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2023-12-11

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2022-10-28

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2022-10-28

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2022-09-16

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Tightening expectations are up again! U.S. mortgage rates break through the 6% mark for the first time since 2008

2022-09-16

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2022-06-08

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2022-06-08

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Investors Don't Think U.S. Recession Is Coming: BofA Strategist

2022-05-25

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2022-05-25

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Has U.S. debt passed its lowest point? Wall Street veterans decided to take a gamble

2022-05-25

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When did U.S. stocks fall? When will the Fed panic so that the market can stop panicking

2022-05-09

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2022-04-19

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@投资界:精“材”路演上線！「創投W+」新材料專場路演順利舉行

2022-04-12

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Four Differences between High Inflation Engines in Europe and America

2022-02-10

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Lepu Biotech starts its IPO today, with an admission fee of HK$7454.38

2022-02-08

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2022-02-07

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Tesla's "admission": buying Bitcoin, "losing" more than 100 million dollars

2022-01-13

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2022-01-13

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2022-01-13

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23:12","market":"us","language":"zh","title":"Tightening expectations are up again! U.S. mortgage rates break through the 6% mark for the first time since 2008","url":"https://stock-news.laohu8.com/highlight/detail?id=2267068823","media":"华尔街见闻","summary":"高涨的房贷利率严重挤压房地产贷款需求，更多的购房者开始持币观望。伴随着美联储政策持续收紧，美国最受欢迎的住房贷款平均利率自2008年以来首次升至6%以上。抵押贷款银行家协会（MBA）数据显示，截至9月","content":"<p><html><head></head><body>The high mortgage interest rate has seriously squeezed the demand for real estate loans, and more buyers have begun to wait and see. The average interest rate on the nation's most popular home loan has risen above 6% for the first time since 2008 as the Federal Reserve policy continues to tighten.</p><p>The U.S. 30-year fixed mortgage rate rose to 6.01% in the week ending Sept. 9, crossing the 6% mark for the first time since 2008 and twice as much as a year earlier, according to Mortgage Bankers Association (MBA) data.</p><p><img src=\"https://static.tigerbbs.com/1d221eff5a83aecbb6996b21f7f45d5a\" tg-width=\"550\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>High mortgage interest rates are severely squeezing real estate loan demand.</b>Applications for mortgage purchases were down 29% in the week ending Sept. 9 compared to the same period in 2021. The market composite index, which measures mortgage applications, fell 1.2% from the previous week. The MBA Refinance Index fell 4% from the previous week and 83% from the same period last year. Joel Kan, MBA's vice president of economic and industry forecasting, said,<b>Rising mortgage rates are causing more homebuyers to hold their currency.</b></p><p>As the Federal Reserve continues to raise interest rates, the entire U.S. real estate industry is affected by higher interest rates. Previous data showed that new home sales in the United States in July were 12.6% larger than the previous month, which was significantly less than the expected drop of 2.5%. New home sales fell month-on-month in six of the past seven months. Sales shrank to the lowest level in six and a half years.</p><p><img src=\"https://static.tigerbbs.com/6f3a07a596f24e18a871d1e6cc1b627a\" tg-width=\"550\" tg-height=\"290\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The sluggish sales coincided with high inventories of new homes in the United States. At the end of July, there were 464,000 new homes for sale, the most since 2008. At the current rate of sales, it will take 10.9 months to empty the supply of new homes, the highest inventory-to-sales ratio since March 2009 and nearly double the rate at the start of the year.</p><p><img src=\"https://static.tigerbbs.com/5da9e4aaf175e9be328df0ab07033077\" tg-width=\"550\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although the new home market only accounts for 10% of the U.S. property market, the new home sales are calculated according to the data at the time of signing the home purchase contract, which is different from the existing home sales that are included in the statistics after signing the contract, so it is regarded as the leading indicator of the U.S. property market.<b>Some market analysts believe that in view of the plunge in mortgage loan applications, new home sales are expected to decline further in the future.</b></p><p></body></html></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>Tightening expectations are up again! U.S. mortgage rates break through the 6% mark for the first time since 2008</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\">\nTightening expectations are up again! U.S. mortgage rates break through the 6% mark for the first time since 2008\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\">2022-09-15 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The high mortgage interest rate has seriously squeezed the demand for real estate loans, and more buyers have begun to wait and see. The average interest rate on the nation's most popular home loan has risen above 6% for the first time since 2008 as the Federal Reserve policy continues to tighten.</p><p>The U.S. 30-year fixed mortgage rate rose to 6.01% in the week ending Sept. 9, crossing the 6% mark for the first time since 2008 and twice as much as a year earlier, according to Mortgage Bankers Association (MBA) data.</p><p><img src=\"https://static.tigerbbs.com/1d221eff5a83aecbb6996b21f7f45d5a\" tg-width=\"550\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>High mortgage interest rates are severely squeezing real estate loan demand.</b>Applications for mortgage purchases were down 29% in the week ending Sept. 9 compared to the same period in 2021. The market composite index, which measures mortgage applications, fell 1.2% from the previous week. The MBA Refinance Index fell 4% from the previous week and 83% from the same period last year. Joel Kan, MBA's vice president of economic and industry forecasting, said,<b>Rising mortgage rates are causing more homebuyers to hold their currency.</b></p><p>As the Federal Reserve continues to raise interest rates, the entire U.S. real estate industry is affected by higher interest rates. Previous data showed that new home sales in the United States in July were 12.6% larger than the previous month, which was significantly less than the expected drop of 2.5%. New home sales fell month-on-month in six of the past seven months. Sales shrank to the lowest level in six and a half years.</p><p><img src=\"https://static.tigerbbs.com/6f3a07a596f24e18a871d1e6cc1b627a\" tg-width=\"550\" tg-height=\"290\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The sluggish sales coincided with high inventories of new homes in the United States. At the end of July, there were 464,000 new homes for sale, the most since 2008. At the current rate of sales, it will take 10.9 months to empty the supply of new homes, the highest inventory-to-sales ratio since March 2009 and nearly double the rate at the start of the year.</p><p><img src=\"https://static.tigerbbs.com/5da9e4aaf175e9be328df0ab07033077\" tg-width=\"550\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although the new home market only accounts for 10% of the U.S. property market, the new home sales are calculated according to the data at the time of signing the home purchase contract, which is different from the existing home sales that are included in the statistics after signing the contract, so it is regarded as the leading indicator of the U.S. property market.<b>Some market analysts believe that in view of the plunge in mortgage loan applications, new home sales are expected to decline further in the future.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3670388\">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/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3670388","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2267068823","content_text":"高涨的房贷利率严重挤压房地产贷款需求，更多的购房者开始持币观望。伴随着美联储政策持续收紧，美国最受欢迎的住房贷款平均利率自2008年以来首次升至6%以上。抵押贷款银行家协会（MBA）数据显示，截至9月9日当周，美国30年期固定抵押贷款利率升至6.01%，为2008年以来首次突破6%关口，是去年同期的两倍。高涨的房贷利率严重挤压房地产贷款需求。截至9月9日当周，抵押贷款购房申请比2021年同期下降了29%。衡量抵押贷款申请量的市场综合指数较前一周下降了1.2%。MBA再融资指数较前一周下降了4%，较去年同期下降了83%。MBA负责经济和行业预测的副总裁Joel Kan表示，抵押贷款利率上升导致更多购房者持币观望。伴随着美联储持续升息，整个美国房地产行业都受到更高利率的影响。此前数据显示，美国7月新屋销售环比大12.6%，大幅不及预期的下跌2.5%，新屋销售在过去七个月中，有六个月环比下跌。销售量萎缩至六年半以来的最低水平。销售萎靡的同时，美国新屋库存高企。截至7月末，有46.4万套新房待售，为2008年以来最多。按照目前的销售速度计算，将需要10.9个月才能清空新房供应，这是自2009年3月以来的最高库销比，几乎是今年年初的两倍。新屋市场虽仅占美国楼市的一成，但新屋销售按照签订购房合同之时的数据计算，与签约完成再纳入统计的成屋销售有所区别，因此被视为美国楼市的领先指标。有市场分析认为，鉴于房屋按揭贷款申请的暴跌，新屋销售未来预计仍将进一步下跌。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934222915,"gmtCreate":1663260376337,"gmtModify":1676537239022,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9934222915","repostId":"2267687636","repostType":4,"isVote":1,"tweetType":1,"viewCount":3957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051335618,"gmtCreate":1654644895034,"gmtModify":1676535482645,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051335618","repostId":"2241270077","repostType":4,"isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051335184,"gmtCreate":1654644877348,"gmtModify":1676535482645,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051335184","repostId":"2241907023","repostType":4,"repost":{"id":"2241907023","kind":"news","pubTimestamp":1654643193,"share":"https://ttm.financial/m/news/2241907023?lang=en_US&edition=fundamental","pubTime":"2022-06-08 07:06","market":"hk","language":"zh","title":"Investors Don't Think U.S. Recession Is Coming: BofA Strategist","url":"https://stock-news.laohu8.com/highlight/detail?id=2241907023","media":"环球市场播报","summary":"策略师们表示， 美国银行客户并不认为经济衰退即将来临，自2021年7月以来，流入美国周期性股票的资金继续超过流入防御性股票的资金。Jill Carey Hall等策略师在报告中写道，美银客户上周成为美国股票的净买家，散户客户居首。客户买入单一股票，ETF则出现1月以来最大资金流出；中型股被买入，大盘股和小盘股遭抛售。需要注意到的是，随着财报季结束，股票回购速度较前一周有所放缓。策略师表示，标普500指数11个行业板块中8个走高，科技和非必需消费品股领涨。股民福利来了！十大金股送给你，带你掘金“黄金坑”！点击查看>>","content":"<p><html><head></head><body>Strategists say,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Clients don't see a recession coming, and since July 2021, money has continued to flow into U.S. cyclical stocks more than into defensive stocks.</p><p>Bank of America clients became net buyers of U.S. stocks last week, with retail clients leading the way, strategists such as Jill Carey Hall wrote in the report.</p><p>Customers buy a single stock,<a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF | ETF</a>There is the largest capital outflow since January; Mid-cap stocks were bought and large-cap and small-cap stocks sold off.</p><p>It is important to note that the pace of share buybacks slowed from the previous week as earnings season ended.</p><p>Eight of the 11 sector sectors in the S&P 500 were higher, with technology and consumer discretionary stocks leading gains, strategists said.</p><p></body></html></p>","source":"sina_symbol","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>Investors Don't Think U.S. Recession Is Coming: BofA Strategist</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\">\nInvestors Don't Think U.S. Recession Is Coming: BofA Strategist\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2022-06-08 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Strategists say,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Clients don't see a recession coming, and since July 2021, money has continued to flow into U.S. cyclical stocks more than into defensive stocks.</p><p>Bank of America clients became net buyers of U.S. stocks last week, with retail clients leading the way, strategists such as Jill Carey Hall wrote in the report.</p><p>Customers buy a single stock,<a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF | ETF</a>There is the largest capital outflow since January; Mid-cap stocks were bought and large-cap and small-cap stocks sold off.</p><p>It is important to note that the pace of share buybacks slowed from the previous week as earnings season ended.</p><p>Eight of the 11 sector sectors in the S&P 500 were higher, with technology and consumer discretionary stocks leading gains, strategists said.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-06-07/doc-imizmscu5622440.shtml\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e9ba109e7f6844f2904f6647779f151","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SSO":"2倍做多标普500ETF-ProShares","OEX":"标普100","BK4559":"巴菲特持仓","BK4504":"桥水持仓","SPY":"标普500ETF","BK4550":"红杉资本持仓","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","BK4207":"综合性银行",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF-ProShares","BK4581":"高盛持仓","SDS":"两倍做空标普500 ETF-ProShares","BK4553":"喜马拉雅资本持仓","OEF":"标普100指数ETF-iShares","BK4534":"瑞士信贷持仓","SPXU":"三倍做空标普500ETF-ProShares","BAC":"美国银行"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2022-06-07/doc-imizmscu5622440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2241907023","content_text":"策略师们表示， 美国银行客户并不认为经济衰退即将来临，自2021年7月以来，流入美国周期性股票的资金继续超过流入防御性股票的资金。Jill Carey Hall等策略师在报告中写道，美银客户上周成为美国股票的净买家，散户客户居首。客户买入单一股票，Pacer Swan SOS Fund of Funds ETF|ETF则出现1月以来最大资金流出；中型股被买入，大盘股和小盘股遭抛售。需要注意到的是，随着财报季结束，股票回购速度较前一周有所放缓。策略师表示，标普500指数11个行业板块中8个走高，科技和非必需消费品股领涨。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"SPXU":0.6,"OEF":0.6,"OEX":0.6,"ESmain":0.6,".SPX":0.6,"SPY":0.9,"SSO":0.6,"BAC":0.9,"SDS":0.6,"SH":0.6,"IVV":0.6,"UPRO":0.6}},"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026712553,"gmtCreate":1653435450372,"gmtModify":1676535280170,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026712553","repostId":"2238304789","repostType":4,"isVote":1,"tweetType":1,"viewCount":3552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026716559,"gmtCreate":1653435408272,"gmtModify":1676535280154,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026716559","repostId":"2238371098","repostType":4,"repost":{"id":"2238371098","kind":"news","pubTimestamp":1653433904,"share":"https://ttm.financial/m/news/2238371098?lang=en_US&edition=fundamental","pubTime":"2022-05-25 07:11","market":"us","language":"zh","title":"Has U.S. debt passed its lowest point? Wall Street veterans decided to take a gamble","url":"https://stock-news.laohu8.com/highlight/detail?id=2238371098","media":"环球市场播报","summary":"从贝莱德到T． Rowe Price Group Inc．，华尔街一些对判断债市荣枯颇有经验的市场老手看到了预示可重新买入的迹象。　　但没有人急着下市场见底的判断，因为美国通胀率仍处于四十年高点，而且美联储刚开始收紧货币政策。　　但是，今年以来美国国债收益率已经飙升了许多，其中10年期国债收益率上涨近一倍，令人回想起上一次退潮时被证明时机不错的买入窗口。10年期国债收益率周二盘中一度下挫13基点至2.72%，创4月27日以来最低水平。","content":"<p><html><head></head><body>From<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>By T. Rowe Price Group Inc., some Wall Street veterans experienced in judging bond markets saw signs of re-buying.</p><p>But no one is rushing to judge that the market is bottoming out, because U.S. inflation is still at a four-decade high and the Federal Reserve is just beginning to tighten monetary policy.</p><p>However, U.S. Treasury Bond yields have soared a lot this year, with the 10-year Treasury Bond yield nearly doubling, recalling the proven well-timed buying window at the last ebb. On top of that, there are signs that the economy is cooling, with large retailers reporting changes in consumer spending and declining residential sales. The fall in risky assets such as growth stocks and cryptocurrencies has made the U.S. Treasury Bond a safe haven again, with investors who entered the market to buy when yields peaked earlier this month getting good returns.</p><p>All of this gives long-term fund managers a reason to cautiously increase their exposure, with some prepared to pick up their buying pace when yields exceed what they see as reasonable.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Asset Management's global interest rate chief said that the most violent phase of the U.S. debt decline was over, as the prospect of a rate hike by the Federal Reserve was largely absorbed by the market.</p><p>David Giroux, head of Investment strategy at T. Rowe Price Investment Management, said, \"A lot of bad news has been digested, and the current environment is reminiscent of 2013 and 2018, when the 10-year Treasury Bond yield exceeded 3%. We cut our cash allocation and have been buying US Treasury Bond.\"</p><p>There has been a marked shift in market sentiment over the past two weeks, with investors speculating that the Russia-Ukraine conflict and tightening global monetary policy will drag on economic growth. The 10-year Treasury Bond yield fell 13 basis points to 2.72% on Tuesday, the lowest level since April 27th.<img src=\"https://static.tigerbbs.com/d0a7c3dc21d9e61d01823242de860909\" tg-width=\"550\" tg-height=\"312\" referrerpolicy=\"no-referrer\"/></p><p>The U.S. Treasury Bond market still faces considerable uncertainty, and if the Fed finds itself fighting persistent inflation, then yields could exceed the peak of the past decade. Powell said last week that the Fed was prepared to adjust its policy rate above neutral until there was \"clear and convincing\" evidence that inflation was falling. In addition, the Federal Reserve will also start a shrinking balance sheet from June, which may bring new headwinds to the market.</p><p>Analysts at Goldman Sachs released a rather cautious research report predicting that the 10-year Treasury Bond yield will reach around 3.3% by the end of the year.</p><p>\"We don't think we have reached the point where we can green light the passage,\" said RJ Gallo, senior portfolio manager at Federated Investment. \"The economy still has growth momentum and inflation is not falling rapidly.\"</p><p>However, there are some signals that the Fed's moves are causing the financial environment to tighten. The index of measuring corporate credit risk rises, which makes the borrowing cost of heavily indebted companies rise. Mortgage rates are slowing the housing market, and this year's stock market decline threatens to further erode consumer confidence.</p><p>Yvette Klevan, portfolio manager at Lazard Asset Management's global fixed income team, said \"we're not completely out of the inflation woes, so yields could also rise slightly\". But she added that \"given that a lot of things have been digested, the yield on a 10-year US Treasury Bond should be around 3%\".</p><p>Rick Rieder, chief investment officer of global fixed income at BlackRock, the world's largest asset manager, said that \"several funds have increased their rate exposure more in recent weeks and there are fears that rates will be much higher and we have betted on the other side\".</p><p></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Has U.S. debt passed its lowest point? Wall Street veterans decided to take a gamble</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\">\nHas U.S. debt passed its lowest point? Wall Street veterans decided to take a gamble\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2022-05-25 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>From<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>By T. Rowe Price Group Inc., some Wall Street veterans experienced in judging bond markets saw signs of re-buying.</p><p>But no one is rushing to judge that the market is bottoming out, because U.S. inflation is still at a four-decade high and the Federal Reserve is just beginning to tighten monetary policy.</p><p>However, U.S. Treasury Bond yields have soared a lot this year, with the 10-year Treasury Bond yield nearly doubling, recalling the proven well-timed buying window at the last ebb. On top of that, there are signs that the economy is cooling, with large retailers reporting changes in consumer spending and declining residential sales. The fall in risky assets such as growth stocks and cryptocurrencies has made the U.S. Treasury Bond a safe haven again, with investors who entered the market to buy when yields peaked earlier this month getting good returns.</p><p>All of this gives long-term fund managers a reason to cautiously increase their exposure, with some prepared to pick up their buying pace when yields exceed what they see as reasonable.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Asset Management's global interest rate chief said that the most violent phase of the U.S. debt decline was over, as the prospect of a rate hike by the Federal Reserve was largely absorbed by the market.</p><p>David Giroux, head of Investment strategy at T. Rowe Price Investment Management, said, \"A lot of bad news has been digested, and the current environment is reminiscent of 2013 and 2018, when the 10-year Treasury Bond yield exceeded 3%. We cut our cash allocation and have been buying US Treasury Bond.\"</p><p>There has been a marked shift in market sentiment over the past two weeks, with investors speculating that the Russia-Ukraine conflict and tightening global monetary policy will drag on economic growth. The 10-year Treasury Bond yield fell 13 basis points to 2.72% on Tuesday, the lowest level since April 27th.<img src=\"https://static.tigerbbs.com/d0a7c3dc21d9e61d01823242de860909\" tg-width=\"550\" tg-height=\"312\" referrerpolicy=\"no-referrer\"/></p><p>The U.S. Treasury Bond market still faces considerable uncertainty, and if the Fed finds itself fighting persistent inflation, then yields could exceed the peak of the past decade. Powell said last week that the Fed was prepared to adjust its policy rate above neutral until there was \"clear and convincing\" evidence that inflation was falling. In addition, the Federal Reserve will also start a shrinking balance sheet from June, which may bring new headwinds to the market.</p><p>Analysts at Goldman Sachs released a rather cautious research report predicting that the 10-year Treasury Bond yield will reach around 3.3% by the end of the year.</p><p>\"We don't think we have reached the point where we can green light the passage,\" said RJ Gallo, senior portfolio manager at Federated Investment. \"The economy still has growth momentum and inflation is not falling rapidly.\"</p><p>However, there are some signals that the Fed's moves are causing the financial environment to tighten. The index of measuring corporate credit risk rises, which makes the borrowing cost of heavily indebted companies rise. Mortgage rates are slowing the housing market, and this year's stock market decline threatens to further erode consumer confidence.</p><p>Yvette Klevan, portfolio manager at Lazard Asset Management's global fixed income team, said \"we're not completely out of the inflation woes, so yields could also rise slightly\". But she added that \"given that a lot of things have been digested, the yield on a 10-year US Treasury Bond should be around 3%\".</p><p>Rick Rieder, chief investment officer of global fixed income at BlackRock, the world's largest asset manager, said that \"several funds have increased their rate exposure more in recent weeks and there are fears that rates will be much higher and we have betted on the other side\".</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2022-05-25/doc-imizirau4597088.shtml?finpagefr=p_115\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d0a7c3dc21d9e61d01823242de860909","relate_stocks":{"SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEF":"债券指数ETF-iShares Barclays 7-10年","IEI":"iShares Barclays 3-7 Year Trea","GOVT":"iShares安硕核心美国国债ETF","BND":"债券指数ETF-Vanguard美国","TLT":"20+年以上美国国债ETF-iShares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2022-05-25/doc-imizirau4597088.shtml?finpagefr=p_115","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2238371098","content_text":"从贝莱德到T． Rowe Price Group Inc．，华尔街一些对判断债市荣枯颇有经验的市场老手看到了预示可重新买入的迹象。但没有人急着下市场见底的判断，因为美国通胀率仍处于四十年高点，而且美联储刚开始收紧货币政策。但是，今年以来美国国债收益率已经飙升了许多，其中10年期国债收益率上涨近一倍，令人回想起上一次退潮时被证明时机不错的买入窗口。最重要的是，迹象表明经济正在降温， 大型零售商报告消费者支出发生变化，住宅销售下降。成长股、加密货币等风险资产下挫令美国国债再次成为避险天堂，本月早些时候在收益率见顶时入市买入的投资者获得了不错回报。所有这些都让长线基金经理看到了谨慎增加风险敞口的理由，一些人准备在收益率超过他们认为合理的水平时加快买入步伐。摩根大通资产管理的全球利率主管说，美债下跌最猛烈的阶段已经过去，因为美联储的升息前景基本被市场所消化。T． Rowe Price Investment Management投资策略主管David Giroux表示，“很多利空消息已经被消化，现在的环境让人联想到2013年和2018年，当时10年期国债收益率超过3%。 我们削减了现金配置，一直在购买美国国债。”过去两周市场情绪发生了明显转变，投资者猜测俄乌冲突和全球货币政策收紧将拖累经济增长。10年期国债收益率周二盘中一度下挫13基点至2.72%，创4月27日以来最低水平。美国国债市场仍然面临相当大的不确定性，如果美联储发现自己在对抗持续的通胀，那么收益率可能会超过过去十年的峰值。 鲍威尔上周表示，美联储准备将政策利率调整至中性水平以上，直到有“明确且令人信服”的证据表明通胀正在下降。此外，美联储还将从6月开始缩表，这可能给市场带来新的阻力。高盛集团分析师发布了一份颇为谨慎的研报，预测10年期国债收益率将在年末时达到3.3%左右。“我们认为现在还没有达到我们可以绿灯通行的地步，”Federated Investment的高级投资组合经理RJ Gallo表示。“经济仍然有增长动能，通胀率没有迅速下降。”然而，有一些信号显示美联储的举措正在导致金融环境收紧。衡量企业信用风险的指标上升，使得负债累累的公司举债成本上升。抵押贷款利率正在令房地产市场放缓，今年的股市下跌有可能进一步侵蚀消费者信心。Lazard Asset Management全球固定收益团队投资组合经理Yvette Klevan表示，“我们并没有完全摆脱通胀困境，因此收益率还可能略有上升”。但她补充称， “鉴于很多事情已经被消化，10年期美国国债的收益率应该在3%左右”。全球最大资产管理公司贝莱德的全球固定收益业务首席投资官Rick Rieder表示，“几只基金最近几周增加了更多的利率敞口，人们担心利率会高得多，我们已经在另一侧下注”。","news_type":1,"symbols_score_info":{"GOVT":0.6,"ZTmain":0.6,"IEI":0.6,"ZBmain":0.6,"SHY":0.6,"UBmain":0.6,"TNmain":0.6,"ZFmain":0.6,"BND":1,"IEF":0.6,"TLT":0.6}},"isVote":1,"tweetType":1,"viewCount":2616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026716183,"gmtCreate":1653435386942,"gmtModify":1676535280138,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026716183","repostId":"2238130573","repostType":4,"repost":{"id":"2238130573","kind":"highlight","pubTimestamp":1653434786,"share":"https://ttm.financial/m/news/2238130573?lang=en_US&edition=fundamental","pubTime":"2022-05-25 07:26","market":"us","language":"zh","title":"When did U.S. stocks fall? When will the Fed panic so that the market can stop panicking","url":"https://stock-news.laohu8.com/highlight/detail?id=2238130573","media":"华尔街见闻","summary":"美银发布报告前一天，高盛周一报告称，和2018年类似，一个潜在的衰退风险信号就足以让美联储放弃持续紧缩。","content":"<p><html><head></head><body>On Monday, the three major U.S. stock indexes closed up collectively for the first time in the last four trading days, and on Tuesday, they fell across the board. The S&P 500 fell by more than 2% in intraday session, and fell into the bear market range again after last Friday, falling by more than 20% from the record high in January this year.