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China's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously

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09:56","market":"sh","language":"zh","title":"China's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously","url":"https://stock-news.laohu8.com/highlight/detail?id=1171357110","media":"华尔街见闻","summary":"中国7月财新制造业PMI 50.3，前值51.3。\n8月2日公布的2021年7月财新中国制造业PMI（采购经理指数）下降1百分点至50.3，为2020年5月以来最低。\n这一走势与国家统计局制造业PMI","content":"<p>China's Caixin Manufacturing PMI in July was 50.3, compared with the previous value of 51.3.</p><p>The Caixin China Manufacturing PMI (Purchasing Managers Index) for July 2021, released on August 2, fell 1 percentage point to 50.3, the lowest since May 2020.</p><p>This trend is in line with the NBS Manufacturing PMI. The July manufacturing PMI released by the Bureau of Statistics recorded 50.4, down 0.5 percentage points from June and the lowest since March 2020.</p><p>In July, manufacturing supply continued to expand, but the expansion rate was only weak, and demand contracted for the first time in more than a year. In July, the manufacturing production index and the new order index recorded new lows in 16 months and 15 months, respectively. Some enterprises surveyed reported that customer demand was relatively weak; Other enterprises reported that the rise in ex-factory prices of products had curbed sales. The sub-category data showed strong growth in new orders in the investment category, but fewer new orders in the consumer and intermediate categories.</p><p>The overall external demand remained stable. 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Enterprises are worried about the unknown time when the global epidemic will be controlled, and that the supply chain will continue to be disrupted.</p><p>Wang Zhe, a senior economist at Caixin Think Tank, said that in July, the expansion momentum of manufacturing slowed down marginally, market supply continued to expand, demand began to come under pressure, and enterprises were cautious in increasing employees and raw material procurement. Inflationary pressures have partly eased, and manufacturing entrepreneurs remain optimistic about the future, but it is below the long-term average. According to the relevant data of Caixin China's manufacturing PMI in July, the current foundation for national economic recovery is not stable, the downward pressure on the economy is still high, and the confidence of entrepreneurs also needs to be protected.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-02 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's Caixin Manufacturing PMI in July was 50.3, compared with the previous value of 51.3.</p><p>The Caixin China Manufacturing PMI (Purchasing Managers Index) for July 2021, released on August 2, fell 1 percentage point to 50.3, the lowest since May 2020.</p><p>This trend is in line with the NBS Manufacturing PMI. The July manufacturing PMI released by the Bureau of Statistics recorded 50.4, down 0.5 percentage points from June and the lowest since March 2020.</p><p>In July, manufacturing supply continued to expand, but the expansion rate was only weak, and demand contracted for the first time in more than a year. In July, the manufacturing production index and the new order index recorded new lows in 16 months and 15 months, respectively. Some enterprises surveyed reported that customer demand was relatively weak; Other enterprises reported that the rise in ex-factory prices of products had curbed sales. The sub-category data showed strong growth in new orders in the investment category, but fewer new orders in the consumer and intermediate categories.</p><p>The overall external demand remained stable. In July, the index of new export orders of manufacturing industry was slightly higher than the boom-bust line, and the epidemic situation in different overseas regions differentiated, which affected exports.</p><p>The job market has changed little. In July, the manufacturing employment index was slightly higher than the boom-bust line, and it was in the expansion range for the fourth consecutive month. Some companies increase labor use to expand production capacity, while others are relatively cautious. The backlog has increased slightly along with the stabilisation of the job market.</p><p>Both the manufacturing purchase price index and the ex-factory price index declined, indicating that inflationary pressures eased slightly in July. However, the purchase price index has been above the boom-bust line by more than 5 percentage points for eight consecutive months. The interviewed companies said that the prices of raw materials remain high, especially the prices of industrial metals. In contrast, the ex-factory price index is only slightly above the boom-bust line, recording a new low since October 2020, indicating that market demand is more sensitive to product prices, limiting the pricing power of enterprises.</p><p>Affected by local floods, epidemics and the shortage of products such as chips, the logistics delivery time continued to be extended, and the supplier supply time index continued to be in the contraction range in July. As raw material prices remain at a high level, the purchase volume of manufacturing enterprises only increases slightly, and the raw material inventory index decreases in the contraction range. Enterprises continue to use the inventory of finished goods to deliver orders, and the inventory index of finished goods continues to contract, but the range narrows slightly.</p><p>China's manufacturing industry is generally optimistic about growth prospects in the year ahead, but optimism slipped to a 15-month low. Enterprises are worried about the unknown time when the global epidemic will be controlled, and that the supply chain will continue to be disrupted.</p><p>Wang Zhe, a senior economist at Caixin Think Tank, said that in July, the expansion momentum of manufacturing slowed down marginally, market supply continued to expand, demand began to come under pressure, and enterprises were cautious in increasing employees and raw material procurement. Inflationary pressures have partly eased, and manufacturing entrepreneurs remain optimistic about the future, but it is below the long-term average. According to the relevant data of Caixin China's manufacturing PMI in July, the current foundation for national economic recovery is not stable, the downward pressure on the economy is still high, and the confidence of entrepreneurs also needs to be protected.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636875\">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/135fb5b6f21d9ee05edcb64a0736f62f","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636875","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1171357110","content_text":"中国7月财新制造业PMI 50.3，前值51.3。\n8月2日公布的2021年7月财新中国制造业PMI（采购经理指数）下降1百分点至50.3，为2020年5月以来最低。\n这一走势与国家统计局制造业PMI一致。统计局公布的7月制造业PMI录得50.4，较6月下降0.5个百分点，为2020年3月以来最低。\n7月制造业供给继续扩张，但扩长速度仅为微弱，需求则出现一年多来首次收缩。7月制造业生产指数和新订单指数分别录得16个月和15个月以来新低。部分受访企业反映，客户需求相对疲弱；另有企业反映，产品出厂价格上扬抑制了销售。分类别数据显示，投资品类新订单增长强劲，但消费品和中间品类新订单减少。\n外需总体维持稳定，7月制造业新出口订单指数略高于荣枯线，海外不同地区疫情形势分化，对出口影响此消彼长。\n就业市场变化不大，7月制造业就业指数略高于荣枯线，连续第四个月位于扩张区间。部分企业增加劳动力使用以扩大产能，另一部分企业则相对谨慎。伴随着就业市场的稳定，积压工作数量略有增加。\n制造业购进价格指数和出厂价格指数双双下降，显示通胀压力在7月略有缓解。不过，购进价格指数已连续八个月高于荣枯线5个百分点以上，受访企业表示原材料价格居高不下，尤其是工业金属价格高企。相比之下，出厂价格指数仅略高于荣枯线，录得2020年10月以来新低，表明市场需求对产品价格较为敏感，限制了企业定价能力。\n受局部区域洪涝、疫情以及芯片等产品短缺影响，物流交付时间继续延长，7月供应商供应时间指数继续位于收缩区间。由于原材料价格依然处于高位，制造业企业采购量仅略有增加，原材料库存指数在收缩区间下降。企业继续动用产成品库存交付订单，产成品库存指数继续处于收缩区间，但幅度略有收窄。\n中国制造业界对未来一年的增长前景普遍感到乐观，但乐观度下滑至15个月低点。企业忧虑全球疫情未知何时才能受控，担心供应链继续受阻扰。\n财新智库高级经济学家王喆表示，7月制造业扩张势头边际放缓，市场供给继续扩张，需求开始承压，企业在增加雇员和原材料采购方面态度谨慎。通胀压力部分得到缓解，制造业企业家对未来依旧保持乐观，但已低于长期均值。7月财新中国制造业PMI相关数据显示，目前国民经济恢复基础并不稳固，经济下行压力依然较大，企业家信心亦需呵护。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802631446,"gmtCreate":1627775416785,"gmtModify":1703495571481,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090139550819220","idStr":"4090139550819220"},"themes":[],"title":"","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/802631446","repostId":"1142769496","repostType":4,"repost":{"id":"1142769496","kind":"news","pubTimestamp":1627694319,"share":"https://ttm.financial/m/news/1142769496?lang=en_US&edition=fundamental","pubTime":"2021-07-31 09:18","market":"sh","language":"zh","title":"The latest trends of private equity bosses such as Feng Liu and Deng Xiaofeng have surfaced...","url":"https://stock-news.laohu8.com/highlight/detail?id=1142769496","media":"上海证券报","summary":"随着上市公司半年报的陆续披露，高毅资产旗下冯柳、邓晓峰，以及敦和资产等私募大佬的偏好逐一浮出水面。\n具体来看，私募大佬尽管喜好各有不同，但大都偏爱中小市值股票。其中，高毅资产邓晓峰今年二季度加仓了旭升","content":"<p><div>With the successive disclosure of semi-annual reports of listed companies, the preferences of private equity bosses such as Feng Liu and Deng Xiaofeng of Gaoyi Assets, as well as Dunhe Assets, have surfaced one by one. Specifically, although private equity bosses have different preferences, most of them prefer small and medium-sized stocks. Among them, Deng Xiaofeng, Gaoyi Assets, added Xusheng shares and Western Mining in the second quarter of this year; Feng Liuxin, an asset of Gaoyi, bought Western Superconductor and firmly held Hikvision. In addition, Dunhe Assets has maintained a consistent heavy position operation on Dipu Technology. Feng Liu bought nearly 1 billion yuan of Western Superconducting listed companies. According to the semi-annual report data, Gaoyi Linshan No.1 Yuanwang Fund newly bought...</p><p><a href=\"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw\">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>The latest trends of private equity bosses such as Feng Liu and Deng Xiaofeng have surfaced...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe latest trends of private equity bosses such as Feng Liu and Deng Xiaofeng have surfaced...\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\">2021-07-31 09:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>With the successive disclosure of semi-annual reports of listed companies, the preferences of private equity bosses such as Feng Liu and Deng Xiaofeng of Gaoyi Assets, as well as Dunhe Assets, have surfaced one by one. Specifically, although private equity bosses have different preferences, most of them prefer small and medium-sized stocks. Among them, Deng Xiaofeng, Gaoyi Assets, added Xusheng shares and Western Mining in the second quarter of this year; Feng Liuxin, an asset of Gaoyi, bought Western Superconductor and firmly held Hikvision. In addition, Dunhe Assets has maintained a consistent heavy position operation on Dipu Technology. Feng Liu bought nearly 1 billion yuan of Western Superconducting listed companies. According to the semi-annual report data, Gaoyi Linshan No.1 Yuanwang Fund newly bought...</p><p><a href=\"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw\">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/5d8fb95e65f042f352c6313989391357","relate_stocks":{"688122":"西部超导"},"source_url":"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142769496","content_text":"随着上市公司半年报的陆续披露，高毅资产旗下冯柳、邓晓峰，以及敦和资产等私募大佬的偏好逐一浮出水面。\n具体来看，私募大佬尽管喜好各有不同，但大都偏爱中小市值股票。其中，高毅资产邓晓峰今年二季度加仓了旭升股份、西部矿业；高毅资产冯柳新进买入了西部超导，并坚定持仓海康威视。此外，敦和资产对迪普科技保持了一贯的重仓操作。\n冯柳近10亿大手笔买入西部超导\n上市公司半年报数据显示，高毅邻山1号远望基金新进买入西部超导1500万股，持仓市值9.73亿元。\n公开信息显示，西部超导是国内唯一实现低温超导线材商业化生产的企业，也是国际上唯一的铌钛(NbTi)锭棒及线材全流程生产企业。该公司是我国航空用钛合金棒丝材的主要研发生产基地，生产的高端钛合金主要用于航空领域，包括飞机结构件、紧固件和发动机部件等。\n从半年报数据显示，该公司2021年上半年营业收入12.56亿元，同比增长31.76%；归属于上市公司股东的净利润3.13亿元，同比增长136.36%；实现扣非净利润2.85亿元，同比增长150.76%；基本每股收益0.71元。\n由于公司展现了突出的经营能力，截至7月30日，西部超导二季度以来的上涨幅度达到54.07%。\n另外，冯柳自去年三季度买入海康威视后，维持了重仓操作。据公司半年报显示，冯柳管理的高毅邻山1号远望基金持有海康威视市值达138.68亿元。海康威视在今年上半年显示了突出的经营能力。根据半年报显示，该公司2021年上半年实现营业收入339.02亿元，同比增长39.68%；实现归属于上市公司股东的净利润64.81亿元，同比增长40.17%。由于海康威视业绩持续表现亮眼，截至7月30日，海康威视股价实现了翻倍上涨。\n邓晓峰坚定看好旭升股份、西部矿业\n自今年一季度重仓买入旭升股份后，邓晓峰在二季度继续加仓，至少有4只产品重仓了旭升股份。\n\n公司一季报显示，邓晓峰管理的3只产品同时进入旭升股份前十大流通股股东名单，分别是高毅晓峰2号致信基金、锐进43期高毅晓峰投资信托、晓峰1号睿远证券投资基金，新进买入553.27万股、200.63万股和187.59万股，合计持仓市值达到2.93亿元。