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2022-12-31

$老虎证券(TIGR)$

2021-08-02

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2021-06-25

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Tesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.

2021-06-19

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AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.

2021-05-13

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Tiger Brokers has been included in the MSCI China All Equity Index!

2021-05-03

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Was the US GDP relatively strong or weak in the first quarter?

2021-04-16

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Bezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees

2021-02-06

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Foreign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.

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23:00","market":"us","language":"zh","title":"Tesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.","url":"https://stock-news.laohu8.com/highlight/detail?id=1173297432","media":"老虎资讯综合","summary":"特斯拉的第三季度数据可能会相当令人印象深刻。","content":"<p>Market sources indicate that the current delivery waiting times for the Model 3 and Model Y in the United States partially suggest...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States remains so strong that it may sell out in the third quarter. Both models are expected to be delivered in the third quarter of 2021. The Model Y Long Range Dual Motor AWD version is expected to be delivered in September 2021, while the Model 3 Standard Range and Long Range Dual Motor AWD versions are expected to be delivered in 11 weeks.</p><p>With the Model S and even the Model X joining the competition in the third quarter, Tesla's third-quarter data could be quite impressive. Given that both of these flagship models are high-margin models, Tesla's financial situation in the third quarter may be boosted by the new Model S (and perhaps also a new Model X).</p><p>According to Electrek data, as of May 2021, Tesla models accounted for more than 54% of electric vehicle sales in the United States. In addition, U.S. electric vehicle sales reached 53,779 units in May, a 19.2% increase compared to April 2021.</p><p>As of press time, Tesla shares were up more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" 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>Tesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.</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\">\nTesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.\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\">2021-06-24 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Market sources indicate that the current delivery waiting times for the Model 3 and Model Y in the United States partially suggest...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States remains so strong that it may sell out in the third quarter. Both models are expected to be delivered in the third quarter of 2021. The Model Y Long Range Dual Motor AWD version is expected to be delivered in September 2021, while the Model 3 Standard Range and Long Range Dual Motor AWD versions are expected to be delivered in 11 weeks.</p><p>With the Model S and even the Model X joining the competition in the third quarter, Tesla's third-quarter data could be quite impressive. Given that both of these flagship models are high-margin models, Tesla's financial situation in the third quarter may be boosted by the new Model S (and perhaps also a new Model X).</p><p>According to Electrek data, as of May 2021, Tesla models accounted for more than 54% of electric vehicle sales in the United States. In addition, U.S. electric vehicle sales reached 53,779 units in May, a 19.2% increase compared to April 2021.</p><p>As of press time, Tesla shares were up more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e0d9f23e003547a93295253f05b6a55","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173297432","content_text":"市场消息，Model 3和Model Y目前在美国的交付等待时间部分暗示了特斯拉在美国的需求仍非常强劲，以至于可能会在第三季度销售一空。这两款车型的预计交付日期都要到2021年第三季度。Model Y长续航双电机全轮驱动版(Long Range Dual Motor AWD)预计交付日期为2021年9月，Model 3标准续航版和长续航双电机全轮驱动版预计交付日期为11周。\n随着Model S，甚至Model X在第三季度加入竞争，特斯拉的第三季度数据可能会相当令人印象深刻。考虑到这两款旗舰车都是高利润车型，特斯拉第三季度的财务状况可能会因为新款Model S(或许还有新款Model X)而得到提振。\n另据Electrek数据：截至2021年5月，特斯拉车型占美国电动汽车销量的54%以上。 此外，5月份美国电动汽车销量达到53779辆，比2021年4月增长了19.2%。\n截至发稿，特斯拉涨超5%。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162804359,"gmtCreate":1624053729771,"gmtModify":1703827578736,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162804359","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</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>AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":4798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191170232,"gmtCreate":1620866501726,"gmtModify":1704349479567,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191170232","repostId":"1123721888","repostType":4,"repost":{"id":"1123721888","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":1620812439,"share":"https://ttm.financial/m/news/1123721888?lang=en_US&edition=fundamental","pubTime":"2021-05-12 17:40","market":"us","language":"zh","title":"Tiger Brokers has been included in the MSCI China All Equity Index!","url":"https://stock-news.laohu8.com/highlight/detail?id=1123721888","media":"老虎资讯综合","summary":"此次被纳入MSCI意味着国际资本市场对老虎证券的认可和信心！","content":"<p>On May 11, MSCI, an international index provider, released its quarterly index adjustment results for May.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>It will be included in the MSCI China All Shares Index, effective after the market closes on May 27.</p><p>Tiger Brokers founder and CEO Wu Tianhua stated, \"Tiger Brokers' inclusion in the MSCI China All Equity Index represents international market recognition and confidence in our long-term investment value and development prospects. Tiger Brokers' mission is to make investing better through technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient, and smooth one-stop global investment experience.\" As Tiger enters countries and regions such as Singapore and the United States, we look forward to serving even more global users.<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI is currently the world's most important index company, compiling hundreds of indices for various markets around the world, which are used as investment benchmarks and tracked by numerous international institutions and investors. Since launching its first index in 1969, MSCI has primarily provided products and services such as indices, risk portfolio and performance analysis tools, and corporate governance tools, tailored to different countries and regions, market sizes, industries, and investment methods. With approximately $10 trillion in global assets benchmarked against the MSCI index, 97 of the world's top 100 largest asset managers are MSCI clients. Pensions in the United States that hold 95% of their investment interests are benchmarked by MSCI.</p><p>The MSCI China All Shares Index, compiled by Morgan Stanley Capital International (MSCI), is the most important component of the MSCI Emerging Markets Index. According to MSCI's index adjustment methodology, companies that can be included in its index system generally have to meet a series of requirements, including total market capitalization, free-float market capitalization, liquidity, and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official website</span></p><p>Historical performance of the MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to MSCI's quarterly adjustment results, the MSCI China All Stock Index added 60 stocks and removed 26 stocks. So what does being on the list mean for Tiger?</p><p>This signifies that the international capital market's recognition and confidence in Tiger Brokers will help further expand the company's influence in the international capital market and enhance the internationalization level of its shareholders.</p><p>According to MSCI estimates, trillions of dollars worldwide track emerging market indices, including both active and passive funds, with passive funds investing in the MSCI China All Equity Index. Once stocks are included in the index, passive investors will allocate these newly added constituent stocks proportionally.</p><p>View details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">Explanation of Adjustments to MSCI China Index Constituents</a></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>Tiger Brokers has been included in the MSCI China All Equity Index!</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\">\nTiger Brokers has been included in the MSCI China All Equity Index!\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\">2021-05-12 17:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 11, MSCI, an international index provider, released its quarterly index adjustment results for May.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>It will be included in the MSCI China All Shares Index, effective after the market closes on May 27.</p><p>Tiger Brokers founder and CEO Wu Tianhua stated, \"Tiger Brokers' inclusion in the MSCI China All Equity Index represents international market recognition and confidence in our long-term investment value and development prospects. Tiger Brokers' mission is to make investing better through technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient, and smooth one-stop global investment experience.\" As Tiger enters countries and regions such as Singapore and the United States, we look forward to serving even more global users.<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI is currently the world's most important index company, compiling hundreds of indices for various markets around the world, which are used as investment benchmarks and tracked by numerous international institutions and investors. Since launching its first index in 1969, MSCI has primarily provided products and services such as indices, risk portfolio and performance analysis tools, and corporate governance tools, tailored to different countries and regions, market sizes, industries, and investment methods. With approximately $10 trillion in global assets benchmarked against the MSCI index, 97 of the world's top 100 largest asset managers are MSCI clients. Pensions in the United States that hold 95% of their investment interests are benchmarked by MSCI.</p><p>The MSCI China All Shares Index, compiled by Morgan Stanley Capital International (MSCI), is the most important component of the MSCI Emerging Markets Index. According to MSCI's index adjustment methodology, companies that can be included in its index system generally have to meet a series of requirements, including total market capitalization, free-float market capitalization, liquidity, and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official website</span></p><p>Historical performance of the MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to MSCI's quarterly adjustment results, the MSCI China All Stock Index added 60 stocks and removed 26 stocks. So what does being on the list mean for Tiger?</p><p>This signifies that the international capital market's recognition and confidence in Tiger Brokers will help further expand the company's influence in the international capital market and enhance the internationalization level of its shareholders.