</p><p>When will U.S. stocks bottom out? On this issue, the two major Wall Street institutions<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>In the same view, all believe that U.S. stocks may have to fall until the Federal Reserve hints at the end of monetary tightening.</p><p>On Tuesday, the 24th EST, strategists from American banks such as Benjamin Bowler issued a report saying that the Federal Reserve has not provided any help to risky assets, and it seems that it is far from beginning to lend a helping hand. It pointed out that from the past Fed's intervention, the indicators of market pressure such as liquidity and credit spread of S&P 500 futures are currently at the level before the Fed's intervention.</p><p>The above-mentioned Bank of America strategist said in the report that we believe that the market will continue to test the \"Fed put option\"-that is, the market view that if the stock market falls, the Fed will intervene to curb the decline. But these strategists point out,</p><p>\"Before the Fed starts to panic, there will be more market panic.\" Bank of America's report came a day after Vickie Chang, a strategist at Goldman Sachs, released a report on Monday saying that the Fed is unlikely to turn to easing policy when the U.S. economy is not obviously entering a recession. But similar to 2018, a potential recession risk signal is enough for the Fed to forgo continued tightening.</p><p>Chang noted that historically the Fed's monetary tightening typically ended three months before the stock market actually bottomed out and turned to easing two months after the stock market bottomed out. Stock market corrections triggered by monetary tightening tend to bottom out when the Fed turns to easing, regardless of whether real economic activity bottoms out.</p><p>Chang believes that investors are unlikely to get a clear signal of a policy shift from the Fed right now unless there is solid evidence of slowing economic growth and cooling prices. Markets need to see signs of decelerating inflation in order to see a shift in monetary policy. At present, Goldman Sachs expects that U.S. inflation will slow down significantly in the second half of the year.</p><p>At the beginning of this month, the Federal Reserve just decided to rate hike 50 basis points for the first time in 22 years. Fed President Powell said at the press conference after the meeting that the next two meetings in June and July may be suitable for this range of rate hike. Last Tuesday, Powell reiterated that two meetings in June and July may be appropriate to extend the 50 basis point pace of rate hike.</p><p>On Monday, Fed President Bostic said that the Fed may rate hike 50 basis points for each of its next two meetings, and said that he thought it was reasonable to stop the rate hike in September. However, this senior Fed official who released dovish remarks did not have voting rights at the FOMC meeting of the Federal Reserve Monetary Committee this year, and it was only his turn to enjoy voting power in 2024.</p><p>St. Louis Fed President Bullard, who has the voting power to vote in the FOMC this year, also said on Friday: \"We should try to get the Federal Funds rate to 3.50% by the end of 2022.\" That means a rate hike of 50 basis points at each time at all meetings the Fed will meet for the rest of the year.</p><p></body></html></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>When did U.S. stocks fall? When will the Fed panic so that the market can stop panicking</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\">\nWhen did U.S. stocks fall? When will the Fed panic so that the market can stop panicking\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\">2022-05-25 07:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Monday, the three major U.S. stock indexes closed up collectively for the first time in the last four trading days, and on Tuesday, they fell across the board. The S&P 500 fell by more than 2% in intraday session, and fell into the bear market range again after last Friday, falling by more than 20% from the record high in January this year.</p><p>When will U.S. stocks bottom out? On this issue, the two major Wall Street institutions<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>In the same view, all believe that U.S. stocks may have to fall until the Federal Reserve hints at the end of monetary tightening.</p><p>On Tuesday, the 24th EST, strategists from American banks such as Benjamin Bowler issued a report saying that the Federal Reserve has not provided any help to risky assets, and it seems that it is far from beginning to lend a helping hand. It pointed out that from the past Fed's intervention, the indicators of market pressure such as liquidity and credit spread of S&P 500 futures are currently at the level before the Fed's intervention.</p><p>The above-mentioned Bank of America strategist said in the report that we believe that the market will continue to test the \"Fed put option\"-that is, the market view that if the stock market falls, the Fed will intervene to curb the decline. But these strategists point out,</p><p>\"Before the Fed starts to panic, there will be more market panic.\" Bank of America's report came a day after Vickie Chang, a strategist at Goldman Sachs, released a report on Monday saying that the Fed is unlikely to turn to easing policy when the U.S. economy is not obviously entering a recession. But similar to 2018, a potential recession risk signal is enough for the Fed to forgo continued tightening.</p><p>Chang noted that historically the Fed's monetary tightening typically ended three months before the stock market actually bottomed out and turned to easing two months after the stock market bottomed out. Stock market corrections triggered by monetary tightening tend to bottom out when the Fed turns to easing, regardless of whether real economic activity bottoms out.</p><p>Chang believes that investors are unlikely to get a clear signal of a policy shift from the Fed right now unless there is solid evidence of slowing economic growth and cooling prices. Markets need to see signs of decelerating inflation in order to see a shift in monetary policy. At present, Goldman Sachs expects that U.S. inflation will slow down significantly in the second half of the year.</p><p>At the beginning of this month, the Federal Reserve just decided to rate hike 50 basis points for the first time in 22 years. Fed President Powell said at the press conference after the meeting that the next two meetings in June and July may be suitable for this range of rate hike. Last Tuesday, Powell reiterated that two meetings in June and July may be appropriate to extend the 50 basis point pace of rate hike.</p><p>On Monday, Fed President Bostic said that the Fed may rate hike 50 basis points for each of its next two meetings, and said that he thought it was reasonable to stop the rate hike in September. However, this senior Fed official who released dovish remarks did not have voting rights at the FOMC meeting of the Federal Reserve Monetary Committee this year, and it was only his turn to enjoy voting power in 2024.</p><p>St. Louis Fed President Bullard, who has the voting power to vote in the FOMC this year, also said on Friday: \"We should try to get the Federal Funds rate to 3.50% by the end of 2022.\" That means a rate hike of 50 basis points at each time at all meetings the Fed will meet for the rest of the year.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3660233\">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/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","QQQ":"纳指100ETF",".SPX":"S&P 500 Index","BK4504":"桥水持仓","BK4559":"巴菲特持仓","UDOW":"三倍做多道指30ETF-ProShares","SDS":"两倍做空标普500 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Composite","DXD":"两倍做空道琼30指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares"},"source_url":"https://wallstreetcn.com/articles/3660233","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2238130573","content_text":"周一美股三大指数才实现最近四个交易日首次集体收涨，周二就全线下跌，标普500盘中跌超2%、继上周五之后再度跌入熊市区间，较今年1月的纪录高位跌超20%。美股何时能见底？对这个问题，两大华尔街机构高盛和美国银行持同样的观点，都认为，美股可能还得下跌，直到美联储暗示结束收紧货币为止。美东时间24日周二，Benjamin Bowler等美国银行的策略师发布报告称，美联储没有给风险资产提供任何帮助，看来远未开始伸出援手。其指出，从过往美联储干预的情况看，标普500期货的流动性和信用利差这类市场压力的指标目前处于美联储干预前的水平。上述美银策略师在报告中称，我们相信，市场将继续测试“美联储看跌期权”——即如果股市下跌美联储就会出手干预遏制跌势的市场观点。但这些策略师指出，“在美联储开始恐慌前，还要有更多的市场恐慌。”美银发布上述报告前一天，高盛策略师Vickie Chang本周一发布报告称，在美国经济目前没有明显步入衰退的情况下，美联储不太可能转向宽松政策。但与2018年类似，一个潜在的衰退风险信号就足以让美联储放弃持续紧缩。Chang指出，历史上美联储的货币紧缩通常在股市真正触底三个月前就结束，在股市触底两个月后转向宽松。由货币紧缩引发的股市调整往往会在美联储转向宽松时触底，而不管实际经济活动是否触底。Chang认为，投资者目前不太可能从美联储获得政策转变的明确信号，除非有确凿证据显示经济增长放缓，物价降温。市场需要看到通胀减速的迹象，才能看到货币政策的转向。目前高盛预计，美国通胀将在下半年显著放缓。美联储本月初刚刚决定二十二年来首度一次加息50个基点，联储主席鲍威尔就在会后的新闻发布会上说，6月和7月的未来两次会议可能都适合这个幅度加息。上周二鲍威尔重申，6月和7月的两次会议上可能适合延续加息50个基点的步调。本周一，亚特兰大联储主席博斯蒂克表示，美联储可能会接下来的两次会议中分别加息50个基点，还说，他认为9月停止加息是合理的。不过，这位放出鸽派言论的美联储高官今年并没有联储货币委员会FOMC会议的投票权，2024年才轮到他享有投票权力。今年拥有FOMC投票权的票委、圣路易斯联储主席布拉德上周五还表示：“应当设法让联邦基金利率到2022年年末达到3.50%。” 这意味着在美联储将在今年余下的所有会议上每次加息50个基点。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"DJX":0.6,"SPY":1,"QID":0.6,".IXIC":1,"QLD":0.6,"TQQQ":0.6,"QQQ":0.6,"GS":1,".SPX":0.6,"OEX":0.6,"DXD":0.6,"IVV":0.6,"DOG":0.6,"SDOW":0.6,"SQQQ":0.6,"SPXU":0.6,"SSO":0.6,"UPRO":0.6,".DJI":1,"OEF":0.6,"DDM":0.6,"SH":0.6,"UDOW":0.6,"SDS":0.6,"ESmain":0.6,"MNQmain":0.6,"PSQ":0.6,"NQmain":0.6}},"isVote":1,"tweetType":1,"viewCount":3059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062783674,"gmtCreate":1652107518198,"gmtModify":1676535030938,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062783674","repostId":"2234890520","repostType":4,"isVote":1,"tweetType":1,"viewCount":1558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9088349179,"gmtCreate":1650322831491,"gmtModify":1676534693717,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9088349179","repostId":"613872623","repostType":1,"repost":{"id":613872623,"gmtCreate":1649832120000,"gmtModify":1676532974118,"author":{"id":"3579560926082632","authorId":"3579560926082632","name":"投资界","avatar":"https://static.tigerbbs.com/6a09632062f91283b4308e641ec08979","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579560926082632","idStr":"3579560926082632"},"themes":[],"title":"精“材”路演上線！「創投W+」新材料專場路演順利舉行","htmlText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","listText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","text":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/613872623","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1430,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"content":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","text":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","html":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014423797,"gmtCreate":1649712832480,"gmtModify":1676534553309,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014423797","repostId":"2226688741","repostType":4,"repost":{"id":"2226688741","kind":"highlight","pubTimestamp":1649691182,"share":"https://ttm.financial/m/news/2226688741?lang=en_US&edition=fundamental","pubTime":"2022-04-11 23:33","market":"us","language":"zh","title":"Four Differences between High Inflation Engines in Europe and America","url":"https://stock-news.laohu8.com/highlight/detail?id=2226688741","media":"格隆汇","summary":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国","content":"<p><html><head></head><body><b>KEY POINTS</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year. In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and America hit a record high year-on-year. Under the pressure of continuous high inflation, both European and American central banks turned hawks. However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more\", but it is \"energy inflation\" in the euro zone, that is, the pressure faced by inflation in the United States is the general rise in prices of various goods and services; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison, the \"resistance\" of domestic demand in the United States to rate hike is stronger than that of the euro zone, which may face a greater risk of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation method,</b>The U.S. CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>In terms of the weight of the consumption basket,</b>In the inflation indicators of Europe and America, the service weight is higher than that of commodities, which shows the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight of the United States is significantly higher than that of the euro zone, which is about 18.3 percentage points higher. Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.</p><p><b>2. How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p><b>3. Four major differences between inflation \"engines\" in Europe and America</b></p><p><b>One difference: energy price increases almost play a decisive role in high inflation in Europe, and the United States \"blooms more\".</b>For the Eurozone, energy pulled 3.2% year-on-year in February, accounting for 53.5% of HICP year-on-year; In addition to energy, food, non-energy industrial products and services in the United States \"work together\", contributing 14.1%, 31.5% and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Eurozone food prices have increased faster since the end of 2021 due to a higher share of food in the eurozone's inflation structure.</p><p><b>Difference 3: Durable goods in the United States generally rose, while the price increase of other durable goods in the euro zone was not obvious except the price increase of cars.</b></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase.</b></p><p><b>To sum up, the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflation pushed up by commodity prices, while the United States is generally inflated by prices: ① It can be seen from the differences one and two,</b>The inflation in the euro zone is dominated by external supply shocks. The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.<b>② The difference between three and four may indicate that,</b>The inflationary pressure brought by the strong internal demand in the euro zone is not great. In terms of durable goods, durable goods in the United States show general upward pressure, while the euro zone is only driven by automobiles. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Risk Caution: U.S. Inflation Higher than Expected</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflation pressure, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year.</b>In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States reached a record high year-on-year, reaching a high of 5.9% and 7.9% respectively; It was +0.9% month-on-month, especially the euro zone was greatly affected by the Russia-Ukraine conflict, with an increase of 0.5 percentage points in February compared with January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Under the pressure of continuous high inflation, European and American central banks have turned hawks.</b>In the euro zone, at the interest rate meeting in March, the European Central Bank raised its inflation expectation in an all-round way, and announced that it would end the bond purchase plan (APP) at a faster speed. Compared with the February meeting, it once again exceeded expectations and turned eagle. On March 17th, President Lagarde also said in his speech that \"the inflation level in the euro zone is unlikely to return to the level before the epidemic, and the European Central Bank has begun to adjust its policies to further promote policy normalization when the necessary conditions are met\", indicating that the European Central Bank is \"forced\" to change its attitude under the pressure of high inflation. In the United States, the minutes of the Fed's interest rate meeting in March also made it clear that one or more interest rate meetings in the future may be rate hike by 50bps, and the shrinking balance sheet may be started as early as May.</p><p><b>However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more points\", but it is \"energy inflation\" in the euro zone.</b>That is, the pressure faced by inflation in the United States is that the prices of all kinds of goods and services are generally rising; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison,<b>Internal demand in the United States is more \"resistant\" to rate hike than in the euro zone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(1) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and America, first compare the similarities and differences of inflation indicators in Europe and America.</b>This report selects U.S. CPI and Eurozone HICP indicators to characterize their respective inflation levels. For the basic situation of US CPI indicators, please refer to the report \"Contraction or Inflation-Search and Prospect of Long-term and Short-term Dual Framework of US Inflation & Number Theory Economy Series 11\". This report mainly introduces the inflation indicator HICP in the euro zone.</p><p>The full name of HICP is TheHarmonized Index of Consumer Prices, translated as Harmonized CPI. It is a Consumer price Index compiled by EU member countries according to uniform standards. The purpose is to make the price indexes of each member country comparable and can be summed up to obtain the Consumer price Index of the euro zone.</p><p>Comparison shows that the main differences between the euro zone HICP and the US CPI are as follows:</p><p><b>1. In terms of preparation method,</b>First, in sample selection, the euro zone HICP tries to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>2. The weight of consumption basket</b>According to the caliber of core and non-core inflation, the service weight in European and American inflation indicators is higher than that of commodities, showing the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight in the United States is significantly higher than that in the euro zone, about 18.3 percentage points higher; Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.<b>Considering the recent impact of the Russia-Ukraine conflict, the prices of commodities such as energy and grain have increased sharply, and the relatively higher weight of food and energy in the European HICP consumer basket means that the euro zone will face higher food and energy inflation pressure.</b></p><p>According to the subdivision of consumption basket, according to the types of goods and services consumed, the HICP in the euro zone is divided into 12 categories, while the CPI in the United States includes 8 categories (see Chart 6 for details). Among them, the residential weight in U.S. CPI is significantly higher than that in European HICP, which is about 19.7 percentage points higher, which is also the main source of the huge gap in service weight between Europe and America. The main reason may be that the euro zone HICP does not include the estimated rent of Owner-occupied Housing, while the U.S. CPI includes the part of Owner-occupied Housing, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, the food and beverage in the European HICP are much higher than the US CPI,</b>About 11.3 percentage points higher, corresponding to the fact that the weight of food category in European HICP is much higher than that of US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(2) How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p>In order to further refine the differences in inflation structure between the United States and Europe,<b>We further split non-energy industrial goods into durable goods and non-durable goods,</b>These two sub-items are included in the U.S. Bureau of Labor Statistics classification and therefore do not require adjustment; For the Eurozone, durable goods and semi-durable goods in the official classification are aggregated as \"durable goods\" and \"non-durable goods\" are not adjusted.<b>For durable goods, cars and other durable goods are further separated,</b>The U.S. Bureau of Labor Statistics classification includes an automotive sub-item, so no adjustment is required; For the Eurozone, aggregate motor vehicles and motor vehicle parts in the official classification as cars.</p><p><b>Further split the services into transportation services, leisure and entertainment services, rent and other four items,</b>For the Eurozone, the first two items are in the official Eurostat classification and do not need to be adjusted; Rent is equal to actual rent + accommodation service sub-items in catering and hotels; Others are the first three items of services, including communication services, etc. For the United States, transportation services, leisure and recreation services, and rent are all in the official classification of the Bureau of Labor Statistics and do not need to be adjusted; Others also rely on backward squeezing. See the table below for details of the classification. After unifying the inflation caliber of the United States and Europe, we can compare the inflation structure of the United States and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(3) Four major differences between inflation \"engines\" in Europe and the United States</b></p><p><b>One difference: energy price increases play an almost decisive role in high inflation in Europe, while the United States \"blooms more\".</b>For the euro zone, the pull rate of energy to the year-on-year growth rate of HICP in February was 3.2%, and the contribution rate reached 53.5%; For the United States, energy contributed 1.7% to the year-on-year growth rate of CPI in February, and the contribution rate was 21.3%; In addition to energy, food, non-energy industrial products and services \"work together\". In February, their contribution to the year-on-year growth rate of CPI was 14.1%, 31.5% and 33% respectively, totaling 78.6%, indicating that the high inflation in the United States is \"multi-point blossoming\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Since the end of 2021, food prices in the euro zone have increased faster. As of February this year, the year-on-year pull rates of food price increases on inflation in Europe and the United States are 1% and 1.1% respectively. There is little difference between the year-on-year pull rates of food price increases on inflation in Europe and the United States. However, from the perspective of changing trends, because commodities account for a higher proportion of inflation in the euro zone, food prices bring greater upward pressure on inflation in the euro zone.</p><p><b>Difference 3: The price of durable goods in the United States has generally increased, while the price of other durable goods in the euro zone has not increased significantly except for the price increase of automobiles.</b>From the absolute level of pull rate, in February, the price increase of durable goods in the United States increased the CPI by 2.1% year-on-year, while that in the euro zone was only 0.4%. Since the outbreak of the epidemic, the price increase of durable goods in the euro zone has been much smaller than that in the United States. From the structural point of view, for Europe and the United States, cars are the main driving items for the price increase of durable goods. In February, the year-on-year pull of European and American cars was 1.7% and 0.42% respectively, and the contribution to the price increase of durable goods in Europe and the United States was 80% and 103% respectively. In addition to the price increase of automobiles in the United States, other durable goods also have rising price pressure, which may indicate that the internal demand in the United States is strong, resulting in general rising pressure on the price of durable goods; In the euro zone, except for the price increase of automobiles caused by supply-side factors such as \"core shortage\", the prices of other durable goods are falling, which may imply that the internal demand in the euro zone is not strong.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase, and leisure and entertainment services contribute the largest.</b>In February, the year-on-year pull rate of the US CPI service sub-item to overall inflation was 2.6%, and the year-on-year contribution rate to CPI was 33%, which was the highest among the four sub-items (food, energy, non-energy industrial goods and services), while the contribution rate of service price increase in the euro zone was only 17%. Structurally, in the United States, the price increase of services is mainly due to the increase of rent, and the price increase of transportation services also contributes to a certain extent. In February, the year-on-year pull of rent and transportation services to overall inflation was 1.6% and 0.3% respectively, and the contribution rate to the price increase of services was 60% and 13% respectively; In the euro zone, leisure and entertainment services are the main driving force of service price increase. In February, the year-on-year pull rate of CPI was 0.4%, and the contribution rate to service price increase was 42%. The rent was almost unchanged, and transportation services also made a certain contribution. In February, the contribution rate to service price increase was 19%, which was larger than that of the United States. The price increase of transportation services is mainly limited by supply-side factors. On the one hand, the price increase of energy pushes up the cost; on the other hand, the epidemic causes the shortage of transportation employees to push up the wage cost.