"sell his character\".</b><img src=\"https://static.tigerbbs.com/99211ec1e198324a66e4bfd5190dbb8e\" tg-width=\"1400\" tg-height=\"1165\" referrerpolicy=\"no-referrer\">In other words, Tencent actively deployed comic games in the early days, but it did not really penetrate into the core circle of the second dimension. What is impossible is that during the rising period of the two-dimensional market, the manga game has brought certain dividends to Tencent, but the real core two-dimensional user Tencent lacks confidence.</p><p>For example, Tencent seems to have passed by Eagle Corner Network's \"Arknights\" in 2019 and MiHoYo's \"Genshin Impact\" in 2020. However, these two representative secondary products have achieved great success.</p><p>\"Arknights\" had a turnover of nearly 600 million in the first month, and various captains, commanders and admirals turned into \"swordsman towers\" one after another, confirming the potential of the two-dimensional track to the market. \"Genshin Impact\" even earned 5 billion turnover in the first month and became a phenomenal product, which made the entire game market begin to re-examine the \"second-dimensional\" track and enhanced the confidence of second-dimensional practitioners.<img src=\"https://static.tigerbbs.com/8c65843043751d71d9549c170b93e458\" tg-width=\"1399\" tg-height=\"787\" referrerpolicy=\"no-referrer\"><b>On the other hand, on Tencent's side, there are not many two-dimensional games that are selling and popular, which has undoubtedly become a major anxiety for Tencent. This may also be one of the important reasons why Tencent has made frequent moves in the two-dimensional market since entering 2021.</b></p><p>According to the incomplete statistics of Jinghe, as of April 26th, Tencent has invested in a total of 8 two-dimensional game research and development companies this year, and most of these 8 investments hold 20% of the shares.<img src=\"https://static.tigerbbs.com/483b57a6f7dfdd13e3ed2980f2217c42\" tg-width=\"1399\" tg-height=\"460\" referrerpolicy=\"no-referrer\">Among them, \"Food Contract\" developed by Fantang Network is a gourmet mobile game. The game has been recognized by many two-dimensional users for its fresh Japanese style and top seiyuu, with a TapTap score of 7.6 and a Bilibili score of 8.1. This is a niche work with excellent reputation in the secondary circle.</p><p>In addition, the Daofeng two-dimensional action mobile game \"Above Qimen\" developed by the IndieLeague independent team (also known as the Independent Developer Alliance) has nearly 300,000 reservations on the TapTap platform, and its score is as high as 9.2.</p><p>What needs to be pointed out is that while investing abroad, Tencent is also beginning to gradually incubate two-dimensional game IP.</p><p>For example, the chess mobile game \"White Night\"<a href=\"https://laohu8.com/S/JG\">Aurora</a>\"(under development), female mobile games\" Love of Light and Night \",\" Walnut Diary \", etc., are all a series of attempts by Tencent in the two-dimensional mobile game track.</p><p>This time, Tencent has increased its holdings in the \"backbone force\" in the field of two-dimensional mobile games, although it cannot be said that Tencent has established itself on the two-dimensional game track. To be sure, this can push Tencent further on the second-dimensional track to a large extent.</p><p>As far as Sanbao Network is concerned, the company has sufficient cash flow with the blessing of Tencent, and naturally it has more confidence to put forward longer-term plans for the development of Shaoqian IP<b>。</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.tmtpost.com/5238069.html\">竞核</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21a4e0e06a1f0204f61220ba5749751c","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.tmtpost.com/5238069.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172759945","content_text":"“米哈游《崩坏3》兔女郎事件。”\n“腾讯投资《少女前线》开发商散爆网络。”\n这或许就是近段时间，国内二次元游戏领域发生的两件大事了。前者，更多反映的是二次元游戏独特品类，以及二次元玩家特有文化；后者，则聚焦在大厂通过资本手段布局二次元游戏赛道。\n为了避免不必要的麻烦，本文就不再谈“兔女郎事件”，想吃瓜的朋友可以自行搜索。\n4月22日，《少女前线》（简称：少前）开发商散爆网络CEO羽中（黄翀）发布了一则内部信表示，散爆与腾讯正式达成战略合作。腾讯加入后，散爆将继续保持百分百独立开发运营和自主企业经营的模式，并将进一步集中资源着眼于最高品质的游戏创新与制作。\n根据工商信息显示，上海散爆网络发生工商变更，新增股东广西腾讯创业投资有限公司，持股比例20%。交易完成后，腾讯成为上海散爆的第三大股东。其实无论是投资还是自研，腾讯进军二次元游戏领域早就不是什么新鲜事。例如在2016年腾讯就投资了《偶像梦幻祭》研发商乐元素；2021年3月，腾讯自研二次元手游《白夜极光》受到业内外热情关注。\n但腾讯能够投进散爆网络还是让不少人吃了一惊，毕竟像散爆这样有成功核心向二次元游戏研发经验，且在业内破具名气的厂商，还是屈指可数的。\n此外，有媒体报料称，腾讯此次对散爆网络的估值高达几十亿元，超过了此前腾讯所投资的二次元团队。同时，据二次元游戏产业UP主“国产二次元手游观察”猜测，此次腾讯对上散爆网络的投资可能有4个亿之多。\n上述消息一出，在二次元游戏圈层内还是掀起了不小的风波。\n散爆网络究竟何许人也？其所开发《少女前线》又为何能够赢得腾讯的青睐？腾讯对二次元赛道的布局又意图何在？今天，我们就简单聊聊。\n散爆网络成立于2015年，其前身为同人游戏社团云母组，创始人为黄翀（羽中）。\n公司旗下知名产品《少女前线》，是一款二次元风格的战棋策略（枪娘养成）手游。该作自2016年登陆国内市场以来，在Bilibili、TapTap、好游快爆等游戏平台维持着8分以上的评分，拥有着相对稳定的流水和用户群体。同时，《少女前线》海外市场表现也相当成功，曾拿下韩国iOS畅销榜TOP1的位置。\n在二次元手游圈子中，《少女前线》被广大玩家们戏称为“二次元”中坚。这种不成文的说法，某种程度上也反应了少前在二次元手游市场享有不低的声誉和地位。\n从产品设计上来看，《少女前线》主打“枪娘养成”和“战旗策略”。凭借优秀的游戏玩法+品质，该作在二次元圈层中获得了一批忠实的粉丝，长期拥有稳定且客观的营业流水。\n根据“国产二次元手游观察”数据显示，2020年《少女前线》流水高达3.5亿人民币。作为一款已经上线将近5年的二次元游戏，仍能有此成绩实属可贵。值得提出的是，《少女前线》的发展并不止于游戏本身。得益于忠实粉丝群体力量，《少女前线》在B站上享有不小的名气，且拥有大量相关主题二次创作内容。\n在B站上以“少女前线”为关键词搜索出的玩家自发创作内容，包括游戏攻略、剧情解说、cosplay、微电影以及手书动画等。例如UP主“命运の乐章”制作的“少女前线萌新攻略”在B站上拥有77万的点击量，UP主“0啊包0”制作的“少女前线短片动画”点击量48万……这些二次创作内容不仅为《少女前线》游戏社区生态贡献着力量，并进一步扩大了少前在整个二次元游戏圈层中的影响力，同时也为《少女前线》IP成长提供了养料。\n一直以来，散爆网络颇为重视《少女前线》IP的持续发展。\n围绕该IP，制作组推出了系列番剧《少女前线人形小剧场》、《少女前线》系列漫画等。此外，《少女前线》动画版也正在制作之中。需要提出的是，这些脱胎于产品的创作获得粉丝们的极大支持。例如《少女前线人形小剧场》B站追番量高达72w，甚至超过相当一部分动漫番剧。\n回归游戏层面，散爆网络以《少女前线》IP为主心骨，衍生出多个游戏分支。2020年少前四周年发布会上，官方就公布4款少前IP新游。\n《少前2：追放》，延续《少女前线》主世界观，以美式战棋为核心玩法，搭配少女战术人形收集与养成模式；《少前：云图计划》，基于《少女前线》前传世界观，融合自走棋+Roguelite玩法。此外还包括像素风动作解谜RPG《少前：谲境》和策略战棋类游戏《逆向坍塌：面包房行动》。\n诚然，散爆网络《少女前线》正从单一产品成长为一个庞大的二次元游戏IP，围绕游戏、动画、漫画等多为领域筑建起自循环品牌生态。\n这或也是腾讯不惜重金下注散爆的关键因素之一。\n正如文前所说，腾讯布局二次元游戏赛道早已不算“新闻”。\n不同的是，腾讯早期在二次元市场的动作，更多聚焦在“漫改”产品上，例如《火影忍者》手游、《圣斗士星矢》手游、《狐妖小红娘》手游等。然而事实上，这类产品在核心二次元圈层中很难受到青睐，甚至不被称为“二次元游戏”，更多是被划入“漫改游戏”或“泛二次元游戏”范畴。\n值得提出的是，这类产品也有一定共性特征，即往往改编自腾讯自有或海外引入的大动漫IP。凭借动漫IP影响力，产品能够快速获取一定玩家基数，并在上线初期短时间爆发出高流水。\n但漫改游戏往往也存在诸多限制。\n譬如在受益于动漫粉丝引流的同时，漫改游戏也要接受来自这部分用户较为苛刻的检验。此外，漫改IP在一定程度上承担了粉丝客户的获客成本。\n在粉丝和KPI的双重压力下，漫改游戏在设计上也趋于保守化，不敢过多的去追求在玩法上、美术上、人物设计等方面的创新。\n需要指出的是，“漫改手游”核心玩家与“二次元游戏”核心用户并非完全相同。前者注重原作角色还原度，以及游戏玩法；后者则更关心角色本身的特点，偏向于“卖老婆”“卖老公”“卖人设”等。