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AHCHUNCHONG

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- AHCHUNCHONGAHCHUNCHONG
  ·2021-09-15
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  Sorry, this post has been deleted
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- AHCHUNCHONGAHCHUNCHONG
  ·2021-08-02
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  China Evergrande: Sell 11% equity of Hengteng Network for HK$3.25 billion
  8月1日，恒腾网络在港交所公告称，中国恒大出售恒腾网络合计11%股权，总代价为32.5亿港元，每股3.20港元。其中，买方一为腾讯控股全资持有的附属公司，其收购恒腾网络7%股份。截至公告日期，买方一持
  China Evergrande: Sell 11% equity of Hengteng Network for HK$3.25 billion
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- AHCHUNCHONGAHCHUNCHONG
  ·2021-07-28
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  Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%
  7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。
  Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%
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- AHCHUNCHONGAHCHUNCHONG
  ·2021-07-17
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  One of the best performing assets in 100 years! Who is driving the U.S. stock market to keep going bull
  美国三大股指再创新高的新闻再次刷屏。纵观历史，美国股市自2009年以来基本处于连续上涨的态势，纳斯达克指数累计涨幅超8倍，位列全球第一，三大股指领跑全球，是谁在推动股市上涨，美国股市持续走牛的内在
  One of the best performing assets in 100 years! Who is driving the U.S. stock market to keep going bull
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20:06","market":"other","language":"zh","title":"China Evergrande: Sell 11% equity of Hengteng Network for HK$3.25 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1170169817","media":"老虎资讯综合","summary":"8月1日，恒腾网络在港交所公告称，中国恒大出售恒腾网络合计11%股权，总代价为32.5亿港元，每股3.20港元。其中，买方一为腾讯控股全资持有的附属公司，其收购恒腾网络7%股份。截至公告日期，买方一持","content":"<p>On August 1st, Hengteng Network announced on the Hong Kong Stock Exchange that China Evergrande sold a total of 11% equity of Hengteng Network for a total consideration of HK$3.25 billion or HK$3.20 per share. Among them, Purchaser 1 is a wholly-owned subsidiary of Tencent Holdings, which acquired 7% shares of Hengteng Network. As of the date of announcement, Purchaser I held approximately 16.90% of the issued share capital of Hengteng Network; China Evergrande holds approximately 37.55% of the issued share capital of Hengteng Network.</p><p><img src=\"https://static.tigerbbs.com/4e91ded77d46b3fdfb7cd8634a833e8e\" tg-width=\"1135\" tg-height=\"768\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Evergrande: Sell 11% equity of Hengteng Network for HK$3.25 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Evergrande: Sell 11% equity of Hengteng Network for HK$3.25 billion\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-01 20:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 1st, Hengteng Network announced on the Hong Kong Stock Exchange that China Evergrande sold a total of 11% equity of Hengteng Network for a total consideration of HK$3.25 billion or HK$3.20 per share. Among them, Purchaser 1 is a wholly-owned subsidiary of Tencent Holdings, which acquired 7% shares of Hengteng Network. As of the date of announcement, Purchaser I held approximately 16.90% of the issued share capital of Hengteng Network; China Evergrande holds approximately 37.55% of the issued share capital of Hengteng Network.</p><p><img src=\"https://static.tigerbbs.com/4e91ded77d46b3fdfb7cd8634a833e8e\" tg-width=\"1135\" tg-height=\"768\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c6fcdaee085f89a043698b2126b966fe","relate_stocks":{"03333":"中国恒大","00136":"中国儒意"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170169817","content_text":"8月1日，恒腾网络在港交所公告称，中国恒大出售恒腾网络合计11%股权，总代价为32.5亿港元，每股3.20港元。其中，买方一为腾讯控股全资持有的附属公司，其收购恒腾网络7%股份。截至公告日期，买方一持有恒腾网络已发行股本之约16.90%；而中国恒大持有恒腾网络已发行股本之约37.55%。","news_type":1,"symbols_score_info":{"00136":0.9,"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":3062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803441767,"gmtCreate":1627460003859,"gmtModify":1703490377747,"author":{"id":"3582697676184409","authorId":"3582697676184409","name":"AHCHUNCHONG","avatar":"https://static.tigerbbs.com/fe1fc43258c648dc474572cf61c2ea5c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582697676184409","idStr":"3582697676184409"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803441767","repostId":"1195908684","repostType":4,"repost":{"id":"1195908684","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627459755,"share":"https://ttm.financial/m/news/1195908684?lang=en_US&edition=fundamental","pubTime":"2021-07-28 16:09","market":"other","language":"zh","title":"Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%","url":"https://stock-news.laohu8.com/highlight/detail?id=1195908684","media":"老虎资讯综合","summary":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","content":"<p>On July 28th, some popular Chinese stocks stopped falling and rebounded before the market.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 5%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 3%, and Nio, Didi and Shell rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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\">\nPopular Chinese concept stocks stopped falling and rebounded before the market, and Li Auto rose more than 5%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-28 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 28th, some popular Chinese stocks stopped falling and rebounded before the market.