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>To sum up, through comparison, it can be found that the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflated by commodity prices, while the United States is generally inflated by prices, more specifically:</b></p><p><b>First, it can be seen from the difference one and two that the inflation in the euro zone is dominated by external supply shocks.</b>The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes over 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.</p><p><b>Second, the difference between three and four may indicate that the inflationary pressure in the euro zone due to strengthening internal demand is not great,</b>In terms of durable goods, U.S. durable goods showed general upward pressure, while the euro zone was driven only by cars. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Considering that this round of accelerated tightening by the central banks of the United States and Europe is affected by inflation, compared with the United States, the inflation in the euro zone mainly comes from external supply shocks, and the internal demand is not overheated. Therefore, after the tightening of monetary policy, the domestic demand in the United States may still be \"carried\" for a period of time, while the internal demand in the euro zone may be more affected by monetary tightening, and it is more likely to fall into the risk of slowing economic growth.</b></p><p></body></html></p>","source":"gelonghui_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>Four Differences between High Inflation Engines in Europe and America</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\">\nFour Differences between High Inflation Engines in Europe and America\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-04-11 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>KEY POINTS</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year. In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and America hit a record high year-on-year. Under the pressure of continuous high inflation, both European and American central banks turned hawks. However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more\", but it is \"energy inflation\" in the euro zone, that is, the pressure faced by inflation in the United States is the general rise in prices of various goods and services; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison, the \"resistance\" of domestic demand in the United States to rate hike is stronger than that of the euro zone, which may face a greater risk of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation method,</b>The U.S. CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>In terms of the weight of the consumption basket,</b>In the inflation indicators of Europe and America, the service weight is higher than that of commodities, which shows the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight of the United States is significantly higher than that of the euro zone, which is about 18.3 percentage points higher. Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.</p><p><b>2. How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p><b>3. Four major differences between inflation \"engines\" in Europe and America</b></p><p><b>One difference: energy price increases almost play a decisive role in high inflation in Europe, and the United States \"blooms more\".</b>For the Eurozone, energy pulled 3.2% year-on-year in February, accounting for 53.5% of HICP year-on-year; In addition to energy, food, non-energy industrial products and services in the United States \"work together\", contributing 14.1%, 31.5% and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Eurozone food prices have increased faster since the end of 2021 due to a higher share of food in the eurozone's inflation structure.</p><p><b>Difference 3: Durable goods in the United States generally rose, while the price increase of other durable goods in the euro zone was not obvious except the price increase of cars.</b></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase.</b></p><p><b>To sum up, the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflation pushed up by commodity prices, while the United States is generally inflated by prices: ① It can be seen from the differences one and two,</b>The inflation in the euro zone is dominated by external supply shocks. The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.<b>② The difference between three and four may indicate that,</b>The inflationary pressure brought by the strong internal demand in the euro zone is not great. In terms of durable goods, durable goods in the United States show general upward pressure, while the euro zone is only driven by automobiles. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Risk Caution: U.S. Inflation Higher than Expected</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflation pressure, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year.</b>In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States reached a record high year-on-year, reaching a high of 5.9% and 7.9% respectively; It was +0.9% month-on-month, especially the euro zone was greatly affected by the Russia-Ukraine conflict, with an increase of 0.5 percentage points in February compared with January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Under the pressure of continuous high inflation, European and American central banks have turned hawks.</b>In the euro zone, at the interest rate meeting in March, the European Central Bank raised its inflation expectation in an all-round way, and announced that it would end the bond purchase plan (APP) at a faster speed. Compared with the February meeting, it once again exceeded expectations and turned eagle. On March 17th, President Lagarde also said in his speech that \"the inflation level in the euro zone is unlikely to return to the level before the epidemic, and the European Central Bank has begun to adjust its policies to further promote policy normalization when the necessary conditions are met\", indicating that the European Central Bank is \"forced\" to change its attitude under the pressure of high inflation. In the United States, the minutes of the Fed's interest rate meeting in March also made it clear that one or more interest rate meetings in the future may be rate hike by 50bps, and the shrinking balance sheet may be started as early as May.</p><p><b>However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more points\", but it is \"energy inflation\" in the euro zone.</b>That is, the pressure faced by inflation in the United States is that the prices of all kinds of goods and services are generally rising; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison,<b>Internal demand in the United States is more \"resistant\" to rate hike than in the euro zone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(1) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and America, first compare the similarities and differences of inflation indicators in Europe and America.</b>This report selects U.S. CPI and Eurozone HICP indicators to characterize their respective inflation levels. For the basic situation of US CPI indicators, please refer to the report \"Contraction or Inflation-Search and Prospect of Long-term and Short-term Dual Framework of US Inflation & Number Theory Economy Series 11\". This report mainly introduces the inflation indicator HICP in the euro zone.</p><p>The full name of HICP is TheHarmonized Index of Consumer Prices, translated as Harmonized CPI. It is a Consumer price Index compiled by EU member countries according to uniform standards. The purpose is to make the price indexes of each member country comparable and can be summed up to obtain the Consumer price Index of the euro zone.</p><p>Comparison shows that the main differences between the euro zone HICP and the US CPI are as follows:</p><p><b>1. In terms of preparation method,</b>First, in sample selection, the euro zone HICP tries to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>2. The weight of consumption basket</b>According to the caliber of core and non-core inflation, the service weight in European and American inflation indicators is higher than that of commodities, showing the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight in the United States is significantly higher than that in the euro zone, about 18.3 percentage points higher; Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.<b>Considering the recent impact of the Russia-Ukraine conflict, the prices of commodities such as energy and grain have increased sharply, and the relatively higher weight of food and energy in the European HICP consumer basket means that the euro zone will face higher food and energy inflation pressure.</b></p><p>According to the subdivision of consumption basket, according to the types of goods and services consumed, the HICP in the euro zone is divided into 12 categories, while the CPI in the United States includes 8 categories (see Chart 6 for details). Among them, the residential weight in U.S. CPI is significantly higher than that in European HICP, which is about 19.7 percentage points higher, which is also the main source of the huge gap in service weight between Europe and America. The main reason may be that the euro zone HICP does not include the estimated rent of Owner-occupied Housing, while the U.S. CPI includes the part of Owner-occupied Housing, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, the food and beverage in the European HICP are much higher than the US CPI,</b>About 11.3 percentage points higher, corresponding to the fact that the weight of food category in European HICP is much higher than that of US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(2) How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p>In order to further refine the differences in inflation structure between the United States and Europe,<b>We further split non-energy industrial goods into durable goods and non-durable goods,</b>These two sub-items are included in the U.S. Bureau of Labor Statistics classification and therefore do not require adjustment; For the Eurozone, durable goods and semi-durable goods in the official classification are aggregated as \"durable goods\" and \"non-durable goods\" are not adjusted.<b>For durable goods, cars and other durable goods are further separated,</b>The U.S. Bureau of Labor Statistics classification includes an automotive sub-item, so no adjustment is required; For the Eurozone, aggregate motor vehicles and motor vehicle parts in the official classification as cars.</p><p><b>Further split the services into transportation services, leisure and entertainment services, rent and other four items,</b>For the Eurozone, the first two items are in the official Eurostat classification and do not need to be adjusted; Rent is equal to actual rent + accommodation service sub-items in catering and hotels; Others are the first three items of services, including communication services, etc. For the United States, transportation services, leisure and recreation services, and rent are all in the official classification of the Bureau of Labor Statistics and do not need to be adjusted; Others also rely on backward squeezing. See the table below for details of the classification. After unifying the inflation caliber of the United States and Europe, we can compare the inflation structure of the United States and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(3) Four major differences between inflation \"engines\" in Europe and the United States</b></p><p><b>One difference: energy price increases play an almost decisive role in high inflation in Europe, while the United States \"blooms more\".</b>For the euro zone, the pull rate of energy to the year-on-year growth rate of HICP in February was 3.2%, and the contribution rate reached 53.5%; For the United States, energy contributed 1.7% to the year-on-year growth rate of CPI in February, and the contribution rate was 21.3%; In addition to energy, food, non-energy industrial products and services \"work together\". In February, their contribution to the year-on-year growth rate of CPI was 14.1%, 31.5% and 33% respectively, totaling 78.6%, indicating that the high inflation in the United States is \"multi-point blossoming\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Since the end of 2021, food prices in the euro zone have increased faster. As of February this year, the year-on-year pull rates of food price increases on inflation in Europe and the United States are 1% and 1.1% respectively. There is little difference between the year-on-year pull rates of food price increases on inflation in Europe and the United States. However, from the perspective of changing trends, because commodities account for a higher proportion of inflation in the euro zone, food prices bring greater upward pressure on inflation in the euro zone.</p><p><b>Difference 3: The price of durable goods in the United States has generally increased, while the price of other durable goods in the euro zone has not increased significantly except for the price increase of automobiles.</b>From the absolute level of pull rate, in February, the price increase of durable goods in the United States increased the CPI by 2.1% year-on-year, while that in the euro zone was only 0.4%. Since the outbreak of the epidemic, the price increase of durable goods in the euro zone has been much smaller than that in the United States. From the structural point of view, for Europe and the United States, cars are the main driving items for the price increase of durable goods. In February, the year-on-year pull of European and American cars was 1.7% and 0.42% respectively, and the contribution to the price increase of durable goods in Europe and the United States was 80% and 103% respectively. In addition to the price increase of automobiles in the United States, other durable goods also have rising price pressure, which may indicate that the internal demand in the United States is strong, resulting in general rising pressure on the price of durable goods; In the euro zone, except for the price increase of automobiles caused by supply-side factors such as \"core shortage\", the prices of other durable goods are falling, which may imply that the internal demand in the euro zone is not strong.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase, and leisure and entertainment services contribute the largest.</b>In February, the year-on-year pull rate of the US CPI service sub-item to overall inflation was 2.6%, and the year-on-year contribution rate to CPI was 33%, which was the highest among the four sub-items (food, energy, non-energy industrial goods and services), while the contribution rate of service price increase in the euro zone was only 17%. Structurally, in the United States, the price increase of services is mainly due to the increase of rent, and the price increase of transportation services also contributes to a certain extent. In February, the year-on-year pull of rent and transportation services to overall inflation was 1.6% and 0.3% respectively, and the contribution rate to the price increase of services was 60% and 13% respectively; In the euro zone, leisure and entertainment services are the main driving force of service price increase. In February, the year-on-year pull rate of CPI was 0.4%, and the contribution rate to service price increase was 42%. The rent was almost unchanged, and transportation services also made a certain contribution. In February, the contribution rate to service price increase was 19%, which was larger than that of the United States. The price increase of transportation services is mainly limited by supply-side factors. On the one hand, the price increase of energy pushes up the cost; on the other hand, the epidemic causes the shortage of transportation employees to push up the wage cost.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>To sum up, through comparison, it can be found that the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflated by commodity prices, while the United States is generally inflated by prices, more specifically:</b></p><p><b>First, it can be seen from the difference one and two that the inflation in the euro zone is dominated by external supply shocks.</b>The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes over 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.</p><p><b>Second, the difference between three and four may indicate that the inflationary pressure in the euro zone due to strengthening internal demand is not great,</b>In terms of durable goods, U.S. durable goods showed general upward pressure, while the euro zone was driven only by cars. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Considering that this round of accelerated tightening by the central banks of the United States and Europe is affected by inflation, compared with the United States, the inflation in the euro zone mainly comes from external supply shocks, and the internal demand is not overheated. Therefore, after the tightening of monetary policy, the domestic demand in the United States may still be \"carried\" for a period of time, while the internal demand in the euro zone may be more affected by monetary tightening, and it is more likely to fall into the risk of slowing economic growth.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/520872\">格隆汇</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":{".DJI":"道琼斯"},"source_url":"http://www.gelonghui.com/p/520872","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2226688741","content_text":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。1、HICP与CPI有什么异同？在编制方式上，美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。在消费篮子的权重方面，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点。在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。2、如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。3、欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，美国“多点开花”。对于欧元区，2月份能源同比拉动3.2%，占HICP同比的53.5%；而美国除能源外，食品、非能源工业品、服务“共同发力”，2月对同比贡献分别为14.1%、31.5%、33%，合计达78.6%。区别之二：欧元区食品涨价更快。由于欧元区通胀结构中食品占比更高，因此自2021年底以来欧元区食品涨价更快。区别之三：美国耐用品普涨，欧元区除汽车涨价外，其他耐用品涨价不明显。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小。综上，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨：①从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。②区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。风险提示：美国通胀超预期走高正文一欧美：一样的通胀高压，不一样的压力来源自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，分别达到5.9%、7.9%的高位；环比均+0.9%，尤其是欧元区受俄乌冲突影响较大，2月环比较1月增长了0.5个百分点。持续高通胀压力下，欧美央行均转鹰。欧元区方面，3月议息会议上欧央行全面上调通胀预期，并宣布将以更快速度结束购债计划（APP），相较2月会议再度超预期转鹰。3月17日，行长拉加德在讲话中也表示“欧元区通胀水平已经不太可能回到疫情之前的水平，欧央行已经开始调整政策，以便在满足必要条件时，进一步推进政策正常化”，表明在高通胀压力下，欧央行正“被迫”转变态度。美国方面，3月美联储议息会议纪要也明确未来1次或多次议息会议或将加息50bps，最早5月或将启动缩表。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。（一）HICP与CPI有什么异同？在展开欧美通胀来源对比之前，首先对比欧美通胀指标的异同。本报告选取美国CPI和欧元区HICP指标表征各自通胀水平。关于美国CPI指标的基本情况详见报告《缩or胀——美国通胀长短期双框架的找寻与展望&数论经济系列十一》，本报告主要介绍欧元区通胀指标HICP。HICP全称为TheHarmonised Index of Consumer Prices，译为调和CPI，是欧盟各成员国按照统一标准编制的消费物价指数，目的是使各成员国的物价指数具备可比性，可以进行加总得到欧元区的消费物价指数。对比发现，欧元区HICP与美国CPI主要存在以下几点差别：1、编制方法方面，首先，在样本选取上，欧元区HICP试图将农村消费者纳入样本，而美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。2、消费篮子的权重方面，根据核心与非核心通胀的口径来看，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点；在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。考虑到近期受俄乌冲突影响，能源、粮食等大宗商品大幅涨价，欧HICP消费者篮子中相对更高的食品和能源权重则意味着欧元区会面临更高的食品和能源通胀压力。根据消费篮子的细分种类看，按照消费的商品和服务种类分，欧元区HICP分为12大类，美国CPI则囊括8大类（详见图表6）。其中：美国CPI中住宅权重明显高于欧HICP的住宅权重，约高19.7个百分点，这也是欧美服务权重巨大差距的主要来源，主要原因可能在于欧元区HICP不包括自有住房（Owner-occupied Housing）的估计租金，而美国CPI包含自有住房部分，记为“业主等价租金”（Owners’ EquivalentRent of Residences）。但欧HICP中的食品和饮料则远高于美CPI，约高11.3个百分点，对应着欧HICP中食品大类权重远高于美CPI。（二）如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。为进一步细化美欧通胀结构上的差异，我们将非能源工业品进一步拆分为耐用品与非耐用品，美国劳工统计局分类中包括这两个分项，因此不需调整；对于欧元区，将官方分类中的耐用品与半耐用品合计为“耐用品”，“非耐用品”不作调整。对于耐用品，又进一步拆分出汽车和其他耐用品，美国劳工统计局分类中包括汽车分项，因此不需调整；对于欧元区，将官方分类中的机动车和机动车零部件合计为汽车。将服务进一步拆分为交通运输服务、休闲娱乐服务、房租与其他四项，对于欧元区，前两项为欧盟统计局官方分类中的内容，无需调整；房租等于实际房租+餐饮和酒店中的住宿服务分项；其他为服务项倒减前三项，内容上包括通信服务等。对于美国，交通运输服务、休闲娱乐服务、房租均为劳工统计局官方分类中的内容，无需调整；其他也依靠倒挤得出。具体分类细节详见下表，在对美欧通胀口径进行统一后，我们可对美欧通胀结构进行对比。（三）欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，而美国“多点开花”。对于欧元区，2月份能源对HICP同比增速的拉动率为3.2%，贡献率达到53.5%；对于美国，2月份能源对CPI同比增速的拉动率为1.7%，贡献率为21.3%；除能源外，食品、非能源工业品、服务“共同发力”，2月对CPI同比增速的贡献分别为14.1%、31.5%、33%，合计达78.6%，表明美国的高通胀是“多点开花”。区别之二：欧元区食品涨价更快。自2021年末以来欧元区食品涨价更快，截至今年2月，食品价格上涨对欧、美通胀同比的拉动率分别为1%、1.1%，食品涨价对欧美通胀同比拉动率差距不大，但从变化趋势来看，由于欧元区通胀中商品占比更高，食品价格带来欧元区的通胀上行压力更大。区别之三：美国耐用品普遍涨价，欧元区除汽车涨价拉动外，其他耐用品涨价不明显。从拉动率绝对水平上看，2月美国耐用品涨价对CPI同比拉动录得2.1%，而欧元区仅有0.4%，疫情发生以来欧元区耐用品涨价幅度持续远小于美国。结构来看，对欧美来说汽车均是耐用品涨价主要拉动项，2月欧美汽车同比拉动分别为1.7%、0.42%，对欧美耐用品涨价贡献分别为80%、103%。而美国除了汽车涨价外，其他耐用品亦有价格上涨压力，可能表明美国内部需求较强劲，导致耐用品价格产生普涨压力；而在欧元区，除了因“缺芯”等供给端因素限制导致的汽车涨价外，其他耐用品价格反而在回落，可能暗示欧元区内部需求不强。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小，休闲娱乐服务贡献最大。2月，美国CPI服务分项对整体通胀的同比拉动率为2.6%，对CPI同比贡献率为33%，为四大分项（食品、能源、非能源工业品、服务）中最高，而欧元区服务涨价贡献率仅为17%。结构来看，在美国，服务涨价主要是因为房租上涨，此外运输服务涨价亦有一定贡献，2月，房租、运输服务对整体通胀的同比拉动分别录得1.6%、0.3%，对服务涨价贡献率分别为60%、13%；而在欧元区，休闲娱乐服务才是服务涨价的主要推动力，2月对CPI同比拉动率为0.4%，对服务涨价贡献率42%，房租几乎没有变化，交通运输服务也有一定贡献，2月对服务涨价贡献率19%，比美国大。而运输服务涨价也主要受供给端因素限制，一方面能源涨价推升成本，另一方面疫情导致运输就业人员不足推升薪资成本。综上，通过对比可以发现，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨，更具体地说：其一，从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。其二，区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。考虑到美欧央行此轮加速紧缩均是受到通胀影响，但相比于美国，欧元区的通胀主要来自外部供给冲击，内部需求并未过热，因此货币政策紧缩后，美国国内需求或仍能“扛”一段时间，而欧元区内部需求或受货币紧缩冲击更大，更易陷入经济增长放缓的风险。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096782019,"gmtCreate":1644461751143,"gmtModify":1676533929902,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096782019","repostId":"1120878270","repostType":4,"repost":{"id":"1120878270","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":1644459301,"share":"https://ttm.financial/m/news/1120878270?lang=en_US&edition=fundamental","pubTime":"2022-02-10 10:15","market":"hk","language":"zh","title":"Lepu Biotech starts its IPO today, with an admission fee of HK$7454.38","url":"https://stock-news.laohu8.com/highlight/detail?id=1120878270","media":"老虎资讯综合","summary":"每股发售价介于6.87港元-7.38港元，每手1000股。","content":"<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: From February 10 to February 15, 2022, the Company intends to issue approximately 127 million shares, of which the Hong Kong Public Offering accounts for 10%, the International Offering accounts for 90%, and the over-allotment option of 15% is attached.<b>Offer price of HK$6.87-HK$7.38 per share, board lot of 1000 shares, admission fee of HK$7454.38</b>Dealings in the Shares on the Stock Exchange are expected to commence on 23 February 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Purchase ladder</b></p><p>Each lot of 1000 shares, the entrance fee is HK$7454.38.</p><p>The threshold of Group B is 70,000 shares, and the funds required for subscription are about HK$ 521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting many professional investment funds in the pharmaceutical and medical industry, including Vivo Capital, Suzhou Danqing, SDIC Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprise, Shanghai Biomedical Fund, etc.</p><p><b>Differentiated layout of PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor therapy, which is<b>The only innovative drug company in China with both PD-1 monoclonal antibodies in the NDA reporting stage and multiple clinical phase II ADC pipelines.</b>There are 8 clinical-stage drug candidates in its product pipeline, mainly composed of targeted therapies (ADC antibody conjugate drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and one oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are ongoing in the United States. Monoclonal antibody cornerstone products can form combination drug advantages with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient population and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The domestic competition for PD-1 (L1) has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The second indication of PD-1 Putelizumab Injection (HX008), one of the core products of Lepu Bio. The marketing application for MSI-H/dMMR solid tumors was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor\" tumor marker, and the discovery of MSI-H/dMMR tumor marker has promoted the progress of the tumor treatment approach of \"treating by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in digestive system cancers such as gastric cancer and colorectal cancer, so it has a wide application prospect. But the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, the global<b>Only three anti-PD- (L) 1 monoclonal antibodies (approved by NMPA), K drug (pembrolizumab, approved by FDA and NMPA), O drug (nivolumab, approved by FDA) and envolizumab, have been approved for the treatment of MSI-H/dMMR solid tumors.</b></p><p>Taking K drug as an example, in a global multicenter large-scale phase III clinical trial of pembrolizumab for the first-line treatment of intestinal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced intestinal cancer using K drug were significantly better than those of patients with advanced intestinal cancer using conventional chemotherapy. The NDA application for HX008 submitted by Lepu Bio has been accepted. HX008 is expected to become the first market product of Lepu Bio and enable patients to benefit from new therapies earlier.</p><p><b>It is also worth mentioning that PD-1 is closest to commercialization in the overall strategic deployment of Lepu Bio and plays an important role. The company will use PD-1 products to open up sales channels, and plans to start marketing in medical institutions and pharmacies after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, so as to lay the foundation for the smooth listing of ADC products and subsequent pipelines</b>。</p><p><b>Several ADCs are expected to achieve world first</b></p><p>ADC drugs are the core of Lepu Biological's targeted therapy. The company has a variety of targeted ADC drug pipelines, among which the core pipeline HER2 targeted ADC drug MRG002 has the fastest commercialization progress. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, is a HER2-targeted ADC drug. The HER2 positivity rate in breast cancer is about 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer is now the most common type of cancer in the world, and the number of new breast cancer cases in China reached 331,600 in 2020. According to Frost & Sullivan, the size of the breast cancer market in China was RMB50.7 billion in 2020 and is expected to reach RMB81.8 billion and RMB124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the People's Liberation Army General Hospital, who gave a detailed report in the special session on innovative drug clinical research data at the CSCO Annual Meeting in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>There has never been a shortage of blockbuster varieties in the global breast cancer treatment market. According to Nature Reviews Drug Discovery, the global sales of ADCs currently on the market will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>Domestic first and international clinical progress leading</b>For ADC drugs targeting EGFR, worldwide, except Japan's Rakuten Medical's product Akalux (suitable for irresectable locally recurrent head and neck cancer), which has been approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting a number of phase II clinical trials for MRG003 in China.</p><p>Similarly, other ADC pipelines also have the potential to be first of its kind. For example, CMG901 jointly developed by Lepu Bio and Connoya (2162.HK) is the world's first CLDN18.2-targeted ADC approved by IND; The company's self-developed MRG001 is aimed at hematological tumors. There is currently no approved CD20-targeted ADC product in the world. The only CD20-targeted ADCs in the clinical stage in China are the company's MRG001 and Territh's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, for ADC drugs to be finally approved for marketing, the company's ADC commercial production capacity and production experience are also crucial.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has rich experience in ADC drug development. Lepu Bio also has a clinically proven ADC platform for coupling and CMC technologies, as well as a development and analysis platform for advanced processes as support for commercial production.</p><p><b>Clinical progress of oncolytic virus leads the world</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the right to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the State Food and Drug Administration for intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, non-muscle invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has been clinically approved by CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost & Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development for bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue to kill residual tumor cells, so oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication of oncolytic virus is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tract tumors in China.<b>With a five-year survival rate of 72.9% in China, there are significant market opportunities for bladder cancer treatment.</b>In addition, the oncolytic virus can also be expanded to other indications, especially in combination,<b>The combination of oncolytic virus and anti-PD-1/anti-PD-L1 monoclonal antibodies has emerged as an emerging treatment for advanced malignancies.</b></p><p>CG0070 has shown good safety and efficacy in the Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very eye-catching Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients with evaluable efficacy, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node was also maintained 100%.</b></p><p>Many companies around the world have laid out a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)' aglatimagene besadenovec (which has entered clinical phase III for the treatment of prostate cancer) are among the faster-progressing pipelines.</p><p>In addition to CG0070, Lepu Bio also has a stake in Wuhan Binhui Bio, which independently developed recombinant human GM-CSF oncolytic type II herpes simplex virus (OH2) injection. The prospectus of Lepu Bio shows that the combination therapy of HX008 combined with OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding phase I clinical trial has started.</p><p>Lepu Bio has established multiple tumor treatment pipelines for multiple indications. As product commercialization approaches, the company is also promoting research on the combination of monoclonal antibodies with other core pipelines, with a view to providing patients with innovative and even disruptive treatment options. In addition to the above HX008 combined with OH2, Lepu Bio also plans to develop ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for HNSCC and MRG002 in combination with HX008 for gastric cancer have received IND approval from the NMPA.</p><p>From a global perspective, in clinical trials of monoclonal antibody products such as K drugs combined with ADCs and oncolytic viruses, combination therapy generally shows a higher complete remission rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing the production and commercialization layout. In 2019, Lepu Bio built and put into production a GMP-standard 2,000L antibody production line in Beijing, and is currently building a 200L oncolytic virus drug production line in Beijing. At present, the company is also building a biomedical production center in Shanghai, including the construction of a production line with a preliminary designed capacity of 12,000L and supporting laboratories and factories. Relying on the company's team and technology platform, the construction of production and commercialization capabilities will also provide great support for the company's global layout.</p><p></body></html></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>Lepu Biotech starts its IPO today, with an admission fee of HK$7454.38</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\">\nLepu Biotech starts its IPO today, with an admission fee of HK$7454.38\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\">2022-02-10 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: From February 10 to February 15, 2022, the Company intends to issue approximately 127 million shares, of which the Hong Kong Public Offering accounts for 10%, the International Offering accounts for 90%, and the over-allotment option of 15% is attached.<b>Offer price of HK$6.87-HK$7.38 per share, board lot of 1000 shares, admission fee of HK$7454.38</b>Dealings in the Shares on the Stock Exchange are expected to commence on 23 February 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Purchase ladder</b></p><p>Each lot of 1000 shares, the entrance fee is HK$7454.38.</p><p>The threshold of Group B is 70,000 shares, and the funds required for subscription are about HK$ 521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting many professional investment funds in the pharmaceutical and medical industry, including Vivo Capital, Suzhou Danqing, SDIC Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprise, Shanghai Biomedical Fund, etc.</p><p><b>Differentiated layout of PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor therapy, which is<b>The only innovative drug company in China with both PD-1 monoclonal antibodies in the NDA reporting stage and multiple clinical phase II ADC pipelines.</b>There are 8 clinical-stage drug candidates in its product pipeline, mainly composed of targeted therapies (ADC antibody conjugate drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and one oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are ongoing in the United States. Monoclonal antibody cornerstone products can form combination drug advantages with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient population and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The domestic competition for PD-1 (L1) has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The second indication of PD-1 Putelizumab Injection (HX008), one of the core products of Lepu Bio. The marketing application for MSI-H/dMMR solid tumors was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor\" tumor marker, and the discovery of MSI-H/dMMR tumor marker has promoted the progress of the tumor treatment approach of \"treating by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in digestive system cancers such as gastric cancer and colorectal cancer, so it has a wide application prospect. But the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, the global<b>Only three anti-PD- (L) 1 monoclonal antibodies (approved by NMPA), K drug (pembrolizumab, approved by FDA and NMPA), O drug (nivolumab, approved by FDA) and envolizumab, have been approved for the treatment of MSI-H/dMMR solid tumors.</b></p><p>Taking K drug as an example, in a global multicenter large-scale phase III clinical trial of pembrolizumab for the first-line treatment of intestinal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced intestinal cancer using K drug were significantly better than those of patients with advanced intestinal cancer using conventional chemotherapy. The NDA application for HX008 submitted by Lepu Bio has been accepted. HX008 is expected to become the first market product of Lepu Bio and enable patients to benefit from new therapies earlier.</p><p><b>It is also worth mentioning that PD-1 is closest to commercialization in the overall strategic deployment of Lepu Bio and plays an important role. The company will use PD-1 products to open up sales channels, and plans to start marketing in medical institutions and pharmacies after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, so as to lay the foundation for the smooth listing of ADC products and subsequent pipelines</b>。</p><p><b>Several ADCs are expected to achieve world first</b></p><p>ADC drugs are the core of Lepu Biological's targeted therapy. The company has a variety of targeted ADC drug pipelines, among which the core pipeline HER2 targeted ADC drug MRG002 has the fastest commercialization progress. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, is a HER2-targeted ADC drug. The HER2 positivity rate in breast cancer is about 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer is now the most common type of cancer in the world, and the number of new breast cancer cases in China reached 331,600 in 2020. According to Frost & Sullivan, the size of the breast cancer market in China was RMB50.7 billion in 2020 and is expected to reach RMB81.8 billion and RMB124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the People's Liberation Army General Hospital, who gave a detailed report in the special session on innovative drug clinical research data at the CSCO Annual Meeting in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>There has never been a shortage of blockbuster varieties in the global breast cancer treatment market. According to Nature Reviews Drug Discovery, the global sales of ADCs currently on the market will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>Domestic first and international clinical progress leading</b>For ADC drugs targeting EGFR, worldwide, except Japan's Rakuten Medical's product Akalux (suitable for irresectable locally recurrent head and neck cancer), which has been approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting a number of phase II clinical trials for MRG003 in China.</p><p>Similarly, other ADC pipelines also have the potential to be first of its kind. For example, CMG901 jointly developed by Lepu Bio and Connoya (2162.HK) is the world's first CLDN18.2-targeted ADC approved by IND; The company's self-developed MRG001 is aimed at hematological tumors. There is currently no approved CD20-targeted ADC product in the world. The only CD20-targeted ADCs in the clinical stage in China are the company's MRG001 and Territh's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, for ADC drugs to be finally approved for marketing, the company's ADC commercial production capacity and production experience are also crucial.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has rich experience in ADC drug development. Lepu Bio also has a clinically proven ADC platform for coupling and CMC technologies, as well as a development and analysis platform for advanced processes as support for commercial production.</p><p><b>Clinical progress of oncolytic virus leads the world</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the right to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the State Food and Drug Administration for intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, non-muscle invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has been clinically approved by CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost & Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development for bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue to kill residual tumor cells, so oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication of oncolytic virus is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tract tumors in China.<b>With a five-year survival rate of 72.9% in China, there are significant market opportunities for bladder cancer treatment.</b>In addition, the oncolytic virus can also be expanded to other indications, especially in combination,<b>The combination of oncolytic virus and anti-PD-1/anti-PD-L1 monoclonal antibodies has emerged as an emerging treatment for advanced malignancies.</b></p><p>CG0070 has shown good safety and efficacy in the Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very eye-catching Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients with evaluable efficacy, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node was also maintained 100%.</b></p><p>Many companies around the world have laid out a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)' aglatimagene besadenovec (which has entered clinical phase III for the treatment of prostate cancer) are among the faster-progressing pipelines.</p><p>In addition to CG0070, Lepu Bio also has a stake in Wuhan Binhui Bio, which independently developed recombinant human GM-CSF oncolytic type II herpes simplex virus (OH2) injection. The prospectus of Lepu Bio shows that the combination therapy of HX008 combined with OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding phase I clinical trial has started.</p><p>Lepu Bio has established multiple tumor treatment pipelines for multiple indications. As product commercialization approaches, the company is also promoting research on the combination of monoclonal antibodies with other core pipelines, with a view to providing patients with innovative and even disruptive treatment options. In addition to the above HX008 combined with OH2, Lepu Bio also plans to develop ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for HNSCC and MRG002 in combination with HX008 for gastric cancer have received IND approval from the NMPA.</p><p>From a global perspective, in clinical trials of monoclonal antibody products such as K drugs combined with ADCs and oncolytic viruses, combination therapy generally shows a higher complete remission rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing the production and commercialization layout. In 2019, Lepu Bio built and put into production a GMP-standard 2,000L antibody production line in Beijing, and is currently building a 200L oncolytic virus drug production line in Beijing. At present, the company is also building a biomedical production center in Shanghai, including the construction of a production line with a preliminary designed capacity of 12,000L and supporting laboratories and factories. Relying on the company's team and technology platform, the construction of production and commercialization capabilities will also provide great support for the company's global layout.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8d9586192423abb2922de7db5c64252","relate_stocks":{"02157":"乐普生物-B"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120878270","content_text":"2月10日消息，乐普生物-B公告：于2022年2月10日-2月15日进行招股，公司拟发行约1.27亿股，其中香港公开发售占10%，国际发售占90%，另附有15%的超额配股权。每股发售价为6.87港元-7.38港元，每手1000股，入场费7454.38港元，预期股份将于2022年2月23日在联交所开始买卖。申购阶梯每手1000股，入场费7454.38港元。乙组门槛为70000股，申购所需资金约521806.55港元。公司简介乐普生物成立于2018年，近4年一共完成了3轮融资，吸引了众多专业的医药医疗行业投资基金，包括维梧资本、苏州丹青、国投创合、平安资本、阳光人寿、融汇阳光、国新央企、上海生物医药基金等。差异化布局PD-1泛癌种免疫治疗乐普生物聚焦肿瘤治疗领域的联合用药机制，是国内唯一一家既有NDA报产阶段PD-1单抗，又拥有多个临床II期ADC管线的创新药企业。其产品管线中有8种临床阶段候选药物，主要由靶向疗法（ADC抗体偶联药物）和免疫治疗药物构成，后者包括两种免疫检查点药物（PD-1/L1）和一种溶瘤病毒药物。三项候选药物已进入注册性试验，两项试验正在美国进行。单抗类基石产品与ADC、溶瘤病毒等可形成联合用药优势，公司也将扩大受益患者群，提高患者的生存质量。来源：招股书PD-1（L1）在国内竞争已经异常激烈，因此不少企业都开始瞄准更前沿的治疗市场，乐普生物核心产品之一PD-1 普特利单抗注射液（HX008）第二个适应症MSI-H/dMMR 实体瘤的上市申请，2021年11月被CDE纳入优先评审。MSI-H/dMMR是第一个「泛瘤种」肿瘤标志物，MSI-H/dMMR肿瘤标志物的发现推动了「不分癌种，分型而治」的肿瘤治疗方式的进展。作为新兴的免疫治疗生物标志物，MSI-H/dMMR在胃癌、结直肠癌等消化系统癌症中的检出率较高，因此具有广泛的应用前景。但MSI-H/dMMR实体瘤治疗市场的竞争才刚开始。目前，全球仅获批了K药（帕博丽珠单抗，已于FDA、NMPA获批）、O药（纳武利尤单抗，已于FDA获批）及恩沃利单抗3款抗PD-(L)1单抗（已于NMPA获批）用于治疗MSI-H/dMMR实体瘤。以K药为例，在帕博利珠单抗针对肠癌一线治疗的全球多中心的大型III期临床试验中，使用K药的晚期肠癌患者的3年生存率、PFS、ORR、CRR、TRAE等表现都明显优于使用常规化疗的晚期肠癌患者。乐普生物提交的HX008的NDA申请已获受理，HX008有望成为乐普生物首个上市产品，并使患者较早从新疗法中获益。另外值得一提的是，PD-1在乐普生物整体战略部署中离商业化最近，具有重要地位。公司将借助PD-1产品来打通销售渠道，计划HX008国内获批用于治疗MSI-H/dMMR实体瘤及黑色素瘤后启动在医疗机构、药房体系的营销工作，为ADC产品及后续管线顺利上市奠定基础。多款ADC有望实现全球首创ADC药物是乐普生物靶向疗法的核心，公司拥有多种靶向ADC药物管线，其中核心管线HER2靶向ADC药物MRG002商业化进展最快。乐普生物在乳腺癌治疗领域有相对完善的布局，尤其是核心产品之一MRG002为HER2靶向ADC药物。乳腺癌的HER2阳性率约为25.4%。中国乳腺癌的二线进展率为94.3%。乳腺癌现成为全球最常见的癌种，中国2020年新增的乳腺癌病例数达到33.16万。据弗若斯特沙利文的资料，2020年中国乳腺癌市场的规模为人民币507亿元，预计至2025年及2030年将分别达到818亿元及1246亿元。MRG002在II期临床研究中已实现突破。此II期临床试验由解放军总医院江泽飞教授牵头，江泽飞在2021年9月的CSCO年会创新药物临床研究数据专场中作了详细汇报。江泽飞表示，MRG002的创新疗效来自于其创新的分子设计，因为ADC药物设计在细胞毒、连接子方面都有独特难点。全球的乳腺癌治疗市场从来不乏重磅品种。据Nature Reviews Drug Discovery预计，2026年，目前已上市ADC的全球销售额将超过164亿美元。另一项核心管线MRG003为一款EGFR靶向ADC候选药物。据弗若斯特沙利文，MRG003是目前国内首创和国际临床进度领先的靶向EGFR的ADC药物，全球范围内，除了日本Rakuten Medical的产品Akalux（适用于不能切除的局部复发性头颈癌）获PMDA批准外，还没有其他靶向EGFR的ADC获批。乐普生物正在就MRG003在中国进行多项II期临床试验。同样，ADC其他管线也具有同类首创的潜质。例如，乐普生物与康诺亚（2162.HK）合作开发的CMG901是全球首款获IND批准的CLDN18.2靶向ADC；公司自研的MRG001针对血液肿瘤，全球目前尚未有获批的CD20靶向ADC产品，国内进入临床阶段的CD20靶向ADC仅有公司的MRG001和特瑞思的TRS005。ADC药物技术复杂，很多管线会面临前期研发失败的挑战；此外，ADC药物能最终获批上市，企业的ADC商业化生产能力、生产经验也至关重要。乐普生物联席总经理胡朝红博士在Seagen（SGEN.US）工作多年，团队拥有丰富的ADC药物研发经验。乐普生物也具有经临床验证的偶联和CMC技术的ADC平台，以及先进工艺的开发分析平台作为商业化生产的支持。溶瘤病毒临床进展全球领先乐普生物从CG Oncology引进了创新型管线CG0070，获得了该产品在国内的开发、制造和商业化权利。公司已向国家药监局提交CG0070膀胱内给药治疗膀胱癌（NMIBC，即卡介苗（BCG）无应答的非肌层浸润性膀胱癌）及其他实体瘤的IND申请，针对NMIBC的申请已获CDE的临床批件，开展对该适应症的临床试验。据弗若斯特沙利文，CG0070是首个也是唯一一个处于临床开发阶段的治疗膀胱癌的溶瘤腺病毒。溶瘤病毒是一类能选择性裂解癌细胞的病毒，一方面，它们可以感染肿瘤细胞并引起细胞裂解；另一方面，它们在裂解过程中释放的分子还能诱导先天性和适应性免疫反应，吸引更多免疫细胞来继续杀死残余肿瘤细胞，因此溶瘤病毒作为创新疗法有很好的临床前景。溶瘤病毒的主要适应症为膀胱癌，膀胱癌是泌尿系统最常见的恶性肿瘤，在中国泌尿生殖道肿瘤的发病率最高，在中国的五年生存率为72.9%，膀胱癌治疗有重大的市场机会。此外，溶瘤病毒还可拓展至其他适应症，尤其能在联用中体现优势，溶瘤病毒及抗PD-1╱抗PD-L1单克隆抗体的联合已成为新兴的晚期恶性肿瘤治疗方法。CG0070在CG Oncology于美国进行的用于治疗NMIBC的临床II期研究中展现出良好的安全性及疗效， 2021年11月13日，CG Oncology披露了CG0070联合K药十分亮眼的Ⅱ期临床试验数据。试验结果显示，在可评估疗效的9名NMIBC患者中，所有患者在3个月时实现了完全缓解（CR），此外，达到6个月评估节点和9个月评估节点的患者CR率也保持了100%。全球很多家企业布局了共约180多款溶瘤病毒管线，但目前CG Oncology和美国Candel Therapeutics（CADL.US）的aglatimagene besadenovec（治疗前列腺癌进入了临床III期）属于其中进展较快的管线。除CG0070外，乐普生物还参股了武汉滨会生物，滨会生物自主开发了重组人GM-CSF溶瘤II型单纯疱疹病毒（OH2）注射液。乐普生物招股书显示，HX008联合OH2针对晚期肝细胞癌的联合疗法已经获批IND并开始相应的I期临床试验。乐普生物已建立起针对多种适应症的多个肿瘤治疗管线。随着产品商业化的临近，公司也在推进单抗与其他核心管线联用的研究，以期为患者提供创新甚至颠覆性的治疗方案。除上述HX008联合OH2外，乐普生物还计划就ADC联合HX008治疗晚期头颈部鳞状细胞癌（HNSCC）等进行研发。MRG003联合HX008治疗HNSCC，以及MRG002与HX008联合治疗胃癌均已从国家药监局获得了IND批准。而从全球来看，K药等单抗产品与ADC、溶瘤病毒联用的临床试验中，联合疗法普遍显示出较单药更高的完全缓解率，参与联合化疗试验的患者生存率也在提高。在推进候选产品开发的同时，公司已规划并正在落实生产和商业化布局。2019年，乐普生物在北京建设了GMP标准的2,000L抗体生产线并投产，目前还正在北京建设200L溶瘤病毒药物生产线。公司目前还在建上海的生物医药生产中心，包括初步设计产能12,000L的生产线及配套实验室和厂房的建设。依托公司的团队和技术平台，生产及商业化能力的建设也将为公司的全球化布局提供巨大支持。","news_type":1,"symbols_score_info":{"02157":0.9}},"isVote":1,"tweetType":1,"viewCount":1677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096940559,"gmtCreate":1644287131714,"gmtModify":1676533908888,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096940559","repostId":"1162467337","repostType":4,"isVote":1,"tweetType":1,"viewCount":1330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096039914,"gmtCreate":1644248676565,"gmtModify":1676533904606,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096039914","repostId":"2209371501","repostType":4,"repost":{"id":"2209371501","kind":"news","pubTimestamp":1644247992,"share":"https://ttm.financial/m/news/2209371501?lang=en_US&edition=fundamental","pubTime":"2022-02-07 23:33","market":"us","language":"zh","title":"Tesla's \"admission\": buying Bitcoin, \"losing\" more than 100 million dollars","url":"https://stock-news.laohu8.com/highlight/detail?id=2209371501","media":"上海证券报 ","summary":"与数字资产“相濡以沫”的特斯拉，这次被比特币“伤了”！近日，特斯拉在向美国证券交易委员会（SEC）递交的10-K年报文件中，透露了其拥有比特币的“代价”：因为比特币市场价格波动，去年全年计提了1.01","content":"<p><div>Tesla, which is \"cooperative\" with digital assets, was \"injured\" by Bitcoin this time! Recently, Tesla's 10-K annual report filed with the U.S. Securities and Exchange Commission (SEC) revealed the \"price\" of owning Bitcoin: due to the price fluctuation in the Bitcoin market, Tesla's impairment loss of USD 101 million was accrued last year. For digital assets including Bitcoin, Tesla also has the latest statement in the document-\"believing in the long-term potential of digital assets as investment products and alternatives to liquid cash\". Tesla's relationship with Bitcoin is deep, and its series of statements and actions are deeply connected with the trend of Bitcoin...</p><p><a href=\"https://finance.sina.com.cn/wm/2022-02-07/doc-ikyakumy4701936.shtml\">Web link</a></div></p>","source":"shzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla's \"admission\": buying Bitcoin, \"losing\" more than 100 million 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\">\nTesla's \"admission\": buying Bitcoin, \"losing\" more than 100 million dollars\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报 </strong><span class=\"h-time small\">2022-02-07 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Tesla, which is \"cooperative\" with digital assets, was \"injured\" by Bitcoin this time! Recently, Tesla's 10-K annual report filed with the U.S. Securities and Exchange Commission (SEC) revealed the \"price\" of owning Bitcoin: due to the price fluctuation in the Bitcoin market, Tesla's impairment loss of USD 101 million was accrued last year. For digital assets including Bitcoin, Tesla also has the latest statement in the document-\"believing in the long-term potential of digital assets as investment products and alternatives to liquid cash\". Tesla's relationship with Bitcoin is deep, and its series of statements and actions are deeply connected with the trend of Bitcoin...</p><p><a href=\"https://finance.sina.com.cn/wm/2022-02-07/doc-ikyakumy4701936.shtml\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/wm/2022-02-07/doc-ikyakumy4701936.shtml\">上海证券报 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5269b01b5a203aebaa9521691bcd9de6","relate_stocks":{"EBON":"亿邦国际","BK4170":"电脑硬件、储存设备及电脑周边","BK4555":"新能源车","BK4527":"明星科技股","BK4533":"AQR资本管理(全球第二大对冲基金)","CAN":"嘉楠科技","BK4551":"寇图资本持仓","BK4550":"红杉资本持仓","TSLA":"特斯拉","BK4526":"热门中概股","BK4099":"汽车制造商","BK4534":"瑞士信贷持仓","BK4548":"巴美列捷福持仓"},"source_url":"https://finance.sina.com.cn/wm/2022-02-07/doc-ikyakumy4701936.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2209371501","content_text":"与数字资产“相濡以沫”的特斯拉，这次被比特币“伤了”！近日，特斯拉在向美国证券交易委员会（SEC）递交的10-K年报文件中，透露了其拥有比特币的“代价”：因为比特币市场价格波动，去年全年计提了1.01亿美元的减值损失。对于包括比特币在内的数字资产，特斯拉在文件中也有最新表态——“相信数字资产作为投资品和流动现金替代品的长期潜力”。特斯拉与比特币的渊源颇深，其一系列表态与动作，与比特币的走势勾连深厚，市场互动之间，不乏“相爱相杀”的剧情。然而，从当下来看，比特币泡沫破灭态势已不可避免。截至发稿，比特币最新价格为42773.1美元，虽较此前低点有所反弹，但对比去年高点已明显“偃旗息鼓”。多位专家近期均表示，比特币未来几年或将进入萧条期。计提约1.01亿美元减值损失根据特斯拉提交给SEC的10-K文件，在截至2021年12月31日的一年中，由于公司比特币的账面价值变化，计提了约1.01亿美元的减值损失。特斯拉在文件中称，截至2021年12月31日，其持有的数字资产账面价值为12.6亿美元，反映了1.01亿美元的累计减值。截至2021年12月31日，持有的此类数字资产的公允市值为19.9亿美元。在这份文件中，特斯拉关于数字资产，也有最新表态！特斯拉表示，相信数字资产作为投资产品和现金的流动替代品的长期潜力。“与任何其他投资一样，我们可能会根据业务需求以及对市场和环境条件的看法，随时增持或减持数字资产。需要注意的是，数字资产的市场价格一直在波动，所以，在我们想要或需要变现的时候，价格不一定很友好。”“相爱相杀”大戏持续上演特斯拉与比特币的渊源由来已久，早在2021年2月，特斯拉就在向美国证券交易委员会提交的文件中透露，它购买了价值约15亿美元的比特币作为战略投资，此举彼时曾一度把比特币价格推上5万美元大关。2021年3月24日，特斯拉美国官网显示，用户的购买界面出现了比特币付款选项。比特币价格由此再次扶摇直上，最高触及6.4万美元。不过，到了同年5月中旬，有用户发布消息称，发现特斯拉抛售了所有剩余的比特币。特斯拉CEO马斯克也在社交媒体进行了回复称：“确实。”受此影响，比特币价格大跌。按照报价平台CoinDesk的数据，北京时间2021年5月17日6时50分时，比特币报45701.5美元，24小时跌幅接近5.3%，此前一度跌至43837.43美元的低位。而2021年6月4日，马斯克连发两条推文，推文内容中带有“比特币”话题和心碎的表情符号，配有一对情侣讨论分手的照片。推文一经发出，比特币价格再次应声下跌，自39000美元上方跌至36000美元附近，9小时内跌幅近6%。美图也曾“栽在”比特币手中在投资比特币且面临大幅减值亏损的这条路上，特斯拉并不孤单。美图公司去年7月公布，该公司在去年3月至4月合计购买总共约3.1万单位的以太币及940.89单位的比特币，总对价约1亿美元。公告显示，根据国际财务报告准则，集团已购买比特币的公允价值于2021年6月30日减少约1730万美元（1.34亿港元），预期将于中期业绩里确认为减值亏损，而已购买以太币的公允价值增加约1470万美元，将不会于中期业绩内确认为重估收益。","news_type":1,"symbols_score_info":{"CAN":1,"EBON":1,"TSLA":1,"XBTmain":1,"BTCmain":1}},"isVote":1,"tweetType":1,"viewCount":1534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002709235,"gmtCreate":1642085374154,"gmtModify":1676533679368,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002709235","repostId":"2203762528","repostType":2,"isVote":1,"tweetType":1,"viewCount":1354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002709386,"gmtCreate":1642085334551,"gmtModify":1676533679367,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002709386","repostId":"2203762528","repostType":4,"isVote":1,"tweetType":1,"viewCount":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002453972,"gmtCreate":1642078847446,"gmtModify":1676533678512,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002453972","repostId":"2203763141","repostType":4,"isVote":1,"tweetType":1,"viewCount":1061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002336586,"gmtCreate":1641912971493,"gmtModify":1676533661202,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002336586","repostId":"2202204160","repostType":4,"isVote":1,"tweetType":1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day&nbsp;","listText":"Good day&nbsp;","text":"Good day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/814456542","repostId":"1152020609","repostType":4,"repost":{"id":"1152020609","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":1630572749,"share":"https://ttm.financial/m/news/1152020609?lang=en_US&edition=fundamental","pubTime":"2021-09-02 16:52","market":"us","language":"zh","title":"Reminder: U.S. stocks are closed for one day on September 6th due to Labor Day in the United States","url":"https://stock-news.laohu8.com/highlight/detail?id=1152020609","media":"老虎资讯综合","summary":"9月6日（下周一），美国股市因劳工节休市一天，9月7日（下周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n九月的第一个星期一是美国的劳工节（Labor Day），在189","content":"<p>On September 6th (next Monday), the U.S. stock market will be closed for one day for Labor Day, and trading will resume from September 7th (next Tuesday).