\n从二季报来看，邓晓峰继续加仓旭升股份。具体来看，高毅晓峰鸿远集合资金信托计划新进买入244.61万股，位列流通股股东第9位；同时，高毅晓峰2号致信基金、锐进43期高毅晓峰投资信托、晓峰1号睿远证券投资基金继续增仓旭升股份。4只产品合计持仓旭升股份市值4.9亿元。\n据悉，旭升股份的产品主要应用于新能源和传统汽车行业及其他机械制造行业。从半年报显示，受益于新能源汽车的快速发展，公司下游客户订单持续放量，销售规模大幅增长，特斯拉、采埃孚、长城汽车、宁德时代等多个客户订单持续放量。公司业绩上半年保持快速增长，实现营业收入12.11亿元，同比增长82.35%；归属于上市公司股东的净利润2.11亿元，同比增长49.84%；归属于上市公司股东的扣除非经常性损益的净利润1.98亿元，同比增长48.76%。\n与此同时，邓晓峰自去年三季度买入西部矿业后，经过阶段性调仓后，截至二季度末，邓晓峰管理的2只基金仍然持有了西部矿业近10亿元市值。\n\n\n\n具体来看，早在去年三季度末，邓晓峰管理的高毅晓峰2号致信基金、高毅晓峰鸿远集合资金信托计划、晓峰1号睿远证券投资基金就新进西部矿业的前十大流通股股东名单，持仓市值合计达到5.7亿元。\n由于股价遭遇阶段性调仓，邓晓峰在今年一季度进行了减仓操作，高毅晓峰2号致信基金在一季度末持有西部矿业的市值为4.73亿元。\n二季度，邓晓峰再次大幅加仓西部矿业。截至今年二季度末，邓晓峰管理的高毅晓峰2号致信基金持有西部矿业的市值达到5.1亿元，高毅晓峰鸿远集合资金信托计划新进成为西部矿业前十大流通股东名单，持有市值达到4.52亿元。\n半年报显示，西部矿业主要受益于铜价上涨周期，公司铜产品迎来量价齐升。该公司上半年实现营业收入191.19亿元，同比增41.81%；实现净利润14.11亿元，同比增336.41%。\n连续3个季度重仓迪普科技\n再看另一家大型私募机构敦和资产，其已连续三个季度重仓迪普科技。\n从公开信息显示，敦和资产在去年四季度新进买入了迪普科技，在去年底持有迪普科技0.52亿元。经过小幅加仓后，敦和资产在一季度末持有市值达到0.59亿元。\n整体来看，敦和资产坚定看好迪普科技。截至二季度末，敦和资产持有迪普科技位列十大流通股第8位，持有市值达到0.6亿元。\n据悉，基于“应用即网络”技术理念，迪普科技自主开发了高性能硬件架构APP-X等系统，并在此基础上推出了深度业务路由交换网关(DPX)等上百款产品。半年报显示，该公司上半年营业收入约4.33亿元；归属于上市公司股东的净利润盈利约1.05亿元，同比增加23.14%。","news_type":1,"symbols_score_info":{"688122":0.9}},"isVote":1,"tweetType":1,"viewCount":4671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806488059,"gmtCreate":1627688957271,"gmtModify":1703494618375,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090139550819220","idStr":"4090139550819220"},"themes":[],"title":"","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/806488059","repostId":"1167346115","repostType":4,"isVote":1,"tweetType":1,"viewCount":4427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808199405,"gmtCreate":1627562799607,"gmtModify":1703492412079,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090139550819220","idStr":"4090139550819220"},"themes":[],"title":"","htmlText":"dhzhh","listText":"dhzhh","text":"dhzhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808199405","repostId":"1135585131","repostType":4,"repost":{"id":"1135585131","kind":"news","pubTimestamp":1627556724,"share":"https://ttm.financial/m/news/1135585131?lang=en_US&edition=fundamental","pubTime":"2021-07-29 19:05","market":"us","language":"zh","title":"FF goes public, Jia Yueting's future hasn't come yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1135585131","media":"BT财经","summary":"生产、销售、售后服务与保障的链条中，成立7年的法拉第未来还停在起点，它的未来，真的会来吗？\n\n同是欠钱的“老赖”，罗永浩选择直播带货清偿债务，贾跃亭则逃到国外钻研造车。\n北京时间7月22日，由贾跃亭一","content":"<p>In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come? Luo Yonghao, who also owes money, chose to live broadcast goods to pay off his debts, while Jia Yueting fled abroad to study car building.</p><p>On July 22nd, Beijing time, Faraday Future, an electric car company founded by Jia Yueting (<a href=\"https://laohu8.com/S/FFIE\">Faraday Future</a>(referred to as \"FF\") completed the merger transaction with PSAC, landed in the U.S. stock market under the stock code \"FFIE\", with an issue price of US$13.78/ADS and an opening price of US$16.8, with a total market value of US$4.5 billion, or RMB 29 billion.</p><p>According to 36kr news, the stock surged nearly 50% during the premarket session at one point. After the opening that night, it rose by more than 22%, and then plunged sharply. It finally closed up 1.45% at $13.98.</p><p>For Jia Yueting, there is bad news behind the good news. According to the Tianyan Check App, recently, Jia Yueting has added new information to be executed, and the total bid to be executed exceeds 4 billion yuan. The execution courts are all Beijing No.3 Intermediate People's Court. According to statistics, at present, Jia Yueting's cumulative total execution has exceeded 9 billion yuan. Can such a huge debt be repaid only by FF listing?</p><p>As the key to Jia Yueting's turnaround, the future of FF determines to a considerable extent whether his promise of \"returning to China next week\" can be fulfilled. So far, FF has not yet achieved mass production, and the prospectus shows that it is still losing money. In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come?</p><p><b>Crazy in Money Burning</b></p><p>In the capital market, the most objective and just thing is money, and the most ruthless and cold thing is money. FF's ability to raise funds and go public shows investors' expectations and recognition of its development prospects, and the sharp drop or even once broken stock price confirms the wait-and-see mentality and doubts of investors at the same time.</p><p>This ambivalence is actually not difficult to understand. According to FF's prospectus, since its establishment in 2014, FF has consistently suffered operating losses, with a net loss of US$142 million in 2019, which expanded to US$147 million in 2020, and FF had an accumulated loss of US$2.39 billion as of December 31, 2020. The explanation given by the company is that the epidemic has affected the ability to raise funds, which also hides the revenue dilemma that FF can't make its own blood and can't rely on existing resources to generate profits.</p><p>Furthermore, FF's cash flow generated from operating activities was similarly negative, with FF's working capital deficits of $688 million and $835 million as of December 31, 2019 and 2020, respectively, and documents disclosed by PSAC showed that FF had only $1.124 million in cash at the end of 2020.</p><p><img src=\"https://static.tigerbbs.com/2a46730d29925a8d22e5bfce8bcea070\" tg-width=\"996\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>Although Jia Yueting's joy was beyond words when Faraday faced the media after its listing in the future, saying that funds were the only obstacle to mass production, and the smooth listing to solve this matter gave him enough confidence. However, BT Finance believes that there is still a question mark about whether the $1 billion gained from the listing is really enough to \"burn\" out the brand barrier.</p><p>Compared with FF, Wei Xiaoli, a new car-making force, is taking the lead, and big Internet manufacturers are also joining. The opponents are busy racing horses at the critical juncture, and the slow rhythm of half a beat may go wrong step by step to the whole era. In the early stage of business development, the capital market was able to accept temporary losses, but FF91 experienced many ticket jumps after its release in January 2017, and repeatedly delayed the mass production schedule. FF's lack of products was the biggest source of problems, which would further expand Jia Yueting's trust crisis.</p><p>In terms of listing methods, FF chose different SPAC methods, that is, special purpose acquisition companies, and listed in the form of \"indirect injection\". This method is mainly for innovative companies with shortage of funds and strong plasticity, aiming at the income from listing, and has the advantages of saving time and money. From this perspective, FF may not have to pay attention to the stock price for the time being, and it is more necessary to do business with sufficient cash flow, which is right with what Jia Yueting said.</p><p>However, some media have questioned that the listing of SPAC is a beautified \"gambling on the future\". Most investors in the secondary market choose to hold stocks for a short time, and enterprises quickly sell off if they can't provide substantial products and profit models. The capital market has limited time, and most of them lack trust in Jia Yueting. Bi Fukang, CEO of FF Global, said in an interview that FF91 is positioned in the top luxury car market, which means that high net worth people are likely to be both their shareholders and their consumers. How long these people can wait and how long capital can wait, the answer is unknown.</p><p><b>Melee New Energy Vehicles</b></p><p>In 2014, Jia Yueting founded FF to propose car building, which can be called the first wave of people who want to eat crabs in the new energy car building trend. At the same time, the enterprises that joined also established in 2014<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng, established in 2015<a href=\"https://laohu8.com/S/LI\">Li Auto</a>。</p><p>In 2017, Jia Yueting attended the FF91 press conference and praised FF91 as \"very cool\", \"cannot be classified as any current model\", and \"reconstructed the core value of the car\". At that time, people may not have thought that the mass production of FF91 was far away, but new energy vehicle manufacturing became a new outlet a few years later. Xiaomi, Evergrande,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>When the players end one by one, the track includes top enterprises in real estate, Internet, mobile phones, batteries and home appliances, and begins to lay out new energy vehicles regardless of background.</p><p>New energy vehicles are indeed worth looking forward to. Yiou Think Tank reported that in June 2021, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>With 256,000 vehicle sales, a record high and a year-on-year increase of 139.3%, Yiou Think Tank predicts that China's new energy vehicle market will usher in a big explosion in 2021, with sales reaching 11.376 million units in 2025.</p><p>Shanghai Pudong International Research also pointed out in the research report that the next 15 years of new energy automobile industry is a golden development stage, and it is expected to approach within 5 years<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The scale of mobile phones, the market size of new energy vehicle industry will be twice that of smart phones in 10 years. In terms of sales growth rate, SPDB International believes that the compound growth rate of new energy vehicle sales can reach 40% from 2020 to 2025, and the four forces of new car manufacturers, smart phones, Internet giants and traditional car companies are expected to contribute and share market dividends.</p><p>IDG Asia (International Data<a href=\"https://laohu8.com/S/5CR.SI\">Asia Group</a>Zhu Dongfang, president, once said when predicting the future of smart cars: \"The technology of the whole ecological power battery is developing very fast and very mature, and the rapid development of technology is very helpful to the ecology of the whole smart car.\"</p><p>Of course, returns and risks often coexist in the same period, and the industry has a good momentum, which doesn't mean that all participants can get a piece of the pie. Some enterprises in the track caught in melee have long been questioned \"PPT car building\", leading enterprises<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has also been pushed to the forefront due to safety issues. The shortcomings of the new energy industry are still there, and latecomers need to be more cautious.</p><p>Problems such as high cost and shrinking battery life at low temperature need to be solved. If FF wants to break out of the siege, its core competitiveness and unique profit points are indispensable. Creating higher value in limited innovation is undoubtedly the pursuit of all technology companies, and the premise of all this is to achieve mass production. Delivering FF91 on schedule is the only premise to change the status quo of FF.</p><p>According to Jia Yueting's promise, FF91 has an extremely high probability of reaching mass production on time and with high quality after 12 months, and then promoting the production of FF81 and FF71. In an exclusive interview with China Business News, Breitfeld also said that in 30 months, the Korean factory will start producing the second model, the more affordable FF81.</p><p>In other words, FF81, which is mainly aimed at the domestic market in FF's plan, will be mass-produced and launched by the end of 2023. Compared with the new domestic car manufacturer \"Wei Xiaoli\", all three companies achieved a new monthly sales high in June, with Nio, XPeng and Ideal delivering 20,060 vehicles, 12,579 vehicles and 13,340 vehicles respectively in the first quarter of 2021. Time waits for no one. Now that I am attacking the enemy, FF has to keep catching up in this long-distance race behind.