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 5%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>It rose more than 3%, and Nio, Didi and Shell rose more than 2%.</p><p><img src=\"https://static.tigerbbs.com/b68d05319fe98a92f0ec1894ecc37711\" tg-width=\"376\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"LI":"理想汽车","TTTN":"老虎中美互联网巨头ETF","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195908684","content_text":"7月28日，部分热门中概股盘前止跌回升，理想汽车涨超5%，拼多多、小鹏汽车涨超3%，蔚来、滴滴、贝壳涨超2%。","news_type":1,"symbols_score_info":{"TTTN":0.9,"QNETCN":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":2376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179660423,"gmtCreate":1626519242662,"gmtModify":1703761396271,"author":{"id":"3582697676184409","authorId":"3582697676184409","name":"AHCHUNCHONG","avatar":"https://static.tigerbbs.com/fe1fc43258c648dc474572cf61c2ea5c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582697676184409","idStr":"3582697676184409"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179660423","repostId":"1185087957","repostType":4,"repost":{"id":"1185087957","kind":"news","weMediaInfo":{"introduction":"数据宝——中国股市大数据新媒体领先品牌，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝，炒股不烦恼！","home_visible":1,"media_name":"数据宝","id":"41","head_image":"https://static.tigerbbs.com/462b2cc98f70412d82b85c0c4f356ccc"},"pubTimestamp":1626496845,"share":"https://ttm.financial/m/news/1185087957?lang=en_US&edition=fundamental","pubTime":"2021-07-17 12:40","market":"us","language":"zh","title":"One of the best performing assets in 100 years! Who is driving the U.S. stock market to keep going bull","url":"https://stock-news.laohu8.com/highlight/detail?id=1185087957","media":"数据宝","summary":"美国三大股指再创新高的新闻再次刷屏。\n\n纵观历史，美国股市自2009年以来基本处于连续上涨的态势，纳斯达克指数累计涨幅超8倍，位列全球第一，三大股指领跑全球，是谁在推动股市上涨，美国股市持续走牛的内在","content":"<p>The news that the three major U.S. stock indexes hit a new high brushed the screen again. Throughout history, the U.S. stock market has been in a continuous rising trend since 2009. The Nasdaq index has increased by more than 8 times, ranking first in the world, and the three major stock indexes lead the world. Who is driving the stock market to rise?<b>What are the inherent factors for the continuous bull of the U.S. stock market?</b></p><p><b>Three major U.S. stock indexes in the past 13 years</b></p><p><b>The cumulative increase ranks among the top three in the world</b></p><p>After the financial crisis in 2008, the global stock market started a 13-year volatile rise. From the beginning of 2009 to July 9, 2021, the cumulative increase of 17 major indices in the world has exceeded 60% (Note: due to the difference in inflation rates of various countries, the paper compares the stock indices of various countries after conversion in US dollars), among which<b>The three major stock indexes in the United States all rose by more than 2.9 times, ranking among the top three in the world, and the Nasdaq index dominated the world with an increase of 8.32 times.</b></p><p>China's CSI 300 Index has increased by nearly 1.8 times since 2009, and the CSI 300 Index has increased by more than 1.9 times in the same period after conversion according to the central parity rate of the US dollar against RMB. Sharp-eyed investors may have noticed that India's SENSEX30 index has risen by 443%, far exceeding the A-share index. However, India's inflation is extremely serious (the cumulative inflation rate has reached 60% since 2012). After conversion in US dollars, the cumulative increase and decrease of the range has dropped to 1.1 times, and the performance of A-share index is not inferior to that of India as the market says.</p><p>In terms of annualized rate of return,<b>The Nasdaq yields more than 20% annualized, and the Dow and S&P 500 yields more than 13% annualized</b>, the return on investment is quite high. A research report shows that stocks have been one of the best performing assets in the past 100 years, and another asset is real estate.</p><p><img src=\"https://static.tigerbbs.com/1d5ead3651dca9e64e6e49461789f700\" tg-width=\"1080\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p><b>18 stocks in the Dow for more than 13 years</b></p><p><b>The cumulative increase exceeds 550% on average</b></p><p>The performance of the US stock index is top-notch. As one of the market indices with a history of more than 120 years, the Dow Jones Industrial Index (Note: hereinafter referred to as \"Dow\", which is mainly analyzed in this paper due to the limitation of data extraction) is not only a barometer of the US economy, but also a weather vane of the world stock market. Its ups and downs and the changes of 30 constituent stocks affect the global capital market, which are basically the leaders of the US economy and industry.</p><p>Since 2009, the Dow has adjusted positions 8 times; After the outbreak of the COVID-19 pandemic, the new economy shone brightly, and the Dow adjusted three constituent stocks in both 2020 and 2021, with significant changes. From the latest list,<b>The total market value of 30 stocks is $10.9 trillion, accounting for nearly 17% of the total market value of U.S. stocks.