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- boostpanboostpan
  ·2021-07-07
  Ok
  XPeng returns to Hong Kong, the show begins
  在泡沫破灭之前吃的最胖，成为最后的赢家？不妨拭目以待。
  XPeng returns to Hong Kong, the show begins
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- boostpanboostpan
  ·2021-06-30
  Ok
  Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1
  据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股 7月1日（周四）休市一日。7月2日（周五）照常开市。美股、A股、英股、澳股、新加坡市场等照常交易。沪股通、深股通
  Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1
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- boostpanboostpan
  ·2021-06-22
  Good
  Walmart VS Amazon: The War of American Retail Kings
  今年亚马逊再一次面临了来自沃尔玛的挑战。
  Walmart VS Amazon: The War of American Retail Kings
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Calculated based on the closing price of XPeng Motor in the Japanese and US stocks overnight of US $43.74 on July 6, the equivalent Hong Kong stock price is HK $169.9.<b>Hong Kong stocks are priced at HK $165 at a discount of about 2.88% to overnight US stocks</b>, this is the best result of all Chinese concept stocks returning to Hong Kong for listing in the past 12 months.</p><p>At the opening today, XPeng Automobile rose 1.82% to HK $168, with a market value of HK $284.1 billion. As of the close of the day, XPeng Motor's Hong Kong stock price was quoted at HK $165, which was the same as the issue price.</p><p>For the net proceeds of approximately HK $13.781 billion, XPeng has a very clear plan for its use:</p><p>About 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; About 35% is expected to be used to accelerate the company's business expansion by enhancing the company's brand recognition; Approximately 10% is expected to be used to improve production capacity, including expanding production capacity, upgrading production facilities and developing production technology; Approximately 10% is expected to be used for general corporate purposes, including working capital.</p><p><img src=\"https://static.tigerbbs.com/7f596165e6a80f10faf1f8eb5ba5bc2a\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Although the stock price did not \"take off\" on the day of listing, from this perspective, now increasing financing efforts and taking the lead in returning to Hong Kong for listing in \"Wei Xiaoli\" means that in the next stage, XPeng will focus on technology research and development, product marketing as the direction of increasing investment.</p><p>Therefore, from the timing of this secondary listing, it further highlights the strategic intention of XPeng Automobile.</p><p><b>1</b></p><p><b>Capital market, is the mountain rain coming?</b></p><p>Now, XPeng's performance is rising steadily, and its fundamentals are constantly improving.</p><p>As of 2021Q1, XPeng Automobile has 178 sales stores and 61 service centers nationwide, covering 70 cities, and most of the stores are located in shopping malls.</p><p>In terms of charging facility network layout, as of 2021Q1, there are 172 XPeng brand super charging stations across the country, covering 60 cities. The company offers a free charging plan to eligible car owners, and by the end of March, the plan has covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the Track Record Period. From 2018 to 2020, the company's total revenue increased from 9.706 million yuan to 5.844 billion yuan. With strong revenue growth, the company's gross profit margin has turned positive by 2020.</p><p>In terms of current profitability, the company recorded a total revenue of 450 million yuan in 2021Q1. Although the net loss was 120 million yuan, the gross profit margin reached 11.2%. In contrast, the company's gross profit margin for the whole year of 2020 is only 4.5%, which can be described as rapid growth.</p><p><img src=\"https://static.tigerbbs.com/00a97bce85eb76588676c88dfde6ae4b\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>In the balance sheet, XPeng held more than 30 billion in cash in 2021Q1, with total current assets of more than 40 billion yuan, and an asset-liability ratio of 28%. In the quarter<a href=\"https://laohu8.com/S/NIO\">Nio</a>The cash in the hands of the car is 47.2 billion yuan. Not only is XPeng Auto financially very healthy, but it doesn't look like it's short of money.</p><p><b>Then the question arises-why did XPeng choose to go to Hong Kong for dual listing at this time?</b></p><p><b>From the perspective of funds alone, this listing may not be a particularly friendly time node now.</b></p><p>Although several new car-making forces in the U.S. stock market all rebounded in May, and XPeng Motor even rebounded by nearly 80%, the negative factors that caused the sharp drop in technology stocks at the beginning of the year are still there.</p><p>During the epidemic, the Federal Reserve led the central banks of Europe, Japan and other countries to release water. In 2020H2, global technology stocks once stepped out of the \"six relatives don't recognize\" market. Under the speculation, a number of technology companies that are still in the growth stage and have unlimited imagination There are many companies whose valuations are higher than the sky. The new energy vehicle sector of the U.S. stock market is particularly profitable.</p><p><img src=\"https://static.tigerbbs.com/f8cee43fb69c57ec7c8537527c05e174\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>But in early 2021, inflation expectations scared the stock market into a sharp correction. So let alone what it will be like when rate hike really lands. Last month, the Federal Reserve released a signal and began to endorse the next stage of policy discussions, which means that although rate hike has not yet arrived, it is not far away.</p><p><b>Listed on the Hong Kong Stock Exchange, the valuation premium may not be as high as that of the Nasdaq exchange.</b>As of now, the PE valuation of the Hong Kong stock Hang Seng Technology Index is 43 times; The U.S. stock Nasdaq index is nearly 50 times, and the A-share GEM index is nearly 60 times. At present, the company's Hong Kong stock listing price is only a 2.88% discount to the company's US stock market.</p><p>The times are unfavorable, and the overall market valuation is not high. What is XPeng's intention of listing in Hong Kong?</p><p><b>2</b></p><p><b>Raise funds, want it now!</b></p><p>Reading between the lines of the news, it can be seen that this time the form of \"dual listing\" is adopted.</p><p>This form is relatively rare so far, and it is the first Chinese concept stock to be dual-listed on Hong Kong and US stocks in the past three years. This has undoubtedly become one of the biggest highlights of XPeng's listing.</p><p>Compared with \"secondary listing\", \"dual listing\" can be included in Hong Kong Stock Connect, thereby absorbing funds from the mainland; However, such listed companies cannot trade in the mainland through Hong Kong Stock Connect. Therefore, after the \"dual listing\" of XPeng Automobile in Hong Kong, it is expected to be bought by mainland funds, which in turn will obtain a higher liquidity premium. In other words, \"dual listing\" opens the door for mainland investors to buy XPeng vehicles.</p><p>This also explains why Hong Kong was chosen as<a href=\"https://laohu8.com/S/RF\">Regional Finance</a>Center, \"dual-listed\" XPeng can attract funds from both international and mainland China. You know, even Biden himself personally admitted that China has seized the opportunity in car manufacturing, and Chinese investors are bound to have stronger confidence in new energy vehicles.</p><p>But this only explains why Hong Kong was chosen. Then<b>Why is XPeng raising so much money now?</b></p><p>First of all, the listing threshold in Hong Kong is lower than that in the A-share market, and the listing and financing action can be completed faster.</p><p>Secondly, if there are too many uncontrollable factors in the short term when the Hong Kong stock market is listed now, then we might as well prolong the thinking time and see XPeng's strategy from a longer-term perspective.</p><p>First of all, we should return to the new energy vehicle track itself: building a car is really too expensive. Li Bin, CEO of Nio Motor, once said that don't build cars without 20 billion. A few years ago, Dyson, the \"tycoon\" of vacuum cleaners and household appliances, spent huge sums of money to launch a new energy vehicle manufacturing plan relying on his own reserves of many technologies such as engines and air conditioners. It's a pity that I lost all 21.8 billion, and I didn't make a waste, so I had to reluctantly cut my meat and leave the market from the money-burning war.</p><p>Look at Nio's own expenses,<b>It has already exceeded 20 billion yuan: as of 2021Q1, Nio's sales and management expenses have accumulated 18.093 billion yuan; R&D expenses totaled 15.67 billion yuan</b>, which does not include taxes, financial expenses, depreciation and amortization costs, etc.</p><p><img src=\"https://static.tigerbbs.com/205b1efe2ddcea746b3b54ac3abb57a1\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>On the one hand, new energy vehicles burn a lot of money, and on the other hand, the track is moving towards involution.</p><p>China has the world's largest pure electric passenger vehicle (EV) market, and China's EV sales are expected to increase from approximately 100 million units in 2020 to 4.2 million units in 2025, which will exceed the combined EV sales in the United States and Europe. It is expected that the penetration rate of electric vehicles in China's passenger car market will exceed 10% in 2022, which represents an inflection point for the electric vehicle industry.