</p><p>According to MSCI estimates, trillions of dollars worldwide track emerging market indices, including both active and passive funds, with passive funds investing in the MSCI China All Equity Index. Once stocks are included in the index, passive investors will allocate these newly added constituent stocks proportionally.</p><p>View details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">Explanation of Adjustments to MSCI China Index Constituents</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e4b807dafecc161ebbd0d3c42055f20","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123721888","content_text":"5月11日消息，国际指数编制公司MSCI公布5月指数季度调整结果，其中，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），将于5月27日收盘后生效。老虎证券创始人及CEO巫天华表示：“老虎证券获纳入MSCI中国全股票指数代表国际市场对我们长期投资价值和发展前景的认可和信心。老虎证券的使命是科技让投资更美好。通过不断技术迭代，我们致力于为投资者提供更高效、便捷、流畅的一站式全球投资体验。随着老虎进入新加坡，美国等国家和地区，我们期待服务更多全球用户。”MSCI（明晟）是目前全球最重要的指数公司，编制数百种全球各个市场的指数，被大量国际机构，投资者作为投资基准并跟踪。从 1969年发布第一只指数至今，MSCI按照国家和区域、市场规模大小、行业及投资方式的不同，主要提供指数、风险组合和业绩分析工具以及公司治理工具等产品和服务。全球约10万亿美元的资产以MSCI指数为基准，全球前100个最大资产管理者中，97个都是MSCI的客户。美国95%的投资权益的养老金以MSCI为基准。MSCI中国全股票指数(MSCI China All Shares Index)由摩根士丹利资本国际(MSCI)编制，是 MSCI新兴市场指数中最重要的组成部分。根据 MSCI指数的调整方法，能被纳入到其指数体系的公司一般要满足总市值、自由流通市值、流动性和交易时间等一系列要求。MSCI官网明晟中国全股票指数(MSCI China All Shares Index)历史表现：根据MSCI发布的季度调整结果， MSCI中国全股票指数本次新增60只个股，剔除26只股票。那么，上榜对于老虎意味着什么呢？意味着国际资本市场对老虎证券的认可和信心，有助于进一步扩大公司国际资本市场影响力、提升公司股东国际化水平。据 MSCI估算，全球数以万亿美元的资金跟踪新兴市场指数，其中既包含了主动型资金，又包含了被动型基金，被动型资金以明晟中国全股票指数作为投资标的。当股票被纳入指数后，被动型投资者会按比例配置新增这些成份股。详情查看：MSCI中国指数成分股调整说明","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":4318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108933167,"gmtCreate":1619973038359,"gmtModify":1704336900777,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108933167","repostId":"2132567538","repostType":4,"repost":{"id":"2132567538","kind":"highlight","pubTimestamp":1619941518,"share":"https://ttm.financial/m/news/2132567538?lang=en_US&edition=fundamental","pubTime":"2021-05-02 15:45","market":"us","language":"zh","title":"Was the US GDP relatively strong or weak in the first quarter?","url":"https://stock-news.laohu8.com/highlight/detail?id=2132567538","media":"智通财经网","summary":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%","content":"<p><b>This article is from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>\"Macroeconomic\".</b></p><p>Abstract</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>The US GDP grew by 0.4% year-on-year in Q1 2021, slightly lower than market expectations.</b>The US GDP grew 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. However, the main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow recovery of production caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><b>Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b>1) In Q1 2021, U.S. personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year, a significant improvement of 3 percentage points compared to Q4 2020. Commodity consumption is mainly driven by durable goods, while service consumption has a greater impact on GDP growth than durable goods consumption. 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month, strengthening again after a slight decline during the direct subsidy vacuum in February. This demonstrates the immediate stimulating effect of the $1,400 subsidy in March on consumption, as well as the recovery of service consumption after the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><b>Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b>In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter. 1) Improved non-residential investment indicates that the U.S. manufacturing sector's expectations for the economic outlook have improved; 2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the supply-demand gap in the US economy. Strong demand but slow production recovery lead to a decline in inventories. This means that the strength of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term.</p><p><b>Government spending and net exports: Subsidies have driven up government spending, while the widening supply-demand gap has led to high import growth.</b>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><b>The US economic recovery is expected to peak in the second quarter, and attention should be paid to the subsequent developments of the pandemic.</b>We believe the strength of the future U.S. economic recovery will depend on the vaccination process and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects. Personal consumption expenditures: The first quarter is expected to be the peak of goods consumption, and service sector consumption will continue to gradually recover as the pandemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the strength of the subsequent service sector recovery. Investment: The improvement of non-residential investment requires attention to the subsequent progress of the pandemic. Residential investment will decline as the real estate market gradually cools down; Changes in private inventories may not improve until unemployment benefits end in September. Government spending and net exports: Government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. Net exports will return to normal levels as the supply-demand gap narrows later this year.</p><p><b>II. Global Macro Data</b></p><p><b>This week's high-frequency data</b>New orders for U.S. durable goods rose both year-on-year and month-on-month.</p><p><b>epidemic</b>The number of new confirmed cases in the United States has decreased.</p><p><b>Demand</b>Retail sales in Japan rebounded significantly year-on-year.</p><p><b>Supply and Employment</b>New orders for durable goods in the United States rose both year-on-year and month-on-month.</p><p><b>Trade</b>U.S. imports and exports both rose significantly year-on-year in March.</p><p><b>Inflation and commodities</b>Oil prices rose slightly.</p><p><b>Real Estate</b>The U.S. existing home sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>the US Dollar Index fell, while gold prices remained stable.</p><p><b>Global Macro Calendar</b>Focus on the US ISM Manufacturing PMI</p><p>text</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>US GDP grew 0.4% year-on-year in Q1, slightly lower than market expectations.</b></p><p>The US GDP grew by 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and by 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the relatively rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. The main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow production recovery caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b></p><p>In Q1 2021, government subsidies of up to $2,000 per person boosted consumer spending; The easing of the pandemic has driven the recovery of service consumption, but it is slightly weaker than the initial optimistic expectations of overseas markets. 1) From a quarterly perspective, US personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year in Q1 2021, a significant improvement of 3 percentage points compared to Q4 2020. It jumped from being the biggest drag on GDP in Q4 to the biggest contributor, showing that the first quarter had the stimulating effect of both the $600 subsidy in January and the $1,400 subsidy that began to be distributed in March on consumption, as well as the gradual release of service consumption under the easing of the epidemic. 2) From a monthly high-frequency perspective, PCE reached 8.5% year-on-year and 3.7% month-on-month in March, strengthening again after a slight decline during the direct subsidy vacuum in February. Among them, the year-on-year growth rates of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while the year-on-year growth rate of non-durable goods slowed slightly (4.3%), indicating that the US$1,400 subsidy in March had an immediate stimulating effect on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Consumption of goods and services jointly drove high growth in personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. In Q1 2021, commodity consumption contributed 3.2 percentage points to GDP, an improvement of 1.5 percentage points compared to Q4 2020. This was mainly due to the renewed high growth of durable goods under fiscal stimulus in the first quarter. In Q1 2021, the contribution of durable goods to GDP improved significantly by 1.3 percentage points compared to Q4, while the contribution of non-durable goods to GDP improved only slightly by 0.3 percentage points. 2) Service consumption has a greater impact on GDP growth than durable goods consumption. Although service consumption still had a negative contribution of -1.4% to GDP in Q1 2021, it improved significantly by 1.6 percentage points compared to the previous quarter. The improvement was greater than that of durable goods consumption, demonstrating that service consumption has greater resilience in improving under the dual factors of fiscal subsidies and easing of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b></p><p>The impact of non-residential investment on GDP growth has improved significantly, while private inventory has become a drag. In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter.</p><p>1) Improved non-residential investment indicates that the U.S. manufacturing sector has improved its expectations for the economic outlook. The main contributor to the improvement in private investment was non-residential investment (an improvement of 0.6 percentage points), mainly from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the gap between supply and demand in the US economy. Strong demand but slow production recovery lead to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. The main factor dragging down private investment was changes in private inventories (a drag of 0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term. In Q1 2021, residential investment's contribution to GDP remained stable. However, with the gradual rise in mortgage rates since 2021, the US real estate market has cooled down, and residential construction spending and existing home sales have slowed down. It is expected that the contribution of residential investment to GDP will gradually decline in the future.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government spending and net exports: Subsidies drove up government spending, while the widening supply-demand gap led to high import growth.</b></p><p>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. 1) Exports dragged down by 1 percentage point, but improved by 0.2 percentage points compared to the previous quarter, indicating a slight recovery in US industrial production. However, this still pales in comparison to the 3.0 percentage point improvement in personal consumption expenditures. In reality, it reflects the widening supply-demand gap in Q1 2021 due to excessive US fiscal subsidies. 2) Imports dragged down GDP by 1.0 percentage points year-on-year in Q1 2021, a significant increase of 0.9 percentage points compared to the previous quarter. The direct consequence of the widening supply and demand gap in the United States is the expansion of imports.</p><p>Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The US economic recovery is expected to peak in the second quarter; attention should be paid to the subsequent developments of the pandemic.</b></p><p>Looking ahead, we believe the strength of the future U.S. economic recovery will depend on the vaccination progress and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects.</p><p>Personal consumption expenditures: 1) Although goods consumption showed extremely strong momentum in Q1 2021, we expect the first quarter to be the peak of goods consumption, and it will gradually decline as subsidies subside; 2) Service sector consumption will continue to gradually recover as the pandemic eases, but the global pandemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the intensity of the subsequent recovery of the service sector.</p><p>Investment: 1) The main driver of the improvement in non-residential investment in Q1 2021 was positive economic expectations. From the current perspective, the global pandemic is the core factor determining the strength of economic recovery, and the subsequent progress of the pandemic needs to be monitored. 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventory, i.e., the intensity of inventory replenishment, will depend on whether the current supply-demand gap in the United States can be alleviated. From the current perspective, it may not be until after unemployment benefits end in September that a significant trend of bridging between the supply and demand sides of the United States can emerge, thereby driving inventory investment.</p><p>Government spending and net exports: 1) With the continued payment of unemployment benefits in the second and third quarters, government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. If the US jobs program or the US family program can be implemented within the year, it will also boost government spending levels; In terms of net exports, exports will depend on the progress of the recovery of US industrial production, which, as mentioned above, may not be boosted until the fourth quarter, while imports, on the contrary, will fall back to normal levels as the supply-demand gap narrows later this year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>II. Global macro data: New confirmed cases in the United States decline</b></p><p><b>1. Epidemic: New confirmed cases in the United States decline</b></p><p>New confirmed cases in the United States declined this week. The average number of new confirmed cases in the United States dropped to more than 53,000 over the past seven days. As of April 29, the cumulative number of confirmed cases of COVID-19 worldwide exceeded 150 million, the cumulative number of deaths reached 3.14 million, and the cumulative number of recoveries reached 120 million. Over the four days of this week (April 27-April 30), the United States and the United Kingdom reported 220,000 and 9,000 new confirmed cases, respectively.</p><p>As of April 28, Israel had the highest average number of COVID-19 vaccines per 100 people globally, at 121.1 doses per 100 people, followed by the United States at 70.2 doses per 100 people and the United Kingdom at 70.9 doses per 100 people. As of April 28, Israel had the highest proportion of fully vaccinated people globally, at 58.7%, followed by the United States and the United Kingdom at 29.3% and 20.7%, respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japanese retail sales rebounded significantly year-on-year.</b></p><p>Both retail and wholesale sales in Japan saw significant year-on-year growth. Japan's retail sales index rose 5.3% year-on-year in March, with textiles and apparel retailing at 15.8% year-on-year and wholesale sales at 1.0% year-on-year in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and consumption of semi-durable goods increased significantly. South Korea's retail sales rose 3.5 percentage points to 13.5% year-on-year in March, with semi-durable goods consumption growing the fastest at 35.5% year-on-year. Durable goods increased by 13.6% year-on-year, while non-durable goods increased by 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and Employment: New orders for U.S. durable goods rose both year-on-year and month-on-month.</b></p><p>U.S. durable goods inventories rose, and new order growth both increased month-on-month. U.S. durable goods inventories reached $431.84 billion in March, up 1.0% month-over-month and 1.7% year-over-year. New orders for durable goods in the United States rose 0.5% month-on-month in March and a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points to 2.6% in March from the previous month. South Korea's industrial production index rose both year-on-year and month-on-month, indicating a continued recovery in industry. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production rose 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from the previous week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries rose by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly that week, while the number of continuing jobless claims rose slightly. In the week ending April 24, initial jobless claims in the United States reached 553,000, a decrease of 13,000 from the previous week; The number of people continuing to claim unemployment benefits reached 3.66 million in the week ending April 17, an increase of 9,000 from the previous week.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: US imports and exports both rose significantly year-on-year in March.</b></p><p>U.S. imports and exports both rose significantly year-on-year in March. U.S. exports rose sharply by 16.5 percentage points to 11.5% in March from the previous month, while imports rose by 20.6% year-on-year. The U.S. merchandise trade balance was -$90.59 billion in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rose slightly.</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week ending April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to $63.2 per barrel; The weekly average price of Brent crude rose to $66.6 per barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real Estate: The US existing home sales index rose year-on-year in March.</b></p><p>The U.S. S&P/CS home price index rose for the eighth consecutive month in February. The U.S. S&P/CS home price index rose 11.9% year-over-year to 246.0 in February, marking its eighth consecutive month of gains. The U.S. existing home sales index rose sharply by 23.3% year-on-year and 1.9% month-on-month in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>New home starts and construction orders in Japan rose sharply in March. New home starts in Japan in March rose 1.5% year-on-year and 18.1% month-on-month, while construction orders in March rose 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year and 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0%, respectively. In the week ending April 23, the U.S. MBA market index fell 18.2 to 706.6, indicating a slight cooling of housing market activity.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rates: the US Dollar Index fell, while gold prices remained basically stable.</b></p><p>This week, the Federal Reserve held its interest rate meeting, Powell's speech was dovish, the US Dollar Index fell, and gold prices remained basically stable. On April 28 local time, the Federal Reserve released its interest rate meeting statement. At the post-meeting press conference, Powell said that it would take some time to see substantial progress, and that the current scale of asset purchases would be maintained before that. It was not yet time to discuss Taper, and the US Dollar Index continued to decline. As of April 29, the the US Dollar Index closed at 90.6140, down 0.7% from the previous week; The euro and the pound sterling closed at 1.2129 and 1.3906 against the dollar respectively (pound sterling exchange rate data as of the 28th), appreciating 0.7% and depreciating 0.2% respectively from last week; The Canadian dollar strengthened, closing at 1.2292, up 1.7% from last week, as the Bank of Canada took the lead in tapering. The average weekly price of gold in London this week was $1,774.8 per ounce, basically stable from last week, with a year-on-year increase of 1.2 percentage points to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_zhitongcaijin","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>Was the US GDP relatively strong or weak in the first quarter?</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\">\nWas the US GDP relatively strong or weak in the first quarter?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-05-02 15:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>This article is from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>\"Macroeconomic\".</b></p><p>Abstract</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>The US GDP grew by 0.4% year-on-year in Q1 2021, slightly lower than market expectations.</b>The US GDP grew 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. However, the main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow recovery of production caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><b>Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b>1) In Q1 2021, U.S. personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year, a significant improvement of 3 percentage points compared to Q4 2020. Commodity consumption is mainly driven by durable goods, while service consumption has a greater impact on GDP growth than durable goods consumption. 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month, strengthening again after a slight decline during the direct subsidy vacuum in February. This demonstrates the immediate stimulating effect of the $1,400 subsidy in March on consumption, as well as the recovery of service consumption after the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><b>Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b>In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter. 1) Improved non-residential investment indicates that the U.S. manufacturing sector's expectations for the economic outlook have improved; 2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the supply-demand gap in the US economy. Strong demand but slow production recovery lead to a decline in inventories. This means that the strength of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term.</p><p><b>Government spending and net exports: Subsidies have driven up government spending, while the widening supply-demand gap has led to high import growth.</b>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><b>The US economic recovery is expected to peak in the second quarter, and attention should be paid to the subsequent developments of the pandemic.</b>We believe the strength of the future U.S. economic recovery will depend on the vaccination process and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects. Personal consumption expenditures: The first quarter is expected to be the peak of goods consumption, and service sector consumption will continue to gradually recover as the pandemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the strength of the subsequent service sector recovery. Investment: The improvement of non-residential investment requires attention to the subsequent progress of the pandemic. Residential investment will decline as the real estate market gradually cools down; Changes in private inventories may not improve until unemployment benefits end in September. Government spending and net exports: Government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. Net exports will return to normal levels as the supply-demand gap narrows later this year.</p><p><b>II. Global Macro Data</b></p><p><b>This week's high-frequency data</b>New orders for U.S. durable goods rose both year-on-year and month-on-month.