换句话说，腾讯早期积极布局漫改游戏，并未真正渗透到二次元核心圈层。不可否仍的是，在二次元市场上升期，漫改游戏为腾讯带来一定的红利，但真正核心的二次元用户腾讯却缺少把握。\n例如，2019年鹰角网络《明日方舟》和2020年米哈游《原神》，腾讯似乎都与之擦肩而过。然而，这两款极具代表性的二次元产品却取得极大的成功。\n《明日方舟》首月流水近6亿，各种舰长指挥官提督纷纷化身“刀客塔”，向市场印证了二次元赛道的潜力。《原神》首月更是豪取50亿流水，成为一款现象级产品，让整个游戏市场都在开始重新审视“二次元”这个赛道，增强了二次元从业者信心。反观腾讯这边，叫卖又叫座的二次元游戏并不多，这无疑成为了腾讯的一大焦虑。这或也是腾讯进入2021年以来，在二次元市场动作频频的重要原因之一。\n据竞核不完全统计，截至4月26日，腾讯本年度共计投资8家二次元游戏研发公司，且这8笔投资大部分都为持股20%。其中，由番糖网络开发的《食之契约》是一款美食拟人手游，游戏凭借清新的日系画风以及顶级的声优获得了许多二次元用户的认可，TapTap评分7.6、B站评分8.1。这在二次元圈层中属小众但口碑优秀的作品。\n此外，由IndieLeague独立团队(又名独立开发者联盟)开发的道风二次元动作手游《奇门之上》，在TapTap平台拥有近30w的预约，评分更是高达9.2。\n需要提出的是，在对外投资的同时，腾讯内部也在开始逐渐孵化二次元游戏IP。\n譬如战棋类手游《白夜极光》（开发中），女性向手游《光与夜之恋》，《胡桃日记》等，都是腾讯在二次元手游赛道的一系列尝试。\n此番，腾讯增持二次元手游领域的“中坚力量”散爆网络，虽尚不能说腾讯已站稳二次元游戏赛道。可以肯定的是，这在很大程度上能够推动腾讯在二次元赛道上更进一步。\n于散爆网络而言，腾讯加持下公司现金流充足，自然也有更多的底气对少前IP的发展提出更长远的计划。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150703897,"gmtCreate":1624926489219,"gmtModify":1703847998766,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150703897","repostId":"1140002900","repostType":4,"isVote":1,"tweetType":1,"viewCount":3218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127857475,"gmtCreate":1624844183497,"gmtModify":1703845956243,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127857475","repostId":"1108579788","repostType":4,"repost":{"id":"1108579788","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":1624842781,"share":"https://ttm.financial/m/news/1108579788?lang=en_US&edition=fundamental","pubTime":"2021-06-28 09:13","market":"sh","language":"zh","title":"HKEx to cancel morning session trading due to black rainstorm warning signal","url":"https://stock-news.laohu8.com/highlight/detail?id=1108579788","media":"老虎资讯综合","summary":"6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。\n此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。\n香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通","content":"<p>On June 28th, the Hong Kong Stock Exchange will cancel the morning trading due to the black rainstorm warning signal.</p><p>Earlier, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be cancelled at 9 a.m., the pre-market trading would be cancelled.</p><p>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the opening of securities (including Shanghai and Shenzhen Stock Connect) and derivatives markets will be delayed in the morning trading session. If the black rainstorm warning signal is maintained at 9am, morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect is suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Connect Business Implementation Measures\", trading in Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm is coming in Hong Kong, and the Hong Kong stock market is closed in the morning. How much do you know about the trading arrangements?</b></p><p>On June 28th, the Hong Kong Observatory issued a special report on the black rainstorm warning signal at 8: 20 am: The rainstorm warning signal is now black, indicating that heavy rain with an hourly rainfall of more than 70 mm has been recorded or is expected in a wide area of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9 a.m., the black rainstorm warning has not been lifted, and the opening of early trading in Hong Kong stocks will be delayed. If it is lifted after 9 a.m., the early trading of Hong Kong stocks will be cancelled. If it is lifted between 11:00 and 11:30 pm, trading will start at 1:30 pm; If it is lifted from 11:30 to 12:00, trading will start at 2:00 pm; It will be lifted after 12 noon and closed all day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather, the Hong Kong market has repeatedly delayed trading due to weather factors. Therefore, the HKEx's response measures are relatively complete.</p><p>On August 19th, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed its No.3 strong wind signal at 11:10 am on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session will begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that due to the Typhoon Signal No. 8 issued by the Observatory, the morning trading session of the securities market (including Shanghai and Shenzhen Stock Connect) and derivatives market will be delayed.</p><p>On October 21, 2016, the Hong Kong Stock Exchange stated that due to the Typhoon Signal No. 8 issued by the Observatory, the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading session.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that the Typhoon Signal No. 8 warning is still valid, and the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading hours.</p><p>On September 16th, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading hours. Previously, the Hong Kong Observatory had issued the No.8 storm signal for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times due to typhoons and heavy rains.</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>HKEx to cancel morning session trading due to black rainstorm warning signal</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\">\nHKEx to cancel morning session trading due to black rainstorm warning signal\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\">2021-06-28 09:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 28th, the Hong Kong Stock Exchange will cancel the morning trading due to the black rainstorm warning signal.</p><p>Earlier, the Hong Kong Stock Exchange announced that if the black rainstorm warning issued by the Observatory could not be cancelled at 9 a.m., the pre-market trading would be cancelled.</p><p>Hong Kong Stock Exchange: Due to the black rainstorm warning issued by the Observatory, the opening of securities (including Shanghai and Shenzhen Stock Connect) and derivatives markets will be delayed in the morning trading session. If the black rainstorm warning signal is maintained at 9am, morning trading will be cancelled.</p><p>Shanghai Stock Exchange: Hong Kong Stock Exchange suspended trading due to black rainstorm. Trading in Hong Kong Stock Connect under Shanghai-Hong Kong Stock Connect is suspended.</p><p>Shenzhen Stock Exchange: On June 28, the Hong Kong Stock Exchange suspended trading due to black rainstorm. According to the \"Shenzhen Stock Exchange Shenzhen-Hong Kong Stock Connect Business Implementation Measures\", trading in Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect is suspended.