年年虎 personal page - To The Moon

年年虎

年年虎

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2024-11-25

😊

@Anthony CY Tan:$Occidental(OXY)$ Take a look at the latest order I posted！

03-24

👍

@Terra_Incognita:$Abercrombie & Fitch(ANF)$ I opened $Abercrombie & Fitch(ANF)$ ,Take a look at the latest order I posted！ ANF: bought in 100 shares of ANF when the cash secured put expiring 4th April got assigned after the market close. Happy to collect the full premium and not to wait for 2 more weeks ANF now trade below $80 so taking in a $20/share. Will be selling covered call to offset the hke

2022-03-12

😀

Reminder: U.S. daylight saving time on the 13th, U.S. stocks open 1 hour earlier

2024-01-04

$英伟达(NVDA)$ Happy New Year💥

2022-03-03

😀

Powell: Leaning to support March rate hike by 25 basis points

2023-01-11

😀

2022-12-12

$老虎证券(TIGR)$

2022-05-04

😃

Reminder: List of stock market closing arrangements for May Day and Eid al-Fitr

2022-03-31

😮

Adagio rose more than 40% as trials of injectable drugs for new crown made progress

2022-03-19

😀

Last night and this morning | U.S. stocks hit their biggest weekly gain in more than a year, and Chinese concept stocks rebounded by double digits

2022-11-28

$老虎证券(TIGR)$

2022-04-06

😐

Institutional interpretation: How to grasp the current investment opportunities of real estate stocks?

2022-04-05

😐

JPMorgan Chase CEO Dimon: The number of Fed rate hike will eventually exceed market expectations

2022-03-27

😧

Sorry, the original content has been removed

2022-03-19

😐

Gurman: Apple is not working with Porsche on cars

2022-03-18

😐

Five Chinese pharmaceutical companies enter Pfizer's "special imitation" list of new crown oral drugs