</p><p><b>epidemic</b>The number of new confirmed cases in the United States has decreased.</p><p><b>Demand</b>Retail sales in Japan rebounded significantly year-on-year.</p><p><b>Supply and Employment</b>New orders for durable goods in the United States rose both year-on-year and month-on-month.</p><p><b>Trade</b>U.S. imports and exports both rose significantly year-on-year in March.</p><p><b>Inflation and commodities</b>Oil prices rose slightly.</p><p><b>Real Estate</b>The U.S. existing home sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>the US Dollar Index fell, while gold prices remained stable.</p><p><b>Global Macro Calendar</b>Focus on the US ISM Manufacturing PMI</p><p>text</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>US GDP grew 0.4% year-on-year in Q1, slightly lower than market expectations.</b></p><p>The US GDP grew by 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and by 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the relatively rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. The main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow production recovery caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b></p><p>In Q1 2021, government subsidies of up to $2,000 per person boosted consumer spending; The easing of the pandemic has driven the recovery of service consumption, but it is slightly weaker than the initial optimistic expectations of overseas markets. 1) From a quarterly perspective, US personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year in Q1 2021, a significant improvement of 3 percentage points compared to Q4 2020. It jumped from being the biggest drag on GDP in Q4 to the biggest contributor, showing that the first quarter had the stimulating effect of both the $600 subsidy in January and the $1,400 subsidy that began to be distributed in March on consumption, as well as the gradual release of service consumption under the easing of the epidemic. 2) From a monthly high-frequency perspective, PCE reached 8.5% year-on-year and 3.7% month-on-month in March, strengthening again after a slight decline during the direct subsidy vacuum in February. Among them, the year-on-year growth rates of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while the year-on-year growth rate of non-durable goods slowed slightly (4.3%), indicating that the US$1,400 subsidy in March had an immediate stimulating effect on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Consumption of goods and services jointly drove high growth in personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. In Q1 2021, commodity consumption contributed 3.2 percentage points to GDP, an improvement of 1.5 percentage points compared to Q4 2020. This was mainly due to the renewed high growth of durable goods under fiscal stimulus in the first quarter. In Q1 2021, the contribution of durable goods to GDP improved significantly by 1.3 percentage points compared to Q4, while the contribution of non-durable goods to GDP improved only slightly by 0.3 percentage points. 2) Service consumption has a greater impact on GDP growth than durable goods consumption. Although service consumption still had a negative contribution of -1.4% to GDP in Q1 2021, it improved significantly by 1.6 percentage points compared to the previous quarter. The improvement was greater than that of durable goods consumption, demonstrating that service consumption has greater resilience in improving under the dual factors of fiscal subsidies and easing of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b></p><p>The impact of non-residential investment on GDP growth has improved significantly, while private inventory has become a drag. In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter.</p><p>1) Improved non-residential investment indicates that the U.S. manufacturing sector has improved its expectations for the economic outlook. The main contributor to the improvement in private investment was non-residential investment (an improvement of 0.6 percentage points), mainly from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the gap between supply and demand in the US economy. Strong demand but slow production recovery lead to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. The main factor dragging down private investment was changes in private inventories (a drag of 0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term. In Q1 2021, residential investment's contribution to GDP remained stable. However, with the gradual rise in mortgage rates since 2021, the US real estate market has cooled down, and residential construction spending and existing home sales have slowed down. It is expected that the contribution of residential investment to GDP will gradually decline in the future.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government spending and net exports: Subsidies drove up government spending, while the widening supply-demand gap led to high import growth.</b></p><p>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. 1) Exports dragged down by 1 percentage point, but improved by 0.2 percentage points compared to the previous quarter, indicating a slight recovery in US industrial production. However, this still pales in comparison to the 3.0 percentage point improvement in personal consumption expenditures. In reality, it reflects the widening supply-demand gap in Q1 2021 due to excessive US fiscal subsidies. 2) Imports dragged down GDP by 1.0 percentage points year-on-year in Q1 2021, a significant increase of 0.9 percentage points compared to the previous quarter. The direct consequence of the widening supply and demand gap in the United States is the expansion of imports.</p><p>Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The US economic recovery is expected to peak in the second quarter; attention should be paid to the subsequent developments of the pandemic.</b></p><p>Looking ahead, we believe the strength of the future U.S. economic recovery will depend on the vaccination progress and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects.</p><p>Personal consumption expenditures: 1) Although goods consumption showed extremely strong momentum in Q1 2021, we expect the first quarter to be the peak of goods consumption, and it will gradually decline as subsidies subside; 2) Service sector consumption will continue to gradually recover as the pandemic eases, but the global pandemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the intensity of the subsequent recovery of the service sector.</p><p>Investment: 1) The main driver of the improvement in non-residential investment in Q1 2021 was positive economic expectations. From the current perspective, the global pandemic is the core factor determining the strength of economic recovery, and the subsequent progress of the pandemic needs to be monitored. 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventory, i.e., the intensity of inventory replenishment, will depend on whether the current supply-demand gap in the United States can be alleviated. From the current perspective, it may not be until after unemployment benefits end in September that a significant trend of bridging between the supply and demand sides of the United States can emerge, thereby driving inventory investment.</p><p>Government spending and net exports: 1) With the continued payment of unemployment benefits in the second and third quarters, government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. If the US jobs program or the US family program can be implemented within the year, it will also boost government spending levels; In terms of net exports, exports will depend on the progress of the recovery of US industrial production, which, as mentioned above, may not be boosted until the fourth quarter, while imports, on the contrary, will fall back to normal levels as the supply-demand gap narrows later this year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>II. Global macro data: New confirmed cases in the United States decline</b></p><p><b>1. Epidemic: New confirmed cases in the United States decline</b></p><p>New confirmed cases in the United States declined this week. The average number of new confirmed cases in the United States dropped to more than 53,000 over the past seven days. As of April 29, the cumulative number of confirmed cases of COVID-19 worldwide exceeded 150 million, the cumulative number of deaths reached 3.14 million, and the cumulative number of recoveries reached 120 million. Over the four days of this week (April 27-April 30), the United States and the United Kingdom reported 220,000 and 9,000 new confirmed cases, respectively.</p><p>As of April 28, Israel had the highest average number of COVID-19 vaccines per 100 people globally, at 121.1 doses per 100 people, followed by the United States at 70.2 doses per 100 people and the United Kingdom at 70.9 doses per 100 people. As of April 28, Israel had the highest proportion of fully vaccinated people globally, at 58.7%, followed by the United States and the United Kingdom at 29.3% and 20.7%, respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japanese retail sales rebounded significantly year-on-year.</b></p><p>Both retail and wholesale sales in Japan saw significant year-on-year growth. Japan's retail sales index rose 5.3% year-on-year in March, with textiles and apparel retailing at 15.8% year-on-year and wholesale sales at 1.0% year-on-year in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and consumption of semi-durable goods increased significantly. South Korea's retail sales rose 3.5 percentage points to 13.5% year-on-year in March, with semi-durable goods consumption growing the fastest at 35.5% year-on-year. Durable goods increased by 13.6% year-on-year, while non-durable goods increased by 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and Employment: New orders for U.S. durable goods rose both year-on-year and month-on-month.</b></p><p>U.S. durable goods inventories rose, and new order growth both increased month-on-month. U.S. durable goods inventories reached $431.84 billion in March, up 1.0% month-over-month and 1.7% year-over-year. New orders for durable goods in the United States rose 0.5% month-on-month in March and a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points to 2.6% in March from the previous month. South Korea's industrial production index rose both year-on-year and month-on-month, indicating a continued recovery in industry. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production rose 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from the previous week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries rose by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly that week, while the number of continuing jobless claims rose slightly. In the week ending April 24, initial jobless claims in the United States reached 553,000, a decrease of 13,000 from the previous week; The number of people continuing to claim unemployment benefits reached 3.66 million in the week ending April 17, an increase of 9,000 from the previous week.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: US imports and exports both rose significantly year-on-year in March.