</p><p>Although the cake is still expanding, the competition among new energy vehicle brands has already been fierce.<b>Traditional car-making forces and technology giants are extending their tentacles to the new energy vehicle track, eroding the living space of new forces.</b></p><p>In Europe,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has fallen from the altar. From 2019 to 2020, its market share has dropped from 5% to 3.5%, losing to traditional big brands such as Volkswagen, PSA, and Daimler, ranking 11th among brands. The formulation of carbon emission targets and the pressure of huge fines have pushed traditional car companies to the new energy vehicle track, further intensifying conflicts with new forces. With the end of the \"carbon neutrality\" transition stage at the end of 2020, new car-making forces will face more intense competition in 2021.</p><p>This phenomenon is not only happening in Europe, but also in China and the United States. Moreover, there are many players whose sales volume, business scale, and net profit completely abuse Wei Xiaoli, such as<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Huawei, Xiaomi and other technology companies.</p><p>And these three companies are the winners of the last smartphone bubble...</p><p><b>3</b></p><p><b>Pile up bubbles and smash winners</b></p><p>Now we must make good use of our first-mover advantage,<b>New car-making forces must obtain funds and increase efforts to promote R&D and sales before entering the stage of stock competition.</b></p><p>Today's new energy vehicle capital boom is comparable to the previous smartphone bubble.</p><p>China's smartphone market developed rapidly from 2008 to 2015. Since 2008, the smartphone market has maintained a compound growth rate of about 27%, showing a rapid development trend. In 2008, the number of manufacturers participating in the competition was less than 30, but in 2013, it exceeded 100. Enterprises are competing to enter the mobile phone manufacturing industry, and there are countless brands, big and small, and the mobile phone industry has started the \"Hundred Regiments War\".</p><p><img src=\"https://static.tigerbbs.com/6ef7ec2a969c0a93d25a00b6d529d4b8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>At that time, the market was flooded with a large number of models, with different price ranges and features. Players are trying to build a unique moat and gain a firm foothold in the fierce competition, including some competitive brands.</p><p>There are many players' business models and core technologies that cannot beat their opponents, and they have to be marginalized in silence because they burn money without results.</p><p>The remaining brands such as Apple, Huawei, Xiaomi, and OV are the winners in that bubble-the accumulation of a large amount of capital has created a large number of companies in all links of the mobile phone industry chain.<b>Then, under the big waves, the industry leader who was born finally seized the funds and opportunities brought by the bubble and became the backbone of China's smartphone industry.</b></p><p>At present, just like the \"Hundred Regiments War\" of mobile phones back then, the current market consensus on the new energy vehicle track is that in this capital carnival bubble, only a few players can seize the opportunity and have the last laugh.</p><p>In this respect, XPeng has its unique advantages.</p><p>First of all, technically, He XPeng, who was born as a programmer, has put a lot of efforts into technology research and development.<b>XPeng has always placed great emphasis on \"intelligence\", that is, innovative technology, data, and in-depth internal software development and R&D.</b>He XPeng also said at the listing ceremony: \"As a leading Chinese smart car designer and manufacturer, a technology company with Internet and artificial intelligence innovation, XPeng is committed to\" being a future transportation explorer \".</p><p>In fact, intelligence is the next trend of the new energy vehicle industry. XPeng's step was very accurate.</p><p>Different from the traditional automobile manufacturing industry, the possibility of electrification and electronization of new energy vehicles makes it an excellent platform and user access point for building a \"smart city\". The story has been told for more than ten years. Driven by the IoT, smart driving, and 5G network boom, some investors don't seem to mind this story being told for another decade.</p><p>The XPeng Creation and Early Growth team has some proven technologies as well as young ones keen to try and make top-of-the-line products. At present, a large part of XPeng's existing employees are R&D personnel. As of the end of 2020H1, about 43% of XPeng's employees focused on research and development, of which 66%, 17% and 17% were dedicated to automotive design and engineering, autonomous driving, and intelligent operating systems respectively.</p><p>Furthermore, XPeng Motor's focus on \"subscriptions and value-added services\" is an important part of its self-identifying strength, which indicates a focus on the 21st century technological lifestyle that is app-based, smartphone-based, and leveraging future services and value streams.</p><p>In fact, leaving aside Tesla, which is deeply involved in turmoil, XPeng Motors is a player who has done a relatively good job in intelligence among the new Chinese local car-making force \"Wei Xiaoli\". Interested friends can go and have a look at the evaluation, which will not be expanded here.</p><p><b>4</b></p><p><b>Epilogue: Technology leads, timing is king</b></p><p>In high-tech industries, timing is everything.</p><p>Since the country began to implement the new energy vehicle subsidy policy in 2010, it has achieved a year-on-year increase of 2.9 times in new energy vehicle production and a year-on-year increase of 2.8 times in sales in 2015. Therefore, the country promotes the development of new energy vehicles, especially electric vehicles, which has allowed many people to see opportunities for the development of electric vehicles.</p><p><img src=\"https://static.tigerbbs.com/ccf54ebaf06dc6fcba9a02aff3f7a40f\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>The development of intelligence and networking has enabled electric vehicles to find differentiated competitive advantages, and has also allowed many parts suppliers to see future development trends, thus promoting the advancement of electric vehicle OEMs.</p><p>Tesla's successful case also allows the market to see the possibility of success of new energy vehicles. But there are also cases of \"getting up early and catching up late\" like Faraday Future on the track.</p><p>Look back<b>The road to success of \"Wei Xiaoli\" has stepped on every opportunity conducive to the development of new energy vehicles.</b>In the next stage, the tasks of new forces will gradually transition from confrontation with fuel vehicles to competition with each other.<b>For such a rapidly iterative and technology-led track, the characteristics of some technology industries are particularly obvious.</b></p><p>Bill Gates has a famous saying: \"<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It's only 18 months before bankruptcy forever. \" The so-called 18 months is the period required to double the density of semiconductor transistors according to Moore's Law.</p><p>From \"slow is fast\" before XPeng went public in the United States, to now rushing to the Hong Kong Stock Exchange, XPeng has received another 15 billion Hong Kong dollars in financing on the basis of holding more than 30 billion yuan in cash in 2021Q1, taking advantage of the many uncertainties in the capital market in 2021H2. Before the landing, it was obvious that it gained the first-mover advantage in the second half.</p><p><img src=\"https://static.tigerbbs.com/a6b44b8b03579b4b3daefe0ab7f6ead8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>But then again, high-tech industries have very high requirements for efficiency. They must quickly respond to market needs, technological changes, and their own operational requirements. Problems in any link may be abandoned by the times.</p><p>The biggest problem for XPeng vehicles at present lies in its growth speed. Can we quickly build a solid moat through this financing, eat the fattest before the bubble bursts, and become the final winner? We might as well wait and see.</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>XPeng returns to Hong Kong, the show begins</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\">\nXPeng returns to Hong Kong, the show begins\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\">2021-07-07 20:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Officially listed in Hong Kong, becoming a Hong Kong stock market \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \".</p><p>The company previously announced that a total of 85 million shares were issued in this listing, priced at HK $165. Calculated based on the closing price of XPeng Motor in the Japanese and US stocks overnight of US $43.74 on July 6, the equivalent Hong Kong stock price is HK $169.9.<b>Hong Kong stocks are priced at HK $165 at a discount of about 2.88% to overnight US stocks</b>, this is the best result of all Chinese concept stocks returning to Hong Kong for listing in the past 12 months.</p><p>At the opening today, XPeng Automobile rose 1.82% to HK $168, with a market value of HK $284.1 billion. As of the close of the day, XPeng Motor's Hong Kong stock price was quoted at HK $165, which was the same as the issue price.