</b>Among them, 18 shares have been in the Dow for more than 13 years, and 3 shares have been in the Dow for more than 30 years.<b><a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>、<a href=\"https://laohu8.com/S/DIS\">Disney</a></b>And<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a></b>。</p><p>The constituent stocks favored by the Dow Jones Industrial Average have performed better in the market. According to data statistics, among the latest constituent stocks, the above 18 constituent stocks have increased by 577.32% on average since 2009, and the average annualized rate of return exceeds 18%.<b><a href=\"https://laohu8.com/S/HD\">Home Depot</a>Microsoft Corporation</b>And<b><a href=\"https://laohu8.com/S/AXP\">American Express</a></b>The cumulative increase of the range is more than 10 times. Other U.S. stocks (listed before 2009) rose just 275% over the same period, less than half of the gains of the Dow components.</p><p>On 8 June 2009,<b><a href=\"https://laohu8.com/S/CSCO\">Cisco</a></b>And<b>Traveler</b>Newly included in the Dow Jones Industrial Average, it has increased by 3.2 times on average since its inclusion, with an average annualized rate of return close to 16%, and the rest of the U.S. stocks have only increased by 2.4 times in the same period; Newly Added on 26 June 2018<b><a href=\"https://laohu8.com/S/GE\">General Electric</a></b>, the company's share price fell after the inclusion, which is rare among the Dow component stocks.</p><p><img src=\"https://static.tigerbbs.com/0fb7afaaec3f68357c406050caee37f8\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p>The constituent stocks that were eliminated were forced out due to the changes of economic shape, and the market performance was unsatisfactory. Statistics show that before and after the exclusion, the ups and downs of this kind of stocks mostly underperformed the Dow Jones Industrial Average in the same period. In the first 10 days of the exclusion, the Dow Jones Industrial Average rose by 2.26%, and the exclusion stocks fell by 1.87% in the same period; In the 10 days after the exclude, the excluded stocks fell an average of 3%, and the Dow averaged 1.84% over the same period.</p><p><img src=\"https://static.tigerbbs.com/e2b4e261cab6b7365a550226d250d4fd\" tg-width=\"1080\" tg-height=\"654\" referrerpolicy=\"no-referrer\"></p><p><b>Dow Sharply Raises Weight of New Economy Enterprises</b></p><p>What is the Dow industry allocation? According to the compilation method of the Dow Jones Industrial Average, after calculating the weights of various industries according to the stock price weighting, it is found that,<b>The weight of new economy type enterprises has been increased, and the weight of traditional type enterprises has been greatly reduced</b>。 From the beginning of 2009 to the latest position adjustment in 2021, the weights were increased:<b>Healthcare, Information Technology, Finance, Optional Consumption</b>And<b>Materials</b>The latest weights of the five industries raised reached 73.16%, an increase of nearly 32 percentage points over the beginning of 2009.</p><p>among<b>Information Technology</b>The industry weight was raised from 14.07% at the beginning of 2009 to 21.86% at present,<b>Healthcare</b>The industry weight was raised from 9.82% at the beginning of 2009 to 17.09% at present;<b>Daily consumption</b>The industry weight was lowered from 17.29% at the beginning of 2009 to 7.16% at present.<b><a href=\"https://laohu8.com/S/CVX\">Chevron</a></b>And<b><a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a></b>The total weighting decreased from 14% at the beginning of 2009 to 1.96% today.</p><p><img src=\"https://static.tigerbbs.com/682ce19c2229475ddf03c493dd8befd3\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p><b>Four factors driving the rise of U.S. stock indexes revealed</b></p><p>There is not much mystery in the compilation of the Dow, just because its selection of constituent stocks is very strict, which makes the US stock index a \"reference\" for global stock markets. Looking around the world, the US stock index is one of the very few indexes that can maintain a continuous rise, and it still outperforms other indexes in the downward market. After the outbreak of the COVID-19 pandemic, the trend of the three major U.S. stock indexes remained strong, hitting record highs.<b>What exactly is driving the stock market up?</b></p><p><b>1. The change of the Dow divisor triggers the butterfly effect</b></p><p>From the perspective of the Dow compilation itself, the Dow point is equal to the sum of the prices of constituent stocks divided by the Dow divisor. The Dow divisor is used to determine the influence of any one of the 30 constituent stocks of the Dow. When the Dow adjusts its position or the constituent stocks are split or merged, the Dow divisor will change. From the calculation formula itself, the Dow divisor has a significant butterfly effect. The Dow divisor decreases, and the Dow point rises accordingly.</p><p>According to the data released by the Wall Street Journal, the Dow divisor has not dropped many times. On August 13th, 2012, the Dow divisor dropped to 0.129147, the lowest level since 2009; The Dow divisor was 0.147 in April 2019 and rose to 0.152 in August 2020. After the latest adjustment, the Dow divisor fell to 0.138197, which means that for every $1 increase in the price of constituent stocks, the index will increase by 7.24 points.