</b></p><p>U.S. imports and exports both rose significantly year-on-year in March. U.S. exports rose sharply by 16.5 percentage points to 11.5% in March from the previous month, while imports rose by 20.6% year-on-year. The U.S. merchandise trade balance was -$90.59 billion in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rose slightly.</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week ending April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to $63.2 per barrel; The weekly average price of Brent crude rose to $66.6 per barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real Estate: The US existing home sales index rose year-on-year in March.</b></p><p>The U.S. S&P/CS home price index rose for the eighth consecutive month in February. The U.S. S&P/CS home price index rose 11.9% year-over-year to 246.0 in February, marking its eighth consecutive month of gains. The U.S. existing home sales index rose sharply by 23.3% year-on-year and 1.9% month-on-month in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>New home starts and construction orders in Japan rose sharply in March. New home starts in Japan in March rose 1.5% year-on-year and 18.1% month-on-month, while construction orders in March rose 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year and 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0%, respectively. In the week ending April 23, the U.S. MBA market index fell 18.2 to 706.6, indicating a slight cooling of housing market activity.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rates: the US Dollar Index fell, while gold prices remained basically stable.</b></p><p>This week, the Federal Reserve held its interest rate meeting, Powell's speech was dovish, the US Dollar Index fell, and gold prices remained basically stable. On April 28 local time, the Federal Reserve released its interest rate meeting statement. At the post-meeting press conference, Powell said that it would take some time to see substantial progress, and that the current scale of asset purchases would be maintained before that. It was not yet time to discuss Taper, and the US Dollar Index continued to decline. As of April 29, the the US Dollar Index closed at 90.6140, down 0.7% from the previous week; The euro and the pound sterling closed at 1.2129 and 1.3906 against the dollar respectively (pound sterling exchange rate data as of the 28th), appreciating 0.7% and depreciating 0.2% respectively from last week; The Canadian dollar strengthened, closing at 1.2292, up 1.7% from last week, as the Bank of Canada took the lead in tapering. The average weekly price of gold in London this week was $1,774.8 per ounce, basically stable from last week, with a year-on-year increase of 1.2 percentage points to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/466474.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210501/20210501134714_46528.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.zhitongcaijing.com/content/detail/466474.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2132567538","content_text":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济快速复苏。但主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。居民消费：补贴推动商品消费，疫情缓和服务业修复。1)21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点。商品消费主要为耐用品推动，而服务消费对GDP拉动的改善幅度大于耐用品消费;2)月度高频角度，3月PCE同比8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。投资：设备投资改善显著，利率抑制地产投资，补库存并未出现。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善;2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持;3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增。美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。预计美国经济复苏2季度为高点，关注疫情后续进展。我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：预计1季度是商品消费高点，服务业消费将继续随着疫情缓和而渐进式恢复，但美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度;投资：非住宅投资的改善需要关注后续疫情进展。住宅投资将随着地产市场的逐步降温而走低;私人库存变动或要等到9月失业补贴结束之后得以改善。政府支出和净出口：政府支出预计将在4季度前持续对GDP同比形成正贡献。净出口将随着今年后期供需缺口的收窄而回到正常水平。二、全球宏观数据本周高频数据：美国耐用品新订单同环比均上升疫情：美国新增确诊病例下降。需求：日本零售销售同比大幅回升。供给与就业：美国耐用品新订单同环比均上升。贸易：美国3月进出口同比均大幅上升。通胀和大宗商品：油价小幅上行。房地产：美3月成屋签约销售指数上升。货币政策和汇率：美元指数下跌，黄金价格稳定。全球宏观日历：关注美国ISM制造业PMI正文一、周观点：美国一季度GDP究竟是偏强还是偏弱?1.21Q1美国GDP同比0.4%，略低于市场预期美国21Q1GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济相对较快的复苏。主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。2.居民消费：补贴推动商品消费，疫情缓和服务业修复21Q1高达2000美金/人的财政补贴拉动商品消费;疫情缓和推动服务消费恢复，但略弱于前期海外市场乐观预期。1)从季度角度看，21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点，从4季度对GDP最大的拖累项一跃转为最大的贡献项，显示一季度同时具备1月600美金补贴以及3月开始发放的1400美金补贴对消费的刺激效果，以及疫情缓和下服务消费的渐次释放。2)而从月度高频角度，3月PCE同比达到8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。其中，耐用品、服务消费同比增速再度提升，3月分别达到43.3%和4.8%，而非耐用品同比略有放缓(4.3%)，显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。商品消费、服务消费共同驱动个人消费支出高增。1)商品消费主要为耐用品推动。21Q1商品消费对GDP拉动3.2个百分点，较20Q4改善1.5个百分点，主要归功于耐用品在一季度财政刺激下再度高增，21Q1耐用品对GDP贡献度较4季度大幅改善1.3个百分点，而非耐用品对GDP贡献度仅小幅改善0.3个百分点;2)服务消费对GDP拉动效果的改善幅度大于耐用品消费。21Q1服务消费对GDP虽然仍为-1.4%的负拉动，但已较上季度大幅改善1.6个百分点，改善幅度更甚于耐用品消费，显示出服务消费在财政补贴+疫情缓和双重因素下改善的弹性更大。3.投资：设备投资改善显著，利率抑制地产投资，补库存并未出现非住宅投资对GDP拉动效果大幅改善，私人存货转为拖累。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善。私人投资改善的主要贡献因素为非住宅投资(改善0.6个百分点)，其中主要来自于设备投资，显示制造业企业对经济恢复前景保持乐观。2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持。拖累私人投资的主要因素为私人存货变动(拖累0.4个百分点)。3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。21Q1住宅投资对GDP的拉动保持稳定，但随着21年以来抵押贷款利率的逐步上行，美国房地产市场已经有所降温，住宅营建支出、成屋销售已经有所放缓，预计后续住宅投资对GDP的拉动效果将逐步下降。4.政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。1)出口拖累1个百分点，但已较上个季度改善0.2个百分点，显示美国工业生产的小幅恢复，但相比个人消费支出3.0个百分点的改善幅度仍然相形见绌，实际体现的是美国过度财政补贴下21Q1供需缺口的拉大;2)而进口在21Q1拖累GDP同比1.0个百分点，拖累程度较上季度大幅扩大0.9个百分点，美国供需缺口拉大的直接后果便是进口规模的扩大。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。5.预计美国经济复苏2季度为高点，关注疫情后续进展展望未来，我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：1)虽然21Q1商品消费显示出极为强劲的势头，但我们预计1季度已经是商品消费高点，后续将随着补贴退潮而逐步回落;2)服务业消费将继续随着疫情缓和而渐进式恢复，但3月以来全球疫情有所反弹，特别是在欧洲国家以及新兴国家，同时美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度。投资：1)21Q1非住宅投资的改善主要驱动力为经济向好预期，而从当前时点来看，全球疫情是决定经济恢复强度的核心因素，需要关注后续疫情进展;2)住宅投资将随着地产市场的逐步降温而走低;3)私人库存变动，即补库存的力度将依赖于美国供需撕裂的现状是否能够缓和，从当前来看，或要等到9月失业补贴结束之后，美国供需两端才能出现显著的弥合趋势，进而带动库存投资。政府支出和净出口：1)随着失业补贴在2、3季度的持续发放，政府支出预计将在4季度前持续对GDP同比形成正贡献，而如果美国就业计划或美国家庭计划能够在年内落地，也将提振政府支出水平;净出口方面，出口将依赖于美国工业生产恢复的进度，如上文所说，或要到4季度才能得到提振，进口则恰恰相反，将随着今年后期供需缺口的收窄而回落到正常水平。二、全球宏观数据：美国新增确诊病例下降1.疫情：美国新增确诊病例下降本周美国新增确诊病例下降。美国新增确诊7日平均下降至5.3万人以上。截止4月29日，全球新冠疫情累计确诊超过1.5亿，累计死亡病例314万人，累计康复病例1.2亿人。本周四天(4月27日-4月30日)美国、英国分别新增确诊病例22万人和0.9万人。截止4月28日，全球范围内平均每百人接种新冠疫苗最多的是以色列，达每百人121.1针，美国每百人70.2针，英国每百人70.9针。截止4月28日，全球范围内完全接种疫苗的人占人口比例最高的是以色列，达58.7%，美国、英国分别为29.3%、20.7%。2.需求：日本零售销售同比大幅回升日本零售销售和批发销售同比均大幅上行。日本3月零售销售指数同比5.3%，其中零售中纺织服装同比15.8%，3月批发销售指数同比1.0%。韩国3月零售销售同比持续增长，半耐用品消费大幅增长。韩国3月零售销售同比较上月上升3.5个百分点至13.5%，其中半耐用品消费增速最快，同比35.5%;耐用品同比13.6%，非耐用品同比6.5%。3.供给与就业：美国耐用品新订单同环比均上升美国耐用品库存上升，新订单增速同环比均上升。3月美国耐用品库存达4318.4亿美元，环比上升1.0%，同比增长1.7%。美国3月耐用品新订单环比上升0.5%，同比大幅上升25%。日本3月失业率下降至2.6%。3月日本失业率较上月下降0.3个百分点至2.6%。韩国工业生产指数同环比均上升，工业持续回升。韩国3月工业生产指数同比上升5.7%，环比上升0.8%至112.6。美国工业材料生产持续上升。1)截止4月24日当周，美国周度粗钢产量同比上升43.6%，产能利用率较上周小幅上升0.4个百分点至78.4%;2)截止4月23日，美国炼油厂可运营能力利用率上升0.4个百分点至85.4%。美国当周初请失业金人数小幅下降，持续申领失业金人数小幅上升。4月24日当周美国初请失业金人数达55.3万人，环比上周下降1.3万人;4月17日当周持续申领失业金人数达366万人，环比上升0.9万人。4.贸易：美国3月进出口同比均大幅上升美国3月进出口同比均大幅上升。美国3月出口增速较上月大幅上升16.5个百分点至11.5%，进口同比20.6%。美国3月份商品贸易差额为-905.9亿美元。5.通胀和大宗商品：油价小幅上行4月28日当周EIA原油库存上升900万桶，美国原油产量小幅下降10万桶/日至1090万桶/日。截止4月29日，WTI原油周均价上升至63.2美元/桶;布油周均价上升至66.6美元/桶。6.房地产：美国3月成屋签约销售指数同比上升美国2月标普/CS房价指数连续8个月上涨。2月美国标普/CS房价指数同比上升11.9%至246.0，连续8个月上涨。美国3月成屋签约销售指数同比大幅23.3%，环比1.9%。日本3月新屋开工、营建订单大幅上行。日本3月新屋开工同比1.5%，环比18.1%，3月营建订单数同比12.5%，环比192.7%，涨幅达到近一年最高。美国5年期抵押贷款利率下降，15年期、30年期抵押贷款利率上升。截止4月29日当周，5年期抵押贷款利率下降0.2个百分点至2.6%，15年期、30年期抵押贷款利率分别上升至2.3%和3.0%。截止4月23日当周，美国MBA市场指数下降18.2至706.6，房市热度小幅回落。7.货币政策和汇率：美元指数下跌，黄金价格基本稳定本周美联储议息会议召开，鲍威尔发言偏鸽，美元指数下跌，黄金价格基本稳定。当地时间4月28日，美联储公布议息会议声明，鲍威尔在会后新闻发布会上表示看到实质性进展仍需一些时间，在此之前会维持当前的资产购买规模，现在还未到讨论Taper的时间，美元指数持续下行。截至4月29日，美元指数报收90.6140，较上周下行0.7%;欧元、英镑兑美元汇率(英镑汇率数据截至28日)分别报收1.2129、1.3906，分别较上周升值0.7%、贬值0.2%;由于加拿大央行率先Taper，加元走强，报收1.2292，较上周升值1.7%。本周伦敦金周均价1774.8美元/盎司，较上周基本稳定，同比涨幅较上周下行1.2pct至3.6%。","news_type":1,"symbols_score_info":{"ZTmain":0.9,"ZBmain":0.9,"UBmain":0.9,"ZFmain":0.9,".DJI":0.9,"ZNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347713922,"gmtCreate":1618530491366,"gmtModify":1704712205071,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347713922","repostId":"2127088429","repostType":4,"repost":{"id":"2127088429","kind":"news","pubTimestamp":1618527482,"share":"https://ttm.financial/m/news/2127088429?lang=en_US&edition=fundamental","pubTime":"2021-04-16 06:58","market":"us","language":"zh","title":"Bezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees","url":"https://stock-news.laohu8.com/highlight/detail?id=2127088429","media":"腾讯科技","summary":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯 签署了其卸任首席执行官前的最后一封年度股东信。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。贝索斯说，他希望亚马逊将来为员工做同样的事情。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Science and Technology News April 16th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he sets out a broad vision for the company's future and is committed to extending Amazon's famous \"customer-first\" principle to giving equal care to its employees.</p><p>Bezos cited the results of a recent union vote conducted at an Amazon warehouse in Alabama as an example of why the company needs to navigate the challenge of its internal employees. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic campaign to unionize. If successful, this would represent Amazon's first union at a facility in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over the reins to Andy Jassy, CEO of Amazon's cloud computing arm AWS, who himself will serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a core set of leadership principles, the most important of which is the company's \"customer first\". Bezos said he wants Amazon to do the same for employees in the future. He wrote: \"Even though we have accomplished a lot, it is clear to me that we need a better vision in order for our employees to succeed. We have always wanted to be the most customer-focused company in the world. We are not changing that, which is why we are so successful. But I promise we are adding one and we will be the best employer and safest place to work in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a brutal and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls, or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but it is inaccurate. \"</p><p>Following his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40 percent of work injuries are sprains or strains, mostly due to repeating the same movement, which is common among new hires, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to take turns working on different jobs using other tendon sets. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what a reimagined focus of the company's business could mean for Amazon's future. He reiterated that Amazon is \"still on its first day of business,\" highlighting Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is concerned that the goal of being the 'best employer and safest place to work in the world' may distract us from being the 'most customer-focused company in the world,' then I hope you can put that concern aside. Think of it this way: If we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then we can certainly do the same with both vision statements. In fact, I believe they will reinforce each other. \"</p><p><b>The following is the full text of Bezos' new shareholder of the year:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create a \"franchise that lasts,\" one that redefines what it means to \"serve customers\" by unlocking the power of the internet. I've noticed that Amazon has grown from 158 employees to 614, and we have over 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon was \"still on its first day of business\".