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Unclequek
Unclequek
·
2021-04-17
Any good suggestions
Buying a house or buying stocks? This is how American residents currently see it
2021年,美国家庭更加青睐房地产。
Buying a house or buying stocks? This is how American residents currently see it
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Unclequek
Unclequek
·
2021-04-17
This news any suggestions
Preview of Apple's spring conference: What new products will be held at this "Technology Spring Festival Gala"
苹果春季发布会定档 北京时间4月21日凌晨1点。
Preview of Apple's spring conference: What new products will be held at this "Technology Spring Festival Gala"
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Unclequek
Unclequek
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2021-04-16
Verygood
JPMorgan Chase to issue $13 billion in bonds, the largest issuance record for a bank
金融界网4月15日消息,摩根大通将发行130亿美元的债券,从而创下银行发债历史最大规模。一位知情者表示,此次发债将分五部分进行,其中期限最长的是31年期债券,预计收益率将比美国国债高出107个基点。 此次发债的一天前,摩根大通公布了强劲的第一季度业绩。据知情人士透露,此次发行的认购金额达到约260亿美元。包括今天的发行在内,摩根大通今年已在投资级美元债券市场募集了220亿美元,超过其他任何美国的主要银行。
JPMorgan Chase to issue $13 billion in bonds, the largest issuance record for a bank
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Unclequek
Unclequek
·
2021-04-14
Verygood
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Unclequek
Unclequek
·
2021-04-13
Verygood
The pricing is low, the subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold
一度活在传言中的携程回港二次上市,终于靴子落地。 不过,最新消息显示,携程回港的上市指导价或比前市场预计的333港元/股更低,至268港元。 在打新阶段,携程与彼时快手、百度以及哔哩哔哩的火热认购形成
The pricing is low, the subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold
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Unclequek
Unclequek
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2021-04-13
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Unclequek
Unclequek
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2021-04-12
Whose problem
Sorry, this post has been deleted
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Unclequek
Unclequek
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2021-04-12
This is something
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Unclequek
Unclequek
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2021-04-11
Very good
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Unclequek
Unclequek
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2021-04-09
Verygood
Ctrip, which went public in Hong Kong for the second time, you really know how to play!
如果要评选2020年最拼的企业家,携程的梁建章肯定能入围。 随手列出一些梁建章的日程: 一个月跋涉6省25市9000多公里;一天要切换20个场景;直播前要考察直播后要复盘、还得管公司的大小事务每天连轴
Ctrip, which went public in Hong Kong for the second time, you really know how to play!
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This is how American residents currently see it","url":"https://stock-news.laohu8.com/highlight/detail?id=2128537854","media":"格隆汇","summary":"2021年,美国家庭更加青睐房地产。","content":"<p>The substantial increase in household savings under the impact of the epidemic is almost a common problem facing the whole world. In addition to consumption, how to make a reasonable investment layout? This report from the New York Fed may give me some clues. Some data on U.S. real estate slowed down in the first quarter of this year, but at a micro level, we might as well be optimistic.</p><p><b>text</b></p><p><b>Housing is the largest asset owned by most families and is the main means of wealth accumulation, especially for the middle class</b>。 However, our understanding of how households view and compare real estate investment and financial investment is limited, partly because their differences go beyond common risk and return standards. On the one hand, housing is an important source of leverage for families, and it is also a reliable savings and value preservation tool. Owner-occupied homes can also provide stability and an effective hedge against rising housing costs. Housing, on the other hand, is far less liquid than financial assets and requires more time to manage.</p><p>In this article, we use data from the just-released SCE Housing Survey to answer several related questions about how households view real estate: Do households view housing as a good investment option compared to financial assets, such as stocks? Are there differences in preferences for housing investment among different populations? What factors do families consider when choosing the housing market or the stock market?</p><p><h3><b>Design of survey data</b></h3>SCE Housing Survey recently launched a new survey to investigate households' preferences for real estate and the stock market and the reasons behind it. In the survey, respondents will imagine that they are giving financial advice to a couple in their 30s in their local area: buying a house or buying stocks. The couple just got a gift of money that can pay the advance payment for the house in full. There are two scenarios for the question: one is to ask the young couple whether to buy an owner-occupied home or invest in the stock market, and the other is to assume that the couple already owns a home and whether they are investing in rental property or stocks.</p><p>Each respondent randomly answered one of the above questions. After giving suggestions, respondents also need to choose the reasons for making the suggestion from a series of factors, including higher stock returns, less fluctuations in real estate returns, whether they are reliable savings and value preservation tools, etc., or they can provide their own reasons. This survey was conducted in February 2020 (mainly before the COVID-19 outbreak in the United States), October 2020, and February 2021, respectively, and the results are reported below:</p><p><h3><b>Housing is a great investment</b></h3>The following table lists the distribution of the results of financial advice in the housing market and stock market at different stages. In general,<b>Compared to the stock market, households generally think housing is a good investment</b>。 When asked whether to invest in rental real estate or in the stock market, more than 50% of households surveyed recommended housing. In the selection scenario of the first house and stock, more than 90% of the respondents chose housing, and their preference for housing is stronger.</p><p>An interesting finding is that,<b>People's preference for real estate declined in October 2020 and returned to pre-pandemic levels by February 2021</b>。 By examining the rationale for these choices, we find that in October 2020, this shift away from real estate preference was not driven by lower home price expectations, but reflected other reasons. For example, investors are more worried about the risk of vacant rental homes. For the purchase of owner-occupied homes, respondents were less concerned about the stability provided by owner-occupied homes after the outbreak, possibly because of fears that the inability to pay the mortgage would lead to a shorter period of living in the current home.</p><p><img src=\"https://static.tigerbbs.com/7446f0bfef91d753b549564a8bb711bb\" tg-width=\"1080\" tg-height=\"832\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/847eb2c2296ba22d4e737a7120244700\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p><h3><b>What are the differences in how different groups of people view real estate investment?</b></h3>Next, we studied the differences in different people's views on real estate investment.<b>Two important factors affecting questionnaire responses are gender and education</b>。 In this analysis, we focus on how rental housing compares to stocks. The next chart shows,<b>Women and non-college graduates favor housing more than others</b>。</p><p>For the gender difference, part of the explanation is that in our sample, men are more willing to take risks and invest in the stock market than women, because the returns in the stock market are more volatile. For the educational gap, college graduates tend to think that the returns of the stock market are higher than those of the housing market, and cite \"managing rental properties is time-consuming\" as one of the reasons for choosing the stock market.</p><p>We also note that these gender and education gaps narrowed significantly in the October 2020 survey as women and non-college graduates temporarily lowered their preferences for real estate. In future research, we intend to examine the factors behind gender and education disparities and why they temporarily lowered their favor of the housing market during the outbreak.</p><p><img src=\"https://static.tigerbbs.com/6f2d9bb4a87ab766c9b9efd11c4e9187\" tg-width=\"500\" tg-height=\"435\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Reasons for choosing housing</b></h3>When it comes to reasons for choosing a home, the chart below shows the percentage of individual reasons why respondents recommend choosing to buy a first home rather than investing in the stock market. Respondents can choose multiple reasons. It can be seen that the proportion of choices for each reason is very reasonable. \"Ideal and stable living environment\" and \"less fluctuation in house prices\" are the most common reasons. Compared with the answer in 2020,<b>More respondents in 2021 picked higher housing returns, less volatility as two reasons</b>, while fewer respondents chose other reasons, including, for example, rent savings, stability, locking in housing costs, effective means of saving, etc.</p><p><img src=\"https://static.tigerbbs.com/7b5e4a78e93e5b919a8ccf14824ba5c6\" tg-width=\"500\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3>Real estate is an important asset class for middle-class families. Surveys conducted before and during the pandemic indicate that investors consider housing-both rental properties and owner-occupied homes-a good investment relative to the stock market. There are important differences in housing preferences among different groups of people, with women and non-college graduates preferring housing. More households are now citing higher returns and lower volatility as a reason to enter the housing market than before the pandemic.</p><p><i>This article is translated from the recently published by the New York Fed</i><b><i>Do People View Housing as a Good Investment and Why?</i></b><i>\", Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang</i></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buying a house or buying stocks? 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This is how American residents currently see it\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-04-17 14:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The substantial increase in household savings under the impact of the epidemic is almost a common problem facing the whole world. In addition to consumption, how to make a reasonable investment layout? This report from the New York Fed may give me some clues. Some data on U.S. real estate slowed down in the first quarter of this year, but at a micro level, we might as well be optimistic.</p><p><b>text</b></p><p><b>Housing is the largest asset owned by most families and is the main means of wealth accumulation, especially for the middle class</b>。 However, our understanding of how households view and compare real estate investment and financial investment is limited, partly because their differences go beyond common risk and return standards. On the one hand, housing is an important source of leverage for families, and it is also a reliable savings and value preservation tool. Owner-occupied homes can also provide stability and an effective hedge against rising housing costs. Housing, on the other hand, is far less liquid than financial assets and requires more time to manage.