</p><p><b>2. New economies such as financial technology boost the Dow Jones Industrial Average</b></p><p>In order to ensure the stability of the index, the Dow is very particular about the consideration of industry allocation. According to the compilation method of the Dow, the weights of each industry are calculated according to the stock price weighting;<b>The weights of new economy enterprises such as finance and technology with better market performance have been raised, while the weights of traditional enterprises have been significantly lowered.</b></p><p>In fact, the CSI 300 Index also raised the weight of technology and financial sectors in the same period, which was quite effective in promoting the index to rise. Comparing the trends of the Dow Jones Industrial Average and the CSI 300 Index, it is found that the gap between the two has opened since February 2016. According to the time point of the Dow Jones Industrial Average's position adjustment, it is divided into four intervals: February 1, 2016 to June 25, 2018 (interval 1), June 26, 2018 to April 1, 2019 (interval 2), April 2, 2019 to August 30, 2020 (interval 3), and August 31, 2020 to July 7, 2021 (interval 4).</p><p>The CSI 300 underperformed the Dow only in Range 1 and Range 4. In interval 1, the electricity of the Dow<b>Information services, industry, finance</b>And<b>Information Technology</b>Sharply outperformed the industry indexes of the CSI 300 Index, the CSI 300 Index's<b>Daily consumption</b>and medical<b>Healthcare</b>The industry outperformed by a large margin; Range 4, the CSI 300 Index<b>Telecommunications services, finance</b>And<b>Information Technology</b>Significantly underperformed the Dow industry.</p><p><img src=\"https://static.tigerbbs.com/37b546f254ce874032220177b12e1c09\" tg-width=\"1020\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p><b>3. Low valuation, low volatility and high return support the steady rise of the index</b></p><p>If the above two points are indirect factors affecting the rise and fall of the Dow,<b>The price movement of Dow component stocks can be considered as the direct cause of influencing the index</b>The 18 shares that have been in the Dow for more than 13 years have risen far more than the Dow, and the total weight exceeds 60%.</p><p>Among them, the latest weight of 7 shares increased from 20.5% to the current 32.32% as compared to the beginning of 2009. No. 1 share price gainer<b>Home Depot</b>The weighting increased to 6.7%, an increase of more than 4 percentage points from the beginning of 2009, the second largest<b>Microsoft Corporation</b>The latest weighting is close to 6%. The annualized yields of these seven companies from 2009 to now have exceeded 20%, which has become the core driving force of the Dow Jones Industrial Average.</p><p><img src=\"https://static.tigerbbs.com/5ef00051c7b8c3aa15696359e36cd800\" tg-width=\"1080\" tg-height=\"406\" referrerpolicy=\"no-referrer\"></p><p>CSI 300,<b>Telecommunications services</b>Constituent stocks have been weighing on the index. Judging from the performance of telecom service stocks in interval 4 and CSI 300,<b><a href=\"https://laohu8.com/S/600050\">China Unicom</a>、<a href=\"https://laohu8.com/S/601698\">China Satcom</a></b>From August 31, 2020 to July 7, 2021, the share price decreased by 18.44% and 34.43% respectively, which may be the main reason for the decline in the share price.</p><p>In contrast, the performance growth of Dow component stocks is relatively stable. Comparing the latest fundamentals of the constituent stocks of the two indices, the median valuation and median annualized volatility of the Dow Jones Industrial Average (since 2009) are lower than those of CSI 300 constituent stocks, and the return on investment (return on net assets) is twice that of CSI 300 constituent stocks. The constituent stocks with low valuation, low volatility and high return support the steady rise of the index, so the annualized rate of return of the Dow Jones Industrial Average far exceeds that of CSI 300.</p><p><img src=\"https://static.tigerbbs.com/e17f21acfd2c5a7514d4a4dc0eee8563\" tg-width=\"1080\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><b>4. Under the big release, huge amounts of money flow into the stock market</b></p><p>External macro factors cannot be ignored.<b>Relevant data shows that the Fed's previous big water releases have stimulated the stock market to rise</b>。 After the outbreak of COVID-19, big water releases in the United States became the norm. In June 2021, U.S. retail investors bought about $28 billion in net stocks and equity-like funds, setting a new monthly inflow high since 2014, according to independent Research firm Vanda Research. Has the currency released by the United States also flowed into the stock market?</p><p>Comparing the monthly data of the Dow Jones Industrial Average with the US broad money (M2), it is found that the correlation between the two is extremely high as 0.96. This suggests that the more M2 released, the higher the Dow point; Under the big release of water in the United States, a large amount of funds flowed into the stock market, and the big release of water became an important factor to promote the continuous rise of the American stock market.