2022-03-09

😮

Sorry, the original content has been removed

12-10

12-10

2023-04-08

😃😃😃😃😃😘😘😘😘😘

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/ANF\">$Abercrombie &amp; Fitch(ANF)$&nbsp;</a>I opened $Abercrombie &amp; Fitch(ANF)$ ,Take a look at the latest order I posted！ ANF: bought in 100 shares of ANF when the cash secured put expiring 4th April got assigned after the market close.&nbsp; Happy to collect the full premium and not to wait for 2 more weeks&nbsp; ANF now trade below $80 so taking in a $20/share. Will be selling covered call to offset the hke&nbsp;","listText":"<a href=\"https://ttm.financial/S/ANF\">$Abercrombie &amp; Fitch(ANF)$&nbsp;</a>I opened $Abercrombie &amp; Fitch(ANF)$ ,Take a look at the latest order I posted！ ANF: bought in 100 shares of ANF when the cash secured put expiring 4th April got assigned after the market close.&nbsp; Happy to collect the full premium and not to wait for 2 more weeks&nbsp; ANF now trade below $80 so taking in a $20/share. Will be selling covered call to offset the hke&nbsp;","text":"$Abercrombie & Fitch(ANF)$ I opened $Abercrombie & Fitch(ANF)$ ,Take a look at the latest order I posted！ ANF: bought in 100 shares of ANF when the cash secured put expiring 4th April got assigned after the market close. Happy to collect the full premium and not to wait for 2 more weeks ANF now trade below $80 so taking in a $20/share. Will be selling covered call to offset the hke","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/416815784132976","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388914924851288,"gmtCreate":1735975728526,"gmtModify":1735975731265,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388914924851288","repostId":"388854426616192","repostType":1,"repost":{"id":388854426616192,"gmtCreate":1735975674550,"gmtModify":1746920549472,"author":{"id":"3577575395956990","authorId":"3577575395956990","name":"Palantir20","avatar":"https://community-static.tradeup.com/news/a1d1cb06cf46fb03dd2b01583fe308ba","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577575395956990","authorIdStr":"3577575395956990"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/YINN 20250103 29.5 CALL\">$YINN 20250103 29.5 CALL$&nbsp;</a>Take a look at the latest order I posted！","listText":"<a href=\"https://ttm.financial/OPT/YINN 20250103 29.5 CALL\">$YINN 20250103 29.5 CALL$&nbsp;</a>Take a look at the latest order I posted！","text":"$YINN 20250103 29.5 CALL$ Take a look at the latest order I posted！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388854426616192","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384324079088112,"gmtCreate":1734880125171,"gmtModify":1734880128361,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384324079088112","repostId":"384623169954352","repostType":1,"repost":{"id":384623169954352,"gmtCreate":1734876851895,"gmtModify":1734915322725,"author":{"id":"3581560330669557","authorId":"3581560330669557","name":"Terra_Incognita","avatar":"https://community-static.tradeup.com/news/b5e59779a1eaa1b3dc28886ab0efa184","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581560330669557","authorIdStr":"3581560330669557"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/MSTR 20241220 300.0 PUT\">$MSTR 20241220 300.0 PUT$&nbsp;</a>MSTR: collected full premium when this cash secured puts expired worthless on 20th Dec. MSTR is down almost 11% this week when BTC is down only 7.5% for yet another week of weaker performance against BTC. Suspect valuation multiples contraction will persists until it settles to a lower level. One can be bullish on BTC and yet bearish on MSTR. Saylor is a great visionary and I acknowledge that. Haven't jump into the Saylor camp yet.","listText":"<a href=\"https://ttm.financial/OPT/MSTR 20241220 300.0 PUT\">$MSTR 20241220 300.0 PUT$&nbsp;</a>MSTR: collected full premium when this cash secured puts expired worthless on 20th Dec. MSTR is down almost 11% this week when BTC is down only 7.5% for yet another week of weaker performance against BTC. Suspect valuation multiples contraction will persists until it settles to a lower level. One can be bullish on BTC and yet bearish on MSTR. Saylor is a great visionary and I acknowledge that. Haven't jump into the Saylor camp yet.","text":"$MSTR 20241220 300.0 PUT$ MSTR: collected full premium when this cash secured puts expired worthless on 20th Dec. MSTR is down almost 11% this week when BTC is down only 7.5% for yet another week of weaker performance against BTC. Suspect valuation multiples contraction will persists until it settles to a lower level. One can be bullish on BTC and yet bearish on MSTR. Saylor is a great visionary and I acknowledge that. Haven't jump into the Saylor camp yet.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384623169954352","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374578065359160,"gmtCreate":1732490221779,"gmtModify":1732490224150,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😊","listText":"😊","text":"😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/374578065359160","repostId":"374420754964824","repostType":1,"repost":{"id":374420754964824,"gmtCreate":1732451818093,"gmtModify":1766512299751,"author":{"id":"4134022564552722","authorId":"4134022564552722","name":"Anthony CY Tan","avatar":"https://community-static.tradeup.com/news/4452a602cac8709197acb2d3e986bd09","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4134022564552722","authorIdStr":"4134022564552722"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/OXY\">$Occidental(OXY)$&nbsp;</a>Take a look at the latest order I posted！","listText":"<a href=\"https://ttm.financial/S/OXY\">$Occidental(OXY)$&nbsp;</a>Take a look at the latest order I posted！","text":"$Occidental(OXY)$ Take a look at the latest order I posted！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374420754964824","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3843,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4190121447494152","authorId":"4190121447494152","name":"Knoxm","avatar":"https://community-static.tradeup.com/news/248345bcf6ad6727636cc9d5bf2920eb","crmLevel":1,"crmLevelSwitch":0,"idStr":"4190121447494152","authorIdStr":"4190121447494152"},"content":"oxy is no longer working, traditional energy has always been limited, and the new energy and nuclear energy sector will be better","text":"oxy is no longer working, traditional energy has always been limited, and the new energy and nuclear energy sector will be better","html":"oxy is no longer working, traditional energy has always been limited, and the new energy and nuclear energy sector will be better"},{"author":{"id":"4194867918171322","authorId":"4194867918171322","name":"Kelwin0917","avatar":"https://community-static.tradeup.com/news/72bebaf6efd2b51934cbbca861a1b444","crmLevel":1,"crmLevelSwitch":0,"idStr":"4194867918171322","authorIdStr":"4194867918171322"},"content":"Thank you for the likes. Do you do DT?","text":"Thank you for the likes. Do you do DT?","html":"Thank you for the likes. Do you do DT?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374704514937016,"gmtCreate":1732489956141,"gmtModify":1732489959296,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😊","listText":"😊","text":"😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374704514937016","repostId":"373749175357792","repostType":1,"repost":{"id":373749175357792,"gmtCreate":1732287858516,"gmtModify":1746870319617,"author":{"id":"4122794447652762","authorId":"4122794447652762","name":"StableMaster","avatar":"https://community-static.tradeup.com/news/fe1583547c665fc4d2ea39aa676e6b14","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4122794447652762","authorIdStr":"4122794447652762"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a>Paypal從觸底到80元這個價位，我在中間有幾次短暫的買入和賣出，每次持有的時間都比較短。 最主要的問題是買入的倉位過重和對公司發展缺少信心。 但是這一次，我決定以小倉位買入，而且長期持有。目標是翻倍之後再考慮賣出。","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a>Paypal從觸底到80元這個價位，我在中間有幾次短暫的買入和賣出，每次持有的時間都比較短。 最主要的問題是買入的倉位過重和對公司發展缺少信心。 但是這一次，我決定以小倉位買入，而且長期持有。目標是翻倍之後再考慮賣出。","text":"$PayPal(PYPL)$ Paypal從觸底到80元這個價位，我在中間有幾次短暫的買入和賣出，每次持有的時間都比較短。 最主要的問題是買入的倉位過重和對公司發展缺少信心。 但是這一次，我決定以小倉位買入，而且長期持有。目標是翻倍之後再考慮賣出。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/373749175357792","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371659053969512,"gmtCreate":1731776789263,"gmtModify":1731776791551,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😊","listText":"😊","text":"😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371659053969512","repostId":"371758209700088","repostType":1,"repost":{"id":371758209700088,"gmtCreate":1731770373161,"gmtModify":1746535283588,"author":{"id":"3526508411761256","authorId":"3526508411761256","name":"LEO星辰","avatar":"https://static.tigerbbs.com/6aac7abee289be955c01a6a446f8291a","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3526508411761256","authorIdStr":"3526508411761256"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/AVGO 20241115 167.5 PUT\">$AVGO 20241115 167.5 PUT$&nbsp;</a>5倍","listText":"<a href=\"https://ttm.financial/OPT/AVGO 20241115 167.5 PUT\">$AVGO 20241115 167.5 PUT$&nbsp;</a>5倍","text":"$AVGO 20241115 167.5 PUT$ 5倍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371758209700088","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369689595904080,"gmtCreate":1731293831638,"gmtModify":1731293833741,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😊","listText":"😊","text":"😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369689595904080","repostId":"369115836141576","repostType":1,"repost":{"id":369115836141576,"gmtCreate":1731153753441,"gmtModify":1731293591843,"author":{"id":"4098098188330620","authorId":"4098098188330620","name":"MojoStellar","avatar":"https://static.tigerbbs.com/9e757a91c3f486e5fb2bd8b91f998420","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4098098188330620","authorIdStr":"4098098188330620"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$ </a> thank you for the fantastic growth over this year.&nbsp;[Cool]&nbsp; In fact, Oct and Nov, big jumps.&nbsp;<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a> specializes in Big Data Analytics that provides software and services to help organisations to make sense of large complex datasets. I understand that&nbsp;<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a> has been working to expand its commercial footprint, targeting sectors like manufacturing, healthcare and finance. Partnership with various organisations and collaboration with other tech companies like&nbsp;<a href=\"https://ttm.financial/S/IBM\">$IBM(IBM)$&nbsp;</a>. I quite like how the d","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$ </a> thank you for the fantastic growth over this year.&nbsp;[Cool]&nbsp; In fact, Oct and Nov, big jumps.&nbsp;<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a> specializes in Big Data Analytics that provides software and services to help organisations to make sense of large complex datasets. 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利潤也很樂觀。","images":[{"img":"https://community-static.tradeup.com/news/3b7dd5c5f6f37d77a369ed8e2f37a7e6","width":"981","height":"1637"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369275128267040","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369673125269760,"gmtCreate":1731293772037,"gmtModify":1731293775081,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"，😊","listText":"，😊","text":"，😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369673125269760","repostId":"369224783474864","repostType":1,"repost":{"id":369224783474864,"gmtCreate":1731184311224,"gmtModify":1731293416244,"author":{"id":"3554158747011827","authorId":"3554158747011827","name":"SS18","avatar":"https://static.tigerbbs.com/ee2d72e7381ae55f8e88f45e3e084c12","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3554158747011827","authorIdStr":"3554158747011827"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$ </a> 堅定持有，五年後看結果！軍工AI，坐等。","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$ </a> 堅定持有，五年後看結果！軍工AI，坐等。","text":"$Palantir Technologies Inc.(PLTR)$ 堅定持有，五年後看結果！軍工AI，坐等。","images":[{"img":"https://community-static.tradeup.com/news/02936d438860cf440fa6dd7603d78e8e","width":"878","height":"1703"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369224783474864","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369283382661336,"gmtCreate":1731194764237,"gmtModify":1731194766819,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😊","listText":"😊","text":"😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369283382661336","repostId":"369256795631968","repostType":1,"repost":{"id":369256795631968,"gmtCreate":1731192133975,"gmtModify":1746851194984,"author":{"id":"3571518625739356","authorId":"3571518625739356","name":"PutPlanner","avatar":"https://community-static.tradeup.com/news/1b556be238b4e06257e0bae5bd1cb914","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3571518625739356","authorIdStr":"3571518625739356"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/GOOG 20241122 175.0 PUT\">$GOOG 20241122 175.0 PUT$&nbsp;</a>Late-night trading vibes! 🌙 Just sold a GOOG put contract at 0.95 – now fingers crossed it gets filled! 🤞💸 Will my midnight magic turn into profits, or did I just ‘search’ for trouble with Alphabet? 😆📉 #OptionsGame #HopingForFills #MidnightTrader\"","listText":"<a href=\"https://ttm.financial/OPT/GOOG 20241122 175.0 PUT\">$GOOG 20241122 175.0 PUT$&nbsp;</a>Late-night trading vibes! 🌙 Just sold a GOOG put contract at 0.95 – now fingers crossed it gets filled! 🤞💸 Will my midnight magic turn into profits, or did I just ‘search’ for trouble with Alphabet? 😆📉 #OptionsGame #HopingForFills #MidnightTrader\"","text":"$GOOG 20241122 175.0 PUT$ Late-night trading vibes! 🌙 Just sold a GOOG put contract at 0.95 – now fingers crossed it gets filled! 🤞💸 Will my midnight magic turn into profits, or did I just ‘search’ for trouble with Alphabet? 😆📉 #OptionsGame #HopingForFills #MidnightTrader\"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369256795631968","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368870617522392,"gmtCreate":1731093991498,"gmtModify":1731093994396,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😊","listText":"😊","text":"😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368870617522392","repostId":"368843255390360","repostType":1,"repost":{"id":368843255390360,"gmtCreate":1731091163794,"gmtModify":1746708866837,"author":{"id":"3571518625739356","authorId":"3571518625739356","name":"PutPlanner","avatar":"https://community-static.tradeup.com/news/1b556be238b4e06257e0bae5bd1cb914","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3571518625739356","authorIdStr":"3571518625739356"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/GOOG 20241129 160.0 PUT\">$GOOG 20241129 160.0 PUT$&nbsp;</a>Take a look at the latest order I posted！","listText":"<a href=\"https://ttm.financial/OPT/GOOG 20241129 160.0 PUT\">$GOOG 20241129 160.0 PUT$&nbsp;</a>Take a look at the latest order I posted！","text":"$GOOG 20241129 160.0 PUT$ Take a look at the latest order I 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Do you do DT?","text":"Thank you for the likes. Do you do DT?","html":"Thank you for the likes. Do you do DT?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":416852048499104,"gmtCreate":1742771833002,"gmtModify":1742771835347,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/416852048499104","repostId":"416815784132976","repostType":1,"repost":{"id":416815784132976,"gmtCreate":1742747354838,"gmtModify":1763667343028,"author":{"id":"3581560330669557","authorId":"3581560330669557","name":"Terra_Incognita","avatar":"https://community-static.tradeup.com/news/b5e59779a1eaa1b3dc28886ab0efa184","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3581560330669557","authorIdStr":"3581560330669557"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ANF\">$Abercrombie &amp; Fitch(ANF)$&nbsp;</a>I opened $Abercrombie &amp; Fitch(ANF)$ ,Take a look at the latest order I posted！ ANF: bought in 100 shares of ANF when the cash secured put expiring 4th April got assigned after the market close.&nbsp; Happy to collect the full premium and not to wait for 2 more weeks&nbsp; ANF now trade below $80 so taking in a $20/share. 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Will be selling covered call to offset the hke","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/416815784132976","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036884904,"gmtCreate":1647044566632,"gmtModify":1676534190179,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036884904","repostId":"1177231006","repostType":4,"repost":{"id":"1177231006","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646635096,"share":"https://ttm.financial/m/news/1177231006?lang=en_US&edition=fundamental","pubTime":"2022-03-07 14:38","market":"us","language":"zh","title":"Reminder: U.S. daylight saving time on the 13th, U.S. stocks open 1 hour earlier","url":"https://stock-news.laohu8.com/highlight/detail?id=1177231006","media":"老虎资讯综合","summary":"美国2022年夏令时将于2022年3月13日美东时间02：00开始，至2022年11月6日美东时间02：00终止，届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00。3月14日为进入夏令时后美股首个交易日。","content":"<p><html><head></head><body>The U.S. 2022 daylight saving time will start at 02:00 Eastern Time on March 13, 2022 and end at 02:00 Eastern Time on November 6, 2022. At that time, the Beijing time corresponding to the regular trading session of the U.S. stock market will be advanced by 1 hour, that is, from 21:30 Monday to Friday to 04:00 the next day. March 14 is the first trading day for U.S. stocks after entering daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 09:30 ~ 16:00 (closed at noon); Beijing time: 21:30 ~ 04:00 the next day (daylight saving time, March ~ early November)</p><p><b>Pre-market trading hours</b></p><p>EST: 04:00 ~ 09:30; Beijing time: 16:00 ~ 21:30 (daylight saving time, March ~ early November)</p><p><b>After-hours trading hours</b></p><p>EST: 16:00 ~ 20:00; Beijing time: 04:00 ~ 08:00 (daylight saving time, March ~ early November)</p><p>(Note: Daylight saving time is from the second Sunday in March to the first Sunday in November each year, and winter time is from the first Sunday in November to the second Sunday in March each year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: U.S. daylight saving time on the 13th, U.S. stocks open 1 hour earlier</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: U.S. daylight saving time on the 13th, U.S. stocks open 1 hour earlier\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-07 14:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The U.S. 2022 daylight saving time will start at 02:00 Eastern Time on March 13, 2022 and end at 02:00 Eastern Time on November 6, 2022. At that time, the Beijing time corresponding to the regular trading session of the U.S. stock market will be advanced by 1 hour, that is, from 21:30 Monday to Friday to 04:00 the next day. March 14 is the first trading day for U.S. stocks after entering daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 09:30 ~ 16:00 (closed at noon); Beijing time: 21:30 ~ 04:00 the next day (daylight saving time, March ~ early November)</p><p><b>Pre-market trading hours</b></p><p>EST: 04:00 ~ 09:30; Beijing time: 16:00 ~ 21:30 (daylight saving time, March ~ early November)</p><p><b>After-hours trading hours</b></p><p>EST: 16:00 ~ 20:00; Beijing time: 04:00 ~ 08:00 (daylight saving time, March ~ early November)</p><p>(Note: Daylight saving time is from the second Sunday in March to the first Sunday in November each year, and winter time is from the first Sunday in November to the second Sunday in March each year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177231006","content_text":"美国2022年夏令时将于2022年3月13日美东时间02：00开始，至2022年11月6日美东时间02：00终止，届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00。3月14日为进入夏令时后美股首个交易日。交易时间美国东部时间：09：30~16：00 (午间不休市)；北京时间：21：30~次日04：00（夏令时，3月~11月初）盘前交易时间美国东部时间：04：00~09：30；北京时间：16：00~21:30（夏令时，3月~11月初）盘后交易时间美国东部时间：16：00~20：00；北京时间：04：00~08：00（夏令时，3月~11月初）（注：夏令时为每年3月的第二个星期日至11月的第一个星期日，冬令时为每年11月的第一个星期日至次年3月的第二个星期日。）","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":259412147024032,"gmtCreate":1704343500898,"gmtModify":1704343503797,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&nbsp;</a><v-v data-views=\"1\"></v-v>Happy New Year💥","listText":"<a href=\"https://ttm.financial/S/NVDA\">$英伟达(NVDA)$&nbsp;</a><v-v data-views=\"1\"></v-v>Happy New Year💥","text":"$英伟达(NVDA)$ Happy New Year💥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/259412147024032","isVote":1,"tweetType":1,"viewCount":1373,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4161790503113752","authorId":"4161790503113752","name":"sunlight 3","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"4161790503113752","authorIdStr":"4161790503113752"},"content":"Happy new year!Nvidia, at what price did you enter?","text":"Happy new year!Nvidia, at what price did you enter?","html":"Happy new year!Nvidia, at what price did you enter?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9033851653,"gmtCreate":1646259396832,"gmtModify":1676534108209,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033851653","repostId":"1178658686","repostType":4,"repost":{"id":"1178658686","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646235056,"share":"https://ttm.financial/m/news/1178658686?lang=en_US&edition=fundamental","pubTime":"2022-03-02 23:30","market":"other","language":"zh","title":"Powell: Leaning to support March rate hike by 25 basis points","url":"https://stock-news.laohu8.com/highlight/detail?id=1178658686","media":"老虎资讯综合","summary":"3月2日晚间，美联储主席鲍威尔发表讲话。鲍威尔表示：美国经济非常强劲，通货膨胀远高于目标。美联储将在未来几个月灵活地提高利率。在乌克兰危机之前，我们本来要在3月份加息。确实认为在3月份将利率提高25个","content":"<p><html><head></head><body>On the evening of March 2, Federal Reserve Chairman Powell delivered a speech. Powell said: The U.S. economy is very strong and inflation is well above target. The Federal Reserve will be flexible in raising interest rates in the coming months. Before the Ukrainian crisis, we were supposed to be in rate hike in March. Does think it is still appropriate to raise interest rates by 25 basis points in March.</p><p>Powell said: If this continues, the Fed will be prepared to take more aggressive action at one or more meetings, rate hike 50 basis points.</p><p>Powell said: I hope to make progress on the plan to reduce the balance sheet in March; This meeting will not determine plans to reduce the balance sheet.</p><p>Powell said: Bank of America is not short of capital. The U.S. financial system is robust enough to handle the situation in Ukraine.</p><p>Affected by this news, the Nasdaq rose in the short term and is now up 0.69%. The Dow and S&P 500 rose more than 1%.<img src=\"https://static.tigerbbs.com/f161db9dddb31457179fcf38034ffaa7\" tg-width=\"828\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/></p><p>The specific views are as follows: We expect rate hike to be appropriate in March, and the impact of the Ukrainian situation on the US economy is very uncertain.</p><p>The U.S. economic slowdown caused by the Omicron strain variant appears to be short-lived.</p><p>Inflation is expected to decline within a year, and risks will continue to be watched.</p><p>The labor market is very tight and inflation is well above target.</p><p>Be flexible to respond to changing prospects.</p><p>The Fed will use tools to stop inflation from becoming entrenched.</p><p>After the rate hike process begins, we will start shrinking our balance sheet.</p><p>Downsizing the balance sheet will be done in a predictable manner, primarily by adjusting reinvestment.</p><p>Fed policy cannot solve supply-side problems.</p><p>We need to stay away from highly stimulating monetary policy; The goal is to move to more normal, perhaps tighter policies.</p><p>Housing prices remain high due to labor and material shortages; Rising mortgage rates may begin to cool housing demand; Housing inflation is a significant component of CPI.</p><p>The U.S. economy is very strong and inflation is well above target. The Federal Reserve will be flexible in raising interest rates in the coming months.</p><p>Before the Ukrainian crisis, we were supposed to be in rate hike in March; Does think it is still appropriate to raise interest rates by 25 basis points in March; It is also hoped that we will make progress in March on the plan to reduce the balance sheet, which will not be determined at this meeting.</p><p>The Fed will not add uncertainty to our moves.</p><p>If US inflation is hot, we may have a one-time rate hike of 50 basis points.</p><p>The Fed will not impose sanctions on other countries.</p><p>We think inflation will peak this year and start to pull back.</p><p>Bank of America is not short of capital. The U.S. financial system is robust enough to handle the situation in Ukraine.</p><p>Supply-side constraints last longer than expected.</p><p><b>We are experiencing inflation like we haven't experienced in decades.</b></p><p>The Fed's main focus is to develop policies that will restore price stability while maintaining expansion.</p><p>Those actions by the Federal Reserve and Capitol Hill have contributed to the current inflation situation in the United States.<b>The Fed is humble about the facts and cannot confidently call inflation a turnaround.</b></p><p>The Biden administration's fiscal policy will provide unfavorable momentum for U.S. economic growth.</p><p><b>Think we need to conduct a series of rate hike, as well as tapering our balance sheet.</b></p><p>The Federal Reserve has developed a broad framework for bank mergers and will continue to implement it.</p><p>Try not to repeat the inflation mistakes of the early 1980s.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell: Leaning to support March rate hike by 25 basis points</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\">\nPowell: Leaning to support March rate hike by 25 basis points\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-02 23:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On the evening of March 2, Federal Reserve Chairman Powell delivered a speech. Powell said: The U.S. economy is very strong and inflation is well above target. The Federal Reserve will be flexible in raising interest rates in the coming months. Before the Ukrainian crisis, we were supposed to be in rate hike in March. Does think it is still appropriate to raise interest rates by 25 basis points in March.</p><p>Powell said: If this continues, the Fed will be prepared to take more aggressive action at one or more meetings, rate hike 50 basis points.</p><p>Powell said: I hope to make progress on the plan to reduce the balance sheet in March; This meeting will not determine plans to reduce the balance sheet.</p><p>Powell said: Bank of America is not short of capital. The U.S. financial system is robust enough to handle the situation in Ukraine.</p><p>Affected by this news, the Nasdaq rose in the short term and is now up 0.69%. The Dow and S&P 500 rose more than 1%.<img src=\"https://static.tigerbbs.com/f161db9dddb31457179fcf38034ffaa7\" tg-width=\"828\" tg-height=\"273\" referrerpolicy=\"no-referrer\"/></p><p>The specific views are as follows: We expect rate hike to be appropriate in March, and the impact of the Ukrainian situation on the US economy is very uncertain.