<img src=\"https://static.tigerbbs.com/3990c0a20608d23583a9a9f2cfa0ace3\" tg-width=\"999\" tg-height=\"391\" referrerpolicy=\"no-referrer\"><b>A black rainstorm is coming in Hong Kong, and the Hong Kong stock market is closed in the morning. How much do you know about the trading arrangements?</b></p><p>On June 28th, the Hong Kong Observatory issued a special report on the black rainstorm warning signal at 8: 20 am: The rainstorm warning signal is now black, indicating that heavy rain with an hourly rainfall of more than 70 mm has been recorded or is expected in a wide area of Hong Kong, and the rain may continue.<img src=\"https://static.tigerbbs.com/c65808ce9685f3cd97d48ee260a04e71\" tg-width=\"550\" tg-height=\"378\" referrerpolicy=\"no-referrer\">As of 9 a.m., the black rainstorm warning has not been lifted, and the opening of early trading in Hong Kong stocks will be delayed. If it is lifted after 9 a.m., the early trading of Hong Kong stocks will be cancelled. If it is lifted between 11:00 and 11:30 pm, trading will start at 1:30 pm; If it is lifted from 11:30 to 12:00, trading will start at 2:00 pm; It will be lifted after 12 noon and closed all day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\">Due to the frequent occurrence of typhoons and other weather, the Hong Kong market has repeatedly delayed trading due to weather factors. Therefore, the HKEx's response measures are relatively complete.</p><p>On August 19th, 2020, the Hong Kong stock market was closed in early trading, and the Hong Kong Observatory changed its No.3 strong wind signal at 11:10 am on the 19th. The Hong Kong Stock Exchange subsequently announced that the afternoon trading session will begin at 13:30.</p><p>On August 23, 2017, the Hong Kong Stock Exchange announced in the morning that due to the Typhoon Signal No. 8 issued by the Observatory, the morning trading session of the securities market (including Shanghai and Shenzhen Stock Connect) and derivatives market will be delayed.</p><p>On October 21, 2016, the Hong Kong Stock Exchange stated that due to the Typhoon Signal No. 8 issued by the Observatory, the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading session.</p><p>On August 2, 2016, the Hong Kong Stock Exchange announced that the Typhoon Signal No. 8 warning is still valid, and the opening of the securities market (including Shanghai Stock Connect) and derivatives market will be delayed during the morning trading hours.</p><p>On September 16th, 2014, the Hong Kong Stock Exchange announced that the opening of the securities and derivatives markets would be delayed during the morning trading hours. Previously, the Hong Kong Observatory had issued the No.8 storm signal for Typhoon Kalmaegi.</p><p>In 2013, similar actions were taken several times due to typhoons and heavy rains.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26e574706ced777ba0af741c0072c424","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108579788","content_text":"6月28日讯，港交所因黑色暴雨警告信号将取消上午时段交易。\n此前，港交所公告称若早上9点仍不能取消天文台发出的黑色暴雨警告，将取消盘前交易。\n香港交易所：由于天文台发出黑色暴雨警告，证券（包括沪深股通）及衍生产品市场之早上交易时段均会延迟开市。如果上午9点黑色暴雨警告信号仍维持，上午交易将取消。\n上交所：香港联合证券交易所因黑色暴雨暂停交易。沪港通下港股通暂停交易。\n深交所：6月28日，香港联合证券交易所因黑色暴雨暂停交易。根据《深圳证券交易所深港通业务实施办法》，深港通下的港股通暂停交易。香港黑色暴雨来袭，港股上午休市，交易安排知多少？\n6月28日消息，香港天文台在上午8时20分发出之有关黑色暴雨警告信号的特别报告：暴雨警告信号现时为黑色，表示香港广泛地区已录得或预料会有每小时雨量超过70毫米的豪雨，且雨势可能持续。截至上午9点，黑色暴雨警告尚未解除，港股早盘交易将延迟开市。如果上午9点以后解除，港股早盘交易将取消。如果11点至11点30分解除，下午1点30开始交易；如果11点30分到12点解除，下午2点开始交易；中午12点后解除，全天休市。由于台风等天气出现频繁，香港市场已多次因天气因素影响而延迟交易，因此，港交所应对措施也较为完善。\n2020年8月19日，香港股市早盘休市，香港天文台19日上午11时10分改发三号强风信号。港交所随后宣布，下午交易时段将于13：30时开始。\n2017年8月23日，港交所于早间宣布，由于天文台现已发出八号台风信号，证券市场 (包括沪深股通) 及衍生产品市场的上午交易时段会延迟开市。\n2016年10月21日，港交所表示，由于天文台现已发出八号台风信号，证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2016年8月2日，港交所公告显示，八号风球预警仍然有效，证券市场 (包括沪股通) 及衍生产品市场之上午交易时段会延迟开市。\n2014年9月16日，港交所宣布，证券及衍生品市场早上交易时段均会延迟开市，此前香港天文台已针对台风“海鸥”发出八号暴风风球信号。\n2013年，也有数次因为台风和暴雨采取类似的行动。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162646391,"gmtCreate":1624063077213,"gmtModify":1703827830107,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/162646391","repostId":"1146581762","repostType":4,"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187005169,"gmtCreate":1623728291451,"gmtModify":1704209759673,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187005169","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"sh","language":"zh","title":"Angel of the Times has a winning rate of 1.5% in one lot, and 750 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>News on June 15, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16.8296 million shares, priced at HK $173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering stage, Times Angel was subscribed 2079.16 times, and the final number of offer shares allocated to the public offering was 8.4148 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 792,388 valid applications were received, with a winning rate of 1.5% for one lot, and 750 subscriptions were secure for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares on offer was 8,414,800 shares (excluding over-allocated shares), equivalent to 50% of the total number of shares on offer. The relevant data of Tiger Information Collation is as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>There are 200 shares per lot, and the admission fee is HK $34,948.66. The winning rate of one lot is 1.5%, and the subscription rate of 750 lots is stable.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are about HK $5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is China's leading provider of invisible orthodontic solutions. According to the CIC Consulting report, China's invisible orthodontic solution market is highly concentrated. Measured by the number of cases achieved in 2020, the total market share of the top two market players is 82.4%. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the performance record period, the number of dental surgeons served by the company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further increased to 19,900 in 2020. The number of completed cases of the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further increased to 137,600 in 2020.