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大赢钱家
大赢钱家
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2021-09-05
???
The first batch of business rules of the Beijing Stock Exchange have been released; one article explains six key points.
北京证券交易所有限责任公司已完成工商注册，成立及核准日期为9月3日，全国中小企业股份转让系统有限责任公司为股东。注册信息显示，北京证券交易所有限责任公司法定代表人为徐明，注册资本10亿元人民币。徐明还
The first batch of business rules of the Beijing Stock Exchange have been released; one article explains six key points.
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大赢钱家
大赢钱家
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2021-08-28
???
Zhiwen Group's revenue reached 3.6717 billion yuan in the second quarter, marking the 26th consecutive quarter of profitability.
Hello Group Inc.正式宣布启用新的中文名称“挚文集团”。
Zhiwen Group's revenue reached 3.6717 billion yuan in the second quarter, marking the 26th consecutive quarter of profitability.
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大赢钱家
大赢钱家
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2021-08-20
???
The Personal Information Protection Law came into effect on November 1, 2021.
据新华社报道，十三届全国人大常委会第三十次会议20日表决通过《中华人民共和国个人信息保护法》。个人信息保护法自2021年11月1日起施行。其中明确：①通过自动化决策方式向个人进行信息推送、商业营销，应提供不针对其个人特征的选项或提供便捷的拒绝方式②处理生物识别、医疗健康、金融账户、行踪轨迹等敏感个人信息，应取得个人的单独同意③对违法处理个人信息的应用程序，责令暂停或者终止提供服务。
The Personal Information Protection Law came into effect on November 1, 2021.
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大赢钱家
大赢钱家
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2021-08-12
?
Summary: Li Auto's Hong Kong stock price fell below its issue price on its first day of trading, while the 200 billion yuan salt emperor surged to the daily limit.
要闻 工信部：加强智能网联汽车生产企业及产品准入管理 工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全
Summary: Li Auto's Hong Kong stock price fell below its issue price on its first day of trading, while the 200 billion yuan salt emperor surged to the daily limit.
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大赢钱家
大赢钱家
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2021-08-02
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Opening: The Hang Seng Index opened 0.36% higher, and Hengten Networks surged over 31% after resuming trading.
8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒
Opening: The Hang Seng Index opened 0.36% higher, and Hengten Networks surged over 31% after resuming trading.
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大赢钱家
大赢钱家
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2021-07-28
?
Popular Chinese concept stocks rebounded in pre-market trading, with Li Auto rising over 5%.
7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。
Popular Chinese concept stocks rebounded in pre-market trading, with Li Auto rising over 5%.
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大赢钱家
大赢钱家
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2021-07-25
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When we buy funds, what are we buying?
有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲
When we buy funds, what are we buying?
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大赢钱家
大赢钱家
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2021-07-21
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大赢钱家
大赢钱家
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2021-07-15
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BlackRock shouted "Inflation is coming" while giving its employees an 8% pay raise.
据报道，资管巨头贝莱德在周三表示，将对大多数员工从9月开始加薪8%，而该公司管理层认为美国目前的高通胀仍将持续下去。
BlackRock shouted "Inflation is coming" while giving its employees an 8% pay raise.
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大赢钱家
大赢钱家
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2021-07-05
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The first batch of business rules are the \"Beijing...\"</p><p><a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">Web page link</a></div></p>","source":"zgzqb","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The first batch of business rules of the Beijing Stock Exchange have been released; one article explains six key 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\">\nThe first batch of business rules of the Beijing Stock Exchange have been released; one article explains six key points.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-09-05 16:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The Beijing Stock Exchange Co., Ltd. has completed its business registration and was established and approved on September 3, with the National Equities Exchange and Quotations (NEEQ) Co., Ltd. as a shareholder. Registration information shows that the legal representative of Beijing Stock Exchange Co., Ltd. is Xu Ming, with a registered capital of 1 billion yuan. Xu Ming also works at the National Equities Exchange and Quotations (NEEQ), serving as the company's Party Secretary and Chairman. The Beijing Stock Exchange Co., Ltd. has been registered and established, with Xu Ming appointed as its chairman. The first batch of business rules of the Beijing Stock Exchange (hereinafter referred to as the BSE) is open for public comment! The first batch of business rules are the \"Beijing...\"</p><p><a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.ifeng.com/c/89I6heHUGyD\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b303111eac31304c346c874474ce61e6","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://finance.ifeng.com/c/89I6heHUGyD","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175837799","content_text":"北京证券交易所有限责任公司已完成工商注册，成立及核准日期为9月3日，全国中小企业股份转让系统有限责任公司为股东。注册信息显示，北京证券交易所有限责任公司法定代表人为徐明，注册资本10亿元人民币。徐明还在全国中小企业股份转让系统有限责任公司任职，职务为该公司党委书记、董事长。北京证券交易所有限责任公司注册成立,徐明任董事长\n北京证券交易所（下称北交所）首批业务规则公开征求意见！\n首批业务规则为《北京证券交易所股票上市规则（试行）》（简称《上市规则》）、《北京证券交易所交易规则（试行）》（简称《交易规则》）、《北京证券交易所会员管理规则（试行）》（简称《会员管理规则》）。业务规则的起草，既遵循证券交易所制度建设的普遍规律，又充分考虑北交所服务创新型中小企业的市场地位。\n本次就上市规则、交易规则和会员管理规则公开征求意见结束后，北交所将根据意见情况进一步完善，经履行有关程序后发布实施。近期，北交所还将就落实公开发行注册制下审核职责相关的自律规则公开征求市场意见。\n主要内容：\n北交所上市标准平移精选层的四套“财务+市值”的条件\n不再实行主办券商持续督导制度\n为引入做市机制、实行混合交易预留制度空间\n探索与公司制交易所相契合的会员管理制度\n对现金分红比例不作硬性要求\n允许在充分披露并履行相应程序的前提下，合理设置低于股票市价的期权行权价格，以增强激励功效\n符合新三板基本挂牌条件或创新层条件的，鼓励进入相应层级挂牌交易\n平移精选层上市标准\n在结构上，《上市规则》由发行上市、持续监管、退市机制和监管处理等四部分组成。\n北交所的上市标准平移精选层的4套准入标准。这一制度安排更适合盈利能力相对稳定且具备一定经营杠杆的成长型企业。\n目前，在精选层现有66家公司中，上述4套标准均有覆盖。其中，以第一套标准进入精选层的公司占绝大多数。\n根据《上市规则》，在全国股转系统连续挂牌满12个月的创新层挂牌公司可以申请到北交所上市。目前，不管是创新层，还是基础层，符合上述4套标准中财务条件的挂牌公司数量比较充足。\n停复牌管理更加严格\n相较于精选层挂牌公司，北交所在持续监管方面做了四大方面的调整。\n一是公司治理更加优化。增加了独立董事应当发表意见的情形，将资金占用主体范围扩大到控股股东、实际控制人及其关联方，紧盯“关键少数”；明确了不得新增影响持续经营能力的同业竞争，确保上市公司独立性。\n二是信息披露要求更加具体。例如，《上市规则》细化了自愿披露、豁免披露、暂缓披露、行业和风险信息披露等具体要求，提高披露针对性和有效性。\n三是停复牌管理更加严格。《上市规则》贯彻“少停、短停、分阶段停”的监管原则，要求上市公司不得滥用停复牌机制，不得利用停牌替代信息保密，确保市场交易的连续性，保障投资者交易权利。筹划重大资产重组或发行股份购买资产的，停牌时间压缩至不超过10个交易日，筹划其他重大事项不超过5个交易日，因特殊情形延期复牌的，连续停牌总时长不超过25个交易日。\n四是主体责任更加清晰。北交所不再实行主办券商“终身”持续督导，由保荐机构履行规定期限内的持续督导职责。需要强调的是，为确保平稳过渡，在北交所开市初期，上市公司与主办券商已签订的持续督导协议应继续执行，信息披露和日常业务仍按现行模式办理，北交所将尽快明确后续制度切换安排。\n为混合交易预留空间\n从内容来看，《交易规则》整体延续精选层以连续竞价为核心的交易制度，涨跌幅限制等其他主要规定也均保持不变。\n主要内容方面，一是实行30%的价格涨跌幅限制，给予市场充分的价格博弈空间，保障价格发现效率。\n二是上市首日不设涨跌幅限制，实施临时停牌机制。即当盘中成交价格较开盘价首次上涨或下跌达到或超过30%、60%时，盘中临时停牌10分钟，复牌时进行集合竞价。据了解，配套个股临时停牌机制主要是为了避免股价快速非理性波动带来市场恐慌和盲目交易，给予市场一定的冷静期。\n三是连续竞价期间，对限价申报设置基准价格上下5%的申报有效价格范围，对市价申报采取限价保护措施。\n四是买卖申报的最低数量为100股，每笔申报可以1股为单位递增。\n五是单笔申报数量不低于10万股或成交金额不低于100万元的，可以进行大宗交易。\n市场人士认为，上述交易安排，不改变投资者交易习惯，不增加市场负担，体现中小企业股票交易特点，确保了市场交易的稳定性和连续性。\n值得一提的是，北交所还为引入做市机制、实行混合交易预留了制度空间。\n探索与公司制交易所相契合的\n会员管理制度\n根据《会员管理规则》，北交所探索与公司制交易所相契合的会员管理制度。\n北交所作为公司制交易所实行会员管理，会员是证券公司开展业务的资格载体。区别于会员制交易所，会员在公司制交易所不享有财产所有权。实施会员管理是落实上位法对于证券交易所的明确要求，在境内外公司制交易所有较多成熟实践，《会员管理规则》予以吸收借鉴，重点明确了对会员交易风险控制、客户管理、交易信息使用和技术系统管理等方面的要求，强化监督机制，督促会员在各项业务活动中归位尽责。\n\n对现金分红比例不作硬性要求\n北交所上市公司监管制度在遵循上市公司监管的基本要求的前提下，充分考虑了北交所服务创新型中小企业的市场定位，总结吸收了精选层运行以来的监管实践。\n特色方面，《上市规则》充分吸收了精选层前期实践经验，承袭契合创新型中小企业特点的监管制度，形成了体现北交所市场定位和特色的差异化制度安排，有效平衡了中小企业在资本市场的规范成本与收益。\n例如，对现金分红比例不作硬性要求，鼓励公司根据自身实际“量力而为”；对于股权激励，允许在充分披露并履行相应程序的前提下，合理设置低于股票市价的期权行权价格，以增强激励功效。\n明确主动退市与强制退市安排\n退市制度主要包括以下三个方面内容。\n一是退市标准，即“谁应退”。《上市规则》明确了主动退市与强制退市安排，强制退市分为交易类、财务类、规范类和重大违法类等四类情形，构建了多元丰富的指标组合。其中，财务类强制退市考察期为两年，指标不交叉适用。\n二是退市程序，即“怎么退”。《上市规则》规定了退市风险警示，作为强制退市的先导制度，既向市场充分揭示风险，也保障投资者的交易权利；明确强制退市由上市委员会审议，确保退市决定的严肃性和审慎性。\n三是退市去向，即“退到哪”。北交所充分发挥与新三板市场一体发展的制度优势，对于退市公司，符合新三板基本挂牌条件或创新层条件的，鼓励进入相应层级挂牌交易，继续发展；存在重大违法等情形，不符合挂牌条件的，转入退市公司板块，体现了对退市风险“分类纾解、充分缓释”的创新探索。此外，北交所退市公司符合重新上市条件的，可以申请重新上市。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":6202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813163518,"gmtCreate":1630153096634,"gmtModify":1676530235450,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813163518","repostId":"1183584379","repostType":4,"repost":{"id":"1183584379","kind":"news","pubTimestamp":1629971157,"share":"https://ttm.financial/m/news/1183584379?lang=en_US&edition=fundamental","pubTime":"2021-08-26 17:45","market":"us","language":"zh","title":"Zhiwen Group's revenue reached 3.6717 billion yuan in the second quarter, marking the 26th consecutive quarter of profitability.","url":"https://stock-news.laohu8.com/highlight/detail?id=1183584379","media":"新浪财经","summary":"Hello Group Inc.正式宣布启用新的中文名称“挚文集团”。","content":"<p>On August 26, Beijing time, Hello Group Inc. (Nasdaq: MOMO), a Nasdaq-listed company, officially announced the adoption of a new Chinese name, \"Zhiwen Group\". On the same day, Zhiwen Group announced its unaudited financial results for the second quarter of 2021.</p><p><img src=\"https://static.tigerbbs.com/b7ca6ed65ca9bd63ceca31eb6b025122\" tg-width=\"636\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p>Financial reports show that in the second quarter of 2021, Zhiwen Group's net revenue reached RMB 3.6717 billion (approximately US$568.7 million), which is not measured in accordance with US GAAP. The net profit attributable to Zhiwen Group in the second quarter of 2021 was RMB 551 million (approximately US$85.3 million), marking the 26th consecutive quarter of profitability.</p><p>According to data compiled by Bloomberg, the average estimate of 10 Wall Street analysts is that Zhiwen Group's average revenue for the second quarter of 2021 will be RMB 3.6347 billion, with the highest expectation being RMB 3.663 billion. Financial reports show that Zhiwen Group's net revenue for the second quarter of 2021 was RMB 3.6717 billion (approximately US$568.7 million), exceeding Wall Street's expectations.</p><p><b>SECOND QUARTER 2021 RESULTS</b></p><p>Net revenue reached RMB 3.6717 billion (approximately US$568.7 million).</p><p>The net profit attributable to Zhiwen Group was RMB 464.2 million (approximately US$71.9 million).</p><p>Net profit attributable to Zhiwen Group, excluding measurement under U.S. GAAP, was RMB 551 million (approximately US$85.3 million).</p><p>Diluted net income per American Depositary Share (ADS) was RMB 2.15 (approximately US$0.33).</p><p>Diluted net income per American Depositary Share (ADS), excluding those measured under U.S. GAAP, was RMB 2.54 (approximately US$0.39).</p><p>June 2021,<a href=\"https://laohu8.com/S/MOMO\">Momo</a>The main App reached a record high of 115.6 million monthly active users.</p><p>In the second quarter of 2021, the total number of paying users for live streaming services and value-added services after deduplication reached 12.4 million (including 3.1 million paying users for Tantan).</p><p><b>SUMMARY OF FINANCIAL RESULTS FOR</b></p><p>Net revenue reached RMB 7.1423 billion (approximately US$1.1062 billion).</p><p>The net profit attributable to Zhiwen Group was RMB 925.8 million (approximately US$143.4 million).</p><p>Net profit attributable to Zhiwen Group, excluding measurement under U.S. GAAP, was RMB 1.1846 billion (approximately US$183.5 million).</p><p>Diluted net income per American Depositary Share (ADS) was RMB 4.29 (approximately US$0.66).</p><p>Diluted net income per American Depositary Share (ADS), not measured under U.S. GAAP, was RMB 5.45 (approximately US$0.84).</p><p><b>Executive Comments</b></p><p>Wang Li, CEO of Zhiwen Group, said: \"The second quarter of 2021 was a solid quarter in terms of performance. We made good progress in both financial and strategic priority execution. The fundamentals of Momo's main App as a social platform continue to strengthen, and its revenue performance and revenue structure are also steadily advancing. The company's healthy and productive core business provides a solid guarantee for us to open up new areas and build a long-term growth engine for the group.