</p><p>For the net proceeds of approximately HK $13.781 billion, XPeng has a very clear plan for its use:</p><p>About 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; About 35% is expected to be used to accelerate the company's business expansion by enhancing the company's brand recognition; Approximately 10% is expected to be used to improve production capacity, including expanding production capacity, upgrading production facilities and developing production technology; Approximately 10% is expected to be used for general corporate purposes, including working capital.</p><p><img src=\"https://static.tigerbbs.com/7f596165e6a80f10faf1f8eb5ba5bc2a\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Although the stock price did not \"take off\" on the day of listing, from this perspective, now increasing financing efforts and taking the lead in returning to Hong Kong for listing in \"Wei Xiaoli\" means that in the next stage, XPeng will focus on technology research and development, product marketing as the direction of increasing investment.</p><p>Therefore, from the timing of this secondary listing, it further highlights the strategic intention of XPeng Automobile.</p><p><b>1</b></p><p><b>Capital market, is the mountain rain coming?</b></p><p>Now, XPeng's performance is rising steadily, and its fundamentals are constantly improving.</p><p>As of 2021Q1, XPeng Automobile has 178 sales stores and 61 service centers nationwide, covering 70 cities, and most of the stores are located in shopping malls.</p><p>In terms of charging facility network layout, as of 2021Q1, there are 172 XPeng brand super charging stations across the country, covering 60 cities. The company offers a free charging plan to eligible car owners, and by the end of March, the plan has covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the Track Record Period. From 2018 to 2020, the company's total revenue increased from 9.706 million yuan to 5.844 billion yuan. With strong revenue growth, the company's gross profit margin has turned positive by 2020.</p><p>In terms of current profitability, the company recorded a total revenue of 450 million yuan in 2021Q1. Although the net loss was 120 million yuan, the gross profit margin reached 11.2%. In contrast, the company's gross profit margin for the whole year of 2020 is only 4.5%, which can be described as rapid growth.</p><p><img src=\"https://static.tigerbbs.com/00a97bce85eb76588676c88dfde6ae4b\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>In the balance sheet, XPeng held more than 30 billion in cash in 2021Q1, with total current assets of more than 40 billion yuan, and an asset-liability ratio of 28%. In the quarter<a href=\"https://laohu8.com/S/NIO\">Nio</a>The cash in the hands of the car is 47.2 billion yuan. Not only is XPeng Auto financially very healthy, but it doesn't look like it's short of money.</p><p><b>Then the question arises-why did XPeng choose to go to Hong Kong for dual listing at this time?</b></p><p><b>From the perspective of funds alone, this listing may not be a particularly friendly time node now.</b></p><p>Although several new car-making forces in the U.S. stock market all rebounded in May, and XPeng Motor even rebounded by nearly 80%, the negative factors that caused the sharp drop in technology stocks at the beginning of the year are still there.</p><p>During the epidemic, the Federal Reserve led the central banks of Europe, Japan and other countries to release water. In 2020H2, global technology stocks once stepped out of the \"six relatives don't recognize\" market. Under the speculation, a number of technology companies that are still in the growth stage and have unlimited imagination There are many companies whose valuations are higher than the sky. The new energy vehicle sector of the U.S. stock market is particularly profitable.</p><p><img src=\"https://static.tigerbbs.com/f8cee43fb69c57ec7c8537527c05e174\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>But in early 2021, inflation expectations scared the stock market into a sharp correction. So let alone what it will be like when rate hike really lands. Last month, the Federal Reserve released a signal and began to endorse the next stage of policy discussions, which means that although rate hike has not yet arrived, it is not far away.</p><p><b>Listed on the Hong Kong Stock Exchange, the valuation premium may not be as high as that of the Nasdaq exchange.</b>As of now, the PE valuation of the Hong Kong stock Hang Seng Technology Index is 43 times; The U.S. stock Nasdaq index is nearly 50 times, and the A-share GEM index is nearly 60 times. At present, the company's Hong Kong stock listing price is only a 2.88% discount to the company's US stock market.</p><p>The times are unfavorable, and the overall market valuation is not high. What is XPeng's intention of listing in Hong Kong?</p><p><b>2</b></p><p><b>Raise funds, want it now!</b></p><p>Reading between the lines of the news, it can be seen that this time the form of \"dual listing\" is adopted.</p><p>This form is relatively rare so far, and it is the first Chinese concept stock to be dual-listed on Hong Kong and US stocks in the past three years. This has undoubtedly become one of the biggest highlights of XPeng's listing.</p><p>Compared with \"secondary listing\", \"dual listing\" can be included in Hong Kong Stock Connect, thereby absorbing funds from the mainland; However, such listed companies cannot trade in the mainland through Hong Kong Stock Connect. Therefore, after the \"dual listing\" of XPeng Automobile in Hong Kong, it is expected to be bought by mainland funds, which in turn will obtain a higher liquidity premium. In other words, \"dual listing\" opens the door for mainland investors to buy XPeng vehicles.</p><p>This also explains why Hong Kong was chosen as<a href=\"https://laohu8.com/S/RF\">Regional Finance</a>Center, \"dual-listed\" XPeng can attract funds from both international and mainland China. You know, even Biden himself personally admitted that China has seized the opportunity in car manufacturing, and Chinese investors are bound to have stronger confidence in new energy vehicles.</p><p>But this only explains why Hong Kong was chosen. Then<b>Why is XPeng raising so much money now?</b></p><p>First of all, the listing threshold in Hong Kong is lower than that in the A-share market, and the listing and financing action can be completed faster.</p><p>Secondly, if there are too many uncontrollable factors in the short term when the Hong Kong stock market is listed now, then we might as well prolong the thinking time and see XPeng's strategy from a longer-term perspective.</p><p>First of all, we should return to the new energy vehicle track itself: building a car is really too expensive. Li Bin, CEO of Nio Motor, once said that don't build cars without 20 billion. A few years ago, Dyson, the \"tycoon\" of vacuum cleaners and household appliances, spent huge sums of money to launch a new energy vehicle manufacturing plan relying on his own reserves of many technologies such as engines and air conditioners. It's a pity that I lost all 21.8 billion, and I didn't make a waste, so I had to reluctantly cut my meat and leave the market from the money-burning war.</p><p>Look at Nio's own expenses,<b>It has already exceeded 20 billion yuan: as of 2021Q1, Nio's sales and management expenses have accumulated 18.093 billion yuan; R&D expenses totaled 15.67 billion yuan</b>, which does not include taxes, financial expenses, depreciation and amortization costs, etc.</p><p><img src=\"https://static.tigerbbs.com/205b1efe2ddcea746b3b54ac3abb57a1\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>On the one hand, new energy vehicles burn a lot of money, and on the other hand, the track is moving towards involution.</p><p>China has the world's largest pure electric passenger vehicle (EV) market, and China's EV sales are expected to increase from approximately 100 million units in 2020 to 4.2 million units in 2025, which will exceed the combined EV sales in the United States and Europe. It is expected that the penetration rate of electric vehicles in China's passenger car market will exceed 10% in 2022, which represents an inflection point for the electric vehicle industry.</p><p>Although the cake is still expanding, the competition among new energy vehicle brands has already been fierce.<b>Traditional car-making forces and technology giants are extending their tentacles to the new energy vehicle track, eroding the living space of new forces.</b></p><p>In Europe,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has fallen from the altar. From 2019 to 2020, its market share has dropped from 5% to 3.5%, losing to traditional big brands such as Volkswagen, PSA, and Daimler, ranking 11th among brands. The formulation of carbon emission targets and the pressure of huge fines have pushed traditional car companies to the new energy vehicle track, further intensifying conflicts with new forces. With the end of the \"carbon neutrality\" transition stage at the end of 2020, new car-making forces will face more intense competition in 2021.</p><p>This phenomenon is not only happening in Europe, but also in China and the United States. Moreover, there are many players whose sales volume, business scale, and net profit completely abuse Wei Xiaoli, such as<a href=\"https://laohu8.com/S/AAPL\">Apple</a>, Huawei, Xiaomi and other technology companies.</p><p>And these three companies are the winners of the last smartphone bubble...