</p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p>The first Monday in September is Labor Day in the United States, which was established as a national holiday in the United States, Labor Day in the United States in 1894.</p><p>On this day, people all over the United States usually hold *, rallies and other celebrations to show respect for labor. In some states, people have picnics after *, eating, drinking, singing and dancing. At night, fireworks will be set off in some places.</p><p><img src=\"https://static.tigerbbs.com/6a3b13247eca5b02ef7724259aead09e\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: U.S. stocks are closed for one day on September 6th due to Labor Day in the United States</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: U.S. stocks are closed for one day on September 6th due to Labor Day in the United States\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\">2021-09-02 16:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On September 6th (next Monday), the U.S. stock market will be closed for one day for Labor Day, and trading will resume from September 7th (next Tuesday).</p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p>The first Monday in September is Labor Day in the United States, which was established as a national holiday in the United States, Labor Day in the United States in 1894.</p><p>On this day, people all over the United States usually hold *, rallies and other celebrations to show respect for labor. In some states, people have picnics after *, eating, drinking, singing and dancing. At night, fireworks will be set off in some places.</p><p><img src=\"https://static.tigerbbs.com/6a3b13247eca5b02ef7724259aead09e\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a3b13247eca5b02ef7724259aead09e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152020609","content_text":"9月6日（下周一），美国股市因劳工节休市一天，9月7日（下周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n九月的第一个星期一是美国的劳工节（Labor Day），在1894年被确立为美国的国家节日，即美国的劳动节。\n这一天，全美各地民众一般都会举行游行、集会等各种庆祝活动，以示对劳工的尊重。在一些州，人们在游行之后还要举办野餐会，热闹地吃喝、唱歌、跳舞。入夜，有的地方还会放焰火。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":250806779003056,"gmtCreate":1702251264994,"gmtModify":1702251269072,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good job and do it better&nbsp;","listText":"Good job and do it better&nbsp;","text":"Good job and do it better","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/250806779003056","isVote":1,"tweetType":1,"viewCount":4190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934222915,"gmtCreate":1663260376337,"gmtModify":1676537239022,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9934222915","repostId":"2267687636","repostType":4,"isVote":1,"tweetType":1,"viewCount":3957,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026712553,"gmtCreate":1653435450372,"gmtModify":1676535280170,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026712553","repostId":"2238304789","repostType":4,"isVote":1,"tweetType":1,"viewCount":3552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9088349179,"gmtCreate":1650322831491,"gmtModify":1676534693717,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9088349179","repostId":"613872623","repostType":1,"repost":{"id":613872623,"gmtCreate":1649832120000,"gmtModify":1676532974118,"author":{"id":"3579560926082632","authorId":"3579560926082632","name":"投资界","avatar":"https://static.tigerbbs.com/6a09632062f91283b4308e641ec08979","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579560926082632","idStr":"3579560926082632"},"themes":[],"title":"精“材”路演上線！「創投W+」新材料專場路演順利舉行","htmlText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","listText":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","text":"4月8日，武漢基金產業基地「創投W+」投融資路演新材料專場順利舉行。本次活動聚焦新材料行業產學研用的深度融合，彙集6個優質項目和多位互動嘉賓線上參與交流和點評，路演項目涉及超級電容器隔膜、生物基“替塑”、AES抗菌抗病毒、高性能電化學水處理等多種新材料，集中展示了新材料領域的優質技術成果和創新應用。 活動前期，我們進行了「創投W+」投融資路演新材料專場活動線上徵集，吸引了來自深創投、鬆禾資本、九鼎投資、青域資本等近20家投資機構的投資人報名參與。會後，基地爲投資人進行了進一步對接，企業與投資人取得了直接聯繫。 活動當天，寧波柔創納米科技有限公司、貴州唯特高新能源科技有限公司、湖北譜萊光電材料有限公司、東部灣（揚州）生物新材料有限公司、浙江楓翎新材料科技有限公司、蘇州碧順環境科技有限公司在此次路演中亮相。6家企業項目各具特色，嘉賓們對項目的營銷策略、資源支持、風險與阻力、發展戰略等方面，提出了專業疑問，項目與機構代表之間形成了良好互動，多個項目獲投資機構青睞。 有項目代表表示，參加本次活動結識了很多投資人，讓他們有機會直接對話資本，探討項目成長路徑，現場思維交流和觀點的碰撞，給企業帶來了創新思考，也讓企業發展更有信心。路演中，武漢的2家本土優質企業受到投資機構的熱切關注，線上提問交流頻繁、會後對接火熱。來自浙江和江蘇的2家路演企業也表明了項目落地的意向。扶持力度大、政策體系全、創新活力足，武漢正以其特有的魅力吸引產業集聚、資本賦能，形成創投活躍的濃厚氛圍。 說到本次產業路演活動的主題，新材料作爲實體經濟的重要內容，是支撐前沿科技及新興產業發展的基石，也是增強產業鏈供應鏈自主可控能力的關鍵。 據統計，2021年我國新材料總產值有望突破7萬億元。預計2025 年新材料產業總產值實現10萬億。回望過去，我國新材料科技領域取得了長足發展，優秀成果層出不窮。國家“雙碳”目標、“卡脖子”","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/613872623","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1430,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"content":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","text":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone","html":"Our efforts will be successful. As long as we persevere, there will be no failure. Come on, everyone"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9006831397,"gmtCreate":1641685819938,"gmtModify":1676533638911,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006831397","repostId":"1147279991","repostType":4,"repost":{"id":"1147279991","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点，观察市场，提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1641563858,"share":"https://ttm.financial/m/news/1147279991?lang=en_US&edition=fundamental","pubTime":"2022-01-07 21:57","market":"us","language":"zh","title":"Tiger Pre-Market Watch: Non-farm data can't stop the Federal Reserve from raising interest rates in March","url":"https://stock-news.laohu8.com/highlight/detail?id=1147279991","media":"老虎锐评","summary":"盘前观察美股盘前小跌，全球新冠确诊数超过3亿（美国贡献近20%，接近6,000万）。12月非农就业：新增就业不及预期，但失业率好于预期其实现在关注非农就业数据，多多少少有点鸡肋。对于市场参与者，关注宏","content":"<p><html><head></head><body><b>Pre-market observation</b></p><p>U.S. stocks fell slightly before the market, with more than 300 million confirmed COVID-19 cases worldwide (the U.S. contributed nearly 20% to nearly 60 million).</p><p><b>December Nonfarm Payrolls: New Jobs Less Than Expected, But Unemployment Rate Better Than Expected</b></p><p>In fact, paying attention to non-farm employment data now is more or less a little chicken rib. For market participants, the logic of focusing on macro data is (1) focusing on the macro economy-> (2) inferring Fed monetary policy-> (3) judging market movements. In fact, this logical chain has always been ineffective. (1) The macroeconomic quality is the basis of the Federal Reserve's monetary policy, but the relationship between the two changes; (2) The relationship between the Fed's monetary policy and market trend is even more vague. The market can rise in the rate hike cycle, and the market can also fall during the zero interest rate period. That's why there are fewer and fewer hedge funds on Wall Street that take \"macro strategy\" as their investment strategy, while the only remaining \"macro strategy\" hedge funds have embarrassing returns.</p><p>The original (2) -> (3) relationship was very vague, but now the (1) -> (2) relationship is even more lacking. Regardless of the non-farm payroll data, the pace of the Fed's rate hike tightening liquidity will never change. That's why I say that paying attention to non-farm payroll data now is a little chicken for market participants.</p><p>December non-farm payrolls data, new jobs +199,000 (expected +450,000), unemployment +3.9% (expected +4.1%).</p><p>Like the last analysis of non-farm payroll data, in fact, the real highlights are the other two. First, how is Leisure and Hospitality, the slowest-growing occupation among the unemployed, recovering? The second point is whether the continuously sluggish labor participation rate has increased.</p><p>\"Leisure and Hospitality\" was still growing in December, but at the same pace as in November, it slowed down. The December data contains the impact of the pandemic. Generally speaking, after nearly two years of COVID-19 torment, some restaurant/hotel/entertainment industries in the United States have chosen to close their doors permanently, which is almost irreversible. To take an example known to Chinese New Yorkers, Jinfeng Restaurant (with 800 seats), a morning tea shop that has existed in Chinatown for 28 years, chose to close its doors permanently in this round of COVID-19.</p><p>The labor participation rate remained the same as last month, at 61.9%. The delay in the recovery of labor participation rate indicates that labor costs are still expensive, which means that the CPI in December will not fall soon. However, I still insist that the CPI in the first quarter of this year will drop rapidly, just like the epidemic data.</p><p>In summary, although the unemployment rate was better than expected, nothing else was satisfactory. However, whether the data is good or not, it can't stop the Fed from raising interest rates in March.</p><p><img src=\"https://static.tigerbbs.com/3202d6698fcff5cf78ea08a7ff55f2da\" tg-width=\"936\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>Company News</b></p><p>Moderna (MRNA): CEO Bancel warns that the efficacy of booster shots may decline over time. People may need to get a fourth shot this fall for enhanced protection. Currently, the CDC recommends a booster shot six months after two doses of the Moderna COVID vaccine.</p><p>Quidel (QDEL): Expected Q4 revenue of $633 million to $637 million, ahead of market estimates of $466 million. The increase in revenue expectations is mainly benefited from increased demand for COVID testing and other disease testing.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA): US Model X Plaid starts at $126,490 from $119,990. The reason is the removal of other seating configuration options for this model, all stipulated as a 6-seater configuration priced at $6,500, with deliveries expected to begin in October.</p><p>Tesla (TSLA): 15 Semi electric semi-trailers may be delivered to PepsiCo (PEP) this month. PepsiCo announced last March that it would take delivery of the Tesla Semi electric semi-trailer, and Tesla began producing the vehicle at the Nevada Gigafactory last December.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL): CEO Cook's total 2021 compensation was $98.7 million. Base salary of $3 million and stock compensation of $82.34 million will be awarded in time instalments, including time-based stock of $37.5 million and performance-based stock of $44.8 million.</p><p>SONO: International Trade Commission rules<a href=\"https://laohu8.com/S/GOOG\">Google</a>(GOOGL) infringed some audio patents on its Nest speakers. Google said it plans to appeal the ruling.</p><p>T-Mobile (TMUS): net gain of 844,000 paid subscribers in Q4, missing market expectations of 868,000. The total number of new subscribers added in 2021 was approximately 2.9 million.</p><p><a href=\"https://laohu8.com/S/NYT\">The New York Times</a>(NYT): Announced The $550 million acquisition of sports news site The Athletic. The Athletic has more than 1 million subscribers, and The deal is expected to close in The first quarter, and The site will remain a standalone project in The future. The New York Times currently has more than 8 million subscribers.</p><p><a href=\"https://laohu8.com/S/CZR\">Caesars Entertainment</a>(CZR) & DraftKings (DKNG): The New York State Gaming Commission has announced that four companies can start sports betting on the mobile side in New York. Caesars, DraftKings, FanDuel, and Rush Street Interactive can start operating mobile sports betting on Saturday mornings.</p><p><b>other</b></p><p>Worldwide, 300,451,850 (+1,966,759) cases were diagnosed and 5,474,348 (+6,143) deaths were performed.</p><p>There were 58,487,940 (+610,989) confirmed cases and 833,989 (+1,404) deaths in the United States.</p><p>New York State confirmed 3,890,666 (+84,202) cases and 60,166 (+130) deaths.</p><p>Non-farm payrolls in the United States increased by 199,000 in December, compared with the expected 447,000, and the previous value of 210,000.</p><p>The CDC director will hold a press conference at 11 o'clock, after six Biden public health advisers during the presidential transition published articles calling on the Biden administration to adopt a new protest strategy to adapt to coexistence with the virus rather than completely eliminate it.</p><p>Federal Reserve Vice Chair Clarida's stock trading practices in the early days of the Covid pandemic have sparked new controversy.</p><p><img src=\"https://static.tigerbbs.com/568899c19bad5bedd5f1532327af0500\" tg-width=\"937\" tg-height=\"89\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>Tiger Pre-Market Watch: Non-farm data can't stop the Federal Reserve from raising interest rates in March</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\">\nTiger Pre-Market Watch: Non-farm data can't stop the Federal Reserve from raising interest rates in March\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\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\">老虎锐评 </p>\n<p class=\"h-time smaller\">2022-01-07 21:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Pre-market observation</b></p><p>U.S. stocks fell slightly before the market, with more than 300 million confirmed COVID-19 cases worldwide (the U.S. contributed nearly 20% to nearly 60 million).</p><p><b>December Nonfarm Payrolls: New Jobs Less Than Expected, But Unemployment Rate Better Than Expected</b></p><p>In fact, paying attention to non-farm employment data now is more or less a little chicken rib. For market participants, the logic of focusing on macro data is (1) focusing on the macro economy-> (2) inferring Fed monetary policy-> (3) judging market movements. In fact, this logical chain has always been ineffective. (1) The macroeconomic quality is the basis of the Federal Reserve's monetary policy, but the relationship between the two changes; (2) The relationship between the Fed's monetary policy and market trend is even more vague. The market can rise in the rate hike cycle, and the market can also fall during the zero interest rate period. That's why there are fewer and fewer hedge funds on Wall Street that take \"macro strategy\" as their investment strategy, while the only remaining \"macro strategy\" hedge funds have embarrassing returns.</p><p>The original (2) -> (3) relationship was very vague, but now the (1) -> (2) relationship is even more lacking. Regardless of the non-farm payroll data, the pace of the Fed's rate hike tightening liquidity will never change. That's why I say that paying attention to non-farm payroll data now is a little chicken for market participants.</p><p>December non-farm payrolls data, new jobs +199,000 (expected +450,000), unemployment +3.9% (expected +4.1%).</p><p>Like the last analysis of non-farm payroll data, in fact, the real highlights are the other two. First, how is Leisure and Hospitality, the slowest-growing occupation among the unemployed, recovering? The second point is whether the continuously sluggish labor participation rate has increased.</p><p>\"Leisure and Hospitality\" was still growing in December, but at the same pace as in November, it slowed down. The December data contains the impact of the pandemic. Generally speaking, after nearly two years of COVID-19 torment, some restaurant/hotel/entertainment industries in the United States have chosen to close their doors permanently, which is almost irreversible. To take an example known to Chinese New Yorkers, Jinfeng Restaurant (with 800 seats), a morning tea shop that has existed in Chinatown for 28 years, chose to close its doors permanently in this round of COVID-19.</p><p>The labor participation rate remained the same as last month, at 61.9%. The delay in the recovery of labor participation rate indicates that labor costs are still expensive, which means that the CPI in December will not fall soon. However, I still insist that the CPI in the first quarter of this year will drop rapidly, just like the epidemic data.</p><p>In summary, although the unemployment rate was better than expected, nothing else was satisfactory. However, whether the data is good or not, it can't stop the Fed from raising interest rates in March.</p><p><img src=\"https://static.tigerbbs.com/3202d6698fcff5cf78ea08a7ff55f2da\" tg-width=\"936\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p><b>Company News</b></p><p>Moderna (MRNA): CEO Bancel warns that the efficacy of booster shots may decline over time. People may need to get a fourth shot this fall for enhanced protection. Currently, the CDC recommends a booster shot six months after two doses of the Moderna COVID vaccine.</p><p>Quidel (QDEL): Expected Q4 revenue of $633 million to $637 million, ahead of market estimates of $466 million. The increase in revenue expectations is mainly benefited from increased demand for COVID testing and other disease testing.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA): US Model X Plaid starts at $126,490 from $119,990. The reason is the removal of other seating configuration options for this model, all stipulated as a 6-seater configuration priced at $6,500, with deliveries expected to begin in October.</p><p>Tesla (TSLA): 15 Semi electric semi-trailers may be delivered to PepsiCo (PEP) this month. PepsiCo announced last March that it would take delivery of the Tesla Semi electric semi-trailer, and Tesla began producing the vehicle at the Nevada Gigafactory last December.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL): CEO Cook's total 2021 compensation was $98.7 million. Base salary of $3 million and stock compensation of $82.34 million will be awarded in time instalments, including time-based stock of $37.5 million and performance-based stock of $44.8 million.</p><p>SONO: International Trade Commission rules<a href=\"https://laohu8.com/S/GOOG\">Google</a>(GOOGL) infringed some audio patents on its Nest speakers. Google said it plans to appeal the ruling.</p><p>T-Mobile (TMUS): net gain of 844,000 paid subscribers in Q4, missing market expectations of 868,000. The total number of new subscribers added in 2021 was approximately 2.9 million.</p><p><a href=\"https://laohu8.com/S/NYT\">The New York Times</a>(NYT): Announced The $550 million acquisition of sports news site The Athletic. The Athletic has more than 1 million subscribers, and The deal is expected to close in The first quarter, and The site will remain a standalone project in The future. The New York Times currently has more than 8 million subscribers.</p><p><a href=\"https://laohu8.com/S/CZR\">Caesars Entertainment</a>(CZR) & DraftKings (DKNG): The New York State Gaming Commission has announced that four companies can start sports betting on the mobile side in New York. Caesars, DraftKings, FanDuel, and Rush Street Interactive can start operating mobile sports betting on Saturday mornings.</p><p><b>other</b></p><p>Worldwide, 300,451,850 (+1,966,759) cases were diagnosed and 5,474,348 (+6,143) deaths were performed.</p><p>There were 58,487,940 (+610,989) confirmed cases and 833,989 (+1,404) deaths in the United States.</p><p>New York State confirmed 3,890,666 (+84,202) cases and 60,166 (+130) deaths.</p><p>Non-farm payrolls in the United States increased by 199,000 in December, compared with the expected 447,000, and the previous value of 210,000.</p><p>The CDC director will hold a press conference at 11 o'clock, after six Biden public health advisers during the presidential transition published articles calling on the Biden administration to adopt a new protest strategy to adapt to coexistence with the virus rather than completely eliminate it.</p><p>Federal Reserve Vice Chair Clarida's stock trading practices in the early days of the Covid pandemic have sparked new controversy.</p><p><img src=\"https://static.tigerbbs.com/568899c19bad5bedd5f1532327af0500\" tg-width=\"937\" tg-height=\"89\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c7221d934f1008e531bdf79c8cfe0ee","relate_stocks":{"518880":"黄金ETF华安","SQQQ":"纳指三倍做空ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SPY":"标普500ETF","BK4534":"瑞士信贷持仓",".DJI":"道琼斯","QQQ":"纳指100ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF",".IXIC":"NASDAQ Composite","DDM":"2倍做多道指ETF-ProShares","DJX":"1/100道琼斯",".SPX":"S&P 500 Index","QLD":"2倍做多纳斯达克100指数ETF-ProShares"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147279991","content_text":"盘前观察美股盘前小跌，全球新冠确诊数超过3亿（美国贡献近20%，接近6,000万）。12月非农就业：新增就业不及预期，但失业率好于预期其实现在关注非农就业数据，多多少少有点鸡肋。对于市场参与者，关注宏观数据的逻辑是（1）关注宏观经济->（2）推断美联储货币政策->（3）判断市场走势。其实这个逻辑链条一直以来都不太有效，（1）宏观经济好坏是美联储货币政策的依据，但两者的关系变来变去；（2）美联储货币政策和市场走势的关系就更模糊了，加息周期市场可以涨，0利率期间市场也可以跌。这也就是为何当下华尔街以“宏观策略”作为投资策略的对冲基金越来越少，而仅存的“宏观策略”对冲基金收益都比较尴尬。原来（2）->（3）的关系就很模糊，现在（1）->（2）的关系就更缺乏了。不管非农就业数据怎么样，美联储加息收紧流动性的步伐绝对不会改变。这就是我为何说现在关注非农就业数据，对于市场参与者有点鸡肋的原因。12月非农就业数据，新增就业+199,000（预期+450,000），失业率+3.9%（预期+4.1%）。和上次非农就业数据分析一样，其实真正的看点是另外两个。第一个看点，失业人口中增长最缓慢的职业“Leisure and Hospitality”（酒店餐馆服务业）恢复得怎么样？第二个看点，就是持续低迷的劳动参与率有没有提高。“Leisure and Hospitality”12月仍在增长，但增速和11月一样，慢下来了。12月的数据包含了疫情的影响。总的来说，经过近两年新冠的折磨，美国有的餐馆/酒店/娱乐行业已经选择了永久关门，这一点几乎不可逆。举一个纽约华人知道的例子，在唐人街存在了28年的早茶店金丰大酒楼（拥有800个座位），在这一轮新冠中选择了永久关门。劳动参与率和上个月一样，依旧是61.9%。劳动参与率迟迟不能恢复，就预示了劳动力成本依然贵，也就说明12月的CPI不会很快回落。不过我还是坚持认为，今年1季度的CPI，会迅速回落，和疫情数据一样。总结一下，尽管失业率比预期的好，但其它数据都不尽如人意。不过数据好或者不好，都不能阻挡美联储3月加息。公司新闻Moderna(MRNA)：CEO Bancel警告称，加强针的功效可能会随着时间推移而下降。人们可能需要在今年秋季注射第四针以增强保护。目前CDC建议注射两剂Moderna新冠疫苗6个月后注射加强针。Quidel(QDEL)：预计4季度营收$6.33亿至$6.37亿，高于市场预期$4.66亿。营收预期上涨主要受益于新冠检测和其他疾病检测的需求增加。特斯拉(TSLA)：美国Model X Plaid起价从$119,990升至$126,490。原因是取消了该车型的其他座椅配置选择，均规定为价格$6,500的6座配置，预计10月开始交付。特斯拉(TSLA)：本月或将向百事(PEP)交付15辆Semi电动半挂车。百事去年3月宣布将接收特斯拉Semi电动半挂车，特斯拉去年12月开始在内华达超级工厂生产这款车。苹果(AAPL)：CEO库克2021年总薪酬$9,870万。基本工资$300万，股票报酬$8,234万，将按时间分期授予，包括基于时间的股票$3,750万和基于绩效的股票$4,480万。索诺声(SONO)：国际贸易委员会裁定谷歌(GOOGL)侵犯了其Nest扬声器的部分音频专利。谷歌表示计划对该裁决提起上诉。T-Mobile(TMUS)：4季度付费用户净增844,000个，低于市场预期868,000个。2021年新增用户总数约为290万。纽约时报(NYT)：宣布以$5.5亿收购体育新闻网站The Athletic。The Athletic拥有超过100万订阅用户，预计交易会在1季度完成，后续该网站将仍是独立项目。目前纽约时报拥有超过800万订阅用户。凯撒娱乐(CZR) & DraftKings(DKNG)：纽约州博彩委员会宣布4家公司可在纽约开展移动端的体育博彩业务。凯撒、DraftKings、FanDuel和Rush Street Interactive可在周六上午开始运营移动端体育博彩。其它全球确诊300,451,850(+1,966,759)例，死亡5,474,348(+6,143)例。美国确诊58,487,940(+610,989)例，死亡833,989(+1,404)例。纽约州确诊3,890,666(+84,202)例，死亡60,166(+130)例。美国12月非农就业人口增加19.9万，预期44.7万，前值21万。美CDC主管将于11点召开新闻发布会，此前拜登6位在总统交接时期公共卫生顾问发表文章，呼吁拜登政府采取新的抗议策略，适应与病毒共存而非彻底消除病毒。美联储副主席Clarida在新冠疫情爆发初期的股票交易行为引发新的争议。","news_type":1,"symbols_score_info":{"518880":0.9,".DJI":0.9,"SImain":0.9,"GCmain":0.9,".SPX":0.9,"SGCmain":0.9,"QID":0.9,"TQQQ":0.9,"SQQQ":0.9,"QLD":0.9,"PSQ":0.9,"QQQ":0.9,"DJX":0.9,"MGCmain":0.9,"NQmain":0.9,".IXIC":0.9,"DDM":0.9,"SGUmain":0.9,"SPY":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014423797,"gmtCreate":1649712832480,"gmtModify":1676534553309,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014423797","repostId":"2226688741","repostType":4,"repost":{"id":"2226688741","kind":"highlight","pubTimestamp":1649691182,"share":"https://ttm.financial/m/news/2226688741?lang=en_US&edition=fundamental","pubTime":"2022-04-11 23:33","market":"us","language":"zh","title":"Four Differences between High Inflation Engines in Europe and America","url":"https://stock-news.laohu8.com/highlight/detail?id=2226688741","media":"格隆汇","summary":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国","content":"<p><html><head></head><body><b>KEY POINTS</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year. In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and America hit a record high year-on-year. Under the pressure of continuous high inflation, both European and American central banks turned hawks. However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more\", but it is \"energy inflation\" in the euro zone, that is, the pressure faced by inflation in the United States is the general rise in prices of various goods and services; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison, the \"resistance\" of domestic demand in the United States to rate hike is stronger than that of the euro zone, which may face a greater risk of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation method,</b>The U.S. CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>In terms of the weight of the consumption basket,</b>In the inflation indicators of Europe and America, the service weight is higher than that of commodities, which shows the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight of the United States is significantly higher than that of the euro zone, which is about 18.3 percentage points higher. Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.</p><p><b>2. How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p><b>3. Four major differences between inflation \"engines\" in Europe and America</b></p><p><b>One difference: energy price increases almost play a decisive role in high inflation in Europe, and the United States \"blooms more\".</b>For the Eurozone, energy pulled 3.2% year-on-year in February, accounting for 53.5% of HICP year-on-year; In addition to energy, food, non-energy industrial products and services in the United States \"work together\", contributing 14.1%, 31.5% and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Eurozone food prices have increased faster since the end of 2021 due to a higher share of food in the eurozone's inflation structure.</p><p><b>Difference 3: Durable goods in the United States generally rose, while the price increase of other durable goods in the euro zone was not obvious except the price increase of cars.</b></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase.</b></p><p><b>To sum up, the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflation pushed up by commodity prices, while the United States is generally inflated by prices: ① It can be seen from the differences one and two,</b>The inflation in the euro zone is dominated by external supply shocks. The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.<b>② The difference between three and four may indicate that,</b>The inflationary pressure brought by the strong internal demand in the euro zone is not great. In terms of durable goods, durable goods in the United States show general upward pressure, while the euro zone is only driven by automobiles. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Risk Caution: U.S. Inflation Higher than Expected</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflation pressure, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year.</b>In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States reached a record high year-on-year, reaching a high of 5.9% and 7.9% respectively; It was +0.9% month-on-month, especially the euro zone was greatly affected by the Russia-Ukraine conflict, with an increase of 0.5 percentage points in February compared with January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Under the pressure of continuous high inflation, European and American central banks have turned hawks.</b>In the euro zone, at the interest rate meeting in March, the European Central Bank raised its inflation expectation in an all-round way, and announced that it would end the bond purchase plan (APP) at a faster speed. Compared with the February meeting, it once again exceeded expectations and turned eagle. On March 17th, President Lagarde also said in his speech that \"the inflation level in the euro zone is unlikely to return to the level before the epidemic, and the European Central Bank has begun to adjust its policies to further promote policy normalization when the necessary conditions are met\", indicating that the European Central Bank is \"forced\" to change its attitude under the pressure of high inflation. In the United States, the minutes of the Fed's interest rate meeting in March also made it clear that one or more interest rate meetings in the future may be rate hike by 50bps, and the shrinking balance sheet may be started as early as May.</p><p><b>However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more points\", but it is \"energy inflation\" in the euro zone.</b>That is, the pressure faced by inflation in the United States is that the prices of all kinds of goods and services are generally rising; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison,<b>Internal demand in the United States is more \"resistant\" to rate hike than in the euro zone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(1) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and America, first compare the similarities and differences of inflation indicators in Europe and America.</b>This report selects U.S. CPI and Eurozone HICP indicators to characterize their respective inflation levels. For the basic situation of US CPI indicators, please refer to the report \"Contraction or Inflation-Search and Prospect of Long-term and Short-term Dual Framework of US Inflation & Number Theory Economy Series 11\". This report mainly introduces the inflation indicator HICP in the euro zone.</p><p>The full name of HICP is TheHarmonized Index of Consumer Prices, translated as Harmonized CPI. It is a Consumer price Index compiled by EU member countries according to uniform standards. The purpose is to make the price indexes of each member country comparable and can be summed up to obtain the Consumer price Index of the euro zone.</p><p>Comparison shows that the main differences between the euro zone HICP and the US CPI are as follows:</p><p><b>1. In terms of preparation method,</b>First, in sample selection, the euro zone HICP tries to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>2. The weight of consumption basket</b>According to the caliber of core and non-core inflation, the service weight in European and American inflation indicators is higher than that of commodities, showing the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight in the United States is significantly higher than that in the euro zone, about 18.3 percentage points higher; Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.<b>Considering the recent impact of the Russia-Ukraine conflict, the prices of commodities such as energy and grain have increased sharply, and the relatively higher weight of food and energy in the European HICP consumer basket means that the euro zone will face higher food and energy inflation pressure.</b></p><p>According to the subdivision of consumption basket, according to the types of goods and services consumed, the HICP in the euro zone is divided into 12 categories, while the CPI in the United States includes 8 categories (see Chart 6 for details). Among them, the residential weight in U.S. CPI is significantly higher than that in European HICP, which is about 19.7 percentage points higher, which is also the main source of the huge gap in service weight between Europe and America. The main reason may be that the euro zone HICP does not include the estimated rent of Owner-occupied Housing, while the U.S. CPI includes the part of Owner-occupied Housing, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, the food and beverage in the European HICP are much higher than the US CPI,</b>About 11.3 percentage points higher, corresponding to the fact that the weight of food category in European HICP is much higher than that of US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(2) How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p>In order to further refine the differences in inflation structure between the United States and Europe,<b>We further split non-energy industrial goods into durable goods and non-durable goods,</b>These two sub-items are included in the U.S. Bureau of Labor Statistics classification and therefore do not require adjustment; For the Eurozone, durable goods and semi-durable goods in the official classification are aggregated as \"durable goods\" and \"non-durable goods\" are not adjusted.<b>For durable goods, cars and other durable goods are further separated,</b>The U.S. Bureau of Labor Statistics classification includes an automotive sub-item, so no adjustment is required; For the Eurozone, aggregate motor vehicles and motor vehicle parts in the official classification as cars.</p><p><b>Further split the services into transportation services, leisure and entertainment services, rent and other four items,</b>For the Eurozone, the first two items are in the official Eurostat classification and do not need to be adjusted; Rent is equal to actual rent + accommodation service sub-items in catering and hotels; Others are the first three items of services, including communication services, etc. For the United States, transportation services, leisure and recreation services, and rent are all in the official classification of the Bureau of Labor Statistics and do not need to be adjusted; Others also rely on backward squeezing. See the table below for details of the classification. After unifying the inflation caliber of the United States and Europe, we can compare the inflation structure of the United States and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(3) Four major differences between inflation \"engines\" in Europe and the United States</b></p><p><b>One difference: energy price increases play an almost decisive role in high inflation in Europe, while the United States \"blooms more\".</b>For the euro zone, the pull rate of energy to the year-on-year growth rate of HICP in February was 3.2%, and the contribution rate reached 53.5%; For the United States, energy contributed 1.7% to the year-on-year growth rate of CPI in February, and the contribution rate was 21.3%; In addition to energy, food, non-energy industrial products and services \"work together\". In February, their contribution to the year-on-year growth rate of CPI was 14.1%, 31.5% and 33% respectively, totaling 78.6%, indicating that the high inflation in the United States is \"multi-point blossoming\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Since the end of 2021, food prices in the euro zone have increased faster. As of February this year, the year-on-year pull rates of food price increases on inflation in Europe and the United States are 1% and 1.1% respectively. There is little difference between the year-on-year pull rates of food price increases on inflation in Europe and the United States. However, from the perspective of changing trends, because commodities account for a higher proportion of inflation in the euro zone, food prices bring greater upward pressure on inflation in the euro zone.</p><p><b>Difference 3: The price of durable goods in the United States has generally increased, while the price of other durable goods in the euro zone has not increased significantly except for the price increase of automobiles.</b>From the absolute level of pull rate, in February, the price increase of durable goods in the United States increased the CPI by 2.1% year-on-year, while that in the euro zone was only 0.4%. Since the outbreak of the epidemic, the price increase of durable goods in the euro zone has been much smaller than that in the United States. From the structural point of view, for Europe and the United States, cars are the main driving items for the price increase of durable goods. In February, the year-on-year pull of European and American cars was 1.7% and 0.42% respectively, and the contribution to the price increase of durable goods in Europe and the United States was 80% and 103% respectively. In addition to the price increase of automobiles in the United States, other durable goods also have rising price pressure, which may indicate that the internal demand in the United States is strong, resulting in general rising pressure on the price of durable goods; In the euro zone, except for the price increase of automobiles caused by supply-side factors such as \"core shortage\", the prices of other durable goods are falling, which may imply that the internal demand in the euro zone is not strong.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase, and leisure and entertainment services contribute the largest.</b>In February, the year-on-year pull rate of the US CPI service sub-item to overall inflation was 2.6%, and the year-on-year contribution rate to CPI was 33%, which was the highest among the four sub-items (food, energy, non-energy industrial goods and services), while the contribution rate of service price increase in the euro zone was only 17%. Structurally, in the United States, the price increase of services is mainly due to the increase of rent, and the price increase of transportation services also contributes to a certain extent. In February, the year-on-year pull of rent and transportation services to overall inflation was 1.6% and 0.3% respectively, and the contribution rate to the price increase of services was 60% and 13% respectively; In the euro zone, leisure and entertainment services are the main driving force of service price increase. In February, the year-on-year pull rate of CPI was 0.4%, and the contribution rate to service price increase was 42%. The rent was almost unchanged, and transportation services also made a certain contribution. In February, the contribution rate to service price increase was 19%, which was larger than that of the United States. The price increase of transportation services is mainly limited by supply-side factors. On the one hand, the price increase of energy pushes up the cost; on the other hand, the epidemic causes the shortage of transportation employees to push up the wage cost.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>To sum up, through comparison, it can be found that the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflated by commodity prices, while the United States is generally inflated by prices, more specifically:</b></p><p><b>First, it can be seen from the difference one and two that the inflation in the euro zone is dominated by external supply shocks.</b>The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes over 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.</p><p><b>Second, the difference between three and four may indicate that the inflationary pressure in the euro zone due to strengthening internal demand is not great,</b>In terms of durable goods, U.S. durable goods showed general upward pressure, while the euro zone was driven only by cars. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Considering that this round of accelerated tightening by the central banks of the United States and Europe is affected by inflation, compared with the United States, the inflation in the euro zone mainly comes from external supply shocks, and the internal demand is not overheated. Therefore, after the tightening of monetary policy, the domestic demand in the United States may still be \"carried\" for a period of time, while the internal demand in the euro zone may be more affected by monetary tightening, and it is more likely to fall into the risk of slowing economic growth.</b></p><p></body></html></p>","source":"gelonghui_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>Four Differences between High Inflation Engines in Europe and America</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\">\nFour Differences between High Inflation Engines in Europe and America\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2022-04-11 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>KEY POINTS</b></p><p><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year. In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and America hit a record high year-on-year. Under the pressure of continuous high inflation, both European and American central banks turned hawks. However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more\", but it is \"energy inflation\" in the euro zone, that is, the pressure faced by inflation in the United States is the general rise in prices of various goods and services; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison, the \"resistance\" of domestic demand in the United States to rate hike is stronger than that of the euro zone, which may face a greater risk of economic recession.</b></p><p><b>1. What are the similarities and differences between HICP and CPI?</b></p><p><b>In terms of compilation method,</b>The U.S. CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>In terms of the weight of the consumption basket,</b>In the inflation indicators of Europe and America, the service weight is higher than that of commodities, which shows the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight of the United States is significantly higher than that of the euro zone, which is about 18.3 percentage points higher. Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.</p><p><b>2. How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p><b>3. Four major differences between inflation \"engines\" in Europe and America</b></p><p><b>One difference: energy price increases almost play a decisive role in high inflation in Europe, and the United States \"blooms more\".</b>For the Eurozone, energy pulled 3.2% year-on-year in February, accounting for 53.5% of HICP year-on-year; In addition to energy, food, non-energy industrial products and services in the United States \"work together\", contributing 14.1%, 31.5% and 33% year-on-year respectively in February, totaling 78.6%.</p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Eurozone food prices have increased faster since the end of 2021 due to a higher share of food in the eurozone's inflation structure.</p><p><b>Difference 3: Durable goods in the United States generally rose, while the price increase of other durable goods in the euro zone was not obvious except the price increase of cars.</b></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase.</b></p><p><b>To sum up, the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflation pushed up by commodity prices, while the United States is generally inflated by prices: ① It can be seen from the differences one and two,</b>The inflation in the euro zone is dominated by external supply shocks. The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes more than 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.<b>② The difference between three and four may indicate that,</b>The inflationary pressure brought by the strong internal demand in the euro zone is not great. In terms of durable goods, durable goods in the United States show general upward pressure, while the euro zone is only driven by automobiles. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Risk Caution: U.S. Inflation Higher than Expected</b></p><p><b>text</b></p><p><h3>one</h3><h3>Europe and America: Same high inflation pressure, different sources of pressure</h3><b>Since the second half of 2021, Europe and the United States have continued to face high inflationary pressures, and CPI has risen rapidly year-on-year.</b>In February this year, affected by the escalation of the situation between Russia and Ukraine, the CPI in Europe and the United States reached a record high year-on-year, reaching a high of 5.9% and 7.9% respectively; It was +0.9% month-on-month, especially the euro zone was greatly affected by the Russia-Ukraine conflict, with an increase of 0.5 percentage points in February compared with January.</p><p><img src=\"https://static.tigerbbs.com/344210b70f6a8e7f8063ad61f98c749f\" tg-width=\"1077\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Under the pressure of continuous high inflation, European and American central banks have turned hawks.</b>In the euro zone, at the interest rate meeting in March, the European Central Bank raised its inflation expectation in an all-round way, and announced that it would end the bond purchase plan (APP) at a faster speed. Compared with the February meeting, it once again exceeded expectations and turned eagle. On March 17th, President Lagarde also said in his speech that \"the inflation level in the euro zone is unlikely to return to the level before the epidemic, and the European Central Bank has begun to adjust its policies to further promote policy normalization when the necessary conditions are met\", indicating that the European Central Bank is \"forced\" to change its attitude under the pressure of high inflation. In the United States, the minutes of the Fed's interest rate meeting in March also made it clear that one or more interest rate meetings in the future may be rate hike by 50bps, and the shrinking balance sheet may be started as early as May.</p><p><b>However, there are obvious differences in the sources of inflationary pressure in Europe and the United States. Inflation in the United States \"blooms more points\", but it is \"energy inflation\" in the euro zone.</b>That is, the pressure faced by inflation in the United States is that the prices of all kinds of goods and services are generally rising; The vast majority of inflation in the euro zone comes from energy. Considering that the increase in energy prices is mainly affected by supply factors, it shows that the inflationary pressure in the euro zone comes more from the external supply side, rather than the strong demand caused by the rapid economic recovery. The general price increase in the United States shows that its inflationary pressure is not only limited by supply-side bottlenecks (such as energy price increases), but also driven by strong internal demand for durable goods and services. Therefore, in comparison,<b>Internal demand in the United States is more \"resistant\" to rate hike than in the euro zone, which may face a greater risk of economic recession.</b></p><p><img src=\"https://static.tigerbbs.com/56c39847928266470c03e9819fe7d45d\" tg-width=\"1062\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/b767cc36d9c22ec7a31d451cb1b6220b\" tg-width=\"1061\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(1) What are the similarities and differences between HICP and CPI?</b></p><p><b>Before comparing the sources of inflation in Europe and America, first compare the similarities and differences of inflation indicators in Europe and America.</b>This report selects U.S. CPI and Eurozone HICP indicators to characterize their respective inflation levels. For the basic situation of US CPI indicators, please refer to the report \"Contraction or Inflation-Search and Prospect of Long-term and Short-term Dual Framework of US Inflation & Number Theory Economy Series 11\". This report mainly introduces the inflation indicator HICP in the euro zone.</p><p>The full name of HICP is TheHarmonized Index of Consumer Prices, translated as Harmonized CPI. It is a Consumer price Index compiled by EU member countries according to uniform standards. The purpose is to make the price indexes of each member country comparable and can be summed up to obtain the Consumer price Index of the euro zone.</p><p>Comparison shows that the main differences between the euro zone HICP and the US CPI are as follows:</p><p><b>1. In terms of preparation method,</b>First, in sample selection, the euro zone HICP tries to include rural consumers in the sample, while the US CPI only considers urban consumers; Secondly, in terms of weight adjustment, the weight of a basket of goods and services in the euro zone HICP is adjusted once a year, while the weight of each goods and service in the US CPI basket is adjusted once every two years.</p><p><b>2. The weight of consumption basket</b>According to the caliber of core and non-core inflation, the service weight in European and American inflation indicators is higher than that of commodities, showing the economic characteristics of Europe and America, which are dominated by service consumption, and the service weight in the United States is significantly higher than that in the euro zone, about 18.3 percentage points higher; Among the commodity weights, the weight gap of food in Europe and America is the largest. The weight of HICP food in the euro zone is 8.8 percentage points higher than that in the United States, followed by non-energy industrial products. Europe is 5.6 percentage points higher than that in the United States, and Europe is 3.9 percentage points higher than that in the United States.<b>Considering the recent impact of the Russia-Ukraine conflict, the prices of commodities such as energy and grain have increased sharply, and the relatively higher weight of food and energy in the European HICP consumer basket means that the euro zone will face higher food and energy inflation pressure.</b></p><p>According to the subdivision of consumption basket, according to the types of goods and services consumed, the HICP in the euro zone is divided into 12 categories, while the CPI in the United States includes 8 categories (see Chart 6 for details). Among them, the residential weight in U.S. CPI is significantly higher than that in European HICP, which is about 19.7 percentage points higher, which is also the main source of the huge gap in service weight between Europe and America. The main reason may be that the euro zone HICP does not include the estimated rent of Owner-occupied Housing, while the U.S. CPI includes the part of Owner-occupied Housing, which is recorded as \"Owners' equivalent rent of Residences\".<b>However, the food and beverage in the European HICP are much higher than the US CPI,</b>About 11.3 percentage points higher, corresponding to the fact that the weight of food category in European HICP is much higher than that of US CPI.</p><p><img src=\"https://static.tigerbbs.com/10abae6b02802e2a49078b647aa7933c\" tg-width=\"1080\" tg-height=\"472\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/e1abf1b276517940750f8668383b952c\" tg-width=\"823\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(2) How to compare the sources of inflation in Europe and America?</b></p><p><b>Due to the differences in the classification of inflation indicators in Europe and America, for the convenience of comparison, we split them according to the idea of core and non-core inflation.</b>Eurostat divides the euro zone HICP into four major items-\"food\", \"energy\", \"non-energy industrial products\" and \"services\", which can be matched with \"food\", \"energy\", \"commodities (excluding food and energy)\" and \"services (excluding energy)\" in the CPI classification of the United States. Therefore, we first make a preliminary comparison of the inflation structure of the United States and Europe according to the four major categories of \"food\", \"energy\", \"non-energy industrial products\" and \"services\".</p><p>In order to further refine the differences in inflation structure between the United States and Europe,<b>We further split non-energy industrial goods into durable goods and non-durable goods,</b>These two sub-items are included in the U.S. Bureau of Labor Statistics classification and therefore do not require adjustment; For the Eurozone, durable goods and semi-durable goods in the official classification are aggregated as \"durable goods\" and \"non-durable goods\" are not adjusted.<b>For durable goods, cars and other durable goods are further separated,</b>The U.S. Bureau of Labor Statistics classification includes an automotive sub-item, so no adjustment is required; For the Eurozone, aggregate motor vehicles and motor vehicle parts in the official classification as cars.</p><p><b>Further split the services into transportation services, leisure and entertainment services, rent and other four items,</b>For the Eurozone, the first two items are in the official Eurostat classification and do not need to be adjusted; Rent is equal to actual rent + accommodation service sub-items in catering and hotels; Others are the first three items of services, including communication services, etc. For the United States, transportation services, leisure and recreation services, and rent are all in the official classification of the Bureau of Labor Statistics and do not need to be adjusted; Others also rely on backward squeezing. See the table below for details of the classification. After unifying the inflation caliber of the United States and Europe, we can compare the inflation structure of the United States and Europe.