\"</p><p><b>2021 SECOND QUARTER FINANCIAL</b></p><p><b><i>Net Revenue</i></b></p><p>Net revenue for the second quarter of 2021 was RMB 3.6717 billion (approximately US$568.7 million).</p><p>Revenue from live streaming services in the second quarter of 2021 was RMB 2.1013 billion (approximately US$325.5 million). Tantan's live streaming service revenue in the second quarter of 2021 was RMB 216.5 million (approximately US$33.5 million).</p><p>Revenue from value-added services reached RMB 1.5073 billion (approximately US$233.4 million) in the second quarter of 2021, a 25.2% increase from RMB 1.2043 billion in the previous year. Value-added service revenue includes virtual gift service revenue and membership subscription service revenue. The growth in value-added service revenue was mainly due to the continued growth of Momo's main App's virtual gift business, which benefited from continuous innovation in products and operations, as well as Momo's introduction of more paid solutions to enhance users' social entertainment experience. At the same time, it was also affected to a lesser extent by the growth in revenue from new product virtual gifts.</p><p>In the second quarter of 2021, mobile marketing revenue was RMB 51.6 million (approximately US$8 million), and mobile game revenue was RMB 9.2 million (approximately US$1.4 million).</p><p>In the second quarter of 2021, Momo's main App generated net revenue of RMB 3.1575 billion (approximately US$489 million). Tantan's net revenue for the second quarter of 2021 was RMB 513.5 million (approximately US$79.5 million).</p><p><b><i>Costs and expenditures</i></b></p><p>Costs and expenses for the second quarter of 2021 were RMB 3,075.6 billion (approximately US$476.4 million), a decrease of 2.3% compared to RMB 3,146.9 billion in the same period of the previous year. The decrease in costs and expenses was mainly due to:</p><p>1. Reduction in the fair value of liability options granted to the founding team of Tantan;</p><p>2. Reduction in infrastructure-related costs such as server depreciation;</p><p>3. Reduction in payment channel commissions.</p><p>These decreases were partially offset by increased revenue sharing with recipients of virtual gifts in the virtual gift service, increased revenue sharing with streamers related to Tantan's live streaming business, and increased marketing expenses for promoting live streaming services.</p><p>In the second quarter of 2021, non-GAAP costs and expenses were RMB2.9801 billion (approximately US$461.6 million), an increase of 1.9% from RMB2.923.7 billion in the same period of the previous year.</p><p><b><i>Other Operating Profit</i></b></p><p>Other operating profit for the second quarter of 2021 was RMB 90.3 million (approximately US$14 million).</p><p><b><i>Operating profit</i></b></p><p>Operating profit for the second quarter of 2021 was RMB 686.3 million (approximately US$106.3 million). In the second quarter of 2021, Momo's main App had an operating profit of RMB 711.3 million (approximately US$110.2 million). Tantan reported an operating loss of RMB 11.9 million (approximately US$1.8 million) in the second quarter of 2021.</p><p>Not measured under U.S. GAAP, operating profit for the second quarter of 2021 was RMB 781.9 million (approximately US$121.1 million). Excluding measurements under U.S. Generally Accepted Accounting Principles, Momo's main App had an operating profit of RMB 835.8 million (approximately US$129.5 million) in the second quarter of 2021. Excluding measurements under U.S. GAAP, Tantan reported an operating loss of RMB 40.9 million (approximately US$6.3 million) in the second quarter of 2021.</p><p><b><i>Income tax expense</i></b></p><p>Income tax expense for the second quarter of 2021 was RMB291.5 million (approximately US$45.1 million), a decrease compared to RMB443.6 million in the same period of the previous year. The decrease in income tax expense was mainly attributable to:</p><p>1. A decrease in profits in the second quarter of 2021;</p><p>2. A reduction in the 10% withholding income tax on Dividend paid by our wholly foreign-owned enterprises when distributing Dividend rights to our overseas companies. This portion of Dividend amounted to RMB 1.3 billion (approximately US$201.3 million) and withheld income tax amounted to RMB 130 million (approximately US$20.0 million). Both Dividend and withheld income tax were paid in the second quarter of 2021.</p><p><b><i>Net profit</i></b></p><p>Net profit for the second quarter of 2021 was RMB 461.5 million (approximately US$71.5 million). In the second quarter of 2021, Momo's main App reported a net profit of RMB 481.3 million (approximately US$74.5 million). Tantan reported a net loss of 6.7 million yuan (approximately US$1 million) in the second quarter of 2021.</p><p>Net income for the second quarter of 2021, excluding measurements under U.S. GAAP, was RMB 548.3 million (approximately US$84.9 million). Excluding measurements under U.S. GAAP, Momo's main App reported a net profit of RMB 605.8 million (approximately US$93.8 million) in the second quarter of 2021. Excluding measurements under U.S. GAAP, Tantan reported a net loss of RMB 44.5 million (approximately US$6.9 million) in the second quarter of 2021.</p><p><b><i>Net profit attributable to Zhiwen Group</i></b></p><p>The net profit attributable to Zhiwen Group for the second quarter of 2021 was RMB 464.2 million (approximately US$71.9 million).</p><p>Excluding measurements under U.S. GAAP, net profit attributable to Zhiwen Group for the second quarter of 2021 was RMB 551 million (approximately US$85.3 million).</p><p><b><i>Net earnings per American Depositary Share (ADS)</i></b></p><p>Diluted net earnings per American Depositary Share (ADS) for the second quarter of 2021 were RMB 2.15 (approximately US$0.33). Diluted net income per American Depositary Share (ADS), excluding those measured under U.S. GAAP, was RMB 2.54 (approximately US$0.39).</p><p><b><i>Cash and cash flow</i></b></p><p>As of June 30, 2021, Zhiwen Group held RMB15.45 billion (approximately US$2.3929 billion) in cash, cash equivalents, short-term deposits, long-term deposits and restricted cash. Net cash used in operating activities in the second quarter of 2021 was RMB 167.8 million (approximately US$26 million). In the same period last year, net cash generated from operating activities was 807.3 million yuan. The decrease in net cash from operating activities was primarily due to our cash payment of RMB678.2 million (approximately US$105 million) to Tantan's founding team when they terminated their services in the second quarter of 2021 to settle previously granted stock options.</p><p><b>FIRST HALF 2021 FINANCIAL</b></p><p>Net revenue reached RMB 7.1423 billion (approximately US$1.1062 billion) in the first half of 2021.</p><p>The net profit attributable to Zhiwen Group for the first half of 2021 was RMB 925.8 million (approximately US$143.4 million).</p><p>Not measured under U.S. GAAP, the net profit attributable to Zhiwen Group for the first half of 2021 was RMB 1.1846 billion (approximately US$183.5 million).</p><p>Diluted net earnings per American Depositary Share (ADS) for the first half of 2021 were RMB 4.29 (approximately US$0.66).</p><p>Excluding those measured under U.S. GAAP, diluted net earnings per American Depositary Share (ADS) for the first half of 2021 were RMB 5.45 (approximately US$0.84).</p><p>Net cash generated from operating activities in the first half of 2021 was RMB 333.8 million (approximately US$51.7 million).</p><p><b>Recent Developments</b></p><p><i>Implementation of the Share Repurchase Plan</i></p><p>On September 3, 2020, the board of directors of Zhiwen Group approved a share repurchase program under which the company will repurchase up to US$300 million of shares over the next 12 months. As of August 26, 2021, the company had repurchased approximately 13.46 million American Depositary Shares (ADSs) in the open market under the plan, totaling approximately US$173.4 million, with an average payment price of US$12.87 per American Depositary Share (ADS).</p><p><i>Charitable donation</i></p><p>On July 21, 2021, Zhiwen Group donated 10 million yuan to the China Foundation for Poverty Alleviation for the procurement of emergency relief supplies and post-disaster reconstruction for the Henan floods. To date, Zhiwen Group has donated more than 70 million yuan, mainly for poverty alleviation, Hope Primary School construction, anti-epidemic and basic medical construction, and disaster relief.</p>","source":"XLCJ","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>Zhiwen Group's revenue reached 3.6717 billion yuan in the second quarter, marking the 26th consecutive quarter of profitability.</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\">\nZhiwen Group's revenue reached 3.6717 billion yuan in the second quarter, marking the 26th consecutive quarter of profitability.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-26 17:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On August 26, Beijing time, Hello Group Inc. (Nasdaq: MOMO), a Nasdaq-listed company, officially announced the adoption of a new Chinese name, \"Zhiwen Group\". On the same day, Zhiwen Group announced its unaudited financial results for the second quarter of 2021.</p><p><img src=\"https://static.tigerbbs.com/b7ca6ed65ca9bd63ceca31eb6b025122\" tg-width=\"636\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p>Financial reports show that in the second quarter of 2021, Zhiwen Group's net revenue reached RMB 3.6717 billion (approximately US$568.7 million), which is not measured in accordance with US GAAP. The net profit attributable to Zhiwen Group in the second quarter of 2021 was RMB 551 million (approximately US$85.3 million), marking the 26th consecutive quarter of profitability.</p><p>According to data compiled by Bloomberg, the average estimate of 10 Wall Street analysts is that Zhiwen Group's average revenue for the second quarter of 2021 will be RMB 3.6347 billion, with the highest expectation being RMB 3.663 billion. Financial reports show that Zhiwen Group's net revenue for the second quarter of 2021 was RMB 3.6717 billion (approximately US$568.7 million), exceeding Wall Street's expectations.</p><p><b>SECOND QUARTER 2021 RESULTS</b></p><p>Net revenue reached RMB 3.6717 billion (approximately US$568.7 million).</p><p>The net profit attributable to Zhiwen Group was RMB 464.2 million (approximately US$71.9 million).</p><p>Net profit attributable to Zhiwen Group, excluding measurement under U.S. GAAP, was RMB 551 million (approximately US$85.3 million).</p><p>Diluted net income per American Depositary Share (ADS) was RMB 2.15 (approximately US$0.33).</p><p>Diluted net income per American Depositary Share (ADS), excluding those measured under U.S. GAAP, was RMB 2.54 (approximately US$0.39).</p><p>June 2021,<a href=\"https://laohu8.com/S/MOMO\">Momo</a>The main App reached a record high of 115.6 million monthly active users.</p><p>In the second quarter of 2021, the total number of paying users for live streaming services and value-added services after deduplication reached 12.4 million (including 3.1 million paying users for Tantan).</p><p><b>SUMMARY OF FINANCIAL RESULTS FOR</b></p><p>Net revenue reached RMB 7.1423 billion (approximately US$1.1062 billion).</p><p>The net profit attributable to Zhiwen Group was RMB 925.8 million (approximately US$143.4 million).</p><p>Net profit attributable to Zhiwen Group, excluding measurement under U.S. GAAP, was RMB 1.1846 billion (approximately US$183.5 million).</p><p>Diluted net income per American Depositary Share (ADS) was RMB 4.29 (approximately US$0.66).</p><p>Diluted net income per American Depositary Share (ADS), not measured under U.S. GAAP, was RMB 5.45 (approximately US$0.84).</p><p><b>Executive Comments</b></p><p>Wang Li, CEO of Zhiwen Group, said: \"The second quarter of 2021 was a solid quarter in terms of performance. We made good progress in both financial and strategic priority execution. The fundamentals of Momo's main App as a social platform continue to strengthen, and its revenue performance and revenue structure are also steadily advancing. The company's healthy and productive core business provides a solid guarantee for us to open up new areas and build a long-term growth engine for the group.