</p><p><b>3</b></p><p><b>Pile up bubbles and smash winners</b></p><p>Now we must make good use of our first-mover advantage,<b>New car-making forces must obtain funds and increase efforts to promote R&D and sales before entering the stage of stock competition.</b></p><p>Today's new energy vehicle capital boom is comparable to the previous smartphone bubble.</p><p>China's smartphone market developed rapidly from 2008 to 2015. Since 2008, the smartphone market has maintained a compound growth rate of about 27%, showing a rapid development trend. In 2008, the number of manufacturers participating in the competition was less than 30, but in 2013, it exceeded 100. Enterprises are competing to enter the mobile phone manufacturing industry, and there are countless brands, big and small, and the mobile phone industry has started the \"Hundred Regiments War\".</p><p><img src=\"https://static.tigerbbs.com/6ef7ec2a969c0a93d25a00b6d529d4b8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>At that time, the market was flooded with a large number of models, with different price ranges and features. Players are trying to build a unique moat and gain a firm foothold in the fierce competition, including some competitive brands.</p><p>There are many players' business models and core technologies that cannot beat their opponents, and they have to be marginalized in silence because they burn money without results.</p><p>The remaining brands such as Apple, Huawei, Xiaomi, and OV are the winners in that bubble-the accumulation of a large amount of capital has created a large number of companies in all links of the mobile phone industry chain.<b>Then, under the big waves, the industry leader who was born finally seized the funds and opportunities brought by the bubble and became the backbone of China's smartphone industry.</b></p><p>At present, just like the \"Hundred Regiments War\" of mobile phones back then, the current market consensus on the new energy vehicle track is that in this capital carnival bubble, only a few players can seize the opportunity and have the last laugh.</p><p>In this respect, XPeng has its unique advantages.</p><p>First of all, technically, He XPeng, who was born as a programmer, has put a lot of efforts into technology research and development.<b>XPeng has always placed great emphasis on \"intelligence\", that is, innovative technology, data, and in-depth internal software development and R&D.</b>He XPeng also said at the listing ceremony: \"As a leading Chinese smart car designer and manufacturer, a technology company with Internet and artificial intelligence innovation, XPeng is committed to\" being a future transportation explorer \".</p><p>In fact, intelligence is the next trend of the new energy vehicle industry. XPeng's step was very accurate.</p><p>Different from the traditional automobile manufacturing industry, the possibility of electrification and electronization of new energy vehicles makes it an excellent platform and user access point for building a \"smart city\". The story has been told for more than ten years. Driven by the IoT, smart driving, and 5G network boom, some investors don't seem to mind this story being told for another decade.</p><p>The XPeng Creation and Early Growth team has some proven technologies as well as young ones keen to try and make top-of-the-line products. At present, a large part of XPeng's existing employees are R&D personnel. As of the end of 2020H1, about 43% of XPeng's employees focused on research and development, of which 66%, 17% and 17% were dedicated to automotive design and engineering, autonomous driving, and intelligent operating systems respectively.</p><p>Furthermore, XPeng Motor's focus on \"subscriptions and value-added services\" is an important part of its self-identifying strength, which indicates a focus on the 21st century technological lifestyle that is app-based, smartphone-based, and leveraging future services and value streams.</p><p>In fact, leaving aside Tesla, which is deeply involved in turmoil, XPeng Motors is a player who has done a relatively good job in intelligence among the new Chinese local car-making force \"Wei Xiaoli\". Interested friends can go and have a look at the evaluation, which will not be expanded here.</p><p><b>4</b></p><p><b>Epilogue: Technology leads, timing is king</b></p><p>In high-tech industries, timing is everything.</p><p>Since the country began to implement the new energy vehicle subsidy policy in 2010, it has achieved a year-on-year increase of 2.9 times in new energy vehicle production and a year-on-year increase of 2.8 times in sales in 2015. Therefore, the country promotes the development of new energy vehicles, especially electric vehicles, which has allowed many people to see opportunities for the development of electric vehicles.</p><p><img src=\"https://static.tigerbbs.com/ccf54ebaf06dc6fcba9a02aff3f7a40f\" tg-width=\"1080\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>The development of intelligence and networking has enabled electric vehicles to find differentiated competitive advantages, and has also allowed many parts suppliers to see future development trends, thus promoting the advancement of electric vehicle OEMs.</p><p>Tesla's successful case also allows the market to see the possibility of success of new energy vehicles. But there are also cases of \"getting up early and catching up late\" like Faraday Future on the track.</p><p>Look back<b>The road to success of \"Wei Xiaoli\" has stepped on every opportunity conducive to the development of new energy vehicles.</b>In the next stage, the tasks of new forces will gradually transition from confrontation with fuel vehicles to competition with each other.<b>For such a rapidly iterative and technology-led track, the characteristics of some technology industries are particularly obvious.</b></p><p>Bill Gates has a famous saying: \"<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It's only 18 months before bankruptcy forever. \" The so-called 18 months is the period required to double the density of semiconductor transistors according to Moore's Law.</p><p>From \"slow is fast\" before XPeng went public in the United States, to now rushing to the Hong Kong Stock Exchange, XPeng has received another 15 billion Hong Kong dollars in financing on the basis of holding more than 30 billion yuan in cash in 2021Q1, taking advantage of the many uncertainties in the capital market in 2021H2. Before the landing, it was obvious that it gained the first-mover advantage in the second half.</p><p><img src=\"https://static.tigerbbs.com/a6b44b8b03579b4b3daefe0ab7f6ead8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>But then again, high-tech industries have very high requirements for efficiency. They must quickly respond to market needs, technological changes, and their own operational requirements. Problems in any link may be abandoned by the times.</p><p>The biggest problem for XPeng vehicles at present lies in its growth speed. Can we quickly build a solid moat through this financing, eat the fattest before the bubble bursts, and become the final winner? We might as well wait and see.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/474025\">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/7eac6cc41383115590c8d3c252edfb6d","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://www.gelonghui.com/p/474025","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2149397066","content_text":"7月7日，小鹏汽车正式在港挂牌上市，成为港股“智能电动车第一股”。\n此前公司公告称，此番上市共发行8500万股，定价165港元。以7月6日隔夜日美股小鹏汽车收盘价43.74美元计算，折合港股价格为169.9港元，港股165港元的定价较隔夜美股折价约2.88%，这已经是过去12个月所有中概股回归香港上市的最佳结果。\n今日开盘，小鹏汽车涨1.82%，报168港元，市值达到2841亿港元。截至当天收盘，小鹏汽车港股报165港元，与发行价持平。\n对于所得款项净额约137.81亿港元，小鹏对其用途规划非常明确：\n约45%预期将用于拓展公司的产品组合及开发更先进的技术；约35%预期将用于通过提升公司的品牌认知度，加速公司的业务扩张；约10%预期将用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；约10%预期将用于一般公司用途，包括用作运营资金。\n\n尽管股价没有在上市当天“起飞”，但从这个维度上看，如今加大融资力度，在“蔚小理”中率先实现回港上市，意味着下一阶段，小鹏将把技术研发、产品营销作为加大投入的方向。\n因此这次二次上市从时机上看，更加凸显小鹏汽车的战略意图。\n1\n资本市场，山雨欲来？\n现在的小鹏，业绩节节攀升，基本面不断向好。\n截至2021Q1，小鹏汽车全国销售门店达178家，服务中心达61家，覆盖70个城市，绝大多数门店均位于购物中心。\n充电设施网络布局方面，截至2021Q1，全国共有172座小鹏品牌超级充电站，覆盖60个城市。公司向符合条件的车主提供免费充电计划，截至3月底，该计划已覆盖超过140个城市。\n财务数据方面，于往绩记录期间，公司实现了显著的增长及强劲的经营业绩。2018~2020年，公司总收入由970.6万元增长至58.44亿元。随着收入的强劲增长，公司毛利率至2020年已经实现转正。\n目前盈利能力上，2021Q1公司录得总收入4.50亿元，虽然净亏损1.20亿元，但毛利率达到11.2%。相比之下，公司2020年全年毛利率仅为4.5%，可谓增长迅速。\n\n在资产负债表当中，2021Q1小鹏手握300多亿现金，流动资产合计400多亿元，资产负债率28%，当季蔚来汽车手中的现金为472亿元。小鹏汽车财务状况不仅非常健康，而且看起来并不缺钱。\n那么问题就来了——小鹏为什么此时选择赴港双重上市呢？\n单从资金面角度看这次上市，现在可能不是一个特别友好的时间节点。\n尽管几家美股造车新势力，在5月份都实现了反弹，小鹏汽车甚至反弹接近80%，但造成年初那波科技股大跌的利空因素仍然在。\n借着疫情期间美联储带着欧日等国央行大放水，2020H2全球科技股曾经走出了“六亲不认”的行情，爆炒之下，还处在成长期、拥有无限想象空间的一众科技公司估值高出天际的比比皆是。美股新能源汽车板块尤其收益。\n\n但在2021年初，通胀预期把股票市场吓得大幅回调。所以更别说当加息真正落地时，会是怎样光景。上个月，美联储已经释放信号，开始为讨论下一阶段政策背书，也就是说加息虽然还没来，但已经不远了。\n在港交所上市，估值溢价可能不及纳斯达克交易所来的高。截至目前，港股恒生科技指数PE估值为43倍；而美股纳斯达克指数近50倍，A股创业板指数近60倍。而目前公司港股上市定价，较公司美股仅折价2.88%。\n时不利兮，市场整体估值也不高，小鹏赴港上市究竟图啥？\n2\n筹集资金，现在就要！\n从新闻的字里行间，可以看出本次是采用“双重上市”形式。\n这种形式目前为止较为少见，是近3年内首个港美股双重上市的中概股。这无疑成为小鹏本次上市的最大亮点之一。\n与“二次上市”相比，“双重上市”能够被纳入港股通，进而吸纳来自内地的资金；而如此上市的公司无法通过港股通，在内地进行交易。因此，小鹏汽车在港“双重上市”之后有望获得内地资金买入，进而将获得更高的流动性溢价。换句话说，“双重上市”为内地投资者购买小鹏汽车敞开了大门。\n这也解释了为什么会选择香港——作为地区金融中心，“双重上市”的小鹏可以同时吸纳来自国际和中国内地的资金。要知道，就连拜登本人都亲口承认，中国在造车方面已经抢占了先机，中国投资者对新能源汽车信心势必更加坚定。\n但这仅仅解释了，为什么选择香港。那么小鹏为什么现在就要筹集这么多资金呢？\n首先，香港上市门槛低于A股市场，能够更快完成上市筹资的动作。\n其次，如果说现在港股上市，短期来看有太多不可控因素，那么我们不妨将思考的时间拉长，用更长远的眼光来看到小鹏的策略。\n首先应当回归到新能源汽车赛道本身：造车真的太花钱。蔚来汽车CEO李斌曾表示，没有200亿不要造车。前几年，吸尘器和家用电器“大亨”戴森曾经依仗自身对发动机和空气调节等多项技术的储备，斥巨资启动了新能源造车计划。只可惜，赔光了218亿，也没打出个水漂，只得忍痛从烧钱大战中割肉离场。\n再看看蔚来自己的花销，早就超过了200亿元：截至2021Q1，蔚来销售和管理费用累计180.93亿元；研发费用累计156.7亿元，这其中还不包括税收、财务费用、折旧及摊销等等方面的成本。\n\n一方面是新能源汽车大量烧钱，另一方面是赛道正在走向内卷。\n中国拥有全球最大的纯电动乘用车（电动汽车）市场，中国电动汽车销量预期将从2020年的约100百万辆增加至2025年的420万辆，这将超过美国及欧洲电动汽车销量的总和。预期2022年电动汽车在中国乘用车市场的渗透率将超过10%，这代表着电动汽车行业的一个拐点。