</p><p>In this article, we use data from the just-released SCE Housing Survey to answer several related questions about how households view real estate: Do households view housing as a good investment option compared to financial assets, such as stocks? Are there differences in preferences for housing investment among different populations? What factors do families consider when choosing the housing market or the stock market?</p><p><h3><b>Design of survey data</b></h3>SCE Housing Survey recently launched a new survey to investigate households' preferences for real estate and the stock market and the reasons behind it. In the survey, respondents will imagine that they are giving financial advice to a couple in their 30s in their local area: buying a house or buying stocks. The couple just got a gift of money that can pay the advance payment for the house in full. There are two scenarios for the question: one is to ask the young couple whether to buy an owner-occupied home or invest in the stock market, and the other is to assume that the couple already owns a home and whether they are investing in rental property or stocks.</p><p>Each respondent randomly answered one of the above questions. After giving suggestions, respondents also need to choose the reasons for making the suggestion from a series of factors, including higher stock returns, less fluctuations in real estate returns, whether they are reliable savings and value preservation tools, etc., or they can provide their own reasons. This survey was conducted in February 2020 (mainly before the COVID-19 outbreak in the United States), October 2020, and February 2021, respectively, and the results are reported below:</p><p><h3><b>Housing is a great investment</b></h3>The following table lists the distribution of the results of financial advice in the housing market and stock market at different stages. In general,<b>Compared to the stock market, households generally think housing is a good investment</b>。 When asked whether to invest in rental real estate or in the stock market, more than 50% of households surveyed recommended housing. In the selection scenario of the first house and stock, more than 90% of the respondents chose housing, and their preference for housing is stronger.</p><p>An interesting finding is that,<b>People's preference for real estate declined in October 2020 and returned to pre-pandemic levels by February 2021</b>。 By examining the rationale for these choices, we find that in October 2020, this shift away from real estate preference was not driven by lower home price expectations, but reflected other reasons. For example, investors are more worried about the risk of vacant rental homes. For the purchase of owner-occupied homes, respondents were less concerned about the stability provided by owner-occupied homes after the outbreak, possibly because of fears that the inability to pay the mortgage would lead to a shorter period of living in the current home.</p><p><img src=\"https://static.tigerbbs.com/7446f0bfef91d753b549564a8bb711bb\" tg-width=\"1080\" tg-height=\"832\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/847eb2c2296ba22d4e737a7120244700\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p><h3><b>What are the differences in how different groups of people view real estate investment?</b></h3>Next, we studied the differences in different people's views on real estate investment.<b>Two important factors affecting questionnaire responses are gender and education</b>。 In this analysis, we focus on how rental housing compares to stocks. The next chart shows,<b>Women and non-college graduates favor housing more than others</b>。</p><p>For the gender difference, part of the explanation is that in our sample, men are more willing to take risks and invest in the stock market than women, because the returns in the stock market are more volatile. For the educational gap, college graduates tend to think that the returns of the stock market are higher than those of the housing market, and cite \"managing rental properties is time-consuming\" as one of the reasons for choosing the stock market.</p><p>We also note that these gender and education gaps narrowed significantly in the October 2020 survey as women and non-college graduates temporarily lowered their preferences for real estate. In future research, we intend to examine the factors behind gender and education disparities and why they temporarily lowered their favor of the housing market during the outbreak.</p><p><img src=\"https://static.tigerbbs.com/6f2d9bb4a87ab766c9b9efd11c4e9187\" tg-width=\"500\" tg-height=\"435\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Reasons for choosing housing</b></h3>When it comes to reasons for choosing a home, the chart below shows the percentage of individual reasons why respondents recommend choosing to buy a first home rather than investing in the stock market. Respondents can choose multiple reasons. It can be seen that the proportion of choices for each reason is very reasonable. \"Ideal and stable living environment\" and \"less fluctuation in house prices\" are the most common reasons. Compared with the answer in 2020,<b>More respondents in 2021 picked higher housing returns, less volatility as two reasons</b>, while fewer respondents chose other reasons, including, for example, rent savings, stability, locking in housing costs, effective means of saving, etc.</p><p><img src=\"https://static.tigerbbs.com/7b5e4a78e93e5b919a8ccf14824ba5c6\" tg-width=\"500\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3>Real estate is an important asset class for middle-class families. Surveys conducted before and during the pandemic indicate that investors consider housing-both rental properties and owner-occupied homes-a good investment relative to the stock market. There are important differences in housing preferences among different groups of people, with women and non-college graduates preferring housing. More households are now citing higher returns and lower volatility as a reason to enter the housing market than before the pandemic.</p><p><i>This article is translated from the recently published by the New York Fed</i><b><i>Do People View Housing as a Good Investment and Why?</i></b><i>\", Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang</i></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://www.gelonghui.com/p/460858\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b88e2fdae8e5bd88881023c7c82026ea","relate_stocks":{"09979":"绿城管理控股"},"source_url":"http://www.gelonghui.com/p/460858","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2128537854","content_text":"疫情冲击下居民储蓄大幅增加几乎是全球面临的共同问题。除了消费外,如何合理进行投资布局?纽约联储的这篇报告可能给我一些线索。美国房地产的部分数据在今年第一季度有所放缓,但从微观层面来看,我们不妨乐观一点。\n正文\n住房是大多数家庭拥有的最大额资产,并且是财富积累的主要手段,对于中产阶级尤其如此。然而,对于家庭如何看待和比较房地产投资和金融投资我们了解很有限,这部分是因为它们的差异超出了常见的风险和收益标准。一方面,住房是家庭加杠杆的重要来源,同时也是可靠的储蓄保值工具。自住住宅还可以为住房成本上涨提供稳定性和有效对冲。另一方面,住房的流动性远低于金融资产,并且需要更多的时间来管理。\n在这篇文章中,我们使用来自刚刚发布的SCE住房调查的数据来回答有关家庭如何看待房地产的几个相关问题:与金融资产(例如股票)相比,家庭是否将住房视为一种良好的投资选择?不同人群是否对住房投资的偏好存在差异?家庭选择房市还是股市时会考虑哪些因素?\n调查数据的设计\nSCE住房调查中最近推出一项新调查,针对性调研住户对房地产和股市的偏好及背后的原因。在调查中,受访者将在假想自己为本地区一对30多岁的夫妇提供理财建议:买房子还是买股票,这对夫妇正好刚获得一笔可以足额支付购房预付款的馈赠资金。问题有两种场景:一种是问这对年轻夫妇是购买自住住宅还是投资于股票市场,另一种是假设这对夫妇已经拥有住房,他们是该投资租赁地产还是股票。\n每个受访者随机回答上述某一问题。在给出建议后,受访者还需从一系列因素中选择作出该项建议的理由,这些因素包括股票收益更高,房地产收益波动更小,是不是可靠的储蓄保值工具等,或者也可以提供自己的理由。这一调查分别在2020年2月(主要是在美国COVID-19爆发之前),2020年10月和2021年2月进行,结果报告如下:\n住房是一种很好的投资\n下表列出了不同阶段房市股市理财建议的结果分布情况。一般而言,与股市相比,家庭普遍认为住房是一种好的投资。当被问及是投资租赁房地产还是投资股市时,超过50%的调查家庭都推荐了住房。在首套住宅与股票的选择场景中,超过90%的受访者选择住房,对住房的偏好更为强烈。\n一个有趣的发现是,人们对房地产的偏好在2020年10月有所下降,到2021年2月又回到了疫情前的水平。通过考察这些选择的理由,我们发现2020年10月,这种从房地产偏好的转变并不是由较低的房价预期推动,而是反映了其他原因。例如,投资者更担心空置出租房屋的风险。对于购买自住住宅,疫情爆发后调查对象更少在意自住住宅提供的稳定性,这可能是因为担心无法支付抵押贷款导致在当前房屋中居住的期限会缩短。\n\n\n不同人群看待房地产投资有什么差异?\n接下来我们研究了不同人群对房地产投资的看法差异。影响问卷回答的两个重要因素是性别和教育。在这一分析中,我们将重点放在租赁住房与股票的比较上。下一张图表显示,女性和非大学毕业生比其他人更青睐住房。\n对于性别差异,部分解释是在我们的样本中,男性比女性更愿意承担风险,更愿意投资股市,因为股市的回报率波动性更大。对于教育差距,大学毕业生倾向于认为股市的回报高于住房市场,并将“管理租赁房产耗时”作为选择股市的理由之一。\n我们还注意到,在2020年10月的调查中,由于女性和非大学毕业生暂时降低对房地产的偏好,这些性别和教育方面的差距大大缩小。在未来的研究中,我们打算研究性别和教育差距背后的因素,以及为什么他们在疫情爆发期间暂时降低对房市的青睐。\n\n选择住房的原因\n谈到选择住房的原因,下图显示了受访者推荐选择购买首套住宅而不是投资股市的各个原因的比例。受访者可以选择多个原因。可以看到每个理由的选择比例都很合理。\"理想稳定的生活环境 \"和 \"房价波动较小 \"是最常见的原因。与2020年的回答相比,2021年有更多的调查对象选择了更高的住房回报、波动性较小这两个原因,而选择其他原因的调查对象则较少,包括例如节省租金、稳定、锁定住房成本、有效的储蓄手段等。\n\n结论\n房地产是中产阶级家庭的重要资产类别。疫情爆发前和期间进行的调查表明,相对于股票市场而言,投资者认为住房(包括租赁房产和自住住宅)是一项良好的投资。不同人群对住房的偏好存在重要差异,女性和非大学毕业生更偏好住房。与疫情爆发前相比,现在有更多的家庭将较高的回报和较低的波动性作为进入房市的理由。\n本文译自纽约联储近日发表的《Do People View Housing as a Good Investment and Why?》,Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang","news_type":1,"symbols_score_info":{"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379905952,"gmtCreate":1618647756376,"gmtModify":1704713808012,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"This news any suggestions ","listText":"This news any suggestions ","text":"This news any suggestions","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379905952","repostId":"1198410511","repostType":4,"repost":{"id":"1198410511","kind":"news","pubTimestamp":1618831731,"share":"https://ttm.financial/m/news/1198410511?lang=en_US&edition=fundamental","pubTime":"2021-04-19 19:28","market":"us","language":"zh","title":"Preview of Apple's spring conference: What new products will be held at this \"Technology Spring Festival Gala\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1198410511","media":"CSDN","summary":"苹果春季发布会定档 北京时间4月21日凌晨1点。","content":"<p>Spring is a good season, annual<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring conference is coming in spring. Not long ago, Apple officially announced that the conference would be scheduled for 1 a.m. on April 21. On the eve of the conference, we might as well learn about a wave of new products that will appear at this conference in advance through domestic and foreign revelators.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may be equipped with A14X and Mini LED, and the overall price will rise</b></p><p>If this conference is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring conferences, iPad is almost the protagonist without exception, and I believe this year will be the same.</p><p>It is reported that in terms of design, the iPad Pro will not change much this year, still using 11-inch and 12.9-inch models.</p><p>In terms of performance, in fact, as early as last year, Apple used the A14 chip in the iPhone 12 series, and the A14 used a 5nm chip process, and adopted a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the launch of the iPhone 12 chip, the fourth-generation iPad Air also featured this chip. Up to now, A14 can also be called Apple's most powerful chip to date.</p><p>At the upcoming press conference, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip was found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a new processor, or named A14X. It is reported that the performance of this processor is equal to that of the M1 chip installed on Mac in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to be equipped with a new display Mini LED. In this regard, Apple analyst Ming-chi Kuo said that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. At present, Mini LED has been successfully launched in high-end 4K TVs. If this display is used in iPad Pro, it will undoubtedly achieve higher contrast, brightness, color and other performance improvements.