</p><p>In terms of financial status, in 2018, 2019 and 2020, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million respectively, with a compound growth rate of 29.26% from 2018 to 2020; The net profit was 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measurement) for the same period was 129 million yuan, 175 million yuan and 297 million yuan respectively.</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>Angel of the Times has a winning rate of 1.5% in one lot, and 750 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\">\nAngel of the Times has a winning rate of 1.5% in one lot, and 750 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\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on June 15, this Tuesday<a href=\"https://laohu8.com/S/06699\">Angel of the Times</a>According to the announcement, the company issued 16.8296 million shares, priced at HK $173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering stage, Times Angel was subscribed 2079.16 times, and the final number of offer shares allocated to the public offering was 8.4148 million shares, accounting for 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 792,388 valid applications were received, with a winning rate of 1.5% for one lot, and 750 subscriptions were secure for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares on offer was 8,414,800 shares (excluding over-allocated shares), equivalent to 50% of the total number of shares on offer. The relevant data of Tiger Information Collation is as follows:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>There are 200 shares per lot, and the admission fee is HK $34,948.66. The winning rate of one lot is 1.5%, and the subscription rate of 750 lots is stable.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are about HK $5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is reported that the company is China's leading provider of invisible orthodontic solutions. According to the CIC Consulting report, China's invisible orthodontic solution market is highly concentrated. Measured by the number of cases achieved in 2020, the total market share of the top two market players is 82.4%. According to the same information, the company's market share in the same year was approximately 41.0%.</p><p>During the performance record period, the number of dental surgeons served by the company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further increased to 19,900 in 2020. The number of completed cases of the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further increased to 137,600 in 2020.</p><p>In terms of financial status, in 2018, 2019 and 2020, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million respectively, with a compound growth rate of 29.26% from 2018 to 2020; The net profit was 58.2 million yuan, 67.7 million yuan and 151 million yuan respectively, with a compound growth rate of 61.07% from 2018 to 2020; Adjusted EBITDA (non-IFRS measurement) for the same period was 129 million yuan, 175 million yuan and 297 million yuan respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":851,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3585184333223271","authorId":"3585184333223271","name":"IR940520","avatar":"https://static.tigerbbs.com/2b7206c8999bfe24ae975805aef50f5c","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3585184333223271","idStr":"3585184333223271"},"content":"Like and reply pls?","text":"Like and reply pls?","html":"Like and reply pls?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192244597,"gmtCreate":1621213491419,"gmtModify":1704353970676,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192244597","repostId":"2136936982","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167462829,"gmtCreate":1624282693861,"gmtModify":1703832359111,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167462829","repostId":"1167576320","repostType":4,"repost":{"id":"1167576320","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":1624282140,"share":"https://ttm.financial/m/news/1167576320?lang=en_US&edition=fundamental","pubTime":"2021-06-21 21:29","market":"us","language":"zh","title":"Opening: U.S. stocks opened higher across the board, and U.S. infrastructure concepts generally rose","url":"https://stock-news.laohu8.com/highlight/detail?id=1167576320","media":"老虎资讯综合","summary":"6月21日（周一），道琼斯指数开盘上涨231.15点，涨幅0.69%，报33521.23点；纳斯达克综合指数开盘上涨29.05点，涨幅0.21%，报14059.42点；标普500指数开盘上涨20.07","content":"<p>On June 21 (Monday), the Dow Jones index opened up 231.15 points, or 0.69%, to 33,521.23 points; The Nasdaq Composite Index opened up 29.05 points, or 0.21%, to 14,059.42 points; The S&P 500 index opened up 20.07 points, or 0.48%, to 4,186.52 points.</p><p><img src=\"https://static.tigerbbs.com/8737771515cfb344cbc10cfa8fecbe51\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>U.S. infrastructure stocks strengthened early in the session,<a href=\"https://laohu8.com/S/X\">United States Steel</a>Up 3.65%,<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>Up 2.38%,<a href=\"https://laohu8.com/S/OSN\">Aosheng Innovation</a>Up 1.74%.</p><p>Most blockchain stocks fell,<a href=\"https://laohu8.com/S/BTCM\">BitMining</a>Fell more than 9%,<a href=\"https://laohu8.com/S/EBON\">Ebang International</a>Fell more than 8%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It fell more than 4%, and Riot Blockchain fell more than 3%. previously<a href=\"https://laohu8.com/S/601398\">Industrial Bank of China</a>、<a href=\"https://laohu8.com/S/601288\">Agricultural Bank</a>、<a href=\"https://laohu8.com/S/601939\">Construction Bank</a>, Alipay (china), etc. have issued announcements prohibiting virtual currency transactions such as Bitcoin.</p><p>Chinese concept education stocks generally fell,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Fell more than 5%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Fell more than 3%,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Down 2.39%.</p><p>U.S. new energy vehicle stocks fell,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Down 6.65%,<a href=\"https://laohu8.com/S/FSR\">Fisker</a>Down 4.25%,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>Down 3.8%,<a href=\"https://laohu8.com/S/NKLA\">Nikola</a>Down 3.57%,<a href=\"https://laohu8.com/S/NIO\">Nio vehicles</a>Down 3.2%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIU\">Mavericks Electric</a>Fell more than 2%.