\n尽管蛋糕仍在不断扩大，但新能源汽车品牌之间的竞争，早已打得火热。传统造车势力、科技巨头正在将触角伸向新能源车赛道，蚕食新势力的生存空间。\n在欧洲，特斯拉已经跌落神坛，2019~2020年市占率从5%下滑到3.5%，不敌大众、PSA、戴姆勒等等传统大品牌，在品牌中排名第十一。碳排放目标的制定和巨额罚款的压力，将传统车企推向新能源车赛道，进一步激化了与新势力之间的矛盾。随着2020年底“碳中和”过度阶段收尾，2021年，造车新势力将面临更激烈的竞争。\n这种现象不仅发生在欧洲，在中国和美国市场也是如此。而且，销量、业务规模、净利润完虐蔚小理的玩家，比比皆是，比如苹果、华为、小米等科技公司。\n而这三家公司，就是在上一场智能手机泡沫中，“卷”出来的赢家……\n3\n堆砌泡沫，砸出赢家\n如今要利用好先发优势，造车新势力就必须赶在进入存量竞争阶段之前，获得资金、加大力度推动研发和销售。\n今天的新能源汽车资本热潮，堪比之前那场智能手机泡沫。\n2008~2015年中国智能手机市场发展迅速，自2008年起，智能手机市场保持27%左右的复合增长率，呈现快速发展态势。2008年参与竞争的厂商数量不足30家，2013年则突破百家。企业争相入局手机制造行业，大小品牌不胜枚举，手机行业开启“百团大战”。\n\n在那个时候，市场上充斥着大量机型，价格区间、特色功能各有侧重。各玩家纷纷试图建立独特护城河，在激烈竞争中站稳脚跟，其中不乏一些有竞争力的品牌。\n有许多玩家商业模式、核心技术无法战胜对手，烧钱无果只好在沉默中边缘化。\n而剩下的苹果、华为、小米、OV等品牌，则是那场泡沫中的赢家——大量资本的堆砌，在手机产业链各环节砸出了大量公司，然后在大浪淘沙之下，诞生出的行业龙头，最终抓住泡沫带来的资金和机遇，成为中国智能手机产业的中坚力量。\n眼下，正如当年手机“百团大战”，目前对于新能源汽车赛道，市场的共识是：这场资本狂欢的泡沫中，只有少数玩家能抓住机遇，笑到最后。\n在这方面，小鹏有其独特优势。\n首先技术上，程序猿出身的何小鹏将很多力气放在了技术研发上。小鹏汽车一直非常强调“智能”，即创新技术，数据，深入的内部软件开发和研发。何小鹏也在上市仪式上表示：“作为中国领先的智能汽车设计和制造商、互联网及人工智能创新的科技公司，小鹏致力于“做未来交通探索者”。\n事实上，智能化就是新能源汽车行业下一个风口所在。小鹏的这一步，踏得非常准。\n区别于传统汽车制造行业，新能源汽车实现电气化、电子化的可能性，使之成为打造“智慧城市”的绝佳平台和用户接入口，其中的故事已经讲了快十多年。在IoT、智能驾驶、5G网络热潮的推动下，一些投资者似乎并不介意这个故事再讲十年。\n小鹏创建和早期成长团队拥有一些成熟的技术以及热衷于尝试制造顶级产品的年轻技术。目前小鹏汽车现有的员工中很大一部分是研发人员。截至2020H1末，小鹏汽车约有43%的员工专注于研发，其中分别有66%，17%和17%致力于汽车设计和工程、自动驾驶、智能操作系统。\n此外，小鹏汽车对“订阅和增值服务”的关注是其自我识别优势的重要组成部分，这表明对21世纪技术生活方式的关注，即基于应用程序、智能手机，并利用未来的服务和价值流。\n事实上，撇开深陷风波的特斯拉不谈，小鹏汽车是中国本土造车新势力“蔚小理”当中，智能化做得比较不错的玩家。感兴趣的朋友可以去看看测评，在此不展开。\n4\n尾声：技术先导，时机为王\n高技术行业，时机就是一切。\n自2010年国家开始实施新能源汽车补贴政策以来，在2015年实现了新能源汽车生产同比增长2.9倍和销售同比增长2.8倍的效果。所以国家推动新能源汽车发展，尤其是电动汽车，让很多人看到了电动汽车发展的机会。\n\n智能化和网联化的发展，让电动汽车找到了差异化竞争优势，也让很多零部件供应商看到了未来发展趋势，从而促进了电动汽车OEM的前进。\n特斯拉成功的案例，也让市场看到了新能源汽车成功的可能性。但赛道上也不乏法拉第未来这类“起早赶晚集”的案例。\n回看“蔚小理”的成功之路，踏准了每一个有利于新能源汽车发展的时机。在下一阶段，新势力的任务逐渐从与燃油车实现对抗，过渡到相互之间的竞争。而对于这样一个迭代迅速、技术主导的赛道，一些技术行业的特征也尤为明显。\n比尔盖茨有这样一句名言：“微软离破产永远只有18个月。”所谓18个月，是摩尔定律中，半导体晶体管密度翻倍所需要的周期。\n从小鹏赴美上市前的“慢就是快”，到如今抢滩港交所，小鹏在2021Q1手握300多亿元现金的基础上，再次获得150亿港元融资，趁着2021H2资本市场诸多不确定性落地之前，显然是获得了下半场的先手优势。\n\n但话又说回来，高技术行业对效率的要求非常高，对市场需要要做出快速反映，对技术变革要做出快速反映，对自身运营要求也要做出快速反映，哪个环节出现问题，都有可能被时代抛弃。\n小鹏汽车目前最大的难题，在于其成长速度。究竟能否通过这次融资，快速建立坚固的护城河，在泡沫破灭之前吃的最胖，成为最后的赢家？不妨拭目以待。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151378279,"gmtCreate":1625065701591,"gmtModify":1703735366010,"author":{"id":"3581488621348304","authorId":"3581488621348304","name":"boostpan","avatar":"https://static.tigerbbs.com/007cf1b8304a8dbbf5f10eac0272cc9f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581488621348304","authorIdStr":"3581488621348304"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151378279","repostId":"1100844519","repostType":4,"repost":{"id":"1100844519","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624850864,"share":"https://ttm.financial/m/news/1100844519?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:27","market":"sh","language":"zh","title":"Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1","url":"https://stock-news.laohu8.com/highlight/detail?id=1100844519","media":"老虎资讯综合","summary":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通","content":"<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: Due to the anniversary of Hong Kong's return, Hong Kong stocks will be closed on July 1\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that due to the anniversary of the establishment of the Hong Kong Special Administrative Region on July 1 (Thursday), the Hong Kong stock market will be closed for one day. The specific arrangement is as follows:<img src=\"https://static.tigerbbs.com/eaa05e0ac274f01336380bf4d575542d\" tg-width=\"787\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>Hong Kong Stocks</b></p><p>The market will be closed for one day on July 1 (Thursday). The market will open as usual on July 2nd (Friday).</p><p><b>U.S. stocks, A-shares, British stocks, Australian stocks, Singapore markets, etc. are trading as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>The service will not be available from June 30th (Wednesday) to July 1st (Thursday), and will be open as usual from July 2nd (Friday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will not be available on July 1st (Thursday), but will be open as usual from July 2nd (Friday).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6adcf1f575211fc4f9ca7f666658417","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100844519","content_text":"据悉，因7月1日（周四）香港特别行政区成立纪念日，港股休市一日。具体安排如下：港股\n7月1日（周四）休市一日。7月2日（周五）照常开市。\n美股、A股、英股、澳股、新加坡市场等照常交易。\n沪股通、深股通：\n6月30日（周三）至7月1日（周四）不提供服务，7月2日（周五）起照常开通。\n港股通：\n7月1日（周四）不提供服务，7月2日（周五）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129808640,"gmtCreate":1624368029080,"gmtModify":1703834533637,"author":{"id":"3581488621348304","authorId":"3581488621348304","name":"boostpan","avatar":"https://static.tigerbbs.com/007cf1b8304a8dbbf5f10eac0272cc9f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581488621348304","authorIdStr":"3581488621348304"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129808640","repostId":"1158994165","repostType":4,"repost":{"id":"1158994165","kind":"news","pubTimestamp":1624366338,"share":"https://ttm.financial/m/news/1158994165?lang=en_US&edition=fundamental","pubTime":"2021-06-22 20:52","market":"us","language":"zh","title":"Walmart VS Amazon: The War of American Retail Kings","url":"https://stock-news.laohu8.com/highlight/detail?id=1158994165","media":"霞光社 ","summary":"今年亚马逊再一次面临了来自沃尔玛的挑战。","content":"<p>When summer comes, what better way to generate interest than a shopping spree?</p><p>Similar to the 618 Shopping Carnival that is in full swing in China,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(Amazon) is also holding its annual promotional binge (known as Amazon Prime Day) on Monday, June 21 and Tuesday, June 22. Last year, although most merchants such as Amazon had to postpone the promotion festival until October due to the impact of the epidemic, small and medium-sized enterprises on Amazon still achieved revenue of US $3.5 billion on Prime Day, a month-on-month increase of 60%.</p><p><b>However, this year Amazon once again faced a problem from<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The challenge of.</b>After Amazon announced its promotion, Walmart also launched its \"2021 Deals for Days\" super promotion on the same day, which lasted from June 20th to 23rd, two days more than Amazon. A Wal-Mart spokesman said that during these four days, consumers can enjoy huge discounts on \"Black Friday\" on gardening, electronic products, household goods, toys, beauty cosmetics, fashion and other goods, whether in Wal-Mart official website or physical stores. It is reported that this year, Wal-Mart moved the \"Black Friday\" promotion, which will be held one day after Thanksgiving every year (that is, the fourth Friday in November every year), to June, and there will be no promotion activities in November.</p><p><img src=\"https://static.tigerbbs.com/1241bdcd5c343d678302482cd00eb2f4\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p>Amazon's competition with Walmart, the world's two largest retailers, is no stranger. In 2020, when Amazon's Prime Day event was held, Walmart launched a five-day \"Big Save\" promotion. In December 2020, Walmart also launched a membership service called \"Walmart +\", which is very similar to the service of Amazon Prime membership.</p><p>According to the US<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Research reports released by banks,<b>Amazon on track to overtake Walmart as the largest U.S. retailer in 2022</b>。 Analysts said that Amazon has \"the fastest growth in scale\" in the retail sector in the United States. Although neither company announces total merchandise transactions in quarterly results, it is estimated that Amazon's total merchandise transactions are growing faster than Walmart's.</p><p>Amazon's total merchandise transactions in 2020 increased 41% month-over-month to $316 billion, while Walmart's total merchandise transactions in 2020 increased 10% month-over-month to $439 billion, analysts said. Although Amazon's current total transaction volume is lower than Walmart's, according to the current growth rate, Amazon is expected to surpass Walmart in 2022.</p><p>Although Amazon is full of momentum, the future pattern of American retail industry needs to be analyzed from more specific aspects.</p><p><b>Amazon vs Walmart, comprehensive comparative analysis</b></p><p><b>Offline physical sales</b></p><p>As far as offline physical retail business is concerned, Wal-Mart has long had an advantage. With more than 4,700 stores in the United States, Wal-Mart has long become a habitual place for Americans to spend money. It is estimated that 90% of Americans live less than 10 miles from Wal-Mart stores.</p><p>At the same time, Amazon's physical retail business is making great strides. In 2020, Amazon expanded its offline business. In addition to opening more than 500 Whole Foods stores, Amazon also opened large-scale Amazon Fresh stores across the United States. At present, Amazon is operating 11 Wal-Mart stores, and 28 others are under construction, but Amazon has not made any further statements about the future planning.</p><p>Looking at the offline business, Walmart dominates the brick-and-mortar space with its ubiquitous stores, and despite Amazon's rapid growth, it still has a long way to go.</p><p><b>E-commerce Growth and Network Services</b></p><p>COVID-19 pandemic has put all stores on the fast track of digital growth, and Wal-Mart and Amazon are no exception. In fiscal year 2021 (i.e. February 1, 2020 to January 31, 2021), Walmart's e-commerce business grew by 79%. Amazon accounts for 40% of all e-commerce sales in the United States, and this number is still growing.