</p><p>Unfortunately, according to foreign media \"Nikkei Asia\", due to the global chip shortage, the delivery of some important components in iPad and MacBook has been delayed, and the release of new products may also be delayed.</p><p>However, the latest news says that Apple supplier Ennostar has greatly increased the yield of mini-LED chips and is expected to expand its iPad Pro production from later this month.</p><p>In addition, Apple will also enhance the camera of the iPad Pro. At the same time, according to foreign tipster Mr ` White, its accessory Apple Pencil will also be newly upgraded, and the new Apple Pencil has a smoother surface and a longer nib. In fact, through the invitation letter of this conference, many netizens speculated that it was drawn through Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no news has been revealed at present, it is not difficult to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Second, the product is expected to be equipped with more powerful A14X chips and Mini LED displays. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is also expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If it is said that in 2019, the iPad mini is full of sincerity to be equipped with the A12 processor, then the iPad mini released again at Apple's spring conference in 2021 will be absolutely perfunctory for users if it continues to use this chip.</p><p>Therefore, if this conference brings a new iPad mini, it is estimated that the \"new\" should focus on upgrading its processor. Some people speculate that it is very likely to be equipped with A14 bionic chip.</p><p>But relatively speaking, the design of iPad mini products has not been so attractive all along, and the huge frame has caused many users to complain that its screen-to-body ratio is too low. Many users also said that if it is updated, they hope that Apple can increase the screen size without changing the actual size of the device.</p><p>In this regard, according to foreign media reports, the new iPad mini may adopt a full-screen solution, and the frame has also been improved, from the original arc design to a right-angle trimming design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will the MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually transform Mac computers from<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the ARM64 architecture Apple Silicon platform.</p><p>In the second half of last year, Apple also changed its usual routine and held three press conferences in three months. During this period, it also updated the configurations of MacBook Air, MacBook Pro, and Mac mini computers. In order to speed up the initial transition goals, it is expected that Apple will still have the latest actions next.</p><p>According to foreign media reports, Apple plans to launch higher-end MacBook Pro and the latest iMac this year, and Mac Pro desktops are expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade its 13-inch look to 14-inch, along with a 16-inch design. At the same time, in addition to the 12.9-inch iPad Pro mentioned above, which will be equipped with a Mini LED display, it is reported that the new MacBook Pro will also abandon the long-used LCD screen and use Mini LED instead. The choice was made because the application of Mini LED also helps to improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or the M1X chip as it is called. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many whistleblowers said that MacBook Pro and Air are expected to be launched in the second half of the year, so if you see a Mac at this spring conference, it may be a new iMac.</p><p>It is reported that Apple is developing a newly designed iMac, which has more screen space, different body shapes, and brings Apple Sillicon upgrades and other improved features. It is expected that Apple may adopt a similar approach to last year, starting with low-end iMac upgrades, and then gradually launching high-end models equipped with M1X.</p><p>It is worth mentioning that not long ago, Apple just announced that it would stop producing iMac Pro products, which can also be understood from the side as making way for the new version of iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovation, HomePod with screen coming soon?</b></p><p>At the 2017 autumn conference, Apple released its first HomePod product. However, what I never expected was that only four years later, it ushered in the fate of \"while supplies last\". Last month, Apple officially announced the suspension of production<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Speaker product HomePod, officials stated that the company will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of HomePod, as a product that Apple took 5 years to develop, it has a built-in A8 processor, is equipped with 6 microphone arrays, a 4-inch subwoofer, and 7 speaker arrays at the bottom. Among similar products, In terms of sound quality, it can be said that it surpasses other smart speakers on the market. However, the final initial price of US $349 discouraged many people. At the same time, due to factors such as lack of support from the third-party ecosystem and lack of intelligence, Apple eventually missed the market.</p><p>Now, according to Bloomberg News, Apple is developing two new HomePod products, citing people familiar with Apple's plans as describing the HomePod as being related to the \"screen\".</p><p>One is called HomePod TV, which can run tvOS through this product and output high-definition images to Apple TV. The other is an iPad-sized screen built into the HomePod through the structure of a robotic arm.</p><p>In fact, Apple has previously explored connecting an iPad-like screen to a robotic arm that can track users and always follow them as they move in their space. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept-level product AirTag become a reality this time?</b></p><p>AirTag, as an item tracker, can be hung on some items. When items are lost, they can also be found through iPhone positioning when the network is offline. However, this technology has always lived in legends.</p><p>It was first discovered because in early April, Apple uploaded a video on its YouTube channel instructing users how to use \"Find My iPhone\", showing the trace of AirTag:</p><p>Turning on \"Offline Search\" allows iPhone and AirTags to be found without connecting to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, now this video has been deleted. But there are still rumors that the technical foundation implemented by AirTag will rely on the features Apple has recently added to the U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that the iPhone will soon be able to track lost items using the built-in Find My app. Software is ready, can hardware be far behind?</p><p>Are you looking forward to the above new products?</p>","source":"lsy1578046468581","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>Preview of Apple's spring conference: What new products will be held at this \"Technology Spring Festival Gala\"</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\">\nPreview of Apple's spring conference: What new products will be held at this \"Technology Spring Festival Gala\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CSDN</strong><span class=\"h-time small\">2021-04-19 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Spring is a good season, annual<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring conference is coming in spring. Not long ago, Apple officially announced that the conference would be scheduled for 1 a.m. on April 21. On the eve of the conference, we might as well learn about a wave of new products that will appear at this conference in advance through domestic and foreign revelators.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may be equipped with A14X and Mini LED, and the overall price will rise</b></p><p>If this conference is bound to release a new product, then the new iPad will definitely not be absent. Looking back at past Apple spring conferences, iPad is almost the protagonist without exception, and I believe this year will be the same.</p><p>It is reported that in terms of design, the iPad Pro will not change much this year, still using 11-inch and 12.9-inch models.</p><p>In terms of performance, in fact, as early as last year, Apple used the A14 chip in the iPhone 12 series, and the A14 used a 5nm chip process, and adopted a 6-core CPU design, a 4-core GPU, and a 16-core NPU. Shortly after the launch of the iPhone 12 chip, the fourth-generation iPad Air also featured this chip. Up to now, A14 can also be called Apple's most powerful chip to date.</p><p>At the upcoming press conference, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of the A14X chip was found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a new processor, or named A14X. It is reported that the performance of this processor is equal to that of the M1 chip installed on Mac in the second half of last year.</p><p>In addition, the 12.9-inch iPad Pro is expected to be equipped with a new display Mini LED. In this regard, Apple analyst Ming-chi Kuo said that the 12.9-inch iPad Pro using Mini LED will begin mass production in mid-to-late April 2021. At present, Mini LED has been successfully launched in high-end 4K TVs. If this display is used in iPad Pro, it will undoubtedly achieve higher contrast, brightness, color and other performance improvements.</p><p>Unfortunately, according to foreign media \"Nikkei Asia\", due to the global chip shortage, the delivery of some important components in iPad and MacBook has been delayed, and the release of new products may also be delayed.</p><p>However, the latest news says that Apple supplier Ennostar has greatly increased the yield of mini-LED chips and is expected to expand its iPad Pro production from later this month.</p><p>In addition, Apple will also enhance the camera of the iPad Pro. At the same time, according to foreign tipster Mr ` White, its accessory Apple Pencil will also be newly upgraded, and the new Apple Pencil has a smoother surface and a longer nib. In fact, through the invitation letter of this conference, many netizens speculated that it was drawn through Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no news has been revealed at present, it is not difficult to imagine that the price of the iPad Pro will increase this year. There are two reasons. First, the new iPad Pro can support 5G networks; Second, the product is expected to be equipped with more powerful A14X chips and Mini LED displays. However, the current global chip shortage problem is difficult to solve in the short term, so the increase in hardware costs is also expected.</p><p><b>The newly upgraded iPad mini</b></p><p>If it is said that in 2019, the iPad mini is full of sincerity to be equipped with the A12 processor, then the iPad mini released again at Apple's spring conference in 2021 will be absolutely perfunctory for users if it continues to use this chip.</p><p>Therefore, if this conference brings a new iPad mini, it is estimated that the \"new\" should focus on upgrading its processor. Some people speculate that it is very likely to be equipped with A14 bionic chip.</p><p>But relatively speaking, the design of iPad mini products has not been so attractive all along, and the huge frame has caused many users to complain that its screen-to-body ratio is too low. Many users also said that if it is updated, they hope that Apple can increase the screen size without changing the actual size of the device.