</p><p>The U.S. economic slowdown caused by the Omicron strain variant appears to be short-lived.</p><p>Inflation is expected to decline within a year, and risks will continue to be watched.</p><p>The labor market is very tight and inflation is well above target.</p><p>Be flexible to respond to changing prospects.</p><p>The Fed will use tools to stop inflation from becoming entrenched.</p><p>After the rate hike process begins, we will start shrinking our balance sheet.</p><p>Downsizing the balance sheet will be done in a predictable manner, primarily by adjusting reinvestment.</p><p>Fed policy cannot solve supply-side problems.</p><p>We need to stay away from highly stimulating monetary policy; The goal is to move to more normal, perhaps tighter policies.</p><p>Housing prices remain high due to labor and material shortages; Rising mortgage rates may begin to cool housing demand; Housing inflation is a significant component of CPI.</p><p>The U.S. economy is very strong and inflation is well above target. The Federal Reserve will be flexible in raising interest rates in the coming months.</p><p>Before the Ukrainian crisis, we were supposed to be in rate hike in March; Does think it is still appropriate to raise interest rates by 25 basis points in March; It is also hoped that we will make progress in March on the plan to reduce the balance sheet, which will not be determined at this meeting.</p><p>The Fed will not add uncertainty to our moves.</p><p>If US inflation is hot, we may have a one-time rate hike of 50 basis points.</p><p>The Fed will not impose sanctions on other countries.</p><p>We think inflation will peak this year and start to pull back.</p><p>Bank of America is not short of capital. The U.S. financial system is robust enough to handle the situation in Ukraine.</p><p>Supply-side constraints last longer than expected.</p><p><b>We are experiencing inflation like we haven't experienced in decades.</b></p><p>The Fed's main focus is to develop policies that will restore price stability while maintaining expansion.</p><p>Those actions by the Federal Reserve and Capitol Hill have contributed to the current inflation situation in the United States.<b>The Fed is humble about the facts and cannot confidently call inflation a turnaround.</b></p><p>The Biden administration's fiscal policy will provide unfavorable momentum for U.S. economic growth.</p><p><b>Think we need to conduct a series of rate hike, as well as tapering our balance sheet.</b></p><p>The Federal Reserve has developed a broad framework for bank mergers and will continue to implement it.</p><p>Try not to repeat the inflation mistakes of the early 1980s.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d92849ddf94d54bf9e6af60671fe1ef1","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178658686","content_text":"3月2日晚间，美联储主席鲍威尔发表讲话。鲍威尔表示：美国经济非常强劲，通货膨胀远高于目标。美联储将在未来几个月灵活地提高利率。在乌克兰危机之前，我们本来要在3月份加息。确实认为在3月份将利率提高25个基点仍然是合适的。鲍威尔表示：如果这种情况持续下去，美联储将准备在一次或多次会议上采取更激进的行动，加息50个基点。鲍威尔表示：希望在3月份就缩减资产负债表的计划取得进展；本次会议不会确定缩减资产负债表的计划。鲍威尔表示:美国银行并不缺乏资本。美国金融体系足够稳健，足以应对乌克兰局势。受此消息影响，纳指短线拉升，现涨0.69%。道指、标普500指数再涨超1%。具体观点如下：我们预计3月份加息将是合适的，乌克兰局势对美国经济的影响非常不确定。奥密克戎毒株变体导致的美国经济放缓似乎是短暂的。预计通胀将在一年内下降，将持续关注风险。劳动力市场非常紧张，通胀远高于目标。要灵活应对不断变化的前景。美联储将使用工具来阻止通胀变得根深蒂固。在加息过程开始后，我们将开始缩减资产负债表。缩减资产负债表将以可预测的方式进行，主要是通过调整再投资。美联储政策不能解决供应侧问题。我们需要远离高度刺激性的货币政策；目标是转向更正常，或许更紧缩的政策。由于劳动力和材料短缺，房价居高不下；抵押贷款利率上升可能会开始冷却住房需求；住房通胀是CPI的重要组成部分。美国经济非常强劲，通货膨胀远高于目标。美联储将在未来几个月灵活地提高利率。在乌克兰危机之前，我们本来要在3月份加息；确实认为在3月份将利率提高25个基点仍然是合适的；还希望我们在3月份就缩减资产负债表的计划取得进展，本次会议不会确定缩减资产负债表的计划。美联储不会因为我们的举措而增加不确定性。如果美国通胀火热，我们可能会一次性地加息50个基点。美联储不会对其他国家实施制裁。我们认为通胀将在今年见顶并开始回落。美国银行并不缺乏资本。美国金融体系足够稳健，足以应对乌克兰局势。供给侧约束比预期更持久。我们正在经历几十年来从未经历过的通货膨胀。美联储的主要关注点是制定政策，在保持扩张的同时恢复价格稳定。美联储和国会山的那些行动都造成了美国的通胀现状。美联储对事实持谦逊态度，不能自信地称通胀出现转机。拜登政府的财政政策将为美国经济增速提供不利的动能。认为我们需要进行一系列加息，以及缩债我们的资产负债表。美联储已经为银行合并制定了广泛的框架，并将继续实施。努力不重蹈上世纪80年代初的通胀覆辙。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951103518,"gmtCreate":1673410464635,"gmtModify":1676538832424,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951103518","isVote":1,"tweetType":1,"viewCount":1179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923188152,"gmtCreate":1670809837776,"gmtModify":1676538437447,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a><v-v 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16:00","market":"sh","language":"zh","title":"Reminder: List of stock market closing arrangements for May Day and Eid al-Fitr","url":"https://stock-news.laohu8.com/highlight/detail?id=1128249329","media":"老虎资讯综合","summary":"请留意股市休市时间，并提前安排好您的投资计划。","content":"<p><html><head></head><body>Dear investors,</p><p>Labor Day (May 1st) is approaching, and trading activities in Singapore market, Hong Kong market and A-share market will be affected. In addition, the Singapore market will also be closed for Eid al-Fitr (May 3). Please pay attention to the specific situation and arrange your investment plan ahead of time.</p><p><img src=\"https://static.tigerbbs.com/f91044bce608b672752b90e047c02f65\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"/></p><p>I wish you the best investment!</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>Trade as usual</p><p><b>Hong Kong Stocks</b></p><p>The market will be closed on May 2nd (Monday) and open as usual from May 3rd (Tuesday).</p><p><b>A Shares</b></p><p>The market will be closed from May 2 (Monday) to May 4 (Wednesday), and will open as usual from May 5 (Thursday).</p><p><b>Shanghai Stock Connect, Shenzhen Stock Connect</b></p><p>Closed from Monday, May 2 to Wednesday, May 4, and open as usual on Thursday, May 5.</p><p><b>Stock Connect</b></p><p>It will be closed from April 28 (Thursday) to May 4 (Wednesday), and will be open as usual from May 5 (Thursday).</p><p><b>Singapore Market</b></p><p>Labor Day: Closed on Monday, May 2.</p><p>Eid al-Fitr: The market will be closed on May 3rd (Tuesday) and open as usual from May 4th (Wednesday).</p><p><b>Australian stock market</b></p><p>Trade as usual.</p><p><b>Brief Background</b></p><p>May Day: International Workers' Day, also known as \"International Workers' Day\" (International Workers' Day or May Day), is a national holiday in more than 80 countries around the world. In July 1889, the Second International led by Engels held its congress in Paris. The meeting passed a resolution to designate May 1st as International Labor Day. In December 1949, the Government Affairs Council of the Central People's Government made a decision to designate May 1st as Labor Day.</p><p>Eid al-Fitr: One of the main holidays in Islam. Together with Eid al-Adha, it is called the two major festivals of Islam. According to Muhammad's instruction on \"fasting when you see the new moon, breaking fast when you see the new moon\", Ramadan every year begins with the appearance of the new moon in early September of the Islamic calendar and ends when the new moon is seen in early October of the religious calendar.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: List of stock market closing arrangements for May Day and Eid al-Fitr</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: List of stock market closing arrangements for May Day and Eid al-Fitr\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-27 16:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dear investors,</p><p>Labor Day (May 1st) is approaching, and trading activities in Singapore market, Hong Kong market and A-share market will be affected. In addition, the Singapore market will also be closed for Eid al-Fitr (May 3). Please pay attention to the specific situation and arrange your investment plan ahead of time.</p><p><img src=\"https://static.tigerbbs.com/f91044bce608b672752b90e047c02f65\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"/></p><p>I wish you the best investment!</p><p>Tiger Securities</p><p><b>Market closure arrangement</b></p><p><b>US stocks</b></p><p>Trade as usual</p><p><b>Hong Kong Stocks</b></p><p>The market will be closed on May 2nd (Monday) and open as usual from May 3rd (Tuesday).</p><p><b>A Shares</b></p><p>The market will be closed from May 2 (Monday) to May 4 (Wednesday), and will open as usual from May 5 (Thursday).</p><p><b>Shanghai Stock Connect, Shenzhen Stock Connect</b></p><p>Closed from Monday, May 2 to Wednesday, May 4, and open as usual on Thursday, May 5.</p><p><b>Stock Connect</b></p><p>It will be closed from April 28 (Thursday) to May 4 (Wednesday), and will be open as usual from May 5 (Thursday).</p><p><b>Singapore Market</b></p><p>Labor Day: Closed on Monday, May 2.</p><p>Eid al-Fitr: The market will be closed on May 3rd (Tuesday) and open as usual from May 4th (Wednesday).</p><p><b>Australian stock market</b></p><p>Trade as usual.</p><p><b>Brief Background</b></p><p>May Day: International Workers' Day, also known as \"International Workers' Day\" (International Workers' Day or May Day), is a national holiday in more than 80 countries around the world. In July 1889, the Second International led by Engels held its congress in Paris. The meeting passed a resolution to designate May 1st as International Labor Day. In December 1949, the Government Affairs Council of the Central People's Government made a decision to designate May 1st as Labor Day.</p><p>Eid al-Fitr: One of the main holidays in Islam. Together with Eid al-Adha, it is called the two major festivals of Islam. According to Muhammad's instruction on \"fasting when you see the new moon, breaking fast when you see the new moon\", Ramadan every year begins with the appearance of the new moon in early September of the Islamic calendar and ends when the new moon is seen in early October of the religious calendar.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/558942e83c0149418769df06131301a0","relate_stocks":{"HSI":"恒生指数","000001.SH":"上证指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128249329","content_text":"尊敬的投资者：劳动节（5月1日）即将到来，新加坡市场、香港市场和A股市场的交易活动将受到影响。此外，新加坡市场也将因开斋节（5月3日）而休市。请留意具体情况，提前安排好您的投资计划。预祝投资顺利！老虎证券休市安排美股照常交易港股5月2日（周一）休市，5月3日（周二）起照常开市。A股5月2日（周一）至5月4日（周三）休市，5月5日（周四）起照常开市。沪股通、深股通5月2日（周一）至5月4日（周三）关闭，5月5日（周四）照常开市。港股通4月28日（周四）至5月4日（周三）关闭，5月5日（周四）起照常开市。新加坡市场劳动节：5月2日（周一）休市。开斋节：5月3日（周二）休市，5月4日（周三）起照常开市。澳大利亚股市照常交易。背景简介五一劳动节：国际劳动节又称“五一国际劳动节”(International Workers' Day或者May Day)，是世界上80多个国家的全国性节日。1889年7月，由恩格斯领导的第二国际在巴黎举行代表大会。会议通过决议，把5月1日这一天定为国际劳动节。中央人民政府政务院于1949年12月作出决定，将5月1日确定为劳动节。开斋节：伊斯兰教主要节日之一。与宰牲节并称为伊斯兰教的两大节日。根据穆罕默德关于“见新月封斋，见新月开斋”的训谕，每年斋月始于伊斯兰教历9月初新月出现，结束于教历10月初见到新月时为止。","news_type":1,"symbols_score_info":{"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013991268,"gmtCreate":1648675927018,"gmtModify":1676534374205,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😮","listText":"😮","text":"😮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013991268","repostId":"1171569408","repostType":4,"repost":{"id":"1171569408","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1648651546,"share":"https://ttm.financial/m/news/1171569408?lang=en_US&edition=fundamental","pubTime":"2022-03-30 22:45","market":"us","language":"zh","title":"Adagio rose more than 40% as trials of injectable drugs for new crown made progress","url":"https://stock-news.laohu8.com/highlight/detail?id=1171569408","media":"老虎资讯综合","summary":"Adagio计划在第二季度为adintrevimab向FDA提交一份紧急使用授权（EUA）申请。","content":"<p><html><head></head><body>On Wednesday, Adagio Therapeutics, a COVID-19 vaccine antibody drug developer in the United States, rose more than 40% intraday.</p><p><img src=\"https://static.tigerbbs.com/a1b259373573d0b2aac50f97cc805d4f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>The company said today that in the ongoing Phase 2/3 trial of the intramuscular drug adintrevimab (ADG20) for the prevention and treatment of COVID-19, the main goals for all three indications have achieved statistical significance.</p><p>The risk of developing symptomatic COVID-19 was reduced by 71% in pre-exposure prophylaxis compared to placebo and by 75% in post-exposure prophylaxis compared to placebo, Adagio said. At the same time, in the primary efficacy analysis population, patients with mild to moderate COVID-19 had a 66% reduction in the risk of hospitalization or death compared with placebo, and in those treated within three days of symptom onset, compared with placebo. A 77% reduction.</p><p>Adagio plans to submit an emergency use authorization (EUA) application to the FDA for adintrevimab in the second quarter.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Adagio rose more than 40% as trials of injectable drugs for new crown made progress</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\">\nAdagio rose more than 40% as trials of injectable drugs for new crown made progress\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-30 22:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Wednesday, Adagio Therapeutics, a COVID-19 vaccine antibody drug developer in the United States, rose more than 40% intraday.</p><p><img src=\"https://static.tigerbbs.com/a1b259373573d0b2aac50f97cc805d4f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>The company said today that in the ongoing Phase 2/3 trial of the intramuscular drug adintrevimab (ADG20) for the prevention and treatment of COVID-19, the main goals for all three indications have achieved statistical significance.</p><p>The risk of developing symptomatic COVID-19 was reduced by 71% in pre-exposure prophylaxis compared to placebo and by 75% in post-exposure prophylaxis compared to placebo, Adagio said. At the same time, in the primary efficacy analysis population, patients with mild to moderate COVID-19 had a 66% reduction in the risk of hospitalization or death compared with placebo, and in those treated within three days of symptom onset, compared with placebo. A 77% reduction.</p><p>Adagio plans to submit an emergency use authorization (EUA) application to the FDA for adintrevimab in the second quarter.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e474d690ea02c536f0fd4c03fc3ddef","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171569408","content_text":"周三，美国新冠疫苗抗体药物研发商Adagio Therapeutics盘中大涨超40%。公司今日表示，在正在进行的用于预防和治疗COVID-19的肌肉注射药物adintrevimab（ADG20）的2/3期试验中，所有三个适应症的主要目标均达到了统计学意义。Adagio说，与安慰剂相比，在暴露前预防中出现症状性COVID-19的风险降低了71%，在暴露后预防中与安慰剂相比降低了75%。同时，在主要疗效分析人群中，与安慰剂相比，轻度至中度COVID-19患者的住院或死亡风险降低了66%，在症状出现三天内接受治疗的人群中，与安慰剂相比降低了77%。Adagio计划在第二季度为adintrevimab向FDA提交一份紧急使用授权（EUA）申请。","news_type":1,"symbols_score_info":{"ADGI":0.9}},"isVote":1,"tweetType":1,"viewCount":771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035429631,"gmtCreate":1647657147239,"gmtModify":1676534256356,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035429631","repostId":"1176791163","repostType":4,"repost":{"id":"1176791163","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1647648285,"share":"https://ttm.financial/m/news/1176791163?lang=en_US&edition=fundamental","pubTime":"2022-03-19 08:04","market":"hk","language":"zh","title":"Last night and this morning | U.S. stocks hit their biggest weekly gain in more than a year, and Chinese concept stocks rebounded by double digits","url":"https://stock-news.laohu8.com/highlight/detail?id=1176791163","media":"老虎资讯综合","summary":"摘要：四巫日美股三大指数低开高走四连阳；中概股走强，多个热门股两位数大涨，纳斯达克中国金龙指数收盘大涨7.50%；“木头姐”信徒重新集结！一天狂买3.41亿美元。海外市场1、四巫日美股三大指数低开高走","content":"<p><html><head></head><body>Abstract: The three major indexes of Four Witches, Japan and the United States stocks rose in open low for four consecutive positive days; Chinese concept stocks strengthened, many popular stocks rose by double digits, and the Nasdaq China Golden Dragon Index closed up 7.50%; \"Sister Wood\" believers regroup! Buying $341 million in one day. Overseas Market</p><p>1. Four witches, the three major indexes of Japanese and US stocks rose in open low for four consecutive positive days</p><p>On the Fourth Witch Day, a large number of stock indexes and individual stock futures and options expired on the same day, and market trading volume increased accordingly. At the same time, negotiations between Russia and Ukraine were still going on, and Ukraine said it would take time to reach a ceasefire agreement.</p><p>The Dow closed up 274.17 points, or 0.80%, to 34754.93 points; The Nasdaq rose 279.06 points, or 2.05%, to 13893.84 points; The S&P 500 rose 51.45 points, or 1.17%, to 4,463.12 points.</p><p>This week, the three major U.S. stock indexes all recorded their largest weekly gains since November 20, 2020. The Dow rose 5.48%, recording its largest weekly gain since November 2020. The S&P 500 rose 6.15%, recording its biggest weekly gain since November 2020. The Nasdaq rose 8.18%, its largest weekly gain since February 2021.</p><p>2. Chinese concept stocks closed sharply stronger on Friday:<a href=\"https://laohu8.com/S/BEST\">Best Group</a>Soared 73%<a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Up nearly 55%</p><p>Chinese concept stocks closed stronger on Friday, with many popular stocks rising by double digits. The Nasdaq China Golden Dragon Index closed up 7.50%.</p><p>Best Group soared 73%, Zhihu rose nearly 55%,<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Up more than 41%,<a href=\"https://laohu8.com/S/LIZI\">Lychee</a>Up nearly 40%,<a href=\"https://laohu8.com/S/TUYA\">Tuya Smart</a>Up more than 35%,<a href=\"https://laohu8.com/S/WDH\">Water droplets</a>The company rose more than 32%,<a href=\"https://laohu8.com/S/EM\">Monster Charge</a>Up by more than 30%,<a href=\"https://laohu8.com/S/QTT\">Interesting headlines</a>It rose more than 25%, Leju rose more than 24%,<a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>、<a href=\"https://laohu8.com/S/RYB\">Red yellow blue</a>Rose more than 23%,<a href=\"https://laohu8.com/S/UXIN\">Youxin</a>Rose more than 22%,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>、<a href=\"https://laohu8.com/S/SY\">New oxygen</a>、<a href=\"https://laohu8.com/S/CNET\">China grid carrier line</a>Up by more than 21%, educate together,<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>、<a href=\"https://laohu8.com/S/VIOT\">Yunmi Technology</a>、<a href=\"https://laohu8.com/S/KC\">Kingsoft Cloud</a>Up more than 20%,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>, Manbang rose more than 19%,<a href=\"https://laohu8.com/S/CMCM\">Cheetah Mobile</a>Up more than 18%,<a href=\"https://laohu8.com/S/DOYU\">Betta fish</a>Rose more than 17%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>、<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>, Ruixing powder single rose by more than 15%, Wuxin Technology rose by more than 14%,<a href=\"https://laohu8.com/S/WIMI\">WIMI holography</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/YY\">Huanju Group</a>Rose more than 13%,<a href=\"https://laohu8.com/S/HUYA\">Tiger Tooth</a>It rose nearly 12%, Weibo rose more than 11%,<a href=\"https://laohu8.com/S/XNET\">Thunder</a>Up more than 10%,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Up nearly 10%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Rose more than 8%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up nearly 8%, TuSimple,<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Rose more than 7%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>ADR,<a href=\"https://laohu8.com/S/ATHM\">Car Home</a>、<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>Up more than 6%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Rose nearly 6%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Rose by more than 5%, Ctrip and Fangtianxia rose by more than 4%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up more than 1%.</p><p>3. The market continued to fluctuate violently. U.S. oil closed higher but fell more than 5% this week.</p><p>Brent oil rose 1.78% in late trading on Friday to close at $105.4/barrel, and the overall week was in shock. The tight supply caused by sanctions on Russia, the stalled nuclear talks with Iran and the declining oil inventory are all the reasons for the roller coaster ride in the oil market this week.</p><p>4. Continue to assess the impact of the Federal Reserve's rate hike, gold closed lower this week, hitting its largest weekly drop in more than four months</p><p>Gold futures prices ended lower on Friday, sending gold prices this week to record their biggest weekly drop since November. Markets are still assessing the impact of the Federal Reserve's first rate hike since 2018 on the gold market.</p><p>Both the Federal Reserve and the Bank of England announced a rate hike this week. The Federal Reserve made a rate hike of 25 basis points, raised the benchmark interest rate range to the range of 0.25%-0.5%, and expected to make six more rate hike this year. Rate hike is generally bad for gold prices because it increases the opportunity cost of holding gold.</p><p>5. Down limit for the third consecutive day! Lunni fell 12%, another technical failure occurred, and the LME expanded its price limit to 15%</p><p>On Friday, Lunni fell 12%, falling by the limit for the third consecutive trading day.</p><p>Bloomberg data showed that LME nickel prices fell 12% to $36,915 per ton, hitting the daily limit. However, at least three transactions were traded below the daily limit set by the exchange, with a transaction price of US $36,865/ton. After the Lunni review, the LME nickel electronic disk failed for three consecutive days. The LME said nickel deals reached outside the price limit range will be cancelled.</p><p>The LME also subsequently stated that the second round of nickel trading on the floor on March 18 will be regarded as interrupted trading, and all transactions agreed during this period will be invalid; If the floor trading price is lower than the lower limit price set on the previous day, it will be regarded as an \"interruption event\".</p><p>In the early morning of Saturday, Beijing time, the LME announced that starting from next Monday (March 21), it would expand the single-day price limit of Lunni to 15%. When Lunni trading resumed this week, the LME limited the single-day price limit of the day to 5%, saying that it would decide whether to refer to the 15% single-day price limit of other base metals based on changes in market conditions, and the next day's price limit was expanded to 8% and 12% on the third day of resumption of trading.</p><p>6. Major European stock indexes rose slightly<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index rose 0.26%</p><p>The three major European stock indexes rose slightly. As of the close, the average price index of 100 stocks in the Financial Times of London stock market closed at 7,404.73 points on the 18th, up 19.39 points or 0.26% from the previous trading day; The CAC40 index of Paris stock market closed at 6620.24 points, up 7.72 points or 0.12% from the previous trading day; The DAX index of Frankfurt stock market closed at 14,413.09 points, up 25.03 points or 0.17% from the previous trading day.</p><p>Related to the situation between Russia and Ukraine</p><p>1. Mezinsky, head of the Russian delegation in the Russia-Ukraine negotiations, said that Ukraine's neutral status and Ukraine's non-membership of NATO are the core issues in the Russia-Ukraine negotiations, and the positions of the two sides on this issue have been as close as possible. The two sides also began to discuss the details of Ukraine's security guarantees without joining NATO.</p><p>2. The Russian Ministry of Defense stated that the Donetsk armed forces, with the fire support of the Russian armed forces, are tightening their encirclement of Mariupol and fighting Ukrainian nationalists in the city center. The Russian armed forces continued to attack northward in the Donetsk region. In the past day and night, they controlled four settlements and advanced 16 kilometers.</p><p>3. Podolyak, chief adviser to the Office of the President of Ukraine and a member of the Ukrainian delegation in the Russia-Ukraine negotiations, posted on social networking sites that Ukraine's position in the negotiations remains unchanged, that is, it calls for a ceasefire, Russian troop withdrawal and specific security plan.</p><p>4. The foreign ministries of Latvia, Estonia and Lithuania respectively announced the expulsion of Russian diplomats. Lithuania expelled four Russian diplomats, while Latvia and Estonia each expelled three Russian diplomats.</p><p>5. Russian President Vladimir Putin and German Chancellor Scholz had a phone call, and Ukraine tried to delay the negotiation process by putting forward more unrealistic suggestions. But Russia is ready to continue to find solutions to the problem in accordance with its well-known principled position.</p><p>6. Belarusian President Lukashenko stated in an interview with the media that there is no plan to deploy and produce nuclear weapons in Belarus, nor to manufacture and use nuclear weapons to attack anyone.</p><p>7. Russian Central Bank Governor Nabiullina said that she is ready to gradually resume trading in Moscow. The Russian Central Bank will purchase OFZ Treasury Bond and will resume OFZ Treasury Bond trading next Monday.</p><p>8. Russian President Vladimir Putin held a federal security meeting on special military operations to discuss the current international situation and continued to exchange views on Russia's ongoing special military operations in Ukraine.</p><p>9. Russian Foreign Minister Lavrov said that Russia has made it very clear that any goods entering Ukraine, if the goods contain weapons, will become a legitimate target of special military operations.</p><p>International macro</p><p>1. Fed hawks hear economic data \"scream\" action seeking a 50 basis point rate hike</p><p>Two hawkish members of the Fed said they would advocate a 0.5 percentage point rate hike at a time as inflation soared and economic data \"clamored\" for quick action.</p><p>Fed officials decided on a rate hike of 25 basis points at this week's meeting; Based on their median expectations, they also expect six more rate hike before the end of the year. The prediction dot plot also shows that nearly half of the 16 decision makers want to act faster. Chairman Jerome Powell, tasked with building consensus between FOMC hawks and doves, has the most influence on the ultimate path of U.S. monetary policy.</p><p>St. Louis Fed President James Bullard, who disagreed at this week's meeting and wanted rate hike 0.5 percentage points and implemented the shrinking balance sheet plan, said he supports a rate hike to above 3% this year. This shows that the only highest point on the bitmap comes from him.</p><p>2. The energy crisis sweeps across Europe, the International Energy Agency gives ten more suggestions on saving fuel</p><p>In view of the increasingly serious energy crisis, the IEA has proposed 10 actions that European governments can take to reduce fuel demand. The IEA says the proposals will not only save money on energy purchases, but also reduce greenhouse gas emissions. The IEA has previously given ten recommendations to enhance the resilience of the EU's natural gas network.</p><p>3. The metal market turmoil is regenerated! LME copper industry committee recommends ban on imports of Russian metals</p><p>According to people familiar with the matter, the copper committee of the London Metal Exchange (LME) recommended that the LME ban the supply of new Russian metals. If this move is implemented, it will undoubtedly trigger a huge impact on the metal market. It is reported that the committee only plays an advisory role in the LME, and people familiar with the matter said that it overwhelmingly recommended on Friday that new Russian copper should not be allowed into its warehouses.