</p><p>Wal-Mart's new app and new store design incorporate customers' mobile phones into shopping, blurring the boundary between offline shopping and online shopping. In 2020, Walmart launched a \"Walmart +\" membership equivalent to Amazon Prime membership, which includes various preferential services such as free shipping services, Scan and Go in-store shopping services, and gasoline discounts. In the five months of its launch, Walmart gained approximately 8 million users.</p><p>From Amazon's perspective, in addition to online shopping, Amazon has also achieved great success in the Prime streaming video business. In 2020, the number of users of this business has exceeded 175 million, and the streaming time has increased by more than 70% year-on-year. Separately, Amazon Web Services is now the company's darling, bringing Amazon $13.5 billion in profits in 2020.</p><p><img src=\"https://static.tigerbbs.com/13e3302325a7ad4e8318dd70c151fe43\" tg-width=\"554\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>In terms of online business, the winner is undoubtedly Amazon, whose B2B and B2C businesses, as well as streaming media, have grown to become the industry leader.</p><p><b>Innovation and development</b></p><p>Both Amazon and Walmart are at the forefront of innovation.</p><p>On the Amazon side, in the last year alone, Amazon announced innovative services such as face payments, FAA-approved drone deliveries, and even created hair salons-all during the COVID-19 pandemic epidemic.</p><p>Amazon has also continued to expand into new areas, such as increasing drug supply and strengthening its smart home devices. In May of this year, Amazon announced the acquisition of MGM Studios for $8.45 billion to expand its commercial territory.</p><p>In addition, Amazon has always been a leader in innovative technology and automation in the industry. In 2021, Amazon will invest US $40 million to build a new storage site and will first open a 350,000-square-foot (approximately 32,516.064 square meters) storage site in Massachusetts<a href=\"https://laohu8.com/S/300024\">Robot</a>Autonomous transportation center, which aims to expand the use of robots in the supply chain.</p><p>Walmart is also constantly innovating in areas such as order fulfillment and customer experience. In 2020, Walmart launched Alphabot, a platform that can pick up, pack, and send online orders faster and more accurately than humans.</p><p>In addition, Wal-Mart is also redesigning 1,000 stores, which is expected to create a leaner and faster shopping experience for customers by the end of 2021. It is reported that the new design adds a more recognizable logo for customers, while the upgraded App function can point out the exact location of each item for customers.</p><p>In terms of innovation, Amazon is clearly superior. Amazon has revolutionized the retail field with its innovative products and services, as well as leading robotics and artificial intelligence technologies, and has thus become a leading enterprise in the industry.</p><p><b>Wal-Mart \"Copy Homework\": Last Mile Chase Battle</b></p><p>As mentioned above, Wal-Mart's general advantage lies in offline services, while Amazon's advantage lies online. In order to compete with Amazon, Walmart is trying to learn from Amazon's practice and build its own \"last mile\" independent delivery service.</p><p>Reuters said that establishing an independent distribution business is one of Wal-Mart's measures to narrow the sales gap with Amazon's e-commerce. Previously, Amazon had recruited a large number of small businesses to provide delivery services in vans printed with the company's logo, in order to control customer waiting times and costs.</p><p>Since the pandemic hit the U.S. market last year, the U.S<a href=\"https://laohu8.com/S/UPS\">United Parcel</a>Shipping service company UPS,<a href=\"https://laohu8.com/S/FDX\">FedEx</a>Companies FedEx and the U.S. Postal Service USPS have been saturated with shipping packages, and shipping costs have soared, forcing major companies to seek new ways to deliver express delivery while controlling soaring express delivery costs.</p><p>John, CEO of Walmart USA<a href=\"https://laohu8.com/S/FONR\">Forner</a>(John Furner) said on the company's earnings call that Walmart is already piloting its first \"last mile\" delivery van to deliver packages from Walmart stores or distribution centers to customers' homes.</p><p>Wal-Mart spokeswoman Camille Dunn said that since January, fleets of minivans have been deployed in Bentonville, Arkansas, near Wal-Mart headquarters and<a href=\"https://laohu8.com/S/ROG\">Rogers</a>(Rogers) area to deliver packages.</p><p>Cathy Morrow Roberson, founder of Logistics Trends & Insights, a global logistics market research firm, said: \"They [referring to Walmart] built a freight network, and I can't say they took customers away from Amazon, but keeping the parcel delivery business in-house can really give an advantage.\"</p><p>According to the analysis of Motley Fool, a well-known American investment media, Wal-Mart has certain advantages in distribution: Wal-Mart has its own independent stores and distribution centers, which means that it has a store network to complete online orders and a logistics network to supply these stores, so Wal-Mart doesn't need to spend time on goods and storage space.</p><p>In addition, a large part of Wal-Mart's sales still come from in-store customers, who have developed shopping habits over the years. Therefore, Wal-Mart's strong comprehensive sales service can retain \"repeat customers\" and ensure sufficient passenger flow.</p><p><b>Amazon's \"ambition\": the establishment of a global market</b></p><p>Although Wal-Mart is trying to secure its advantage in the retail market by establishing the \"last mile\", Amazon seems to have set its sights on the broader global market.</p><p><img src=\"https://static.tigerbbs.com/085032a356457297052d97fce19a954b\" tg-width=\"554\" tg-height=\"279\" referrerpolicy=\"no-referrer\"></p><p>Taking Amazon Prime membership as an example, eMarketer, a subsidiary of digital research firm Insider Intelligence, estimates that its users are growing faster outside the United States than in the United States. This could be because Prime membership is nearing saturation in the U.S. market (about 65% of U.S. households already became Prime members in 2021, according to eMarketer), while in other countries, Amazon may be just getting started with plenty of room to grow.</p><p>According to official data, in 2019, the number of new registrations for Amazon Prime Day reached an all-time high, and the registration rate outside the United States is getting higher and higher, which has boosted Amazon's international sales. On Prime Day 2021, 20 countries will participate, including China, Mexico, Japan, Italy, Turkey, Saudi Arabia and many others.</p><p>The benefits Amazon offers through Prime vary by country. Food is the main attraction in the UK and parts of Europe, while in emerging markets Prim has video streaming as its main attraction. Dave Fildes, head of investor relations at Amazon, said on the earnings conference call in April: \"In Brazil, for example, users first accept video subscription services, and then focus on other aspects such as shopping to become broader Prime members. This is a way to get new customers in touch with Amazon.\"</p><p>Fields also noted that users are more likely to sign up for a Prime membership after a 30-day free trial if they use streaming to watch videos. Once registered, it is likely that you will spend money on Amazon within the membership time, thus realizing the expansion of Amazon's global market.</p><p>In contrast, the prospect of Wal-Mart's global market is uncertain-in early 2018, Wal-Mart temporarily abandoned its slow-growing and struggling international business in favor of faster-growing e-commerce business. However, since then, Walmart has gradually reshaped its international business, acquiring Indian e-commerce start-up Flipkart for $16 billion, and investing in e-commerce businesses in Canada and Mexico.</p><p>From January to March 2021, Walmart International announced that its revenue fell by 8.3% to $27.3 billion due to \"negative impacts from government-imposed restrictions in certain markets (under the COVID-19 pandemic)\". However, due to the strong support of international e-commerce business, its market still maintained a growth rate of 5.1%.</p><p>In this chase, the \"king of American retail\"<a href=\"https://laohu8.com/S/5HT.SI\">Crown</a>Whose house will it fall into? Let's wait and see.</p><p><b><i>Article translated from:</i></b></p><p><i>By Cortney Moore, Walmart's' Deals for Days' event starts<a href=\"https://laohu8.com/S/AONE\">one</a>day ahead of Prime Day, FOX Business, https://www.foxbusiness.com/lifestyle/walmart-deals-days-amazon-prime</i></p><p><i>Blake Morgan, Who Wins The Battle Of Walmart Vs. Amazon?, Forbes,</i></p><p><i>https://www.forbes.com/sites/blakemorgan/2021/06/14/who-wins-the-battle-of-walmart-vs-amazon/? sh = 2537584a5ba7</i></p><p><i>Lisa Baertlein, Echoing Amazon: Walmart, Target try local package delivery, Reuters,</i></p><p><i>https://www.reuters.com/business/retail-consumer/echoing-amazon-walmart-target-try-local-package-delivery-2021-05-19/</i></p><p><i>Marc Bain, Amazon Prime has signed up most of America-now it wants the rest of the world, Quartz, https://qz.com/2018881/amazon-prime-day-prime-is-how-amazon-expands-around-the-world/</i></p>","source":"lsy1601451636609","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>Walmart VS Amazon: The War of American Retail Kings</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\">\nWalmart VS Amazon: The War of American Retail Kings\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">霞光社 </strong><span class=\"h-time small\">2021-06-22 20:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When summer comes, what better way to generate interest than a shopping spree?