</p><p>In this regard, according to foreign media reports, the new iPad mini may adopt a full-screen solution, and the frame has also been improved, from the original arc design to a right-angle trimming design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>Will the MacBook equipped with Apple's self-developed chip appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually transform Mac computers from<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the ARM64 architecture Apple Silicon platform.</p><p>In the second half of last year, Apple also changed its usual routine and held three press conferences in three months. During this period, it also updated the configurations of MacBook Air, MacBook Pro, and Mac mini computers. In order to speed up the initial transition goals, it is expected that Apple will still have the latest actions next.</p><p>According to foreign media reports, Apple plans to launch higher-end MacBook Pro and the latest iMac this year, and Mac Pro desktops are expected to use Apple Silicon chips in 2022.</p><p>In addition, the MacBook Pro is expected to upgrade its 13-inch look to 14-inch, along with a 16-inch design. At the same time, in addition to the 12.9-inch iPad Pro mentioned above, which will be equipped with a Mini LED display, it is reported that the new MacBook Pro will also abandon the long-used LCD screen and use Mini LED instead. The choice was made because the application of Mini LED also helps to improve battery performance.</p><p>The new MacBook Pro will also use the M2, the next version of the M1, or the M1X chip as it is called. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 high-efficiency cores.</p><p>However, many whistleblowers said that MacBook Pro and Air are expected to be launched in the second half of the year, so if you see a Mac at this spring conference, it may be a new iMac.</p><p>It is reported that Apple is developing a newly designed iMac, which has more screen space, different body shapes, and brings Apple Sillicon upgrades and other improved features. It is expected that Apple may adopt a similar approach to last year, starting with low-end iMac upgrades, and then gradually launching high-end models equipped with M1X.</p><p>It is worth mentioning that not long ago, Apple just announced that it would stop producing iMac Pro products, which can also be understood from the side as making way for the new version of iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Innovation, HomePod with screen coming soon?</b></p><p>At the 2017 autumn conference, Apple released its first HomePod product. However, what I never expected was that only four years later, it ushered in the fate of \"while supplies last\". Last month, Apple officially announced the suspension of production<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Speaker product HomePod, officials stated that the company will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of HomePod, as a product that Apple took 5 years to develop, it has a built-in A8 processor, is equipped with 6 microphone arrays, a 4-inch subwoofer, and 7 speaker arrays at the bottom. Among similar products, In terms of sound quality, it can be said that it surpasses other smart speakers on the market. However, the final initial price of US $349 discouraged many people. At the same time, due to factors such as lack of support from the third-party ecosystem and lack of intelligence, Apple eventually missed the market.</p><p>Now, according to Bloomberg News, Apple is developing two new HomePod products, citing people familiar with Apple's plans as describing the HomePod as being related to the \"screen\".</p><p>One is called HomePod TV, which can run tvOS through this product and output high-definition images to Apple TV. The other is an iPad-sized screen built into the HomePod through the structure of a robotic arm.</p><p>In fact, Apple has previously explored connecting an iPad-like screen to a robotic arm that can track users and always follow them as they move in their space. This product will also feature a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Can the concept-level product AirTag become a reality this time?</b></p><p>AirTag, as an item tracker, can be hung on some items. When items are lost, they can also be found through iPhone positioning when the network is offline. However, this technology has always lived in legends.</p><p>It was first discovered because in early April, Apple uploaded a video on its YouTube channel instructing users how to use \"Find My iPhone\", showing the trace of AirTag:</p><p>Turning on \"Offline Search\" allows iPhone and AirTags to be found without connecting to Wi-Fi.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Unfortunately, now this video has been deleted. But there are still rumors that the technical foundation implemented by AirTag will rely on the features Apple has recently added to the U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that the iPhone will soon be able to track lost items using the built-in Find My app. Software is ready, can hardware be far behind?</p><p>Are you looking forward to the above new products?</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw\">CSDN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e968cc2fa9a8fe30f2575d1147007bba","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198410511","content_text":"春意盎然好时节,一年一度的苹果春季发布会踏春而来。不久前,苹果官宣将此次发布会定档 4 月 21 日凌晨 1 点,而在召开前夕,我们通过国内外的爆料大神,不妨提前了解一波本次发布会将会出现的新品。新款 iPad Pro 或将搭载 A14X、Mini LED,整体价格将上涨如果说这次发布会必然要发布一款新品,那么新款 iPad 肯定不会缺席。回看过往几届的苹果春季发布会,iPad 无一例外几乎都是主角,相信今年也是如此。有爆料称,在设计上,今年 iPad Pro 不会有太大变动,依然采用的是 11 英寸和 12.9 英寸。在性能方面,事实上,早在去年,苹果在 iPhone 12 系列中使用了 A14 芯片,而 A14 采用了 5nm 芯片工艺,且采用了 6 核 CPU 设计、4 核 GPU、16 核 NPU。在 iPhone 12 芯片推出不久后,第四代 iPad Air 也采用了这款芯片。截止目前,也可以将 A14 称之为是苹果迄今为止功能最为强大的芯片。而在即将到来的发布会上,新款 iPad Pro 想要超越过往,必然也会带来芯片的升级版,据外媒 9to5Mac 报道,在 iOS 14.5 Beta 的源代码中,发现了 A14X芯片的应用。基于此,也不难猜测,新款 iPad Pro 将搭载一种全新处理器,或命名为 A14X ,据悉,该处理器的性能与去年下半年 Mac 上搭载的 M1 芯片性能不分上下。此外,12.9 英寸的 iPad Pro 有望搭载一种新的显示屏 Mini LED。对此,苹果分析师郭明池表示,12.9 英寸使用 Mini LED 的 iPad Pro 将在 2021 年 4 月中下旬开始量产。目前,Mini LED 已经搭载在高端的 4K 电视中成功面市,如果该显示屏应用在 iPad Pro 中,无疑也会实现更高的对比度、亮度、色彩以及其他一些性能提升。遗憾的是,据外媒《Nikkei Asia》报道,因为全球芯片短缺,导致 iPad、MacBook 中一些重要组件延迟交付,也可能会让新品延迟发布。不过,最新消息称,苹果供应商 Ennostar 已经大大地提高了 mini-LED 芯片的良率,有望从本月稍晚些时候扩大其 iPad Pro 的产量。除此之外,苹果也会增强 iPad Pro 的摄像头,同时据国外爆料大神 Mr`White 表示,其配件 Apple Pencil 也会全新升级,且新款 Apple Pencil 具有更光滑的表面以及更长的笔尖。实际上,通过本次发布会的邀请函,就有不少网友猜测,是通过 Apple Pencil 画出来的。至于新款 iPad Pro 的定价,目前虽然没有任何消息透露出来,不过,也不难想象今年的 iPad Pro 价格会有所上涨。原因有二,其一,新款 iPad Pro 可以支持 5G 网络;其二,该产品预期搭载功能更强大的 A14X 芯片、Mini LED 显示屏,然而当前全球芯片短缺问题难以在短期之内解决,因此导致硬件成本上涨也在意料之中。全新升级的 iPad mini如果说 2019 年,iPad mini 搭载 A12 处理器是诚意满满,那么 2021 年苹果春季发布会上再次发布的 iPad mini 继续使用这款芯片那就是绝对的敷衍用户了。因此,如果这次发布会带来新款 iPad mini,那么估计其中的“新”应该重在升级其处理器方面,有人猜测极有可能搭载的是 A14 仿生芯片。但相对而言,一直以来,iPad mini 产品的设计并不是那么吸引人,巨大的边框,让不少用户吐槽其屏占比太低。也有很多用户表示,如果更新,更希望苹果能够在不改变设备实际尺寸的情况下,增加屏幕尺寸才是王道。对此,据外媒报道,新款 iPad mini 或将采用全面屏方案,同时边框也有所改进,将从原来的圆弧设计改为直角切边设计。搭载苹果自研芯片的 MacBook,这次会出现吗?2020 年 WWDC 上,苹果宣布将在两年内将 Mac 电脑逐渐从英特尔的 x86 处理器平台迁移到 ARM64 架构的 Apple Silicon 平台。去年下半年,苹果也一改往常,三个月连开了三场发布会,在此期间,也更新了 MacBook Air、MacBook Pro、Mac mini 三款电脑的配置。为了加快最初设下的过渡目标,预期接下来苹果仍然会有最新的动作。据外媒报道,苹果计划在今年推出更高端的 MacBook Pro 和最新的 iMac,而 Mac Pro 台式机预期将在 2022 年使用上 Apple Silicon 芯片。此外,MacBook Pro 有望将 13 英寸的外观升级为 14 英寸,同时还有一款 16 英寸的设计。同时,除了上文提到 12.9 英寸的 iPad Pro 将搭载 Mini LED 显示屏之外,有消息称,新款 MacBook Pro 也将放弃使用已久的 LCD 屏,改用 Mini LED。之所以做出这样的选择,是因为 Mini LED 的应用也有助于提高电池性能。新款 MacBook Pro 也将采用 M1 的下一版本 M2,又或者被称之为 M1X 芯片。据悉,新款 Apple Silicon 芯片将具有 12 个内核,其中包括 8 个性能内核和 4 个高效内核。不过,很多爆料者表示,MacBook Pro 和 Air 预计下半年推出,因此在这场春季发布会上,如果看到 Mac 的身影,那么可能是一台新的 iMac。据悉,苹果正在开发一种全新设计的 iMac,该产品具有更多的屏幕空间,不同的机身形状,并带来 Apple Sillicon 升级以及其他改进功能。预计苹果可能会采取与去年相似的方式,从低配的 iMac 开始升级,然后逐步推出搭载 M1X 的高端机型。值得一提的是,不久前,苹果刚刚宣布停止生产 iMac Pro 产品,这也从侧面可以理解为为新版 iMac 让道。推陈出新,带屏幕的 HomePod 即将到来?在 2017 年秋季发布会上,苹果发布首款 HomePod 产品,然而万万没想到的是,仅四年之后,其就迎来了“售完即止”的命运。上个月,苹果正式宣布停产智能音箱产品 HomePod,官方表示,公司将持续生产并专注于去年推出的HomePod mini。回看 HomePod 的诞生与消亡,作为一款苹果耗时 5 年研发的产品,其内置 A8 处理器,搭载 6 个麦克风阵列、4 英寸低音炮、底部配有 7 个扬声器阵列,在同类型产品中,在音质方面,可以说超越了市场上其他智能音箱。然而最终初始 349 美元的价格让很多人望而却步,同时因缺乏第三方生态的支持、不够智能等因素,最终还是导致苹果错失市场。如今,据彭博社爆料,苹果公司正在研发两款 HomePod 新品,其中援引熟悉苹果计划的人所描述的 HomePod 与“屏幕”有关。一款被称之为 HomePod TV,可以通过此产品运行 tvOS,且可以向 Apple TV 上输出高清画面。另外一款是在 HomePod 中通过机械臂的结构内置一块 iPad 大小的屏幕。实际上,Apple 此前已经探索过将类似 iPad 的屏幕与机械臂相连,该机械臂可以跟踪用户并在用户所处的空间中移动时始终跟随用户。此产品还将搭载麦克风和摄像头,用以启用视频会议。概念级产品 AirTag,这次能成为现实吗?AirTag,作为一款物品跟踪器,可以悬挂在一些物品上,当物品丢失的时候,及时在网络离线状态下,也可以通过 iPhone 定位找到。不过,一直以来,这种技术都活在了传说中。首次发现其踪迹还是因为 4 月初,苹果在 YouTube 频道上传了一则指导用户如何使用“Find My iPhone”的视频中显示了 AirTag 的踪迹:开启“离线搜索”可以让 iPhone 和 AirTag 在未连接 Wi-Fi 的情况下被找到。遗憾的是,现在这段视频已经被删除。但是仍然有传言称,AirTag 所实现的技术基础将依赖于苹果公司近期在 U1 超宽带芯片上添加的功能。与此同时,苹果宣布,iPhone 不久将能够使用内置的 Find My 应用程序跟踪丢失的物品。软件已经准备就绪,硬件还会远吗?针对以上的新品,你期待吗?","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347750987,"gmtCreate":1618532438549,"gmtModify":1704712255007,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347750987","repostId":"2127814888","repostType":4,"repost":{"id":"2127814888","kind":"news","pubTimestamp":1618519059,"share":"https://ttm.financial/m/news/2127814888?lang=en_US&edition=fundamental","pubTime":"2021-04-16 04:37","market":"hk","language":"zh","title":"JPMorgan Chase to issue $13 billion in bonds, the largest issuance record for a bank","url":"https://stock-news.laohu8.com/highlight/detail?id=2127814888","media":"金融界网站","summary":"金融界网4月15日消息,摩根大通将发行130亿美元的债券,从而创下银行发债历史最大规模。一位知情者表示,此次发债将分五部分进行,其中期限最长的是31年期债券,预计收益率将比美国国债高出107个基点。 此次发债的一天前,摩根大通公布了强劲的第一季度业绩。据知情人士透露,此次发行的认购金额达到约260亿美元。包括今天的发行在内,摩根大通今年已在投资级美元债券市场募集了220亿美元,超过其他任何美国的主要银行。","content":"<p><a href=\"https://laohu8.com/S/JRJC\">The financial world</a>Net news on April 15,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>$13 billion in bonds will be issued, thus setting the largest amount in the history of bank bond issuance. A person familiar with the matter said the bond issuance will be in five tranches, with the longest maturity being the 31-year bond, which is expected to yield 107 basis points higher than the U.S. Treasury Bond.</p><p>The issuance comes a day after JPMorgan Chase reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Also issuing bonds on Thursday. According to people familiar with the matter, the subscription amount for the offering reached about $26 billion. Including today's offering, JPMorgan Chase has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Arnold Kakuda, an industry research analyst at Bloomberg, believes the huge bond issuance may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the previous supplementary leverage ratio (SLR) relief measures expired in March.</p>","source":"jinrongjie_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase to issue $13 billion in bonds, the largest issuance record for a bank</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase to issue $13 billion in bonds, the largest issuance record for a bank\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-04-16 04:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JRJC\">The financial world</a>Net news on April 15,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>$13 billion in bonds will be issued, thus setting the largest amount in the history of bank bond issuance. A person familiar with the matter said the bond issuance will be in five tranches, with the longest maturity being the 31-year bond, which is expected to yield 107 basis points higher than the U.S. Treasury Bond.