</p><p>We've come a long way since then and we've worked harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. There are over 1.9 million SMEs selling goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have put more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The home device is connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa, or AWS, and there wasn't even such an idea back then. We take a lot of risk with each big move and sweat and get creative in the process.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighth of the shares, the equivalent of $1.4 trillion in wealth created for others. Who are they? They included pension funds, universities, they were Mary and Larry, and just as I sat down to write this shareholder letter, they sent me all kinds of ideas out of the blue.</p><p>I hear similar stories all the time. I know some of these people who spend the money they earn from Amazon on college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we create for our shareholders. This is important because helping improves their lives. But I also know another thing: It's not yet the biggest part of the value we create.</p><p><b>Creating more value than consuming</b></p><p>If you want to be successful in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that cannot create value for the people it reaches, even if it appears to be successful on the surface, will not exist in the world for long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are projections of future cash flows and discounted back to the present. The stock market represents expectations. I'll change the subject now, though, and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are built to answer this question. Our net income in 2020 was $21.3 billion. If Amazon is not a publicly traded company with thousands of shareholders, but a sole proprietorship with one owner, that's all it will receive in 2020.</p><p>What about employee income? It's also a fairly easy value creation question to answer because we can look at the compensation spending situation. The expenses of the company represent the income of the employees. In 2020, employees earned $80 billion plus $11 billion in expenses (including benefits and various payroll taxes) for a total of $91 billion.</p><p>What about third-party sellers? We have an internal team (Sales Partner Service Team) to answer this question. They estimate that third-party sellers made between $25 billion and $39 billion in profit from selling goods on Amazon in 2020, and I'm assuming $25 billion here to be conservative.</p><p>As for customers, we have to break it down into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of selection, and fast delivery, but let's say we ignore all of this and only value one thing, which is that we save time for our customers.</p><p>Customers completed 28% of their purchases on Amazon in three minutes or less, and half of their purchases took less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching the store aisles, waiting in line to check out, finding your car, and then driving home again, research shows this takes an hour on average. If you assume that a typical Amazon purchase takes just 15 minutes and saves you several trips to a brick-and-mortar store a week, that saves over 75 hours a year. Which is important, after all in the early 2000s, we were all busy.</p><p>In this way, we can get a dollar number, let's assume the time saved is $10 per hour (which is conservative). 75 hours times $10 an hour, minus the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because the workload is very different for each customer, but we do it anyway because we acknowledge beforehand that the error is high. Direct cost improvements from cloud operations versus on-site operations vary, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, that 30% meant $19 billion in customer value was created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings. Conservatively, I think that part of the value AWS created for customers in 2020 was worth a whopping $38 billion.</p><p>Add the value created for AWS and consumer customers together, and the total customer value we created in 2020 amounted to $164 billion. In total, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group has an income statement that represents their interactions with Amazon, then the numbers above are the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, i.e. we create value for them. This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Within the larger framework of society as a whole, you will find that invention is at the root of all real value creation, and the value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively simple relationship with shareholders who invest and hold shares for a period of their choosing. We rarely provide guidance to our shareholders on matters such as annual meetings and proper voting procedures. Even then, they can ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have processes they follow and criteria to evaluate their performance. We need training and various certifications. Employees must be at work at an agreed time. Our interactions with our employees are plentiful and fine-grained. It's not just a matter of wages and benefits, it also touches on all the other details aspects of the relationship.</p><p>Am I comforted by the results of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls and treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed employees at distribution centers, 94% said they would recommend a trip to Amazon for work to a friend.</p><p>Employees can use informal breaks during shifts to stretch, fetch water, use the restroom, or talk to a manager, all without compromising their performance. These informal hours are in addition to the 30-minute lunch and 30-minute break in their regular routine.</p><p>Instead of setting unreasonable performance targets, we set achievable performance targets that take into account tenure and actual employee performance data. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that a variety of factors can affect their performance in any given week, day or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of the training is positive, offered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, the number was even lower due to the impact of the COVID-19 pandemic on operations.</p><p><b>The World's Best Employers and Safest Workplaces</b></p><p>The truth is that the huge team of thousands leading Amazon's operations always cares deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that does not just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who never get that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We are not going to change that, which is why we have been so successful. But I promise we're going to add one, and we're going to be the best employer and the safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best. This is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of the best employers and safest workplaces in the world. In details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual work for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 work locations in North America and Europe, where we train a small group of employees about body mechanics, being proactive in staying healthy and safe. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, resulting in a more than half reduction in the number of MSDs who had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not go with the crowd because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessments reflect what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the country by increasing starting pay to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of employees saying they'd recommend Amazon jobs to friends, but rather have to aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholders are worried that the goal of being'the best employer and safest workplace in the world'may distract us from being'the most customer-focused company in the world'then I hope you can put that concern aside. Think of it this way: if we can run two different businesses at the same time, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they will reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to demonstrate that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are totally true, as is climate change.</p><p>Not so long ago, most people thought fighting climate change was a good thing, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</p><p>But that does not mean that it will be an easy task. The next decade will be decisive. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we wanted to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing nearly all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions in their global operations by 2040, 10 years ahead of the Paris Agreement target. Subsequent vows also require them to regularly measure and report greenhouse gas emissions, implement decarbonisation strategies through real business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy, with 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, and 125 distribution and sorting centers with solar roofs. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net-zero carbon emissions by 2040. To help quickly accelerate the market for EV technology and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will hit the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tonnes of carbon emissions. One of the big reasons we want other businesses to join the Climate Pledge is to signal to the market that businesses should start inventing and developing new technologies that the signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build a zero-carbon economy of the future.</p><p>I also personally contribute $10 billion in grants to help drive the systemic change we need over the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing I have to impart to you. I hope all Amazonians take this to heart.</p><p>There is a passage in Richard Dawkins's book The Blind Watch Maker about a fundamental fact of biology:</p><p>\"Avoiding death is something you have to try to do. The body tends to return to a state of equilibrium with its environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electrical charge within an organism, it is common to find that they differ significantly from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the temperature of our surroundings, and in cold climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference begins to disappear, and eventually our body temperature is the same as our surroundings. Of course, not all animals struggle to avoid balancing with their surrounding temperatures, but all animals make similar efforts to avoid merging with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if organisms do not actively stop water loss, they will eventually blend into their surroundings and no longer exist as self-conscious organisms. That's what happens when they die. \"</p><p>While this passage is not a metaphor, it is nonetheless a fantastic article and relevant to Amazon. I even think that it is relevant to all companies, all institutions, and every one of our lives. In what ways does the world draw you in, trying to keep you supposedly \"normal\"? How much effort does it take to maintain your uniqueness? Is it to live or to make it more important to stay different?