</p><p><b>Although \"fine wine\" is good, you should not be greedy</b></p><p>Intelligent electric vehicles involve design, engineering, manufacturing, sales and service, and are undoubtedly capital-intensive businesses. Besides marketing and storytelling, business level is the core.</p><p>FF's problem is not only the future of becoming a fan, but also the much-criticized R&D expenses.</p><p>Although according to Breitfeld, FF has 880 global patents up to now, of which 550 core electric vehicle technologies have been authorized, it is the only company that can compete with Tesla in technology at present. However, according to FF's prospectus, its R&D expenses in 2020 were only US$20.186 million, equivalent to about RMB 130 million, a year-on-year decrease of 28.6%. In the same period, the R&D expenses of Nio, XPeng and Ideal amounted to RMB2.49 billion, RMB1.73 billion and RMB1.10 billion, respectively.</p><p><img src=\"https://static.tigerbbs.com/5060e42af686c63452d3a1e6a903314b\" tg-width=\"802\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>Breitfeld told the media: \"It is expected that FF can occupy 3% of the market share in the luxury car market, and the corresponding sales volume is 2,400 units, which is not a difficult goal to achieve. With the continuous expansion of production scale, the sales volume of FF 91 will reach 40,000 units in the next two years, and the sales volume of 270,000 units will be achieved within five years.\"</p><p>However, combing the product information will find that compared with the price of Tesla models, the price of FF cars is on the overall high side. Some industry analysts believe that Tesla's sales broke out in the highly cost-effective Model 3. Especially, Tesla's latest second quarterly report in 2021 shows that the delivery volume of Model 3 and Model Y cars in the second quarter has reached 199,000 units, leaving competitors far behind. Under the general trend of rational consumption, affordable models are more conducive to enterprises opening up wilderness.</p><p><img src=\"https://static.tigerbbs.com/31d62bd499c6159590a2394a1be82558\" tg-width=\"821\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p>Regarding the question of whether Jia Yueting is expected to return to China, the results are not optimistic.</p><p>After sorting out the prospectus, it is found that the equity distribution ratio of FF has been adjusted. After the completion of the backdoor transaction, the equity structure is changed to 51.1% held by the original FF shareholders, 23% held by the basic investors, 17.2% held by the original creditors and 6.8% held by the original shell company PSAC shareholders.</p><p>It can be seen that there is still a certain distance between FF's listing and Jia Yueting's debt repayment. Referring to the remaining debt of $5 billion estimated by analysts, Jia Yueting needs FF's market value to reach about $30 billion to fully pay off the debt. The slogan of \"returning to China next week\" will have to wait until then before it is empty talk.</p><p>The fourth factor of production in economics is entrepreneurial talent, which is reflected in the ability to reasonably strive for resources and give full play to efficiency. Jia Yueting, who is often ridiculed by PPT for building cars, is not short of this item. Perform an image worthy of entrustment, establish a personable personality, and make creditors believe that a person who has broken his promise can make a comeback. Jia Yueting is already in place in terms of personality charm, and the next thing to look at is execution.</p><p>Storytelling may be a good means, but it will never be the only way to develop in the long run. Good enough products, constant ambition, and matching team and individual abilities are indispensable both within the team and externally.</p><p>Mass production is just the beginning. Building sales channels, robbing users' minds and winning market trust all require constant expenditure. The first step of the Long March will be taken, and Boss Jia's difficulties are as clear as his future.</p>","source":"lsy1588993976395","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>FF goes public, Jia Yueting's future hasn't come yet</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\">\nFF goes public, Jia Yueting's future hasn't come yet\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BT财经</strong><span class=\"h-time small\">2021-07-29 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come? Luo Yonghao, who also owes money, chose to live broadcast goods to pay off his debts, while Jia Yueting fled abroad to study car building.</p><p>On July 22nd, Beijing time, Faraday Future, an electric car company founded by Jia Yueting (<a href=\"https://laohu8.com/S/FFIE\">Faraday Future</a>(referred to as \"FF\") completed the merger transaction with PSAC, landed in the U.S. stock market under the stock code \"FFIE\", with an issue price of US$13.78/ADS and an opening price of US$16.8, with a total market value of US$4.5 billion, or RMB 29 billion.</p><p>According to 36kr news, the stock surged nearly 50% during the premarket session at one point. After the opening that night, it rose by more than 22%, and then plunged sharply. It finally closed up 1.45% at $13.98.</p><p>For Jia Yueting, there is bad news behind the good news. According to the Tianyan Check App, recently, Jia Yueting has added new information to be executed, and the total bid to be executed exceeds 4 billion yuan. The execution courts are all Beijing No.3 Intermediate People's Court. According to statistics, at present, Jia Yueting's cumulative total execution has exceeded 9 billion yuan. Can such a huge debt be repaid only by FF listing?</p><p>As the key to Jia Yueting's turnaround, the future of FF determines to a considerable extent whether his promise of \"returning to China next week\" can be fulfilled. So far, FF has not yet achieved mass production, and the prospectus shows that it is still losing money. In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come?</p><p><b>Crazy in Money Burning</b></p><p>In the capital market, the most objective and just thing is money, and the most ruthless and cold thing is money. FF's ability to raise funds and go public shows investors' expectations and recognition of its development prospects, and the sharp drop or even once broken stock price confirms the wait-and-see mentality and doubts of investors at the same time.</p><p>This ambivalence is actually not difficult to understand. According to FF's prospectus, since its establishment in 2014, FF has consistently suffered operating losses, with a net loss of US$142 million in 2019, which expanded to US$147 million in 2020, and FF had an accumulated loss of US$2.39 billion as of December 31, 2020. The explanation given by the company is that the epidemic has affected the ability to raise funds, which also hides the revenue dilemma that FF can't make its own blood and can't rely on existing resources to generate profits.</p><p>Furthermore, FF's cash flow generated from operating activities was similarly negative, with FF's working capital deficits of $688 million and $835 million as of December 31, 2019 and 2020, respectively, and documents disclosed by PSAC showed that FF had only $1.124 million in cash at the end of 2020.</p><p><img src=\"https://static.tigerbbs.com/2a46730d29925a8d22e5bfce8bcea070\" tg-width=\"996\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>Although Jia Yueting's joy was beyond words when Faraday faced the media after its listing in the future, saying that funds were the only obstacle to mass production, and the smooth listing to solve this matter gave him enough confidence. However, BT Finance believes that there is still a question mark about whether the $1 billion gained from the listing is really enough to \"burn\" out the brand barrier.</p><p>Compared with FF, Wei Xiaoli, a new car-making force, is taking the lead, and big Internet manufacturers are also joining. The opponents are busy racing horses at the critical juncture, and the slow rhythm of half a beat may go wrong step by step to the whole era. In the early stage of business development, the capital market was able to accept temporary losses, but FF91 experienced many ticket jumps after its release in January 2017, and repeatedly delayed the mass production schedule. FF's lack of products was the biggest source of problems, which would further expand Jia Yueting's trust crisis.</p><p>In terms of listing methods, FF chose different SPAC methods, that is, special purpose acquisition companies, and listed in the form of \"indirect injection\". This method is mainly for innovative companies with shortage of funds and strong plasticity, aiming at the income from listing, and has the advantages of saving time and money. From this perspective, FF may not have to pay attention to the stock price for the time being, and it is more necessary to do business with sufficient cash flow, which is right with what Jia Yueting said.</p><p>However, some media have questioned that the listing of SPAC is a beautified \"gambling on the future\". Most investors in the secondary market choose to hold stocks for a short time, and enterprises quickly sell off if they can't provide substantial products and profit models. The capital market has limited time, and most of them lack trust in Jia Yueting. Bi Fukang, CEO of FF Global, said in an interview that FF91 is positioned in the top luxury car market, which means that high net worth people are likely to be both their shareholders and their consumers. How long these people can wait and how long capital can wait, the answer is unknown.</p><p><b>Melee New Energy Vehicles</b></p><p>In 2014, Jia Yueting founded FF to propose car building, which can be called the first wave of people who want to eat crabs in the new energy car building trend. At the same time, the enterprises that joined also established in 2014<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng, established in 2015<a href=\"https://laohu8.com/S/LI\">Li Auto</a>。</p><p>In 2017, Jia Yueting attended the FF91 press conference and praised FF91 as \"very cool\", \"cannot be classified as any current model\", and \"reconstructed the core value of the car\". At that time, people may not have thought that the mass production of FF91 was far away, but new energy vehicle manufacturing became a new outlet a few years later. Xiaomi, Evergrande,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>When the players end one by one, the track includes top enterprises in real estate, Internet, mobile phones, batteries and home appliances, and begins to lay out new energy vehicles regardless of background.</p><p>New energy vehicles are indeed worth looking forward to. Yiou Think Tank reported that in June 2021, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>With 256,000 vehicle sales, a record high and a year-on-year increase of 139.3%, Yiou Think Tank predicts that China's new energy vehicle market will usher in a big explosion in 2021, with sales reaching 11.376 million units in 2025.</p><p>Shanghai Pudong International Research also pointed out in the research report that the next 15 years of new energy automobile industry is a golden development stage, and it is expected to approach within 5 years<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The scale of mobile phones, the market size of new energy vehicle industry will be twice that of smart phones in 10 years. In terms of sales growth rate, SPDB International believes that the compound growth rate of new energy vehicle sales can reach 40% from 2020 to 2025, and the four forces of new car manufacturers, smart phones, Internet giants and traditional car companies are expected to contribute and share market dividends.