</p><p>The issuance comes a day after JPMorgan Chase reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Also issuing bonds on Thursday. According to people familiar with the matter, the subscription amount for the offering reached about $26 billion. Including today's offering, JPMorgan Chase has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Arnold Kakuda, an industry research analyst at Bloomberg, believes the huge bond issuance may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the previous supplementary leverage ratio (SLR) relief measures expired in March.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{"161121":"银行","JPM":"摩根大通"},"source_url":"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127814888","content_text":"金融界网4月15日消息,摩根大通将发行130亿美元的债券,从而创下银行发债历史最大规模。一位知情者表示,此次发债将分五部分进行,其中期限最长的是31年期债券,预计收益率将比美国国债高出107个基点。\n此次发债的一天前,摩根大通公布了强劲的第一季度业绩。竞争对手高盛也在周四发行债券。据知情人士透露,此次发行的认购金额达到约260亿美元。包括今天的发行在内,摩根大通今年已在投资级美元债券市场募集了220亿美元,超过其他任何美国的主要银行。\n彭博行业研究分析师Arnold Kakuda认为,此次巨额债券发行可能与摩根大通的法定流动资金比率要求有关,此前补充杠杆比率(SLR)的宽免措施在3月份到期。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":1417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345774746,"gmtCreate":1618358005185,"gmtModify":1704709536370,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/5cb4a11df52161e4ff596b3afd6f33a8","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345774746","isVote":1,"tweetType":1,"viewCount":1234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":345185926,"gmtCreate":1618288032765,"gmtModify":1704708639436,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345185926","repostId":"2127109478","repostType":4,"repost":{"id":"2127109478","kind":"highlight","pubTimestamp":1618287482,"share":"https://ttm.financial/m/news/2127109478?lang=en_US&edition=fundamental","pubTime":"2021-04-13 12:18","market":"hk","language":"zh","title":"The pricing is low, the subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold","url":"https://stock-news.laohu8.com/highlight/detail?id=2127109478","media":"华尔街见闻","summary":"一度活在传言中的携程回港二次上市,终于靴子落地。\n不过,最新消息显示,携程回港的上市指导价或比前市场预计的333港元/股更低,至268港元。\n在打新阶段,携程与彼时快手、百度以及哔哩哔哩的火热认购形成","content":"<p>Ctrip, which once lived in rumors, returned to Hong Kong for a second listing, and finally landed.</p><p>However, the latest news shows that the listing guide price of Ctrip's return to Hong Kong may be lower than the previous market estimate of HK $333 per share, to HK $268.</p><p>In the new stage, Ctrip and Kuaishou at that time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The hot subscription formed a sharp contrast, with the oversubscription of about 4.96 times becoming the worst performing stock among the 13 Chinese concept stocks listed in Hong Kong.</p><p>Almost all the business models have been determined, new stories are difficult to tell, and it has to face Meituan's \"pursuit of victory\". At the time of 22, Ctrip left investors with the question of \"whether it can still eat\".</p><p><h2>Hit the new and meet the cold</h2>According to IFR, a media owned by Reuters, on April 13, Ctrip's Hong Kong listing price guidance is HK $268 per share, raising HK $8.47 billion.</p><p>According to previous news, referring to the price of Ctrip's depositary shares (ADS) listed on NASDAQ in the United States, the maximum issue price of Ctrip's public offering in Hong Kong is HK $333 per share, and the initial fundraising is expected to be HK $10.5 billion.</p><p>The funds raised by Ctrip will be mainly used in three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry and general corporate purposes.</p><p>In order to get a satisfactory start, Ctrip deliberately chose to shift the peak at the new time point, in order to avoid the lack of funds caused by investors playing other giants.</p><p>On April 6, Ctrip returned to Hong Kong for its second IPO and passed the hearing of the Hong Kong Stock Exchange. On April 8, Ctrip officially launched a new IPO, becoming the fastest Hong Kong listed company to start an IPO after passing the recent hearing. It is currently in the IPO gap period of Hong Kong stock giants.</p><p>Even so, the reality has dealt a heavy blow to this online travel platform leader.</p><p>On April 12, based on comprehensive brokerage data, Ctrip recently recorded a margin of HK $4.398 billion, which is equivalent to about 4.96 times oversubscription, which is in sharp contrast to the hot subscriptions of Kuaishou, Baidu and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went to the Hong Kong Stock Exchange to issue an IPO, and the total margin on that day reached 283.9 billion Hong Kong dollars, which was overbought by 269 times; Baidu started its IPO in March, with a margin of HK $34 billion on the first day, which was oversubscribed by 23.25 times; Later, Bilibili launched its IPO, and the oversubscription in half a trading day also reached 5 times.</p><p>Since the Hong Kong Stock Exchange revised its listing system in 2018, 13 Chinese concept stocks have retained their listing status on the US stock market and achieved their return through secondary listings on the Hong Kong stock market, most of which are highly sought after.</p><p>Regarding Ctrip's new launch, a fund person who launched new launches in Hong Kong stocks once said:</p><p>\"The core business is unstable and continues to suffer impacts. As soon as it went public in Hong Kong to raise subscription funds, it was treated coldly by investors. After Ctrip's listing, the market performance was worrying.\"<h2><b>It's all old's fault?</b></h2>It is also an Internet company. Why did Ctrip suffer differential treatment?</p><p>As we all know, \"storytelling\" has become an important means for an Internet company to support its valuation. Ctrip, which was established in 1999 and listed in the United States in 2003, may have nothing new in the eyes of investors.</p><p>At present, almost all Ctrip's business models have been determined, and its main businesses include hotel booking (accounting for 38.94%), transportation ticketing (39.02%), backpacking (6.78%), business travel (4.79%), etc.</p><p>Faced with bottlenecks, Ctrip is also looking for new focus and trying to slow down the declining performance. For example, in the whole year of 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total merchandise transaction volume of Ctrip's live broadcast + special sale channel exceeded 5 billion yuan.</p><p>In addition, in addition to the difficulty of telling new stories, Ctrip has to face threats from the US Mission.</p><p>In the second quarter of 2020, Meituan's in-store, hotel and tourism business revenue surpassed Ctrip's, and then its advantages grew bigger and bigger.</p><p>Judging from the financial data in 2020,<a href=\"https://laohu8.com/S/90926\">Meituan Dianping</a>The total revenue of \"stores, hotels and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also said that Meituan's data is not only the tourism sector, but also the in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of COVID-19 pandemic, Ctrip has become the number one loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue, and profit will all decline. According to the prospectus, Ctrip's total revenue of 18.3 billion yuan in 2020 decreased by 49% year-on-year from 35.7 billion yuan in 2019, and its net loss of 3.247 billion yuan decreased by 146% year-on-year compared with its net profit of 7 billion yuan in 2019.</p><p>Meituan said that the recovery of the \"in-store, hotel and tourism business\" most affected by the epidemic in 2020 is gradually on the right track, but it has not yet fully returned to normal levels, with revenue decreasing by 4.6% year-on-year to 21.3 billion yuan in 2020. Operating profit margin increased from 37.7% to 38.5%.</p><p><h2>Institutional perception</h2>For Ctrip's market outlook, investors chose to vote with their feet. As a professional investment institution, brokerage investment banks are also not optimistic about Ctrip's post-secondary listing trend.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>The research report reiterated the \"underweight\" rating. It is expected that COVID-19 pandemic has been brought under control domestically and the domestic tourism market will continue to recover. However, outside Chinese mainland, travel restrictions and cross-border travel bans are expected to continue for the rest of 2021. Ctrip has a significant business outside mainland China, which is expected to continue to drag down profitability this year.</p><p>The research department of Zhifu Group only rated 3 stars (out of 5 stars) for Ctrip. Its research report believes that since January 2020, customers have cancelled and made a large number of refund requests, and new international and domestic travel and accommodation orders have decreased, and domestic transportation and international air ticket supply have also dropped significantly. Ctrip's net loss in 2020 is 3.3 billion yuan. Although cost control measures have been adopted to deal with the epidemic, operating expenses may still increase in the future, affecting performance.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The pricing is low, the subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold</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 pricing is low, the subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold\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\">2021-04-13 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Ctrip, which once lived in rumors, returned to Hong Kong for a second listing, and finally landed.</p><p>However, the latest news shows that the listing guide price of Ctrip's return to Hong Kong may be lower than the previous market estimate of HK $333 per share, to HK $268.</p><p>In the new stage, Ctrip and Kuaishou at that time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The hot subscription formed a sharp contrast, with the oversubscription of about 4.96 times becoming the worst performing stock among the 13 Chinese concept stocks listed in Hong Kong.</p><p>Almost all the business models have been determined, new stories are difficult to tell, and it has to face Meituan's \"pursuit of victory\". At the time of 22, Ctrip left investors with the question of \"whether it can still eat\".</p><p><h2>Hit the new and meet the cold</h2>According to IFR, a media owned by Reuters, on April 13, Ctrip's Hong Kong listing price guidance is HK $268 per share, raising HK $8.47 billion.</p><p>According to previous news, referring to the price of Ctrip's depositary shares (ADS) listed on NASDAQ in the United States, the maximum issue price of Ctrip's public offering in Hong Kong is HK $333 per share, and the initial fundraising is expected to be HK $10.5 billion.</p><p>The funds raised by Ctrip will be mainly used in three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry and general corporate purposes.</p><p>In order to get a satisfactory start, Ctrip deliberately chose to shift the peak at the new time point, in order to avoid the lack of funds caused by investors playing other giants.</p><p>On April 6, Ctrip returned to Hong Kong for its second IPO and passed the hearing of the Hong Kong Stock Exchange. On April 8, Ctrip officially launched a new IPO, becoming the fastest Hong Kong listed company to start an IPO after passing the recent hearing. It is currently in the IPO gap period of Hong Kong stock giants.</p><p>Even so, the reality has dealt a heavy blow to this online travel platform leader.