</p><p>Specifically, in 2020, the United States released US$212.17 trillion in currency (M2), a year-on-year increase of 19.14%, and the growth rate reached a record high. In the same year, US investors bought US stocks by US$368.312 billion, a year-on-year increase. At the end of 2020, the Dow closed at 30,606.48 points; In the first four months of 2021, the M2 released by the United States was $64 trillion, up 23.77% year-on-year. During the same period, U.S. investors bought net U.S. stocks of 44.792 billion yuan, and the Dow rose to 33,874.85 points at the end of April 2021.</p><p>Not only the United States, but also global assets are flowing into the securities market frantically, and A shares are no exception. It is reported that the amount of funds flowing into global equity funds in the first half of 2021 reached 580 billion US dollars, the highest level in history. After the COVID-19 pandemic, A shares became a safe haven for global assets; Up to now, the net purchase of A shares through northbound capital channels during the year reached RMB216.8 billion, exceeding the level of the whole year of 2020;<b>The market value of A shares held through QFII channels (at the end of 2020) exceeded RMB 270 billion, a record high.</b></p><p><img src=\"https://static.tigerbbs.com/1eb9fc8dc982890f305777c22a2bfc11\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One of the best performing assets in 100 years! Who is driving the U.S. stock market to keep going bull</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\">\nOne of the best performing assets in 100 years! Who is driving the U.S. stock market to keep going bull\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/41\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/462b2cc98f70412d82b85c0c4f356ccc);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">数据宝 </p>\n<p class=\"h-time smaller\">2021-07-17 12:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The news that the three major U.S. stock indexes hit a new high brushed the screen again. Throughout history, the U.S. stock market has been in a continuous rising trend since 2009. The Nasdaq index has increased by more than 8 times, ranking first in the world, and the three major stock indexes lead the world. Who is driving the stock market to rise?<b>What are the inherent factors for the continuous bull of the U.S. stock market?</b></p><p><b>Three major U.S. stock indexes in the past 13 years</b></p><p><b>The cumulative increase ranks among the top three in the world</b></p><p>After the financial crisis in 2008, the global stock market started a 13-year volatile rise. From the beginning of 2009 to July 9, 2021, the cumulative increase of 17 major indices in the world has exceeded 60% (Note: due to the difference in inflation rates of various countries, the paper compares the stock indices of various countries after conversion in US dollars), among which<b>The three major stock indexes in the United States all rose by more than 2.9 times, ranking among the top three in the world, and the Nasdaq index dominated the world with an increase of 8.32 times.</b></p><p>China's CSI 300 Index has increased by nearly 1.8 times since 2009, and the CSI 300 Index has increased by more than 1.9 times in the same period after conversion according to the central parity rate of the US dollar against RMB. Sharp-eyed investors may have noticed that India's SENSEX30 index has risen by 443%, far exceeding the A-share index. However, India's inflation is extremely serious (the cumulative inflation rate has reached 60% since 2012). After conversion in US dollars, the cumulative increase and decrease of the range has dropped to 1.1 times, and the performance of A-share index is not inferior to that of India as the market says.</p><p>In terms of annualized rate of return,<b>The Nasdaq yields more than 20% annualized, and the Dow and S&P 500 yields more than 13% annualized</b>, the return on investment is quite high. A research report shows that stocks have been one of the best performing assets in the past 100 years, and another asset is real estate.</p><p><img src=\"https://static.tigerbbs.com/1d5ead3651dca9e64e6e49461789f700\" tg-width=\"1080\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p><p><b>18 stocks in the Dow for more than 13 years</b></p><p><b>The cumulative increase exceeds 550% on average</b></p><p>The performance of the US stock index is top-notch. As one of the market indices with a history of more than 120 years, the Dow Jones Industrial Index (Note: hereinafter referred to as \"Dow\", which is mainly analyzed in this paper due to the limitation of data extraction) is not only a barometer of the US economy, but also a weather vane of the world stock market. Its ups and downs and the changes of 30 constituent stocks affect the global capital market, which are basically the leaders of the US economy and industry.</p><p>Since 2009, the Dow has adjusted positions 8 times; After the outbreak of the COVID-19 pandemic, the new economy shone brightly, and the Dow adjusted three constituent stocks in both 2020 and 2021, with significant changes. From the latest list,<b>The total market value of 30 stocks is $10.9 trillion, accounting for nearly 17% of the total market value of U.S. stocks.