</p><p><img src=\"https://static.tigerbbs.com/8cc47ade54035315be60678571cf2b38\" tg-width=\"834\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>(3) Four major differences between inflation \"engines\" in Europe and the United States</b></p><p><b>One difference: energy price increases play an almost decisive role in high inflation in Europe, while the United States \"blooms more\".</b>For the euro zone, the pull rate of energy to the year-on-year growth rate of HICP in February was 3.2%, and the contribution rate reached 53.5%; For the United States, energy contributed 1.7% to the year-on-year growth rate of CPI in February, and the contribution rate was 21.3%; In addition to energy, food, non-energy industrial products and services \"work together\". In February, their contribution to the year-on-year growth rate of CPI was 14.1%, 31.5% and 33% respectively, totaling 78.6%, indicating that the high inflation in the United States is \"multi-point blossoming\".</p><p><img src=\"https://static.tigerbbs.com/2cdc2cbdff201692fddf827873b203c5\" tg-width=\"838\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference#2: Food prices in the euro zone rise faster.</b>Since the end of 2021, food prices in the euro zone have increased faster. As of February this year, the year-on-year pull rates of food price increases on inflation in Europe and the United States are 1% and 1.1% respectively. There is little difference between the year-on-year pull rates of food price increases on inflation in Europe and the United States. However, from the perspective of changing trends, because commodities account for a higher proportion of inflation in the euro zone, food prices bring greater upward pressure on inflation in the euro zone.</p><p><b>Difference 3: The price of durable goods in the United States has generally increased, while the price of other durable goods in the euro zone has not increased significantly except for the price increase of automobiles.</b>From the absolute level of pull rate, in February, the price increase of durable goods in the United States increased the CPI by 2.1% year-on-year, while that in the euro zone was only 0.4%. Since the outbreak of the epidemic, the price increase of durable goods in the euro zone has been much smaller than that in the United States. From the structural point of view, for Europe and the United States, cars are the main driving items for the price increase of durable goods. In February, the year-on-year pull of European and American cars was 1.7% and 0.42% respectively, and the contribution to the price increase of durable goods in Europe and the United States was 80% and 103% respectively. In addition to the price increase of automobiles in the United States, other durable goods also have rising price pressure, which may indicate that the internal demand in the United States is strong, resulting in general rising pressure on the price of durable goods; In the euro zone, except for the price increase of automobiles caused by supply-side factors such as \"core shortage\", the prices of other durable goods are falling, which may imply that the internal demand in the euro zone is not strong.</p><p><img src=\"https://static.tigerbbs.com/583f5b9b134cdafe34123c218690e477\" tg-width=\"1074\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/077db96d692e97d750ebdb8e494c25c5\" tg-width=\"1080\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Difference 4: Services are the biggest year-on-year driver of CPI in the United States, among which rent contribution is \"outstanding\", while services in the euro zone have a smaller increase, and leisure and entertainment services contribute the largest.</b>In February, the year-on-year pull rate of the US CPI service sub-item to overall inflation was 2.6%, and the year-on-year contribution rate to CPI was 33%, which was the highest among the four sub-items (food, energy, non-energy industrial goods and services), while the contribution rate of service price increase in the euro zone was only 17%. Structurally, in the United States, the price increase of services is mainly due to the increase of rent, and the price increase of transportation services also contributes to a certain extent. In February, the year-on-year pull of rent and transportation services to overall inflation was 1.6% and 0.3% respectively, and the contribution rate to the price increase of services was 60% and 13% respectively; In the euro zone, leisure and entertainment services are the main driving force of service price increase. In February, the year-on-year pull rate of CPI was 0.4%, and the contribution rate to service price increase was 42%. The rent was almost unchanged, and transportation services also made a certain contribution. In February, the contribution rate to service price increase was 19%, which was larger than that of the United States. The price increase of transportation services is mainly limited by supply-side factors. On the one hand, the price increase of energy pushes up the cost; on the other hand, the epidemic causes the shortage of transportation employees to push up the wage cost.</p><p><img src=\"https://static.tigerbbs.com/b3f0d6068eff414c3598852b9b181e09\" tg-width=\"1069\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><img src=\"https://static.tigerbbs.com/7479eede35f1ec5b02a41335d9ce8753\" tg-width=\"838\" tg-height=\"390\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>To sum up, through comparison, it can be found that the biggest difference in the sources of inflationary pressure in Europe and the United States lies in the fact that the euro zone is mainly inflated by commodity prices, while the United States is generally inflated by prices, more specifically:</b></p><p><b>First, it can be seen from the difference one and two that the inflation in the euro zone is dominated by external supply shocks.</b>The pressure of energy and food price increases mainly comes from the external supply side, while energy contributes over 50% to the high inflation in the euro zone. Recently, food has also shown a higher price increase rate than that in the United States.</p><p><b>Second, the difference between three and four may indicate that the inflationary pressure in the euro zone due to strengthening internal demand is not great,</b>In terms of durable goods, U.S. durable goods showed general upward pressure, while the euro zone was driven only by cars. In terms of services, service inflation in the United States has the strongest pull on inflation as a whole, while the euro zone is facing higher pressure of transportation service price increases, and the price increase of transportation services is also related to the increase of energy prices. This difference may indicate that compared with the United States, the internal demand in the euro zone is weaker, and the inflationary pressure driven by demand is not great.</p><p><b>Considering that this round of accelerated tightening by the central banks of the United States and Europe is affected by inflation, compared with the United States, the inflation in the euro zone mainly comes from external supply shocks, and the internal demand is not overheated. Therefore, after the tightening of monetary policy, the domestic demand in the United States may still be \"carried\" for a period of time, while the internal demand in the euro zone may be more affected by monetary tightening, and it is more likely to fall into the risk of slowing economic growth.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/520872\">格隆汇</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":{".DJI":"道琼斯"},"source_url":"http://www.gelonghui.com/p/520872","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2226688741","content_text":"主要观点自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，持续高通胀压力下，欧美央行均转鹰。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。1、HICP与CPI有什么异同？在编制方式上，美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。在消费篮子的权重方面，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点。在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。2、如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。3、欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，美国“多点开花”。对于欧元区，2月份能源同比拉动3.2%，占HICP同比的53.5%；而美国除能源外，食品、非能源工业品、服务“共同发力”，2月对同比贡献分别为14.1%、31.5%、33%，合计达78.6%。区别之二：欧元区食品涨价更快。由于欧元区通胀结构中食品占比更高，因此自2021年底以来欧元区食品涨价更快。区别之三：美国耐用品普涨，欧元区除汽车涨价外，其他耐用品涨价不明显。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小。综上，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨：①从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。②区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。风险提示：美国通胀超预期走高正文一欧美：一样的通胀高压，不一样的压力来源自2021下半年以来，欧美持续面临高通胀压力，CPI同比急速上升。今年2月受俄乌局势升级影响，欧美CPI同比再创历史新高，分别达到5.9%、7.9%的高位；环比均+0.9%，尤其是欧元区受俄乌冲突影响较大，2月环比较1月增长了0.5个百分点。持续高通胀压力下，欧美央行均转鹰。欧元区方面，3月议息会议上欧央行全面上调通胀预期，并宣布将以更快速度结束购债计划（APP），相较2月会议再度超预期转鹰。3月17日，行长拉加德在讲话中也表示“欧元区通胀水平已经不太可能回到疫情之前的水平，欧央行已经开始调整政策，以便在满足必要条件时，进一步推进政策正常化”，表明在高通胀压力下，欧央行正“被迫”转变态度。美国方面，3月美联储议息会议纪要也明确未来1次或多次议息会议或将加息50bps，最早5月或将启动缩表。但欧美通胀压力来源具有明显差异，美国通胀“多点开花”，但欧元区则是“能源通胀”，即美国通胀面临的压力是各类商品和服务价格普涨；而欧元区通胀绝大部分来自于能源。考虑到能源涨价主要受供给因素影响，说明欧元区通胀压力更多来自外部供给端的冲击，而非因经济快速复苏导致需求强劲。而美国的价格普涨则表明其通胀压力既有供应端瓶颈的限制（如能源涨价），又有居民耐用品、服务等内部需求强劲的推动。因此，相较而言，美国内部需求对加息的“抵抗力”要强于欧元区，欧元区可能面临更大的经济衰退风险。（一）HICP与CPI有什么异同？在展开欧美通胀来源对比之前，首先对比欧美通胀指标的异同。本报告选取美国CPI和欧元区HICP指标表征各自通胀水平。关于美国CPI指标的基本情况详见报告《缩or胀——美国通胀长短期双框架的找寻与展望&数论经济系列十一》，本报告主要介绍欧元区通胀指标HICP。HICP全称为TheHarmonised Index of Consumer Prices，译为调和CPI，是欧盟各成员国按照统一标准编制的消费物价指数，目的是使各成员国的物价指数具备可比性，可以进行加总得到欧元区的消费物价指数。对比发现，欧元区HICP与美国CPI主要存在以下几点差别：1、编制方法方面，首先，在样本选取上，欧元区HICP试图将农村消费者纳入样本，而美国CPI只考虑城市消费者；其次，在权重调整上，欧元区HICP一篮子商品与服务的权重每年调整一次，而美国CPI篮子中各商品和服务的权重两年调整一次。2、消费篮子的权重方面，根据核心与非核心通胀的口径来看，欧美通胀指标中服务权重均高于商品权重，显示欧美以服务消费为主的经济特征，而且美国的服务权重明显高于欧元区，高出约18.3个百分点；在商品权重中，欧美食品权重差距最大，欧元区HICP食品权重比美高8.8个百分点，其次是非能源工业品，欧较美高5.6个百分点，欧能源权重则高于美3.9个百分点。考虑到近期受俄乌冲突影响，能源、粮食等大宗商品大幅涨价，欧HICP消费者篮子中相对更高的食品和能源权重则意味着欧元区会面临更高的食品和能源通胀压力。根据消费篮子的细分种类看，按照消费的商品和服务种类分，欧元区HICP分为12大类，美国CPI则囊括8大类（详见图表6）。其中：美国CPI中住宅权重明显高于欧HICP的住宅权重，约高19.7个百分点，这也是欧美服务权重巨大差距的主要来源，主要原因可能在于欧元区HICP不包括自有住房（Owner-occupied Housing）的估计租金，而美国CPI包含自有住房部分，记为“业主等价租金”（Owners’ EquivalentRent of Residences）。但欧HICP中的食品和饮料则远高于美CPI，约高11.3个百分点，对应着欧HICP中食品大类权重远高于美CPI。（二）如何对比欧美通胀来源？由于欧美通胀指标分类上的差异，为了方便对比，我们按照核心与非核心通胀的思路进行拆分。欧盟统计局将欧元区HICP拆分为四大项目——“食品”、“能源”、“非能源工业品”、“服务”，与美国CPI分类中的“食品”、“能源”、“商品（不含食品和能源类）”、“服务（不含能源类）”可一一匹配，因此我们首先根据“食品”、“能源”、“非能源工业品”、“服务”四大类的口径，对美欧通胀结构进行初步对比。为进一步细化美欧通胀结构上的差异，我们将非能源工业品进一步拆分为耐用品与非耐用品，美国劳工统计局分类中包括这两个分项，因此不需调整；对于欧元区，将官方分类中的耐用品与半耐用品合计为“耐用品”，“非耐用品”不作调整。对于耐用品，又进一步拆分出汽车和其他耐用品，美国劳工统计局分类中包括汽车分项，因此不需调整；对于欧元区，将官方分类中的机动车和机动车零部件合计为汽车。将服务进一步拆分为交通运输服务、休闲娱乐服务、房租与其他四项，对于欧元区，前两项为欧盟统计局官方分类中的内容，无需调整；房租等于实际房租+餐饮和酒店中的住宿服务分项；其他为服务项倒减前三项，内容上包括通信服务等。对于美国，交通运输服务、休闲娱乐服务、房租均为劳工统计局官方分类中的内容，无需调整；其他也依靠倒挤得出。具体分类细节详见下表，在对美欧通胀口径进行统一后，我们可对美欧通胀结构进行对比。（三）欧美通胀“引擎”的四大差异区别之一：能源涨价对欧高通胀几乎起决定性作用，而美国“多点开花”。对于欧元区，2月份能源对HICP同比增速的拉动率为3.2%，贡献率达到53.5%；对于美国，2月份能源对CPI同比增速的拉动率为1.7%，贡献率为21.3%；除能源外，食品、非能源工业品、服务“共同发力”，2月对CPI同比增速的贡献分别为14.1%、31.5%、33%，合计达78.6%，表明美国的高通胀是“多点开花”。区别之二：欧元区食品涨价更快。自2021年末以来欧元区食品涨价更快，截至今年2月，食品价格上涨对欧、美通胀同比的拉动率分别为1%、1.1%，食品涨价对欧美通胀同比拉动率差距不大，但从变化趋势来看，由于欧元区通胀中商品占比更高，食品价格带来欧元区的通胀上行压力更大。区别之三：美国耐用品普遍涨价，欧元区除汽车涨价拉动外，其他耐用品涨价不明显。从拉动率绝对水平上看，2月美国耐用品涨价对CPI同比拉动录得2.1%，而欧元区仅有0.4%，疫情发生以来欧元区耐用品涨价幅度持续远小于美国。结构来看，对欧美来说汽车均是耐用品涨价主要拉动项，2月欧美汽车同比拉动分别为1.7%、0.42%，对欧美耐用品涨价贡献分别为80%、103%。而美国除了汽车涨价外，其他耐用品亦有价格上涨压力，可能表明美国内部需求较强劲，导致耐用品价格产生普涨压力；而在欧元区，除了因“缺芯”等供给端因素限制导致的汽车涨价外，其他耐用品价格反而在回落，可能暗示欧元区内部需求不强。区别之四：服务是美国CPI同比的最大拉动项，其中房租贡献“一枝独秀”，而欧元区服务涨幅较小，休闲娱乐服务贡献最大。2月，美国CPI服务分项对整体通胀的同比拉动率为2.6%，对CPI同比贡献率为33%，为四大分项（食品、能源、非能源工业品、服务）中最高，而欧元区服务涨价贡献率仅为17%。结构来看，在美国，服务涨价主要是因为房租上涨，此外运输服务涨价亦有一定贡献，2月，房租、运输服务对整体通胀的同比拉动分别录得1.6%、0.3%，对服务涨价贡献率分别为60%、13%；而在欧元区，休闲娱乐服务才是服务涨价的主要推动力，2月对CPI同比拉动率为0.4%，对服务涨价贡献率42%，房租几乎没有变化，交通运输服务也有一定贡献，2月对服务涨价贡献率19%，比美国大。而运输服务涨价也主要受供给端因素限制，一方面能源涨价推升成本，另一方面疫情导致运输就业人员不足推升薪资成本。综上，通过对比可以发现，欧美通胀压力来源最大差异在于：欧元区主要是大宗商品价格推升型通胀，而美国则是价格普涨，更具体地说：其一，从区别一和二可以看出，欧元区通胀受外部供给冲击主导特征更为明显，能源、食品涨价压力主要来自外部供给端，而欧元区高通胀中能源贡献超50%，近期食品也表现出高于美国的涨价速度。其二，区别三和四可能表明，欧元区由于内部需求走强带来的通胀压力并不大，耐用品方面，美国耐用品呈现普涨压力，而欧元区则仅由汽车推动。在服务方面，美国服务通胀对通胀整体拉动最强，而欧元区则更多面临更高的运输服务涨价压力，而运输服务的涨价也与能源价格上涨有关。这一区别可能表明相比于美国，欧元区内部需求偏弱，由需求推动的通胀压力并不大。考虑到美欧央行此轮加速紧缩均是受到通胀影响，但相比于美国，欧元区的通胀主要来自外部供给冲击，内部需求并未过热，因此货币政策紧缩后，美国国内需求或仍能“扛”一段时间，而欧元区内部需求或受货币紧缩冲击更大，更易陷入经济增长放缓的风险。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096782019,"gmtCreate":1644461751143,"gmtModify":1676533929902,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096782019","repostId":"1120878270","repostType":4,"repost":{"id":"1120878270","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":1644459301,"share":"https://ttm.financial/m/news/1120878270?lang=en_US&edition=fundamental","pubTime":"2022-02-10 10:15","market":"hk","language":"zh","title":"Lepu Biotech starts its IPO today, with an admission fee of HK$7454.38","url":"https://stock-news.laohu8.com/highlight/detail?id=1120878270","media":"老虎资讯综合","summary":"每股发售价介于6.87港元-7.38港元，每手1000股。","content":"<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: From February 10 to February 15, 2022, the Company intends to issue approximately 127 million shares, of which the Hong Kong Public Offering accounts for 10%, the International Offering accounts for 90%, and the over-allotment option of 15% is attached.<b>Offer price of HK$6.87-HK$7.38 per share, board lot of 1000 shares, admission fee of HK$7454.38</b>Dealings in the Shares on the Stock Exchange are expected to commence on 23 February 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Purchase ladder</b></p><p>Each lot of 1000 shares, the entrance fee is HK$7454.38.</p><p>The threshold of Group B is 70,000 shares, and the funds required for subscription are about HK$ 521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting many professional investment funds in the pharmaceutical and medical industry, including Vivo Capital, Suzhou Danqing, SDIC Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprise, Shanghai Biomedical Fund, etc.</p><p><b>Differentiated layout of PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor therapy, which is<b>The only innovative drug company in China with both PD-1 monoclonal antibodies in the NDA reporting stage and multiple clinical phase II ADC pipelines.</b>There are 8 clinical-stage drug candidates in its product pipeline, mainly composed of targeted therapies (ADC antibody conjugate drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and one oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are ongoing in the United States. Monoclonal antibody cornerstone products can form combination drug advantages with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient population and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The domestic competition for PD-1 (L1) has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The second indication of PD-1 Putelizumab Injection (HX008), one of the core products of Lepu Bio. The marketing application for MSI-H/dMMR solid tumors was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor\" tumor marker, and the discovery of MSI-H/dMMR tumor marker has promoted the progress of the tumor treatment approach of \"treating by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in digestive system cancers such as gastric cancer and colorectal cancer, so it has a wide application prospect. But the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, the global<b>Only three anti-PD- (L) 1 monoclonal antibodies (approved by NMPA), K drug (pembrolizumab, approved by FDA and NMPA), O drug (nivolumab, approved by FDA) and envolizumab, have been approved for the treatment of MSI-H/dMMR solid tumors.</b></p><p>Taking K drug as an example, in a global multicenter large-scale phase III clinical trial of pembrolizumab for the first-line treatment of intestinal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced intestinal cancer using K drug were significantly better than those of patients with advanced intestinal cancer using conventional chemotherapy. The NDA application for HX008 submitted by Lepu Bio has been accepted. HX008 is expected to become the first market product of Lepu Bio and enable patients to benefit from new therapies earlier.</p><p><b>It is also worth mentioning that PD-1 is closest to commercialization in the overall strategic deployment of Lepu Bio and plays an important role. The company will use PD-1 products to open up sales channels, and plans to start marketing in medical institutions and pharmacies after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, so as to lay the foundation for the smooth listing of ADC products and subsequent pipelines</b>。</p><p><b>Several ADCs are expected to achieve world first</b></p><p>ADC drugs are the core of Lepu Biological's targeted therapy. The company has a variety of targeted ADC drug pipelines, among which the core pipeline HER2 targeted ADC drug MRG002 has the fastest commercialization progress. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, is a HER2-targeted ADC drug. The HER2 positivity rate in breast cancer is about 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer is now the most common type of cancer in the world, and the number of new breast cancer cases in China reached 331,600 in 2020. According to Frost & Sullivan, the size of the breast cancer market in China was RMB50.7 billion in 2020 and is expected to reach RMB81.8 billion and RMB124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the People's Liberation Army General Hospital, who gave a detailed report in the special session on innovative drug clinical research data at the CSCO Annual Meeting in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>There has never been a shortage of blockbuster varieties in the global breast cancer treatment market. According to Nature Reviews Drug Discovery, the global sales of ADCs currently on the market will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>Domestic first and international clinical progress leading</b>For ADC drugs targeting EGFR, worldwide, except Japan's Rakuten Medical's product Akalux (suitable for irresectable locally recurrent head and neck cancer), which has been approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting a number of phase II clinical trials for MRG003 in China.</p><p>Similarly, other ADC pipelines also have the potential to be first of its kind. For example, CMG901 jointly developed by Lepu Bio and Connoya (2162.HK) is the world's first CLDN18.2-targeted ADC approved by IND; The company's self-developed MRG001 is aimed at hematological tumors. There is currently no approved CD20-targeted ADC product in the world. The only CD20-targeted ADCs in the clinical stage in China are the company's MRG001 and Territh's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, for ADC drugs to be finally approved for marketing, the company's ADC commercial production capacity and production experience are also crucial.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has rich experience in ADC drug development. Lepu Bio also has a clinically proven ADC platform for coupling and CMC technologies, as well as a development and analysis platform for advanced processes as support for commercial production.</p><p><b>Clinical progress of oncolytic virus leads the world</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the right to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the State Food and Drug Administration for intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, non-muscle invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has been clinically approved by CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost & Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development for bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue to kill residual tumor cells, so oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication of oncolytic virus is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tract tumors in China.<b>With a five-year survival rate of 72.9% in China, there are significant market opportunities for bladder cancer treatment.</b>In addition, the oncolytic virus can also be expanded to other indications, especially in combination,<b>The combination of oncolytic virus and anti-PD-1/anti-PD-L1 monoclonal antibodies has emerged as an emerging treatment for advanced malignancies.</b></p><p>CG0070 has shown good safety and efficacy in the Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very eye-catching Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients with evaluable efficacy, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node was also maintained 100%.</b></p><p>Many companies around the world have laid out a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)' aglatimagene besadenovec (which has entered clinical phase III for the treatment of prostate cancer) are among the faster-progressing pipelines.</p><p>In addition to CG0070, Lepu Bio also has a stake in Wuhan Binhui Bio, which independently developed recombinant human GM-CSF oncolytic type II herpes simplex virus (OH2) injection. The prospectus of Lepu Bio shows that the combination therapy of HX008 combined with OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding phase I clinical trial has started.</p><p>Lepu Bio has established multiple tumor treatment pipelines for multiple indications. As product commercialization approaches, the company is also promoting research on the combination of monoclonal antibodies with other core pipelines, with a view to providing patients with innovative and even disruptive treatment options. In addition to the above HX008 combined with OH2, Lepu Bio also plans to develop ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for HNSCC and MRG002 in combination with HX008 for gastric cancer have received IND approval from the NMPA.</p><p>From a global perspective, in clinical trials of monoclonal antibody products such as K drugs combined with ADCs and oncolytic viruses, combination therapy generally shows a higher complete remission rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing the production and commercialization layout. In 2019, Lepu Bio built and put into production a GMP-standard 2,000L antibody production line in Beijing, and is currently building a 200L oncolytic virus drug production line in Beijing. At present, the company is also building a biomedical production center in Shanghai, including the construction of a production line with a preliminary designed capacity of 12,000L and supporting laboratories and factories. Relying on the company's team and technology platform, the construction of production and commercialization capabilities will also provide great support for the company's global layout.</p><p></body></html></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>Lepu Biotech starts its IPO today, with an admission fee of HK$7454.38</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\">\nLepu Biotech starts its IPO today, with an admission fee of HK$7454.38\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\">2022-02-10 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>February 10th news,<a href=\"https://laohu8.com/S/02157\">Lepu Bio-B</a>Announcement: From February 10 to February 15, 2022, the Company intends to issue approximately 127 million shares, of which the Hong Kong Public Offering accounts for 10%, the International Offering accounts for 90%, and the over-allotment option of 15% is attached.<b>Offer price of HK$6.87-HK$7.38 per share, board lot of 1000 shares, admission fee of HK$7454.38</b>Dealings in the Shares on the Stock Exchange are expected to commence on 23 February 2022.</p><p><img src=\"https://static.tigerbbs.com/97e1a27c96f3078f3c0b6f92bab54cb8\" tg-width=\"869\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p><b>Purchase ladder</b></p><p>Each lot of 1000 shares, the entrance fee is HK$7454.38.</p><p>The threshold of Group B is 70,000 shares, and the funds required for subscription are about HK$ 521,806.55.<img src=\"https://static.tigerbbs.com/64702a21d77baa3223cdcc943a37271a\" tg-width=\"800\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p><b>Company Profile</b></p><p>Founded in 2018, Lepu Bio has completed three rounds of financing in the past four years, attracting many professional investment funds in the pharmaceutical and medical industry, including Vivo Capital, Suzhou Danqing, SDIC Chuanghe, Ping An Capital, Sunshine Life Insurance, Ronghui Sunshine, Guoxin Central Enterprise, Shanghai Biomedical Fund, etc.</p><p><b>Differentiated layout of PD-1 pan-cancer immunotherapy</b></p><p>Lepu Bio focuses on the combination drug mechanism in the field of tumor therapy, which is<b>The only innovative drug company in China with both PD-1 monoclonal antibodies in the NDA reporting stage and multiple clinical phase II ADC pipelines.</b>There are 8 clinical-stage drug candidates in its product pipeline, mainly composed of targeted therapies (ADC antibody conjugate drugs) and immunotherapy drugs, the latter including two immune checkpoint drugs (PD-1/L1) and one oncolytic virus drug. Three drug candidates have entered registration trials, and two trials are ongoing in the United States. Monoclonal antibody cornerstone products can form combination drug advantages with ADCs, oncolytic viruses, etc. The company will also expand the beneficiary patient population and improve the quality of life of patients.</p><p><img src=\"https://static.tigerbbs.com/893211e958a9d22abefebb7472519142\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Source: Prospectus</p><p>The domestic competition for PD-1 (L1) has been extremely fierce, so many companies have begun to target the more cutting-edge therapeutic market. The second indication of PD-1 Putelizumab Injection (HX008), one of the core products of Lepu Bio. The marketing application for MSI-H/dMMR solid tumors was included in the priority review by CDE in November 2021.