</p><p>Similar to the 618 Shopping Carnival that is in full swing in China,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(Amazon) is also holding its annual promotional binge (known as Amazon Prime Day) on Monday, June 21 and Tuesday, June 22. Last year, although most merchants such as Amazon had to postpone the promotion festival until October due to the impact of the epidemic, small and medium-sized enterprises on Amazon still achieved revenue of US $3.5 billion on Prime Day, a month-on-month increase of 60%.</p><p><b>However, this year Amazon once again faced a problem from<a href=\"https://laohu8.com/S/WMT\">Walmart</a>The challenge of.</b>After Amazon announced its promotion, Walmart also launched its \"2021 Deals for Days\" super promotion on the same day, which lasted from June 20th to 23rd, two days more than Amazon. A Wal-Mart spokesman said that during these four days, consumers can enjoy huge discounts on \"Black Friday\" on gardening, electronic products, household goods, toys, beauty cosmetics, fashion and other goods, whether in Wal-Mart official website or physical stores. It is reported that this year, Wal-Mart moved the \"Black Friday\" promotion, which will be held one day after Thanksgiving every year (that is, the fourth Friday in November every year), to June, and there will be no promotion activities in November.</p><p><img src=\"https://static.tigerbbs.com/1241bdcd5c343d678302482cd00eb2f4\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p>Amazon's competition with Walmart, the world's two largest retailers, is no stranger. In 2020, when Amazon's Prime Day event was held, Walmart launched a five-day \"Big Save\" promotion. In December 2020, Walmart also launched a membership service called \"Walmart +\", which is very similar to the service of Amazon Prime membership.</p><p>According to the US<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Research reports released by banks,<b>Amazon on track to overtake Walmart as the largest U.S. retailer in 2022</b>。 Analysts said that Amazon has \"the fastest growth in scale\" in the retail sector in the United States. Although neither company announces total merchandise transactions in quarterly results, it is estimated that Amazon's total merchandise transactions are growing faster than Walmart's.</p><p>Amazon's total merchandise transactions in 2020 increased 41% month-over-month to $316 billion, while Walmart's total merchandise transactions in 2020 increased 10% month-over-month to $439 billion, analysts said. Although Amazon's current total transaction volume is lower than Walmart's, according to the current growth rate, Amazon is expected to surpass Walmart in 2022.</p><p>Although Amazon is full of momentum, the future pattern of American retail industry needs to be analyzed from more specific aspects.</p><p><b>Amazon vs Walmart, comprehensive comparative analysis</b></p><p><b>Offline physical sales</b></p><p>As far as offline physical retail business is concerned, Wal-Mart has long had an advantage. With more than 4,700 stores in the United States, Wal-Mart has long become a habitual place for Americans to spend money. It is estimated that 90% of Americans live less than 10 miles from Wal-Mart stores.</p><p>At the same time, Amazon's physical retail business is making great strides. In 2020, Amazon expanded its offline business. In addition to opening more than 500 Whole Foods stores, Amazon also opened large-scale Amazon Fresh stores across the United States. At present, Amazon is operating 11 Wal-Mart stores, and 28 others are under construction, but Amazon has not made any further statements about the future planning.</p><p>Looking at the offline business, Walmart dominates the brick-and-mortar space with its ubiquitous stores, and despite Amazon's rapid growth, it still has a long way to go.</p><p><b>E-commerce Growth and Network Services</b></p><p>COVID-19 pandemic has put all stores on the fast track of digital growth, and Wal-Mart and Amazon are no exception. In fiscal year 2021 (i.e. February 1, 2020 to January 31, 2021), Walmart's e-commerce business grew by 79%. Amazon accounts for 40% of all e-commerce sales in the United States, and this number is still growing.</p><p>Wal-Mart's new app and new store design incorporate customers' mobile phones into shopping, blurring the boundary between offline shopping and online shopping. In 2020, Walmart launched a \"Walmart +\" membership equivalent to Amazon Prime membership, which includes various preferential services such as free shipping services, Scan and Go in-store shopping services, and gasoline discounts. In the five months of its launch, Walmart gained approximately 8 million users.</p><p>From Amazon's perspective, in addition to online shopping, Amazon has also achieved great success in the Prime streaming video business. In 2020, the number of users of this business has exceeded 175 million, and the streaming time has increased by more than 70% year-on-year. Separately, Amazon Web Services is now the company's darling, bringing Amazon $13.5 billion in profits in 2020.</p><p><img src=\"https://static.tigerbbs.com/13e3302325a7ad4e8318dd70c151fe43\" tg-width=\"554\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>In terms of online business, the winner is undoubtedly Amazon, whose B2B and B2C businesses, as well as streaming media, have grown to become the industry leader.</p><p><b>Innovation and development</b></p><p>Both Amazon and Walmart are at the forefront of innovation.</p><p>On the Amazon side, in the last year alone, Amazon announced innovative services such as face payments, FAA-approved drone deliveries, and even created hair salons-all during the COVID-19 pandemic epidemic.</p><p>Amazon has also continued to expand into new areas, such as increasing drug supply and strengthening its smart home devices. In May of this year, Amazon announced the acquisition of MGM Studios for $8.45 billion to expand its commercial territory.</p><p>In addition, Amazon has always been a leader in innovative technology and automation in the industry. In 2021, Amazon will invest US $40 million to build a new storage site and will first open a 350,000-square-foot (approximately 32,516.064 square meters) storage site in Massachusetts<a href=\"https://laohu8.com/S/300024\">Robot</a>Autonomous transportation center, which aims to expand the use of robots in the supply chain.</p><p>Walmart is also constantly innovating in areas such as order fulfillment and customer experience. In 2020, Walmart launched Alphabot, a platform that can pick up, pack, and send online orders faster and more accurately than humans.</p><p>In addition, Wal-Mart is also redesigning 1,000 stores, which is expected to create a leaner and faster shopping experience for customers by the end of 2021. It is reported that the new design adds a more recognizable logo for customers, while the upgraded App function can point out the exact location of each item for customers.</p><p>In terms of innovation, Amazon is clearly superior. Amazon has revolutionized the retail field with its innovative products and services, as well as leading robotics and artificial intelligence technologies, and has thus become a leading enterprise in the industry.</p><p><b>Wal-Mart \"Copy Homework\": Last Mile Chase Battle</b></p><p>As mentioned above, Wal-Mart's general advantage lies in offline services, while Amazon's advantage lies online. In order to compete with Amazon, Walmart is trying to learn from Amazon's practice and build its own \"last mile\" independent delivery service.</p><p>Reuters said that establishing an independent distribution business is one of Wal-Mart's measures to narrow the sales gap with Amazon's e-commerce. Previously, Amazon had recruited a large number of small businesses to provide delivery services in vans printed with the company's logo, in order to control customer waiting times and costs.</p><p>Since the pandemic hit the U.S. market last year, the U.S<a href=\"https://laohu8.com/S/UPS\">United Parcel</a>Shipping service company UPS,<a href=\"https://laohu8.com/S/FDX\">FedEx</a>Companies FedEx and the U.S. Postal Service USPS have been saturated with shipping packages, and shipping costs have soared, forcing major companies to seek new ways to deliver express delivery while controlling soaring express delivery costs.</p><p>John, CEO of Walmart USA<a href=\"https://laohu8.com/S/FONR\">Forner</a>(John Furner) said on the company's earnings call that Walmart is already piloting its first \"last mile\" delivery van to deliver packages from Walmart stores or distribution centers to customers' homes.</p><p>Wal-Mart spokeswoman Camille Dunn said that since January, fleets of minivans have been deployed in Bentonville, Arkansas, near Wal-Mart headquarters and<a href=\"https://laohu8.com/S/ROG\">Rogers</a>(Rogers) area to deliver packages.</p><p>Cathy Morrow Roberson, founder of Logistics Trends & Insights, a global logistics market research firm, said: \"They [referring to Walmart] built a freight network, and I can't say they took customers away from Amazon, but keeping the parcel delivery business in-house can really give an advantage.