</p><p>IDG Asia (International Data<a href=\"https://laohu8.com/S/5CR.SI\">Asia Group</a>Zhu Dongfang, president, once said when predicting the future of smart cars: \"The technology of the whole ecological power battery is developing very fast and very mature, and the rapid development of technology is very helpful to the ecology of the whole smart car.\"</p><p>Of course, returns and risks often coexist in the same period, and the industry has a good momentum, which doesn't mean that all participants can get a piece of the pie. Some enterprises in the track caught in melee have long been questioned \"PPT car building\", leading enterprises<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has also been pushed to the forefront due to safety issues. The shortcomings of the new energy industry are still there, and latecomers need to be more cautious.</p><p>Problems such as high cost and shrinking battery life at low temperature need to be solved. If FF wants to break out of the siege, its core competitiveness and unique profit points are indispensable. Creating higher value in limited innovation is undoubtedly the pursuit of all technology companies, and the premise of all this is to achieve mass production. Delivering FF91 on schedule is the only premise to change the status quo of FF.</p><p>According to Jia Yueting's promise, FF91 has an extremely high probability of reaching mass production on time and with high quality after 12 months, and then promoting the production of FF81 and FF71. In an exclusive interview with China Business News, Breitfeld also said that in 30 months, the Korean factory will start producing the second model, the more affordable FF81.</p><p>In other words, FF81, which is mainly aimed at the domestic market in FF's plan, will be mass-produced and launched by the end of 2023. Compared with the new domestic car manufacturer \"Wei Xiaoli\", all three companies achieved a new monthly sales high in June, with Nio, XPeng and Ideal delivering 20,060 vehicles, 12,579 vehicles and 13,340 vehicles respectively in the first quarter of 2021. Time waits for no one. Now that I am attacking the enemy, FF has to keep catching up in this long-distance race behind.</p><p><b>Although \"fine wine\" is good, you should not be greedy</b></p><p>Intelligent electric vehicles involve design, engineering, manufacturing, sales and service, and are undoubtedly capital-intensive businesses. Besides marketing and storytelling, business level is the core.</p><p>FF's problem is not only the future of becoming a fan, but also the much-criticized R&D expenses.</p><p>Although according to Breitfeld, FF has 880 global patents up to now, of which 550 core electric vehicle technologies have been authorized, it is the only company that can compete with Tesla in technology at present. However, according to FF's prospectus, its R&D expenses in 2020 were only US$20.186 million, equivalent to about RMB 130 million, a year-on-year decrease of 28.6%. In the same period, the R&D expenses of Nio, XPeng and Ideal amounted to RMB2.49 billion, RMB1.73 billion and RMB1.10 billion, respectively.</p><p><img src=\"https://static.tigerbbs.com/5060e42af686c63452d3a1e6a903314b\" tg-width=\"802\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>Breitfeld told the media: \"It is expected that FF can occupy 3% of the market share in the luxury car market, and the corresponding sales volume is 2,400 units, which is not a difficult goal to achieve. With the continuous expansion of production scale, the sales volume of FF 91 will reach 40,000 units in the next two years, and the sales volume of 270,000 units will be achieved within five years.\"</p><p>However, combing the product information will find that compared with the price of Tesla models, the price of FF cars is on the overall high side. Some industry analysts believe that Tesla's sales broke out in the highly cost-effective Model 3. Especially, Tesla's latest second quarterly report in 2021 shows that the delivery volume of Model 3 and Model Y cars in the second quarter has reached 199,000 units, leaving competitors far behind. Under the general trend of rational consumption, affordable models are more conducive to enterprises opening up wilderness.</p><p><img src=\"https://static.tigerbbs.com/31d62bd499c6159590a2394a1be82558\" tg-width=\"821\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p>Regarding the question of whether Jia Yueting is expected to return to China, the results are not optimistic.</p><p>After sorting out the prospectus, it is found that the equity distribution ratio of FF has been adjusted. After the completion of the backdoor transaction, the equity structure is changed to 51.1% held by the original FF shareholders, 23% held by the basic investors, 17.2% held by the original creditors and 6.8% held by the original shell company PSAC shareholders.</p><p>It can be seen that there is still a certain distance between FF's listing and Jia Yueting's debt repayment. Referring to the remaining debt of $5 billion estimated by analysts, Jia Yueting needs FF's market value to reach about $30 billion to fully pay off the debt. The slogan of \"returning to China next week\" will have to wait until then before it is empty talk.</p><p>The fourth factor of production in economics is entrepreneurial talent, which is reflected in the ability to reasonably strive for resources and give full play to efficiency. Jia Yueting, who is often ridiculed by PPT for building cars, is not short of this item. Perform an image worthy of entrustment, establish a personable personality, and make creditors believe that a person who has broken his promise can make a comeback. Jia Yueting is already in place in terms of personality charm, and the next thing to look at is execution.</p><p>Storytelling may be a good means, but it will never be the only way to develop in the long run. Good enough products, constant ambition, and matching team and individual abilities are indispensable both within the team and externally.</p><p>Mass production is just the beginning. Building sales channels, robbing users' minds and winning market trust all require constant expenditure. The first step of the Long March will be taken, and Boss Jia's difficulties are as clear as his future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/dT9CVwWdbvrP8PbQjjC2mg\">BT财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/df09c79c9e6073c0ec3cd02034b49ab5","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/dT9CVwWdbvrP8PbQjjC2mg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135585131","content_text":"生产、销售、售后服务与保障的链条中，成立7年的法拉第未来还停在起点，它的未来，真的会来吗？\n\n同是欠钱的“老赖”，罗永浩选择直播带货清偿债务，贾跃亭则逃到国外钻研造车。\n北京时间7月22日，由贾跃亭一手创立的电动车企法拉第未来（Faraday Future，简称“FF”）完成与PSAC的合并交易，登陆美股，股票代码“FFIE”，发行价为13.78美元/ADS，开盘报16.8美元，总市值达45亿美元，合人民币290亿元。\n据36kr消息，盘前交易时段该股票一度暴涨近50%。当晚开盘后涨超22%，随后大幅跳水。最终收涨1.45%，报收13.98美元。\n对贾跃亭来说好消息后面还有坏消息，天眼查App显示，近日贾跃亭新增数则被执行信息，被执行总标的超40亿元，执行法院均为北京市第三中级人民法院。根据统计，目前贾跃亭累计被执行总额已超90亿元，如此巨大的债务仅靠FF上市能债还吗？\n作为贾跃亭翻身仗的关键，FF未来如何，相当程度上决定了他“下周回国”的诺言能否兑现。迄今为止，FF尚未实现量产，招股书显示目前仍在亏损，生产、销售、售后服务与保障的链条中，成立7年的法拉第未来还停在起点，它的未来，真的会来吗？\n在烧钱中疯狂\n资本市场上，最客观最公正的东西是钱，最无情最冷酷的也是钱。FF能够融资上市，说明了投资人对其发展前景的期许和认可，而大幅下降甚至一度破发的股价，又印证了投资人同时抱有的观望心态与疑虑。\n这种矛盾心理其实不难理解。根据FF招股书，自2014年成立以来，FF始终蒙受经营亏损，2019年净亏损1.42亿美元，2020年扩大到1.47亿美元，截至2020年12月31日，FF累计亏损23.9亿美元。公司给出的解释是疫情流行影响了筹资能力，这背后也隐藏着FF无法自身造血，无法依赖现有资源产生盈利的营收困境。\n此外，FF经营活动中产生的现金流同样为负，截至2019年12月31日和2020年12月31日，FF的营运资金赤字分别为6.88亿美元和8.35亿美元，PSAC披露的文件显示2020年底，FF的现金只有112.4万美元。\n\n尽管法拉第未来上市后面对媒体时贾跃亭喜悦之心溢于言表，表示资金是量产的唯一障碍，顺利上市解决此事给足了自己信心，但上市换来的10亿美元是否真的足够“烧”出品牌壁垒，BT财经认为还需留个问号。\n相比FF，造车新势力“蔚小理”先行一步，互联网大厂也在加入，对手忙于跑马圈地的紧要关头，慢半拍的节奏或许会步步错至擦身整个时代。业务发展早期，资本市场能够接受暂时亏损，但FF91在2017年1月发布之后经历多次跳票，一再延迟量产时间表，FF没有产品才是最大的问题来源，也将进一步扩大贾跃亭的信任危机。\n上市方式方面，FF选择了比较不同的SPAC方式，即特殊目的收购公司，以“间接注入”的形式造壳上市。这种方式主要面向资金短缺、可塑性强的创新型公司，瞄定的是上市融来的收入，有节省时间、节约资金等优势。从这个角度看，FF或许暂时不必关注股价，用充足的现金流开展业务才更为必要，这与贾跃亭所说对得上号。\n不过也有媒体提出质疑，SPAC上市是美化后的“赌未来”，二级市场投资人多数选择短期持有股票，企业给不出实质产品和盈利模式就迅速脱手。资本市场时间有限，对贾跃亭多半也欠奉信任，FF全球CEO毕福康接受采访时表示FF91定位顶级豪车市场，这意味着高净值人群很可能既是他们的股东，又是他们的消费者，这些人能等多久，资本又能等多久，答案不得而知。\n混战新能源汽车\n2014年，贾跃亭创立FF提出造车，可以称为新能源造车风潮第一波想吃螃蟹的人，同期加入的企业还有2014年成立的蔚来、小鹏，2015年成立的理想汽车。\n2017年，贾跃亭出席FF91发布会，盛赞FF91“非常酷”、“不能归类于当下的任何车型”、“重构了汽车的核心价值”。那时的人们或许不会想到，FF91的量产遥遥无期，新能源造车却在数年后隐隐成为新的风口。小米、恒大、百度等玩家逐个下场，赛道中囊括房地产、互联网、手机、电池、家电各个行业的顶尖企业，不分背景地开始布局新能源汽车。\n新能源汽车确实值得看好。亿欧智库报告显示，2021年6月，中国新能源汽车销量为25.6万辆，创历史新高，同比增长139.3%，亿欧智库由此预计2021年中国新能源汽车市场将迎来大爆发，2025年销量将到达1137.6万辆。\n浦银国际研究也在研报中指出，新能源汽车行业的未来15年是黄金发展阶段，5年内有望接近智能手机规模，10年后新能源汽车行业市场规模将两倍于智能手机。销量增长率方面，浦银国际认为2020年到2025年新能源汽车销量复合增长率能够达到40%，造车新势力、智能手机、互联网巨头和传统车企四股势力都有望贡献力量、分享市场红利。\nIDG亚洲（国际数据亚洲集团）总裁朱东方预测智能汽车未来时曾表示：“整个生态动力电池的技术发展非常快和非常成熟，技术迅速的发展，对整个智能汽车的生态非常有帮助。”\n当然，收益与风险往往同期并存，行业势头良好，不代表参与者都能分一杯羹。陷入混战的赛道中一些企业长期被质疑“PPT造车”，龙头企业特斯拉也因安全问题被推至风口浪尖，新能源产业短板犹在，后来者更需谨慎。\n成本高额、低温续航缩水等问题有待解决，FF想杀出重围，核心竞争力和独特赢利点缺一不可。有限的创新里创造更高的价值无疑是所有科技企业的追求，而这一切的前提是实现量产，如期交付FF91是改变FF现状的唯一前提。\n按照贾跃亭的承诺，FF91有极高概率在12个月后准时、高质地达成量产，随后推进FF81、FF71生产。毕福康接受第一财经专访时也表示，30个月后，韩国工厂将会开工生产第二款车型、价格更为亲民的FF81。\n也就是说，FF计划中主要面向国内市场的FF81会在2023年底实现量产上市。对比国内的造车新势力“蔚小理”，三家均在6月实现单月销量新高，蔚来、小鹏、理想的2021年第一季度交付量分别为20060辆、12579辆、13340辆。时间不等人，我进敌亦攻的现在，FF落后的这段长途赛跑还得持续追赶。\n“美酒”虽好，不能贪杯\n智能电动汽车涉及设计、工程、制造、销售和服务等环节，属于毫无疑问的资本密集型业务，营销造势讲故事之外，业务水平才是核心。\nFF的难题除了成迷的未来，还有备受诟病的研发费用。\n尽管根据毕福康介绍，FF截至目前拥有880项全球专利，其中550项核心电动车技术已获得了授权，是目前唯一可以与特斯拉比拼技术的企业。但从FF招股书来看，2020年其研发费用仅为2018.6万美元，折合人民币约1.3亿元，同比下降28.6%。同期蔚来、小鹏、理想的研发费用分别为24.9亿、17.3亿、11.0亿人民币。\n\n毕福康对媒体表示：“预期FF可在豪车市场占据3%的市场份额，对应销量就是2400台，这并非是一个很难达成的目标。随着生产规模不断扩大，未来两年FF 91的销量将达4万台，五年内实现27万台的销量。”\n不过梳理产品信息会发现，相较特斯拉车型的价格，FF系汽车价位整体偏高，有行业分析师认为，特斯拉销量爆发于极具性价比的Model 3，特别是特斯拉2021年最新的二季报显示，Model 3和Model Y两款车二季度交付量已经达到19.9万辆，远远把竞争对手抛在身后。理性消费大势之下，平价车型更有利于企业开荒拓野。\n\n关于贾跃亭是否回国有望的问题，结果也不尽乐观。\n经过整理招股书后发现FF股权分配比例有所调整，借壳交易完成后股权结构变更为原FF股东持有51.1%，基础投资者持股23%，原债权人转股持有17.2%，原壳公司PSAC股东持股6.8%。\n由此可见，FF上市和贾跃亭还清债务中间还存在一定距离。参照分析人士预估的50亿美元剩余债务，贾跃亭完全清偿债务需要FF市值达到300亿美元左右，“下周回国”的口号，也得等到那时才不算空口无凭。\n经济学中的第四生产要素是企业家才能，体现为合理争取资源、充分发挥效率的能力，常被调侃PPT造车的贾跃亭并不缺少这一项。演出值得托付的形象、树立风度翩翩的人设，让债主相信一个食言过的人能够东山再起，贾跃亭在人格魅力方面已经就位，接下来要看的是执行力。\n讲故事可能是好手段，但绝对不会是长远发展的唯一途径，足够好的产品、不断进取的野心、与之相配的团队和个人能力不管队内还是对外都缺一不可。\n量产只是开端，搭建销售渠道、抢夺用户心智、博取市场信任都需要不断支出，长征第一步将踏出，贾老板的困难和前途一样明朗。","news_type":1,"symbols_score_info":{"FFIE":0.9,"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":4275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803498328,"gmtCreate":1627454147164,"gmtModify":1703490277578,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090139550819220","idStr":"4090139550819220"},"themes":[],"title":"","htmlText":"Hao","listText":"Hao","text":"Hao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803498328","repostId":"1122709229","repostType":4,"isVote":1,"tweetType":1,"viewCount":4047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":806488059,"gmtCreate":1627688957271,"gmtModify":1703494618375,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090139550819220","authorIdStr":"4090139550819220"},"themes":[],"title":"","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/806488059","repostId":"1167346115","repostType":4,"isVote":1,"tweetType":1,"viewCount":4427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805812642,"gmtCreate":1627869669386,"gmtModify":1703496852701,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090139550819220","authorIdStr":"4090139550819220"},"themes":[],"title":"","htmlText":"yyyy","listText":"yyyy","text":"yyyy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/805812642","repostId":"1171357110","repostType":4,"repost":{"id":"1171357110","kind":"news","pubTimestamp":1627869360,"share":"https://ttm.financial/m/news/1171357110?lang=en_US&edition=fundamental","pubTime":"2021-08-02 09:56","market":"sh","language":"zh","title":"China's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously","url":"https://stock-news.laohu8.com/highlight/detail?id=1171357110","media":"华尔街见闻","summary":"中国7月财新制造业PMI 50.3，前值51.3。\n8月2日公布的2021年7月财新中国制造业PMI（采购经理指数）下降1百分点至50.3，为2020年5月以来最低。\n这一走势与国家统计局制造业PMI","content":"<p>China's Caixin Manufacturing PMI in July was 50.3, compared with the previous value of 51.3.