</p><p><a href=\"https://laohu8.com/S/LDL\">Leder</a>Soaring more than 80%, Unifrax, a high-performance specialty materials supplier owned by Clearlake Capital, will acquire it at a price of US $62.10 per share<a href=\"https://laohu8.com/S/LDL\">Leder</a>。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: U.S. stocks opened higher across the board, and U.S. infrastructure concepts generally rose\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\">2021-06-21 21:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 21 (Monday), the Dow Jones index opened up 231.15 points, or 0.69%, to 33,521.23 points; The Nasdaq Composite Index opened up 29.05 points, or 0.21%, to 14,059.42 points; The S&P 500 index opened up 20.07 points, or 0.48%, to 4,186.52 points.</p><p><img src=\"https://static.tigerbbs.com/8737771515cfb344cbc10cfa8fecbe51\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>U.S. infrastructure stocks strengthened early in the session,<a href=\"https://laohu8.com/S/X\">United States Steel</a>Up 3.65%,<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>Up 2.38%,<a href=\"https://laohu8.com/S/OSN\">Aosheng Innovation</a>Up 1.74%.</p><p>Most blockchain stocks fell,<a href=\"https://laohu8.com/S/BTCM\">BitMining</a>Fell more than 9%,<a href=\"https://laohu8.com/S/EBON\">Ebang International</a>Fell more than 8%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>It fell more than 4%, and Riot Blockchain fell more than 3%. previously<a href=\"https://laohu8.com/S/601398\">Industrial Bank of China</a>、<a href=\"https://laohu8.com/S/601288\">Agricultural Bank</a>、<a href=\"https://laohu8.com/S/601939\">Construction Bank</a>, Alipay (china), etc. have issued announcements prohibiting virtual currency transactions such as Bitcoin.</p><p>Chinese concept education stocks generally fell,<a href=\"https://laohu8.com/S/TAL\">TAL</a>Fell more than 5%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Fell more than 3%,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Down 2.39%.</p><p>U.S. new energy vehicle stocks fell,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Down 6.65%,<a href=\"https://laohu8.com/S/FSR\">Fisker</a>Down 4.25%,<a href=\"https://laohu8.com/S/TSP\">TuSimple</a>Down 3.8%,<a href=\"https://laohu8.com/S/NKLA\">Nikola</a>Down 3.57%,<a href=\"https://laohu8.com/S/NIO\">Nio vehicles</a>Down 3.2%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIU\">Mavericks Electric</a>Fell more than 2%.</p><p><a href=\"https://laohu8.com/S/LDL\">Leder</a>Soaring more than 80%, Unifrax, a high-performance specialty materials supplier owned by Clearlake Capital, will acquire it at a price of US $62.10 per share<a href=\"https://laohu8.com/S/LDL\">Leder</a>。</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167576320","content_text":"6月21日（周一），道琼斯指数开盘上涨231.15点，涨幅0.69%，报33521.23点；纳斯达克综合指数开盘上涨29.05点，涨幅0.21%，报14059.42点；标普500指数开盘上涨20.07点，涨幅0.48%，报4186.52点。\n\n美国基建股盘初走强，美国钢铁涨3.65%，卡特彼勒涨2.38%，奥盛创新涨1.74%。\n区块链股多数下挫，比特矿业跌超9%、亿邦国际跌超8%、嘉楠科技跌超4%、Riot Blockchain跌超3%。此前工商银行、农业银行、建设银行、支付宝（中国）等纷纷发表公告禁止开展比特币等虚拟货币交易。\n中概教育股普跌，好未来跌超5%，新东方跌超3%，高途跌2.39%。\n美股新能源车股走低，小鹏汽车跌6.65%，Fisker跌4.25%，图森未来跌3.8%，Nikola跌3.57%，蔚来汽车跌3.2%，理想汽车、小牛电动跌超2%。\n莱德尔大涨超80%， Clearlake Capital旗下高性能特种材料供应商Unifrax将以以62.10美元/股的价格收购莱德尔。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160736506,"gmtCreate":1623806157605,"gmtModify":1703819954014,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160736506","repostId":"2143568766","repostType":4,"repost":{"id":"2143568766","kind":"highlight","pubTimestamp":1623802776,"share":"https://ttm.financial/m/news/2143568766?lang=en_US&edition=fundamental","pubTime":"2021-06-16 08:19","market":"hk","language":"zh","title":"U.S. bond yields fall instead of rising? Precisely out of concerns about a slowing economic recovery!","url":"https://stock-news.laohu8.com/highlight/detail?id=2143568766","media":"智通财经网","summary":"上周美国十年期国债收益率出现了10个基点的下跌，从1.55%跌至1.45%。","content":"<p>The market has performed quite strangely in the last week.</p><p>The U.S. unseasonally adjusted CPI released last Thursday increased at an annual rate of 5% in May, and the unseasonally adjusted core CPI increased at an annual rate of 3.8%. May inflation data once again significantly exceeded market expectations. It stands to reason that inflation rises beyond expectations, which will lead to panic of runaway inflation. In order to cope with soaring inflation, the investment logic should be to sell long-term bonds and buy short-term bonds or anti-inflation assets. But we saw a 10 basis point decline in the US 10-year Treasury Bond yield last week, from 1.55% to 1.45%.<img src=\"https://static.tigerbbs.com/4654db4938c8f07b6f32b6ebe2321fed\" tg-width=\"646\" tg-height=\"312\" referrerpolicy=\"no-referrer\">There is a market view that the Fed has always claimed that the rise in inflation is only temporary, and the market chose to believe this after the May inflation data was released. So the yield on the 10-year Treasury Bond is lower.</p><p>There are two holes in this logic. First of all, why did the market believe the Fed's so-called temporary statement when inflation rose to its highest level since 1992? The U.S. May PPI monthly rate released today is still as high as 0.8%. The cost price of the production link is still rising sharply, and it is very likely to be transmitted to the consumer side in a few months to continue to push up inflation. Energy prices continue to rise due to the imbalance between supply and demand.<img src=\"https://static.tigerbbs.com/8a7ab5ab46f63db0150ab995ef861ed6\" tg-width=\"746\" tg-height=\"266\" referrerpolicy=\"no-referrer\">Before the epidemic, the total number of oil rigs drilled in the United States was close to 800. The outbreak of the epidemic caused extremely sluggish demand, and a large number of drilling rigs were forced to shut down. At the lowest, the number of drilling rigs was only 172. As the epidemic is brought under control and economic activity gradually resumes, the number of drilling rigs has now returned to 365, still less than half of pre-epidemic levels. This means that even if demand does not increase compared to before the epidemic, only part of demand is restored, oil prices will rise due to insufficient supply. This is actually a typical supply chain bottleneck problem mentioned by the Federal Reserve.