</p><p>However, the exchange said it is closely monitoring developments related to Russian sanctions, but does not currently plan to take any independent actions, such as restricting the circulation of Russian-produced metals in the LME system. The LME declined to comment on the copper committee discussions.</p><p>Company News</p><p>1、<a href=\"https://ttm.financial/NW/2220712708\" target=\"_blank\">Tesla's second factory \"Hydrangea\" is waiting to be thrown out or copied \"Shanghai model\" in different places</a></p><p>In terms of production capacity expansion, the location of Tesla's second factory is still unresolved. Earlier, it was reported that Tesla's second factory may still be located in Lingang New Area, Pudong New Area, Shanghai. Construction will start as soon as March this year. After the new factory is fully put into production, Tesla's total domestic production capacity will reach 2 million vehicles. But the news was immediately denied by Tesla.</p><p>At present, it is still inconclusive whether Tesla's second factory will continue to be deployed in Shanghai or replicate the \"Shanghai model\" away from Shanghai, and nearly 10 cities have entered the \"scandal list\", and Wuhan City and others have also indicated that they will actively negotiate. Regarding the location of the second factory, the above-mentioned person in charge of Tesla said a few days ago: \"There is no official news yet.\" The Shanghai Municipal Economic and Information Commission told reporters: \"There is no comment on the relevant information of Tesla's second factory at present.\"</p><p>2、<a href=\"https://ttm.financial/NW/2220724003\" target=\"_blank\">\"Sister Wood\" believers regroup! Buying $341 million in one day</a></p><p>Wood has attracted much attention from the market because of its unique investment style, and investors' attitudes towards it are mixed. Although ARKK is down about 35% year-to-date, its fans have been steadily fixing their investment in ARKK, and the fund is also on track for its sixth consecutive week of inflows. Analysts say many are taking advantage of the fund's decline to gradually build positions.</p><p>3、<a href=\"https://ttm.financial/NW/2220753777\" target=\"_blank\">Moderna seeks US FDA approval: fourth dose of COVID-19 vaccine to adults</a></p><p>Moderna seeks fourth dose coverage for all adults over the age of 18, including those who are more likely to be infected with COVID-19 due to age or other diseases, and high-risk groups such as health care workers. This coverage far exceeds<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And German Biotech (<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>) an application for the fourth dose of the vaccine for people aged 65 and older made two days ago.</p><p>Regarding effectiveness, Moderna did not give a specific explanation, but it said the submission was partially based on U.S. and Israeli data after the emergence of the Omicron variant.</p><p>4、<a href=\"https://ttm.financial/NW/没有和保时捷\" target=\"_blank\">Gurman: Apple is not working with Porsche on cars</a></p><p>According to reports, the CEO of German automaker Porsche said at today's annual press conference that he had discussed cooperation projects with Apple. Porsche CEO Oliver Blume said the company has discussed \"exciting joint projects\" with Apple but has not yet decided whether to proceed. Regarding this matter, netizens have speculated whether Apple wants to cooperate with Porsche to produce its own Apple Car, and MarkGurman revealed that he has at least seen no signs of cooperation between Apple and Porsche in the field of car manufacturing. What he knows about Apple Cars include: using iPhone to control air conditioners, seats, radios and other in-vehicle equipment.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Last night and this morning | U.S. stocks hit their biggest weekly gain in more than a year, and Chinese concept stocks rebounded by double digits</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\">\nLast night and this morning | U.S. stocks hit their biggest weekly gain in more than a year, and Chinese concept stocks rebounded by double digits\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-19 08:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: The three major indexes of Four Witches, Japan and the United States stocks rose in open low for four consecutive positive days; Chinese concept stocks strengthened, many popular stocks rose by double digits, and the Nasdaq China Golden Dragon Index closed up 7.50%; \"Sister Wood\" believers regroup! Buying $341 million in one day. Overseas Market</p><p>1. Four witches, the three major indexes of Japanese and US stocks rose in open low for four consecutive positive days</p><p>On the Fourth Witch Day, a large number of stock indexes and individual stock futures and options expired on the same day, and market trading volume increased accordingly. At the same time, negotiations between Russia and Ukraine were still going on, and Ukraine said it would take time to reach a ceasefire agreement.</p><p>The Dow closed up 274.17 points, or 0.80%, to 34754.93 points; The Nasdaq rose 279.06 points, or 2.05%, to 13893.84 points; The S&P 500 rose 51.45 points, or 1.17%, to 4,463.12 points.</p><p>This week, the three major U.S. stock indexes all recorded their largest weekly gains since November 20, 2020. The Dow rose 5.48%, recording its largest weekly gain since November 2020. The S&P 500 rose 6.15%, recording its biggest weekly gain since November 2020. The Nasdaq rose 8.18%, its largest weekly gain since February 2021.</p><p>2. Chinese concept stocks closed sharply stronger on Friday:<a href=\"https://laohu8.com/S/BEST\">Best Group</a>Soared 73%<a href=\"https://laohu8.com/S/ZH\">Zhihu</a>Up nearly 55%</p><p>Chinese concept stocks closed stronger on Friday, with many popular stocks rising by double digits. The Nasdaq China Golden Dragon Index closed up 7.50%.</p><p>Best Group soared 73%, Zhihu rose nearly 55%,<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Up more than 41%,<a href=\"https://laohu8.com/S/LIZI\">Lychee</a>Up nearly 40%,<a href=\"https://laohu8.com/S/TUYA\">Tuya Smart</a>Up more than 35%,<a href=\"https://laohu8.com/S/WDH\">Water droplets</a>The company rose more than 32%,<a href=\"https://laohu8.com/S/EM\">Monster Charge</a>Up by more than 30%,<a href=\"https://laohu8.com/S/QTT\">Interesting headlines</a>It rose more than 25%, Leju rose more than 24%,<a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>、<a href=\"https://laohu8.com/S/RYB\">Red yellow blue</a>Rose more than 23%,<a href=\"https://laohu8.com/S/UXIN\">Youxin</a>Rose more than 22%,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>、<a href=\"https://laohu8.com/S/SY\">New oxygen</a>、<a href=\"https://laohu8.com/S/CNET\">China grid carrier line</a>Up by more than 21%, educate together,<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>、<a href=\"https://laohu8.com/S/VIOT\">Yunmi Technology</a>、<a href=\"https://laohu8.com/S/KC\">Kingsoft Cloud</a>Up more than 20%,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>, Manbang rose more than 19%,<a href=\"https://laohu8.com/S/CMCM\">Cheetah Mobile</a>Up more than 18%,<a href=\"https://laohu8.com/S/DOYU\">Betta fish</a>Rose more than 17%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>、<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>, Ruixing powder single rose by more than 15%, Wuxin Technology rose by more than 14%,<a href=\"https://laohu8.com/S/WIMI\">WIMI holography</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>、<a href=\"https://laohu8.com/S/YY\">Huanju Group</a>Rose more than 13%,<a href=\"https://laohu8.com/S/HUYA\">Tiger Tooth</a>It rose nearly 12%, Weibo rose more than 11%,<a href=\"https://laohu8.com/S/XNET\">Thunder</a>Up more than 10%,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Up nearly 10%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Rose more than 8%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up nearly 8%, TuSimple,<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>Rose more than 7%,<a href=\"https://laohu8.com/S/00700\">Tencent</a>ADR,<a href=\"https://laohu8.com/S/ATHM\">Car Home</a>、<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>Up more than 6%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Rose nearly 6%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Rose by more than 5%, Ctrip and Fangtianxia rose by more than 4%,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up more than 1%.</p><p>3. The market continued to fluctuate violently. U.S. oil closed higher but fell more than 5% this week.</p><p>Brent oil rose 1.78% in late trading on Friday to close at $105.4/barrel, and the overall week was in shock. The tight supply caused by sanctions on Russia, the stalled nuclear talks with Iran and the declining oil inventory are all the reasons for the roller coaster ride in the oil market this week.</p><p>4. Continue to assess the impact of the Federal Reserve's rate hike, gold closed lower this week, hitting its largest weekly drop in more than four months</p><p>Gold futures prices ended lower on Friday, sending gold prices this week to record their biggest weekly drop since November. Markets are still assessing the impact of the Federal Reserve's first rate hike since 2018 on the gold market.</p><p>Both the Federal Reserve and the Bank of England announced a rate hike this week. The Federal Reserve made a rate hike of 25 basis points, raised the benchmark interest rate range to the range of 0.25%-0.5%, and expected to make six more rate hike this year. Rate hike is generally bad for gold prices because it increases the opportunity cost of holding gold.</p><p>5. Down limit for the third consecutive day! Lunni fell 12%, another technical failure occurred, and the LME expanded its price limit to 15%</p><p>On Friday, Lunni fell 12%, falling by the limit for the third consecutive trading day.</p><p>Bloomberg data showed that LME nickel prices fell 12% to $36,915 per ton, hitting the daily limit. However, at least three transactions were traded below the daily limit set by the exchange, with a transaction price of US $36,865/ton. After the Lunni review, the LME nickel electronic disk failed for three consecutive days. The LME said nickel deals reached outside the price limit range will be cancelled.</p><p>The LME also subsequently stated that the second round of nickel trading on the floor on March 18 will be regarded as interrupted trading, and all transactions agreed during this period will be invalid; If the floor trading price is lower than the lower limit price set on the previous day, it will be regarded as an \"interruption event\".</p><p>In the early morning of Saturday, Beijing time, the LME announced that starting from next Monday (March 21), it would expand the single-day price limit of Lunni to 15%. When Lunni trading resumed this week, the LME limited the single-day price limit of the day to 5%, saying that it would decide whether to refer to the 15% single-day price limit of other base metals based on changes in market conditions, and the next day's price limit was expanded to 8% and 12% on the third day of resumption of trading.</p><p>6. Major European stock indexes rose slightly<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index rose 0.26%</p><p>The three major European stock indexes rose slightly. As of the close, the average price index of 100 stocks in the Financial Times of London stock market closed at 7,404.73 points on the 18th, up 19.39 points or 0.26% from the previous trading day; The CAC40 index of Paris stock market closed at 6620.24 points, up 7.72 points or 0.12% from the previous trading day; The DAX index of Frankfurt stock market closed at 14,413.09 points, up 25.03 points or 0.17% from the previous trading day.</p><p>Related to the situation between Russia and Ukraine</p><p>1. Mezinsky, head of the Russian delegation in the Russia-Ukraine negotiations, said that Ukraine's neutral status and Ukraine's non-membership of NATO are the core issues in the Russia-Ukraine negotiations, and the positions of the two sides on this issue have been as close as possible. The two sides also began to discuss the details of Ukraine's security guarantees without joining NATO.</p><p>2. The Russian Ministry of Defense stated that the Donetsk armed forces, with the fire support of the Russian armed forces, are tightening their encirclement of Mariupol and fighting Ukrainian nationalists in the city center. The Russian armed forces continued to attack northward in the Donetsk region. In the past day and night, they controlled four settlements and advanced 16 kilometers.</p><p>3. Podolyak, chief adviser to the Office of the President of Ukraine and a member of the Ukrainian delegation in the Russia-Ukraine negotiations, posted on social networking sites that Ukraine's position in the negotiations remains unchanged, that is, it calls for a ceasefire, Russian troop withdrawal and specific security plan.</p><p>4. The foreign ministries of Latvia, Estonia and Lithuania respectively announced the expulsion of Russian diplomats. Lithuania expelled four Russian diplomats, while Latvia and Estonia each expelled three Russian diplomats.</p><p>5. Russian President Vladimir Putin and German Chancellor Scholz had a phone call, and Ukraine tried to delay the negotiation process by putting forward more unrealistic suggestions. But Russia is ready to continue to find solutions to the problem in accordance with its well-known principled position.</p><p>6. Belarusian President Lukashenko stated in an interview with the media that there is no plan to deploy and produce nuclear weapons in Belarus, nor to manufacture and use nuclear weapons to attack anyone.</p><p>7. Russian Central Bank Governor Nabiullina said that she is ready to gradually resume trading in Moscow. The Russian Central Bank will purchase OFZ Treasury Bond and will resume OFZ Treasury Bond trading next Monday.</p><p>8. Russian President Vladimir Putin held a federal security meeting on special military operations to discuss the current international situation and continued to exchange views on Russia's ongoing special military operations in Ukraine.</p><p>9. Russian Foreign Minister Lavrov said that Russia has made it very clear that any goods entering Ukraine, if the goods contain weapons, will become a legitimate target of special military operations.</p><p>International macro</p><p>1. Fed hawks hear economic data \"scream\" action seeking a 50 basis point rate hike</p><p>Two hawkish members of the Fed said they would advocate a 0.5 percentage point rate hike at a time as inflation soared and economic data \"clamored\" for quick action.</p><p>Fed officials decided on a rate hike of 25 basis points at this week's meeting; Based on their median expectations, they also expect six more rate hike before the end of the year. The prediction dot plot also shows that nearly half of the 16 decision makers want to act faster. Chairman Jerome Powell, tasked with building consensus between FOMC hawks and doves, has the most influence on the ultimate path of U.S. monetary policy.</p><p>St. Louis Fed President James Bullard, who disagreed at this week's meeting and wanted rate hike 0.5 percentage points and implemented the shrinking balance sheet plan, said he supports a rate hike to above 3% this year. This shows that the only highest point on the bitmap comes from him.</p><p>2. The energy crisis sweeps across Europe, the International Energy Agency gives ten more suggestions on saving fuel</p><p>In view of the increasingly serious energy crisis, the IEA has proposed 10 actions that European governments can take to reduce fuel demand. The IEA says the proposals will not only save money on energy purchases, but also reduce greenhouse gas emissions. The IEA has previously given ten recommendations to enhance the resilience of the EU's natural gas network.</p><p>3. The metal market turmoil is regenerated! LME copper industry committee recommends ban on imports of Russian metals</p><p>According to people familiar with the matter, the copper committee of the London Metal Exchange (LME) recommended that the LME ban the supply of new Russian metals. If this move is implemented, it will undoubtedly trigger a huge impact on the metal market. It is reported that the committee only plays an advisory role in the LME, and people familiar with the matter said that it overwhelmingly recommended on Friday that new Russian copper should not be allowed into its warehouses.</p><p>However, the exchange said it is closely monitoring developments related to Russian sanctions, but does not currently plan to take any independent actions, such as restricting the circulation of Russian-produced metals in the LME system. The LME declined to comment on the copper committee discussions.</p><p>Company News</p><p>1、<a href=\"https://ttm.financial/NW/2220712708\" target=\"_blank\">Tesla's second factory \"Hydrangea\" is waiting to be thrown out or copied \"Shanghai model\" in different places</a></p><p>In terms of production capacity expansion, the location of Tesla's second factory is still unresolved. Earlier, it was reported that Tesla's second factory may still be located in Lingang New Area, Pudong New Area, Shanghai. Construction will start as soon as March this year. After the new factory is fully put into production, Tesla's total domestic production capacity will reach 2 million vehicles. But the news was immediately denied by Tesla.</p><p>At present, it is still inconclusive whether Tesla's second factory will continue to be deployed in Shanghai or replicate the \"Shanghai model\" away from Shanghai, and nearly 10 cities have entered the \"scandal list\", and Wuhan City and others have also indicated that they will actively negotiate. Regarding the location of the second factory, the above-mentioned person in charge of Tesla said a few days ago: \"There is no official news yet.\" The Shanghai Municipal Economic and Information Commission told reporters: \"There is no comment on the relevant information of Tesla's second factory at present.\"</p><p>2、<a href=\"https://ttm.financial/NW/2220724003\" target=\"_blank\">\"Sister Wood\" believers regroup! Buying $341 million in one day</a></p><p>Wood has attracted much attention from the market because of its unique investment style, and investors' attitudes towards it are mixed. Although ARKK is down about 35% year-to-date, its fans have been steadily fixing their investment in ARKK, and the fund is also on track for its sixth consecutive week of inflows. Analysts say many are taking advantage of the fund's decline to gradually build positions.</p><p>3、<a href=\"https://ttm.financial/NW/2220753777\" target=\"_blank\">Moderna seeks US FDA approval: fourth dose of COVID-19 vaccine to adults</a></p><p>Moderna seeks fourth dose coverage for all adults over the age of 18, including those who are more likely to be infected with COVID-19 due to age or other diseases, and high-risk groups such as health care workers. This coverage far exceeds<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And German Biotech (<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>) an application for the fourth dose of the vaccine for people aged 65 and older made two days ago.</p><p>Regarding effectiveness, Moderna did not give a specific explanation, but it said the submission was partially based on U.S. and Israeli data after the emergence of the Omicron variant.</p><p>4、<a href=\"https://ttm.financial/NW/没有和保时捷\" target=\"_blank\">Gurman: Apple is not working with Porsche on cars</a></p><p>According to reports, the CEO of German automaker Porsche said at today's annual press conference that he had discussed cooperation projects with Apple. Porsche CEO Oliver Blume said the company has discussed \"exciting joint projects\" with Apple but has not yet decided whether to proceed. Regarding this matter, netizens have speculated whether Apple wants to cooperate with Porsche to produce its own Apple Car, and MarkGurman revealed that he has at least seen no signs of cooperation between Apple and Porsche in the field of car manufacturing. What he knows about Apple Cars include: using iPhone to control air conditioners, seats, radios and other in-vehicle equipment.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"UCO":"二倍做多彭博原油ETF","USO":"美国原油ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯","TTTN":"老虎中美互联网巨头ETF","SCO":"二倍做空彭博原油指数ETF","QNETCN":"纳斯达克中美互联网老虎指数","DDG":"ProShares做空石油与天然气ETF","DWT":"三倍做空原油ETN",".IXIC":"NASDAQ Composite","DUG":"二倍做空石油与天然气ETF(ProShares)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176791163","content_text":"摘要：四巫日美股三大指数低开高走四连阳；中概股走强，多个热门股两位数大涨，纳斯达克中国金龙指数收盘大涨7.50%；“木头姐”信徒重新集结！一天狂买3.41亿美元。海外市场1、四巫日美股三大指数低开高走四连阳四巫日大量股指与个股期货及期权同日到期，市场成交量随之放大，同时俄乌谈判仍在进行，乌方称达成停火协议仍需时日。道指收盘上涨274.17点，涨幅为0.80%，报34754.93点；纳指涨279.06点，涨幅为2.05%，报13893.84点；标普500指数涨51.45点，涨幅为1.17%，报4463.12点。本周美股三大股指均录得2020年11月20日以来的最大单周涨幅，道指上涨5.48%，录得2020年11月以来的最大单周涨幅。标普500指数上涨6.15%，录得2020年11月以来的最大单周涨幅。纳指大涨8.18%，创2021年2月以来的最大单周涨幅。2、中概股周五收盘大幅走强：百世集团飙升73% 知乎涨近55%中概股周五收盘走强，多个热门股两位数大涨，纳斯达克中国金龙指数收盘大涨7.50%。百世集团飙升73%，知乎涨近55%，36氪涨超41%，荔枝涨近40%，涂鸦智能涨超35%，水滴公司涨超32%，怪兽充电涨超30%，趣头条涨超25%，乐居涨超24%，蘑菇街、红黄蓝涨超23%，优信涨超22%，高途、新氧、中网载线涨超21%，一起教育、腾讯音乐、云米科技、金山云涨超20%，爱奇艺、满帮涨超19%，猎豹移动涨超18%，斗鱼涨超17%，哔哩哔哩、新东方、瑞幸粉单涨超15%，雾芯科技涨超14%，微美全息、唯品会、欢聚集团涨超13%，虎牙涨近12%，微博涨超11%，迅雷涨超10%，贝壳涨近10%，拼多多涨超8%，阿里巴巴涨近8%，图森未来、名创优品涨超7%，腾讯ADR、汽车之家、BOSS直聘涨超6%，网易涨近6%，京东涨超5%，携程、房天下涨超4%，百度涨超1%。3、市场延续剧烈震荡，美油收高但本周跌逾5%周五布油尾盘上涨1.78%，报收105.4 美元/桶，本周整体处于震荡中。对俄罗斯的制裁造成的供应紧张、与伊朗的核谈判停滞不前与石油库存不断下降，都是造成本周油市过山车行情的原因。4、继续评估美联储加息影响黄金收跌 本周创四个多月最大周跌幅黄金期货价格周五收跌，使本周金价录得11月以来的最大单周跌幅。市场仍在评估美联储自2018年以来首次加息对黄金市场的影响。本周美联储与英国央行均宣布加息。美联储加息25个基点、将基准利率范围上调至0.25%—0.5%的区间，并预计今年还将加息6次。加息通常对黄金价格不利，因为它增加了持有黄金的机会成本。5、连续第三天跌停！伦镍下跌12%，再次出现技术故障，LME将涨跌停幅度扩大至15%周五，伦镍大跌12%，连续第三个交易日跌停。彭博数据显示，LME镍价下跌12%至每吨36915美元，触及跌停板。不过，有至少三笔交易在低于交易所设定的跌停板下方成交，成交价36865美元/吨。伦镍复盘后，LME镍电子盘连续三天出现故障。LME表示，涨跌停区间外达成的镍交易将被取消。LME随后还表示，3月18日场内交易的第二轮镍交易将被视为中断交易，所有在此期间达成协议的交易将无效；如果场内交易价格低于前一日设定的跌停价，将被视为“中断事件”。北京时间周六凌晨，LME宣布，自下周一（3月21日）开始，将伦镍单日涨跌停幅度扩大至15%。本周恢复伦镍交易时，LME将当天的单日涨跌停幅度限制在5%、称将根据市场条件的变化而决定是否参照其他基础金属15%的单日涨跌停幅度限制，次日涨跌幅限制扩大至8%，恢复交易的第三天扩大至12%。6、欧股主要指数小幅上涨 英国富时100指数涨0.26%欧洲三大股指小幅上涨，截止收盘，英国伦敦股市《金融时报》100种股票平均价格指数18日报收于7404.73点，比前一交易日上涨19.39点，涨幅为0.26%；法国巴黎股市CAC40指数报收于6620.24点，较前一交易日上涨7.72点，涨幅为0.12%；德国法兰克福股市DAX指数报收于14413.09点，比前一交易日上涨25.03点，涨幅为0.17%。俄乌局势相关1、俄乌谈判俄方代表团团长梅津斯基表示，乌克兰的中立地位和乌不加入北约是俄乌谈判的核心议题，双方在此议题上的立场已经最大限度地接近。双方还开始就乌克兰不加入北约的情况下获得安全保障的细节问题进行探讨。2、俄罗斯国防部表示，顿涅茨克武装在俄罗斯武装部队的火力支持下，正在缩紧对马里乌波尔的包围圈并与市中心的乌克兰民族主义分子作战。俄罗斯武装部队继续在顿涅茨克地区向北进攻，过去一昼夜共控制4个定居点，推进16公里。3、乌克兰总统办公室主任顾问、俄乌谈判乌方代表团成员波多利亚克在社交网站发文称，乌克兰在谈判中的立场是不变的，即要求停火、俄方撤军和具体的安全保障方案。4、拉脱维亚、爱沙尼亚和立陶宛外交部分别宣布驱逐俄罗斯外交官。立陶宛驱逐了4名俄罗斯外交官，拉脱维亚和爱沙尼亚各驱逐了3名俄罗斯外交官。5、俄罗斯总统普京和德国总理朔尔茨通话，乌方试图通过提出更多不现实的建议，来拖延谈判进程。但俄罗斯准备继续按照其众所周知的原则性立场，寻找问题的解决方案。6、白俄罗斯总统卢卡申科在接受媒体采访时表示，没有在白俄罗斯部署和生产核武器的计划，也没有制造和使用核武器来攻击任何人的计划。7、俄罗斯央行行长纳比乌琳娜表示，准备好逐步恢复莫斯科的交易，俄罗斯央行将购买OFZ国债，将于下周一恢复OFZ国债交易。8、俄罗斯总统普京就特别军事行动召开联邦安全会议，讨论当前国际形势，并继续就俄罗斯在乌克兰正在进行的特别军事行动交换了意见。9、俄罗斯外长拉夫罗夫表示，俄罗斯已经非常清楚地表明，任何进入乌克兰的货物，如果该货物装有武器，将成为特别军事行动的合法目标。国际宏观1、美联储鹰派听到经济数据“疾呼”行动 寻求一次加息50个基点两位美联储鹰派成员表示，随着通胀飙升，经济数据“疾呼”迅速行动，他们将主张一次加息0.5个百分点。美联储官员在本周的会议上决定加息25个基点；根据他们的预期中值，他们还预计年底前再加息6次。预测点阵图也显示，16位决策者中近半数希望加快行动。主席杰罗姆·鲍威尔的任务是在联邦公开市场委员会鹰派和鸽派之间建立共识，对美国货币政策的最终路径最有影响力。在本周会议上提出异议、希望加息0.5个百分点并实施缩表计划的圣路易斯联储行长James Bullard表示，他支持今年加息至3％以上。这说明，点阵图上唯一最高的点来自他。2、能源危机席卷欧洲 国际能源署就节省燃油再给十项建议鉴于能源危机愈发严重，IEA为欧洲各国政府提出了10项减少燃油需求可采取的行动。IEA称这些建议不仅可以节省购买能源的资金，还可以减少温室气体排放。先前IEA曾给出十项增强欧盟天然气网络弹性的建议。3、金属市场风波再生！LME铜行业委员会建议禁止进口俄罗斯金属据知情人士透露，伦敦金属交易所(LME)的铜委员会建议LME禁止供应新的俄罗斯金属，若此举一旦实施，毫无疑问，将在金属市场上引发巨大冲击。据悉该委员会仅在LME发挥顾问作用，知情人士称，周五其以压倒性多数票建议不应允许新的俄罗斯铜进入其仓库。不过该交易所表示，正在密切关注与俄罗斯制裁相关的事态发展，但目前不打算采取任何独立行动，例如限制LME系统中俄罗斯生产的金属流通。LME对铜委员会的讨论不予置评。公司新闻1、特斯拉第二工厂“绣球”待抛 或异地复制“上海模式”在产能扩充方面，特斯拉第二工厂选址问题也依然悬而未决。此前有消息称，特斯拉第二工厂或仍将落户于上海市浦东新区临港新片区，最快将于今年3月份动工，待新工厂全面投产后，特斯拉在国内的总产能将达到200万辆。但该消息随即遭到特斯拉方面的否认。目前，特斯拉第二工厂是继续布局在上海还是离沪复刻“上海模式”仍未有定论，并已有近10座城市进入“绯闻名单”，武汉市等也表示将积极对接洽谈。对于第二工厂选址问题，特斯拉上述负责人日前称：“目前还没有官方消息。”而上海市经济和信息化委员会方面告诉记者：“对于特斯拉第二工厂的相关信息，目前不予置评。”2、“木头姐”信徒重新集结！一天狂买3.41亿美元伍德因其独特的投资风格而备受市场关注，投资者对其的态度也是褒贬不一的。尽管ARKK今年迄今已下跌约35％，但其拥趸者一直在稳步定投ARKK，该基金也有望连续第六周出现资金流入。分析师表示，许多人正在利用该基金的下跌而逐步建仓。3、莫德纳寻求美国FDA批准：向成人接种第四剂新冠疫苗莫德纳寻求第四剂的覆盖范围为所有18岁以上的成年人，包括那些因年龄或其他疾病感染新冠几率较大，以及医护人员等高风险人群。这一覆盖范围远远超过辉瑞和德国生物技术公司（BioNTech SE）前两天提出的针对65岁及以上人群接种第四剂疫苗的申请。关于有效性，莫德纳并没有给出具体说明，但其表示，提交的部分是基于奥密克戎变体出现后美国和以色列的数据。4、Gurman：苹果没有和保时捷在汽车上合作据报道，德国汽车制造商保时捷的CEO在今日的年度新闻发布会上表示，已与苹果公司讨论了合作项目。保时捷CEO Oliver Blume表示，该公司已与苹果公司讨论了“令人兴奋的共同项目”，但尚未决定是否继续进行。对于这件事，网友纷纷猜测苹果是不是要跟保时捷合作生产自己的Apple Car，而MarkGurman透露称，他至少目前没有看到过苹果跟保时捷在造车领域进行合作的迹象，他所了解的苹果汽车包括：使用iPhone控制空调、座椅、收音机等车载设备。","news_type":1,"symbols_score_info":{"DDG":0,"DWTIF":0,"DUG":0,"UCO":0,".IXIC":0,"USO":0,"BZmain":0,"CLmain":0,"QNETCN":0,".DJI":0,"TTTN":0,".SPX":0,"DWT":0,"QMmain":0,"SCO":0,"UWTIF":0}},"isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966271779,"gmtCreate":1669587242092,"gmtModify":1676538208500,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$&nbsp;</a><v-v data-views=\"0\"></v-v>","text":"$老虎证券(TIGR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966271779","isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016451687,"gmtCreate":1649224441234,"gmtModify":1676534473580,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😐","listText":"😐","text":"😐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016451687","repostId":"2225367085","repostType":4,"repost":{"id":"2225367085","kind":"highlight","pubTimestamp":1649211145,"share":"https://ttm.financial/m/news/2225367085?lang=en_US&edition=fundamental","pubTime":"2022-04-06 10:12","market":"sh","language":"zh","title":"Institutional interpretation: How to grasp the current investment opportunities of real estate stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2225367085","media":"中金点睛","summary":"当前房地产行业正面临销售端持续走弱、信用端风险发酵的双重压力，市场出清和格局重塑背景下，建议投资者精选“均好型”优质龙头。摘要当前房地产行业基本面表现如何？开年以来新房销售面积持续下行，同比跌幅持续走","content":"<p><html><head></head><body>At present, the real estate industry is facing the dual pressures of continued weakening on the sales side and fermenting risks on the credit side. Under the background of market clearing and pattern reshaping, investors are advised to select \"all-good\" high-quality leaders.</p><p><b>SUMMARY</b></p><p><b>How are the current fundamentals of the real estate industry performing?</b>Since the beginning of the year, the sales area of new houses has continued to decline, and the year-on-year decline has continued to widen; Except for a small number of low-inventory cities, housing prices are showing signs of recovery, housing prices in most low-and medium-level cities are still on a downward trend. Against this background, since the beginning of this year, the land supply of local governments in the land market has shown the characteristics of improving quality and shrinking quantity but not reducing prices.</p><p><b>Why is the new home market performing so weakly?</b>We believe that the current new housing market may have experienced a negative cycle of \"weak demand-insufficient launch-sluggish sales-payment supervision-credit deterioration-financial hedging-weakening expectations-weak demand\", and the recent epidemic in many places has exacerbated this cycle. The cycle has a negative effect, and the confidence of home buyers and real estate companies in the market outlook continues to decline under the interaction of supply and demand.