</p><p>The Caixin China Manufacturing PMI (Purchasing Managers Index) for July 2021, released on August 2, fell 1 percentage point to 50.3, the lowest since May 2020.</p><p>This trend is in line with the NBS Manufacturing PMI. The July manufacturing PMI released by the Bureau of Statistics recorded 50.4, down 0.5 percentage points from June and the lowest since March 2020.</p><p>In July, manufacturing supply continued to expand, but the expansion rate was only weak, and demand contracted for the first time in more than a year. In July, the manufacturing production index and the new order index recorded new lows in 16 months and 15 months, respectively. Some enterprises surveyed reported that customer demand was relatively weak; Other enterprises reported that the rise in ex-factory prices of products had curbed sales. The sub-category data showed strong growth in new orders in the investment category, but fewer new orders in the consumer and intermediate categories.</p><p>The overall external demand remained stable. In July, the index of new export orders of manufacturing industry was slightly higher than the boom-bust line, and the epidemic situation in different overseas regions differentiated, which affected exports.</p><p>The job market has changed little. In July, the manufacturing employment index was slightly higher than the boom-bust line, and it was in the expansion range for the fourth consecutive month. Some companies increase labor use to expand production capacity, while others are relatively cautious. The backlog has increased slightly along with the stabilisation of the job market.</p><p>Both the manufacturing purchase price index and the ex-factory price index declined, indicating that inflationary pressures eased slightly in July. However, the purchase price index has been above the boom-bust line by more than 5 percentage points for eight consecutive months. The interviewed companies said that the prices of raw materials remain high, especially the prices of industrial metals. In contrast, the ex-factory price index is only slightly above the boom-bust line, recording a new low since October 2020, indicating that market demand is more sensitive to product prices, limiting the pricing power of enterprises.</p><p>Affected by local floods, epidemics and the shortage of products such as chips, the logistics delivery time continued to be extended, and the supplier supply time index continued to be in the contraction range in July. As raw material prices remain at a high level, the purchase volume of manufacturing enterprises only increases slightly, and the raw material inventory index decreases in the contraction range. Enterprises continue to use the inventory of finished goods to deliver orders, and the inventory index of finished goods continues to contract, but the range narrows slightly.</p><p>China's manufacturing industry is generally optimistic about growth prospects in the year ahead, but optimism slipped to a 15-month low. Enterprises are worried about the unknown time when the global epidemic will be controlled, and that the supply chain will continue to be disrupted.</p><p>Wang Zhe, a senior economist at Caixin Think Tank, said that in July, the expansion momentum of manufacturing slowed down marginally, market supply continued to expand, demand began to come under pressure, and enterprises were cautious in increasing employees and raw material procurement. Inflationary pressures have partly eased, and manufacturing entrepreneurs remain optimistic about the future, but it is below the long-term average. According to the relevant data of Caixin China's manufacturing PMI in July, the current foundation for national economic recovery is not stable, the downward pressure on the economy is still high, and the confidence of entrepreneurs also needs to be protected.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Caixin Manufacturing PMI was 50.3 in July, compared to 51.3 previously\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-02 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's Caixin Manufacturing PMI in July was 50.3, compared with the previous value of 51.3.</p><p>The Caixin China Manufacturing PMI (Purchasing Managers Index) for July 2021, released on August 2, fell 1 percentage point to 50.3, the lowest since May 2020.</p><p>This trend is in line with the NBS Manufacturing PMI. The July manufacturing PMI released by the Bureau of Statistics recorded 50.4, down 0.5 percentage points from June and the lowest since March 2020.</p><p>In July, manufacturing supply continued to expand, but the expansion rate was only weak, and demand contracted for the first time in more than a year. In July, the manufacturing production index and the new order index recorded new lows in 16 months and 15 months, respectively. Some enterprises surveyed reported that customer demand was relatively weak; Other enterprises reported that the rise in ex-factory prices of products had curbed sales. The sub-category data showed strong growth in new orders in the investment category, but fewer new orders in the consumer and intermediate categories.</p><p>The overall external demand remained stable. In July, the index of new export orders of manufacturing industry was slightly higher than the boom-bust line, and the epidemic situation in different overseas regions differentiated, which affected exports.</p><p>The job market has changed little. In July, the manufacturing employment index was slightly higher than the boom-bust line, and it was in the expansion range for the fourth consecutive month. Some companies increase labor use to expand production capacity, while others are relatively cautious. The backlog has increased slightly along with the stabilisation of the job market.</p><p>Both the manufacturing purchase price index and the ex-factory price index declined, indicating that inflationary pressures eased slightly in July. However, the purchase price index has been above the boom-bust line by more than 5 percentage points for eight consecutive months. The interviewed companies said that the prices of raw materials remain high, especially the prices of industrial metals. In contrast, the ex-factory price index is only slightly above the boom-bust line, recording a new low since October 2020, indicating that market demand is more sensitive to product prices, limiting the pricing power of enterprises.</p><p>Affected by local floods, epidemics and the shortage of products such as chips, the logistics delivery time continued to be extended, and the supplier supply time index continued to be in the contraction range in July. As raw material prices remain at a high level, the purchase volume of manufacturing enterprises only increases slightly, and the raw material inventory index decreases in the contraction range. Enterprises continue to use the inventory of finished goods to deliver orders, and the inventory index of finished goods continues to contract, but the range narrows slightly.</p><p>China's manufacturing industry is generally optimistic about growth prospects in the year ahead, but optimism slipped to a 15-month low. Enterprises are worried about the unknown time when the global epidemic will be controlled, and that the supply chain will continue to be disrupted.</p><p>Wang Zhe, a senior economist at Caixin Think Tank, said that in July, the expansion momentum of manufacturing slowed down marginally, market supply continued to expand, demand began to come under pressure, and enterprises were cautious in increasing employees and raw material procurement. Inflationary pressures have partly eased, and manufacturing entrepreneurs remain optimistic about the future, but it is below the long-term average. According to the relevant data of Caixin China's manufacturing PMI in July, the current foundation for national economic recovery is not stable, the downward pressure on the economy is still high, and the confidence of entrepreneurs also needs to be protected.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636875\">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/135fb5b6f21d9ee05edcb64a0736f62f","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636875","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1171357110","content_text":"中国7月财新制造业PMI 50.3，前值51.3。\n8月2日公布的2021年7月财新中国制造业PMI（采购经理指数）下降1百分点至50.3，为2020年5月以来最低。\n这一走势与国家统计局制造业PMI一致。统计局公布的7月制造业PMI录得50.4，较6月下降0.5个百分点，为2020年3月以来最低。\n7月制造业供给继续扩张，但扩长速度仅为微弱，需求则出现一年多来首次收缩。7月制造业生产指数和新订单指数分别录得16个月和15个月以来新低。部分受访企业反映，客户需求相对疲弱；另有企业反映，产品出厂价格上扬抑制了销售。分类别数据显示，投资品类新订单增长强劲，但消费品和中间品类新订单减少。\n外需总体维持稳定，7月制造业新出口订单指数略高于荣枯线，海外不同地区疫情形势分化，对出口影响此消彼长。\n就业市场变化不大，7月制造业就业指数略高于荣枯线，连续第四个月位于扩张区间。部分企业增加劳动力使用以扩大产能，另一部分企业则相对谨慎。伴随着就业市场的稳定，积压工作数量略有增加。\n制造业购进价格指数和出厂价格指数双双下降，显示通胀压力在7月略有缓解。不过，购进价格指数已连续八个月高于荣枯线5个百分点以上，受访企业表示原材料价格居高不下，尤其是工业金属价格高企。相比之下，出厂价格指数仅略高于荣枯线，录得2020年10月以来新低，表明市场需求对产品价格较为敏感，限制了企业定价能力。\n受局部区域洪涝、疫情以及芯片等产品短缺影响，物流交付时间继续延长，7月供应商供应时间指数继续位于收缩区间。由于原材料价格依然处于高位，制造业企业采购量仅略有增加，原材料库存指数在收缩区间下降。企业继续动用产成品库存交付订单，产成品库存指数继续处于收缩区间，但幅度略有收窄。\n中国制造业界对未来一年的增长前景普遍感到乐观，但乐观度下滑至15个月低点。企业忧虑全球疫情未知何时才能受控，担心供应链继续受阻扰。\n财新智库高级经济学家王喆表示，7月制造业扩张势头边际放缓，市场供给继续扩张，需求开始承压，企业在增加雇员和原材料采购方面态度谨慎。通胀压力部分得到缓解，制造业企业家对未来依旧保持乐观，但已低于长期均值。7月财新中国制造业PMI相关数据显示，目前国民经济恢复基础并不稳固，经济下行压力依然较大，企业家信心亦需呵护。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802631446,"gmtCreate":1627775416785,"gmtModify":1703495571481,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090139550819220","authorIdStr":"4090139550819220"},"themes":[],"title":"","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/802631446","repostId":"1142769496","repostType":4,"repost":{"id":"1142769496","kind":"news","pubTimestamp":1627694319,"share":"https://ttm.financial/m/news/1142769496?lang=en_US&edition=fundamental","pubTime":"2021-07-31 09:18","market":"sh","language":"zh","title":"The latest trends of private equity bosses such as Feng Liu and Deng Xiaofeng have surfaced...","url":"https://stock-news.laohu8.com/highlight/detail?id=1142769496","media":"上海证券报","summary":"随着上市公司半年报的陆续披露，高毅资产旗下冯柳、邓晓峰，以及敦和资产等私募大佬的偏好逐一浮出水面。\n具体来看，私募大佬尽管喜好各有不同，但大都偏爱中小市值股票。其中，高毅资产邓晓峰今年二季度加仓了旭升","content":"<p><div>With the successive disclosure of semi-annual reports of listed companies, the preferences of private equity bosses such as Feng Liu and Deng Xiaofeng of Gaoyi Assets, as well as Dunhe Assets, have surfaced one by one. Specifically, although private equity bosses have different preferences, most of them prefer small and medium-sized stocks. Among them, Deng Xiaofeng, Gaoyi Assets, added Xusheng shares and Western Mining in the second quarter of this year; Feng Liuxin, an asset of Gaoyi, bought Western Superconductor and firmly held Hikvision. In addition, Dunhe Assets has maintained a consistent heavy position operation on Dipu Technology. Feng Liu bought nearly 1 billion yuan of Western Superconducting listed companies. According to the semi-annual report data, Gaoyi Linshan No.1 Yuanwang Fund newly bought...</p><p><a href=\"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw\">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>The latest trends of private equity bosses such as Feng Liu and Deng Xiaofeng have surfaced...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe latest trends of private equity bosses such as Feng Liu and Deng Xiaofeng have surfaced...\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\">2021-07-31 09:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>With the successive disclosure of semi-annual reports of listed companies, the preferences of private equity bosses such as Feng Liu and Deng Xiaofeng of Gaoyi Assets, as well as Dunhe Assets, have surfaced one by one. Specifically, although private equity bosses have different preferences, most of them prefer small and medium-sized stocks. Among them, Deng Xiaofeng, Gaoyi Assets, added Xusheng shares and Western Mining in the second quarter of this year; Feng Liuxin, an asset of Gaoyi, bought Western Superconductor and firmly held Hikvision. In addition, Dunhe Assets has maintained a consistent heavy position operation on Dipu Technology. Feng Liu bought nearly 1 billion yuan of Western Superconducting listed companies. According to the semi-annual report data, Gaoyi Linshan No.1 Yuanwang Fund newly bought...