\"</p><p><b>2021 SECOND QUARTER FINANCIAL</b></p><p><b><i>Net Revenue</i></b></p><p>Net revenue for the second quarter of 2021 was RMB 3.6717 billion (approximately US$568.7 million).</p><p>Revenue from live streaming services in the second quarter of 2021 was RMB 2.1013 billion (approximately US$325.5 million). Tantan's live streaming service revenue in the second quarter of 2021 was RMB 216.5 million (approximately US$33.5 million).</p><p>Revenue from value-added services reached RMB 1.5073 billion (approximately US$233.4 million) in the second quarter of 2021, a 25.2% increase from RMB 1.2043 billion in the previous year. Value-added service revenue includes virtual gift service revenue and membership subscription service revenue. The growth in value-added service revenue was mainly due to the continued growth of Momo's main App's virtual gift business, which benefited from continuous innovation in products and operations, as well as Momo's introduction of more paid solutions to enhance users' social entertainment experience. At the same time, it was also affected to a lesser extent by the growth in revenue from new product virtual gifts.</p><p>In the second quarter of 2021, mobile marketing revenue was RMB 51.6 million (approximately US$8 million), and mobile game revenue was RMB 9.2 million (approximately US$1.4 million).</p><p>In the second quarter of 2021, Momo's main App generated net revenue of RMB 3.1575 billion (approximately US$489 million). Tantan's net revenue for the second quarter of 2021 was RMB 513.5 million (approximately US$79.5 million).</p><p><b><i>Costs and expenditures</i></b></p><p>Costs and expenses for the second quarter of 2021 were RMB 3,075.6 billion (approximately US$476.4 million), a decrease of 2.3% compared to RMB 3,146.9 billion in the same period of the previous year. The decrease in costs and expenses was mainly due to:</p><p>1. Reduction in the fair value of liability options granted to the founding team of Tantan;</p><p>2. Reduction in infrastructure-related costs such as server depreciation;</p><p>3. Reduction in payment channel commissions.</p><p>These decreases were partially offset by increased revenue sharing with recipients of virtual gifts in the virtual gift service, increased revenue sharing with streamers related to Tantan's live streaming business, and increased marketing expenses for promoting live streaming services.</p><p>In the second quarter of 2021, non-GAAP costs and expenses were RMB2.9801 billion (approximately US$461.6 million), an increase of 1.9% from RMB2.923.7 billion in the same period of the previous year.</p><p><b><i>Other Operating Profit</i></b></p><p>Other operating profit for the second quarter of 2021 was RMB 90.3 million (approximately US$14 million).</p><p><b><i>Operating profit</i></b></p><p>Operating profit for the second quarter of 2021 was RMB 686.3 million (approximately US$106.3 million). In the second quarter of 2021, Momo's main App had an operating profit of RMB 711.3 million (approximately US$110.2 million). Tantan reported an operating loss of RMB 11.9 million (approximately US$1.8 million) in the second quarter of 2021.</p><p>Not measured under U.S. GAAP, operating profit for the second quarter of 2021 was RMB 781.9 million (approximately US$121.1 million). Excluding measurements under U.S. Generally Accepted Accounting Principles, Momo's main App had an operating profit of RMB 835.8 million (approximately US$129.5 million) in the second quarter of 2021. Excluding measurements under U.S. GAAP, Tantan reported an operating loss of RMB 40.9 million (approximately US$6.3 million) in the second quarter of 2021.</p><p><b><i>Income tax expense</i></b></p><p>Income tax expense for the second quarter of 2021 was RMB291.5 million (approximately US$45.1 million), a decrease compared to RMB443.6 million in the same period of the previous year. The decrease in income tax expense was mainly attributable to:</p><p>1. A decrease in profits in the second quarter of 2021;</p><p>2. A reduction in the 10% withholding income tax on Dividend paid by our wholly foreign-owned enterprises when distributing Dividend rights to our overseas companies. This portion of Dividend amounted to RMB 1.3 billion (approximately US$201.3 million) and withheld income tax amounted to RMB 130 million (approximately US$20.0 million). Both Dividend and withheld income tax were paid in the second quarter of 2021.</p><p><b><i>Net profit</i></b></p><p>Net profit for the second quarter of 2021 was RMB 461.5 million (approximately US$71.5 million). In the second quarter of 2021, Momo's main App reported a net profit of RMB 481.3 million (approximately US$74.5 million). Tantan reported a net loss of 6.7 million yuan (approximately US$1 million) in the second quarter of 2021.</p><p>Net income for the second quarter of 2021, excluding measurements under U.S. GAAP, was RMB 548.3 million (approximately US$84.9 million). Excluding measurements under U.S. GAAP, Momo's main App reported a net profit of RMB 605.8 million (approximately US$93.8 million) in the second quarter of 2021. Excluding measurements under U.S. GAAP, Tantan reported a net loss of RMB 44.5 million (approximately US$6.9 million) in the second quarter of 2021.</p><p><b><i>Net profit attributable to Zhiwen Group</i></b></p><p>The net profit attributable to Zhiwen Group for the second quarter of 2021 was RMB 464.2 million (approximately US$71.9 million).</p><p>Excluding measurements under U.S. GAAP, net profit attributable to Zhiwen Group for the second quarter of 2021 was RMB 551 million (approximately US$85.3 million).</p><p><b><i>Net earnings per American Depositary Share (ADS)</i></b></p><p>Diluted net earnings per American Depositary Share (ADS) for the second quarter of 2021 were RMB 2.15 (approximately US$0.33). Diluted net income per American Depositary Share (ADS), excluding those measured under U.S. GAAP, was RMB 2.54 (approximately US$0.39).</p><p><b><i>Cash and cash flow</i></b></p><p>As of June 30, 2021, Zhiwen Group held RMB15.45 billion (approximately US$2.3929 billion) in cash, cash equivalents, short-term deposits, long-term deposits and restricted cash. Net cash used in operating activities in the second quarter of 2021 was RMB 167.8 million (approximately US$26 million). In the same period last year, net cash generated from operating activities was 807.3 million yuan. The decrease in net cash from operating activities was primarily due to our cash payment of RMB678.2 million (approximately US$105 million) to Tantan's founding team when they terminated their services in the second quarter of 2021 to settle previously granted stock options.</p><p><b>FIRST HALF 2021 FINANCIAL</b></p><p>Net revenue reached RMB 7.1423 billion (approximately US$1.1062 billion) in the first half of 2021.</p><p>The net profit attributable to Zhiwen Group for the first half of 2021 was RMB 925.8 million (approximately US$143.4 million).</p><p>Not measured under U.S. GAAP, the net profit attributable to Zhiwen Group for the first half of 2021 was RMB 1.1846 billion (approximately US$183.5 million).</p><p>Diluted net earnings per American Depositary Share (ADS) for the first half of 2021 were RMB 4.29 (approximately US$0.66).</p><p>Excluding those measured under U.S. GAAP, diluted net earnings per American Depositary Share (ADS) for the first half of 2021 were RMB 5.45 (approximately US$0.84).</p><p>Net cash generated from operating activities in the first half of 2021 was RMB 333.8 million (approximately US$51.7 million).</p><p><b>Recent Developments</b></p><p><i>Implementation of the Share Repurchase Plan</i></p><p>On September 3, 2020, the board of directors of Zhiwen Group approved a share repurchase program under which the company will repurchase up to US$300 million of shares over the next 12 months. As of August 26, 2021, the company had repurchased approximately 13.46 million American Depositary Shares (ADSs) in the open market under the plan, totaling approximately US$173.4 million, with an average payment price of US$12.87 per American Depositary Share (ADS).</p><p><i>Charitable donation</i></p><p>On July 21, 2021, Zhiwen Group donated 10 million yuan to the China Foundation for Poverty Alleviation for the procurement of emergency relief supplies and post-disaster reconstruction for the Henan floods. To date, Zhiwen Group has donated more than 70 million yuan, mainly for poverty alleviation, Hope Primary School construction, anti-epidemic and basic medical construction, and disaster relief.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-08-26/doc-ikqcfncc5167837.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e6ddc053d28610b9cfd24dd35827fdd9","relate_stocks":{"MOMO":"挚文集团"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-08-26/doc-ikqcfncc5167837.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183584379","content_text":"北京时间8月26日，纳斯达克上市公司Hello Group Inc．（Nasdaq： MOMO）正式宣布启用新的中文名称“挚文集团”。当天，挚文集团公布了2021年第二季度未经审计的财务业绩。\n\n财报显示，2021年第二季度，挚文集团净营收达36.717亿元（约5.687亿美元），不按照美国通用会计准则计量，2021年第二季度归属于挚文集团的净利润为5.510亿元（约8530万美元），持续26个季度盈利。\n根据彭博社汇总的数据，华尔街10位分析师平均预计，挚文集团2021年第二季度平均营收为36.347亿元，最高预期36.63亿元。财报显示，挚文集团2021年第二季度净营收为36.717亿元（约5.687亿美元），超出华尔街预期。\n2021年第二季度业绩摘要\n净营收达到36.717亿元（约5.687亿美元）。\n归属于挚文集团的净利润为4.642亿元（约7190万美元）。\n不按照美国通用会计准则计量，归属于挚文集团的净利润为5.510亿元（约8530万美元）。\n每股美国存托股（ADS）摊薄净利润为2.15元（约0.33美元）。\n不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为2.54元（约0.39美元）。\n2021年6月，陌陌主App月度活跃用户为1.156亿，创历史新高。\n2021年第二季度，直播服务与增值服务付费用户去重后总数达1240万（包括探探付费用户310万）。\n2021年上半年财务业绩摘要\n净营收达到71.423亿元（约11.062亿美元）。\n归属于挚文集团的净利润为9.258亿元（约1.434亿美元）。\n不按照美国通用会计准则计量，归属于挚文集团的净利润为11.846亿元（约1.835亿美元）。\n每股美国存托股（ADS）摊薄净利润为4.29元（约0.66美元）。\n不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为5.45元（约0.84美元）。\n高管评论\n挚文集团CEO王力表示：“2021年第二季度是一个业绩表现扎实的季度，无论从财务还是战略重点的执行情况来看，我们都取得了良好的进展。陌陌主App作为社交平台的基本面在持续增强，营收表现和收入结构也在稳步推进。公司健康而高产的核心业务，为我们开辟新领域、为集团打造长期增长引擎提供了坚实保障。”\n2021年第二季度财务业绩\n净营收\n2021年第二季度净营收为36.717亿元（约5.687亿美元）。\n2021年第二季度直播服务营收21.013亿元（约3.255亿美元）。2021年第二季度探探直播服务营收为2.165亿元（约3350万美元）。\n2021年第二季度增值服务营收达到15.073亿元（约2.334亿美元），同比上一年的12.043亿元增长25.2%。增值服务营收包括虚拟礼物服务营收以及会员订阅服务营收。增值服务营收的增长主要是由于陌陌主App虚拟礼物业务的持续增长，这得益于产品和运营方面的持续创新，以及陌陌为提升用户的社交娱乐体验引入了更多付费方案，同时较小程度上受到新产品虚拟礼物营收增长的影响。\n2021年第二季度移动营销营收为5160万元（约800万美元），移动游戏营收为920万元（约140万美元）。\n2021年第二季度陌陌主App的净营收为31.575亿元（约4.890亿美元）。2021年第二季度探探的净营收为5.135亿元（约7950万美元）。\n成本和支出\n2021年第二季度的成本和支出为30.756亿元（约4.764亿美元），比上一年同期的31.469亿元减少2.3%。成本和支出的减少，主要是由于：\n1、授予探探创始团队的负债类期权的公允价值的减少；\n2、服务器折旧等基础设施相关费用的减少；\n3、支付渠道佣金的减少。\n与虚拟礼物服务中虚拟礼物的接受者分成的增加，与探探直播业务相关的主播收入分成的增加，以及为推广直播服务的市场营销费用的增加，部分抵消了这些减少。\n2021年第二季度，不按照美国通用会计准则计量，成本和支出为29.801亿元（约4.616亿美元），比上一年同期的29.237亿元增长1.9%。\n其他运营利润\n2021年第二季度其他运营利润为9030万元（约1400万美元）。\n运营利润\n2021年第二季度运营利润为6.863亿元（约1.063亿美元）。2021年第二季度陌陌主App的运营利润为7.113亿元（约1.102亿美元）。2021年第二季度探探的运营亏损为1190万元（约180万美元）。\n不按照美国通用会计准则计量，2021年第二季度运营利润为7.819亿元（约1.211亿美元）。不按照美国通用会计准则计量，2021年第二季度陌陌主App的运营利润为8.358亿元（约1.295亿美元）。不按照美国通用会计准则计量，2021年第二季度探探的运营亏损为4090万元（约630万美元）。\n所得税费用\n2021年第二季度所得税费用为2.915亿元（约4510万美元），与上一年同期的4.436亿元相比有所减少。所得税费用的减少主要是由于：\n1、2021年第二季度利润的降低；\n2、我们的外商独资企业向我们的境外公司分配股息时缴纳的股息的10%预提所得税的减少。这部分股息为13亿元（约2.013亿美元），预提所得税为1.3亿元（约2010万美元），这部分股息和预提所得税在2021年第二季度均已支付。\n净利润\n2021年第二季度净利润为4.615亿元（约7150万美元）。2021年第二季度陌陌主App的净利润为4.813亿元（约7450万美元）。2021年第二季度探探的净亏损为670万元（约100万美元）。\n不按照美国通用会计准则计量，2021年第二季度净利润为5.483亿元（约8490万美元）。不按照美国通用会计准则计量，2021年第二季度陌陌主App的净利润为6.058亿元（约9380万美元）。不按照美国通用会计准则计量，2021年第二季度探探的净亏损为4450万元（约690万美元）。\n归属于挚文集团的净利润\n2021年第二季度归属于挚文集团的净利润为4.642亿元（约7190万美元）。\n不按照美国通用会计准则计量，2021年第二季度归属于挚文集团的净利润为5.510亿元（约8530万美元）。\n每股美国存托股（ADS）净利润\n2021年第二季度每股美国存托股（ADS）摊薄净利润为2.15元（约0.33美元）。不按照美国通用会计准则计量，每股美国存托股（ADS）摊薄净利润为2.54元（约0.39美元）。\n现金和现金流\n截至2021年6月30日，挚文集团持有的现金、现金等价物、短期存款、长期存款和限定性现金为154.500亿元（约23.929亿美元）。2021年第二季度用于经营活动的净现金为1.678亿元（约2600万美元）。去年同期，经营活动带来的净现金为8.073亿元。经营活动带来的净现金的减少，主要是由于探探创始团队在2021年第二季度终止服务时，我们现金支付其6.782亿元（约1.050亿美元），以结算先前授予的股票期权。\n2021年上半年财务业绩\n2021年上半年净营收达到71.423亿元（约11.062亿美元）。\n2021年上半年归属于挚文集团的净利润为9.258亿元（约1.434亿美元）。\n不按照美国通用会计准则计量，2021年上半年归属于挚文集团的净利润为11.846亿元（约1.835亿美元）。\n2021年上半年每股美国存托股（ADS）摊薄净利润为4.29元（约0.66美元）。\n不按照美国通用会计准则计量，2021年上半年每股美国存托股（ADS）摊薄净利润为5.45元（约0.84美元）。\n2021年上半年经营活动带来的净现金为3.338亿元（约5170万美元）。\n近期发展\n股票回购计划的执行\n2020年9月3日，挚文集团董事会批准了一项股票回购计划，基于该计划，公司将在未来12个月最高回购3亿美元的股票。