\"</p><p>According to the analysis of Motley Fool, a well-known American investment media, Wal-Mart has certain advantages in distribution: Wal-Mart has its own independent stores and distribution centers, which means that it has a store network to complete online orders and a logistics network to supply these stores, so Wal-Mart doesn't need to spend time on goods and storage space.</p><p>In addition, a large part of Wal-Mart's sales still come from in-store customers, who have developed shopping habits over the years. Therefore, Wal-Mart's strong comprehensive sales service can retain \"repeat customers\" and ensure sufficient passenger flow.</p><p><b>Amazon's \"ambition\": the establishment of a global market</b></p><p>Although Wal-Mart is trying to secure its advantage in the retail market by establishing the \"last mile\", Amazon seems to have set its sights on the broader global market.</p><p><img src=\"https://static.tigerbbs.com/085032a356457297052d97fce19a954b\" tg-width=\"554\" tg-height=\"279\" referrerpolicy=\"no-referrer\"></p><p>Taking Amazon Prime membership as an example, eMarketer, a subsidiary of digital research firm Insider Intelligence, estimates that its users are growing faster outside the United States than in the United States. This could be because Prime membership is nearing saturation in the U.S. market (about 65% of U.S. households already became Prime members in 2021, according to eMarketer), while in other countries, Amazon may be just getting started with plenty of room to grow.</p><p>According to official data, in 2019, the number of new registrations for Amazon Prime Day reached an all-time high, and the registration rate outside the United States is getting higher and higher, which has boosted Amazon's international sales. On Prime Day 2021, 20 countries will participate, including China, Mexico, Japan, Italy, Turkey, Saudi Arabia and many others.</p><p>The benefits Amazon offers through Prime vary by country. Food is the main attraction in the UK and parts of Europe, while in emerging markets Prim has video streaming as its main attraction. Dave Fildes, head of investor relations at Amazon, said on the earnings conference call in April: \"In Brazil, for example, users first accept video subscription services, and then focus on other aspects such as shopping to become broader Prime members. This is a way to get new customers in touch with Amazon.\"</p><p>Fields also noted that users are more likely to sign up for a Prime membership after a 30-day free trial if they use streaming to watch videos. Once registered, it is likely that you will spend money on Amazon within the membership time, thus realizing the expansion of Amazon's global market.</p><p>In contrast, the prospect of Wal-Mart's global market is uncertain-in early 2018, Wal-Mart temporarily abandoned its slow-growing and struggling international business in favor of faster-growing e-commerce business. However, since then, Walmart has gradually reshaped its international business, acquiring Indian e-commerce start-up Flipkart for $16 billion, and investing in e-commerce businesses in Canada and Mexico.</p><p>From January to March 2021, Walmart International announced that its revenue fell by 8.3% to $27.3 billion due to \"negative impacts from government-imposed restrictions in certain markets (under the COVID-19 pandemic)\". However, due to the strong support of international e-commerce business, its market still maintained a growth rate of 5.1%.</p><p>In this chase, the \"king of American retail\"<a href=\"https://laohu8.com/S/5HT.SI\">Crown</a>Whose house will it fall into? Let's wait and see.</p><p><b><i>Article translated from:</i></b></p><p><i>By Cortney Moore, Walmart's' Deals for Days' event starts<a href=\"https://laohu8.com/S/AONE\">one</a>day ahead of Prime Day, FOX Business, https://www.foxbusiness.com/lifestyle/walmart-deals-days-amazon-prime</i></p><p><i>Blake Morgan, Who Wins The Battle Of Walmart Vs. Amazon?, Forbes,</i></p><p><i>https://www.forbes.com/sites/blakemorgan/2021/06/14/who-wins-the-battle-of-walmart-vs-amazon/? sh = 2537584a5ba7</i></p><p><i>Lisa Baertlein, Echoing Amazon: Walmart, Target try local package delivery, Reuters,</i></p><p><i>https://www.reuters.com/business/retail-consumer/echoing-amazon-walmart-target-try-local-package-delivery-2021-05-19/</i></p><p><i>Marc Bain, Amazon Prime has signed up most of America-now it wants the rest of the world, Quartz, https://qz.com/2018881/amazon-prime-day-prime-is-how-amazon-expands-around-the-world/</i></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/mI3jXunxtG2NsNaraEXy1Q\">霞光社 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1277c588f730effea40429d55740af79","relate_stocks":{"WMT":"沃尔玛","AMZN":"亚马逊"},"source_url":"https://mp.weixin.qq.com/s/mI3jXunxtG2NsNaraEXy1Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158994165","content_text":"夏日到来，还有什么比疯狂购物更能引起人们的兴趣呢？\n与中国进行得如火如荼的618购物狂欢节类似，亚马逊（Amazon）也于6月21日（周一）和6月22日（周二）举行一年一度的促销狂欢活动（即Amazon Prime Day）。去年，虽然受到疫情影响，亚马逊等大多数商家不得不将促销节推迟到十月份，但亚马逊上的小中型企业依旧在Prime Day中创下了35亿美元的收入，环比增长60%。\n然而，今年亚马逊再一次面临了来自沃尔玛的挑战。在亚马逊宣布其促销活动后，沃尔玛也在同一天推出了“2021年特惠日”（2021 Deals for Days）的超级促销活动，活动从6月20日持续到23日，比亚马逊还更多两天。沃尔玛发言人称，在这四天时间内，无论是在沃尔玛官网还是在实体店，消费者都可以在园艺、电子产品、家居用品、玩具、美妆、时装等各类商品上享受“黑色星期五”时才能享受的巨大折扣。据悉，今年沃尔玛把每年感恩节后一天（即每年11月的第四个星期五）才会举行的“黑色星期五”大促销移动至6月，而11月将不再举行大促活动。\n\n亚马逊与沃尔玛这两家全球最大零售商的竞争并不让人陌生。2020年，亚马逊的Prime Day活动举办时，沃尔玛则推出了为期五天的“巨省钱”（Big Save）促销活动。2020年12月，沃尔玛还推出了一项名为“沃尔玛+”（Walmart +）的会员服务，与亚马逊Prime会员的服务十分类似。\n据美国摩根大通银行发布的研究报告，亚马逊有望在2022年取代沃尔玛成为美国最大的零售商。分析师表示，亚马逊在美国的零售业领域“规模增长最快”，虽然两家均未在季度业绩中公布商品交易总额，但据估计，亚马逊的商品交易总额增长速度快于沃尔玛。\n分析师称，亚马逊2020年的商品交易总额环比增长41%，达到3160亿美元，而沃尔玛2020年的商品交易总额环比增长10%，达到4390亿美元。虽然目前亚马逊的交易总额低于沃尔玛，但按照目前的增速预计，2022年，亚马逊有望超越沃尔玛。\n虽然亚马逊冲劲满满，但美国零售业未来格局如何，还需从更具体方面分析。\n亚马逊vs沃尔玛，全方位对比解析\n线下实体销售\n就线下的实体零售业务而言，沃尔玛长期占据优势。沃尔玛在美国拥有4700多家门店，长久以来已经成为了美国人习惯消费的场所，据估计90%的美国人都住在距离沃尔玛门店不到10英里的地方。\n而同时，亚马逊的实体零售业务正在大步前进。2020年，亚马逊扩大了自己的线下业务，除了开设Whole Foods的500多家门店外，亚马逊还在美国各地开设了大规模的亚马逊生鲜（Amazon Fresh）店。目前，亚马逊在运营11家沃尔玛门店，还有28家正在筹建中，但对于未来的规划，亚马逊没有更进一步的表示。\n从线下业务来看，沃尔玛以其无处不在的门店在实体店领域占据主导地位，尽管亚马逊发展迅速，但仍有很长的路要走。\n电商增长与网络服务\n新冠疫情使得所有商店都进入了数字化增长的快速轨道，沃尔玛和亚马逊均不例外。在2021财年（即2020年2月1日到2021年1月31日），沃尔玛的电商业务增长了79%。而亚马逊则占据了美国所有电商销售额的40%，而且这一数字还在不断增长。\n沃尔玛的新版应用以及新的门店设计将顾客的手机纳入到购物中，模糊了线下购物和网上购物之间的界限。2020年，沃尔玛推出了相当于Amazon Prime会员的“沃尔玛+” （Walmart +）会员，囊括了免费的送货服务、Scan and Go店内购物服务和汽油折扣等各项优惠服务，在其推出的五个月里，沃尔玛收获了大约800万用户。\n而从亚马逊来看，除了线上购物外，亚马逊还在Prime流媒体视频业务上取得了巨大成功，2020年，该业务的用户已超过1.75亿，流媒体时长同比增长了70%以上。另外，网络服务（Amazon Web Services）如今已成为该公司的宠儿，在2020年为亚马逊带来了135亿美元的利润。\n\n在线上业务方面，赢家无疑是亚马逊，它的B2B和B2C业务，以及流媒体都增长成为了行业的领头羊。\n创新发展\n亚马逊和沃尔玛都走在创新的前沿。\n亚马逊方面，仅在去年，亚马逊就宣布了人脸支付、美国联邦航空局批准的无人机送货等创新服务，甚至还创建了美发沙龙——而所有这些都发生在新冠疫情流行期间。\n亚马逊还继续扩展到了新的领域，比如增加药品供应和加强其智能家居设备等。今年5月，亚马逊宣布以84.5亿美元收购米高梅电影公司，以扩展其商业版图。\n此外，亚马逊也一直是行业创新技术和自动化的领导者。2021年，亚马逊投资4000万美元建设新型仓储地，并将首先在马萨诸塞州开设一个35万平方英尺（约合32516.064平方米）的机器人自动运输中心，旨在扩大机器人在供应链中的使用。\n沃尔玛也在订单执行和客户体验等方面不断创新。2020年，沃尔玛推出了Alphabot，该平台可以比人类更快、更准确地提取、打包和发送在线订单。\n此外，沃尔玛还在重新设计1000家门店，预计到2021年底将为顾客创造更精简、更迅捷的购物体验。据悉，新设计为顾客增加了更容易识别的标识，而升级后的App功能则能为顾客指出每件商品的确切位置。\n在创新方面，亚马逊显然更胜一筹。亚马逊以其创新的产品和服务，以及领先的机器人和人工智能技术革新了零售领域，也因此成为了行业中的头部企业。\n沃尔玛“抄作业”：最后一英里追逐战\n正如上文所述，沃尔玛的普遍优势在于线下服务，而亚马逊的优势则在于线上。为了与亚马逊形成抗衡之势，沃尔玛正在尝试借鉴亚马逊的做法，自己建立“最后一英里”（last mile）的独立配送服务。\n路透社称，建立独立配送业务是沃尔玛缩小与亚马逊电商销售差距的举措之一。此前，亚马逊已经招募了大批小企业，用印有该公司标志的货车提供送货服务，以期控制客户的等待时间和成本。\n自去年疫情袭击美国市场以来，美国联合包裹运送服务公司UPS、联邦快递公司FedEx和美国邮政总局USPS一直处于运送包裹的饱和状态，运送费用飙升，迫使各大企业在控制不断飙升的快递成本的同时，寻求新的方式递送快递。\n沃尔玛美国首席执行官约翰•福纳（John Furner）在公司业绩电话会议上表示，沃尔玛已在试用其首款 “最后一英里”送货车，将包裹从沃尔玛门店或配送中心送至顾客家中。\n沃尔玛发言人卡米尔•邓恩（Camille Dunn）说，自今年1月份以来，已有小型货车车队在阿肯色州沃尔玛总部附近的本顿维尔（Bentonville）和罗杰斯（Rogers）地区运送包裹。\n全球物流市场研究公司Logistics Trends & Insights的创始人凯西•莫罗•罗伯森（Cathy Morrow Roberson）表示:“他们（指沃尔玛）建立了一个货运网络，我不能说他们把顾客从亚马逊那里抢走了，但将包裹递送业务保留在内部确实可以带来优势。”\n美国知名投资媒体Motley Fool分析，沃尔玛在配送上具有一定优势：沃尔玛拥有自己独立的门店和配送中心，这意味着它拥有完成在线订单的商店网络和为这些商店供货的物流网络，这样沃尔玛就无需再在商品与仓储空间上花费心思。\n此外，沃尔玛的很大部分销售额仍然来自店内顾客，多年来顾客已经养成了购物习惯，因此，沃尔玛强大的综合性售卖服务能够留住“回头客”，确保足够的客流。\n亚马逊的“野望”：全球市场的建立\n虽然沃尔玛试图通过建立“最后一英里”以确保自己在零售市场的优势，不过，亚马逊似乎将眼光放在了更加广阔的全球市场上。\n\n以亚马逊Prime会员为例，数字研究公司Insider Intelligence的子公司eMarketer估计，其用户在美国以外地区的增长速度要快于美国本土。这可能是因为Prime会员在美国市场已经接近饱和（根据eMarketer的数据，2021年已经约有65%的美国家庭成为Prime会员），而在其他国家，亚马逊可能只是刚刚起步，拥有足够的增长空间。\n据官方资料，2019年，亚马逊Prime Day的新注册用户达到历史最高，并且美国以外的地区注册率越来越高，这对于亚马逊国际销售产生了推动作用。而2021年的Prime Day，则将有20个国家参加，包括中国、墨西哥、日本、意大利、土耳其、沙特阿拉伯和许多其他国家。\n亚马逊通过Prime提供的福利因国家而异。在英国和欧洲部分地区，食品是主要的吸引力，而在新兴市场中， Prim则以视频流媒体作为主要吸引力。亚马逊的投资者关系主管戴夫•菲尔德斯（Dave Fildes）在4月份的业绩电话会议上说：“比如在巴西，用户首先接受视频订阅服务，然后关注到其他比如购物方面，成为更广泛的Prime会员。这是一种让新客户接触亚马逊的方式。”\n菲尔德斯还指出，如果用户使用流媒体观看视频，那么在30天免费试用后，用户就更有可能注册Prime会员。而一旦注册，则很可能会在会员时间内在亚马逊上消费，由此实现亚马逊的全球市场的扩张。\n而相比之下，沃尔玛的全球市场则前景不明——2018年初，沃尔玛暂时放弃了增长缓慢和举步维艰的国际业务，转而寻求增长更快的电商业务。不过，此后，沃尔玛逐渐重塑其国际业务，以160亿美元收购印度电子商务初创企业Flipkart，并投资了加拿大和墨西哥的电商业务。\n2021年1月到3月，沃尔玛国际（Walmart International）公布其收入因“受到了（新冠疫情下）某些市场政府强制限制的负面影响”下降了8.3%，下降至了273亿美元。不过，因为国际电商业务的强劲助力，其市场仍保持了5.1%的增长。\n在这场追逐战中，“美国零售之王”的皇冠会落入谁家？让我们拭目以待。\n文章翻译自：\nBy Cortney Moore, Walmart's 'Deals for Days' event starts one day ahead of Prime Day, FOX Business, https://www.foxbusiness.com/lifestyle/walmart-deals-days-amazon-prime\nBlake Morgan, Who Wins The Battle Of Walmart Vs. Amazon?, Forbes,\nhttps://www.forbes.com/sites/blakemorgan/2021/06/14/who-wins-the-battle-of-walmart-vs-amazon/?sh=2537584a5ba7\nLisa Baertlein, Echoing Amazon: Walmart, Target try local package delivery, Reuters,\nhttps://www.reuters.com/business/retail-consumer/echoing-amazon-walmart-target-try-local-package-delivery-2021-05-19/\nMarc Bain, Amazon Prime has signed up most of America—now it wants the rest of the world, Quartz, https://qz.com/2018881/amazon-prime-day-prime-is-how-amazon-expands-around-the-world/","news_type":1,"symbols_score_info":{"WMT":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}