</p><p>The current price increase is mainly caused by supply chain bottlenecks, rather than a significant increase in demand. However, supply chain bottlenecks are difficult to effectively solve in the short term. Especially when the market lacks confidence in the demand side, it is even more reluctant to invest heavily in the supply side.</p><p>Second, why does the U.S. 10-year Treasury Bond yield demand lower returns when inflation soars? The US ten-year Treasury Bond yield can be approximately understood as the market's risk-free investment yield. Since the risk is extremely low, the return cannot be too high. Any other riskier investment will theoretically require higher returns than American Treasury Bond. The lower bound of the 10-year Treasury Bond yield usually anchors the level of inflation. If the yield is lower than inflation, investing in U.S. Treasury Bond is a negative return.</p><p>Therefore, under normal economic environment, the yield of ten-year Treasury Bond in the United States will always fluctuate positively above the inflation level. As inflation expectations fall, U.S. 10 bond yields can certainly fall, but it is more likely that higher Treasury Bond yields cannot be supported due to expected falling inflation. For example, in October 2018, the yield of ten U.S. bonds dropped significantly from the 3% level. At that time, the core PCE price index was at the 2% level, but the upward trend was difficult, and the market expected inflation to decline. Now, the yield of U.S. 10 bonds is less than 1.6%, and the core PCE price index exceeds 3%. The yield of U.S. 10 bonds is far lower than core inflation. Even if inflation is expected to decline, there is no reason for the yield of U.S. 10 bonds to accept actual negative investment returns without complaining.</p><p>Under what circumstances will investors embrace U.S. debt without caring about returns? The answer is risk aversion. This risk is not necessarily a deterministic risk, but more likely to be the uncertainty of the economic outlook. I read some articles interpreting recent market trends, and there is hardly any mention of this. Besides, some information that has been ignored by the market, put it together, and the puzzle is complete, so you can see it more clearly. In fact, the yield of ten U.S. bonds did not fall after the release of inflation data. After the release of lower-than-expected non-agricultural data on June 4, the yield of U.S. 10 bonds began to fall.</p><p>Before the inflation data was released, the White House said Biden's fiscal stimulus bill negotiations with Republican lawmakers ended in failure. At this time, the yield of ten U.S. bonds has already begun to fall. Biden proposed two household and infrastructure stimulus bills totaling $4 trillion in May. It is planned that some of the funds will be raised through tax increases. The Republican Party strongly opposes tax increases, and it is unlikely that the Democratic Party will happily allow the Democratic Party to raise the US debt ceiling.</p><p>This creates a big problem for Biden. No matter how beautiful the plan is, the question is where does the money come from? The size of the actual discussion between the two sides is pitifully small. This makes the market worry that if the huge fiscal stimulus plan cannot be fulfilled, can the U.S. economy still fulfill its previous high growth expectations? The market's GDP growth forecast for the United States in 2021 is 6.5-7%, and the growth forecast for 2022 is also above 3%. This is supported by the Federal Reserve's ultra-loose monetary policy and the Biden administration's huge fiscal stimulus.</p><p>Just last week, not only was the launch of US $4 trillion fiscal stimulus blocked, but unexpected inflation also caused the market to worry about whether the Federal Reserve would tighten monetary policy early. If monetary policy and fiscal policy shift from double expansion at the same time, it will definitely cause a huge blow to the prospects for economic recovery. In my opinion, it is precisely out of concerns that the economic recovery may slow down that the yield of U.S. 10 bonds has fallen incredibly. It is not because of the decline in inflation expectations that the yield of U.S. 10 bonds continues to fall well below the inflation level.</p><p>At the same time, we saw that the yield of the two-year U.S. Treasury Bond rose instead of falling, and the yield curve composed of the ten-year U.S. bonds and the second-year U.S. bonds slowed down significantly. A flat yield curve usually means that economic development is flattening.<img src=\"https://static.tigerbbs.com/4c3d3f187b598fa25bb57151cb6679e4\" tg-width=\"552\" tg-height=\"294\" referrerpolicy=\"no-referrer\">As mentioned in the previous article, if the U.S. economy recovers strongly, the main benefits will be resource-exporting countries such as Australia and New Zealand. And just last week, the Australian 10-year Treasury Bond yield fell 22 basis points, and the New Zealand 10-year Treasury Bond yield fell 20 basis points. The convergence of the yield difference between the ten-year and two-year Treasury Bond in both countries exceeded 15 basis points, which is more drastic than that in the United States.<img src=\"https://static.tigerbbs.com/f0b67550b4587bc02a2cd399902a8f89\" tg-width=\"553\" tg-height=\"310\" referrerpolicy=\"no-referrer\">This further confirms market concerns that the U.S. economic recovery will slow down.</p><p>But this worry is still in the \"emotional\" stage. Because the Federal Reserve may not release hawkish information at this week's interest rate meeting as expected by the market. And Biden's 4 trillion fiscal stimulus bill is not completely unachievable. When these two taps are confirmed not to be tightened, these worries will soon dissipate and the market will once again return to the path of recovery expectations. And we need to pay attention to some data representing economic growth potential, such as whether PMI data still maintains a strong expansion trend. The interest rate meeting in June is very important, and I will write about the preview of the interest rate meeting tomorrow.