</p><p><a href=\"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw\">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/5d8fb95e65f042f352c6313989391357","relate_stocks":{"688122":"西部超导"},"source_url":"https://mp.weixin.qq.com/s/y44nug7uhSTXsr_jkIX-Lw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142769496","content_text":"随着上市公司半年报的陆续披露，高毅资产旗下冯柳、邓晓峰，以及敦和资产等私募大佬的偏好逐一浮出水面。\n具体来看，私募大佬尽管喜好各有不同，但大都偏爱中小市值股票。其中，高毅资产邓晓峰今年二季度加仓了旭升股份、西部矿业；高毅资产冯柳新进买入了西部超导，并坚定持仓海康威视。此外，敦和资产对迪普科技保持了一贯的重仓操作。\n冯柳近10亿大手笔买入西部超导\n上市公司半年报数据显示，高毅邻山1号远望基金新进买入西部超导1500万股，持仓市值9.73亿元。\n公开信息显示，西部超导是国内唯一实现低温超导线材商业化生产的企业，也是国际上唯一的铌钛(NbTi)锭棒及线材全流程生产企业。该公司是我国航空用钛合金棒丝材的主要研发生产基地，生产的高端钛合金主要用于航空领域，包括飞机结构件、紧固件和发动机部件等。\n从半年报数据显示，该公司2021年上半年营业收入12.56亿元，同比增长31.76%；归属于上市公司股东的净利润3.13亿元，同比增长136.36%；实现扣非净利润2.85亿元，同比增长150.76%；基本每股收益0.71元。\n由于公司展现了突出的经营能力，截至7月30日，西部超导二季度以来的上涨幅度达到54.07%。\n另外，冯柳自去年三季度买入海康威视后，维持了重仓操作。据公司半年报显示，冯柳管理的高毅邻山1号远望基金持有海康威视市值达138.68亿元。海康威视在今年上半年显示了突出的经营能力。根据半年报显示，该公司2021年上半年实现营业收入339.02亿元，同比增长39.68%；实现归属于上市公司股东的净利润64.81亿元，同比增长40.17%。由于海康威视业绩持续表现亮眼，截至7月30日，海康威视股价实现了翻倍上涨。\n邓晓峰坚定看好旭升股份、西部矿业\n自今年一季度重仓买入旭升股份后，邓晓峰在二季度继续加仓，至少有4只产品重仓了旭升股份。\n\n公司一季报显示，邓晓峰管理的3只产品同时进入旭升股份前十大流通股股东名单，分别是高毅晓峰2号致信基金、锐进43期高毅晓峰投资信托、晓峰1号睿远证券投资基金，新进买入553.27万股、200.63万股和187.59万股，合计持仓市值达到2.93亿元。\n从二季报来看，邓晓峰继续加仓旭升股份。具体来看，高毅晓峰鸿远集合资金信托计划新进买入244.61万股，位列流通股股东第9位；同时，高毅晓峰2号致信基金、锐进43期高毅晓峰投资信托、晓峰1号睿远证券投资基金继续增仓旭升股份。4只产品合计持仓旭升股份市值4.9亿元。\n据悉，旭升股份的产品主要应用于新能源和传统汽车行业及其他机械制造行业。从半年报显示，受益于新能源汽车的快速发展，公司下游客户订单持续放量，销售规模大幅增长，特斯拉、采埃孚、长城汽车、宁德时代等多个客户订单持续放量。公司业绩上半年保持快速增长，实现营业收入12.11亿元，同比增长82.35%；归属于上市公司股东的净利润2.11亿元，同比增长49.84%；归属于上市公司股东的扣除非经常性损益的净利润1.98亿元，同比增长48.76%。\n与此同时，邓晓峰自去年三季度买入西部矿业后，经过阶段性调仓后，截至二季度末，邓晓峰管理的2只基金仍然持有了西部矿业近10亿元市值。\n\n\n\n具体来看，早在去年三季度末，邓晓峰管理的高毅晓峰2号致信基金、高毅晓峰鸿远集合资金信托计划、晓峰1号睿远证券投资基金就新进西部矿业的前十大流通股股东名单，持仓市值合计达到5.7亿元。\n由于股价遭遇阶段性调仓，邓晓峰在今年一季度进行了减仓操作，高毅晓峰2号致信基金在一季度末持有西部矿业的市值为4.73亿元。\n二季度，邓晓峰再次大幅加仓西部矿业。截至今年二季度末，邓晓峰管理的高毅晓峰2号致信基金持有西部矿业的市值达到5.1亿元，高毅晓峰鸿远集合资金信托计划新进成为西部矿业前十大流通股东名单，持有市值达到4.52亿元。\n半年报显示，西部矿业主要受益于铜价上涨周期，公司铜产品迎来量价齐升。该公司上半年实现营业收入191.19亿元，同比增41.81%；实现净利润14.11亿元，同比增336.41%。\n连续3个季度重仓迪普科技\n再看另一家大型私募机构敦和资产，其已连续三个季度重仓迪普科技。\n从公开信息显示，敦和资产在去年四季度新进买入了迪普科技，在去年底持有迪普科技0.52亿元。经过小幅加仓后，敦和资产在一季度末持有市值达到0.59亿元。\n整体来看，敦和资产坚定看好迪普科技。截至二季度末，敦和资产持有迪普科技位列十大流通股第8位，持有市值达到0.6亿元。\n据悉，基于“应用即网络”技术理念，迪普科技自主开发了高性能硬件架构APP-X等系统，并在此基础上推出了深度业务路由交换网关(DPX)等上百款产品。半年报显示，该公司上半年营业收入约4.33亿元；归属于上市公司股东的净利润盈利约1.05亿元，同比增加23.14%。","news_type":1,"symbols_score_info":{"688122":0.9}},"isVote":1,"tweetType":1,"viewCount":4671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803498328,"gmtCreate":1627454147164,"gmtModify":1703490277578,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090139550819220","authorIdStr":"4090139550819220"},"themes":[],"title":"","htmlText":"Hao","listText":"Hao","text":"Hao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803498328","repostId":"1122709229","repostType":4,"isVote":1,"tweetType":1,"viewCount":4047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808199405,"gmtCreate":1627562799607,"gmtModify":1703492412079,"author":{"id":"4090139550819220","authorId":"4090139550819220","name":"孙大总","avatar":"https://static.tigerbbs.com/8357281ae394d72bc85b1760b4f2f0ee","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090139550819220","authorIdStr":"4090139550819220"},"themes":[],"title":"","htmlText":"dhzhh","listText":"dhzhh","text":"dhzhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808199405","repostId":"1135585131","repostType":4,"repost":{"id":"1135585131","kind":"news","pubTimestamp":1627556724,"share":"https://ttm.financial/m/news/1135585131?lang=en_US&edition=fundamental","pubTime":"2021-07-29 19:05","market":"us","language":"zh","title":"FF goes public, Jia Yueting's future hasn't come yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1135585131","media":"BT财经","summary":"生产、销售、售后服务与保障的链条中，成立7年的法拉第未来还停在起点，它的未来，真的会来吗？\n\n同是欠钱的“老赖”，罗永浩选择直播带货清偿债务，贾跃亭则逃到国外钻研造车。\n北京时间7月22日，由贾跃亭一","content":"<p>In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come? Luo Yonghao, who also owes money, chose to live broadcast goods to pay off his debts, while Jia Yueting fled abroad to study car building.</p><p>On July 22nd, Beijing time, Faraday Future, an electric car company founded by Jia Yueting (<a href=\"https://laohu8.com/S/FFIE\">Faraday Future</a>(referred to as \"FF\") completed the merger transaction with PSAC, landed in the U.S. stock market under the stock code \"FFIE\", with an issue price of US$13.78/ADS and an opening price of US$16.8, with a total market value of US$4.5 billion, or RMB 29 billion.</p><p>According to 36kr news, the stock surged nearly 50% during the premarket session at one point. After the opening that night, it rose by more than 22%, and then plunged sharply. It finally closed up 1.45% at $13.98.</p><p>For Jia Yueting, there is bad news behind the good news. According to the Tianyan Check App, recently, Jia Yueting has added new information to be executed, and the total bid to be executed exceeds 4 billion yuan. The execution courts are all Beijing No.3 Intermediate People's Court. According to statistics, at present, Jia Yueting's cumulative total execution has exceeded 9 billion yuan. Can such a huge debt be repaid only by FF listing?</p><p>As the key to Jia Yueting's turnaround, the future of FF determines to a considerable extent whether his promise of \"returning to China next week\" can be fulfilled. So far, FF has not yet achieved mass production, and the prospectus shows that it is still losing money. In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come?</p><p><b>Crazy in Money Burning</b></p><p>In the capital market, the most objective and just thing is money, and the most ruthless and cold thing is money. FF's ability to raise funds and go public shows investors' expectations and recognition of its development prospects, and the sharp drop or even once broken stock price confirms the wait-and-see mentality and doubts of investors at the same time.</p><p>This ambivalence is actually not difficult to understand. According to FF's prospectus, since its establishment in 2014, FF has consistently suffered operating losses, with a net loss of US$142 million in 2019, which expanded to US$147 million in 2020, and FF had an accumulated loss of US$2.39 billion as of December 31, 2020. The explanation given by the company is that the epidemic has affected the ability to raise funds, which also hides the revenue dilemma that FF can't make its own blood and can't rely on existing resources to generate profits.</p><p>Furthermore, FF's cash flow generated from operating activities was similarly negative, with FF's working capital deficits of $688 million and $835 million as of December 31, 2019 and 2020, respectively, and documents disclosed by PSAC showed that FF had only $1.124 million in cash at the end of 2020.</p><p><img src=\"https://static.tigerbbs.com/2a46730d29925a8d22e5bfce8bcea070\" tg-width=\"996\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>Although Jia Yueting's joy was beyond words when Faraday faced the media after its listing in the future, saying that funds were the only obstacle to mass production, and the smooth listing to solve this matter gave him enough confidence. However, BT Finance believes that there is still a question mark about whether the $1 billion gained from the listing is really enough to \"burn\" out the brand barrier.</p><p>Compared with FF, Wei Xiaoli, a new car-making force, is taking the lead, and big Internet manufacturers are also joining. The opponents are busy racing horses at the critical juncture, and the slow rhythm of half a beat may go wrong step by step to the whole era. In the early stage of business development, the capital market was able to accept temporary losses, but FF91 experienced many ticket jumps after its release in January 2017, and repeatedly delayed the mass production schedule. FF's lack of products was the biggest source of problems, which would further expand Jia Yueting's trust crisis.</p><p>In terms of listing methods, FF chose different SPAC methods, that is, special purpose acquisition companies, and listed in the form of \"indirect injection\". This method is mainly for innovative companies with shortage of funds and strong plasticity, aiming at the income from listing, and has the advantages of saving time and money. From this perspective, FF may not have to pay attention to the stock price for the time being, and it is more necessary to do business with sufficient cash flow, which is right with what Jia Yueting said.</p><p>However, some media have questioned that the listing of SPAC is a beautified \"gambling on the future\". Most investors in the secondary market choose to hold stocks for a short time, and enterprises quickly sell off if they can't provide substantial products and profit models. The capital market has limited time, and most of them lack trust in Jia Yueting. Bi Fukang, CEO of FF Global, said in an interview that FF91 is positioned in the top luxury car market, which means that high net worth people are likely to be both their shareholders and their consumers. How long these people can wait and how long capital can wait, the answer is unknown.</p><p><b>Melee New Energy Vehicles</b></p><p>In 2014, Jia Yueting founded FF to propose car building, which can be called the first wave of people who want to eat crabs in the new energy car building trend. At the same time, the enterprises that joined also established in 2014<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng, established in 2015<a href=\"https://laohu8.com/S/LI\">Li Auto</a>。</p><p>In 2017, Jia Yueting attended the FF91 press conference and praised FF91 as \"very cool\", \"cannot be classified as any current model\", and \"reconstructed the core value of the car\". At that time, people may not have thought that the mass production of FF91 was far away, but new energy vehicle manufacturing became a new outlet a few years later. Xiaomi, Evergrande,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>When the players end one by one, the track includes top enterprises in real estate, Internet, mobile phones, batteries and home appliances, and begins to lay out new energy vehicles regardless of background.</p><p>New energy vehicles are indeed worth looking forward to. Yiou Think Tank reported that in June 2021, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>With 256,000 vehicle sales, a record high and a year-on-year increase of 139.3%, Yiou Think Tank predicts that China's new energy vehicle market will usher in a big explosion in 2021, with sales reaching 11.376 million units in 2025.</p><p>Shanghai Pudong International Research also pointed out in the research report that the next 15 years of new energy automobile industry is a golden development stage, and it is expected to approach within 5 years<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The scale of mobile phones, the market size of new energy vehicle industry will be twice that of smart phones in 10 years. In terms of sales growth rate, SPDB International believes that the compound growth rate of new energy vehicle sales can reach 40% from 2020 to 2025, and the four forces of new car manufacturers, smart phones, Internet giants and traditional car companies are expected to contribute and share market dividends.</p><p>IDG Asia (International Data<a href=\"https://laohu8.com/S/5CR.SI\">Asia Group</a>Zhu Dongfang, president, once said when predicting the future of smart cars: \"The technology of the whole ecological power battery is developing very fast and very mature, and the rapid development of technology is very helpful to the ecology of the whole smart car.