</p><p>On April 12, based on comprehensive brokerage data, Ctrip recently recorded a margin of HK $4.398 billion, which is equivalent to about 4.96 times oversubscription, which is in sharp contrast to the hot subscriptions of Kuaishou, Baidu and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went to the Hong Kong Stock Exchange to issue an IPO, and the total margin on that day reached 283.9 billion Hong Kong dollars, which was overbought by 269 times; Baidu started its IPO in March, with a margin of HK $34 billion on the first day, which was oversubscribed by 23.25 times; Later, Bilibili launched its IPO, and the oversubscription in half a trading day also reached 5 times.</p><p>Since the Hong Kong Stock Exchange revised its listing system in 2018, 13 Chinese concept stocks have retained their listing status on the US stock market and achieved their return through secondary listings on the Hong Kong stock market, most of which are highly sought after.</p><p>Regarding Ctrip's new launch, a fund person who launched new launches in Hong Kong stocks once said:</p><p>\"The core business is unstable and continues to suffer impacts. As soon as it went public in Hong Kong to raise subscription funds, it was treated coldly by investors. After Ctrip's listing, the market performance was worrying.\"<h2><b>It's all old's fault?</b></h2>It is also an Internet company. Why did Ctrip suffer differential treatment?</p><p>As we all know, \"storytelling\" has become an important means for an Internet company to support its valuation. Ctrip, which was established in 1999 and listed in the United States in 2003, may have nothing new in the eyes of investors.</p><p>At present, almost all Ctrip's business models have been determined, and its main businesses include hotel booking (accounting for 38.94%), transportation ticketing (39.02%), backpacking (6.78%), business travel (4.79%), etc.</p><p>Faced with bottlenecks, Ctrip is also looking for new focus and trying to slow down the declining performance. For example, in the whole year of 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total merchandise transaction volume of Ctrip's live broadcast + special sale channel exceeded 5 billion yuan.</p><p>In addition, in addition to the difficulty of telling new stories, Ctrip has to face threats from the US Mission.</p><p>In the second quarter of 2020, Meituan's in-store, hotel and tourism business revenue surpassed Ctrip's, and then its advantages grew bigger and bigger.</p><p>Judging from the financial data in 2020,<a href=\"https://laohu8.com/S/90926\">Meituan Dianping</a>The total revenue of \"stores, hotels and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also said that Meituan's data is not only the tourism sector, but also the in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of COVID-19 pandemic, Ctrip has become the number one loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue, and profit will all decline. According to the prospectus, Ctrip's total revenue of 18.3 billion yuan in 2020 decreased by 49% year-on-year from 35.7 billion yuan in 2019, and its net loss of 3.247 billion yuan decreased by 146% year-on-year compared with its net profit of 7 billion yuan in 2019.</p><p>Meituan said that the recovery of the \"in-store, hotel and tourism business\" most affected by the epidemic in 2020 is gradually on the right track, but it has not yet fully returned to normal levels, with revenue decreasing by 4.6% year-on-year to 21.3 billion yuan in 2020. Operating profit margin increased from 37.7% to 38.5%.</p><p><h2>Institutional perception</h2>For Ctrip's market outlook, investors chose to vote with their feet. As a professional investment institution, brokerage investment banks are also not optimistic about Ctrip's post-secondary listing trend.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>The research report reiterated the \"underweight\" rating. It is expected that COVID-19 pandemic has been brought under control domestically and the domestic tourism market will continue to recover. However, outside Chinese mainland, travel restrictions and cross-border travel bans are expected to continue for the rest of 2021. Ctrip has a significant business outside mainland China, which is expected to continue to drag down profitability this year.</p><p>The research department of Zhifu Group only rated 3 stars (out of 5 stars) for Ctrip. Its research report believes that since January 2020, customers have cancelled and made a large number of refund requests, and new international and domestic travel and accommodation orders have decreased, and domestic transportation and international air ticket supply have also dropped significantly. Ctrip's net loss in 2020 is 3.3 billion yuan. Although cost control measures have been adopted to deal with the epidemic, operating expenses may still increase in the future, affecting performance.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3627547\">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/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团—S"},"source_url":"https://wallstreetcn.com/articles/3627547","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127109478","content_text":"一度活在传言中的携程回港二次上市,终于靴子落地。\n不过,最新消息显示,携程回港的上市指导价或比前市场预计的333港元/股更低,至268港元。\n在打新阶段,携程与彼时快手、百度以及哔哩哔哩的火热认购形成强烈反差,超购约4.96倍的成绩成回港上市13家中概股中表现最差的一支。\n业务模式几乎都已确定,新故事难讲,还要面对美团的“乘胜追击\",时年22岁的携程给投资者留下了“尚能饭否”的疑问。\n打新遇冷\n据路透社旗下媒体IFR 4月13日消息,携程香港上市价格指引在每股268港元,筹资84.7亿港元。\n据此前消息,参考携程在美国纳斯达克上市的存托股票(ADS)的价格,携程此次在香港上市公开发售的最高发行价为333港元/股,首发募资预计为105亿港元。\n此次携程所募集资金将主要用于拓展一站式旅行服务、巩固携程行业领先地位以及一般公司用途三个方面。\n为了得到满意的开局,在打新的时间点上携程有意选择错峰,以求避开投资者因打新其他巨头而导致的资金缺乏。\n4月6日,携程回港二次IPO通过港交所聆讯。4月8日,携程就正式招股打新,成为近期通过聆讯后最快开启招股的港股上市公司,当前正值港股巨头IPO空档期。\n可即便如此,现实还是给了这家在线旅行平台龙头一记沉重的打击。\n4月12日, 综合券商数据,携程最新录得43.98亿港元孖展,相当于超购约4.96倍,与彼时快手、百度以及哔哩哔哩等的火热认购形成强烈反差。\n2021年1月,快手科技赴港交所招股,当天的孖展总额达2839亿港元,超购达269倍;百度3月开始招股,首日孖展340亿港元,超购达23.25倍;稍后,哔哩哔哩启动招股,半个交易日的超购也达到了5倍。\n自2018年港交所修改上市制度以来,已有13只中概股保留美股上市地位同时通过在港股二次上市方式实现回归,其中绝大多数都备受追捧。\n对于携程的打新遇冷,一位港股打新的基金人士曾表示:\n\n “核心业务不稳,持续遭受冲击,甫一回港上市公开筹措认购资金,又遭遇投资者冷待,携程上市后市场表现堪忧”。\n\n都是老的错?\n同样是互联网企业,为什么携程遭受了差别待遇?\n众所周知,“讲故事”已经成为一个互联网企业支撑估值的一个重要手段。而1999年成立,2003年就在美国上市的携程在投资者眼中可能已毫无新意。\n目前,携程的业务模式几乎都已确定, 其主要业务包括酒店预订(占比38.94%)、交通票务(39.02%)、背包旅游(6.78%)、商旅旅行(4.79%)等。\n面对瓶颈,携程也在寻找新的发力点,努力减缓下滑的业绩。比如2020年全年,携程通过在线直播平台推出超过60000种产品,携程直播+特卖频道实现商品交易总额超过50亿元。\n另外,除了新故事难讲,携程还要面对来自美团的威胁。\n2020年第二季度,美团的到店、酒店及旅游业务营收超越携程,随后其优势越拉越大。\n从2020年财务数据来看,美团点评在“到店、酒店及旅游”的总收入为213亿元,而携程总收入为183亿元。\n也有分析人士表示,美团的数据不仅仅是旅游板块,还包含了到店业务,因此两者未必可比。\n不过,即便如此,在新冠疫情冲击下,在所属行业中,携程变成了头号输家。\n2020年,携程的交易总额、营收、利润均下滑。根据招股文件,携程2020年183亿元的总收入较2019年的357亿元同比减少49%, 32.47亿元的净亏损相较于2019年70亿净利润同比下滑146%。\n美团表示,2020年受疫情影响最大的“到店、酒店及旅游业务”的恢复逐步步入正轨,但尚未完全回复到正常水平,收入同比减少4.6%至2020年的213亿元。经营利润率则由37.7%升至38.5%。\n机构看法\n对于携程后市,投资者选择了用脚投票,作为专业投资机构的券商投行,同样对于携程的二次上市后走势并不看好。\n国泰君安研报重申“减持”评级,预计新冠疫情在国内已经得到控制,国内旅游市场将持续复苏,但中国大陆以外地区,预计在2021年剩余时间里,旅行限制和跨境旅游禁令将持续。携程在中国大陆以外地区有重要业务,预计将继续拖累今年的盈利能力。\n致富集团研究部对携程的推荐度也只打出了3星(满分5星),其研报认为,自2020年1月以来,客户大量取消和提出退款请求,且国际、国内旅行及住宿新订单有所减少,国内交通运输和国际机票供应亦大幅下降。携程2020年净亏损33亿元,尽管已采用成本控制措施应对疫情,但日后经营开支仍可能增加,影响业绩。","news_type":1,"symbols_score_info":{"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":1698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345937336,"gmtCreate":1618271770525,"gmtModify":1704708343596,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/ebd3ef16f89e12b99fb9aa36a52c4979","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":3,"link":"https://ttm.financial/post/345937336","isVote":1,"tweetType":1,"viewCount":2065,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":342625323,"gmtCreate":1618213215862,"gmtModify":1704707576264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Whose 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good","images":[{"img":"https://static.tigerbbs.com/c5cb3a398e587a4c7086bd4d93046c16","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342919965","isVote":1,"tweetType":1,"viewCount":1254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":348436399,"gmtCreate":1617950018611,"gmtModify":1704705210138,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348436399","repostId":"1159720741","repostType":4,"repost":{"id":"1159720741","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1617948539,"share":"https://ttm.financial/m/news/1159720741?lang=en_US&edition=fundamental","pubTime":"2021-04-09 14:08","market":"us","language":"zh","title":"Ctrip, which went public in Hong Kong for the second time, you really know how to play!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159720741","media":"节点财经","summary":"如果要评选2020年最拼的企业家,携程的梁建章肯定能入围。\n随手列出一些梁建章的日程:\n一个月跋涉6省25市9000多公里;一天要切换20个场景;直播前要考察直播后要复盘、还得管公司的大小事务每天连轴","content":"<p>If you want to select the hardest entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.</p><p>List some of Liang Jianzhang's schedules:</p><p>Trek more than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, you have to inspect review after the live broadcast, and you have to manage the company's affairs for more than ten hours every day; Not even a \"whole block\" of 30 minutes; On the plane to the next live broadcast point, I have to take out my mobile phone and write my own copy of the hotel live broadcast.</p><p>As a result of \"Desperate Saburo\", in 2020, the OTA industry has undergone the biggest change: Ctrip has driven the industry to start new explorations as quickly as possible under special circumstances.</p><p>Liang Jianzhang turned himself into a big V by incarnating different characters in different travel scenes, and also allowed Ctrip to use the breakthrough point of live broadcast to interpret the true connotation of \"organic in crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Public Information</b></p><p><b>/01/It's a big V, and it's a \"big V\"</b></p><p>Ctrip's prospectus shows that in the past 10 years, the transaction volume has continuously maintained the first place in the national online travel industry, and has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost US $1.3 trillion in revenue, becoming \"the worst year in the history of the tourism industry\", and Ctrip was not spared.</p><p><b>The core of a successful enterprise is not the glory at its peak, but the resilience at times of hardship.</b></p><p>In Q1 2020, due to the epidemic, Ctrip's revenue fell by 42.1%; All walks of life in Q2 are preparing to resume work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment for Liang Jianzhang's live broadcast. Ctrip's revenue fell by 63.7%; In Q3, Ctrip improved slightly, and the decline in revenue narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservations recovered by about 15% leading the industry; Ctrip's average daily order volume in March increased by 50% from February, and the average daily new customer volume of the platform achieved double-digit growth from the previous month; During the just-concluded Tomb-Sweeping Day holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine wine bookings reached full recovery.</p><p>Although the 2021 Q1 quarterly report has not yet been released, Ctrip has used a rapid \"blood recovery plan\" to recover ahead of Booking and Expdia, which are also OTA giants, and has stepped out of a large V-shaped curve.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: financial reports of various companies</b></p><p>While Ctrip is recovering, Ctrip's shares<a href=\"https://laohu8.com/S/90129\">Tongcheng Yilong</a>It has also seized the sinking market in low-tier cities, and Ctrip's new users in the low-tier market have accelerated their growth, further solving the congestion of OTA platforms in the domestic market.