</p><p>I know a happy couple who often encounter this scene during their relationship: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. The deep truth, of course, is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier and consume less energy if we are slightly more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to'be yourself'. What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be normal, and it will do everything it can to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. This statement is misleading. It pays to be yourself, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make the Amazon oblivious and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>As always, I attach our 1997 shareholder letter. It concluded by saying: \"Amazon.com appreciates the support and trust of its customers, each other's hard work, and its shareholders for their support and encouragement.\" Nothing has changed. I would like to especially thank Jassy for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I assure you, Jassy will not let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and set us apart. It is not easy, but it is crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than you consume, and never let the universe draw you into your surroundings. It is still the first day of starting a business. (Tencent Technology Review/Golden Deer)</p>","source":"tencent","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>Bezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees</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\">\nBezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-04-16 06:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Science and Technology News April 16th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he sets out a broad vision for the company's future and is committed to extending Amazon's famous \"customer-first\" principle to giving equal care to its employees.</p><p>Bezos cited the results of a recent union vote conducted at an Amazon warehouse in Alabama as an example of why the company needs to navigate the challenge of its internal employees. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic campaign to unionize. If successful, this would represent Amazon's first union at a facility in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over the reins to Andy Jassy, CEO of Amazon's cloud computing arm AWS, who himself will serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a core set of leadership principles, the most important of which is the company's \"customer first\". Bezos said he wants Amazon to do the same for employees in the future. He wrote: \"Even though we have accomplished a lot, it is clear to me that we need a better vision in order for our employees to succeed. We have always wanted to be the most customer-focused company in the world. We are not changing that, which is why we are so successful. But I promise we are adding one and we will be the best employer and safest place to work in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a brutal and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls, or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but it is inaccurate. \"</p><p>Following his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40 percent of work injuries are sprains or strains, mostly due to repeating the same movement, which is common among new hires, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to take turns working on different jobs using other tendon sets. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what a reimagined focus of the company's business could mean for Amazon's future. He reiterated that Amazon is \"still on its first day of business,\" highlighting Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is concerned that the goal of being the 'best employer and safest place to work in the world' may distract us from being the 'most customer-focused company in the world,' then I hope you can put that concern aside. Think of it this way: If we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then we can certainly do the same with both vision statements. In fact, I believe they will reinforce each other. \"</p><p><b>The following is the full text of Bezos' new shareholder of the year:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create a \"franchise that lasts,\" one that redefines what it means to \"serve customers\" by unlocking the power of the internet. I've noticed that Amazon has grown from 158 employees to 614, and we have over 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon was \"still on its first day of business\".</p><p>We've come a long way since then and we've worked harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. There are over 1.9 million SMEs selling goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have put more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The home device is connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa, or AWS, and there wasn't even such an idea back then. We take a lot of risk with each big move and sweat and get creative in the process.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighth of the shares, the equivalent of $1.4 trillion in wealth created for others. Who are they? They included pension funds, universities, they were Mary and Larry, and just as I sat down to write this shareholder letter, they sent me all kinds of ideas out of the blue.</p><p>I hear similar stories all the time. I know some of these people who spend the money they earn from Amazon on college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we create for our shareholders. This is important because helping improves their lives. But I also know another thing: It's not yet the biggest part of the value we create.</p><p><b>Creating more value than consuming</b></p><p>If you want to be successful in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that cannot create value for the people it reaches, even if it appears to be successful on the surface, will not exist in the world for long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are projections of future cash flows and discounted back to the present. The stock market represents expectations. I'll change the subject now, though, and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are built to answer this question. Our net income in 2020 was $21.3 billion. If Amazon is not a publicly traded company with thousands of shareholders, but a sole proprietorship with one owner, that's all it will receive in 2020.</p><p>What about employee income? It's also a fairly easy value creation question to answer because we can look at the compensation spending situation. The expenses of the company represent the income of the employees. In 2020, employees earned $80 billion plus $11 billion in expenses (including benefits and various payroll taxes) for a total of $91 billion.</p><p>What about third-party sellers? We have an internal team (Sales Partner Service Team) to answer this question. They estimate that third-party sellers made between $25 billion and $39 billion in profit from selling goods on Amazon in 2020, and I'm assuming $25 billion here to be conservative.</p><p>As for customers, we have to break it down into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of selection, and fast delivery, but let's say we ignore all of this and only value one thing, which is that we save time for our customers.</p><p>Customers completed 28% of their purchases on Amazon in three minutes or less, and half of their purchases took less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching the store aisles, waiting in line to check out, finding your car, and then driving home again, research shows this takes an hour on average. If you assume that a typical Amazon purchase takes just 15 minutes and saves you several trips to a brick-and-mortar store a week, that saves over 75 hours a year. Which is important, after all in the early 2000s, we were all busy.</p><p>In this way, we can get a dollar number, let's assume the time saved is $10 per hour (which is conservative). 75 hours times $10 an hour, minus the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because the workload is very different for each customer, but we do it anyway because we acknowledge beforehand that the error is high. Direct cost improvements from cloud operations versus on-site operations vary, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, that 30% meant $19 billion in customer value was created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings. Conservatively, I think that part of the value AWS created for customers in 2020 was worth a whopping $38 billion.</p><p>Add the value created for AWS and consumer customers together, and the total customer value we created in 2020 amounted to $164 billion. In total, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group has an income statement that represents their interactions with Amazon, then the numbers above are the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, i.e. we create value for them. This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Within the larger framework of society as a whole, you will find that invention is at the root of all real value creation, and the value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively simple relationship with shareholders who invest and hold shares for a period of their choosing. We rarely provide guidance to our shareholders on matters such as annual meetings and proper voting procedures. Even then, they can ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have processes they follow and criteria to evaluate their performance. We need training and various certifications. Employees must be at work at an agreed time. Our interactions with our employees are plentiful and fine-grained. It's not just a matter of wages and benefits, it also touches on all the other details aspects of the relationship.</p><p>Am I comforted by the results of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls and treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed employees at distribution centers, 94% said they would recommend a trip to Amazon for work to a friend.</p><p>Employees can use informal breaks during shifts to stretch, fetch water, use the restroom, or talk to a manager, all without compromising their performance. These informal hours are in addition to the 30-minute lunch and 30-minute break in their regular routine.</p><p>Instead of setting unreasonable performance targets, we set achievable performance targets that take into account tenure and actual employee performance data. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that a variety of factors can affect their performance in any given week, day or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of the training is positive, offered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, the number was even lower due to the impact of the COVID-19 pandemic on operations.