\"</p><p>Of course, returns and risks often coexist in the same period, and the industry has a good momentum, which doesn't mean that all participants can get a piece of the pie. Some enterprises in the track caught in melee have long been questioned \"PPT car building\", leading enterprises<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has also been pushed to the forefront due to safety issues. The shortcomings of the new energy industry are still there, and latecomers need to be more cautious.</p><p>Problems such as high cost and shrinking battery life at low temperature need to be solved. If FF wants to break out of the siege, its core competitiveness and unique profit points are indispensable. Creating higher value in limited innovation is undoubtedly the pursuit of all technology companies, and the premise of all this is to achieve mass production. Delivering FF91 on schedule is the only premise to change the status quo of FF.</p><p>According to Jia Yueting's promise, FF91 has an extremely high probability of reaching mass production on time and with high quality after 12 months, and then promoting the production of FF81 and FF71. In an exclusive interview with China Business News, Breitfeld also said that in 30 months, the Korean factory will start producing the second model, the more affordable FF81.</p><p>In other words, FF81, which is mainly aimed at the domestic market in FF's plan, will be mass-produced and launched by the end of 2023. Compared with the new domestic car manufacturer \"Wei Xiaoli\", all three companies achieved a new monthly sales high in June, with Nio, XPeng and Ideal delivering 20,060 vehicles, 12,579 vehicles and 13,340 vehicles respectively in the first quarter of 2021. Time waits for no one. Now that I am attacking the enemy, FF has to keep catching up in this long-distance race behind.</p><p><b>Although \"fine wine\" is good, you should not be greedy</b></p><p>Intelligent electric vehicles involve design, engineering, manufacturing, sales and service, and are undoubtedly capital-intensive businesses. Besides marketing and storytelling, business level is the core.</p><p>FF's problem is not only the future of becoming a fan, but also the much-criticized R&D expenses.</p><p>Although according to Breitfeld, FF has 880 global patents up to now, of which 550 core electric vehicle technologies have been authorized, it is the only company that can compete with Tesla in technology at present. However, according to FF's prospectus, its R&D expenses in 2020 were only US$20.186 million, equivalent to about RMB 130 million, a year-on-year decrease of 28.6%. In the same period, the R&D expenses of Nio, XPeng and Ideal amounted to RMB2.49 billion, RMB1.73 billion and RMB1.10 billion, respectively.</p><p><img src=\"https://static.tigerbbs.com/5060e42af686c63452d3a1e6a903314b\" tg-width=\"802\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>Breitfeld told the media: \"It is expected that FF can occupy 3% of the market share in the luxury car market, and the corresponding sales volume is 2,400 units, which is not a difficult goal to achieve. With the continuous expansion of production scale, the sales volume of FF 91 will reach 40,000 units in the next two years, and the sales volume of 270,000 units will be achieved within five years.\"</p><p>However, combing the product information will find that compared with the price of Tesla models, the price of FF cars is on the overall high side. Some industry analysts believe that Tesla's sales broke out in the highly cost-effective Model 3. Especially, Tesla's latest second quarterly report in 2021 shows that the delivery volume of Model 3 and Model Y cars in the second quarter has reached 199,000 units, leaving competitors far behind. Under the general trend of rational consumption, affordable models are more conducive to enterprises opening up wilderness.</p><p><img src=\"https://static.tigerbbs.com/31d62bd499c6159590a2394a1be82558\" tg-width=\"821\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p>Regarding the question of whether Jia Yueting is expected to return to China, the results are not optimistic.</p><p>After sorting out the prospectus, it is found that the equity distribution ratio of FF has been adjusted. After the completion of the backdoor transaction, the equity structure is changed to 51.1% held by the original FF shareholders, 23% held by the basic investors, 17.2% held by the original creditors and 6.8% held by the original shell company PSAC shareholders.</p><p>It can be seen that there is still a certain distance between FF's listing and Jia Yueting's debt repayment. Referring to the remaining debt of $5 billion estimated by analysts, Jia Yueting needs FF's market value to reach about $30 billion to fully pay off the debt. The slogan of \"returning to China next week\" will have to wait until then before it is empty talk.</p><p>The fourth factor of production in economics is entrepreneurial talent, which is reflected in the ability to reasonably strive for resources and give full play to efficiency. Jia Yueting, who is often ridiculed by PPT for building cars, is not short of this item. Perform an image worthy of entrustment, establish a personable personality, and make creditors believe that a person who has broken his promise can make a comeback. Jia Yueting is already in place in terms of personality charm, and the next thing to look at is execution.</p><p>Storytelling may be a good means, but it will never be the only way to develop in the long run. Good enough products, constant ambition, and matching team and individual abilities are indispensable both within the team and externally.</p><p>Mass production is just the beginning. Building sales channels, robbing users' minds and winning market trust all require constant expenditure. The first step of the Long March will be taken, and Boss Jia's difficulties are as clear as his future.</p>","source":"lsy1588993976395","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>FF goes public, Jia Yueting's future hasn't come yet</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\">\nFF goes public, Jia Yueting's future hasn't come yet\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BT财经</strong><span class=\"h-time small\">2021-07-29 19:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come? Luo Yonghao, who also owes money, chose to live broadcast goods to pay off his debts, while Jia Yueting fled abroad to study car building.</p><p>On July 22nd, Beijing time, Faraday Future, an electric car company founded by Jia Yueting (<a href=\"https://laohu8.com/S/FFIE\">Faraday Future</a>(referred to as \"FF\") completed the merger transaction with PSAC, landed in the U.S. stock market under the stock code \"FFIE\", with an issue price of US$13.78/ADS and an opening price of US$16.8, with a total market value of US$4.5 billion, or RMB 29 billion.</p><p>According to 36kr news, the stock surged nearly 50% during the premarket session at one point. After the opening that night, it rose by more than 22%, and then plunged sharply. It finally closed up 1.45% at $13.98.</p><p>For Jia Yueting, there is bad news behind the good news. According to the Tianyan Check App, recently, Jia Yueting has added new information to be executed, and the total bid to be executed exceeds 4 billion yuan. The execution courts are all Beijing No.3 Intermediate People's Court. According to statistics, at present, Jia Yueting's cumulative total execution has exceeded 9 billion yuan. Can such a huge debt be repaid only by FF listing?</p><p>As the key to Jia Yueting's turnaround, the future of FF determines to a considerable extent whether his promise of \"returning to China next week\" can be fulfilled. So far, FF has not yet achieved mass production, and the prospectus shows that it is still losing money. In the chain of production, sales, after-sales service and guarantee, Faraday Future, which was established for seven years, is still at the starting point. Will its future really come?</p><p><b>Crazy in Money Burning</b></p><p>In the capital market, the most objective and just thing is money, and the most ruthless and cold thing is money. FF's ability to raise funds and go public shows investors' expectations and recognition of its development prospects, and the sharp drop or even once broken stock price confirms the wait-and-see mentality and doubts of investors at the same time.</p><p>This ambivalence is actually not difficult to understand. According to FF's prospectus, since its establishment in 2014, FF has consistently suffered operating losses, with a net loss of US$142 million in 2019, which expanded to US$147 million in 2020, and FF had an accumulated loss of US$2.39 billion as of December 31, 2020. The explanation given by the company is that the epidemic has affected the ability to raise funds, which also hides the revenue dilemma that FF can't make its own blood and can't rely on existing resources to generate profits.</p><p>Furthermore, FF's cash flow generated from operating activities was similarly negative, with FF's working capital deficits of $688 million and $835 million as of December 31, 2019 and 2020, respectively, and documents disclosed by PSAC showed that FF had only $1.124 million in cash at the end of 2020.</p><p><img src=\"https://static.tigerbbs.com/2a46730d29925a8d22e5bfce8bcea070\" tg-width=\"996\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>Although Jia Yueting's joy was beyond words when Faraday faced the media after its listing in the future, saying that funds were the only obstacle to mass production, and the smooth listing to solve this matter gave him enough confidence. However, BT Finance believes that there is still a question mark about whether the $1 billion gained from the listing is really enough to \"burn\" out the brand barrier.</p><p>Compared with FF, Wei Xiaoli, a new car-making force, is taking the lead, and big Internet manufacturers are also joining. The opponents are busy racing horses at the critical juncture, and the slow rhythm of half a beat may go wrong step by step to the whole era. In the early stage of business development, the capital market was able to accept temporary losses, but FF91 experienced many ticket jumps after its release in January 2017, and repeatedly delayed the mass production schedule. FF's lack of products was the biggest source of problems, which would further expand Jia Yueting's trust crisis.</p><p>In terms of listing methods, FF chose different SPAC methods, that is, special purpose acquisition companies, and listed in the form of \"indirect injection\". This method is mainly for innovative companies with shortage of funds and strong plasticity, aiming at the income from listing, and has the advantages of saving time and money. From this perspective, FF may not have to pay attention to the stock price for the time being, and it is more necessary to do business with sufficient cash flow, which is right with what Jia Yueting said.</p><p>However, some media have questioned that the listing of SPAC is a beautified \"gambling on the future\". Most investors in the secondary market choose to hold stocks for a short time, and enterprises quickly sell off if they can't provide substantial products and profit models. The capital market has limited time, and most of them lack trust in Jia Yueting. Bi Fukang, CEO of FF Global, said in an interview that FF91 is positioned in the top luxury car market, which means that high net worth people are likely to be both their shareholders and their consumers. How long these people can wait and how long capital can wait, the answer is unknown.</p><p><b>Melee New Energy Vehicles</b></p><p>In 2014, Jia Yueting founded FF to propose car building, which can be called the first wave of people who want to eat crabs in the new energy car building trend. At the same time, the enterprises that joined also established in 2014<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng, established in 2015<a href=\"https://laohu8.com/S/LI\">Li Auto</a>。