</b>Among them, 18 shares have been in the Dow for more than 13 years, and 3 shares have been in the Dow for more than 30 years.<b><a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>、<a href=\"https://laohu8.com/S/DIS\">Disney</a></b>And<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a></b>。</p><p>The constituent stocks favored by the Dow Jones Industrial Average have performed better in the market. According to data statistics, among the latest constituent stocks, the above 18 constituent stocks have increased by 577.32% on average since 2009, and the average annualized rate of return exceeds 18%.<b><a href=\"https://laohu8.com/S/HD\">Home Depot</a>Microsoft Corporation</b>And<b><a href=\"https://laohu8.com/S/AXP\">American Express</a></b>The cumulative increase of the range is more than 10 times. Other U.S. stocks (listed before 2009) rose just 275% over the same period, less than half of the gains of the Dow components.</p><p>On 8 June 2009,<b><a href=\"https://laohu8.com/S/CSCO\">Cisco</a></b>And<b>Traveler</b>Newly included in the Dow Jones Industrial Average, it has increased by 3.2 times on average since its inclusion, with an average annualized rate of return close to 16%, and the rest of the U.S. stocks have only increased by 2.4 times in the same period; Newly Added on 26 June 2018<b><a href=\"https://laohu8.com/S/GE\">General Electric</a></b>, the company's share price fell after the inclusion, which is rare among the Dow component stocks.</p><p><img src=\"https://static.tigerbbs.com/0fb7afaaec3f68357c406050caee37f8\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p>The constituent stocks that were eliminated were forced out due to the changes of economic shape, and the market performance was unsatisfactory. Statistics show that before and after the exclusion, the ups and downs of this kind of stocks mostly underperformed the Dow Jones Industrial Average in the same period. In the first 10 days of the exclusion, the Dow Jones Industrial Average rose by 2.26%, and the exclusion stocks fell by 1.87% in the same period; In the 10 days after the exclude, the excluded stocks fell an average of 3%, and the Dow averaged 1.84% over the same period.</p><p><img src=\"https://static.tigerbbs.com/e2b4e261cab6b7365a550226d250d4fd\" tg-width=\"1080\" tg-height=\"654\" referrerpolicy=\"no-referrer\"></p><p><b>Dow Sharply Raises Weight of New Economy Enterprises</b></p><p>What is the Dow industry allocation? According to the compilation method of the Dow Jones Industrial Average, after calculating the weights of various industries according to the stock price weighting, it is found that,<b>The weight of new economy type enterprises has been increased, and the weight of traditional type enterprises has been greatly reduced</b>。 From the beginning of 2009 to the latest position adjustment in 2021, the weights were increased:<b>Healthcare, Information Technology, Finance, Optional Consumption</b>And<b>Materials</b>The latest weights of the five industries raised reached 73.16%, an increase of nearly 32 percentage points over the beginning of 2009.</p><p>among<b>Information Technology</b>The industry weight was raised from 14.07% at the beginning of 2009 to 21.86% at present,<b>Healthcare</b>The industry weight was raised from 9.82% at the beginning of 2009 to 17.09% at present;<b>Daily consumption</b>The industry weight was lowered from 17.29% at the beginning of 2009 to 7.16% at present.<b><a href=\"https://laohu8.com/S/CVX\">Chevron</a></b>And<b><a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a></b>The total weighting decreased from 14% at the beginning of 2009 to 1.96% today.</p><p><img src=\"https://static.tigerbbs.com/682ce19c2229475ddf03c493dd8befd3\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p><b>Four factors driving the rise of U.S. stock indexes revealed</b></p><p>There is not much mystery in the compilation of the Dow, just because its selection of constituent stocks is very strict, which makes the US stock index a \"reference\" for global stock markets. Looking around the world, the US stock index is one of the very few indexes that can maintain a continuous rise, and it still outperforms other indexes in the downward market. After the outbreak of the COVID-19 pandemic, the trend of the three major U.S. stock indexes remained strong, hitting record highs.<b>What exactly is driving the stock market up?</b></p><p><b>1. The change of the Dow divisor triggers the butterfly effect</b></p><p>From the perspective of the Dow compilation itself, the Dow point is equal to the sum of the prices of constituent stocks divided by the Dow divisor. The Dow divisor is used to determine the influence of any one of the 30 constituent stocks of the Dow. When the Dow adjusts its position or the constituent stocks are split or merged, the Dow divisor will change. From the calculation formula itself, the Dow divisor has a significant butterfly effect. The Dow divisor decreases, and the Dow point rises accordingly.