</p><p><b>Where has the predicament at the real estate level come?</b>Due to the continued sluggish sales side, the unspeakable loosening of pre-sale fund supervision, and the lack of willingness of buyers in the M&A market, the cash flow pressure of real estate companies is still intensifying. We conservatively estimate that a total of 1.1 trillion yuan of credit bonds and ABS of real estate companies will mature during the year, and the maturity peak will be month by month in the next six months. Superimposed on the risk contagion that may be caused by debt rating downgrades, credit risk events are still hard to end.</p><p><b>Where is there still room on the policy side?</b>We believe that there is still room for further policy efforts on both supply and demand sides. The demand side focuses more on housing and construction policies to support reasonable housing demand, while the supply side may focus more on the relief and alleviation of the credit problems of real estate companies. (See the text for details of key measures to pay attention to).</p><p><b>How will the fundamental indicators of the market outlook evolve?</b>Considering the uncertainty of policy rhythm, we give three possible deductions of the market outlook.<b>Scenario 1:</b>If there is a strong policy adjustment in the first half of the second quarter, it is estimated that the annual sales area will be-7% year-on-year, the investment amount will be-3%, and the newly started area will be-20%;<b>Case 2:</b>If the effective policy occurs at the end of the second quarter and the beginning of the third quarter, it is estimated that the annual sales area will be-12%, the investment amount will be-9%, and the new construction area will be-31%;<b>Scenario 3:</b>If there is a strong change in the policy side in the fourth quarter, it is estimated that the annual sales area will be-17%, the investment amount will be-15%, and the newly started area will be-41%.</p><p><b>How to grasp investment opportunities in real estate stocks?</b>We believe that the dominant logic of short-term real estate stocks is still dominated by policy games, and we suggest that investors continue to embrace \"all-good\" high-quality developers before observing the launch of key policy measures. If there are positive changes in the policies mentioned in the text in the market outlook, the certainty of \"flexible\" private enterprise valuation repair opportunities will be greatly improved. In the medium and long-term dimension, the industry has returned to the essence of operation. We continue to be optimistic about the \"good students\" with long-distance running ability in the development track and the \"all-rounders\" in the layout of the real estate track.</p><p><b>Risk</b></p><p>Fundamental sales fell short of expectations; The credit situation of real estate companies has accelerated and deteriorated; The impact of the epidemic exceeded expectations.</p><p><b>text</b></p><p><b>1. What is the current fundamental performance of the real estate industry?</b></p><p><b>Since the beginning of the year, the sales of new homes have continued to decline and are currently at the lowest level in history.</b>Since the fourth quarter of last year, the weekly sales area of high-frequency new houses in 50 key cities has dropped by more than 30% in other months except for a slight rebound in December, especially in February and March this year. The year-on-year decline has widened to-37% and-51% respectively, of which the weekly average in March is only the same as that in January-February (under normal circumstances, the sales in March should rebound compared with January-February, which is influenced by the Spring Festival. Whether in terms of year-on-year decline or month-on-month seasonality, the current sales of new homes are at the lowest level in history.</p><p><b>Chart: High-frequency weekly new house sales area and year-on-year</b></p><p><img src=\"https://static.tigerbbs.com/a8885e53238b850d5089276e0b2ac20a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger database,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department</p><p><b>The sales decline of the top 100 real estate companies widened consistently.</b>Since September last year, the year-on-year decline in sales of the top 100 real estate companies has continued to remain between-30% and-40%, but it has obviously widened since the beginning of the year. The year-on-year decline in January, February and March has reached-41%,-47% and-53% respectively; Cumulatively, the sales amount of the top 100 real estate companies in the first quarter of this year decreased by 47% year-on-year, which was 3% lower than that in the first quarter of 2020, when national economic activities were suspended on a large scale due to the epidemic. If we further look at the main body level of enterprises, we can see that although there is a certain differentiation in the year-on-year decline level among enterprises, the trend of marginal widening is basically the same. (The year-on-year decline in the fourth quarter of 2021 was mostly about 20%), and the year-on-year decline in the first quarter of some enterprises with credit risks generally exceeded 50% (the year-on-year decline in the fourth quarter of 2021 was about 40%).</p><p><b>Chart: Monthly sales sequence of top 100 real estate companies</b></p><p><img src=\"https://static.tigerbbs.com/eb37d04139d2befb22a5f21e83142944\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"/></p><p>Source: CRIC,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p><b>Chart: Sales data of major real estate companies in March 2022</b></p><p><img src=\"https://static.tigerbbs.com/cdb3767c04f7ac7f8b3d10f8495dfe80\" tg-width=\"864\" tg-height=\"604\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/3ea042762e5aaea0656148cbf7e88e11\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p>Source: CRIC, company announcement, CICC Research Department</p><p><b>In 2021, housing prices have fallen by nearly 3% cumulatively. Since the beginning of the year, only a small number of low-inventory cities have shown signs of recovery, but the continuity is not strong. In most low-and medium-level cities, housing prices are still declining.</b>In 2021, second-hand housing prices in the 49 cities we monitored continued to rise in the first half of the year, with a cumulative increase of 4.2%. In the second half of the year, they fell rapidly by 6.8%, and at the end of the year, they fell by 2.9% compared with the beginning of the year. Among them, high-energy cities (20) fell by 1.8%, and medium-and low-energy cities (29) fell by 4.9%. Since November 2021, the margin of second-hand housing transaction volume has stabilized and rebounded slightly. At the beginning of this year, the price of second-hand houses has also stopped falling and turned up driven by the transaction volume, but there are still two hidden worries behind it:</p><p><b>The trend of second-hand housing prices is obviously polarized between energy levels and regions. Only a small number of low-inventory cities have gone up, and housing prices in most cities have been declining since the beginning of the year.</b>If the 49 cities we monitor are divided according to energy levels, the second-hand housing prices in 20 high-energy cities rose by 1.2% from January to February (among which Zhengzhou, Harbin, etc. are high-energy cities but also dropped significantly), and 29 middle and low-energy cities dropped by 0.2% from January to February; If divided by region, 5 of the 12 urban agglomerations we monitored in February rose month-on-month, 7 fell month-on-month, and the Beibu Gulf urban agglomeration fell by-4% month-on-month. The trend of house prices has shifted from the same rise and fall in the previous range, but with different magnitudes, and the direction of rise and fall has changed. Only the first-tier and strong second-tier low-inventory cities (the broad decontamination cycle is only 6 months or less) have risen, and the house prices in most cities are still continuing to decline. In fact, it can be inferred from the phenomenon of low inventory and strict purchase restriction in cities with rising house prices that the root cause of rising house prices may not lie in insufficient demand control but in insufficient supply.</p><p><b>Leading indicators show that a small number of cities where house prices have risen slightly before may also find it difficult to continue the upward trend, while the month-on-month decline in house prices in other cities is likely to widen.</b>On the supply side, the listing price index of key cities fell slightly in February, and the price expectations of potential home sellers declined; On the demand side, the month-on-month increase in bargaining space in key cities in February also shows that the wait-and-see mood of potential home buyers has risen again, and the market is characterized by oversupply. Even in cities where housing prices have risen before, this trend may be difficult to continue, especially Considering the negative impact of the recent repeated epidemic, we expect the month-on-month decline in housing prices in other cities may further widen.</p><p><b>Chart: Transaction volume of stock housing market</b></p><p><img src=\"https://static.tigerbbs.com/49b0ce057b3b8b2b85956e2a74fa504f\" tg-width=\"1080\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger database,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>And other real estate agency websites, CICC Research Department</p><p><b>Chart: Transaction price of stock housing market</b></p><p><img src=\"https://static.tigerbbs.com/02852d3189c03074b595790487d1b4bd\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger Database, Shell and other real estate agency websites, CICC Research Department</p><p><b>Chart: Regional differences in transaction prices in the stock housing market</b></p><p><img src=\"https://static.tigerbbs.com/2090011463dd2d1cf5750d104a4c7a14\" tg-width=\"1080\" tg-height=\"381\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger Database, Shell and other real estate agency websites, CICC Research Department</p><p><b>Chart: Leading indicators of stock housing market prosperity</b></p><p><img src=\"https://static.tigerbbs.com/8fe6446ee83831bbb8455f760600b6d7\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger Database, Shell and other real estate agency websites, CICC Research Department</p><p><b>Against the background of weak sales, local land supply behavior in the land market since the beginning of the year has shown the characteristics of improving quality and shrinking quantity but not reducing prices.</b>In terms of total volume, in January, February and March this year, the construction area of residential land transactions in 300 cities fell by 50%, 71% and 60% year-on-year respectively, and the transaction amount fell by 70%, 67% and 48% year-on-year respectively. The cumulative number of transactions in the seven cities with the first round of centralized land auctions [1] is only 21% of the total number of transactions in 2021 (the first round in 2021 accounted for 37%), and the trend of transaction shrinkage is obvious. At the same time, the local government has not lowered the starting price setting. Compared with the third batch of land auctions last year, the seven cities in the first batch of centralized land auctions in 2022 have a higher margin of starting land-to-goods ratio, and the margin of starting land-to-land difference is slightly flat. The decline is a relatively intuitive observation [2]; Judging from the final transaction results, the land difference between finished and delivered land only dropped to between the second batch and the third batch last year, but the land-to-goods ratio rose to a higher level than the second batch last year [3], which reflects that the popularity of the land market has only slightly rebounded compared with the third batch last year, but it is far from the level of the second batch last year. At the same time, the quality of the land plots has improved significantly, which directly leads to central enterprises and state-owned enterprises.</p><p><b>Chart: Changes in key indicators of key cities that have recently completed the first round of centralized land auctions in 2022</b></p><p><img src=\"https://static.tigerbbs.com/77b0924ed3ea71728193e411fe926921\" tg-width=\"1080\" tg-height=\"336\" referrerpolicy=\"no-referrer\"/></p><p>Source: China Finger Database, official websites of local natural resources bureaus, CICC Research Department</p><p><b>2. Why is the new housing market so weak?</b></p><p>We believe that the new housing market may have experienced a negative cycle of \"weak demand-insufficient launch-sluggish sales-payment supervision-credit deterioration-financial hedging-weakening expectations-weak demand\". The epidemic situation in many places has repeatedly intensified the cycle. The expected downward speed has caused rising pressure on the industry:</p><p><b>Under the background of macroeconomic pressure, the willingness and ability of \"pure just-needed\" groups to buy houses are insufficient.</b>Since the epidemic, economic development has continued to be under pressure, investment and consumption are weak, residents' expectations for employment stability and income increase are insufficient, and most cities have not actually formed expectations for rising housing prices (this in itself is also the result of residents' employment difficulties and weak income). \"Pure just-needed\" house buyers (such as graduates) who have no house or loan at all lack the willingness and ability to buy houses.</p><p><b>Reasonable demand for improvement is difficult to release under the current policies of purchase restriction, loan restriction and sales restriction.</b>At present, there are more than 70 cities in my country that have limited purchase, loan and sales policies, and their sales amount accounts for more than 60% of the country's total. However, there are only about 20 cities where housing prices actually have short-term excessive upward pressure. The strict demand restriction policy implemented for cities without obvious upward pressure of housing prices makes it difficult for reasonably improved demand groups with certain savings and more stable income to release their demand for housing purchases. For example, families who have settled their loans after purchasing the first suite but need to \"sell old and buy new ones\" as their family population increases need to accept a higher down payment ratio for the second suite, while parents need to wait for a long period of time or meet certain local social security requirements to buy the housing needed by their parents, and so on.</p><p><b>Continued weak demand and widespread excessive supervision of pre-sale funds have led to insufficient willingness and ability of supply-side real estate companies to launch sales.</b>The continued weak demand has caused real estate companies to face the problems of new marketing costs and slow sales at the same time, further exacerbating their cash flow pressure. Even for real estate projects with good location and smooth de-sales, there is still excessive supervision of pre-sale funds at the practical level. On the one hand, there is a widespread so-called \"pre-supplement\" and \"post-supplement\", that is, in the pre-sale funds, the pre-sale buildings, the buildings whose pre-sale funds have not been supervised before and the construction funds of the buildings whose projects have not been pre-sold yet but have been started are fully provided; On the other hand, projects often involve multiple lending banks, and there is a phenomenon that each bank strengthens supervision due to insufficient information sharing in fund supervision among banks. Under this circumstance, the actual supervision ratio of pre-sale funds of real estate companies is too high, and the amount of funds that can be withdrawn for debt repayment is very limited, which ultimately makes the willingness and ability of real estate companies to launch markets obviously insufficient.</p><p><b>The credit risk event of real estate enterprises makes residents' wait-and-see mood when buying houses heavier, thus forming a negative cycle. The risk aversion of financial institutions will accelerate and strengthen this negative cycle.</b>Under the weak supply and demand pattern caused by the aforementioned multiple factors, real estate companies are constantly consuming cash in hand, credit risk events are constantly being interpreted, and residents' concerns about the company's ability to deliver houses also make the remaining small amount of demand enter the wait-and-see stage, making it more difficult for real estate companies to sell., There are fewer pushes, and a negative cycle is formed over and over again. During this process, the risk appetite of financial institutions is also declining, gradually affecting private real estate companies with relatively stable operations, thereby accelerating and strengthening the entire cycle process, causing new home sales to continue to be sluggish.</p><p><b>The epidemic is also an objective factor leading to the sluggish new housing market, and the impact of the epidemic may be amplified under the background of negative cycle.</b>The recurrence of the epidemic in many places since March has also cast a shadow over the release of demand for new homes, but what is even more worrying is that in the negative cycle of \"weak demand-insufficient launch-sluggish sales-payment supervision-credit deterioration-financial hedging-In the negative cycle of\" weakening expectations-weak demand \", expectations may decline non-linearly. If the epidemic lasts too long, it may cause too many private enterprises to struggle to return, and the industry will be in even worse difficulties.</p><p><b>3. Where has the predicament of real estate enterprises come?</b></p><p>Based on the aforementioned analysis of the causes of the new house sales dilemma, we can summarize the four pressures currently faced by real estate companies at the cash flow level:</p><p>The disruption of the epidemic and insufficient demand have led to difficulties in selling sales and increased costs;</p><p>The excessive supervision of pre-sale funds at the practical level makes it difficult for real estate companies to collect money even if they successfully sell;</p><p>The frequent credit risks of private real estate enterprises have led to a rapid decline in the risk appetite of financial institutions. Even private real estate enterprises with relatively normal operating conditions have begun to tighten refinancing channels. Recently, the financing difficulties and financing costs of financially stable central state-owned enterprises have also been on the rise;</p><p>In the current environment, the credit ratings of a large number of real estate companies have been downgraded, which is easy to trigger debt default clauses and form cross-defaults, forming a \"run\" in the factual sense.</p><p><b>Against this background, promoting the merger and acquisition of high-quality leading central state-owned enterprises seems to be a solution, but the actual progress is not ideal.</b>Although the policy level has previously allowed M&A loans not to be included in the three red lines, central state-owned enterprises must also consider their own healthy development, and are faced with the assessment of financial indicators by competent authorities such as the State-owned Assets Supervision and Administration Commission. The actual willingness to acquire and acquire is not strong. Moreover, with the increasing market pressure, there will be more and more insurance companies. From the perspective of volume alone, it is becoming more and more difficult to alleviate corporate credit problems through mergers and acquisitions. Taking the top 50 real estate companies as an example (the total equity sales amount in 2021 accounted for 43% of the country), among them, the equity sales of companies that have substantially defaulted accounted for 25%; The proportion of companies with abnormally high bond yields, general market concerns about possible dangers in the near future, and potential dangers if sales are sluggish for too long has also reached 25%, accounting for half of the total. At the same time, the equity sales of enterprises with merger and acquisition capabilities (mainly financially healthy central state-owned enterprises and leading private enterprises) accounted for only 44%; Enterprises that can protect themselves but have no merger and acquisition capabilities (mainly state-owned enterprises with relatively high leverage) account for 6%. Here, small real estate companies with low volume and inconvenient statistical observation have not been considered. The problems faced by such companies may need to be obtained through extensive research.</p><p><b>Considering the reality that mergers and acquisitions at the company level are not progressing smoothly, at present, real estate companies can only try their best to wait for the physical market to gradually pick up through cash in hand, limited sales payments and asset disposal at the project level, and the biggest \"gateway\" in this waiting process is the debt due.</b></p><p><b>As far as asset disposal is concerned, the seller's price demand and the buyer's willingness to acquire assets are the main \"blocking points\".</b>From the seller's point of view, it is unwilling to dispose of assets at too low prices mainly because it will accelerate the process from liquidity crisis to insolvency. From the buyer's point of view, the process of acquiring assets itself requires high adjustment ability, and the history of assets to be acquired may be complicated. However, the substantial reduction of competitors in the open land market during the same period enables central state-owned enterprises to obtain \"cheap\" and \"clean\" land, so the willingness to acquire assets is low. Even if the two parties finally reach an agreement on the M&A behavior and price, the M&A funds are usually paid in multiple installments, which is of limited help to short-term liquidity crises.</p><p><b>As far as debt maturity is concerned, it is conservatively estimated that a total of 1.1 trillion yuan of credit bonds and ABS will mature during the year. Whether an enterprise can survive the \"barrier\" largely depends on its financial strength, the pace of fundamental recovery and the comprehensive effect of maturity.</b>In terms of debt types: 1) The total maturity of US dollar bonds of major real estate companies in 2022 will be US $48.8 billion. The peak maturity will be in April and June, and the monthly maturity will exceed US $7 billion. 2) The total maturity of domestic bonds of major real estate companies in 2022 will be 602 billion yuan. The peak maturity during the year will be July and August, and the maturity amount will both exceed 80 billion yuan. 3) In 2022, the total amount of ABS due in the supply chain of major real estate companies and the final payment of house purchases will be 240 billion yuan, of which 195.5 billion yuan can be positioned in different months, and the other 44.5 billion yuan can be repaid by hand (the repayment month cannot be specifically positioned). 4) In addition, there are probably more than 600 billion yuan in stock of CMBS and quasi-REITs, but it is difficult to confirm the enterprise entity and the maturity amount at different points in time. Taken together, the peak maturity of real estate companies during the year was distributed in April, June, July and August, all exceeding 120 billion yuan, of which the highest peak in July exceeded 160 billion yuan.</p><p><b>Chart: Maturity of different types of debts of real estate companies in each month in 2022</b></p><p><img src=\"https://static.tigerbbs.com/1881bb52dbef8ca6f44e96d9119b0417\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, Wind Information, CICC Research</p><p><b>4. In what areas does the policy side still have room?</b></p><p><b>The policy side has made many efforts on the demand side, but the response to the policy at the sales level is not yet very obvious.</b>According to our statistics, since the fourth quarter of 2021, the central level has expressed its position on real estate nearly 30 times, and there are also positive words such as \"supporting reasonable housing needs\" and \"promoting the healthy development and virtuous circle of the real estate industry\". From the actual implementation policy:</p><p><b>Financial policies have made great efforts to boost industry demand:</b>Mainly focusing on maintaining reasonable and sufficient credit supply and guiding the downward trend of mortgage interest rates, the current mortgage lending cycle has dropped to 34 days, reaching the lowest level in the past three years, and the mortgage interest rate has also dropped by 40BP in the past two quarters. To some extent, the prosperity of the stock housing market in some core cities has stabilized slightly in stages;</p><p><b>Housing and construction policies have been gradually exerted since the end of 2021, but they are still mainly relaxed at the local level, and are mainly relaxed at low and medium levels in small and medium-sized cities:</b>Up to now, more than 40 cities have introduced policies at the local level or have not introduced policies, but have actually implemented relaxation measures, including settlement/talent introduction policies and housing subsidies (16 cities), provident fund loan quotas and down payment ratios for the second set of provident fund loans (12 cities), down payment ratio for the first set of commercial loans (10 cities), housing and loan subscription standards (Zhengzhou), sales restriction period (Qingdao, Harbin), purchase restriction relaxation (Fuzhou, Quzhou, Qinhuangdao,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>) 6 types of policy adjustment stages. At present, no obvious effect has been seen at the sales level of the corresponding cities (the epidemic may have some interference), and the subsequent impact still needs to be observed.</p><p><b>Chart: Mortgage lending cycle and interest rate marginal changes</b></p><p><img src=\"https://static.tigerbbs.com/c1fa010db05db98205f28b5a1831e26e\" tg-width=\"1080\" tg-height=\"328\" referrerpolicy=\"no-referrer\"/></p><p>Source: Shell Research Institute, CICC Research Department</p><p><b>Looking ahead, in order to alleviate the drag of the property market downturn on investment and macroeconomic growth, and to alleviate the liquidity crisis faced by private real estate companies (especially those that operate more cautiously but are still affected by the downward risk appetite of financial institutions), we believe that policies may still need to continue to exert efforts in both supply and demand.