截至2021年8月26日，公司基于该计划已在公开市场回购了约1346万股美国存托股（ADS），总额约1.734亿美元，每股美国存托股（ADS）的平均支付价格为12.87美元。\n公益捐赠\n2021年7月21日，挚文集团向中国扶贫基金会捐赠1000万元，用于河南水灾的紧急救援物资采购和灾后重建。至此挚文集团对外捐赠累计超过7000万元，主要用于脱贫攻坚、希望小学建设、抗疫及基础医学建设、赈灾救援等。","news_type":1,"symbols_score_info":{"MOMO":0.9}},"isVote":1,"tweetType":1,"viewCount":5018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836185877,"gmtCreate":1629465302299,"gmtModify":1676530049675,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836185877","repostId":"1128103137","repostType":4,"repost":{"id":"1128103137","kind":"news","pubTimestamp":1629428426,"share":"https://ttm.financial/m/news/1128103137?lang=en_US&edition=fundamental","pubTime":"2021-08-20 11:00","market":"sh","language":"zh","title":"The Personal Information Protection Law came into effect on November 1, 2021.","url":"https://stock-news.laohu8.com/highlight/detail?id=1128103137","media":"新华网","summary":"据新华社报道，十三届全国人大常委会第三十次会议20日表决通过《中华人民共和国个人信息保护法》。个人信息保护法自2021年11月1日起施行。其中明确：①通过自动化决策方式向个人进行信息推送、商业营销，应提供不针对其个人特征的选项或提供便捷的拒绝方式②处理生物识别、医疗健康、金融账户、行踪轨迹等敏感个人信息，应取得个人的单独同意③对违法处理个人信息的应用程序，责令暂停或者终止提供服务。","content":"<p><div>According to Xinhua News Agency, the 30th session of the Standing Committee of the 13th National People's Congress passed the \"Personal Information Protection Law of the People's Republic of China\" on the 20th. The Personal Information Protection Law came into effect on November 1, 2021. It clearly states: ① When pushing information and conducting commercial marketing to individuals through automated decision-making methods, options that are not tailored to their personal characteristics or convenient ways to refuse should be provided. ② When processing sensitive personal information such as biometrics, medical and health care, financial accounts, and whereabouts, the individual's separate consent should be obtained. ③ Applications that illegally process personal information should be ordered to suspend or terminate the provision of services.</p><p><a href=\"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin\">Web page link</a></div></p>","source":"xhw","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Personal Information Protection Law came into effect on November 1, 2021.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Personal Information Protection Law came into effect on November 1, 2021.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新华网</strong><span class=\"h-time small\">2021-08-20 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>According to Xinhua News Agency, the 30th session of the Standing Committee of the 13th National People's Congress passed the \"Personal Information Protection Law of the People's Republic of China\" on the 20th. The Personal Information Protection Law came into effect on November 1, 2021. It clearly states: ① When pushing information and conducting commercial marketing to individuals through automated decision-making methods, options that are not tailored to their personal characteristics or convenient ways to refuse should be provided. ② When processing sensitive personal information such as biometrics, medical and health care, financial accounts, and whereabouts, the individual's separate consent should be obtained. ③ Applications that illegally process personal information should be ordered to suspend or terminate the provision of services.</p><p><a href=\"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin\">新华网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fab3e6da33eab070d39ea5ddbb760010","relate_stocks":{},"source_url":"https://xhpfmapi.zhongguowangshi.com/vh512/share/10204084?channel=weixin","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128103137","content_text":"据新华社报道，十三届全国人大常委会第三十次会议20日表决通过《中华人民共和国个人信息保护法》。个人信息保护法自2021年11月1日起施行。其中明确：①通过自动化决策方式向个人进行信息推送、商业营销，应提供不针对其个人特征的选项或提供便捷的拒绝方式②处理生物识别、医疗健康、金融账户、行踪轨迹等敏感个人信息，应取得个人的单独同意③对违法处理个人信息的应用程序，责令暂停或者终止提供服务。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895571675,"gmtCreate":1628760286897,"gmtModify":1676529845458,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895571675","repostId":"1145588720","repostType":4,"repost":{"id":"1145588720","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":1628757862,"share":"https://ttm.financial/m/news/1145588720?lang=en_US&edition=fundamental","pubTime":"2021-08-12 16:44","market":"sh","language":"zh","title":"Summary: Li Auto's Hong Kong stock price fell below its issue price on its first day of trading, while the 200 billion yuan salt emperor surged to the daily limit.","url":"https://stock-news.laohu8.com/highlight/detail?id=1145588720","media":"老虎资讯综合","summary":"要闻\n工信部：加强智能网联汽车生产企业及产品准入管理\n工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全","content":"<p><b>Top News</b></p><p><b>Ministry of Industry and Information Technology: Strengthen access management for intelligent connected vehicle manufacturers and products</b></p><p>The Ministry of Industry and Information Technology issued an opinion on strengthening the access management of intelligent connected vehicle manufacturers and products, which proposed to enhance data security management capabilities. Enterprises should establish and improve automotive data security management systems, fulfill their data security protection obligations in accordance with the law, and clarify responsible departments and persons in charge. Strengthen network security capabilities. Enterprises should establish a vehicle cybersecurity management system, implement the cybersecurity level protection system and the real-name registration management requirements for vehicle network cards in accordance with the law, and clarify the departments and persons in charge of cybersecurity.</p><p><b>China Academy of Information and Communications Technology (CAICT): Domestic mobile phone shipments reached 28.7 million units in July, a year-on-year</b></p><p>According to the China Academy of Information and Communications Technology (CAICT), domestic mobile phone shipments reached 28.7 million units in July, a year-on-year increase of 28.6%. In July, 5G mobile phone shipments reached 22.8 million units, accounting for 79.6%. From January to July, China's cumulative mobile phone shipments reached 203 million units, a year-on-year increase of 15.6%.</p><p><b>11 new stocks included in the MSCI China Index</b></p><p>International index compiler MSCI announced the results of its quarterly index review for August. Specifically regarding the adjustment of A-share benchmarks, the MSCI China A-share Index has newly added...<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>、<a href=\"https://laohu8.com/S/300896\">Aimeike</a>and<a href=\"https://laohu8.com/S/603392\">Wantai Biotechnology</a>Of the 11 A-share listed companies, none were excluded. The above adjustments will take effect after the market closes on August 31, 2021.</p><p><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>President: The possibility of returning to the A-share market is being discussed internally.</b></p><p>At a media briefing following Li Auto' Hong Kong listing ceremony, Li Auto President Shen Yanan stated that the possibility of returning to the A-share market cannot be ruled out, and the matter is currently under internal discussion.</p><p><b>Li Bin:<a href=\"https://laohu8.com/S/NIO\">Nio</a>Will enter the mass market through the new brand and deliver three NT2.0 models next year</b></p><p>During the Q2 2021 conference call, Nio founder Li Bin stated that preparations for Nio to enter the mass market have accelerated, and the company will enter the mass market through a new brand. A core team has been established, marking an important step forward. In addition, in 2022, Nio will deliver three new models based on the NT2.0 platform, including the ET7.</p><p><b>Hong Kong Stocks</b></p><p>Major Hong Kong stock indices collectively closed lower, with the declines of the three major indices widening significantly in the afternoon. The Hang Seng Index closed down 0.53% at 26,517.82 points, the Hang Seng Index fell 0.87% to 9,465.46 points, and the Hang Seng Tech Index fell 1.49% to 6,719.19 points.</p><p><img src=\"https://static.tigerbbs.com/a0d8fab1d5f7f220b322ef10397c9d50\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the market, biopharmaceutical stocks, education stocks, defense stocks, domestic insurance stocks, insurance stocks, catering stocks, and tobacco concept stocks generally fell, while mainland real estate stocks and property management stocks, which led the gains yesterday, clearly cooled down. On the other hand, gold and non-ferrous metals stocks bucked the trend and led the gains, port and shipping stocks performed strongly throughout the day, and the oil and automobile sectors rose slightly.</p><p>Major tech stocks generally fell, including Baidu (09888).<a href=\"https://laohu8.com/S/01810\">Xiaomi</a>Down 2%,<a href=\"https://laohu8.com/S/09618\">JD.com</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>It fell more than 1%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>Meituan, Kuaishou, and others all experienced declines.</p><p>The \"Evergrande Group\" collectively declined.<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>It fell more than 8%.<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>、<a href=\"https://laohu8.com/S/06666\">Evergrande Property</a>It fell by more than 6%. Previously, CNR.cn reported that two projects of Evergrande Real Estate Group in Kunming, Yunnan Province, had been halted. In addition, according to CLS Press, Vanke,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It has temporarily withdrawn from the acquisition of Evergrande Property.</p><p>Biopharmaceutical stocks plummeted, with Tengsheng Biopharmaceutical down nearly 15%, Innovent Biologics down nearly 12%, and Akeso Biotech down nearly 8%.<a href=\"https://laohu8.com/S/688185\">CanSino</a>Biotech fell more than 7%.</p><p>Li Auto fell 0.85%, and Li Auto listed on the Hong Kong Stock Exchange today, entering the public offering stage.<a href=\"https://laohu8.com/S/02015\">Li Auto-W</a>Subscribed 5.5 times, the final number of offer shares allocated to the public offering is 10 million shares, representing 10% of the total number of offer shares (before any over-allotment option is exercised). A total of 50,264 valid applications were received, with a 50% success rate per lot, and one lot was guaranteed to be successful after subscribing to 4 lots. In addition, the international offering has been oversubscribed, with the final number of shares offered being 90 million, equivalent to 90% of the total number of shares offered.</p><p><img src=\"https://static.tigerbbs.com/1cb70a4b941ffbb43934778e70597d76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A-shares</b></p><p>The major and minor indices continued to diverge today. At the close, the Shanghai Composite Index fell 0.22% to 3524.74 points. The Shenzhen Component Index fell 0.79% to close at 14901.97 points; The ChiNext Index fell 1.47% to close at 3386.43 points. Stocks in both Shanghai and Shenzhen stock exchanges were mixed, with trading volume exceeding one trillion yuan for 17 consecutive trading days. Northbound capital saw a slight net outflow of 178 million yuan throughout the day, marking the second consecutive day of net selling.</p><p><img src=\"https://static.tigerbbs.com/6206e22fa738ff400c87e1201902aebc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>High-growth sectors such as lithium batteries, chips, and photovoltaics remained active, with nearly 20 lithium battery stocks hitting their daily limit or rising by more than 10%. Market focus stocks...<a href=\"https://laohu8.com/S/000792\">Salt Lake Group</a>The stock hit the daily limit in the afternoon, with a trading volume of nearly 16 billion yuan, boosting the popularity of lithium extraction from salt lakes. Upstream lithium battery companies such as phosphorus chemicals and fluorochemicals performed well, with many stocks hitting the daily limit.</p><p><img src=\"https://static.tigerbbs.com/6d63199dca84452eadaffe8f4dcf451a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>New energy vehicles surged throughout the day.