</p><p>According to the data released by the Wall Street Journal, the Dow divisor has not dropped many times. On August 13th, 2012, the Dow divisor dropped to 0.129147, the lowest level since 2009; The Dow divisor was 0.147 in April 2019 and rose to 0.152 in August 2020. After the latest adjustment, the Dow divisor fell to 0.138197, which means that for every $1 increase in the price of constituent stocks, the index will increase by 7.24 points.</p><p><b>2. New economies such as financial technology boost the Dow Jones Industrial Average</b></p><p>In order to ensure the stability of the index, the Dow is very particular about the consideration of industry allocation. According to the compilation method of the Dow, the weights of each industry are calculated according to the stock price weighting;<b>The weights of new economy enterprises such as finance and technology with better market performance have been raised, while the weights of traditional enterprises have been significantly lowered.</b></p><p>In fact, the CSI 300 Index also raised the weight of technology and financial sectors in the same period, which was quite effective in promoting the index to rise. Comparing the trends of the Dow Jones Industrial Average and the CSI 300 Index, it is found that the gap between the two has opened since February 2016. According to the time point of the Dow Jones Industrial Average's position adjustment, it is divided into four intervals: February 1, 2016 to June 25, 2018 (interval 1), June 26, 2018 to April 1, 2019 (interval 2), April 2, 2019 to August 30, 2020 (interval 3), and August 31, 2020 to July 7, 2021 (interval 4).</p><p>The CSI 300 underperformed the Dow only in Range 1 and Range 4. In interval 1, the electricity of the Dow<b>Information services, industry, finance</b>And<b>Information Technology</b>Sharply outperformed the industry indexes of the CSI 300 Index, the CSI 300 Index's<b>Daily consumption</b>and medical<b>Healthcare</b>The industry outperformed by a large margin; Range 4, the CSI 300 Index<b>Telecommunications services, finance</b>And<b>Information Technology</b>Significantly underperformed the Dow industry.</p><p><img src=\"https://static.tigerbbs.com/37b546f254ce874032220177b12e1c09\" tg-width=\"1020\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p><b>3. Low valuation, low volatility and high return support the steady rise of the index</b></p><p>If the above two points are indirect factors affecting the rise and fall of the Dow,<b>The price movement of Dow component stocks can be considered as the direct cause of influencing the index</b>The 18 shares that have been in the Dow for more than 13 years have risen far more than the Dow, and the total weight exceeds 60%.</p><p>Among them, the latest weight of 7 shares increased from 20.5% to the current 32.32% as compared to the beginning of 2009. No. 1 share price gainer<b>Home Depot</b>The weighting increased to 6.7%, an increase of more than 4 percentage points from the beginning of 2009, the second largest<b>Microsoft Corporation</b>The latest weighting is close to 6%. The annualized yields of these seven companies from 2009 to now have exceeded 20%, which has become the core driving force of the Dow Jones Industrial Average.</p><p><img src=\"https://static.tigerbbs.com/5ef00051c7b8c3aa15696359e36cd800\" tg-width=\"1080\" tg-height=\"406\" referrerpolicy=\"no-referrer\"></p><p>CSI 300,<b>Telecommunications services</b>Constituent stocks have been weighing on the index. Judging from the performance of telecom service stocks in interval 4 and CSI 300,<b><a href=\"https://laohu8.com/S/600050\">China Unicom</a>、<a href=\"https://laohu8.com/S/601698\">China Satcom</a></b>From August 31, 2020 to July 7, 2021, the share price decreased by 18.44% and 34.43% respectively, which may be the main reason for the decline in the share price.</p><p>In contrast, the performance growth of Dow component stocks is relatively stable. Comparing the latest fundamentals of the constituent stocks of the two indices, the median valuation and median annualized volatility of the Dow Jones Industrial Average (since 2009) are lower than those of CSI 300 constituent stocks, and the return on investment (return on net assets) is twice that of CSI 300 constituent stocks. The constituent stocks with low valuation, low volatility and high return support the steady rise of the index, so the annualized rate of return of the Dow Jones Industrial Average far exceeds that of CSI 300.</p><p><img src=\"https://static.tigerbbs.com/e17f21acfd2c5a7514d4a4dc0eee8563\" tg-width=\"1080\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><b>4. Under the big release, huge amounts of money flow into the stock market</b></p><p>External macro factors cannot be ignored.<b>Relevant data shows that the Fed's previous big water releases have stimulated the stock market to rise</b>。 After the outbreak of COVID-19, big water releases in the United States became the norm. In June 2021, U.S. retail investors bought about $28 billion in net stocks and equity-like funds, setting a new monthly inflow high since 2014, according to independent Research firm Vanda Research. Has the currency released by the United States also flowed into the stock market?