</b></p><p>On the demand side, mortgage liquidity is no longer the main contradiction at present. Further policies may mainly focus on the direction of housing and construction (including some financial, fiscal and taxation policies). It is advisable for relevant ministries and commissions to guide and convey the policy spirit from top to bottom. The implementation of city-specific policies includes:</p><p><b>In terms of purchase restrictions, the purchase qualifications of target groups with reasonable housing needs are moderately relaxed:</b>For example, shorten the social security period, properly identify the social security supplementary payment, moderately relax the conditions for talents to settle down, relax the requirements for relatives to buy houses, and shorten the purchase restriction to the core area; Give appropriate in-kind subsidies, financial subsidies or total price discounts to introduced talents to buy houses.</p><p><b>In terms of loan restriction, reduce the threshold or expenditure cost of house purchase funds:</b>For example, for families with \"no house but loan\" or \"house clearing loan\" and the per capita living area is too small, the first-suite treatment is implemented or optimized on the basis of the second-suite treatment, the down payment ratio of provident fund loans is reduced, the upper limit of the quota is raised, and the application in different places is opened. The mortgage interest rate in some hot cities is further lowered, and the deed tax on house purchase transactions is lowered.</p><p><b>In terms of sales restrictions, relax the conditions of sales restrictions and promote transactions in the stock housing market:</b>For example, shortening the sales restriction period or loosening the identification standard of the sales restriction period, reducing the tax rate of second-hand housing transactions, and adjusting the requirements for tax reduction and exemption period for second-hand housing transactions.</p><p><b>In terms of price limit, moderately adjust the target of house price control:</b>For example, the price of new houses can be used as a three-year compound growth rate as the standard, and the guide price of second-hand houses can be updated.</p><p>On the supply side, policies may need to focus more on alleviating the liquidity problems of real estate companies. The main measures should be formulated, released, and promoted by relevant ministries and commissions, and all localities should cooperate in their implementation, including:</p><p><b>Further optimization of pre-sale fund supervision policy:</b>For example, it is clear that key supervisory households should take the project cost as the benchmark, avoid substantial over-supervision, moderately relax the fund withdrawal standards and procedures for general supervisory households, report the information of inter-bank supervisory accounts in a unified way and coordinate management, maintain the consistency of supervisory account fund regulation in different regions, adjust the fund management gradient of real estate enterprises with different qualifications but it should not be excessive, and the pre-sale funds of phased projects should also be supervised according to the phased progress of the project.</p><p><b>And policy countermeasures to reserve and implement the credit problems of real estate enterprises:</b>For example, quickly organize debt restructuring for enterprises that have defaulted, set up a financial stabilization fund to participate in the asset disposal of real estate enterprises, provide financing support and policy facilities for M&A entities such as AMC and central state-owned enterprises to encourage them to inject capital into problematic enterprises, and regulatory agencies participate in coordinating the asset disposal of real estate enterprises, and release the stock land value of real estate enterprises through land withdrawal and land use right transfer.</p><p><b>Strengthen policy support for housing enterprise financing:</b>For example, financial institutions are encouraged to set a certain grace period for the due debts of real estate companies, enterprises are allowed to convert bank credit lines into bond issuance quotas in equal amounts, assets held by real estate companies are supported to issue securitization products, domestic equity financing of real estate companies is moderately liberalized (including overseas listed companies returning to A), the development loan quota is increased, the interest rate is lowered, and counter-cyclical adjustment factors are introduced to optimize the three red line operation details of real estate companies, the bank concentration management plan, and the SASAC debt ratio assessment.</p><p><b>Policies and measures to improve corporate cash flow:</b>If the tax rate or tax payment requirements are flexibly adjusted according to the cycle situation, the prepayment is cancelled, and the sales payment is realized and the tax is paid again, the deferral can be allowed; Allow real estate enterprises to moderately delay the expenditure of land payment, and allow the land to be withdrawn; The government organizes funds to directly acquire unsold projects under construction by real estate companies for leasing, and then withdraws from investment through REITs.</p><p><b>5. How will the fundamental indicators of the market outlook evolve?</b></p><p><b>Looking forward, how the fundamental indicators of the real estate industry will evolve depends to a large extent on the actual content and timing rhythm of subsequent policy launches. Considering that there is still great uncertainty, here we give three scenario assumptions and deduction predictions:</b></p><p><b>Scenario 1:</b>Assuming that there is a strong adjustment of the aforementioned policies in the first half of the second quarter (out of forward-looking expectations for the weakening of the real estate market and macroeconomic figures), we expect that the prosperity of the real estate market is expected to recover significantly in the middle and late second quarter, and It continued to pick up in the third and fourth quarters. Under this situation, it is estimated that the annual sales area will be-7% year-on-year, the sales amount will be-2%, the real estate development investment will be-3%, the newly started area will be-20%, and the physical completed area will be +4%.</p><p><b>Chart: Forecast of main indicators of real estate industry fundamentals in Scenario 1</b></p><p><img src=\"https://static.tigerbbs.com/6512f2db47e628bd45551e9c48e2027f\" tg-width=\"1080\" tg-height=\"638\" referrerpolicy=\"no-referrer\"/></p><p>Source: National Bureau of Statistics, CICC Research Department</p><p><b>Case 2:</b>Assuming that the real estate market and macroeconomic figures continue to weaken in the second quarter, and the aforementioned strong adjustment occurs on the policy side at the end of the second quarter and the beginning of the third quarter, we expect that the prosperity of the real estate market will fluctuate at the bottom in the second quarter (although the year-on-year decline of each indicator in the second quarter may be narrower than that in the first quarter due to the impact of the base number, but the narrowing will be significantly weaker than that in the first quarter), and the prosperity in the third quarter will gradually recover and continue to rebound in the fourth quarter. Under this situation, it is estimated that the annual sales area will be-12%, the sales amount will be-11%, the real estate development investment will be-9%, the newly started area will be-31%, and the physical completed area will be-2%.</p><p><b>Chart: Forecast of main indicators of real estate industry fundamentals in Scenario 2</b></p><p><img src=\"https://static.tigerbbs.com/476f5d69593fb1907e4655d59336d336\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>Source: National Bureau of Statistics, CICC Research Department</p><p><b>Scenario 3:</b>Assuming that the aforementioned strong adjustment occurs on the policy side in the fourth quarter, we expect that the prosperity of the real estate market will not reach an inflection point until the fourth quarter (also due to the influence of the base, each indicator may narrow the year-on-year decline in the second and third quarters, but the quarter-on-quarter decline will be significantly weaker than the seasonal performance, and the narrowing of the decline will also be significantly weaker than the first two scenarios). In this case, it is estimated that the annual sales area will be-17%, the sales amount will be-20%, the investment amount will be-15%, the newly started area will be-41%, and the physical completed area will be-6%.</p><p><b>Chart: Forecast of main indicators of real estate industry fundamentals in Scenario 3</b></p><p><img src=\"https://static.tigerbbs.com/577ec8ac36cb14c370ac939d5b993fb0\" tg-width=\"1080\" tg-height=\"636\" referrerpolicy=\"no-referrer\"/></p><p>Source: National Bureau of Statistics, CICC Research Department</p><p><b>6. How to seize investment opportunities in real estate stocks?</b></p><p><b>The short-term dominant logic is still dominated by policy games, and the general direction has been clear. The key lies in grasping the investment rhythm.</b>At present, the fundamentals continue to weaken and the credit risks of real estate companies continue to ferment. The urgency and necessity of the aforementioned policy adjustments have further increased. We believe that there are not too many differences in the market on the general direction of the policy outlook. The main difference in expectations comes from the policy rhythm. Judgment differences. We suggest that investors continue to embrace \"all-good\" high-quality developers before observing strong adjustments to the above policies and measures. If there is a trend of the aforementioned policy adjustment in the market outlook, we can consider giving due consideration to \"flexible\" private enterprises.</p><p><b>In the medium and long term, it will eventually return to the long-term share increase logic of \"good students\", and high-quality leaders are expected to continue to win.</b>We believe that after this round of substantial market adjustments, as the industry returns to a normal business environment, the long-term competitiveness of real estate companies will ultimately be attributed to competitions in terms of business track orientation, financial quality, and refined operational capabilities. Real estate companies that previously relied on the path of increasing leverage to achieve growth and had relatively extensive operations, even if they are not cleared in this round, will face problems such as sustained shrinking balance sheet in the medium-term dimension and insufficient share competitiveness in the long-term dimension. Therefore, after this round of short-term game policy logic, in the medium and long term, we continue to be optimistic about the \"good students\" who develop the track and the \"all-rounders\" who are deeply involved in the real estate track.</p><p><b>Chart: A-share developer NAV discount and forward P/E</b></p><p><img src=\"https://static.tigerbbs.com/4139e718f8268b0298bf12b04040c688\" tg-width=\"1080\" tg-height=\"344\" referrerpolicy=\"no-referrer\"/></p><p>Source: Wind Information, Company Announcement, CICC Research Department</p><p><b>Chart: H-share developer NAV discount and forward P/E</b></p><p><img src=\"https://static.tigerbbs.com/98607628f43ea41f1ea3d94b78ef0579\" tg-width=\"1080\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/></p><p>Source: Wind Information, Company Announcement, CICC Research Department</p><p>[1] There are 8 cities that have actually completed the first round of centralized land auctions in 2022. However, since the scope of this centralized land auction in Chongqing has changed significantly from before (only the land in the central city is launched), in order to achieve different batches in statistics. The relative comparability of batches, this paragraph only considers 7 cities for the statistics of centralized land auctions.</p><p>[2] The starting land-to-goods ratio refers to the ratio of the starting land price to the potential sellable price, and the starting land difference refers to the difference between the potential sellable price and the starting land price of the land. The higher of the former and the lower of the latter indicate that the local government is raising the starting price. It should be pointed out that if there is little difference in plot quality between different batches, the trends of the two indicators are opposite; If the change direction of the two is the same (or the change direction is opposite but the change range is quite different), the judgment of the change direction of the starting price should be based on the latter as far as possible, which is mainly because the former will still be affected by the quality of the plot to a certain extent (the better the quality, the higher the ratio systematically). Judging from the above rules, the starting price of the second batch in 2021 was not actually lowered compared with the first batch (at the same time, the quality of the plots declined significantly), but it was lowered in the third batch (at the same time, the quality of the plots improved significantly). This year The land difference between the first batch of starting goods was only flat and slightly decreased, and the ratio of starting land to goods rose to exceed the first batch of last year, indicating that the local government did not lower the starting price, but significantly improved the quality of the plots.</p><p>[3] The definitions of transaction land-to-goods ratio and delivery land difference are similar to those of starting land-to-goods ratio and starting land difference, except that the starting land price is replaced by the transaction land price. Similarly, the judgment of transaction heat should be based on the difference between finished and delivered land as far as possible, and the difference between the two indicators reflects the quality of the plot.</p><p></body></html></p>","source":"zjdj","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>Institutional interpretation: How to grasp the current investment opportunities of real estate stocks?</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\">\nInstitutional interpretation: How to grasp the current investment opportunities of real estate stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中金点睛</strong><span class=\"h-time small\">2022-04-06 10:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>At present, the real estate industry is facing the dual pressures of continued weakening on the sales side and fermenting risks on the credit side. Under the background of market clearing and pattern reshaping, investors are advised to select \"all-good\" high-quality leaders.</p><p><b>SUMMARY</b></p><p><b>How are the current fundamentals of the real estate industry performing?</b>Since the beginning of the year, the sales area of new houses has continued to decline, and the year-on-year decline has continued to widen; Except for a small number of low-inventory cities, housing prices are showing signs of recovery, housing prices in most low-and medium-level cities are still on a downward trend. Against this background, since the beginning of this year, the land supply of local governments in the land market has shown the characteristics of improving quality and shrinking quantity but not reducing prices.</p><p><b>Why is the new home market performing so weakly?</b>We believe that the current new housing market may have experienced a negative cycle of \"weak demand-insufficient launch-sluggish sales-payment supervision-credit deterioration-financial hedging-weakening expectations-weak demand\", and the recent epidemic in many places has exacerbated this cycle. The cycle has a negative effect, and the confidence of home buyers and real estate companies in the market outlook continues to decline under the interaction of supply and demand.</p><p><b>Where has the predicament at the real estate level come?</b>Due to the continued sluggish sales side, the unspeakable loosening of pre-sale fund supervision, and the lack of willingness of buyers in the M&A market, the cash flow pressure of real estate companies is still intensifying. We conservatively estimate that a total of 1.1 trillion yuan of credit bonds and ABS of real estate companies will mature during the year, and the maturity peak will be month by month in the next six months. Superimposed on the risk contagion that may be caused by debt rating downgrades, credit risk events are still hard to end.</p><p><b>Where is there still room on the policy side?</b>We believe that there is still room for further policy efforts on both supply and demand sides. The demand side focuses more on housing and construction policies to support reasonable housing demand, while the supply side may focus more on the relief and alleviation of the credit problems of real estate companies. (See the text for details of key measures to pay attention to).</p><p><b>How will the fundamental indicators of the market outlook evolve?</b>Considering the uncertainty of policy rhythm, we give three possible deductions of the market outlook.<b>Scenario 1:</b>If there is a strong policy adjustment in the first half of the second quarter, it is estimated that the annual sales area will be-7% year-on-year, the investment amount will be-3%, and the newly started area will be-20%;<b>Case 2:</b>If the effective policy occurs at the end of the second quarter and the beginning of the third quarter, it is estimated that the annual sales area will be-12%, the investment amount will be-9%, and the new construction area will be-31%;<b>Scenario 3:</b>If there is a strong change in the policy side in the fourth quarter, it is estimated that the annual sales area will be-17%, the investment amount will be-15%, and the newly started area will be-41%.</p><p><b>How to grasp investment opportunities in real estate stocks?</b>We believe that the dominant logic of short-term real estate stocks is still dominated by policy games, and we suggest that investors continue to embrace \"all-good\" high-quality developers before observing the launch of key policy measures. If there are positive changes in the policies mentioned in the text in the market outlook, the certainty of \"flexible\" private enterprise valuation repair opportunities will be greatly improved. In the medium and long-term dimension, the industry has returned to the essence of operation. We continue to be optimistic about the \"good students\" with long-distance running ability in the development track and the \"all-rounders\" in the layout of the real estate track.</p><p><b>Risk</b></p><p>Fundamental sales fell short of expectations; The credit situation of real estate companies has accelerated and deteriorated; The impact of the epidemic exceeded expectations.</p><p><b>text</b></p><p><b>1. What is the current fundamental performance of the real estate industry?</b></p><p><b>Since the beginning of the year, the sales of new homes have continued to decline and are currently at the lowest level in history.</b>Since the fourth quarter of last year, the weekly sales area of high-frequency new houses in 50 key cities has dropped by more than 30% in other months except for a slight rebound in December, especially in February and March this year. The year-on-year decline has widened to-37% and-51% respectively, of which the weekly average in March is only the same as that in January-February (under normal circumstances, the sales in March should rebound compared with January-February, which is influenced by the Spring Festival. Whether in terms of year-on-year decline or month-on-month seasonality, the current sales of new homes are at the lowest level in history.</p><p><b>Chart: High-frequency weekly new house sales area and year-on-year</b></p><p><img src=\"https://static.tigerbbs.com/a8885e53238b850d5089276e0b2ac20a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger database,<a href=\"https://laohu8.com/S/601995\">CICC</a>Research Department</p><p><b>The sales decline of the top 100 real estate companies widened consistently.</b>Since September last year, the year-on-year decline in sales of the top 100 real estate companies has continued to remain between-30% and-40%, but it has obviously widened since the beginning of the year. The year-on-year decline in January, February and March has reached-41%,-47% and-53% respectively; Cumulatively, the sales amount of the top 100 real estate companies in the first quarter of this year decreased by 47% year-on-year, which was 3% lower than that in the first quarter of 2020, when national economic activities were suspended on a large scale due to the epidemic. If we further look at the main body level of enterprises, we can see that although there is a certain differentiation in the year-on-year decline level among enterprises, the trend of marginal widening is basically the same. (The year-on-year decline in the fourth quarter of 2021 was mostly about 20%), and the year-on-year decline in the first quarter of some enterprises with credit risks generally exceeded 50% (the year-on-year decline in the fourth quarter of 2021 was about 40%).</p><p><b>Chart: Monthly sales sequence of top 100 real estate companies</b></p><p><img src=\"https://static.tigerbbs.com/eb37d04139d2befb22a5f21e83142944\" tg-width=\"1080\" tg-height=\"359\" referrerpolicy=\"no-referrer\"/></p><p>Source: CRIC,<a href=\"https://laohu8.com/S/03908\">CICC</a>Research Department</p><p><b>Chart: Sales data of major real estate companies in March 2022</b></p><p><img src=\"https://static.tigerbbs.com/cdb3767c04f7ac7f8b3d10f8495dfe80\" tg-width=\"864\" tg-height=\"604\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/3ea042762e5aaea0656148cbf7e88e11\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p>Source: CRIC, company announcement, CICC Research Department</p><p><b>In 2021, housing prices have fallen by nearly 3% cumulatively. Since the beginning of the year, only a small number of low-inventory cities have shown signs of recovery, but the continuity is not strong. In most low-and medium-level cities, housing prices are still declining.</b>In 2021, second-hand housing prices in the 49 cities we monitored continued to rise in the first half of the year, with a cumulative increase of 4.2%. In the second half of the year, they fell rapidly by 6.8%, and at the end of the year, they fell by 2.9% compared with the beginning of the year. Among them, high-energy cities (20) fell by 1.8%, and medium-and low-energy cities (29) fell by 4.9%. Since November 2021, the margin of second-hand housing transaction volume has stabilized and rebounded slightly. At the beginning of this year, the price of second-hand houses has also stopped falling and turned up driven by the transaction volume, but there are still two hidden worries behind it:</p><p><b>The trend of second-hand housing prices is obviously polarized between energy levels and regions. Only a small number of low-inventory cities have gone up, and housing prices in most cities have been declining since the beginning of the year.</b>If the 49 cities we monitor are divided according to energy levels, the second-hand housing prices in 20 high-energy cities rose by 1.2% from January to February (among which Zhengzhou, Harbin, etc. are high-energy cities but also dropped significantly), and 29 middle and low-energy cities dropped by 0.2% from January to February; If divided by region, 5 of the 12 urban agglomerations we monitored in February rose month-on-month, 7 fell month-on-month, and the Beibu Gulf urban agglomeration fell by-4% month-on-month. The trend of house prices has shifted from the same rise and fall in the previous range, but with different magnitudes, and the direction of rise and fall has changed. Only the first-tier and strong second-tier low-inventory cities (the broad decontamination cycle is only 6 months or less) have risen, and the house prices in most cities are still continuing to decline. In fact, it can be inferred from the phenomenon of low inventory and strict purchase restriction in cities with rising house prices that the root cause of rising house prices may not lie in insufficient demand control but in insufficient supply.</p><p><b>Leading indicators show that a small number of cities where house prices have risen slightly before may also find it difficult to continue the upward trend, while the month-on-month decline in house prices in other cities is likely to widen.</b>On the supply side, the listing price index of key cities fell slightly in February, and the price expectations of potential home sellers declined; On the demand side, the month-on-month increase in bargaining space in key cities in February also shows that the wait-and-see mood of potential home buyers has risen again, and the market is characterized by oversupply. Even in cities where housing prices have risen before, this trend may be difficult to continue, especially Considering the negative impact of the recent repeated epidemic, we expect the month-on-month decline in housing prices in other cities may further widen.</p><p><b>Chart: Transaction volume of stock housing market</b></p><p><img src=\"https://static.tigerbbs.com/49b0ce057b3b8b2b85956e2a74fa504f\" tg-width=\"1080\" tg-height=\"391\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger database,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>And other real estate agency websites, CICC Research Department</p><p><b>Chart: Transaction price of stock housing market</b></p><p><img src=\"https://static.tigerbbs.com/02852d3189c03074b595790487d1b4bd\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger Database, Shell and other real estate agency websites, CICC Research Department</p><p><b>Chart: Regional differences in transaction prices in the stock housing market</b></p><p><img src=\"https://static.tigerbbs.com/2090011463dd2d1cf5750d104a4c7a14\" tg-width=\"1080\" tg-height=\"381\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger Database, Shell and other real estate agency websites, CICC Research Department</p><p><b>Chart: Leading indicators of stock housing market prosperity</b></p><p><img src=\"https://static.tigerbbs.com/8fe6446ee83831bbb8455f760600b6d7\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>Source: Middle Finger Database, Shell and other real estate agency websites, CICC Research Department</p><p><b>Against the background of weak sales, local land supply behavior in the land market since the beginning of the year has shown the characteristics of improving quality and shrinking quantity but not reducing prices.</b>In terms of total volume, in January, February and March this year, the construction area of residential land transactions in 300 cities fell by 50%, 71% and 60% year-on-year respectively, and the transaction amount fell by 70%, 67% and 48% year-on-year respectively. The cumulative number of transactions in the seven cities with the first round of centralized land auctions [1] is only 21% of the total number of transactions in 2021 (the first round in 2021 accounted for 37%), and the trend of transaction shrinkage is obvious. At the same time, the local government has not lowered the starting price setting. Compared with the third batch of land auctions last year, the seven cities in the first batch of centralized land auctions in 2022 have a higher margin of starting land-to-goods ratio, and the margin of starting land-to-land difference is slightly flat. The decline is a relatively intuitive observation [2]; Judging from the final transaction results, the land difference between finished and delivered land only dropped to between the second batch and the third batch last year, but the land-to-goods ratio rose to a higher level than the second batch last year [3], which reflects that the popularity of the land market has only slightly rebounded compared with the third batch last year, but it is far from the level of the second batch last year. At the same time, the quality of the land plots has improved significantly, which directly leads to central enterprises and state-owned enterprises.