<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>、<a href=\"https://laohu8.com/S/601238\">GAC Group</a>、<a href=\"https://laohu8.com/S/600006\">Dongfeng Motor</a>Wait for the stock to hit the daily limit In addition, energy storage concepts diverged today after yesterday's surge. Non-ferrous metals, steel, and coal sectors performed strongly, while precious metals, aluminum, and other industrial metals surged. Baijiu, food and beverage, and healthcare continued to be weak, with defense stocks leading the decline in both markets. On the market, automobile manufacturing, non-ferrous metals, semiconductors and components led the gains, while defense and military industry, beverage manufacturing, and real estate saw the largest declines.</p><p><b>US stocks</b></p><p>In pre-market trading on Thursday, futures for the three major U.S. stock indexes were mixed. As of press time, S&P 500 futures were down 0.04%, Nasdaq futures were down 0.17%, and Dow Jones futures were up 0.06%.</p><p><img src=\"https://static.tigerbbs.com/4a6c9c3c7610bd70755221d6bbfefb22\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>The stock fell more than 10% in pre-market trading, with third-quarter revenue expected to decline by approximately 24.6% to 29.4% year-on-year.</p><p>Moderna shares rose more than 1% in pre-market trading before closing down more than 15% overnight after the European Medicines Agency stated it was investigating.<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And 3 new side effects that the Moderna vaccine may cause.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell more than 1% in pre-market trading, and Hong Kong stocks traded below their issue price today.</p><p><b>European stocks</b></p><p>Major European indices rose, with Germany's DAX 30 gaining 0.06%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It fell 0.21%, the French CAC40 rose 0.04%, and the Eurostoxx 50 rose 0.1%.</p><p><img src=\"https://static.tigerbbs.com/a5a9fa5f681dc2d45e9fab44ff4c2fa2\" tg-width=\"817\" tg-height=\"148\" referrerpolicy=\"no-referrer\"></p><p> <b>crude oil</b></p><p>International oil prices fell slightly. As of press time, US crude oil was down 0.35% at $69.11 per barrel. Brent crude oil fell 0.29% to $71.37 a barrel on the day.</p><p>EIA crude oil inventories fell slightly on Wednesday, indicating that current market demand has not been significantly affected by the pandemic. However, the pandemic has affected future demand expectations, and oil prices still face considerable downward pressure. Under these circumstances, it seems relatively difficult for oil prices to rise, and the short-term trend may tend to fluctuate.</p><p><b>gold</b></p><p>International gold prices rose slightly, with spot gold up 0.25% at $1,754.1 per ounce as of press time.</p><p>The US July CPI showed a slowdown in inflation, easing market concerns. Important July PPI data will still be released today. Given the moderate CPI performance, the PPI is expected to be roughly the same as the previous value, which may also provide upward momentum for gold bulls.</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>Summary: Li Auto's Hong Kong stock price fell below its issue price on its first day of trading, while the 200 billion yuan salt emperor surged to the daily limit.</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\">\nSummary: Li Auto's Hong Kong stock price fell below its issue price on its first day of trading, while the 200 billion yuan salt emperor surged to the daily limit.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-12 16:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Top News</b></p><p><b>Ministry of Industry and Information Technology: Strengthen access management for intelligent connected vehicle manufacturers and products</b></p><p>The Ministry of Industry and Information Technology issued an opinion on strengthening the access management of intelligent connected vehicle manufacturers and products, which proposed to enhance data security management capabilities. Enterprises should establish and improve automotive data security management systems, fulfill their data security protection obligations in accordance with the law, and clarify responsible departments and persons in charge. Strengthen network security capabilities. Enterprises should establish a vehicle cybersecurity management system, implement the cybersecurity level protection system and the real-name registration management requirements for vehicle network cards in accordance with the law, and clarify the departments and persons in charge of cybersecurity.</p><p><b>China Academy of Information and Communications Technology (CAICT): Domestic mobile phone shipments reached 28.7 million units in July, a year-on-year</b></p><p>According to the China Academy of Information and Communications Technology (CAICT), domestic mobile phone shipments reached 28.7 million units in July, a year-on-year increase of 28.6%. In July, 5G mobile phone shipments reached 22.8 million units, accounting for 79.6%. From January to July, China's cumulative mobile phone shipments reached 203 million units, a year-on-year increase of 15.6%.</p><p><b>11 new stocks included in the MSCI China Index</b></p><p>International index compiler MSCI announced the results of its quarterly index review for August. Specifically regarding the adjustment of A-share benchmarks, the MSCI China A-share Index has newly added...<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>、<a href=\"https://laohu8.com/S/300896\">Aimeike</a>and<a href=\"https://laohu8.com/S/603392\">Wantai Biotechnology</a>Of the 11 A-share listed companies, none were excluded. The above adjustments will take effect after the market closes on August 31, 2021.</p><p><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>President: The possibility of returning to the A-share market is being discussed internally.</b></p><p>At a media briefing following Li Auto' Hong Kong listing ceremony, Li Auto President Shen Yanan stated that the possibility of returning to the A-share market cannot be ruled out, and the matter is currently under internal discussion.</p><p><b>Li Bin:<a href=\"https://laohu8.com/S/NIO\">Nio</a>Will enter the mass market through the new brand and deliver three NT2.0 models next year</b></p><p>During the Q2 2021 conference call, Nio founder Li Bin stated that preparations for Nio to enter the mass market have accelerated, and the company will enter the mass market through a new brand. A core team has been established, marking an important step forward. In addition, in 2022, Nio will deliver three new models based on the NT2.0 platform, including the ET7.</p><p><b>Hong Kong Stocks</b></p><p>Major Hong Kong stock indices collectively closed lower, with the declines of the three major indices widening significantly in the afternoon. The Hang Seng Index closed down 0.53% at 26,517.82 points, the Hang Seng Index fell 0.87% to 9,465.46 points, and the Hang Seng Tech Index fell 1.49% to 6,719.19 points.</p><p><img src=\"https://static.tigerbbs.com/a0d8fab1d5f7f220b322ef10397c9d50\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the market, biopharmaceutical stocks, education stocks, defense stocks, domestic insurance stocks, insurance stocks, catering stocks, and tobacco concept stocks generally fell, while mainland real estate stocks and property management stocks, which led the gains yesterday, clearly cooled down. On the other hand, gold and non-ferrous metals stocks bucked the trend and led the gains, port and shipping stocks performed strongly throughout the day, and the oil and automobile sectors rose slightly.</p><p>Major tech stocks generally fell, including Baidu (09888).<a href=\"https://laohu8.com/S/01810\">Xiaomi</a>Down 2%,<a href=\"https://laohu8.com/S/09618\">JD.com</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba</a>It fell more than 1%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>Meituan, Kuaishou, and others all experienced declines.</p><p>The \"Evergrande Group\" collectively declined.<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>It fell more than 8%.<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>、<a href=\"https://laohu8.com/S/06666\">Evergrande Property</a>It fell by more than 6%. Previously, CNR.cn reported that two projects of Evergrande Real Estate Group in Kunming, Yunnan Province, had been halted. In addition, according to CLS Press, Vanke,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It has temporarily withdrawn from the acquisition of Evergrande Property.</p><p>Biopharmaceutical stocks plummeted, with Tengsheng Biopharmaceutical down nearly 15%, Innovent Biologics down nearly 12%, and Akeso Biotech down nearly 8%.<a href=\"https://laohu8.com/S/688185\">CanSino</a>Biotech fell more than 7%.</p><p>Li Auto fell 0.85%, and Li Auto listed on the Hong Kong Stock Exchange today, entering the public offering stage.<a href=\"https://laohu8.com/S/02015\">Li Auto-W</a>Subscribed 5.5 times, the final number of offer shares allocated to the public offering is 10 million shares, representing 10% of the total number of offer shares (before any over-allotment option is exercised). A total of 50,264 valid applications were received, with a 50% success rate per lot, and one lot was guaranteed to be successful after subscribing to 4 lots. In addition, the international offering has been oversubscribed, with the final number of shares offered being 90 million, equivalent to 90% of the total number of shares offered.</p><p><img src=\"https://static.tigerbbs.com/1cb70a4b941ffbb43934778e70597d76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>A-shares</b></p><p>The major and minor indices continued to diverge today. At the close, the Shanghai Composite Index fell 0.22% to 3524.74 points. The Shenzhen Component Index fell 0.79% to close at 14901.97 points; The ChiNext Index fell 1.47% to close at 3386.43 points. Stocks in both Shanghai and Shenzhen stock exchanges were mixed, with trading volume exceeding one trillion yuan for 17 consecutive trading days. Northbound capital saw a slight net outflow of 178 million yuan throughout the day, marking the second consecutive day of net selling.</p><p><img src=\"https://static.tigerbbs.com/6206e22fa738ff400c87e1201902aebc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>High-growth sectors such as lithium batteries, chips, and photovoltaics remained active, with nearly 20 lithium battery stocks hitting their daily limit or rising by more than 10%. Market focus stocks...<a href=\"https://laohu8.com/S/000792\">Salt Lake Group</a>The stock hit the daily limit in the afternoon, with a trading volume of nearly 16 billion yuan, boosting the popularity of lithium extraction from salt lakes. Upstream lithium battery companies such as phosphorus chemicals and fluorochemicals performed well, with many stocks hitting the daily limit.</p><p><img src=\"https://static.tigerbbs.com/6d63199dca84452eadaffe8f4dcf451a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>New energy vehicles surged throughout the day.<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>、<a href=\"https://laohu8.com/S/601238\">GAC Group</a>、<a href=\"https://laohu8.com/S/600006\">Dongfeng Motor</a>Wait for the stock to hit the daily limit In addition, energy storage concepts diverged today after yesterday's surge. Non-ferrous metals, steel, and coal sectors performed strongly, while precious metals, aluminum, and other industrial metals surged. Baijiu, food and beverage, and healthcare continued to be weak, with defense stocks leading the decline in both markets. On the market, automobile manufacturing, non-ferrous metals, semiconductors and components led the gains, while defense and military industry, beverage manufacturing, and real estate saw the largest declines.</p><p><b>US stocks</b></p><p>In pre-market trading on Thursday, futures for the three major U.S. stock indexes were mixed. As of press time, S&P 500 futures were down 0.04%, Nasdaq futures were down 0.17%, and Dow Jones futures were up 0.06%.</p><p><img src=\"https://static.tigerbbs.com/4a6c9c3c7610bd70755221d6bbfefb22\" tg-width=\"1080\" tg-height=\"413\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>The stock fell more than 10% in pre-market trading, with third-quarter revenue expected to decline by approximately 24.6% to 29.4% year-on-year.