</p><p>In 2017, Jia Yueting attended the FF91 press conference and praised FF91 as \"very cool\", \"cannot be classified as any current model\", and \"reconstructed the core value of the car\". At that time, people may not have thought that the mass production of FF91 was far away, but new energy vehicle manufacturing became a new outlet a few years later. Xiaomi, Evergrande,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>When the players end one by one, the track includes top enterprises in real estate, Internet, mobile phones, batteries and home appliances, and begins to lay out new energy vehicles regardless of background.</p><p>New energy vehicles are indeed worth looking forward to. Yiou Think Tank reported that in June 2021, China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>With 256,000 vehicle sales, a record high and a year-on-year increase of 139.3%, Yiou Think Tank predicts that China's new energy vehicle market will usher in a big explosion in 2021, with sales reaching 11.376 million units in 2025.</p><p>Shanghai Pudong International Research also pointed out in the research report that the next 15 years of new energy automobile industry is a golden development stage, and it is expected to approach within 5 years<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The scale of mobile phones, the market size of new energy vehicle industry will be twice that of smart phones in 10 years. In terms of sales growth rate, SPDB International believes that the compound growth rate of new energy vehicle sales can reach 40% from 2020 to 2025, and the four forces of new car manufacturers, smart phones, Internet giants and traditional car companies are expected to contribute and share market dividends.</p><p>IDG Asia (International Data<a href=\"https://laohu8.com/S/5CR.SI\">Asia Group</a>Zhu Dongfang, president, once said when predicting the future of smart cars: \"The technology of the whole ecological power battery is developing very fast and very mature, and the rapid development of technology is very helpful to the ecology of the whole smart car.\"</p><p>Of course, returns and risks often coexist in the same period, and the industry has a good momentum, which doesn't mean that all participants can get a piece of the pie. Some enterprises in the track caught in melee have long been questioned \"PPT car building\", leading enterprises<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has also been pushed to the forefront due to safety issues. The shortcomings of the new energy industry are still there, and latecomers need to be more cautious.</p><p>Problems such as high cost and shrinking battery life at low temperature need to be solved. If FF wants to break out of the siege, its core competitiveness and unique profit points are indispensable. Creating higher value in limited innovation is undoubtedly the pursuit of all technology companies, and the premise of all this is to achieve mass production. Delivering FF91 on schedule is the only premise to change the status quo of FF.</p><p>According to Jia Yueting's promise, FF91 has an extremely high probability of reaching mass production on time and with high quality after 12 months, and then promoting the production of FF81 and FF71. In an exclusive interview with China Business News, Breitfeld also said that in 30 months, the Korean factory will start producing the second model, the more affordable FF81.</p><p>In other words, FF81, which is mainly aimed at the domestic market in FF's plan, will be mass-produced and launched by the end of 2023. Compared with the new domestic car manufacturer \"Wei Xiaoli\", all three companies achieved a new monthly sales high in June, with Nio, XPeng and Ideal delivering 20,060 vehicles, 12,579 vehicles and 13,340 vehicles respectively in the first quarter of 2021. Time waits for no one. Now that I am attacking the enemy, FF has to keep catching up in this long-distance race behind.</p><p><b>Although \"fine wine\" is good, you should not be greedy</b></p><p>Intelligent electric vehicles involve design, engineering, manufacturing, sales and service, and are undoubtedly capital-intensive businesses. Besides marketing and storytelling, business level is the core.</p><p>FF's problem is not only the future of becoming a fan, but also the much-criticized R&D expenses.</p><p>Although according to Breitfeld, FF has 880 global patents up to now, of which 550 core electric vehicle technologies have been authorized, it is the only company that can compete with Tesla in technology at present. However, according to FF's prospectus, its R&D expenses in 2020 were only US$20.186 million, equivalent to about RMB 130 million, a year-on-year decrease of 28.6%. In the same period, the R&D expenses of Nio, XPeng and Ideal amounted to RMB2.49 billion, RMB1.73 billion and RMB1.10 billion, respectively.</p><p><img src=\"https://static.tigerbbs.com/5060e42af686c63452d3a1e6a903314b\" tg-width=\"802\" tg-height=\"602\" referrerpolicy=\"no-referrer\"></p><p>Breitfeld told the media: \"It is expected that FF can occupy 3% of the market share in the luxury car market, and the corresponding sales volume is 2,400 units, which is not a difficult goal to achieve. With the continuous expansion of production scale, the sales volume of FF 91 will reach 40,000 units in the next two years, and the sales volume of 270,000 units will be achieved within five years.\"</p><p>However, combing the product information will find that compared with the price of Tesla models, the price of FF cars is on the overall high side. Some industry analysts believe that Tesla's sales broke out in the highly cost-effective Model 3. Especially, Tesla's latest second quarterly report in 2021 shows that the delivery volume of Model 3 and Model Y cars in the second quarter has reached 199,000 units, leaving competitors far behind. Under the general trend of rational consumption, affordable models are more conducive to enterprises opening up wilderness.</p><p><img src=\"https://static.tigerbbs.com/31d62bd499c6159590a2394a1be82558\" tg-width=\"821\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p>Regarding the question of whether Jia Yueting is expected to return to China, the results are not optimistic.</p><p>After sorting out the prospectus, it is found that the equity distribution ratio of FF has been adjusted. After the completion of the backdoor transaction, the equity structure is changed to 51.1% held by the original FF shareholders, 23% held by the basic investors, 17.2% held by the original creditors and 6.8% held by the original shell company PSAC shareholders.</p><p>It can be seen that there is still a certain distance between FF's listing and Jia Yueting's debt repayment. Referring to the remaining debt of $5 billion estimated by analysts, Jia Yueting needs FF's market value to reach about $30 billion to fully pay off the debt. The slogan of \"returning to China next week\" will have to wait until then before it is empty talk.</p><p>The fourth factor of production in economics is entrepreneurial talent, which is reflected in the ability to reasonably strive for resources and give full play to efficiency. Jia Yueting, who is often ridiculed by PPT for building cars, is not short of this item. Perform an image worthy of entrustment, establish a personable personality, and make creditors believe that a person who has broken his promise can make a comeback. Jia Yueting is already in place in terms of personality charm, and the next thing to look at is execution.</p><p>Storytelling may be a good means, but it will never be the only way to develop in the long run. Good enough products, constant ambition, and matching team and individual abilities are indispensable both within the team and externally.</p><p>Mass production is just the beginning. Building sales channels, robbing users' minds and winning market trust all require constant expenditure. The first step of the Long March will be taken, and Boss Jia's difficulties are as clear as his future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/dT9CVwWdbvrP8PbQjjC2mg\">BT财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/df09c79c9e6073c0ec3cd02034b49ab5","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/dT9CVwWdbvrP8PbQjjC2mg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135585131","content_text":"生产、销售、售后服务与保障的链条中，成立7年的法拉第未来还停在起点，它的未来，真的会来吗？\n\n同是欠钱的“老赖”，罗永浩选择直播带货清偿债务，贾跃亭则逃到国外钻研造车。\n北京时间7月22日，由贾跃亭一手创立的电动车企法拉第未来（Faraday Future，简称“FF”）完成与PSAC的合并交易，登陆美股，股票代码“FFIE”，发行价为13.78美元/ADS，开盘报16.8美元，总市值达45亿美元，合人民币290亿元。\n据36kr消息，盘前交易时段该股票一度暴涨近50%。当晚开盘后涨超22%，随后大幅跳水。最终收涨1.45%，报收13.98美元。\n对贾跃亭来说好消息后面还有坏消息，天眼查App显示，近日贾跃亭新增数则被执行信息，被执行总标的超40亿元，执行法院均为北京市第三中级人民法院。根据统计，目前贾跃亭累计被执行总额已超90亿元，如此巨大的债务仅靠FF上市能债还吗？\n作为贾跃亭翻身仗的关键，FF未来如何，相当程度上决定了他“下周回国”的诺言能否兑现。迄今为止，FF尚未实现量产，招股书显示目前仍在亏损，生产、销售、售后服务与保障的链条中，成立7年的法拉第未来还停在起点，它的未来，真的会来吗？\n在烧钱中疯狂\n资本市场上，最客观最公正的东西是钱，最无情最冷酷的也是钱。FF能够融资上市，说明了投资人对其发展前景的期许和认可，而大幅下降甚至一度破发的股价，又印证了投资人同时抱有的观望心态与疑虑。\n这种矛盾心理其实不难理解。根据FF招股书，自2014年成立以来，FF始终蒙受经营亏损，2019年净亏损1.42亿美元，2020年扩大到1.47亿美元，截至2020年12月31日，FF累计亏损23.9亿美元。公司给出的解释是疫情流行影响了筹资能力，这背后也隐藏着FF无法自身造血，无法依赖现有资源产生盈利的营收困境。\n此外，FF经营活动中产生的现金流同样为负，截至2019年12月31日和2020年12月31日，FF的营运资金赤字分别为6.88亿美元和8.35亿美元，PSAC披露的文件显示2020年底，FF的现金只有112.4万美元。\n\n尽管法拉第未来上市后面对媒体时贾跃亭喜悦之心溢于言表，表示资金是量产的唯一障碍，顺利上市解决此事给足了自己信心，但上市换来的10亿美元是否真的足够“烧”出品牌壁垒，BT财经认为还需留个问号。\n相比FF，造车新势力“蔚小理”先行一步，互联网大厂也在加入，对手忙于跑马圈地的紧要关头，慢半拍的节奏或许会步步错至擦身整个时代。业务发展早期，资本市场能够接受暂时亏损，但FF91在2017年1月发布之后经历多次跳票，一再延迟量产时间表，FF没有产品才是最大的问题来源，也将进一步扩大贾跃亭的信任危机。\n上市方式方面，FF选择了比较不同的SPAC方式，即特殊目的收购公司，以“间接注入”的形式造壳上市。这种方式主要面向资金短缺、可塑性强的创新型公司，瞄定的是上市融来的收入，有节省时间、节约资金等优势。从这个角度看，FF或许暂时不必关注股价，用充足的现金流开展业务才更为必要，这与贾跃亭所说对得上号。\n不过也有媒体提出质疑，SPAC上市是美化后的“赌未来”，二级市场投资人多数选择短期持有股票，企业给不出实质产品和盈利模式就迅速脱手。资本市场时间有限，对贾跃亭多半也欠奉信任，FF全球CEO毕福康接受采访时表示FF91定位顶级豪车市场，这意味着高净值人群很可能既是他们的股东，又是他们的消费者，这些人能等多久，资本又能等多久，答案不得而知。\n混战新能源汽车\n2014年，贾跃亭创立FF提出造车，可以称为新能源造车风潮第一波想吃螃蟹的人，同期加入的企业还有2014年成立的蔚来、小鹏，2015年成立的理想汽车。\n2017年，贾跃亭出席FF91发布会，盛赞FF91“非常酷”、“不能归类于当下的任何车型”、“重构了汽车的核心价值”。那时的人们或许不会想到，FF91的量产遥遥无期，新能源造车却在数年后隐隐成为新的风口。小米、恒大、百度等玩家逐个下场，赛道中囊括房地产、互联网、手机、电池、家电各个行业的顶尖企业，不分背景地开始布局新能源汽车。\n新能源汽车确实值得看好。亿欧智库报告显示，2021年6月，中国新能源汽车销量为25.6万辆，创历史新高，同比增长139.3%，亿欧智库由此预计2021年中国新能源汽车市场将迎来大爆发，2025年销量将到达1137.6万辆。\n浦银国际研究也在研报中指出，新能源汽车行业的未来15年是黄金发展阶段，5年内有望接近智能手机规模，10年后新能源汽车行业市场规模将两倍于智能手机。销量增长率方面，浦银国际认为2020年到2025年新能源汽车销量复合增长率能够达到40%，造车新势力、智能手机、互联网巨头和传统车企四股势力都有望贡献力量、分享市场红利。\nIDG亚洲（国际数据亚洲集团）总裁朱东方预测智能汽车未来时曾表示：“整个生态动力电池的技术发展非常快和非常成熟，技术迅速的发展，对整个智能汽车的生态非常有帮助。”\n当然，收益与风险往往同期并存，行业势头良好，不代表参与者都能分一杯羹。陷入混战的赛道中一些企业长期被质疑“PPT造车”，龙头企业特斯拉也因安全问题被推至风口浪尖，新能源产业短板犹在，后来者更需谨慎。\n成本高额、低温续航缩水等问题有待解决，FF想杀出重围，核心竞争力和独特赢利点缺一不可。有限的创新里创造更高的价值无疑是所有科技企业的追求，而这一切的前提是实现量产，如期交付FF91是改变FF现状的唯一前提。\n按照贾跃亭的承诺，FF91有极高概率在12个月后准时、高质地达成量产，随后推进FF81、FF71生产。毕福康接受第一财经专访时也表示，30个月后，韩国工厂将会开工生产第二款车型、价格更为亲民的FF81。\n也就是说，FF计划中主要面向国内市场的FF81会在2023年底实现量产上市。对比国内的造车新势力“蔚小理”，三家均在6月实现单月销量新高，蔚来、小鹏、理想的2021年第一季度交付量分别为20060辆、12579辆、13340辆。时间不等人，我进敌亦攻的现在，FF落后的这段长途赛跑还得持续追赶。\n“美酒”虽好，不能贪杯\n智能电动汽车涉及设计、工程、制造、销售和服务等环节，属于毫无疑问的资本密集型业务，营销造势讲故事之外，业务水平才是核心。\nFF的难题除了成迷的未来，还有备受诟病的研发费用。\n尽管根据毕福康介绍，FF截至目前拥有880项全球专利，其中550项核心电动车技术已获得了授权，是目前唯一可以与特斯拉比拼技术的企业。但从FF招股书来看，2020年其研发费用仅为2018.6万美元，折合人民币约1.3亿元，同比下降28.6%。同期蔚来、小鹏、理想的研发费用分别为24.9亿、17.3亿、11.0亿人民币。\n\n毕福康对媒体表示：“预期FF可在豪车市场占据3%的市场份额，对应销量就是2400台，这并非是一个很难达成的目标。随着生产规模不断扩大，未来两年FF 91的销量将达4万台，五年内实现27万台的销量。”\n不过梳理产品信息会发现，相较特斯拉车型的价格，FF系汽车价位整体偏高，有行业分析师认为，特斯拉销量爆发于极具性价比的Model 3，特别是特斯拉2021年最新的二季报显示，Model 3和Model Y两款车二季度交付量已经达到19.9万辆，远远把竞争对手抛在身后。理性消费大势之下，平价车型更有利于企业开荒拓野。\n\n关于贾跃亭是否回国有望的问题，结果也不尽乐观。\n经过整理招股书后发现FF股权分配比例有所调整，借壳交易完成后股权结构变更为原FF股东持有51.1%，基础投资者持股23%，原债权人转股持有17.2%，原壳公司PSAC股东持股6.8%。\n由此可见，FF上市和贾跃亭还清债务中间还存在一定距离。参照分析人士预估的50亿美元剩余债务，贾跃亭完全清偿债务需要FF市值达到300亿美元左右，“下周回国”的口号，也得等到那时才不算空口无凭。\n经济学中的第四生产要素是企业家才能，体现为合理争取资源、充分发挥效率的能力，常被调侃PPT造车的贾跃亭并不缺少这一项。演出值得托付的形象、树立风度翩翩的人设，让债主相信一个食言过的人能够东山再起，贾跃亭在人格魅力方面已经就位，接下来要看的是执行力。\n讲故事可能是好手段，但绝对不会是长远发展的唯一途径，足够好的产品、不断进取的野心、与之相配的团队和个人能力不管队内还是对外都缺一不可。\n量产只是开端，搭建销售渠道、抢夺用户心智、博取市场信任都需要不断支出，长征第一步将踏出，贾老板的困难和前途一样明朗。","news_type":1,"symbols_score_info":{"FFIE":0.9,"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":4275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}