</p><p><b>Chart: Changes in key indicators of key cities that have recently completed the first round of centralized land auctions in 2022</b></p><p><img src=\"https://static.tigerbbs.com/77b0924ed3ea71728193e411fe926921\" tg-width=\"1080\" tg-height=\"336\" referrerpolicy=\"no-referrer\"/></p><p>Source: China Finger Database, official websites of local natural resources bureaus, CICC Research Department</p><p><b>2. Why is the new housing market so weak?</b></p><p>We believe that the new housing market may have experienced a negative cycle of \"weak demand-insufficient launch-sluggish sales-payment supervision-credit deterioration-financial hedging-weakening expectations-weak demand\". The epidemic situation in many places has repeatedly intensified the cycle. The expected downward speed has caused rising pressure on the industry:</p><p><b>Under the background of macroeconomic pressure, the willingness and ability of \"pure just-needed\" groups to buy houses are insufficient.</b>Since the epidemic, economic development has continued to be under pressure, investment and consumption are weak, residents' expectations for employment stability and income increase are insufficient, and most cities have not actually formed expectations for rising housing prices (this in itself is also the result of residents' employment difficulties and weak income). \"Pure just-needed\" house buyers (such as graduates) who have no house or loan at all lack the willingness and ability to buy houses.</p><p><b>Reasonable demand for improvement is difficult to release under the current policies of purchase restriction, loan restriction and sales restriction.</b>At present, there are more than 70 cities in my country that have limited purchase, loan and sales policies, and their sales amount accounts for more than 60% of the country's total. However, there are only about 20 cities where housing prices actually have short-term excessive upward pressure. The strict demand restriction policy implemented for cities without obvious upward pressure of housing prices makes it difficult for reasonably improved demand groups with certain savings and more stable income to release their demand for housing purchases. For example, families who have settled their loans after purchasing the first suite but need to \"sell old and buy new ones\" as their family population increases need to accept a higher down payment ratio for the second suite, while parents need to wait for a long period of time or meet certain local social security requirements to buy the housing needed by their parents, and so on.</p><p><b>Continued weak demand and widespread excessive supervision of pre-sale funds have led to insufficient willingness and ability of supply-side real estate companies to launch sales.</b>The continued weak demand has caused real estate companies to face the problems of new marketing costs and slow sales at the same time, further exacerbating their cash flow pressure. Even for real estate projects with good location and smooth de-sales, there is still excessive supervision of pre-sale funds at the practical level. On the one hand, there is a widespread so-called \"pre-supplement\" and \"post-supplement\", that is, in the pre-sale funds, the pre-sale buildings, the buildings whose pre-sale funds have not been supervised before and the construction funds of the buildings whose projects have not been pre-sold yet but have been started are fully provided; On the other hand, projects often involve multiple lending banks, and there is a phenomenon that each bank strengthens supervision due to insufficient information sharing in fund supervision among banks. Under this circumstance, the actual supervision ratio of pre-sale funds of real estate companies is too high, and the amount of funds that can be withdrawn for debt repayment is very limited, which ultimately makes the willingness and ability of real estate companies to launch markets obviously insufficient.</p><p><b>The credit risk event of real estate enterprises makes residents' wait-and-see mood when buying houses heavier, thus forming a negative cycle. The risk aversion of financial institutions will accelerate and strengthen this negative cycle.</b>Under the weak supply and demand pattern caused by the aforementioned multiple factors, real estate companies are constantly consuming cash in hand, credit risk events are constantly being interpreted, and residents' concerns about the company's ability to deliver houses also make the remaining small amount of demand enter the wait-and-see stage, making it more difficult for real estate companies to sell., There are fewer pushes, and a negative cycle is formed over and over again. During this process, the risk appetite of financial institutions is also declining, gradually affecting private real estate companies with relatively stable operations, thereby accelerating and strengthening the entire cycle process, causing new home sales to continue to be sluggish.</p><p><b>The epidemic is also an objective factor leading to the sluggish new housing market, and the impact of the epidemic may be amplified under the background of negative cycle.</b>The recurrence of the epidemic in many places since March has also cast a shadow over the release of demand for new homes, but what is even more worrying is that in the negative cycle of \"weak demand-insufficient launch-sluggish sales-payment supervision-credit deterioration-financial hedging-In the negative cycle of\" weakening expectations-weak demand \", expectations may decline non-linearly. If the epidemic lasts too long, it may cause too many private enterprises to struggle to return, and the industry will be in even worse difficulties.</p><p><b>3. Where has the predicament of real estate enterprises come?</b></p><p>Based on the aforementioned analysis of the causes of the new house sales dilemma, we can summarize the four pressures currently faced by real estate companies at the cash flow level:</p><p>The disruption of the epidemic and insufficient demand have led to difficulties in selling sales and increased costs;</p><p>The excessive supervision of pre-sale funds at the practical level makes it difficult for real estate companies to collect money even if they successfully sell;</p><p>The frequent credit risks of private real estate enterprises have led to a rapid decline in the risk appetite of financial institutions. Even private real estate enterprises with relatively normal operating conditions have begun to tighten refinancing channels. Recently, the financing difficulties and financing costs of financially stable central state-owned enterprises have also been on the rise;</p><p>In the current environment, the credit ratings of a large number of real estate companies have been downgraded, which is easy to trigger debt default clauses and form cross-defaults, forming a \"run\" in the factual sense.</p><p><b>Against this background, promoting the merger and acquisition of high-quality leading central state-owned enterprises seems to be a solution, but the actual progress is not ideal.</b>Although the policy level has previously allowed M&A loans not to be included in the three red lines, central state-owned enterprises must also consider their own healthy development, and are faced with the assessment of financial indicators by competent authorities such as the State-owned Assets Supervision and Administration Commission. The actual willingness to acquire and acquire is not strong. Moreover, with the increasing market pressure, there will be more and more insurance companies. From the perspective of volume alone, it is becoming more and more difficult to alleviate corporate credit problems through mergers and acquisitions. Taking the top 50 real estate companies as an example (the total equity sales amount in 2021 accounted for 43% of the country), among them, the equity sales of companies that have substantially defaulted accounted for 25%; The proportion of companies with abnormally high bond yields, general market concerns about possible dangers in the near future, and potential dangers if sales are sluggish for too long has also reached 25%, accounting for half of the total. At the same time, the equity sales of enterprises with merger and acquisition capabilities (mainly financially healthy central state-owned enterprises and leading private enterprises) accounted for only 44%; Enterprises that can protect themselves but have no merger and acquisition capabilities (mainly state-owned enterprises with relatively high leverage) account for 6%. Here, small real estate companies with low volume and inconvenient statistical observation have not been considered. The problems faced by such companies may need to be obtained through extensive research.</p><p><b>Considering the reality that mergers and acquisitions at the company level are not progressing smoothly, at present, real estate companies can only try their best to wait for the physical market to gradually pick up through cash in hand, limited sales payments and asset disposal at the project level, and the biggest \"gateway\" in this waiting process is the debt due.</b></p><p><b>As far as asset disposal is concerned, the seller's price demand and the buyer's willingness to acquire assets are the main \"blocking points\".</b>From the seller's point of view, it is unwilling to dispose of assets at too low prices mainly because it will accelerate the process from liquidity crisis to insolvency. From the buyer's point of view, the process of acquiring assets itself requires high adjustment ability, and the history of assets to be acquired may be complicated. However, the substantial reduction of competitors in the open land market during the same period enables central state-owned enterprises to obtain \"cheap\" and \"clean\" land, so the willingness to acquire assets is low. Even if the two parties finally reach an agreement on the M&A behavior and price, the M&A funds are usually paid in multiple installments, which is of limited help to short-term liquidity crises.</p><p><b>As far as debt maturity is concerned, it is conservatively estimated that a total of 1.1 trillion yuan of credit bonds and ABS will mature during the year. Whether an enterprise can survive the \"barrier\" largely depends on its financial strength, the pace of fundamental recovery and the comprehensive effect of maturity.</b>In terms of debt types: 1) The total maturity of US dollar bonds of major real estate companies in 2022 will be US $48.8 billion. The peak maturity will be in April and June, and the monthly maturity will exceed US $7 billion. 2) The total maturity of domestic bonds of major real estate companies in 2022 will be 602 billion yuan. The peak maturity during the year will be July and August, and the maturity amount will both exceed 80 billion yuan. 3) In 2022, the total amount of ABS due in the supply chain of major real estate companies and the final payment of house purchases will be 240 billion yuan, of which 195.5 billion yuan can be positioned in different months, and the other 44.5 billion yuan can be repaid by hand (the repayment month cannot be specifically positioned). 4) In addition, there are probably more than 600 billion yuan in stock of CMBS and quasi-REITs, but it is difficult to confirm the enterprise entity and the maturity amount at different points in time. Taken together, the peak maturity of real estate companies during the year was distributed in April, June, July and August, all exceeding 120 billion yuan, of which the highest peak in July exceeded 160 billion yuan.</p><p><b>Chart: Maturity of different types of debts of real estate companies in each month in 2022</b></p><p><img src=\"https://static.tigerbbs.com/1881bb52dbef8ca6f44e96d9119b0417\" tg-width=\"1080\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>Source: Bloomberg, Wind Information, CICC Research</p><p><b>4. In what areas does the policy side still have room?</b></p><p><b>The policy side has made many efforts on the demand side, but the response to the policy at the sales level is not yet very obvious.</b>According to our statistics, since the fourth quarter of 2021, the central level has expressed its position on real estate nearly 30 times, and there are also positive words such as \"supporting reasonable housing needs\" and \"promoting the healthy development and virtuous circle of the real estate industry\". From the actual implementation policy:</p><p><b>Financial policies have made great efforts to boost industry demand:</b>Mainly focusing on maintaining reasonable and sufficient credit supply and guiding the downward trend of mortgage interest rates, the current mortgage lending cycle has dropped to 34 days, reaching the lowest level in the past three years, and the mortgage interest rate has also dropped by 40BP in the past two quarters. To some extent, the prosperity of the stock housing market in some core cities has stabilized slightly in stages;</p><p><b>Housing and construction policies have been gradually exerted since the end of 2021, but they are still mainly relaxed at the local level, and are mainly relaxed at low and medium levels in small and medium-sized cities:</b>Up to now, more than 40 cities have introduced policies at the local level or have not introduced policies, but have actually implemented relaxation measures, including settlement/talent introduction policies and housing subsidies (16 cities), provident fund loan quotas and down payment ratios for the second set of provident fund loans (12 cities), down payment ratio for the first set of commercial loans (10 cities), housing and loan subscription standards (Zhengzhou), sales restriction period (Qingdao, Harbin), purchase restriction relaxation (Fuzhou, Quzhou, Qinhuangdao,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>) 6 types of policy adjustment stages. At present, no obvious effect has been seen at the sales level of the corresponding cities (the epidemic may have some interference), and the subsequent impact still needs to be observed.</p><p><b>Chart: Mortgage lending cycle and interest rate marginal changes</b></p><p><img src=\"https://static.tigerbbs.com/c1fa010db05db98205f28b5a1831e26e\" tg-width=\"1080\" tg-height=\"328\" referrerpolicy=\"no-referrer\"/></p><p>Source: Shell Research Institute, CICC Research Department</p><p><b>Looking ahead, in order to alleviate the drag of the property market downturn on investment and macroeconomic growth, and to alleviate the liquidity crisis faced by private real estate companies (especially those that operate more cautiously but are still affected by the downward risk appetite of financial institutions), we believe that policies may still need to continue to exert efforts in both supply and demand.</b></p><p>On the demand side, mortgage liquidity is no longer the main contradiction at present. Further policies may mainly focus on the direction of housing and construction (including some financial, fiscal and taxation policies). It is advisable for relevant ministries and commissions to guide and convey the policy spirit from top to bottom. The implementation of city-specific policies includes:</p><p><b>In terms of purchase restrictions, the purchase qualifications of target groups with reasonable housing needs are moderately relaxed:</b>For example, shorten the social security period, properly identify the social security supplementary payment, moderately relax the conditions for talents to settle down, relax the requirements for relatives to buy houses, and shorten the purchase restriction to the core area; Give appropriate in-kind subsidies, financial subsidies or total price discounts to introduced talents to buy houses.</p><p><b>In terms of loan restriction, reduce the threshold or expenditure cost of house purchase funds:</b>For example, for families with \"no house but loan\" or \"house clearing loan\" and the per capita living area is too small, the first-suite treatment is implemented or optimized on the basis of the second-suite treatment, the down payment ratio of provident fund loans is reduced, the upper limit of the quota is raised, and the application in different places is opened. The mortgage interest rate in some hot cities is further lowered, and the deed tax on house purchase transactions is lowered.</p><p><b>In terms of sales restrictions, relax the conditions of sales restrictions and promote transactions in the stock housing market:</b>For example, shortening the sales restriction period or loosening the identification standard of the sales restriction period, reducing the tax rate of second-hand housing transactions, and adjusting the requirements for tax reduction and exemption period for second-hand housing transactions.</p><p><b>In terms of price limit, moderately adjust the target of house price control:</b>For example, the price of new houses can be used as a three-year compound growth rate as the standard, and the guide price of second-hand houses can be updated.</p><p>On the supply side, policies may need to focus more on alleviating the liquidity problems of real estate companies. The main measures should be formulated, released, and promoted by relevant ministries and commissions, and all localities should cooperate in their implementation, including:</p><p><b>Further optimization of pre-sale fund supervision policy:</b>For example, it is clear that key supervisory households should take the project cost as the benchmark, avoid substantial over-supervision, moderately relax the fund withdrawal standards and procedures for general supervisory households, report the information of inter-bank supervisory accounts in a unified way and coordinate management, maintain the consistency of supervisory account fund regulation in different regions, adjust the fund management gradient of real estate enterprises with different qualifications but it should not be excessive, and the pre-sale funds of phased projects should also be supervised according to the phased progress of the project.</p><p><b>And policy countermeasures to reserve and implement the credit problems of real estate enterprises:</b>For example, quickly organize debt restructuring for enterprises that have defaulted, set up a financial stabilization fund to participate in the asset disposal of real estate enterprises, provide financing support and policy facilities for M&A entities such as AMC and central state-owned enterprises to encourage them to inject capital into problematic enterprises, and regulatory agencies participate in coordinating the asset disposal of real estate enterprises, and release the stock land value of real estate enterprises through land withdrawal and land use right transfer.</p><p><b>Strengthen policy support for housing enterprise financing:</b>For example, financial institutions are encouraged to set a certain grace period for the due debts of real estate companies, enterprises are allowed to convert bank credit lines into bond issuance quotas in equal amounts, assets held by real estate companies are supported to issue securitization products, domestic equity financing of real estate companies is moderately liberalized (including overseas listed companies returning to A), the development loan quota is increased, the interest rate is lowered, and counter-cyclical adjustment factors are introduced to optimize the three red line operation details of real estate companies, the bank concentration management plan, and the SASAC debt ratio assessment.</p><p><b>Policies and measures to improve corporate cash flow:</b>If the tax rate or tax payment requirements are flexibly adjusted according to the cycle situation, the prepayment is cancelled, and the sales payment is realized and the tax is paid again, the deferral can be allowed; Allow real estate enterprises to moderately delay the expenditure of land payment, and allow the land to be withdrawn; The government organizes funds to directly acquire unsold projects under construction by real estate companies for leasing, and then withdraws from investment through REITs.</p><p><b>5. How will the fundamental indicators of the market outlook evolve?</b></p><p><b>Looking forward, how the fundamental indicators of the real estate industry will evolve depends to a large extent on the actual content and timing rhythm of subsequent policy launches. Considering that there is still great uncertainty, here we give three scenario assumptions and deduction predictions:</b></p><p><b>Scenario 1:</b>Assuming that there is a strong adjustment of the aforementioned policies in the first half of the second quarter (out of forward-looking expectations for the weakening of the real estate market and macroeconomic figures), we expect that the prosperity of the real estate market is expected to recover significantly in the middle and late second quarter, and It continued to pick up in the third and fourth quarters. Under this situation, it is estimated that the annual sales area will be-7% year-on-year, the sales amount will be-2%, the real estate development investment will be-3%, the newly started area will be-20%, and the physical completed area will be +4%.</p><p><b>Chart: Forecast of main indicators of real estate industry fundamentals in Scenario 1</b></p><p><img src=\"https://static.tigerbbs.com/6512f2db47e628bd45551e9c48e2027f\" tg-width=\"1080\" tg-height=\"638\" referrerpolicy=\"no-referrer\"/></p><p>Source: National Bureau of Statistics, CICC Research Department</p><p><b>Case 2:</b>Assuming that the real estate market and macroeconomic figures continue to weaken in the second quarter, and the aforementioned strong adjustment occurs on the policy side at the end of the second quarter and the beginning of the third quarter, we expect that the prosperity of the real estate market will fluctuate at the bottom in the second quarter (although the year-on-year decline of each indicator in the second quarter may be narrower than that in the first quarter due to the impact of the base number, but the narrowing will be significantly weaker than that in the first quarter), and the prosperity in the third quarter will gradually recover and continue to rebound in the fourth quarter. Under this situation, it is estimated that the annual sales area will be-12%, the sales amount will be-11%, the real estate development investment will be-9%, the newly started area will be-31%, and the physical completed area will be-2%.</p><p><b>Chart: Forecast of main indicators of real estate industry fundamentals in Scenario 2</b></p><p><img src=\"https://static.tigerbbs.com/476f5d69593fb1907e4655d59336d336\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>Source: National Bureau of Statistics, CICC Research Department</p><p><b>Scenario 3:</b>Assuming that the aforementioned strong adjustment occurs on the policy side in the fourth quarter, we expect that the prosperity of the real estate market will not reach an inflection point until the fourth quarter (also due to the influence of the base, each indicator may narrow the year-on-year decline in the second and third quarters, but the quarter-on-quarter decline will be significantly weaker than the seasonal performance, and the narrowing of the decline will also be significantly weaker than the first two scenarios). In this case, it is estimated that the annual sales area will be-17%, the sales amount will be-20%, the investment amount will be-15%, the newly started area will be-41%, and the physical completed area will be-6%.</p><p><b>Chart: Forecast of main indicators of real estate industry fundamentals in Scenario 3</b></p><p><img src=\"https://static.tigerbbs.com/577ec8ac36cb14c370ac939d5b993fb0\" tg-width=\"1080\" tg-height=\"636\" referrerpolicy=\"no-referrer\"/></p><p>Source: National Bureau of Statistics, CICC Research Department</p><p><b>6. How to seize investment opportunities in real estate stocks?</b></p><p><b>The short-term dominant logic is still dominated by policy games, and the general direction has been clear. The key lies in grasping the investment rhythm.</b>At present, the fundamentals continue to weaken and the credit risks of real estate companies continue to ferment. The urgency and necessity of the aforementioned policy adjustments have further increased. We believe that there are not too many differences in the market on the general direction of the policy outlook. The main difference in expectations comes from the policy rhythm. Judgment differences. We suggest that investors continue to embrace \"all-good\" high-quality developers before observing strong adjustments to the above policies and measures. If there is a trend of the aforementioned policy adjustment in the market outlook, we can consider giving due consideration to \"flexible\" private enterprises.</p><p><b>In the medium and long term, it will eventually return to the long-term share increase logic of \"good students\", and high-quality leaders are expected to continue to win.</b>We believe that after this round of substantial market adjustments, as the industry returns to a normal business environment, the long-term competitiveness of real estate companies will ultimately be attributed to competitions in terms of business track orientation, financial quality, and refined operational capabilities. Real estate companies that previously relied on the path of increasing leverage to achieve growth and had relatively extensive operations, even if they are not cleared in this round, will face problems such as sustained shrinking balance sheet in the medium-term dimension and insufficient share competitiveness in the long-term dimension. Therefore, after this round of short-term game policy logic, in the medium and long term, we continue to be optimistic about the \"good students\" who develop the track and the \"all-rounders\" who are deeply involved in the real estate track.</p><p><b>Chart: A-share developer NAV discount and forward P/E</b></p><p><img src=\"https://static.tigerbbs.com/4139e718f8268b0298bf12b04040c688\" tg-width=\"1080\" tg-height=\"344\" referrerpolicy=\"no-referrer\"/></p><p>Source: Wind Information, Company Announcement, CICC Research Department</p><p><b>Chart: H-share developer NAV discount and forward P/E</b></p><p><img src=\"https://static.tigerbbs.com/98607628f43ea41f1ea3d94b78ef0579\" tg-width=\"1080\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/></p><p>Source: Wind Information, Company Announcement, CICC Research Department</p><p>[1] There are 8 cities that have actually completed the first round of centralized land auctions in 2022. However, since the scope of this centralized land auction in Chongqing has changed significantly from before (only the land in the central city is launched), in order to achieve different batches in statistics. The relative comparability of batches, this paragraph only considers 7 cities for the statistics of centralized land auctions.