</p><p>Moderna shares rose more than 1% in pre-market trading before closing down more than 15% overnight after the European Medicines Agency stated it was investigating.<a href=\"https://laohu8.com/S/PFE\">Pfizer</a>And 3 new side effects that the Moderna vaccine may cause.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell more than 1% in pre-market trading, and Hong Kong stocks traded below their issue price today.</p><p><b>European stocks</b></p><p>Major European indices rose, with Germany's DAX 30 gaining 0.06%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It fell 0.21%, the French CAC40 rose 0.04%, and the Eurostoxx 50 rose 0.1%.</p><p><img src=\"https://static.tigerbbs.com/a5a9fa5f681dc2d45e9fab44ff4c2fa2\" tg-width=\"817\" tg-height=\"148\" referrerpolicy=\"no-referrer\"></p><p> <b>crude oil</b></p><p>International oil prices fell slightly. As of press time, US crude oil was down 0.35% at $69.11 per barrel. Brent crude oil fell 0.29% to $71.37 a barrel on the day.</p><p>EIA crude oil inventories fell slightly on Wednesday, indicating that current market demand has not been significantly affected by the pandemic. However, the pandemic has affected future demand expectations, and oil prices still face considerable downward pressure. Under these circumstances, it seems relatively difficult for oil prices to rise, and the short-term trend may tend to fluctuate.</p><p><b>gold</b></p><p>International gold prices rose slightly, with spot gold up 0.25% at $1,754.1 per ounce as of press time.</p><p>The US July CPI showed a slowdown in inflation, easing market concerns. Important July PPI data will still be released today. Given the moderate CPI performance, the PPI is expected to be roughly the same as the previous value, which may also provide upward momentum for gold bulls.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数","HSCCI":"红筹指数","LI":"理想汽车","02015":"理想汽车-W","XPEV":"小鹏集团","HSCEI":"国企指数","HSI":"恒生指数","BEKE":"贝壳","09988":"阿里巴巴-W","00708":"恒大汽车","HSTECH":"恒生科技指数","000792":"盐湖股份",".DJI":"道琼斯","09618":"京东集团-SW",".IXIC":"NASDAQ Composite","VUKE.UK":"英国富时100",".SPX":"S&P 500 Index","01810":"小米集团-W","09888":"百度集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145588720","content_text":"要闻\n工信部：加强智能网联汽车生产企业及产品准入管理\n工信部发布关于加强智能网联汽车生产企业及产品准入管理的意见，其中提出，强化数据安全管理能力。企业应当建立健全汽车数据安全管理制度，依法履行数据安全保护义务，明确责任部门和负责人。加强网络安全保障能力。企业应当建立汽车网络安全管理制度，依法落实网络安全等级保护制度和车联网卡实名登记管理要求，明确网络安全责任部门和负责人。\n信通院：7月国内手机出货量2870万部，同比增长28.6%\n中国信通院披露，7月国内手机出货量2870万部，同比增长28.6%。其中，7月5G手机出货量2280万部，占比79.6%。1-7月，国内手机累计出货量2.03亿部，同比增长15.6%。\n11只个股新纳入MSCI中国指数\n国际指数编制公司MSCI宣布8月份季度指数评审结果。具体到A股标的的调整，MSCI中国A股指数本次新增金山办公、爱美客和万泰生物等11只A股标的，无剔除标的。上述调整结果将于2021年8月31日收盘后生效。\n理想汽车总裁：内部在研讨回归A股的可能性\n理想汽车总裁沈亚楠在理想汽车香港上市仪式后的媒体沟通会上表示， 不排除回归A股的可能性，内部正在研讨此事。\n李斌：蔚来将通过新品牌进入大众市场，明年交付三款NT2.0车型\n蔚来创始人李斌在2021年Q2电话会上表示，蔚来进入大众市场的相关准备工作已经提速，将通过新的品牌进入大众市场，目前已建立了核心团队，迈出了重要的一步。此外，2022年，蔚来将交付包括ET7在内的基于NT2.0平台的三款全新车型。\n港股\n港股主要指数集体收跌，三大指数午后跌幅明显扩大，恒指收跌0.53%报26517.82点，国指跌0.87%报9465.46点，恒生科技指数跌1.49%报6719.19点。\n\n盘面上，生物医药股、教育股、军工股、内险股、保险股、餐饮股、烟草概念股普跌，昨日领涨的内房股与物管股明显熄火；另一方面，黄金股、有色金属股逆势领涨，港口航运股全天表现强势，石油、汽车板块小幅走高。\n大型科网股普跌，$百度(09888$、小米跌2%，京东、阿里巴巴跌超1%，腾讯、美团、快手均有跌幅。\n“恒大系”集体下挫，中国恒大跌超8%，恒大汽车、恒大物业跌超6%。此前央广网报道恒大地产集团位于云南昆明两项目已停工。此外，据财联社报道，万科、碧桂园暂已退出收购恒大物业。\n生物医药股大跌，腾盛博药跌近15%，诺诚健华跌近12%，康方生物跌近8%，康希诺生物跌超7%。\n理想汽车跌0.85%，理想汽车今日登陆港交所，公开发售阶段理想汽车-W获5.5倍认购，分配至公开发售的发售股份最终数目为1000万股，占发售股份总数的10%（任何超额配股权获行使前）。合共接获50264份有效申请，一手中签率50%，认购4手稳中一手。此外，国际发售已获超额认购，发售股份最终数目为9000万股，相当于发售股份总数的90%。\n\nA股\n今日大小指数继续分化，截至收盘，沪指跌0.22%，报3524.74点；深成指跌0.79%，报收14901.97点；创业板指跌1.47%，报收3386.43点。两市个股涨跌参半，成交额连续17个交易日突破万亿元。北向资金全天小幅净卖出1.78亿元，为连续第二天净卖出。\n\n锂电、芯片、光伏等高景气板块反复活跃，锂电近20股涨停或涨幅超10%，市场焦点股盐湖股份午后涨停，成交额近160亿元，带动盐湖提锂人气回升，磷化工、氟化工等锂电上游表现亮眼，多只个股涨停。\n\n新能源车全天大涨，北汽蓝谷、广汽集团、东风汽车等涨停。另外，储能概念昨日高潮后今日分化，有色、钢铁、煤炭板块走势强劲，贵金属、铝等工业金属大涨，白酒、食品饮料、医疗保健继续疲软，军工股领跌两市。盘面上，汽车整车、有色、半导体及元件涨幅居前，国防军工、饮料制造、房地产跌幅前列。\n美股\n周四盘前时段，美股三大指数期货涨跌不一，截止发稿，标普500指数期货跌0.04%、纳指期货跌0.17%、道指期货涨0.06%。\n\n贝壳盘前跌超10%，预计第三季度营收将同比下滑约24.6%至29.4%。\nModerna盘前涨超1%，隔夜收跌超15%，此前欧洲药管局表示正在调查辉瑞和Moderna疫苗可能引发的3项新的副作用。\n理想汽车盘前跌超1%，今日港股上市破发。\n欧股\n欧洲主要指数上涨，德国DAX30涨0.06%，英国富时100跌0.21%，法国CAC40涨0.04%，欧洲斯托克50涨0.1%。\n\n 原油\n国际油价小幅下跌，截至发稿，美油日内跌0.35%，报69.11美元/桶；布油日内跌0.29%，报71.37美元/桶。\n周三的EIA原油库存小幅下降，显示目前市场的需求未遭到疫情太大的影响，不过疫情影响到了未来的需求预期，油价仍然有较大的下行压力。在此情况下，油价上行显得相对艰难，短线走势可能偏向震荡为主。\n黄金\n国际黄金小幅上涨，截至发稿，现货黄金涨0.25%，报1754.1美元/盎司。\n美国7月CPI显示通胀上涨放缓，令市场担忧情绪有所缓和。日内仍有重要的7月PPI数据出炉，鉴于CPI表现温和，PPI料与前值大致相同，这同样可能给黄金多头提供上涨动能。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"09888":0.9,"BZmain":0.9,"HSCCI":0.9,"NQmain":0.9,"ESmain":0.9,"02015":0.9,"YMmain":0.9,"HSCEI":0.9,"000792":0.9,".DJI":0.9,"03333":0.9,"GOLDmain":0.9,"000001.SH":0.9,"09618":0.9,".IXIC":0.9,"GCmain":0.9,"HSI":0.9,"01810":0.9,"CLmain":0.9,"09988":0.9,"00708":0.9,"XPEV":0.9,"HSTECH":0.9,".SPX":0.9,"VUKE.UK":0.9,"LI":0.9,"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":4585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805839244,"gmtCreate":1627868981688,"gmtModify":1703496832461,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805839244","repostId":"1127485239","repostType":4,"repost":{"id":"1127485239","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":1627867350,"share":"https://ttm.financial/m/news/1127485239?lang=en_US&edition=fundamental","pubTime":"2021-08-02 09:22","market":"sh","language":"zh","title":"Opening: The Hang Seng Index opened 0.36% higher, and Hengten Networks surged over 31% after resuming trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1127485239","media":"老虎资讯综合","summary":"8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒","content":"<p>August 2nd - Hong Kong's three major stock indices opened slightly higher, with the Hang Seng Index rising 0.36% to 26,054 points, the Hang Seng Index rising 0.27% to 9,258 points, and the Hang Seng Tech Index rising 0.15% to 6,791 points.<img src=\"https://static.tigerbbs.com/48acf8c598fe7999ee803caf7fc59bdf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the market, Evergrande Group opened higher across the board.<a href=\"https://laohu8.com/S/00136\">Hengteng Networks</a>Trading surged 31.58% after resuming trading.<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>、<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>All rose, with Evergrande heading towards...<a href=\"https://laohu8.com/S/00700\">Tencent</a>The sale of company shares; Port and shipping stocks, home appliance stocks, photovoltaic stocks, automobile stocks, banking stocks, and education stocks mostly rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It opened significantly higher, nearly 8%, and performed well; Major technology stocks generally rose.<a href=\"https://laohu8.com/S/09999\">NetEase</a>Opening 3.47% higher,<a href=\"https://laohu8.com/S/09888\">Baidu</a>It rose nearly 2%, and Meituan rose 1%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low; Coal stocks led the decline, while insurance stocks and mobile phone concept stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>Rising nearly 3%, the stamp duty rate for stock transactions in the Hong Kong market has been officially adjusted.</p><p><a href=\"https://laohu8.com/S/03396\">Lenovo Holdings</a>It rose nearly 6%, and interim net profit is expected to increase significantly.</p><p><a href=\"https://laohu8.com/S/09868\">XPeng Automotive</a>It rose nearly 8%, with July deliveries exceeding 8,000 units.</p><p><a href=\"https://laohu8.com/S/09001\">New Oriental</a>It fell 2.5%, and the results release and board meeting originally scheduled for this week were cancelled.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: The Hang Seng Index opened 0.36% higher, and Hengten Networks surged over 31% after resuming trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: The Hang Seng Index opened 0.36% higher, and Hengten Networks surged over 31% after resuming trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-02 09:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>August 2nd - Hong Kong's three major stock indices opened slightly higher, with the Hang Seng Index rising 0.36% to 26,054 points, the Hang Seng Index rising 0.27% to 9,258 points, and the Hang Seng Tech Index rising 0.15% to 6,791 points.<img src=\"https://static.tigerbbs.com/48acf8c598fe7999ee803caf7fc59bdf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the market, Evergrande Group opened higher across the board.<a href=\"https://laohu8.com/S/00136\">Hengteng Networks</a>Trading surged 31.58% after resuming trading.<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>、<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>All rose, with Evergrande heading towards...<a href=\"https://laohu8.com/S/00700\">Tencent</a>The sale of company shares; Port and shipping stocks, home appliance stocks, photovoltaic stocks, automobile stocks, banking stocks, and education stocks mostly rose.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It opened significantly higher, nearly 8%, and performed well; Major technology stocks generally rose.<a href=\"https://laohu8.com/S/09999\">NetEase</a>Opening 3.47% higher,<a href=\"https://laohu8.com/S/09888\">Baidu</a>It rose nearly 2%, and Meituan rose 1%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>Small open low; Coal stocks led the decline, while insurance stocks and mobile phone concept stocks fell significantly.</p><p><a href=\"https://laohu8.com/S/00388\">Hong Kong Stock Exchange</a>Rising nearly 3%, the stamp duty rate for stock transactions in the Hong Kong market has been officially adjusted.</p><p><a href=\"https://laohu8.com/S/03396\">Lenovo Holdings</a>It rose nearly 6%, and interim net profit is expected to increase significantly.</p><p><a href=\"https://laohu8.com/S/09868\">XPeng Automotive</a>It rose nearly 8%, with July deliveries exceeding 8,000 units.</p><p><a href=\"https://laohu8.com/S/09001\">New Oriental</a>It fell 2.5%, and the results release and board meeting originally scheduled for this week were cancelled.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","00136":"中国儒意","HSI":"恒生指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127485239","content_text":"8月2日讯，港股三大指数小幅高开，恒指涨0.36%报26054点，国指涨0.27%报9258点，恒生科技指数涨0.15%报6791点。盘面上，恒大系全线高开，恒腾网络复牌暴涨31.58%，中国恒大、恒大汽车均上涨，恒大向腾讯等出售公司股份；港口航运股、家电股、光伏股、汽车股、银行股、教育股多数上涨，小鹏汽车大幅高开近8%表现较佳；大型科技股普涨，网易高开3.47%，百度涨近2%，美团涨1%，腾讯小幅低开；煤炭股跌幅居前，保险股、手机概念股下跌明显。\n香港交易所涨近3%，香港市场的股票交易印花税税率已正式调整。\n联想控股涨近6%，预计中期净利润大增。\n小鹏汽车涨近8%，7月交付量突破8000台。\n新东方跌2.5%，取消原定于本周举行的业绩发布及董事会会议。","news_type":1,"symbols_score_info":{"513600":0.9,"HHImain":0.9,"MHImain":0.9,"HSImain":0.9,"00136":0.9,"HSI":0.9,"MCHmain":0.9,"02833":0.9}},"isVote":1,"tweetType":1,"viewCount":5214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803446433,"gmtCreate":1627460117422,"gmtModify":1703490380388,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803446433","repostId":"1195908684","repostType":4,"repost":{"id":"1195908684","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":1627459755,"share":"https://ttm.financial/m/news/1195908684?lang=en_US&edition=fundamental","pubTime":"2021-07-28 16:09","market":"us","language":"zh","title":"Popular Chinese concept stocks rebounded in pre-market trading, with Li Auto rising over 5%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1195908684","media":"老虎资讯综合","summary":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","content":"<p>On July 28, some popular Chinese concept stocks rebounded in pre-market trading.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It rose more than 5%.<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It rose more than 3%, while Nio, Didi, and Beike rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Chinese concept stocks rebounded in pre-market trading, with Li Auto rising over 5%.</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; 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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\">\nPopular Chinese concept stocks rebounded in pre-market trading, with Li Auto rising over 5%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-28 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 28, some popular Chinese concept stocks rebounded in pre-market trading.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It rose more than 5%.