</p><p>Comparing the monthly data of the Dow Jones Industrial Average with the US broad money (M2), it is found that the correlation between the two is extremely high as 0.96. This suggests that the more M2 released, the higher the Dow point; Under the big release of water in the United States, a large amount of funds flowed into the stock market, and the big release of water became an important factor to promote the continuous rise of the American stock market.</p><p>Specifically, in 2020, the United States released US$212.17 trillion in currency (M2), a year-on-year increase of 19.14%, and the growth rate reached a record high. In the same year, US investors bought US stocks by US$368.312 billion, a year-on-year increase. At the end of 2020, the Dow closed at 30,606.48 points; In the first four months of 2021, the M2 released by the United States was $64 trillion, up 23.77% year-on-year. During the same period, U.S. investors bought net U.S. stocks of 44.792 billion yuan, and the Dow rose to 33,874.85 points at the end of April 2021.</p><p>Not only the United States, but also global assets are flowing into the securities market frantically, and A shares are no exception. It is reported that the amount of funds flowing into global equity funds in the first half of 2021 reached 580 billion US dollars, the highest level in history. After the COVID-19 pandemic, A shares became a safe haven for global assets; Up to now, the net purchase of A shares through northbound capital channels during the year reached RMB216.8 billion, exceeding the level of the whole year of 2020;<b>The market value of A shares held through QFII channels (at the end of 2020) exceeded RMB 270 billion, a record high.</b></p><p><img src=\"https://static.tigerbbs.com/1eb9fc8dc982890f305777c22a2bfc11\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3219c1e34771d4a607fc67aee82f7281","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185087957","content_text":"美国三大股指再创新高的新闻再次刷屏。\n\n纵观历史，美国股市自2009年以来基本处于连续上涨的态势，纳斯达克指数累计涨幅超8倍，位列全球第一，三大股指领跑全球，是谁在推动股市上涨，美国股市持续走牛的内在因素又有哪些？\n美国三大股指近13年来\n累计涨幅名列全球前三\n2008年金融危机后，全球股市开启了长达13年的震荡上涨行情。自2009年初至2021年7月9日，全球17只重要指数的累计涨幅均超过60%（注：由于各国通货膨胀率的不同，文中将各国股指按照美元换算后作对比），其中美国三大股指涨幅均超过了2.9倍，位列全球前三，纳斯达克指数以8.32倍涨幅称霸全球。\n中国沪深300指数2009年以来累计涨幅接近1.8倍，按照美元兑人民币中间价换算后的沪深300指数同期涨幅超过1.9倍。眼尖的投资者或许注意到了印度SENSEX30指数累计涨幅达到443%，远超A股指数。但印度的通货膨胀极其严重（2012年至今累计通货膨胀率达到60%），按照美元换算后，区间累计涨跌幅降至1.1倍，A股指数表现并不像市场所说的逊色于印度。\n从年化收益率来看，纳指年化收益率超过20%，道指及标普500指数的年化收益率超过13%，投资回报相当高。一份研究报告中显示，在过去100年中，股票是表现最好的资产之一，另一资产是房产。\n\n18股入驻道指超13年\n累计涨幅平均超550%\n美国股指表现拔尖，作为有着120多年历史的市场指数之一，道琼斯工业指数（注：以下均简称“道指”，由于数据提取限制，文中主要以道指为分析对象）既是美国经济的晴雨表，又是世界股市的风向标，其涨跌以及30只成份股的变动牵动着全球资本市场，这30只成份股基本是美国经济和行业的领头羊。\n2009年以来，道指共调仓8次；新冠疫情爆发后，新经济大放异彩，2020年及2021年道指均调整了3只成份股，变动较大。从最新名单来看，30股市值合计10.9万亿美元，占全部美股市值比近17%。其中18股入驻道指超13年，3股超过30年，分别是卡特彼勒、迪士尼及摩根大通。\n能获道指青睐的成份股，市场表现均较为出色。数据宝统计显示，最新成份股中，以上18只成份股自2009年以来平均涨幅高达577.32%，平均年化收益率超过18%，家得宝、微软公司及美国运通区间累计涨幅均超过10倍。同期其它美股（2009年以前上市）涨幅仅有275%，不足道指成份股涨幅的一半。\n2009年6月8日，思科及旅行者新进纳入道指，纳入以来平均上涨3.2倍，平均年化收益率接近16%，其余美股同期涨幅仅有2.4倍；2018年6月26日新进纳入通用电气，纳入后公司股价下跌，在道指成份股中较罕见。\n\n被剔除的成份股，一是由于经济形态变迁被迫出局，二是市场表现差强人意。统计显示，在剔除前后，这一类股票的涨跌幅大多跑输同期道指，剔除前10日，道指平均上涨2.26%，剔除股同期平均下跌1.87%；剔除后10日，剔除股平均下跌3%，道指同期平均下跌1.84%。\n\n道指大幅上调新经济企业权重\n道指行业配置如何？根据道指的编制方式，按照股价加权，计算各行业权重后发现，新经济类型的企业权重被上调，传统类型企业的权重大幅下调。自2009年初至2021最新一次调仓，权重上调的有医疗保健、信息技术、金融、可选消费及材料等5个行业，上调的5行业最新权重总和达到73.16%，较2009年初增加近32个百分点。\n其中信息技术行业权重由2009年初的14.07%上调至当前的21.86%，医疗保健行业权重由2009年初的9.82%上调至当前的17.09%；日常消费行业权重由2009年初的17.29%下调至当前的7.16%，能源行业的雪佛龙及埃克森美孚的总权重由2009年初的14%下降至当前的1.96%。\n\n推动美国股指上涨四大因素揭秘\n道指的编制并无太多神秘之处，只因其对成份股的选择非常严格，使美国股指成为全球股市的“参照物”。放眼全球，美国股指是极少数能维持连续上涨的指数，在下跌行情中，仍跑赢其它指数。新冠疫情爆发后，美国三大股指走势依旧坚挺，连创历史新高，究竟是什么原因推动股市上涨？\n1、 道指除数变动引发蝴蝶效应\n从道指编制本身来看，道指点位等于成份股价格之和除以道指除数。道指除数被用于决定道指30只成分股中的任何一只股票的影响力，当道指调仓或成份股分拆、合并时，道指除数都会变动。从计算公式本身来看，道指除数有着显著的蝴蝶效应，道指除数下降，道指点位随之而上升。\n据华尔街日报公布数据显示，道指除数下降的次数并不多，2012年8月13日道指除数降至0.129147，为2009年以来最低水平；2019年4月道指除数0.147，2020年8月升至0.152。最近一次调仓后，道指除数下降至0.138197，即成份股价格每上升1美元，指数就要增加7.24个点位。\n2、金融科技等新经济助推道指上涨\n为保证指数的稳定性，道指对行业配置的考量十分讲究。根据道指的编制方式，按照股价加权，计算各行业权重；市场表现较好的金融、科技等新经济企业权重被上调，传统类型企业的权重大幅下调。\n实际上，沪深300指数同期也调高了科技、金融板块的权重，对推动指数上涨颇有成效。对比道指、沪深300指数走势发现，两者从2016年2月起拉开差距，按照道指调仓的时间点，划分2016年2月1日至2018年6月25日（区间1）、2018年6月26日至2019年4月1日（区间2）、2019年4月2日至2020年8月30日（区间3）、2020年8月31日至2021年7月7日（区间4），共4个区间。\n沪深300仅在区间1和区间4跑输道指。区间1中，道指的电信服务、工业、金融及信息技术大幅跑赢沪深300指数同行业指数，沪深300指数的日常消费及医疗保健行业大幅跑赢；区间4，沪深300指数的电信服务、金融及信息技术大幅跑输道指同行业。\n\n3、低估值、低波动、高回报支撑指数稳定上涨\n若以上两点是影响道指涨跌的间接因素，道指成份股价格变动可以认为是影响指数的直接原因，入驻道指超13年的18股涨幅远超道指，权重总和超60%。\n其中7股最新权重较2009年初增加，由20.5%上升至当前的32.32%。股价涨幅第一的家得宝权重提升至6.7%，较2009年初增加4个百分点以上，涨幅第二的微软公司最新权重接近6%。这7家公司自2009年至当前年化收益率均超过20%，成为拉动道指上涨的核心动力。\n\n沪深300中，电信服务成份股一直在拖累指数走势。以区间4、沪深300的电信服务股表现来看，中国联通、中国卫通自2020年8月31日至2021年7月7日分别下跌18.44%及34.43%，业绩下滑或是股价下跌的主因。\n相比之下，道指成份股业绩成长性较平稳。对比两指数成份股的最新基本面，道指成份股的估值中位数、年化波动率中位数（2009年以来）均低于沪深300成份股，投资回报（净资产收益率）是沪深300成份股的2倍，低估值、低波动、高回报的成份股支撑了指数稳定上涨，也因此道指年化收益率远超沪深300。\n\n4、大放水之下，巨额资金流入股市\n外在宏观因素也不能忽视。相关资料显示，美联储历次大放水均刺激股市上涨。新冠疫情爆发后，美国大放水成为常态。独立研究机构Vanda Research数据显示，2021年6月，美国散户净买入约280亿美元的股票和股票类基金，创下自2014以来的月度流入新高。美国释放的货币是否也流入了股市？\n以道指与美国广义货币（M2）的月度数据对比发现，两者相关性极高达0.96。这表明释放的M2越多，道指点位就越高；美国大放水之下，大量资金流入股市，大放水成推动美国股市不断走高的重要因素。\n具体来看，2020年美国释放货币（M2）212.17万亿美元，同比增长19.14%，增速创历史新高，同年美国投资者净买入美国股票3683.12亿美元，同比大增，2020年末道指收30606.48点；2021年前4个月美国释放M2为 64万亿美元，同比增长23.77%，同期美国投资者净买入美股447.92亿元，2021年4月末道指涨至33874.85点。\n不仅是美国，全球资产都在疯狂流入证券市场，A股也不例外。据悉，2021年上半年流入全球股票基金的资金规模达5800亿美元，创历史最高水平。新冠疫情后，A股成全球资产避风港；截至当前，年内通过北上资金渠道净买入A股达到2168亿人民币，超过2020年全年水平；通过QFII渠道持有A股（2020年末）市值超2700亿人民币，创历史新高。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}