</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. bond yields fall instead of rising? Precisely out of concerns about a slowing economic recovery!</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. bond yields fall instead of rising? Precisely out of concerns about a slowing economic recovery!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-06-16 08:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market has performed quite strangely in the last week.</p><p>The U.S. unseasonally adjusted CPI released last Thursday increased at an annual rate of 5% in May, and the unseasonally adjusted core CPI increased at an annual rate of 3.8%. May inflation data once again significantly exceeded market expectations. It stands to reason that inflation rises beyond expectations, which will lead to panic of runaway inflation. In order to cope with soaring inflation, the investment logic should be to sell long-term bonds and buy short-term bonds or anti-inflation assets. But we saw a 10 basis point decline in the US 10-year Treasury Bond yield last week, from 1.55% to 1.45%.<img src=\"https://static.tigerbbs.com/4654db4938c8f07b6f32b6ebe2321fed\" tg-width=\"646\" tg-height=\"312\" referrerpolicy=\"no-referrer\">There is a market view that the Fed has always claimed that the rise in inflation is only temporary, and the market chose to believe this after the May inflation data was released. So the yield on the 10-year Treasury Bond is lower.</p><p>There are two holes in this logic. First of all, why did the market believe the Fed's so-called temporary statement when inflation rose to its highest level since 1992? The U.S. May PPI monthly rate released today is still as high as 0.8%. The cost price of the production link is still rising sharply, and it is very likely to be transmitted to the consumer side in a few months to continue to push up inflation. Energy prices continue to rise due to the imbalance between supply and demand.<img src=\"https://static.tigerbbs.com/8a7ab5ab46f63db0150ab995ef861ed6\" tg-width=\"746\" tg-height=\"266\" referrerpolicy=\"no-referrer\">Before the epidemic, the total number of oil rigs drilled in the United States was close to 800. The outbreak of the epidemic caused extremely sluggish demand, and a large number of drilling rigs were forced to shut down. At the lowest, the number of drilling rigs was only 172. As the epidemic is brought under control and economic activity gradually resumes, the number of drilling rigs has now returned to 365, still less than half of pre-epidemic levels. This means that even if demand does not increase compared to before the epidemic, only part of demand is restored, oil prices will rise due to insufficient supply. This is actually a typical supply chain bottleneck problem mentioned by the Federal Reserve.</p><p>The current price increase is mainly caused by supply chain bottlenecks, rather than a significant increase in demand. However, supply chain bottlenecks are difficult to effectively solve in the short term. Especially when the market lacks confidence in the demand side, it is even more reluctant to invest heavily in the supply side.</p><p>Second, why does the U.S. 10-year Treasury Bond yield demand lower returns when inflation soars? The US ten-year Treasury Bond yield can be approximately understood as the market's risk-free investment yield. Since the risk is extremely low, the return cannot be too high. Any other riskier investment will theoretically require higher returns than American Treasury Bond. The lower bound of the 10-year Treasury Bond yield usually anchors the level of inflation. If the yield is lower than inflation, investing in U.S. Treasury Bond is a negative return.</p><p>Therefore, under normal economic environment, the yield of ten-year Treasury Bond in the United States will always fluctuate positively above the inflation level. As inflation expectations fall, U.S. 10 bond yields can certainly fall, but it is more likely that higher Treasury Bond yields cannot be supported due to expected falling inflation. For example, in October 2018, the yield of ten U.S. bonds dropped significantly from the 3% level. At that time, the core PCE price index was at the 2% level, but the upward trend was difficult, and the market expected inflation to decline. Now, the yield of U.S. 10 bonds is less than 1.6%, and the core PCE price index exceeds 3%. The yield of U.S. 10 bonds is far lower than core inflation. Even if inflation is expected to decline, there is no reason for the yield of U.S. 10 bonds to accept actual negative investment returns without complaining.</p><p>Under what circumstances will investors embrace U.S. debt without caring about returns? The answer is risk aversion. This risk is not necessarily a deterministic risk, but more likely to be the uncertainty of the economic outlook. I read some articles interpreting recent market trends, and there is hardly any mention of this. Besides, some information that has been ignored by the market, put it together, and the puzzle is complete, so you can see it more clearly. In fact, the yield of ten U.S. bonds did not fall after the release of inflation data. After the release of lower-than-expected non-agricultural data on June 4, the yield of U.S. 10 bonds began to fall.</p><p>Before the inflation data was released, the White House said Biden's fiscal stimulus bill negotiations with Republican lawmakers ended in failure. At this time, the yield of ten U.S. bonds has already begun to fall. Biden proposed two household and infrastructure stimulus bills totaling $4 trillion in May. It is planned that some of the funds will be raised through tax increases. The Republican Party strongly opposes tax increases, and it is unlikely that the Democratic Party will happily allow the Democratic Party to raise the US debt ceiling.