<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It rose more than 3%, while Nio, Didi, and Beike rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","QNETCN":"纳斯达克中美互联网老虎指数","LI":"理想汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195908684","content_text":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","news_type":1,"symbols_score_info":{"TTTN":0.9,"LI":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":5031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177601110,"gmtCreate":1627203488930,"gmtModify":1703485528966,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177601110","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"hk","language":"zh","title":"When we buy funds, what are we buying?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>","source":"lsy1583835599575","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When we buy funds, what are we buying?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhen we buy funds, what are we buying?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With lithium, it can travel all over the world; without it, it's impossible to move an inch. Recently, with the continued fermentation of carbon neutrality policies, lithium, as a raw material for new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" are gaining momentum, causing the new energy sector to surge. Many investors, seeing the strong upward trend in the new energy sector, are starting to get excited and are looking for a new energy-themed fund to buy.</p><p>“Some investors buy funds because they are optimistic about certain sectors, such as consumer and military industries, and then find fund managers in the market who are most similar to their ideas and holdings, and then buy them. This is putting the cart before the horse,” said Ye Erle of Guosheng Metal Machinery. “For the same stock or industry, each fund manager’s logic may be completely different, and the money they can ultimately make will also be completely different.”</p><p>Ye Erle believes that we often ask fund managers \"what did we buy\" without knowing \"why did we buy it,\" and the latter question may be more important. Recently, one of his research reports, \"What Money Do Public Funds Really Make? - A Series of Reports on the Evolution of Fund ALPHA,\" has attracted widespread attention in the industry and received unanimous praise from many institutions. In his report, he provided a detailed analysis of the fund's sources of income and introduced a method that differs from the traditional approach to classifying fund managers' abilities.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metal Machinery</p><p>Last month, our Yuanchuan Research Institute spoke with Ye Erle, an analyst at Guosheng Metal Machinery, to discuss what kind of money public funds actually make. We hope that this conversation can bring new inspiration to investors about \"buying funds\".</p><p>Below are some of Ye Erle's views on questions such as what to buy in funds, what abilities fund managers possess, and how to build a fund portfolio.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Many people ask when buying funds, \"Is it still worth buying this fund after it has risen so much?\" Ye Erle answers: Buying funds is different from buying stocks; it's not advisable to chase high prices in stocks.<b>However, funds can \"chase high prices\" under certain circumstances.</b>Overall, Yerle listed three differences between funds and stocks, which are reflected in pricing, valuation, and risk diversification methods.</p><p>Stock pricing is the result of expectation exchange and expectation game between people based on publicly available market data.<b>The pricing of the fund is determined by the fund manager alone.</b>For stocks to rise, more and more people are persuaded to buy them by a certain narrative or logic. For funds to rise, fund managers need to have the ability to perceive this logic in advance, buy stocks in advance of everyone, and sell them when everyone buys in.</p><p>Stocks have clear valuations, while funds do not have valuation issues in the sense of net asset value. Stocks that rise too much will fall, and stocks that fall too much will rise. However, funds that rise well do not necessarily perform poorly in the future, nor do funds that perform poorly in the past necessarily perform well in the future. There's a highly extrapolated indicator for buying funds called ALPHA, which means...<b>A good past and a good future essentially depend on the ability of a fund manager. Only when a fund manager's capabilities are stable in a certain area can they have long-term momentum in a certain sub-sector's returns, and this long-term momentum in a certain sub-sector's returns also proves that the fund is stable in this type of capability.</b></p><p>Stocks possess inherent risks at the company level, which can be controlled through diversified holdings. Funds are portfolios of stocks, and the risks in this regard are relatively small. Risk control cannot rely solely on simple diversification. For example, if you buy a bunch of funds that tend to favor stocks, although the proportion of individual funds may be very small, the risk of the portfolio in terms of the \"favoring factor\" is very high. Once the favoring collapses, the entire fund portfolio will have a great pullback/retracement risk. In that case, it may not be as good as choosing one fund for each large-cap, mid-cap, and small-cap fund, as the risk is more diversified. So,<b>Fund risk needs to penetrate into the underlying style to diversify.</b></p><p>So what is the essence of a fund?</p><p>Yerle believes that the fund remains unchanged.<b>Essentially, a fund manager's so-called circle of competence includes personality, investment system, information sources, and investment model.</b>After years of evolution, it has become difficult for fund managers to classify themselves using simple investment styles such as \"large and small caps,\" \"value growth,\" and \"industry themes.\" Such classifications are less stable and require further attribution of fund returns to summarize the fund manager's stock selection logic and reveal their true capabilities.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money do mutual funds actually make?</p><p>After attributing the returns of public funds in his report, Ye Erle concluded that fund returns include money that fund managers cannot stably earn, money that is inevitably lost, and money that can be stably earned.</p><p>First, the money a fund earns is unstable in terms of market capitalization and valuation. I've only made money in two waves in terms of market capitalization: one was with a small market capitalization in 2014-2016, and the other was with a large market capitalization from the end of last year to the beginning of this year. Market capitalization is very difficult to grasp. In terms of valuation, mutual funds favor overvalued stocks, which brought negative returns before 2019 and positive returns afterward, and the money earned in terms of valuation is not stable.</p><p>Furthermore, mutual funds prefer stocks with high volatility and liquidity, which leads to long-term losses. High volatility refers to the fact that a stock has risen and fallen sharply in the past, which can lead to trading losses. Public funds, constrained by their large size and publicly offered nature, must buy highly liquid stocks. High liquidity corresponds to high pricing efficiency, and the duration of quick-logic money in these stocks has been shortening in recent years.<b>Public funds find it difficult to engage in high-frequency trading and make money from such fast-paced logic, so they basically hand it over to private high-frequency traders.</b></p><p>Therefore, neither money with market capitalization, valuation, nor money with high volatility and liquidity is something that most fund managers can stably control. Yerle believes that<b>When buying funds, one should pay more attention to the fund manager's ability to make stable profits.</b></p><p>Then<b>If mutual funds cannot make quick money, they can only make slow money.</b>Slow-logic money is reflected in the returns of two styles:<b>Momentum and growth.</b>Momentum refers to a logic that can only lead to a steady rise in stock prices over the past 12 months if it develops gradually. Yerle calls this characteristic of steady rise momentum. Growth means that a company has growth potential, and verifying growth potential takes time and thus relies on slow logic.</p><p>Regarding making money from the growth logic, Ye Erle summarized three advantages: (1) The growth logic needs time to be verified and cannot be fully reacted to in the short term, leaving fund managers enough time; (2) The logic of growth will be realized in the short term, which can be verified in stages according to the quarterly report. Each verification can realize some excess returns and make the stock rise continuously. (3) The logic of growth is more verifiable than the logic of value, because the regression of valuation depends on many external macro or market factors. The logic of growth, such as the judgment of the company’s growth rate over 5 years, will definitely have a fact in the next 5 years to verify whether what was said 5 years ago was correct or not.</p><p>Yerle believes that<b>The primary purpose of mutual funds is to predict company performance and profit from growth logic.</b>Because most public funds currently focus on short-term performance assessments, growth stocks are more cost-effective than value stocks: it may take 1 to 3 years for value to return to earn excess returns, and the timing is highly uncertain, while growth stocks can logically realize their returns every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor that enables funds to make money at the company level in the long term, in addition to performance growth—analyst enthusiasm. Analyst enthusiasm refers to the fact that fund managers typically pay close attention to analysts' recommendations, thereby translating them into their own investment logic.<b>The advantage of having access to information compared to the public is also a reason why mutual funds make money in the long run, as fund managers have faster channels to receive information.</b></p><p>In general, mutual funds in<b>Momentum, Growth, Analyst Sentiment</b>These factors generate long-term profits and are where fund managers' capabilities lie. However, style-based returns such as market capitalization and valuation, as well as trading-based returns such as high volatility and high liquidity, are beyond the control of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the sources of fund returns, how should we proceed when it comes to classifying fund manager competency labels and constructing fund portfolios?</p><p>Yerle uses examples to show us how to analyze a fund. Taking a well-performing fund this year as an example, he quantified the fund's returns, thus summarizing the ability labels that fund managers possess.</p><p>First, Yerle completely broke down the fund's returns into four major sources of income. The fund's performance in \"strategic returns\" was average, but its contribution in \"dynamic returns\" was significant. This means that the fund manager's overall stock selection ability was average, but his swing trading ability was strong. The fund also contributes significantly to \"industry returns,\" indicating that it has chosen a good industry. Based on this, fund managers can be labeled with: dynamic return capabilities and industry allocation capabilities.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Next, we analyzed the fund's \"style returns.\" Since changing fund managers in 2020, the fund's style has shifted to small and medium-sized market capitalization, high momentum, high volatility, high valuation, and high growth, and the style is stable. We found that the fund manager likes to buy small-cap stocks and popular sectors. This labeled him: small to medium market capitalization, popular sector investment, and historically stable style.