</p><p>MSI-H/dMMR is the first \"pan-tumor\" tumor marker, and the discovery of MSI-H/dMMR tumor marker has promoted the progress of the tumor treatment approach of \"treating by type regardless of cancer type\". As an emerging immunotherapy biomarker, MSI-H/dMMR has a high detection rate in digestive system cancers such as gastric cancer and colorectal cancer, so it has a wide application prospect. But the competition in the MSI-H/dMMR solid tumor treatment market has just begun. Currently, the global<b>Only three anti-PD- (L) 1 monoclonal antibodies (approved by NMPA), K drug (pembrolizumab, approved by FDA and NMPA), O drug (nivolumab, approved by FDA) and envolizumab, have been approved for the treatment of MSI-H/dMMR solid tumors.</b></p><p>Taking K drug as an example, in a global multicenter large-scale phase III clinical trial of pembrolizumab for the first-line treatment of intestinal cancer, the 3-year survival rate, PFS, ORR, CRR, TRAE and other performances of patients with advanced intestinal cancer using K drug were significantly better than those of patients with advanced intestinal cancer using conventional chemotherapy. The NDA application for HX008 submitted by Lepu Bio has been accepted. HX008 is expected to become the first market product of Lepu Bio and enable patients to benefit from new therapies earlier.</p><p><b>It is also worth mentioning that PD-1 is closest to commercialization in the overall strategic deployment of Lepu Bio and plays an important role. The company will use PD-1 products to open up sales channels, and plans to start marketing in medical institutions and pharmacies after HX008 is approved for the treatment of MSI-H/dMMR solid tumors and melanoma in China, so as to lay the foundation for the smooth listing of ADC products and subsequent pipelines</b>。</p><p><b>Several ADCs are expected to achieve world first</b></p><p>ADC drugs are the core of Lepu Biological's targeted therapy. The company has a variety of targeted ADC drug pipelines, among which the core pipeline HER2 targeted ADC drug MRG002 has the fastest commercialization progress. Lepu Bio has a relatively complete layout in the field of breast cancer treatment, especially one of its core products, MRG002, is a HER2-targeted ADC drug. The HER2 positivity rate in breast cancer is about 25.4%. The second-line progression rate of breast cancer in China is 94.3%.</p><p>Breast cancer is now the most common type of cancer in the world, and the number of new breast cancer cases in China reached 331,600 in 2020. According to Frost & Sullivan, the size of the breast cancer market in China was RMB50.7 billion in 2020 and is expected to reach RMB81.8 billion and RMB124.6 billion by 2025 and 2030, respectively.</p><p>MRG002 has achieved a breakthrough in phase II clinical studies. This Phase II clinical trial was led by Professor Jiang Zefei of the People's Liberation Army General Hospital, who gave a detailed report in the special session on innovative drug clinical research data at the CSCO Annual Meeting in September 2021. Jiang Zefei said that the innovative efficacy of MRG002 comes from its innovative molecular design, because ADC drug design has unique difficulties in cytotoxicity and linkers.</p><p>There has never been a shortage of blockbuster varieties in the global breast cancer treatment market. According to Nature Reviews Drug Discovery, the global sales of ADCs currently on the market will exceed $16.4 billion in 2026.</p><p>Another core pipeline, MRG003, is an EGFR-targeted ADC drug candidate. According to Frost & Sullivan, MRG003 is currently<b>Domestic first and international clinical progress leading</b>For ADC drugs targeting EGFR, worldwide, except Japan's Rakuten Medical's product Akalux (suitable for irresectable locally recurrent head and neck cancer), which has been approved by PMDA, no other ADC targeting EGFR has been approved. Lepu Bio is conducting a number of phase II clinical trials for MRG003 in China.</p><p>Similarly, other ADC pipelines also have the potential to be first of its kind. For example, CMG901 jointly developed by Lepu Bio and Connoya (2162.HK) is the world's first CLDN18.2-targeted ADC approved by IND; The company's self-developed MRG001 is aimed at hematological tumors. There is currently no approved CD20-targeted ADC product in the world. The only CD20-targeted ADCs in the clinical stage in China are the company's MRG001 and Territh's TRS005.</p><p><b>ADC drug technology is complex, and many pipelines will face the challenge of early R&D failure; In addition, for ADC drugs to be finally approved for marketing, the company's ADC commercial production capacity and production experience are also crucial.</b>Dr. Hu Chaohong, co-general manager of Lepu Bio, has worked at Seagen (SGEN.US) for many years, and the team has rich experience in ADC drug development. Lepu Bio also has a clinically proven ADC platform for coupling and CMC technologies, as well as a development and analysis platform for advanced processes as support for commercial production.</p><p><b>Clinical progress of oncolytic virus leads the world</b></p><p>Lepu Bio introduced the innovative pipeline CG0070 from CG Oncology and obtained the right to develop, manufacture and commercialize the product in China. The company has submitted an IND application to the State Food and Drug Administration for intravesical administration of CG0070 for the treatment of bladder cancer (NMIBC, non-muscle invasive bladder cancer that does not respond to BCG) and other solid tumors.<b>The application for NMIBC has been clinically approved by CDE,</b>Conduct clinical trials for this indication.</p><p>According to Frost & Sullivan,<b>CG0070 is the first and only oncolytic adenovirus in clinical development for bladder cancer</b>。 Oncolytic viruses are a class of viruses that can selectively lyse cancer cells. On the one hand, they can infect tumor cells and cause cell lysis; On the other hand, the molecules they release during lysis can also induce innate and adaptive immune responses, attracting more immune cells to continue to kill residual tumor cells, so oncolytic viruses have good clinical prospects as innovative therapies.</p><p>The main indication of oncolytic virus is bladder cancer, which is the most common malignant tumor of the urinary system and has the highest incidence of urogenital tract tumors in China.<b>With a five-year survival rate of 72.9% in China, there are significant market opportunities for bladder cancer treatment.</b>In addition, the oncolytic virus can also be expanded to other indications, especially in combination,<b>The combination of oncolytic virus and anti-PD-1/anti-PD-L1 monoclonal antibodies has emerged as an emerging treatment for advanced malignancies.</b></p><p>CG0070 has shown good safety and efficacy in the Phase II clinical study conducted by CG Oncology in the United States for the treatment of NMIBC. On November 13, 2021, CG Oncology disclosed the very eye-catching Phase II clinical trial data of CG0070 combined with K drug.<b>The trial results showed that among the 9 NMIBC patients with evaluable efficacy, all patients achieved complete response (CR) at 3 months. In addition, the CR rate of patients who reached the 6-month evaluation node and the 9-month evaluation node was also maintained 100%.</b></p><p>Many companies around the world have laid out a total of more than 180 oncolytic virus pipelines, but at present, CG Oncology and Candel Therapeutics (CADL.US)' aglatimagene besadenovec (which has entered clinical phase III for the treatment of prostate cancer) are among the faster-progressing pipelines.</p><p>In addition to CG0070, Lepu Bio also has a stake in Wuhan Binhui Bio, which independently developed recombinant human GM-CSF oncolytic type II herpes simplex virus (OH2) injection. The prospectus of Lepu Bio shows that the combination therapy of HX008 combined with OH2 for advanced hepatocellular carcinoma has been approved for IND and the corresponding phase I clinical trial has started.</p><p>Lepu Bio has established multiple tumor treatment pipelines for multiple indications. As product commercialization approaches, the company is also promoting research on the combination of monoclonal antibodies with other core pipelines, with a view to providing patients with innovative and even disruptive treatment options. In addition to the above HX008 combined with OH2, Lepu Bio also plans to develop ADC combined with HX008 for the treatment of advanced head and neck squamous cell carcinoma (HNSCC). MRG003 in combination with HX008 for HNSCC and MRG002 in combination with HX008 for gastric cancer have received IND approval from the NMPA.</p><p>From a global perspective, in clinical trials of monoclonal antibody products such as K drugs combined with ADCs and oncolytic viruses, combination therapy generally shows a higher complete remission rate than single drugs, and the survival rate of patients participating in combination chemotherapy trials is also improving.</p><p>While advancing the development of product candidates, the company has planned and is implementing the production and commercialization layout. In 2019, Lepu Bio built and put into production a GMP-standard 2,000L antibody production line in Beijing, and is currently building a 200L oncolytic virus drug production line in Beijing. At present, the company is also building a biomedical production center in Shanghai, including the construction of a production line with a preliminary designed capacity of 12,000L and supporting laboratories and factories. Relying on the company's team and technology platform, the construction of production and commercialization capabilities will also provide great support for the company's global layout.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8d9586192423abb2922de7db5c64252","relate_stocks":{"02157":"乐普生物-B"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120878270","content_text":"2月10日消息，乐普生物-B公告：于2022年2月10日-2月15日进行招股，公司拟发行约1.27亿股，其中香港公开发售占10%，国际发售占90%，另附有15%的超额配股权。每股发售价为6.87港元-7.38港元，每手1000股，入场费7454.38港元，预期股份将于2022年2月23日在联交所开始买卖。申购阶梯每手1000股，入场费7454.38港元。乙组门槛为70000股，申购所需资金约521806.55港元。公司简介乐普生物成立于2018年，近4年一共完成了3轮融资，吸引了众多专业的医药医疗行业投资基金，包括维梧资本、苏州丹青、国投创合、平安资本、阳光人寿、融汇阳光、国新央企、上海生物医药基金等。差异化布局PD-1泛癌种免疫治疗乐普生物聚焦肿瘤治疗领域的联合用药机制，是国内唯一一家既有NDA报产阶段PD-1单抗，又拥有多个临床II期ADC管线的创新药企业。其产品管线中有8种临床阶段候选药物，主要由靶向疗法（ADC抗体偶联药物）和免疫治疗药物构成，后者包括两种免疫检查点药物（PD-1/L1）和一种溶瘤病毒药物。三项候选药物已进入注册性试验，两项试验正在美国进行。单抗类基石产品与ADC、溶瘤病毒等可形成联合用药优势，公司也将扩大受益患者群，提高患者的生存质量。来源：招股书PD-1（L1）在国内竞争已经异常激烈，因此不少企业都开始瞄准更前沿的治疗市场，乐普生物核心产品之一PD-1 普特利单抗注射液（HX008）第二个适应症MSI-H/dMMR 实体瘤的上市申请，2021年11月被CDE纳入优先评审。MSI-H/dMMR是第一个「泛瘤种」肿瘤标志物，MSI-H/dMMR肿瘤标志物的发现推动了「不分癌种，分型而治」的肿瘤治疗方式的进展。作为新兴的免疫治疗生物标志物，MSI-H/dMMR在胃癌、结直肠癌等消化系统癌症中的检出率较高，因此具有广泛的应用前景。但MSI-H/dMMR实体瘤治疗市场的竞争才刚开始。目前，全球仅获批了K药（帕博丽珠单抗，已于FDA、NMPA获批）、O药（纳武利尤单抗，已于FDA获批）及恩沃利单抗3款抗PD-(L)1单抗（已于NMPA获批）用于治疗MSI-H/dMMR实体瘤。以K药为例，在帕博利珠单抗针对肠癌一线治疗的全球多中心的大型III期临床试验中，使用K药的晚期肠癌患者的3年生存率、PFS、ORR、CRR、TRAE等表现都明显优于使用常规化疗的晚期肠癌患者。乐普生物提交的HX008的NDA申请已获受理，HX008有望成为乐普生物首个上市产品，并使患者较早从新疗法中获益。另外值得一提的是，PD-1在乐普生物整体战略部署中离商业化最近，具有重要地位。公司将借助PD-1产品来打通销售渠道，计划HX008国内获批用于治疗MSI-H/dMMR实体瘤及黑色素瘤后启动在医疗机构、药房体系的营销工作，为ADC产品及后续管线顺利上市奠定基础。多款ADC有望实现全球首创ADC药物是乐普生物靶向疗法的核心，公司拥有多种靶向ADC药物管线，其中核心管线HER2靶向ADC药物MRG002商业化进展最快。乐普生物在乳腺癌治疗领域有相对完善的布局，尤其是核心产品之一MRG002为HER2靶向ADC药物。乳腺癌的HER2阳性率约为25.4%。中国乳腺癌的二线进展率为94.3%。乳腺癌现成为全球最常见的癌种，中国2020年新增的乳腺癌病例数达到33.16万。据弗若斯特沙利文的资料，2020年中国乳腺癌市场的规模为人民币507亿元，预计至2025年及2030年将分别达到818亿元及1246亿元。MRG002在II期临床研究中已实现突破。此II期临床试验由解放军总医院江泽飞教授牵头，江泽飞在2021年9月的CSCO年会创新药物临床研究数据专场中作了详细汇报。江泽飞表示，MRG002的创新疗效来自于其创新的分子设计，因为ADC药物设计在细胞毒、连接子方面都有独特难点。全球的乳腺癌治疗市场从来不乏重磅品种。据Nature Reviews Drug Discovery预计，2026年，目前已上市ADC的全球销售额将超过164亿美元。另一项核心管线MRG003为一款EGFR靶向ADC候选药物。据弗若斯特沙利文，MRG003是目前国内首创和国际临床进度领先的靶向EGFR的ADC药物，全球范围内，除了日本Rakuten Medical的产品Akalux（适用于不能切除的局部复发性头颈癌）获PMDA批准外，还没有其他靶向EGFR的ADC获批。乐普生物正在就MRG003在中国进行多项II期临床试验。同样，ADC其他管线也具有同类首创的潜质。例如，乐普生物与康诺亚（2162.HK）合作开发的CMG901是全球首款获IND批准的CLDN18.2靶向ADC；公司自研的MRG001针对血液肿瘤，全球目前尚未有获批的CD20靶向ADC产品，国内进入临床阶段的CD20靶向ADC仅有公司的MRG001和特瑞思的TRS005。ADC药物技术复杂，很多管线会面临前期研发失败的挑战；此外，ADC药物能最终获批上市，企业的ADC商业化生产能力、生产经验也至关重要。乐普生物联席总经理胡朝红博士在Seagen（SGEN.US）工作多年，团队拥有丰富的ADC药物研发经验。乐普生物也具有经临床验证的偶联和CMC技术的ADC平台，以及先进工艺的开发分析平台作为商业化生产的支持。溶瘤病毒临床进展全球领先乐普生物从CG Oncology引进了创新型管线CG0070，获得了该产品在国内的开发、制造和商业化权利。公司已向国家药监局提交CG0070膀胱内给药治疗膀胱癌（NMIBC，即卡介苗（BCG）无应答的非肌层浸润性膀胱癌）及其他实体瘤的IND申请，针对NMIBC的申请已获CDE的临床批件，开展对该适应症的临床试验。据弗若斯特沙利文，CG0070是首个也是唯一一个处于临床开发阶段的治疗膀胱癌的溶瘤腺病毒。溶瘤病毒是一类能选择性裂解癌细胞的病毒，一方面，它们可以感染肿瘤细胞并引起细胞裂解；另一方面，它们在裂解过程中释放的分子还能诱导先天性和适应性免疫反应，吸引更多免疫细胞来继续杀死残余肿瘤细胞，因此溶瘤病毒作为创新疗法有很好的临床前景。溶瘤病毒的主要适应症为膀胱癌，膀胱癌是泌尿系统最常见的恶性肿瘤，在中国泌尿生殖道肿瘤的发病率最高，在中国的五年生存率为72.9%，膀胱癌治疗有重大的市场机会。此外，溶瘤病毒还可拓展至其他适应症，尤其能在联用中体现优势，溶瘤病毒及抗PD-1╱抗PD-L1单克隆抗体的联合已成为新兴的晚期恶性肿瘤治疗方法。CG0070在CG Oncology于美国进行的用于治疗NMIBC的临床II期研究中展现出良好的安全性及疗效， 2021年11月13日，CG Oncology披露了CG0070联合K药十分亮眼的Ⅱ期临床试验数据。试验结果显示，在可评估疗效的9名NMIBC患者中，所有患者在3个月时实现了完全缓解（CR），此外，达到6个月评估节点和9个月评估节点的患者CR率也保持了100%。全球很多家企业布局了共约180多款溶瘤病毒管线，但目前CG Oncology和美国Candel Therapeutics（CADL.US）的aglatimagene besadenovec（治疗前列腺癌进入了临床III期）属于其中进展较快的管线。除CG0070外，乐普生物还参股了武汉滨会生物，滨会生物自主开发了重组人GM-CSF溶瘤II型单纯疱疹病毒（OH2）注射液。乐普生物招股书显示，HX008联合OH2针对晚期肝细胞癌的联合疗法已经获批IND并开始相应的I期临床试验。乐普生物已建立起针对多种适应症的多个肿瘤治疗管线。随着产品商业化的临近，公司也在推进单抗与其他核心管线联用的研究，以期为患者提供创新甚至颠覆性的治疗方案。除上述HX008联合OH2外，乐普生物还计划就ADC联合HX008治疗晚期头颈部鳞状细胞癌（HNSCC）等进行研发。MRG003联合HX008治疗HNSCC，以及MRG002与HX008联合治疗胃癌均已从国家药监局获得了IND批准。而从全球来看，K药等单抗产品与ADC、溶瘤病毒联用的临床试验中，联合疗法普遍显示出较单药更高的完全缓解率，参与联合化疗试验的患者生存率也在提高。在推进候选产品开发的同时，公司已规划并正在落实生产和商业化布局。2019年，乐普生物在北京建设了GMP标准的2,000L抗体生产线并投产，目前还正在北京建设200L溶瘤病毒药物生产线。公司目前还在建上海的生物医药生产中心，包括初步设计产能12,000L的生产线及配套实验室和厂房的建设。依托公司的团队和技术平台，生产及商业化能力的建设也将为公司的全球化布局提供巨大支持。","news_type":1,"symbols_score_info":{"02157":0.9}},"isVote":1,"tweetType":1,"viewCount":1677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887756499,"gmtCreate":1632102009611,"gmtModify":1676530700701,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/887756499","repostId":"1100031374","repostType":4,"repost":{"id":"1100031374","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":1631587259,"share":"https://ttm.financial/m/news/1100031374?lang=en_US&edition=fundamental","pubTime":"2021-09-14 10:40","market":"us","language":"zh","title":"Reminder: The Mid-Autumn Festival closure arrangement is here! Hong Kong stocks are closed on the 22nd","url":"https://stock-news.laohu8.com/highlight/detail?id=1100031374","media":"老虎资讯综合","summary":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n\n\n9月22日（周三）休市。9月23日（周四）起照常开市。\n\n\nA股：\n\n\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n\n\n美股、英股、澳股、新加坡股市照常交易。\n\n\n沪股通和深股通：\n\n\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n\n\n港股通：\n\n\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","content":"<p>The 2021 Mid-Autumn Festival holiday is upon us! The closure arrangements for each of the major markets are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>Closed on Wednesday, September 22. The market will open as usual from September 23rd (Thursday).</p><p><b>A shares:</b></p><p>Closed from Monday, September 20th to Tuesday, September 21st. The market will open as usual from September 22nd (Wednesday).</p><p><b>US stocks, UK stocks, Australian stocks and Singapore stocks traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed from Friday, September 17 to Wednesday, September 22. It will be open as usual from Thursday, September 23rd.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed Thursday, Sept. 16 through Wednesday, Sept. 22. It will be open as usual from Thursday, September 23rd.</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: The Mid-Autumn Festival closure arrangement is here! Hong Kong stocks are closed on the 22nd</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: The Mid-Autumn Festival closure arrangement is here! Hong Kong stocks are closed on the 22nd\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\">2021-09-14 10:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The 2021 Mid-Autumn Festival holiday is upon us! The closure arrangements for each of the major markets are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>Closed on Wednesday, September 22. The market will open as usual from September 23rd (Thursday).</p><p><b>A shares:</b></p><p>Closed from Monday, September 20th to Tuesday, September 21st. The market will open as usual from September 22nd (Wednesday).</p><p><b>US stocks, UK stocks, Australian stocks and Singapore stocks traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed from Friday, September 17 to Wednesday, September 22. It will be open as usual from Thursday, September 23rd.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed Thursday, Sept. 16 through Wednesday, Sept. 22. It will be open as usual from Thursday, September 23rd.</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100031374","content_text":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n9月22日（周三）休市。9月23日（周四）起照常开市。\nA股：\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n美股、英股、澳股、新加坡股市照常交易。\n沪股通和深股通：\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n港股通：\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833624200,"gmtCreate":1629241610600,"gmtModify":1676529973638,"author":{"id":"4089010487435940","authorId":"4089010487435940","name":"yapfuiping","avatar":"https://static.tigerbbs.com/3a27fbd615737b61aec5a628994a8a59","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089010487435940","idStr":"4089010487435940"},"themes":[],"htmlText":"Buy now","listText":"Buy now","text":"Buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833624200","repostId":"2160783852","repostType":2,"repost":{"id":"2160783852","kind":"news","pubTimestamp":1629232740,"share":"https://ttm.financial/m/news/2160783852?lang=en_US&edition=fundamental","pubTime":"2021-08-18 04:39","market":"sh","language":"zh","title":"Tencent's upcoming quarterly earnings report has plunged 43% share price may not wait for good","url":"https://stock-news.laohu8.com/highlight/detail?id=2160783852","media":"新浪财经","summary":"腾讯控股本周将发布财报，股价重挫43%后等待触底反弹的投资者可能不会得到多少安慰。这将是其2019年第三季度以来的首次盈利下滑。腾讯将于周三市场收盘后发布业绩报告。　　腾讯近期股价大跌，香港恒生指数过去六个月的跌幅有四分之一源于腾讯。腾讯目前的预期市盈率约为21倍，低于其30倍左右的历史平均水平。　　即将发布的财报将考验分析师对该股的看涨态度。","content":"<p><html><body><div><div><img src=\"http://n.sinaimg.cn/finance/transform/45/w550h295/20210818/3b36-f166e432ec72bfce5392b3e063c512d6.png\"/><span></span></div>　　<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>With earnings due this week, investors waiting for bottom out after shares plunged 43% may find little comfort.</p><p>The tech giant is expected to report a 7.1% drop in second-quarter net income, according to a media survey of 17 analysts. It will be its first earnings decline since the third quarter of 2019. Tencent will release its results after the market closes on Wednesday.</p><p><div><img src=\"http://n.sinaimg.cn/finance/transform/46/w550h296/20210818/8868-3e8c38fc9b557a701388da5a8ecccd67.png\"/><span></span></div>Tencent's share price has plunged recently, with a quarter of the decline in Hong Kong's Hang Seng index in the past six months stemming from Tencent.</p><p>The decline in the stock price, though, makes the stock's valuation more attractive. Tencent's current expected P/E is around 21 times, which is lower than its historical average of around 30 times. Hugh Young, a senior fund manager at Aberdeen Standard Investments, said his firm is buying Tencent on the dip.</p><p>The upcoming earnings release will test analysts' bullish attitude towards the stock. Of the 68 analysts who rated Tencent, 63 recommended a buy, according to the data. The gap between the current share price and analysts' price targets is 65%, which is close to an all-time high.</p><p>　　<span><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a></span><span></span>Given that the education industry is a major advertising revenue source, this will have a \"significant\" impact on Tencent in the second half of the year, according to analysts Gary Yu and others.</p><p>Morgan Stanley also said in its July report that Tencent's cloud computing and value-added services businesses may partially offset the weak advertising outlook. But its core gaming business is also facing a higher year-over-year base as the Covid-19 pandemic fueled an online entertainment boom a year ago.</p><p>Tencent's near-term outlook remains challenging, with analysts expecting the third-quarter profit decline to expand to more than 10%, which will be Tencent's first two consecutive quarters of profit declines. Some analysts believe that weak earnings won't cause the stock to fall much further, especially as there are long-term tailwinds like digital transformation.</p><p>\"We expect the negative seasonality of online gaming to have been priced in by stock prices,\" Jefferies analyst Thomas Chong and others wrote in a July 14 note. \"With the shift to the industrial Internet and changes in user behavior, we expect that investments in enterprise services, high-output games and short video content will pave the way for the company.\"</p><p><div><span>Shareholder benefits! Taurus, Maotai, mobile phone... task \"Hao\" gift, waiting for you to get it>></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive information, accurate interpretation, all in<a href=\"https://laohu8.com/S/SINA\">SINA</a>Finance APP</div></div>Editor in charge: Zhang Yujie SF107</p><p></div></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent's upcoming quarterly earnings report has plunged 43% share price may not wait for good</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\">\nTencent's upcoming quarterly earnings report has plunged 43% share price may not wait for good\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-18 04:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div><div><img src=\"http://n.sinaimg.cn/finance/transform/45/w550h295/20210818/3b36-f166e432ec72bfce5392b3e063c512d6.png\"/><span></span></div>　　<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>With earnings due this week, investors waiting for bottom out after shares plunged 43% may find little comfort.</p><p>The tech giant is expected to report a 7.1% drop in second-quarter net income, according to a media survey of 17 analysts. It will be its first earnings decline since the third quarter of 2019. Tencent will release its results after the market closes on Wednesday.</p><p><div><img src=\"http://n.sinaimg.cn/finance/transform/46/w550h296/20210818/8868-3e8c38fc9b557a701388da5a8ecccd67.png\"/><span></span></div>Tencent's share price has plunged recently, with a quarter of the decline in Hong Kong's Hang Seng index in the past six months stemming from Tencent.</p><p>The decline in the stock price, though, makes the stock's valuation more attractive. Tencent's current expected P/E is around 21 times, which is lower than its historical average of around 30 times. Hugh Young, a senior fund manager at Aberdeen Standard Investments, said his firm is buying Tencent on the dip.</p><p>The upcoming earnings release will test analysts' bullish attitude towards the stock. Of the 68 analysts who rated Tencent, 63 recommended a buy, according to the data. The gap between the current share price and analysts' price targets is 65%, which is close to an all-time high.</p><p>　　<span><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a></span><span></span>Given that the education industry is a major advertising revenue source, this will have a \"significant\" impact on Tencent in the second half of the year, according to analysts Gary Yu and others.</p><p>Morgan Stanley also said in its July report that Tencent's cloud computing and value-added services businesses may partially offset the weak advertising outlook. But its core gaming business is also facing a higher year-over-year base as the Covid-19 pandemic fueled an online entertainment boom a year ago.</p><p>Tencent's near-term outlook remains challenging, with analysts expecting the third-quarter profit decline to expand to more than 10%, which will be Tencent's first two consecutive quarters of profit declines. Some analysts believe that weak earnings won't cause the stock to fall much further, especially as there are long-term tailwinds like digital transformation.</p><p>\"We expect the negative seasonality of online gaming to have been priced in by stock prices,\" Jefferies analyst Thomas Chong and others wrote in a July 14 note. \"With the shift to the industrial Internet and changes in user behavior, we expect that investments in enterprise services, high-output games and short video content will pave the way for the company.\"</p><p><div><span>Shareholder benefits! Taurus, Maotai, mobile phone... task \"Hao\" gift, waiting for you to get it>></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive information, accurate interpretation, all in<a href=\"https://laohu8.com/S/SINA\">SINA</a>Finance APP</div></div>Editor in charge: Zhang Yujie SF107</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-18/doc-ikqciyzm2073752.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5c9c675b63dc378956d10eda9f8450b5","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-18/doc-ikqciyzm2073752.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2160783852","content_text":"腾讯控股本周将发布财报，股价重挫43%后等待触底反弹的投资者可能不会得到多少安慰。\n　　根据媒体对17位分析师的调查，预计这家科技巨头将报告第二季度净利润下降7.1%。这将是其2019年第三季度以来的首次盈利下滑。腾讯将于周三市场收盘后发布业绩报告。\n\n　　腾讯近期股价大跌，香港恒生指数过去六个月的跌幅有四分之一源于腾讯。\n　　不过，股价的下跌使得该股的估值更具吸引力。腾讯目前的预期市盈率约为21倍，低于其30倍左右的历史平均水平。安本标准投资的资深基金经理Hugh Young表示，他的公司逢低买入腾讯。\n　　即将发布的财报将考验分析师对该股的看涨态度。数据显示，在给腾讯评级的68位分析师中，63人建议买入。当前股价与分析师目标价之间差距65%，接近历史最高水平。\n　　摩根士丹利分析师Gary Yu等人表示，鉴于教育行业是一个主要广告收入源，这将在下半年对腾讯产生“重大”影响。\n　　摩根士丹利在7月的报告中还说，腾讯的云计算和增值服务业务可能部分抵消了疲软的广告前景。但其核心的游戏业务也面临着较高的同比基数，因为一年前Covid-19大流行推动了在线娱乐热潮。\n　　腾讯的近期前景仍然充满挑战性，分析师预计第三季度利润降幅将扩大至10%以上，将是腾讯首次连续两个季度利润下降。一些分析师认为，盈利疲软不会导致该股进一步下跌太多，特别是还有数字化转型等长期利好因素。\n　　“我们预计网络游戏的负面季节性因素已经被股价消化，”Jefferies分析师Thomas Chong等人在7月14日的一份报告中写道。“随着向工业互联网的转移和用户行为的变化，我们预计对企业服务、高产值游戏及短视频内容领域的投资将为该公司铺平道路。”\n\n股民福利！金牛、茅台、手机……任务“豪”礼，等你来拿>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张玉洁 SF107","news_type":1,"symbols_score_info":{"TCEHY":1,"00700":1}},"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}