</p><p>[2] The starting land-to-goods ratio refers to the ratio of the starting land price to the potential sellable price, and the starting land difference refers to the difference between the potential sellable price and the starting land price of the land. The higher of the former and the lower of the latter indicate that the local government is raising the starting price. It should be pointed out that if there is little difference in plot quality between different batches, the trends of the two indicators are opposite; If the change direction of the two is the same (or the change direction is opposite but the change range is quite different), the judgment of the change direction of the starting price should be based on the latter as far as possible, which is mainly because the former will still be affected by the quality of the plot to a certain extent (the better the quality, the higher the ratio systematically). Judging from the above rules, the starting price of the second batch in 2021 was not actually lowered compared with the first batch (at the same time, the quality of the plots declined significantly), but it was lowered in the third batch (at the same time, the quality of the plots improved significantly). This year The land difference between the first batch of starting goods was only flat and slightly decreased, and the ratio of starting land to goods rose to exceed the first batch of last year, indicating that the local government did not lower the starting price, but significantly improved the quality of the plots.</p><p>[3] The definitions of transaction land-to-goods ratio and delivery land difference are similar to those of starting land-to-goods ratio and starting land difference, except that the starting land price is replaced by the transaction land price. Similarly, the judgment of transaction heat should be based on the difference between finished and delivered land as far as possible, and the difference between the two indicators reflects the quality of the plot.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzI3MDMzMjg0MA==&mid=2247575451&idx=2&sn=0cf1fc49390947e104cde2cef39f8028&chksm=ead1415cdda6c84ad39034f0c9df84ed24f27c902c61ca26a4ff743c8675b132ec2e50223473\">中金点睛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/20edf074f478da5e4ab5d680e3b0c5b3","relate_stocks":{"BK1148":"建筑与工程","09979":"绿城管理控股"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzI3MDMzMjg0MA==&mid=2247575451&idx=2&sn=0cf1fc49390947e104cde2cef39f8028&chksm=ead1415cdda6c84ad39034f0c9df84ed24f27c902c61ca26a4ff743c8675b132ec2e50223473","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225367085","content_text":"当前房地产行业正面临销售端持续走弱、信用端风险发酵的双重压力，市场出清和格局重塑背景下，建议投资者精选“均好型”优质龙头。摘要当前房地产行业基本面表现如何？开年以来新房销售面积持续下行，同比跌幅持续走阔；除小部分低库存城市房价初现回升迹象外，多数中低能级城市房价仍处下行趋势。在此背景下，今年以来土地市场地方政府供地呈现提质、缩量但不降价的特征。新房市场为何表现如此疲弱？我们认为当前新房市场可能已经出现“需求疲弱-推盘不足-销售不振-回款监管-信用恶化-金融避险-预期走弱-需求疲弱”的负向循环，而近期多地疫情加剧了这一循环负向作用，供需相互作用下购房人及房企对后市信心持续走低。房企层面的困境走到了哪一步？因销售端持续低迷、预售资金监管难言松动且收并购市场买家意愿不足，房企现金流压力仍在加剧。我们保守估计房企年内共有1.1万亿元信用债和ABS到期，未来半年逐月均为到期高峰，叠加债务评级下调可能导致的风险传染，信用风险事件尚难言结束。政策端在哪些方面或仍有空间？我们认为政策在供、需两侧仍有进一步发力空间，需求侧更多集中于围绕支持合理住房需求的住建类政策，而供给侧或更须聚焦于房企信用问题的纾困和缓解(须关注的重点措施详见正文)。后市基本面指标将如何演进？考虑政策节奏的不确定性，我们给出后市可能的三种情形推演。情形1:若二季度前半段即出现政策有力调整，预计全年销售面积同比-7%，投资额-3%，新开工面积-20%；情形2:若有效政策发生于二季度末三季度初，预计全年销售面积-12%，投资额-9%，新开工面积-31%；情形3:若政策端四季度才出现有力变化，预计全年销售面积-17%，投资额-15%，新开工面积-41%。如何把握地产股投资机会？我们认为短期地产股主导逻辑仍以政策博弈为主，建议投资者在观察到重点政策举措推出之前，继续拥抱“均好型”优质开发商。后市如出现正文所述政策的积极变化，则“弹性”民企估值修复机会的确定性将大幅提升。中长期维度，行业回归经营本质，我们持续看好开发赛道具备长跑能力的“好学生”和不动产赛道布局的“多面手”。风险基本面销售表现不及预期；房企信用端状况加速恶化；疫情影响超出预期。正文一、当前房地产行业基本面表现如何？开年以来新房销售持续下行，当前已处于历史最低水平。自去年4季度以来，50个重点城市周度高频口径新房销售面积除在12月略有反弹外，其他月份跌幅均超三成，尤其是今年2月和3月，同比跌幅已分别走阔至-37%和-51%，其中3月周均环比1-2月周均仅持平(正常情况下3月销售应较有春节因素影响的1-2月有所回升，过去10年的平均回升水平是+29%，最低回升水平是+7%)。不论是从同比跌幅还是环比季节性意义上讲，目前新房销售均处于历史最低水平。图表：高频周度新房销售面积及同比资料来源：中指数据库，中金公司研究部百强房企销售跌幅一致性走阔。百强房企销售额自去年9月以来同比跌幅持续维持在-30%到-40%之间，但开年以后明显进一步走阔，1、2、3月同比跌幅已分别达到-41%、-47%和-53%；累计来看，今年1季度百强房企销售金额同比下降47%，较全国经济活动受疫情影响大面积暂停的2020年1季度还要低3%。如果进一步透视到企业主体层面，可以看到企业间同比跌幅水平虽有一定分化，但边际走阔的趋势基本一致，即便是财务稳健的央国企1季度销售额同比跌幅也普遍走阔至超三成(2021年4季度同比跌幅多在两成左右)，部分存在信用风险的企业1季度销售额同比跌幅普遍超五成(2021年4季度同比跌幅约在四成左右)。图表：百强房企月度销售序列资料来源：克而瑞，中金公司研究部图表：主要房企2022年3月销售数据资料来源：克而瑞，公司公告，中金公司研究部2021年房价累计下跌近3%，开年以来仅小部分低库存城市房价初现回升迹象但延续性不强，多数中低能级城市房价仍下行。2021年我们监测的49个城市上半年二手房价持续上行，累计上涨4.2%，下半年则快速下跌6.8%，年末较年初累计下跌2.9%，其中高能级城市(20个)累计下跌1.8%，中低能级城市(29个)累计下跌4.9%。2021年11月起二手房交易量边际略有企稳回升，今年开年二手房价格也在成交量的带动下止跌转涨，但背后仍存在两点隐忧：二手房价走势在能级和区域间极化明显，仅小部分低库存城市有所上行，大部分城市开年以来房价仍下行。如果对我们监测的49个城市按照能级划分，20个高能级城市1-2月二手房价累计上涨1.2%(其中郑州、哈尔滨等虽属高能级城市但也明显下跌)，29个中低能级城市1-2月累计下跌0.2%；如果按照区域划分，2月我们监测的12个城市群中5个环比上涨，7个环比下跌，北部湾城市群单月环比跌幅达-4%。房价走势从以前的同涨同跌但幅度不同，转向涨跌方向差异，仅一线和强二线低库存城市(广义去化周期仅6个月或以下)房价有所上行，多数城市房价仍在持续下行。事实上，从房价上涨城市普遍库存偏低、限购严格的现象可以推断，房价上涨的根源或不在于需求管控不足而在于供给不够充分。领先指标显示，小部分此前房价略有上行的城市可能也较难延续回升趋势，其他城市房价环比跌幅则很可能走阔。供给侧，2月重点城市挂牌价格指数微跌，潜在售房者的价格预期有所下行；需求侧，2月重点城市议价空间的环比转涨也显示潜在购房者的观望情绪又有抬升，市场呈现供大于求的特征，即便是此前房价有所上涨的城市，该趋势可能也难以延续，尤其是考虑到近期疫情反复带来的负面影响，我们预计其他城市的房价环比跌幅或进一步走阔。图表：存量房市场成交量情况资料来源：中指数据库，贝壳等房产中介网站，中金公司研究部图表：存量房市场成交价情况资料来源：中指数据库，贝壳等房产中介网站，中金公司研究部图表：存量房市场成交价区域差异情况资料来源：中指数据库，贝壳等房产中介网站，中金公司研究部图表：存量房市场景气度领先指标资料来源：中指数据库，贝壳等房产中介网站，中金公司研究部销售疲弱背景下，开年以来土地市场上地方供地行为表现出提质、缩量但不降价的特征。总量层面上看，今年1月、2月和3月300城宅地成交建面同比分别下跌50%、71%和60%，成交金额分别同比下跌70%、67%和48%，已完成首轮集中土拍的7个城市[1]累计成交宗数也仅为2021年总成交宗数的21%(2021年首轮占比达37%)，成交缩量趋势明显。与此同时，地方政府在起拍价设置方面也并未有所下调，2022年首批集中土拍的7个城市较去年第3批的起拍地货比边际走高、起拍货地差边际持平略降是一个比较直观的观察[2]；从最终成交结果来看，成交货地差仅下行至去年第2批次和第3批次之间，但成交地货比上行至比去年第2批次更高的水平[3]，这反映了土地市场的热度较去年第3批次仅略有回升，但远未达到去年第2批次的水平，同时成交地块质量明显提升，这直接导致央企、国企更愿意参与当前竞争较弱、质量较高的公开土地市场，而对收并购市场缺乏兴趣。图表：近期完成2022年首轮集中土拍的重点城市关键指标变化资料来源：中指数据库，各地方自然资源局官网，中金公司研究部二、新房市场为何表现如此疲弱？我们认为，新房市场目前可能已经出现“需求疲弱-推盘不足-销售不振-回款监管-信用恶化-金融避险-预期走弱-需求疲弱”的负向循环，多地疫情反复加剧了循环中的预期下行速度，致行业压力不断上升：宏观经济压力背景下“纯刚需”群体购房意愿和能力均不足。疫情以来经济发展持续有压力，投资、消费均弱，居民对于就业稳定性和收入上涨的预期不足，叠加多数城市实际并未形成房价上涨预期(这本身也是居民就业难与收入疲弱的结果)，完全无房无贷的“纯刚需”购房人群(如毕业大学生)缺乏购房意愿和能力。合理的改善性需求在当前限购、限贷、限售政策下难以释放。目前，我国有超70个城市有限购、限贷、限售政策设置，其销售金额占全国比重超六成。但房价实际存在短期过快上涨压力的城市仅20个左右，对于无明显房价上涨压力城市施行的严格需求限制政策，使得有一定积蓄、收入更加稳定的合理改善需求群体难以释放购房需求。例如，购入首套房后已结清贷款但家庭人口增加需要“卖旧买新”的家庭却需要接受较高的二套房首付比例，父母投靠落户却需要等待较长年限或满足一定的本地社保要求才能购买父母居住所需的住房，等等。需求持续疲弱和普遍性的预售资金超额监管导致供给侧房企推盘意愿和能力不足。需求持续疲弱导致房企当前推盘须同时面临新增营销成本支出、销售去化较慢的问题，进一步加剧其现金流压力。即便是区位较好、去化顺利的楼盘，由于实操层面预售资金仍存在超额监管现象。一方面普遍存在所谓“补前”且“补后”，即在预售资金中提足本次预售楼栋、此前未监管预售资金的楼盘和本楼盘中暂未预售但工程已经启动的楼栋的建设资金；另一方面项目往往涉及多家贷款银行，银行间在资金监管上存在因信息未能充分共享而出现每家银行都加强监管的现象。在此情况下，房企预售资金实际被监管比例过高，能够提取用于还债的资金量十分有限，最终使得房企推盘的意愿和能力明显不足。房企信用风险事件使得居民购房观望情绪更重，进而形成负向循环，金融机构避险情绪将加速并强化这一负向循环。在前述多重因素造成的供需双弱格局下，房企在手现金不断消耗，信用风险事件不断演绎，居民对于企业交房能力的担忧也使得仅存的少量需求进入观望阶段，房企销售更难、推盘更少，周而复始形成负向循环。该过程中金融机构的风险偏好也在不断下降，逐渐波及经营相对稳健的民营房企，进而加速并强化整个循环过程，使得新房销售持续不振。疫情也是导致新房市场不振的客观因素，在负向循环背景下疫情影响可能被放大。自3月以来多地疫情复发也给新房需求的释放蒙上了一层阴影，但更令人担忧的是，在“需求疲弱-推盘不足-销售不振-回款监管-信用恶化-金融避险-预期走弱-需求疲弱”的负向循环中，预期可能是非线性下降的，如果疫情持续时间过长，可能导致过多民企积重难返，行业困境更甚。三、房企层面的困境走到了哪一步？综合前述对新房销售困境成因的分析，可以总结出当前房企在现金流层面面临的四重压力：疫情干扰和需求不足导致的销售去化难和成本支出增加；预售资金在实操层面的超额监管使得房企即便成功销售也难回款；民营房企信用风险频出导致金融机构风险偏好快速下降，即便对经营状况较为正常的民营房企也开始收紧再融资通道，近期财务稳健的央国企的融资难度和融资成本亦有抬头之势；当前环境下大量房企信用评级被下调，易于触发债务违约条款以及形成交叉违约，形成事实意义上的“挤兑”。这一背景下，推进优质头部央国企收并购问题企业似乎是个解决方案，但就实际进展情况来看并不理想。尽管此前政策层面已允许收并购贷款不计入三条红线，但央国企也须考虑自身健康发展，并面临着国资委等主管部门对财务指标的考核，实际收并购意愿并不强烈。并且，伴随着市场压力越来越大，出险企业也将越来越多，仅从体量角度考虑，通过收并购方式纾解企业信用问题的难度也越来越高。以50强房企为例(2021年权益销售金额共计占全国43%)，它们之中已经实质性违约的企业权益销售额占比达到了25%；债券收益率畸高、市场普遍担忧近期可能出险和如果销售低迷时间过长潜在可能出险的企业占比也已达25%，合计占比达半数。与此同时，有并购能力的企业(以财务健康的央国企和头部民企为主)权益销售额占比仅为44%；可以自保但没有并购能力的企业(以杠杆相对较高的国企为主)占比为6%。此处，还尚未考虑体量较低、统计层面不便观察的小型房企，这类企业所面临的问题或还须通过广泛调研获取。考虑到公司层面收并购进展不畅的现实情况，目前房企只能通过在手现金、有限的销售回款和项目层面的资产处置，来尽量等待实体市场逐步回暖，而这一等待过程中最大的“关口”就是到期债务。就资产处置而言，卖方的价格诉求和买方的资产收购意愿是主要“堵点”。从卖方角度来讲，其本身不愿意以过于低廉的价格处置资产主要是由于这将加速其从流动性危机走向资不抵债的进程。从买方角度来讲，收购资产的过程本身对于尽调能力要求较高，待收购的资产历史可能较为复杂，而同期公开土地市场中竞争者的大幅减少使得央国企能够获得“便宜”、“干净”的土地，因而资产收购意愿较低。即便双方最终就并购行为和价格达成一致，并购款通常也分多笔支付，对于短期流动性危机帮助有限。就债务到期情况而言，保守估计年内共有1.1万亿元的信用债和ABS到期，企业能否扛过“关口”很大程度上取决于其资金实力、基本面恢复节奏和到期时点先后的综合作用。分债务类型来看：1)2022年内主要房企美元债到期总额为488亿美元，到期高峰在4月和6月，单月到期额均超70亿美元。2)2022年内主要房企境内债到期总额为6020亿元，年内到期高峰7月和8月，到期额均超800亿元。3)2022年内主要房企供应链及购房尾款ABS到期总额为2400亿元，其中1955亿元能够定位到不同月份，其他445亿元还本方式为过手(无法具体定位还款月)。4)此外大概还有超6000亿元的CMBS和类REITs存量，不过较难确认到企业主体及不同时间点的到期量。综合来看，年内房企到期高峰分布在4月、6月、7月和8月，均超1200亿元，其中7月的最高峰值超过1600亿元。图表：2022年内各月房企不同类型债务到期量资料来源：Bloomberg，万得资讯，中金公司研究部四、政策端在哪些方面或仍有空间？政策端在需求侧已经做了诸多努力，但销售层面对政策的反应尚不十分明显。我们统计从2021年4季度至今中央层面对于房地产的表态已近30次，亦有“支持合理住房需求”和“促进房地产业健康发展和良性循环”等等积极措辞。从实际落地的政策来看：金融类政策针对提振行业需求已有较大发力：主要集中在保持信贷投放合理充裕和引导房贷利率下行方面，目前房贷放款周期已回落至34天，达到过去3年以来的最低水平，房贷利率在过去2个季度内也已累计下降40BP，这一定程度上使得部分核心城市的存量房市场景气度阶段性略有企稳；住建类政策从2021年末开始逐渐发力，但主要仍以地方层面放松为主，且主要为中小城市的中低力度放松：截止目前已有超过40个城市在地方层面出台政策或未出台政策但实际执行了放松措施，包括落户/人才引进政策和购房补贴(16城)、公积金贷款额度和二套公积金贷款首付比例(12城)、首套商贷首付比例(10城)、认房认贷标准(郑州)、限售年限(青岛、哈尔滨)、限购放松(福州、衢州、秦皇岛、南昌)6类政策调整阶段。目前暂未在对应城市的销售层面看到明显效果(疫情或有所干扰)，后续影响仍须观察。图表：房贷放款周期与利率边际变化资料来源：贝壳研究院，中金公司研究部往前看，为缓解楼市低迷对投资和宏观经济增长的拖累，以及纾解民营房企(尤其是经营较为审慎但仍受到金融机构风险偏好下行波及的民企)面临的流动性危机，我们认为政策或仍须在供、需两方面持续发力。在需求侧，按揭流动性已经不是当前的主要矛盾，进一步政策或应主要集中在住建方向(也包含部分金融、财税类政策)，宜由相关部委自上而下引导传达政策精神，各地因城施策落地执行，具体包括：限购方面，对有合理住房需求的目标人群购房资质适度放松：如缩短社保年限，对社保补缴予以适当认定，适度放宽人才落户条件，放宽亲属投靠购房要求，限购范围缩短至核心区；对引进人才购房给予适当的实物补贴、资金补贴或总价折扣。限贷方面，降低购房资金门槛或支出成本：如对“无房有贷”或“有房清贷”且人均居住面积过小的家庭执行首套房待遇或在二套房待遇基础上优化，对公积金贷款降低首付比例、提高额度上限、打通异地申请，部分热点城市的房贷利率进一步下调，下调购房交易契税。限售方面，放松限售条件，促进存量房市场交易：如缩短限售年限或松动限售年限认定标准，降低二手房交易税率，调整二手房交易税费减免年限要求。限价方面，适度调整房价管控目标：如新房价格可以三年复合增速为标准，更新二手房指导价。在供给侧，政策或更须聚焦于房企流动性问题的纾解，主要措施宜由相关部委制定、发布、推进为主，各地方配合执行，具体包括：预售资金监管政策的进一步优化：如明确重点监管户以工程造价为基准、避免大幅超额监管，适度放宽对一般监管户的资金支取标准和流程，跨行监管账户信息统一上报且协调管理，保持不同地区监管账户资金规管的一致性，调整不同资质房企资金管理梯度但不应过度，分期项目预售资金也应根据项目分期进度进行监管。储备和落实房企信用问题的政策对策：如对已违约企业迅速组织债务重组，设立参与房企资产处置的金融平准基金，为AMC、央国企等并购主体予以融资支持和政策便利以鼓励其注资问题企业，监管机构参与协调房企资产处置，以退地、土地使用权转让等模式释放房企存量土地价值。强化房企融资方面的政策支持：如鼓励金融机构对房企到期债务设置一定的宽限期，允许企业将银行授信额度等额转换为发债额度，支持房企持有型资产发行证券化产品，适度放开房企境内股权融资(包括境外上市企业回A)，对开发贷提升额度、降低利率，引入逆周期调节因子优化房企三道红线操作细节、银行集中度管理方案、国资委负债率考核等量化指标体系。改善企业现金流方面的政策措施：如根据周期情况灵活调整税率或缴税要求，取消预缴，实现销售回款再缴税，可递延的允许递延；允许房企土地款支出适度延后，允许退地；政府组织资金直接收购房企尚未销售的在建项目用于租赁，后续通过REITs退出投资。五、后市基本面指标将如何演进？往前看，房地产行业基本面指标将如何演进，很大程度上取决于后续政策推出的实际内容和时点节奏。考虑到仍存在较大的不确定性，这里我们给予三种情形假设及推演预测：情形1:假设二季度前半段即出现前述政策的有力调节(出于对房地产市场与宏观经济数字后市走弱的前瞻性预期)，则我们预计房地产市场景气度有望于二季度中后段出现明显复苏，并于三、四季度持续回升。此情形下预计全年销售面积同比-7%，销售金额-2%，房地产开发投资额-3%，新开工面积-20%，物理竣工面积+4%。图表：情形1中房地产行业基本面主要指标预测资料来源：国家统计局，中金公司研究部情形2:假设房地产市场与宏观经济数字二季度持续走弱，政策端于二季度末三季度初出现前述有力调节，则我们预计房地产市场景气度将在二季度呈现底部波动(尽管因基数影响各指标二季度同比跌幅可能较一季度有所收窄，但收窄幅度将明显弱于第1种情形)，三季度景气度逐渐出现复苏，并于四季度继续反弹。此情形下预计全年销售面积-12%，销售金额-11%，房地产开发投资额-9%，新开工面积-31%，物理竣工面积-2%。图表：情形2中房地产行业基本面主要指标预测资料来源：国家统计局，中金公司研究部情形3:假设政策端在四季度方出现前述有力调节，则我们预计房地产市场景气度将直至四季度才出现拐点(同样因基数影响各指标可能再二、三季度出现同比跌幅的收窄，但环比将明显弱于季节性表现，跌幅的收窄幅度也将大幅弱于前两种情形)。此情形下预计全年销售面积-17%，销售金额-20%，投资额-15%，新开工面积-41%，物理竣工面积-6%。图表：情形3中房地产行业基本面主要指标预测资料来源：国家统计局，中金公司研究部六、如何把握地产股投资机会？短期主导逻辑仍以政策博弈为主，大方向已明晰，关键在于投资节奏把握。当前基本面持续走弱叠加房企信用端风险持续发酵，前述政策调整的迫切性和必要性进一步提升，我们认为对于政策后市大方向市场已不存在过多分歧，主要预期差来自对于政策节奏的判断差异。我们建议投资者在观察到上述政策措施出现有力调整之前，继续拥抱“均好型”优质开发商。后市如出现前述政策调整的趋势，则可考虑适当兼顾“弹性”民企。中长期将最终回归“好学生”长期份额提升逻辑，优质龙头有望持续胜出。我们认为这轮市场大幅调整过后，伴随行业重回正常营商环境，房企的长期竞争力最终仍将归于业务赛道取向、财务质量、精细化运营能力等层面的比拼。此前依靠加杠杆路径实现增长而经营端相对粗放的房企，即使未在此轮出清，也将面临中期维度的持续缩表和长期维度的份额竞争力不足等问题。因此，此轮短期博弈政策逻辑过后，中长期来看我们持续看好开发赛道的“好学生”和深耕不动产赛道的“多面手”。图表：A股开发商NAV折让和远期市盈率资料来源：万得资讯，公司公告，中金公司研究部图表：H股开发商NAV折让和远期市盈率资料来源：万得资讯，公司公告，中金公司研究部[1] 实际已完成2022年首轮集中土拍的城市为8个，但由于重庆本次集中土拍推地范围较此前明显变化(仅推出中心城区土地)，故为了在统计时实现不同批次的相对可比，本段对于集中土拍的统计仅考虑7个城市。[2] 起拍地货比是指土地起拍地价与潜在可售货价的比值，起拍货地差是指潜在可售货价与土地起拍地价的差值，前者走高和后者走低表明地方政府在提高起拍价。需要指出的是，如果不同批次间地块质量差异不大，则两个指标的走势是相反的；如果二者变化方向相同(或者变化方向相反但变化幅度差异较大)则对起拍价变化方向的判断应尽量以后者为准，这主要是由于前者一定程度上还是会受到地块质量的影响(质量越好，比值系统性偏高)。以上述规律来看，2021年第2批相较于首批起拍价实际并未下调(同时地块质量明显下行)，但在第3批有所降低(同时地块质量明显提高)，今年首批起拍货地差仅持平略降，起拍地货比上行至超过去年首批，表明地方政府并未下调起拍价，但显著提高了地块质量。[3] 成交地货比和成交货地差的定义与起拍地货比和起拍货地差类似，只是将起拍地价替换为成交地价。同样地，对于成交热度的判断应尽量以成交货地差为准，两个指标间的变化差异反映了地块质量。","news_type":1,"symbols_score_info":{"09979":1}},"isVote":1,"tweetType":1,"viewCount":1222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016927179,"gmtCreate":1649120313437,"gmtModify":1676534454821,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😐","listText":"😐","text":"😐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016927179","repostId":"1113299030","repostType":4,"repost":{"id":"1113299030","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1649085741,"share":"https://ttm.financial/m/news/1113299030?lang=en_US&edition=fundamental","pubTime":"2022-04-04 23:22","market":"us","language":"zh","title":"JPMorgan Chase CEO Dimon: The number of Fed rate hike will eventually exceed market expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=1113299030","media":"华尔街见闻","summary":"戴蒙称：“目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。”4月4日周一，美国资产值最大的银行摩根大通的CEO戴蒙在致股东的一份信中表示，美联储加息的次数“可能远","content":"<p><html><head></head><body>Dimon said: \"The current tightening cycle of the Federal Reserve is by no means what the market previously expected, and investors should prepare for more rate hike than expected.\" On Monday, April 4, the largest U.S. bank by asset value<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CEO Dimon said in a letter to shareholders,<b>The number of Fed rate hike is \"likely to be much higher than market expectations.\"</b></p><p>Dimon warned that this year's letter comes amid an escalation in the Russia-Ukraine conflict and high inflation that could hurt U.S. economic growth. In his letter, he said:</p><p>We are facing various challenges: COVID-19 pandemic, the sharp recession and strong recovery of the global economy, rising inflation, the Russia-Ukraine conflict, and unprecedented Western sanctions against Russia. In Dimon's view,<b>The energy crisis caused by recent geopolitical turmoil has exacerbated already soaring inflation,</b>This will put the Federal Reserve in an unstable state.</p><p>He called for more sanctions against Russia, saying the world urgently needs reliable and affordable energy supplies, otherwise geopolitical conflicts will further exacerbate high inflation.</p><p>When talking about the macroeconomic environment, Dimon said that as early as the fourth quarter earnings conference call earlier this year,<b>Should be prepared for possibly more rate hike by the Federal Reserve than markets are currently pricing in.</b></p><p>Inflation may be worse than they (the Fed) think it is, and they may have more rate hike than everyone thinks. In addition, he also believes that the loose monetary policy introduced by the Federal Reserve in the early stage of the new crown and the stimulus measures initially \"flooded\" by the Ministry of Finance \"may be too many and last too long.\" Dimon expects:</p><p>Interest rates will rise significantly.<b>The stronger the economic recovery, the higher the interest rates that come with it.</b>The current Fed tightening cycle is by no means what the market had previously expected.</body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase CEO Dimon: The number of Fed rate hike will eventually exceed market expectations</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\">\nJPMorgan Chase CEO Dimon: The number of Fed rate hike will eventually exceed market expectations\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-04-04 23:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Dimon said: \"The current tightening cycle of the Federal Reserve is by no means what the market previously expected, and investors should prepare for more rate hike than expected.\" On Monday, April 4, the largest U.S. bank by asset value<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CEO Dimon said in a letter to shareholders,<b>The number of Fed rate hike is \"likely to be much higher than market expectations.\"</b></p><p>Dimon warned that this year's letter comes amid an escalation in the Russia-Ukraine conflict and high inflation that could hurt U.S. economic growth. In his letter, he said:</p><p>We are facing various challenges: COVID-19 pandemic, the sharp recession and strong recovery of the global economy, rising inflation, the Russia-Ukraine conflict, and unprecedented Western sanctions against Russia. In Dimon's view,<b>The energy crisis caused by recent geopolitical turmoil has exacerbated already soaring inflation,</b>This will put the Federal Reserve in an unstable state.</p><p>He called for more sanctions against Russia, saying the world urgently needs reliable and affordable energy supplies, otherwise geopolitical conflicts will further exacerbate high inflation.</p><p>When talking about the macroeconomic environment, Dimon said that as early as the fourth quarter earnings conference call earlier this year,<b>Should be prepared for possibly more rate hike by the Federal Reserve than markets are currently pricing in.</b></p><p>Inflation may be worse than they (the Fed) think it is, and they may have more rate hike than everyone thinks. In addition, he also believes that the loose monetary policy introduced by the Federal Reserve in the early stage of the new crown and the stimulus measures initially \"flooded\" by the Ministry of Finance \"may be too many and last too long.\" Dimon expects:</p><p>Interest rates will rise significantly.<b>The stronger the economic recovery, the higher the interest rates that come with it.</b>The current Fed tightening cycle is by no means what the market had previously expected.</body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e2f636e805bfca87903ab08fc842298","relate_stocks":{"513500":"标普500ETF","BK4581":"高盛持仓","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","BK4534":"瑞士信贷持仓","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","BK4533":"AQR资本管理(全球第二大对冲基金)","DOG":"道指ETF-ProShares做空","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","BK4504":"桥水持仓","SDS":"两倍做空标普500 ETF-ProShares","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite","OEX":"标普100",".DJI":"道琼斯","JPM":"摩根大通"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113299030","content_text":"戴蒙称：“目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。”4月4日周一，美国资产值最大的银行摩根大通的CEO戴蒙在致股东的一份信中表示，美联储加息的次数“可能远高于市场预期”。戴蒙警告称，今年的这封信是在俄乌冲突升级和高通胀可能损害美国经济增长的情况下发出。他在信中表示：我们正面临着各种挑战：新冠疫情，全球经济急剧衰退又强劲复苏，通货膨胀加剧，俄乌冲突以及史无前例的西方国家对俄罗斯的制裁等等。在戴蒙看来，近期地缘政治动荡造成的能源危机加剧了已经飙升的通货膨胀，这将会使得美联储处于一个不稳定的状态。他呼吁对俄罗斯实施更多制裁，并称世界迫切需要可靠的、负担得起的能源供应，否则地域政治冲突还将会进一步加剧通胀高企。在谈到宏观经济环境时，戴蒙表示，其早在今年初的四季度财报电话会上表示，应该为美联储可能比市场目前定价的更多次加息做好准备。通胀可能比他们（美联储）认为的情况还要糟糕，他们加息的次数可能比大家认为的多。此外他还认为，美联储在应对新冠初期时推出的宽松货币政策，以及财政部当初“大水漫灌”的刺激措施“可能太多，且持续时间太长”。戴蒙预计：利率将大幅上升。随着经济复苏越强劲，随之而来的利率就越高。目前美联储的紧缩周期绝不是市场此前预计的那样。","news_type":1,"symbols_score_info":{"513500":0.9,"SDS":0.9,"DDM":0.9,"SPXU":0.9,"TQQQ":0.9,"QLD":0.9,"DOG":0.9,"SPY":0.9,"JPM":0.9,"SSO":0.9,".DJI":0.9,".IXIC":0.9,"SDOW":0.9,"UPRO":0.9,"QQQ":0.9,"OEX":0.9}},"isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9010637153,"gmtCreate":1648352317588,"gmtModify":1676534330446,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😧","listText":"😧","text":"😧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010637153","repostId":"1193902713","repostType":4,"isVote":1,"tweetType":1,"viewCount":735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035429566,"gmtCreate":1647657172153,"gmtModify":1676534256371,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😐","listText":"😐","text":"😐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035429566","repostId":"2220018708","repostType":4,"repost":{"id":"2220018708","kind":"news","pubTimestamp":1647645660,"share":"https://ttm.financial/m/news/2220018708?lang=en_US&edition=fundamental","pubTime":"2022-03-19 07:21","market":"hk","language":"zh","title":"Gurman: Apple is not working with Porsche on cars","url":"https://stock-news.laohu8.com/highlight/detail?id=2220018708","media":"智通财经","summary":"【Gurman：苹果没有和保时捷在汽车上合作】据报道，德国汽车制造商保时捷的CEO在今日的年度新闻发布会上表示，已与苹果公司讨论了合作项目。保时捷CEO Oliver Blume表示，该公司已与苹果公...","content":"<p><html><head></head><body>According to reports, the CEO of German automaker Porsche said at today's annual press conference that he has cooperated with<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Companies discussed collaborative projects. Porsche CEO Oliver Blume said the company has discussed \"exciting joint projects\" with Apple but has not yet decided whether to proceed. Regarding this matter, netizens have speculated whether Apple wants to cooperate with Porsche to produce its own Apple Car, and MarkGurman revealed that he has at least seen no signs of cooperation between Apple and Porsche in the field of car manufacturing. What he knows about Apple Cars include: using iPhone to control air conditioners, seats, radios and other in-vehicle equipment.</p><p></body></html></p>","source":"stock_eastmoney","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>Gurman: Apple is not working with Porsche on cars</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\">\nGurman: Apple is not working with Porsche on cars\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2022-03-19 07:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>According to reports, the CEO of German automaker Porsche said at today's annual press conference that he has cooperated with<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Companies discussed collaborative projects. Porsche CEO Oliver Blume said the company has discussed \"exciting joint projects\" with Apple but has not yet decided whether to proceed. Regarding this matter, netizens have speculated whether Apple wants to cooperate with Porsche to produce its own Apple Car, and MarkGurman revealed that he has at least seen no signs of cooperation between Apple and Porsche in the field of car manufacturing. What he knows about Apple Cars include: using iPhone to control air conditioners, seats, radios and other in-vehicle equipment.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://global.eastmoney.com/a/202203192315828649.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"BK4573":"虚拟现实","BK4554":"元宇宙及AR概念","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","BK4512":"苹果概念","BK4553":"喜马拉雅资本持仓","BK4501":"段永平概念","BK4527":"明星科技股","BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4575":"芯片概念","BK4505":"高瓴资本持仓","AAPL":"苹果","BK4515":"5G概念","BK4559":"巴菲特持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4507":"流媒体概念","BK4170":"电脑硬件、储存设备及电脑周边","BK4574":"无人驾驶"},"source_url":"http://global.eastmoney.com/a/202203192315828649.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2220018708","content_text":"据报道，德国汽车制造商保时捷的CEO在今日的年度新闻发布会上表示，已与苹果公司讨论了合作项目。保时捷CEO Oliver Blume表示，该公司已与苹果公司讨论了“令人兴奋的共同项目”，但尚未决定是否继续进行。对于这件事，网友纷纷猜测苹果是不是要跟保时捷合作生产自己的Apple Car，而MarkGurman透露称，他至少目前没有看到过苹果跟保时捷在造车领域进行合作的迹象，他所了解的苹果汽车包括：使用iPhone控制空调、座椅、收音机等车载设备。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035168856,"gmtCreate":1647551673748,"gmtModify":1676534242216,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😐","listText":"😐","text":"😐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035168856","repostId":"1171059471","repostType":4,"repost":{"id":"1171059471","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1647530932,"share":"https://ttm.financial/m/news/1171059471?lang=en_US&edition=fundamental","pubTime":"2022-03-17 23:28","market":"sh","language":"zh","title":"Five Chinese pharmaceutical companies enter Pfizer's \"special imitation\" list of new crown oral drugs","url":"https://stock-news.laohu8.com/highlight/detail?id=1171059471","media":"老虎资讯综合","summary":"3月17日讯，日内瓦药品专利池（Medicines PatentPool, MPP）组织宣布，上海迪赛诺、华海药业、普洛药业、复星医药、九洲药业这五家中国药企进入辉瑞新冠口服药Paxlovid的“特仿","content":"<p><html><head></head><body>On March 17, the Geneva Medicines PatentPool (MPP) organization announced that Shanghai Desano,<a href=\"https://laohu8.com/S/600521\">Huahai Pharmaceutical</a>、<a href=\"https://laohu8.com/S/000739\">Pro Pharmaceutical</a>、<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>、<a href=\"https://laohu8.com/S/603456\">Jiuzhou Pharmaceutical</a>These five Chinese pharmaceutical companies entered<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>The \"special imitation\" list of the new crown oral drug Paxlovid. They can manufacture nirmatrelvir, the core ingredient of Paxlovid, royalty-free while COVID-19 pandemic is still defined as a public health emergency. Among them, Jiuzhou Pharmaceutical only produces APIs, and the other four can produce APIs and preparations at the same time.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Five Chinese pharmaceutical companies enter Pfizer's \"special imitation\" list of new crown oral drugs</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\">\nFive Chinese pharmaceutical companies enter Pfizer's \"special imitation\" list of new crown oral drugs\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-17 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 17, the Geneva Medicines PatentPool (MPP) organization announced that Shanghai Desano,<a href=\"https://laohu8.com/S/600521\">Huahai Pharmaceutical</a>、<a href=\"https://laohu8.com/S/000739\">Pro Pharmaceutical</a>、<a href=\"https://laohu8.com/S/600196\">Fosun Pharma</a>、<a href=\"https://laohu8.com/S/603456\">Jiuzhou Pharmaceutical</a>These five Chinese pharmaceutical companies entered<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>The \"special imitation\" list of the new crown oral drug Paxlovid. They can manufacture nirmatrelvir, the core ingredient of Paxlovid, royalty-free while COVID-19 pandemic is still defined as a public health emergency. Among them, Jiuzhou Pharmaceutical only produces APIs, and the other four can produce APIs and preparations at the same time.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fb4be1ff4aaa40ac88564f80f173158e","relate_stocks":{"BK4007":"制药","BK4568":"美国抗疫概念","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","PFE":"辉瑞","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171059471","content_text":"3月17日讯，日内瓦药品专利池（Medicines PatentPool, MPP）组织宣布，上海迪赛诺、华海药业、普洛药业、复星医药、九洲药业这五家中国药企进入辉瑞新冠口服药Paxlovid的“特仿”名单。在新冠疫情仍被定义为突发公共卫生事件期间，它们可以免专利费生产Paxlovid的核心成分奈玛特韦（nirmatrelvir）。其中，九洲药业仅生产原料药，另外4家可同时生产原料药和制剂。","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038186138,"gmtCreate":1646777344493,"gmtModify":1676534159811,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😮","listText":"😮","text":"😮","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038186138","repostId":"1157795381","repostType":4,"isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":509319963509680,"gmtCreate":1765373798251,"gmtModify":1765373800300,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","text":"$苹果(AAPL)$","images":[{"img":"https://community-static.tradeup.com/news/c9e4e2618f507dff17b5ec34dd55dc8f","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/509319963509680","isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":509319909901168,"gmtCreate":1765373784414,"gmtModify":1765373787429,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","text":"$苹果(AAPL)$","images":[{"img":"https://community-static.tradeup.com/news/7aea7feb21b65d45eca17783d908f87e","width":"870","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/509319909901168","isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9946696842,"gmtCreate":1680930691186,"gmtModify":1680930694492,"author":{"id":"4107148386878720","authorId":"4107148386878720","name":"年年虎","avatar":"https://static.itradeup.com/news/70b8112dc8e9c09d8b1c5cb23d97fd96","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107148386878720","authorIdStr":"4107148386878720"},"themes":[],"htmlText":"😃😃😃😃😃😘😘😘😘😘","listText":"😃😃😃😃😃😘😘😘😘😘","text":"😃😃😃😃😃😘😘😘😘😘","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946696842","isVote":1,"tweetType":1,"viewCount":881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}