</p><p>Let's look at the characteristics of industry returns: the concentration of holdings is high, with pharmaceuticals buying nearly 50% of the position and machinery buying nearly 40%. Once you are optimistic about the industry, you bet heavily. In terms of industry switching, they are highly sensitive to cycles, shifting significantly to machinery and chemicals in the second quarter of last year, while the market as a whole paid close attention to these two industries in the fourth quarter. Based on this, it can be labeled as industry concentration.</p><p>Finally, it was observed that the fund had low exposure to the analyst sentiment factor in the second quarter of last year, which means that it was earlier than analysts expected, and its subsequent operations were the opposite of analysts' recommendations. The more analysts recommended it, the more it sold, indicating that it was sensitive to left-side/information changes.</p><p>Based on this, Yerle concluded that the fund manager demonstrated [misconduct] during the management of this fund from January 2020 to March 2021.<b>Strong dynamic investment capabilities and a small to mid-cap investment style.</b>It was able to quickly process market information, decisively and concentratedly adjust positions at critical points on the left and right sides, conduct effective meso-level industry allocation and dynamic individual stock operations, invest in popular sectors with relatively small market capitalizations, and avoid the crowded blue-chip sectors at the time.</p><p>After analyzing such a fund manager, Ye Erle believes that one can focus on the \"personality\" of this fund manager, find similar fund managers, and build a portfolio.</p><p>For example, we could build a portfolio of fund managers who all have strong dynamic return capabilities, or bring out a certain type of fund manager who also have strong stock selection and industry allocation capabilities, continue to track them, and analyze what kind of market this portfolio is suitable for.<b>When you need a fund manager with certain characteristics, Guosheng Metal Machinery can use quantitative methods to select them from a portfolio of fund managers.</b></p><p>Guosheng Metal Machinery has built a long-term tracking fund portfolio on Wind: Guosheng Fund Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Data source: wind)</p><p>This method of classifying fund managers' abilities is an important contribution to Ye Erle's research report. He redefined the dimensions of fund managers, dividing them into various abilities and investment logics. Compared to the previous approach of dividing fund managers by industry and simple style, this method is more stable.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, they should also pay more attention to the various abilities possessed by fund managers when buying funds. Our official WeChat account, \"Yuanchuan Investment Review,\" frequently updates with research and interviews with fund managers, serving as a window for everyone to understand the circle of competence of fund managers.</p><p>Through continuous learning, you will learn which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation capabilities, so that you can choose funds that meet your preferences.</p><p>For capabilities that fund managers cannot grasp, such as market capitalization, we can diversify fund risk by building portfolios by combining funds with different market styles (such as large-cap and small-cap).</p><p>However, when building a fund portfolio, everyone's expected returns and risk appetite are different. Understanding yourself and allocating funds according to your own needs are the most important things.</p><p>Finally, Yerle gave ordinary fund investors...<b>Some suggestions:</b></p><p>1. Do not blindly follow trends and buy funds recommended on Alipay's homepage. Be cautious when everyone else is buying.</p><p>2. Don't expect funds with a size exceeding 5 billion yuan to generate strong excess returns outside of the style industry. Guosheng Metal Machinery conducted a test on fund size. On average, the fund's alpha is strongest between 500 and 2 billion yuan under management. Once the fund manager's management scale becomes particularly large, the alpha is likely to decline.</p><p>3. If fund investors lack clear judgment ability, it is recommended to invest regularly to diversify costs and reduce their sensitivity to the win rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178867074,"gmtCreate":1626798287298,"gmtModify":1703765492707,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178867074","repostId":"2152695265","repostType":4,"isVote":1,"tweetType":1,"viewCount":5414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147844979,"gmtCreate":1626353000491,"gmtModify":1703758457012,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147844979","repostId":"2151052566","repostType":4,"repost":{"id":"2151052566","kind":"highlight","pubTimestamp":1626349838,"share":"https://ttm.financial/m/news/2151052566?lang=en_US&edition=fundamental","pubTime":"2021-07-15 19:50","market":"hk","language":"zh","title":"BlackRock shouted \"Inflation is coming\" while giving its employees an 8% pay raise.","url":"https://stock-news.laohu8.com/highlight/detail?id=2151052566","media":"华尔街见闻","summary":"据报道，资管巨头贝莱德在周三表示，将对大多数员工从9月开始加薪8%，而该公司管理层认为美国目前的高通胀仍将持续下去。","content":"<p>As a leading company in the global asset management industry,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The management believes that the current high inflation in the United States will continue, and they have offered a solution: giving employees a comprehensive pay raise.</p><p>According to multiple media reports, the company's CEO Larry Fink and President Rob Kapito announced in a memorandum jointly signed on Wednesday that they will increase the base salary of most employees, including directors, by 8%, effective from September.</p><p>Meanwhile, BlackRock's second-quarter revenue and profit data also far exceeded market expectations. According to data, the company's revenue rose 32% to $4.8 billion in the second quarter, exceeding the market's previous expectation of $4.6 billion, while net profit climbed 14% to $1.38 billion. In addition, the company's adjusted earnings per share were $10.03, higher than the market expectation of $9.48.</p><p>In a subsequent interview with the Financial Times, Larry Fink stated that the pay raises for nearly 95% of the company's 16,500 employees were not due to inflationary pressures, but rather to allow employees to share in the profits.</p><p>In addition, Larry Fink also discussed the issue of inflation in an interview. He pointed out that many people are used to inflation below 2%, and he did not rule out the possibility of inflation remaining above 3%, due to higher energy costs, global supply chain disruptions, and the Federal Reserve's focus on job growth.</p><p>In an interview with Bloomberg, he also pointed out that inflation will bring about epic changes, and although it may not be related to market concerns, it will not be a short-term phenomenon as some market strategists expect.</p><p>In fact, BlackRock is not the first company to be prepared to give its employees a raise. Two months ago,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The bank previously announced plans to raise the minimum hourly wage for U.S. employees to $25 by 2025, when the minimum hourly wage for U.S. employees was $20. At the same time, the bank also required its suppliers to set the minimum wage at $15 per hour.</p><p>Earlier,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>It was announced that it would give employees an average salary increase of 10% across all company stores.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>and<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Companies are also planning to raise their employees' salaries.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BlackRock shouted \"Inflation is coming\" while giving its employees an 8% pay raise.</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\">\nBlackRock shouted \"Inflation is coming\" while giving its employees an 8% pay raise.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-15 19:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a leading company in the global asset management industry,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The management believes that the current high inflation in the United States will continue, and they have offered a solution: giving employees a comprehensive pay raise.</p><p>According to multiple media reports, the company's CEO Larry Fink and President Rob Kapito announced in a memorandum jointly signed on Wednesday that they will increase the base salary of most employees, including directors, by 8%, effective from September.</p><p>Meanwhile, BlackRock's second-quarter revenue and profit data also far exceeded market expectations. According to data, the company's revenue rose 32% to $4.8 billion in the second quarter, exceeding the market's previous expectation of $4.6 billion, while net profit climbed 14% to $1.38 billion. In addition, the company's adjusted earnings per share were $10.03, higher than the market expectation of $9.48.</p><p>In a subsequent interview with the Financial Times, Larry Fink stated that the pay raises for nearly 95% of the company's 16,500 employees were not due to inflationary pressures, but rather to allow employees to share in the profits.</p><p>In addition, Larry Fink also discussed the issue of inflation in an interview. He pointed out that many people are used to inflation below 2%, and he did not rule out the possibility of inflation remaining above 3%, due to higher energy costs, global supply chain disruptions, and the Federal Reserve's focus on job growth.</p><p>In an interview with Bloomberg, he also pointed out that inflation will bring about epic changes, and although it may not be related to market concerns, it will not be a short-term phenomenon as some market strategists expect.</p><p>In fact, BlackRock is not the first company to be prepared to give its employees a raise. Two months ago,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The bank previously announced plans to raise the minimum hourly wage for U.S. employees to $25 by 2025, when the minimum hourly wage for U.S. employees was $20. At the same time, the bank also required its suppliers to set the minimum wage at $15 per hour.</p><p>Earlier,<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>It was announced that it would give employees an average salary increase of 10% across all company stores.<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>and<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Companies are also planning to raise their employees' salaries.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635511\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6ed062b2faa3a0680e0cd690b2172d7a","relate_stocks":{"BLK":"贝莱德"},"source_url":"https://wallstreetcn.com/articles/3635511","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151052566","content_text":"作为全球资管业中居于前列的企业，贝莱德的管理层认为美国目前的高通胀仍然将持续下去，而他们也给出了应对之法：给员工全面加薪。\n根据多家媒体的报道，该公司首席执行官Larry Fink和总裁Rob Kapito在周三共同签署的一份备忘录中表示，将对包括董事在内的大多数员工增加8%的基本薪酬，该加薪举措将从9月开始生效。\n与此同时，贝莱德公布的二季度收入和利润数据也大大超出了市场预期。根据数据，该公司二季度收入上升32%至48亿美元，高于市场此前预期的46亿美元，而净利润则攀升14%至13.8亿美元。此外，该公司调整后的每股收益为10.03美元，高于市场预期的9.48美元。\nLarry Fink在随后接受英国《金融时报》访问时称，为该公司1.65万员工中近95%的人加薪，并非迫于通胀压力，而是想让公司员工共同分享利润。\n此外，Larry Fink在接受访问时还谈到了通胀的问题。他指出，很多人已经习惯了2%以下的通胀，而他也没有排除通胀保持在3%以上的可能性，原因在于更高的能源成本，全球供应链中断，以及美联储对就业增长的关注。\n他在接受彭博社访问时也指出，通胀将带来史诗般的变化，尽管与市场的担忧未必相关，但也不会如部分市场策略师所料是短期现象。\n事实上，贝莱德并不是第一个准备给员工加薪的企业。早在两个月之前，美国银行就曾发表声明称，计划2025年前将美国员工最低时薪提高至25美元，当时该行的美国员工最低时薪为20美元。同时，该行也要求其供应商将最低工资设定为每小时15美元。\n而在更早之前，麦当劳宣布将在全公司门店给员工平均加薪10%，而沃尔玛、星巴克、亚马逊和摩根大通等也企业都计划给员工加薪。","news_type":1,"symbols_score_info":{"BLK":0.9}},"isVote":1,"tweetType":1,"viewCount":4909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154094318,"gmtCreate":1625458747034,"gmtModify":1703742123657,"author":{"id":"3566533757199998","authorId":"3566533757199998","name":"大赢钱家","avatar":"https://static.tigerbbs.com/61a528146b4b041f9789559efdd53e27","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566533757199998","idStr":"3566533757199998"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154094318","repostId":"2149389882","repostType":4,"isVote":1,"tweetType":1,"viewCount":5010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}