</p><p>This creates a big problem for Biden. No matter how beautiful the plan is, the question is where does the money come from? The size of the actual discussion between the two sides is pitifully small. This makes the market worry that if the huge fiscal stimulus plan cannot be fulfilled, can the U.S. economy still fulfill its previous high growth expectations? The market's GDP growth forecast for the United States in 2021 is 6.5-7%, and the growth forecast for 2022 is also above 3%. This is supported by the Federal Reserve's ultra-loose monetary policy and the Biden administration's huge fiscal stimulus.</p><p>Just last week, not only was the launch of US $4 trillion fiscal stimulus blocked, but unexpected inflation also caused the market to worry about whether the Federal Reserve would tighten monetary policy early. If monetary policy and fiscal policy shift from double expansion at the same time, it will definitely cause a huge blow to the prospects for economic recovery. In my opinion, it is precisely out of concerns that the economic recovery may slow down that the yield of U.S. 10 bonds has fallen incredibly. It is not because of the decline in inflation expectations that the yield of U.S. 10 bonds continues to fall well below the inflation level.</p><p>At the same time, we saw that the yield of the two-year U.S. Treasury Bond rose instead of falling, and the yield curve composed of the ten-year U.S. bonds and the second-year U.S. bonds slowed down significantly. A flat yield curve usually means that economic development is flattening.<img src=\"https://static.tigerbbs.com/4c3d3f187b598fa25bb57151cb6679e4\" tg-width=\"552\" tg-height=\"294\" referrerpolicy=\"no-referrer\">As mentioned in the previous article, if the U.S. economy recovers strongly, the main benefits will be resource-exporting countries such as Australia and New Zealand. And just last week, the Australian 10-year Treasury Bond yield fell 22 basis points, and the New Zealand 10-year Treasury Bond yield fell 20 basis points. The convergence of the yield difference between the ten-year and two-year Treasury Bond in both countries exceeded 15 basis points, which is more drastic than that in the United States.<img src=\"https://static.tigerbbs.com/f0b67550b4587bc02a2cd399902a8f89\" tg-width=\"553\" tg-height=\"310\" referrerpolicy=\"no-referrer\">This further confirms market concerns that the U.S. economic recovery will slow down.</p><p>But this worry is still in the \"emotional\" stage. Because the Federal Reserve may not release hawkish information at this week's interest rate meeting as expected by the market. And Biden's 4 trillion fiscal stimulus bill is not completely unachievable. When these two taps are confirmed not to be tightened, these worries will soon dissipate and the market will once again return to the path of recovery expectations. And we need to pay attention to some data representing economic growth potential, such as whether PMI data still maintains a strong expansion trend. The interest rate meeting in June is very important, and I will write about the preview of the interest rate meeting tomorrow.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/494652.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0aaffe95a04c8d1498085690717b40af","relate_stocks":{},"source_url":"http://www.zhitongcaijing.com/content/detail/494652.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2143568766","content_text":"最近一周市场表现比较诡异。\n上周四发布的美国5月未季调CPI年率增长5%，未季调核心CPI年率增长3.8%。5月通胀数据再度大幅超出市场预期。按理说通胀超预期上升，会产生通胀失控恐慌。为了应对通胀飙升，投资逻辑应该是抛售长期债券，买入短期债券或是抗通胀资产。但是我们看到上周美国十年期国债收益率出现了10个基点的下跌，从1.55%跌至1.45%。有一种市场观点认为，美联储一直声称通胀上升只是暂时性的，而市场在5月通胀数据发布后选择相信这一说法。因此十年期国债收益率走低。\n这个逻辑有两个漏洞。首先，市场为什么会在通胀升至1992年以来最高值时才相信美联储所谓暂时性的说法?今天公布的美国5月PPI月率仍然高达0.8%。生产环节成本价格仍然在大幅上升，几个月后极有可能传导至消费端继续推动通胀上升。能源价格受供需失衡影响持续上涨。疫情前美国石油钻井总数接近800口，疫情大爆发导致需求极度萎靡，大量钻井被迫关闭，最低时钻井数量仅172口。随着疫情受到控制，经济活动逐渐恢复，钻井数量目前恢复到365口，仍不及疫情前的一半。这就意味着，即便需求相对疫情前没有增加，仅仅是恢复部分需求，也会因供应不足而推动油价上升。这其实就是一个比较典型的美联储所说的供应链瓶颈问题。\n当前价格的上升主要是供应链瓶颈造成的，而非需求显著上升。但供应链瓶颈短期很难得到有效解决。尤其是当市场对需求端缺乏信心时，就更不愿意大手笔投资供给端。\n其次，美国十年期国债收益率为什么会在通胀飙升时要求更低的回报?美国十年期国债收益率可以近似理解成市场的无风险投资收益率。由于风险极低，回报也就不可能太高。任何其它更具风险的投资，理论上都会要求比美国国债更高的回报。而十年期国债收益率的下限通常都会锚定通胀水平。若收益率低于通胀，投资美国国债就是负收益。\n因此，正常经济环境下，美国十年期国债收益率总是会在通胀水平之上与之正相关波动。通胀预期下降，美十债收益率当然可以下跌，但更可能是由于预期通胀下降而无法支撑较高的国债收益率。比如2018年10月，美十债收益率从3%水平显著下行。当时核心PCE物价指数处于2%水平，但上行艰难，市场预期通胀将会下行。而现在，美十债收益率不足1.6%，核心PCE物价指数超过3%。美十债收益率远低于核心通胀，就算预期通胀下行，美十债收益率也没道理毫不抱怨的接受实际负投资收益。\n什么情况下，投资者会不在乎收益，也要拥抱美债呢?答案就是避险。这个险未必是什么确定性的风险，更有可能是经济前景的不确定性。我看了一些解读近期行情的文章，几乎没有提到这一点。再说一些被市场忽略掉了信息，凑在一起，拼图完整了，看的就更加清晰。其实美十债收益率并不是通胀数据发布后才下跌。6月4日不及预期的非农数据发布后美十债收益率就开始下跌。\n通胀数据发布前，白宫称拜登与共和党议员的财政刺激法案谈判以失败告终。这时候美十债收益率就已经开始下跌。拜登在5月份提出了两项总计4万亿美元规模的家庭与基建刺激法案。计划其中一部分资金通过加税筹集。而共和党极力反对加税，也不大可能痛痛快快的允许民主党提高美国债务上限。\n这就给拜登制造了一个大难题，计划再美好，可问题是钱从哪来?双方实际讨论的规模的小的可怜。这让市场产生一种担忧，如果规模巨大的财政刺激计划不能兑现，那美国经济还能兑现此前高增长的预期吗?市场对美国2021年GDP增长预期是6.5-7%，2022年的增长预期也在3%之上，这受到了美联储超级宽松货币政策和拜登政府巨量财政刺激的双重加持。\n而就在上一周，不仅4万亿美元财政刺激推出遇阻，超预期通胀也令市场开始担忧美联储会不会提早收紧货币政策。如果货币政策和财政政策从双扩张同时转向，这对经济复苏前景一定会造成巨大打击。我认为，正是出于对经济复苏可能会放缓的担忧，美十债收益率出现了匪夷所思的下跌。并不是因为通胀预期下降，导致美十债收益率在远低于通胀水平的位置继续下跌。\n与此同时，我们看到美国二年期国债收益率不跌反涨，美十债与美二债构成的收益率曲线显著趋缓。收益率曲线平缓通常意味着经济发展趋于平缓。之前的文章中提到过，如果美国经济强劲复苏，主要利好的是澳大利亚与新西兰这些资源出口型国家。而就在上周，澳大利亚十年期国债收益率下跌22个基点，新西兰十年期国债收益率下跌20个基点。两个国家的十年期与二年期国债收益率差收敛均超过15个基点，比美国的收益率差收敛程度更加剧烈。这进一步印证了市场对美国经济复苏将放缓的担忧。\n但是这个担忧目前仍处于“情绪化”阶段。因为美联储未必会如市场预期般在本周的利率会议上释放鹰派信息。而拜登的4万亿财政刺激法案也并非完全不可实现。这两个水龙头被确认不会拧紧时，这些担忧的情绪很快就会消散，市场就会再次回归到复苏预期的路径上。而我们需要关注一些代表经济增长潜力的数据，如PMI数据是否仍然保持强劲的扩张态势。6月的利率会议非常重要，明天会写一下利率会议前瞻。","news_type":1,"symbols_score_info":{"UBmain":0.9,"ZNmain":0.9,"ZTmain":0.9,"ZBmain":0.9,"ZFmain":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180830969,"gmtCreate":1623197569751,"gmtModify":1704198031091,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180830969","repostId":"1131465902","repostType":4,"isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127840712,"gmtCreate":1624844204236,"gmtModify":1703845957871,"author":{"id":"3581557349980222","authorId":"3581557349980222","name":"Ryan Lau","avatar":"https://static.tigerbbs.com/26e31c8a1ae031b5f4299991fffdd5b6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581557349980222","idStr":"3581557349980222"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127840712","repostId":"1111160299","repostType":4,"isVote":1,"tweetType":1,"viewCount":2777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}