</p><p>According to the prospectus document, in 2020, more than 40% of new trading users on the Ctrip platform will come from third-tier and below cities. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys report, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share in 2019, and the first place Ctrip accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's emergence from the big \"V\" trend, it can be seen that Ctrip still has the resilience rarely seen in start-ups, and it is not old in rebound and recovery.</p><p><b>/02/Reconstructing the \"people and goods yard\" of tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In the prospectus of this return to Hong Kong, Ctrip also clearly stated that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience.\"</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs a core to support it in order to string together various chains in travel, and this core is the content.</p><p>Some people say that it is difficult for Ctrip to do content well because of the lack of genes. This story is not long.</p><p>Say Ctrip has no content gene? This is somewhat \"shallow\" in understanding of Ctrip.</p><p>At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;</p><p>In 2011, Ctrip launched Donkey Review Network;</p><p>In 2016, the Ctrip Raiders community was launched;</p><p>In 2018, Ctrip began to build a short travel video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;</p><p>In 2020, Ctrip once again put the layout content on the agenda.</p><p><b>In addition to genes, it is more important to make content that \"there is specialization in the art industry\". Travel content is about how to play, and of course it is done by the best travel platform.</b></p><p>A few days ago, Ctrip launched the \"1 +3 Strategy\", taking \"Planet\" as the carrier, aggregating three major sectors: traffic, content and commodities, and refreshing the \"people (users)-goods (tourism products, ticketing services, etc.)-field (scene)\" in the tourism industry.</p><p>In the past, the tourism industry was basically people-goods, with almost no scenes landing; Or the OTA platform provides relatively scattered and fragmented content, which cannot accurately match the large traffic, thus leading to the disconnect between content and products.</p><p>In terms of \"people\", when \"playful\" travelers flood into Ctrip's Planet with their own shared content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;</p><p>In terms of \"goods\", participants in the entire travel link can open a planet account in the Ctrip community. With the help of Ctrip's 300 million users and 200 million MAU (monthly active users), there are more and more sensitive people under the age of 25 who \"know how to play\" to provide food, accommodation, transportation, travel and shopping for all popular products.</p><p>In the scene, Ctrip Live Broadcast and Ctrip Community will give the scene of content monetization. In the whole content scene, Ctrip can also provide portraits of target groups according to algorithms and private domain traffic management to achieve a new \"100 billion small goal\", travel advertising placement;</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the annual scale of China's tourism advertising market will reach 80-100 billion yuan. In the future, tourism advertising will become the new \"100 billion track\" in the tourism industry.</p><p><b>Whether the effect is good or not, the data will speak for itself.</b></p><p>Ctrip's prospectus shows that when the \"1 +3 strategy\" was still in its embryonic stage last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the Ctrip live broadcast + special sale channel achieved a total merchandise transaction volume of more than 5 billion yuan. After the \"1 +3 strategy\" is fully implemented, we have reason to believe that Ctrip can take advantage of \"playing\" to allow more users to \"play on Ctrip\".</p><p><b>/03/High net worth users who can play</b> <b>Deepen the moat again</b></p><p>In the prospectus submitted by Ctrip, there is another bright spot that has been overlooked but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.</p><p><b>High-net-worth users are not only a competitive barrier for Ctrip, but also the cornerstone driving performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel \"going to jiaozi\", the quality travel that high-net-worth users prefer will become a new growth point of Ctrip's performance.</p><p>The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure travel represented by domestic high-star hotels and boutique private groups will surpass the mass leisure travel sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.</p><p>Analysys data shows that the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people born after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.</p><p>Whether on Wall Street or on the Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become a new growth point of Ctrip's performance.</p><p>To maintain the advantages in the field of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.</p><p>Ctrip has previously disclosed the supply chain related to the field of quality leisure travel: from July to December 2020, the number of Ctrip's private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 tourist destinations in China; The number of private group products increased by more than 400%.</p><p>In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China. Large-scale cooperation between hotels and Ctrip has created a highly competitive market for Ctrip. price advantage.</p><p>Among them, the number of high-star hotels designated Ctrip Group as the total distributor increased by more than 10% in the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the final conversion that the channel can bring is maintained at about 20% on average, but Ctrip's conversion is higher than the average level. Just as a good bird chooses a good tree to live, high-end hotels are also willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and the hotel have also become a \"mutual achievement\" relationship during the epidemic. In order to maintain the brand bottom line of the hotel's long-term operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.</p><p>Therefore, for challengers who want to break through Ctrip's dominance on high-net-worth users, to grab more high-star hotel inventory from Ctrip, one is to prove channel capabilities to high-star hotels, and the other is to continue to find high-star hotels. Users with spending power are not achieved overnight.</p><p>What Ctrip has done is not only to maintain its reputation on Wall Street today, but also to win the prospect of Hong Kong Stock Exchange tomorrow.</p><p><b>/04/Returning to Hong Kong is both the way home and the departure</b></p><p>The world's three largest OTA leaders Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Among them, Ctrip has occupied the first place in global transaction volume in the past three years, but its share price has been undervalued.</p><p>Since the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone during the epidemic are similar, the price-to-sales ratio can be used as a comparison of valuations.</p><p>Ctrip's latest market value is US $23.3 billion, which is 8.3 times the revenue in 2020;</p><p>Booking's latest market value is US $98.7 billion, which is 14.5 times the revenue in 2020;</p><p>Expedia's latest market value is $24.7 billion, which is 4.75 times 2020 revenue, but Expedia's stock price has rebounded nearly three times from its lows.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Note: The stock price trend of the Big Three in the past year</b></p><p>Since Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply take root in the tourism industry.</p><p>The stock price of any listed company has been \"uneasy\", but for Ctrip, what we should see more is its distance.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCtrip, which went public in Hong Kong for the second time, you really know how to play!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-09 14:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you want to select the hardest entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.</p><p>List some of Liang Jianzhang's schedules:</p><p>Trek more than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, you have to inspect review after the live broadcast, and you have to manage the company's affairs for more than ten hours every day; Not even a \"whole block\" of 30 minutes; On the plane to the next live broadcast point, I have to take out my mobile phone and write my own copy of the hotel live broadcast.</p><p>As a result of \"Desperate Saburo\", in 2020, the OTA industry has undergone the biggest change: Ctrip has driven the industry to start new explorations as quickly as possible under special circumstances.</p><p>Liang Jianzhang turned himself into a big V by incarnating different characters in different travel scenes, and also allowed Ctrip to use the breakthrough point of live broadcast to interpret the true connotation of \"organic in crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Public Information</b></p><p><b>/01/It's a big V, and it's a \"big V\"</b></p><p>Ctrip's prospectus shows that in the past 10 years, the transaction volume has continuously maintained the first place in the national online travel industry, and has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost US $1.3 trillion in revenue, becoming \"the worst year in the history of the tourism industry\", and Ctrip was not spared.</p><p><b>The core of a successful enterprise is not the glory at its peak, but the resilience at times of hardship.</b></p><p>In Q1 2020, due to the epidemic, Ctrip's revenue fell by 42.1%; All walks of life in Q2 are preparing to resume work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment for Liang Jianzhang's live broadcast. Ctrip's revenue fell by 63.7%; In Q3, Ctrip improved slightly, and the decline in revenue narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservations recovered by about 15% leading the industry; Ctrip's average daily order volume in March increased by 50% from February, and the average daily new customer volume of the platform achieved double-digit growth from the previous month; During the just-concluded Tomb-Sweeping Day holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine wine bookings reached full recovery.</p><p>Although the 2021 Q1 quarterly report has not yet been released, Ctrip has used a rapid \"blood recovery plan\" to recover ahead of Booking and Expdia, which are also OTA giants, and has stepped out of a large V-shaped curve.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: financial reports of various companies</b></p><p>While Ctrip is recovering, Ctrip's shares<a href=\"https://laohu8.com/S/90129\">Tongcheng Yilong</a>It has also seized the sinking market in low-tier cities, and Ctrip's new users in the low-tier market have accelerated their growth, further solving the congestion of OTA platforms in the domestic market.</p><p>According to the prospectus document, in 2020, more than 40% of new trading users on the Ctrip platform will come from third-tier and below cities. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys report, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share in 2019, and the first place Ctrip accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's emergence from the big \"V\" trend, it can be seen that Ctrip still has the resilience rarely seen in start-ups, and it is not old in rebound and recovery.</p><p><b>/02/Reconstructing the \"people and goods yard\" of tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In the prospectus of this return to Hong Kong, Ctrip also clearly stated that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience.\"</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs a core to support it in order to string together various chains in travel, and this core is the content.</p><p>Some people say that it is difficult for Ctrip to do content well because of the lack of genes. This story is not long.</p><p>Say Ctrip has no content gene? This is somewhat \"shallow\" in understanding of Ctrip.</p><p>At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;</p><p>In 2011, Ctrip launched Donkey Review Network;</p><p>In 2016, the Ctrip Raiders community was launched;</p><p>In 2018, Ctrip began to build a short travel video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;</p><p>In 2020, Ctrip once again put the layout content on the agenda.</p><p><b>In addition to genes, it is more important to make content that \"there is specialization in the art industry\". Travel content is about how to play, and of course it is done by the best travel platform.</b></p><p>A few days ago, Ctrip launched the \"1 +3 Strategy\", taking \"Planet\" as the carrier, aggregating three major sectors: traffic, content and commodities, and refreshing the \"people (users)-goods (tourism products, ticketing services, etc.)-field (scene)\" in the tourism industry.</p><p>In the past, the tourism industry was basically people-goods, with almost no scenes landing; Or the OTA platform provides relatively scattered and fragmented content, which cannot accurately match the large traffic, thus leading to the disconnect between content and products.</p><p>In terms of \"people\", when \"playful\" travelers flood into Ctrip's Planet with their own shared content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;</p><p>In terms of \"goods\", participants in the entire travel link can open a planet account in the Ctrip community. With the help of Ctrip's 300 million users and 200 million MAU (monthly active users), there are more and more sensitive people under the age of 25 who \"know how to play\" to provide food, accommodation, transportation, travel and shopping for all popular products.</p><p>In the scene, Ctrip Live Broadcast and Ctrip Community will give the scene of content monetization. In the whole content scene, Ctrip can also provide portraits of target groups according to algorithms and private domain traffic management to achieve a new \"100 billion small goal\", travel advertising placement;</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the annual scale of China's tourism advertising market will reach 80-100 billion yuan. In the future, tourism advertising will become the new \"100 billion track\" in the tourism industry.</p><p><b>Whether the effect is good or not, the data will speak for itself.</b></p><p>Ctrip's prospectus shows that when the \"1 +3 strategy\" was still in its embryonic stage last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the Ctrip live broadcast + special sale channel achieved a total merchandise transaction volume of more than 5 billion yuan. After the \"1 +3 strategy\" is fully implemented, we have reason to believe that Ctrip can take advantage of \"playing\" to allow more users to \"play on Ctrip\".</p><p><b>/03/High net worth users who can play</b> <b>Deepen the moat again</b></p><p>In the prospectus submitted by Ctrip, there is another bright spot that has been overlooked but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.</p><p><b>High-net-worth users are not only a competitive barrier for Ctrip, but also the cornerstone driving performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel \"going to jiaozi\", the quality travel that high-net-worth users prefer will become a new growth point of Ctrip's performance.</p><p>The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure travel represented by domestic high-star hotels and boutique private groups will surpass the mass leisure travel sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.</p><p>Analysys data shows that the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people born after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.</p><p>Whether on Wall Street or on the Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become a new growth point of Ctrip's performance.</p><p>To maintain the advantages in the field of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.</p><p>Ctrip has previously disclosed the supply chain related to the field of quality leisure travel: from July to December 2020, the number of Ctrip's private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 tourist destinations in China; The number of private group products increased by more than 400%.</p><p>In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China. Large-scale cooperation between hotels and Ctrip has created a highly competitive market for Ctrip. price advantage.</p><p>Among them, the number of high-star hotels designated Ctrip Group as the total distributor increased by more than 10% in the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the final conversion that the channel can bring is maintained at about 20% on average, but Ctrip's conversion is higher than the average level. Just as a good bird chooses a good tree to live, high-end hotels are also willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and the hotel have also become a \"mutual achievement\" relationship during the epidemic. In order to maintain the brand bottom line of the hotel's long-term operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.</p><p>Therefore, for challengers who want to break through Ctrip's dominance on high-net-worth users, to grab more high-star hotel inventory from Ctrip, one is to prove channel capabilities to high-star hotels, and the other is to continue to find high-star hotels. Users with spending power are not achieved overnight.</p><p>What Ctrip has done is not only to maintain its reputation on Wall Street today, but also to win the prospect of Hong Kong Stock Exchange tomorrow.</p><p><b>/04/Returning to Hong Kong is both the way home and the departure</b></p><p>The world's three largest OTA leaders Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Among them, Ctrip has occupied the first place in global transaction volume in the past three years, but its share price has been undervalued.</p><p>Since the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone during the epidemic are similar, the price-to-sales ratio can be used as a comparison of valuations.</p><p>Ctrip's latest market value is US $23.3 billion, which is 8.3 times the revenue in 2020;</p><p>Booking's latest market value is US $98.7 billion, which is 14.5 times the revenue in 2020;</p><p>Expedia's latest market value is $24.7 billion, which is 4.75 times 2020 revenue, but Expedia's stock price has rebounded nearly three times from its lows.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Note: The stock price trend of the Big Three in the past year</b></p><p>Since Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply take root in the tourism industry.</p><p>The stock price of any listed company has been \"uneasy\", but for Ctrip, what we should see more is its distance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团—S","TCOM":"携程网"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159720741","content_text":"如果要评选2020年最拼的企业家,携程的梁建章肯定能入围。\n随手列出一些梁建章的日程:\n一个月跋涉6省25市9000多公里;一天要切换20个场景;直播前要考察直播后要复盘、还得管公司的大小事务每天连轴转十几个小时;连30分钟的“整块时间”都没有;在赶到下一个直播点的飞机上得掏出来手机自己写酒店直播的文案。\n“拼命三郎”的结果是,2020年,OTA行业出现了最大的变化:携程带动行业在特殊环境下以最快的速度,开始了新探索。\n梁建章在不同旅游场景里化身不同的人物把自己变成了大V,也让携程用直播这个切入点也诠释了“危中有机”的真正内涵。\n\n图片来源:公开信息\n/ 01 /是大V,也是\"大V\"\n携程的招股书显示,在过去10年中,交易额连续保持全国在线旅游行业第一,并连续3年领跑全球在线旅游行业。而去年在疫情的影响下,全球旅游业收入损失1.3万亿美元,成为“旅游业历史上最糟糕年份”,携程也未能幸免。\n成功企业内核并不是巅峰时的辉煌,而是看艰苦时的韧性。\n2020年Q1,由于疫情,携程营收下降42.1%;Q2各行各业都在做复工复产的准备,景区虽然开放了但是没人敢去。这也是梁建章直播最忙碌的时刻,携程营收跌了63.7%;Q3,携程略有起色,营收下降幅度收窄到47.9%;到了Q4,携程营收达到2019年同期的六成。\n而进入2021年,Q1的上半季度,携程的国内酒店预订恢复领先行业约15%;携程在3月份的日均订单量环比2月增长50%,平台日均新客量环比实现双位数增长;在刚刚结束的清明节假期,携程总预订量同比增长300%,多项业务的增速甚至超越2019年同期水平,在一个月前携程发布2020年年报之时,CEO孙洁表示携程的机酒预订达到全量恢复。\n虽然2021年Q1季报还未发布,但携程用迅速的“回血计划”,复苏领先于同是OTA巨头的Booking和Expdia,走出了大大的V形曲线。\n\n数据来源:各家财报\n在携程复苏的同时,携程参股的同程艺龙还抓住了低线城市的下沉市场,携程的低线市场新用户加速增长,进一步解决了OTA平台们在国内市场上的拥堵。\n招股文件显示,2020年,携程平台上超过40%的新交易用户来自三线及以下城市。其实在国内市场中,携程本来就较其他平台占有优势。根据易观报告,2019年全球前5大旅行平台的GMV在总市场份额的占比为7.0%,第一名携程占比为2.3%,较第二名高出0.4个百分点;2019年,中国前5大旅行平台在总市场份额的占比为21.5%,其中,携程集团占比为13.7%。\n2020年,从梁建章颇具创新性的变成“直播大V”到公司走出大“V”趋势可以看出,携程仍然具有初创企业少有的韧性,在反弹和复苏上宝刀未老。\n/ 02 /重构旅游的“人货场” 携程你可真会玩儿!\n在此次回港的招股书中,携程也明确表示募资的使用途径之一是拓展携程的“一站式旅行服务及改善用户体验”。\n\n图片来源:携程招股书\n作为业内为数不多的“一站式”平台,携程要把旅行中的各个的链条串起来,需要有内核在其中支撑,这个核心就是内容。\n有人说,携程做内容,因为缺乏基因所以很难做好,这个故事讲不长。\n说携程没有内容基因?这可对携程的认识有些“浅薄”。\n2000年诞生之初,携程就是中国最早的互联网旅游社区之一;\n2011年,携程推出驴评网;\n2016年,上线携程攻略社区;\n2018年,携程开始着手搭建旅行短视频内容平台,12月携程频道“旅拍频道正式上线;\n2020年,携程再次把布局内容提上日程。\n除了基因外,做内容更重要的是“术业有专攻”,旅行内容就是讲怎么玩,当然由最会玩的旅行平台来做。\n日前,携程推出了“1+3战略”,以“星球号”为载体,聚合流量、内容、商品三大板块,刷新了旅游行业中的“人(用户)-货(旅游产品、票务服务等)-场(场景)”。\n以前的旅游行业中基本上是人-货,几乎没有场景落地;或者是OTA平台提供了比较分散和碎片化的内容,无法与大流量形成精准匹配,因此导致内容和商品的脱节。\n在“人”上,当“会玩儿”的旅行达人们带着自己的分享内容涌入携程的星球号,由于携程庞大的产品库存和交易平台的属性,可以使内容顺畅地转化为交易;\n在“货”上,旅游全链路的参与者,均可在携程社区开设星球号,借助携程的3亿的用户量和2亿的MAU(每月活跃用户),还有越来越多的25岁以下“懂玩”的敏感人群,来供给吃、住、行、游、购所有爆款产品。\n在场景中,携程直播与携程社区将给予内容变现的场景,携程在整个内容场景中,还可以根据算法和私域流量管理,提供目标人群画像,实现一个新的“千亿小目标”,旅游广告投放;\n根据Fastdata数据,2021年随着中国旅游业的复苏及旅游供应商广告投入强度的增加,预计全年中国旅游广告市场规模将达到800-1000亿元,未来旅游广告将会成为旅游业新的“千亿赛道”。\n效果好不好,数据会说话。\n携程招股书显示,在去年“1+3战略“还处于雏形阶段时,2020年全年,携程通过在线直播平台推出超过60000种产品,携程直播+特卖频道实现商品交易总额超过50亿元人民币,在“1+3战略”全部落地后,我们有理由相信携程可以借着“会玩”的优势,让更多的用户“玩在携程”。\n/ 03 /会玩的高净值用户 再次加深护城河\n在携程递交的招股书中,还有一个被人忽视,但是足以重塑携程估值的亮点,那就是高消费用户快速增长。\n高净值用户既是携程的竞争壁垒,也是驱动业绩增长的基石。\n随着消费升级,旅游业也在升级,比起节假日旅游“下饺子”,高净值用户们更喜欢的品质游,将成为携程新的业绩增长点。\n国内旅游市场基本可以分为三大部分:商旅、大众休闲游及品质休闲游。根据易观预测,国内高星酒店、精品私家团为代表的品质休闲游将于2024年超过大众休闲游板块,其市场规模将于2025年达到3.8万亿元。\n易观数据显示,携程平台中等及以上消费水平人群占比为82.2%,95后-80后人群占比为77.7%,高净值且会玩的年轻人有很多。\n不论是在华尔街还是在港交所,高客单价、高毛利一直都很受资本的青睐,也就是说,如果携程可以延续这个势头,品质休闲游市场的高准入门槛所形成的天然竞争壁垒,也将成为携程新的业绩增长点。\n要维持品质休闲游领域的优势,就得倚仗供应链,毕竟好资源都是稀缺的。\n携程此前披露过关于品质休闲游领域相关供应链的情况:2020年7-12月,携程私家团供应商数量增加 50%;超过2000家供应商通过携程为用户提供约6万条私家团产品;覆盖国内200多个旅游目的地;私家团产品数量增涨400%以上。\n在供应链中最关键的酒店方面,截至2019年12月31日,携程在中国境内提供了数量最多的机票及酒店住宿产品,大规模的酒店与携程合作,为携程创造了极具市场竞争力的价格优势。\n其中,指定携程集团作为总经销的高星酒店数量在2020年第二和第三季度均环比增长超过10%,携程在中高端酒店市场的竞争优势进一步扩大。\n从酒店行业来看,渠道能带来的最终转化整体平均保持在20%左右,但携程的转化高于平均水平,就像良禽择佳木而栖一样,高端酒店也愿意选择携程。\n据节点财经(ID:jiedian2018)了解,携程与酒店在疫情期间还成为了“互相成就”的关系,为了守住酒店长远经营的品牌底线,携程根据不同酒店的特色包装出了许多丰富的产品,比如美食套餐、亲子套餐,提供差异化的产品,吸引顾客的同时也释放酒店本身的价值。\n所以,对于想突破携程在高净值用户上统治地位的挑战者来说,从携程手里抢到更多的高星酒店库存,一是要向高星酒店证明渠道能力,二是持续寻找到高消费能力的用户,并不是一蹴而就的。\n而携程做的这一切,既是为了守住今天在华尔街的口碑,也是为了赢得明天在港交所的前景。\n/ 04 /回港,是归途也是启程\n世界三大OTA头部携程、Booking、Expedia中,携程在近三年来,虽然占据全球交易额第一,但携程的股价一直处于被低估状态。\n由于2020年三巨头的市盈率或为负,而疫情大家面临的环境困难都差不多,市销率可以成为估值高低的比较。\n携程最新市值233亿美元,为2020年营收的8.3倍;\nBooking最新市值987亿美元,为2020年营收的14.5倍;\nExpedia 最新市值247亿美元,为2020年营收的4.75倍,但Expedia的股价已经从低点反弹了近3倍。\n\n图注:三巨头近一年股价走势\n既然携程在美股没有得到相应的认可,二次上市,就是携程挥别过去发展模式的分水岭,也是发挥旅行内容价值、深度扎根旅游产业的新尝试。\n任何一家上市公司的股价都曾有过“苟且”,但对于携程来说,更应该看到的是它的远方。","news_type":1,"symbols_score_info":{"TCOM":0.9,"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":1609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}