</p><p><b>The World's Best Employers and Safest Workplaces</b></p><p>The truth is that the huge team of thousands leading Amazon's operations always cares deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that does not just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who never get that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We are not going to change that, which is why we have been so successful. But I promise we're going to add one, and we're going to be the best employer and the safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best. This is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of the best employers and safest workplaces in the world. In details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual work for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 work locations in North America and Europe, where we train a small group of employees about body mechanics, being proactive in staying healthy and safe. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, resulting in a more than half reduction in the number of MSDs who had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not go with the crowd because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessments reflect what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the country by increasing starting pay to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of employees saying they'd recommend Amazon jobs to friends, but rather have to aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholders are worried that the goal of being'the best employer and safest workplace in the world'may distract us from being'the most customer-focused company in the world'then I hope you can put that concern aside. Think of it this way: if we can run two different businesses at the same time, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they will reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to demonstrate that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are totally true, as is climate change.</p><p>Not so long ago, most people thought fighting climate change was a good thing, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</p><p>But that does not mean that it will be an easy task. The next decade will be decisive. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we wanted to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing nearly all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions in their global operations by 2040, 10 years ahead of the Paris Agreement target. Subsequent vows also require them to regularly measure and report greenhouse gas emissions, implement decarbonisation strategies through real business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy, with 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, and 125 distribution and sorting centers with solar roofs. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net-zero carbon emissions by 2040. To help quickly accelerate the market for EV technology and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will hit the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tonnes of carbon emissions. One of the big reasons we want other businesses to join the Climate Pledge is to signal to the market that businesses should start inventing and developing new technologies that the signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build a zero-carbon economy of the future.</p><p>I also personally contribute $10 billion in grants to help drive the systemic change we need over the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing I have to impart to you. I hope all Amazonians take this to heart.</p><p>There is a passage in Richard Dawkins's book The Blind Watch Maker about a fundamental fact of biology:</p><p>\"Avoiding death is something you have to try to do. The body tends to return to a state of equilibrium with its environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electrical charge within an organism, it is common to find that they differ significantly from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the temperature of our surroundings, and in cold climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference begins to disappear, and eventually our body temperature is the same as our surroundings. Of course, not all animals struggle to avoid balancing with their surrounding temperatures, but all animals make similar efforts to avoid merging with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if organisms do not actively stop water loss, they will eventually blend into their surroundings and no longer exist as self-conscious organisms. That's what happens when they die. \"</p><p>While this passage is not a metaphor, it is nonetheless a fantastic article and relevant to Amazon. I even think that it is relevant to all companies, all institutions, and every one of our lives. In what ways does the world draw you in, trying to keep you supposedly \"normal\"? How much effort does it take to maintain your uniqueness? Is it to live or to make it more important to stay different?</p><p>I know a happy couple who often encounter this scene during their relationship: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. The deep truth, of course, is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier and consume less energy if we are slightly more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to'be yourself'. What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be normal, and it will do everything it can to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. This statement is misleading. It pays to be yourself, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make the Amazon oblivious and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>As always, I attach our 1997 shareholder letter. It concluded by saying: \"Amazon.com appreciates the support and trust of its customers, each other's hard work, and its shareholders for their support and encouragement.\" Nothing has changed. I would like to especially thank Jassy for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I assure you, Jassy will not let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and set us apart. It is not easy, but it is crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than you consume, and never let the universe draw you into your surroundings. It is still the first day of starting a business. (Tencent Technology Review/Golden Deer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://inews.gtimg.com/newsapp_match/0/13415912595/0","relate_stocks":{"03086":"华夏纳指","09086":"华夏纳指-U","AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2127088429","content_text":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯（Jeff Bezos）签署了其卸任首席执行官前的最后一封年度股东信。他在信中对公司未来提出了广阔的愿景，并致力于将亚马逊著名的“客户至上”准则延伸到给与员工同等关爱方面。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。上周，亚马逊在其位于阿拉巴马州贝塞默的仓库获得了足够的选票，挫败了一项历史性的工会组织运动。如果成功，这将代表亚马逊在美国的设施中成立的第一个工会。贝索斯将于今年第三季度辞去首席执行官一职，将权力移交给亚马逊云计算部门AWS首席执行官安迪·雅西(Andy Jassy)，其本人将担任执行董事长。他在信中表示：“虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。”众所周知，亚马逊拥有一套核心的领导原则，其中最重要的一条就是公司“客户至上”。贝索斯说，他希望亚马逊将来为员工做同样的事情。他写道：“尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。”贝索斯还驳斥了有关亚马逊在其仓库中创造了一种野蛮残酷的职场文化的说法。他写道：“我们的员工有时会被称为绝望的灵魂，或被当作机器人对待，但这是不准确的。”在担任执行董事长的新角色后，贝索斯计划专注于如何让亚马逊的仓库变得更安全。他说，大约40%的工伤是扭伤或拉伤，主要是由于重复相同的动作所致，这在新员工中很常见。为了帮助减少这些类型的伤害，亚马逊正在开发自动化的人员配备时间表，让员工轮流从事使用其他肌腱组的不同工作。该公司预计将于今年晚些时候开始部署这项技术。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。他重申，亚马逊“仍然处于创业第一天”，并强调了亚马逊的持续增长，包括该公司目前拥有2亿Prime订户，高于去年年初的1.5亿。贝索斯说：“如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。”以下为贝索斯年度股东新全文：在1997年写给亚马逊股东的信中，也就是我们的第一封股东信，我谈到了我们希望创造一种“经久不衰的特许经营权”，一种通过释放互联网的力量来重新定义“服务客户”的意义。我注意到亚马逊已经从158名员工增长到614人，我们的客户账户已经超过150万。我们刚刚以每股1.50美元的拆分调整后股价上市。当时，我提到了亚马逊“仍然处于创业第一天”状态。从那时起，我们已经走过了很长一段路，我们比以往任何时候都更加努力地服务和取悦客户。去年，我们雇佣了50万名员工，现在直接在世界各地雇佣了130万人。我们在全球拥有2亿多名Prime会员。在我们Marketplace平台上销售商品的中小企业超过190万家，占我们零售额的近60%。这些客户已将1亿多台智能家居设备连接到智能助手Alexa上。AWS为数百万客户提供服务，2020年底的年化运行率为500亿美元。1997年，我们还没有推出Prime、Marketplace、Alexa或AWS，那时候甚至都没有这样的想法。我们的每次大动作都冒了很大的风险，并在此过程中付出了汗水和发挥了创造力。一路走来，我们为股东创造了1.6万亿美元的财富。他们是谁？我就是其中之一，我在亚马逊的股权让我变得富有。但超过八分之七的股份，相当于1.4万亿美元的财富创造为他人所有。他们是谁？他们包括养老基金、大学，他们是玛丽和拉里，就在我坐下来写这封股东信的时候，他们突如其来地给我发来各种想法。我总是听到类似的故事。我认识其中的一些人，他们把从亚马逊赚来的钱用在大学、紧急情况、住房、度假、创业和慈善事业上。我为我们为股东创造的财富感到自豪。这很重要，因为帮助改善了他们的生活。但我还知道另一件事：这还不是我们创造的价值中最大的一部分。创造比消费更有价值如果你想在商业上取得成功(实际上是在生活中)，你必须创造比消费更多的东西。你的目标应该是为你交往的每一个人创造价值。任何不能为其接触到的人创造价值的企业，即使表面上看起来很成功，也不会在这个世界上存在很长时间，很快就会被淘汰。记住，股票价格不是关于过去的，它们是对未来现金流的预测，并折现回到现在。股市代表着期望。不过，我现在要换个话题，谈谈过去的事。我们在2020年为股东创造了多少价值？这是个相对容易回答的问题，因为会计系统就是为回答这个问题而设立的。我们在2020年的净利润为213亿美元。如果亚马逊不是一家拥有数千名股东的上市公司，而是一家只有一个所有者的独资企业，那么这就是其在2020年获得的全部收入。员工收入呢？这也是一个相当容易回答的价值创造问题，因为我们可以看看薪酬支出情况。公司的支出就代表员工的收入。2020年，员工的收入为800亿美元，外加110亿美元开支(包括福利和各种工资税)，总计910亿美元。第三方卖家呢？我们有个内部团队(销售合作伙伴服务团队)来回答这个问题。他们估计，2020年，第三方卖家在亚马逊上销售商品获得的利润在250亿至390亿美元之间，为了保守起见，我在这里假设为250亿美元。至于客户，我们必须将其细分为消费者客户和AWS客户。首先是消费者，我们为其提供低廉的价格、丰富的选择和快速的交货服务，但是假设我们忽略了所有这些，并且只看重一件事，那就是我们为客户节省了时间。顾客在亚马逊上在三分钟或更短的时间内完成了28%的购买，半数购买不到15分钟就搞定。与典型的实体店购物之旅相比，需要开车、停车、搜索商店过道、排队结账、找到你的车，然后再开车回家，研究表明这平均需要一个小时。如果你假设典型的亚马逊购物只需要15分钟，一周可以节省你几次去实体店的路程，那么每年就节省了75个小时以上。这很重要，毕竟在21世纪初，我们都很忙碌。这样，我们就可以得到一个美元数字，让我们把节省的时间假设为每小时10美元（这是保守的）。75小时乘以每小时10美元，减去Prime的成本，我们就可以为每个Prime会员创造约630美元的价值。我们有2亿Prime会员，这意味着2020年创造的价值总计为1260亿美元。对AWS客户创造的价值进行评估很有挑战性，因为每个客户的工作量截然不同，但我们无论如何都会这样做，因为我们事先承认误差很高。云端运营与现场运营带来的直接成本改善各不相同，但合理的估计是30%。在AWS 2020年全年450亿美元的收入中，这30%意味着创造了190亿美元客户价值。这项评估工作的困难之处在于，直接降低成本是迁移到云端为客户带来的好处中最小的一部分。更大的好处是提高了软件开发的速度，这可以显著提高客户的竞争力和收入。我们没有合理的方法来估计客户价值的这一部分，只能说它几乎肯定大于直接节省的成本。保守地说，我认为AWS在2020年为客户创造的这部分价值高达380亿美元。将为AWS和消费者客户创造的价值加在一起，我们在2020年创造的客户总价值达到1640亿美元。总的来说，我们在2020年为股东创造了210亿美元价值、为员工创造了910亿美元、为第三方卖家创造250亿美元、为客户创造1640亿美元，总计3010亿美元。如果每个群体都有一份损益表，代表他们与亚马逊的互动，那么上面的数字就是这些损益表的“底线”。这些数字是人们为我们工作、卖家通过我们销售以及客户从我们这里购买的部分原因，即我们为他们创造了价值。这种价值创造不是“零和游戏”。这不仅仅是把钱从一个口袋转到另一个口袋。在整个社会的大框架内，你会发现发明是所有真正价值创造的根源，而创造的价值最好被认为是创新的衡量标准。当然，我们与这些选民的关系和我们创造的价值不仅仅是金钱。金钱并不能说明问题的全部。例如，我们与股东的关系相对简单，他们在自己选择的期限内投资和持有股票。我们很少就年度会议和正确的投票程序等事项向股东提供指导。即便如此，他们也可以无视这些指示，直接跳过投票。我们与员工的关系是截然不同的例子。我们有他们遵循的流程和评估他们表现的标准。我们需要培训和各种认证。员工必须在约定的时间上班。我们与员工的互动很多，而且是细粒度的。这不仅仅是工资和福利的问题，它还涉及到双方关系的所有其他细节方面。我对贝塞默最近工会投票的结果感到安慰吗？不，我没有。我认为我们需要为我们的员工做得更多。虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被称为绝望的灵魂，被当作机器人对待。但这是不准确的。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查配送中心的员工时，94%的人说他们会向朋友推荐前往亚马逊上班。员工可以在轮班期间利用非正式休息时间伸展身体、取水、使用洗手间或与经理交谈，所有这些都不会影响他们的表现。这些非正式的工作时间是对他们正常作息时间中30分钟午餐和30分钟休息时间的补充。我们没有设定不合理的绩效目标，而是设定了可实现的绩效目标，将任期和实际员工绩效数据考虑在内。员工的表现是在很长一段时间内综合评估的结果，因为我们知道，在任何给定的一周、一天或一小时内，各种因素都会影响他们的表现。如果员工在一段时间内未能达到绩效目标，他们的经理会与他们交谈并提供指导。培训也扩展到那些表现出色并能承担更多责任的员工身上。事实上，82%的培训是积极的，提供给达到或超过预期的员工。我们解雇了不到2.6%的员工，因为他们无法履行自己的职责。2020年，由于新冠肺炎疫情对运营的影响，这个数字甚至更低。世界上最好的雇主和最安全的工作场所事实是，领导亚马逊运营的数千人庞大团队始终非常关心我们的临时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊是一家不仅仅为计算机科学家和拥有高级学位的人创造就业机会的公司，我们也为那些从未获得这种优势的人创造就业机会。尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。在我即将担任执行董事长的职位上，我将把重点放在新的倡议上。我是个发明家，这是我最喜欢的，也是我最擅长的。这是我创造最大价值的地方。我很高兴能与我们运营部门充满激情的庞大团队一起工作，在这个世界上最好雇主和最安全工作场所的竞技场上帮助发明。在细节上，我们亚马逊总是灵活的，但在愿景问题上，我们是固执和无情的。当我们下定决心做某事时，我们从来没有失败过，在这一点上我们也不会失败。我们深入探讨安全问题。例如，亚马逊约40%的工伤与肌肉骨骼疾病(MSD)有关，即反复运动可能导致的扭伤或拉伤等疾病。MSD在我们从事的这类工作中很常见，而且更有可能发生在员工入职的前六个月。我们需要为新员工发明减少MSD的解决方案，他们中的许多人可能是第一次参加实际工作。WorkingWell就是一个这样的项目，我们于2020年在北美和欧洲的350个工作地点向85.9万名员工推出了这个项目，我们在那里培训一小群员工有关身体力学、积极主动保持健康和安全方面的知识。除了减少工伤，这些概念对日常工作以外的活动也有积极影响。我们正在开发新的自动化人员配备时间表，它使用复杂的算法在使用不同肌腱组的工作之间轮换员工，以减少重复运动，帮助保护员工免受MSD风险。这项新技术是我们将在2021年推出的工作轮换计划的核心。我们对MSD早期预防的更多关注已经取得了成效。从2019年到2020年，总体MSD减少了32%，导致必须离开工作岗位的MSD减少了一半以上。我们在亚马逊雇佣了6200名安全专业人员。他们使用安全科学来解决复杂的问题，并建立新的行业最佳实践标准。2021年，我们将在安全项目上投资超过3亿美元，其中包括最初的6600万美元，用于创造有助于防止叉车和其他类型工业车辆相撞的技术。当我们带头这样做的时候，其他人就会跟随。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先而不是随大流，因为我们认为这样做是正确的。加州大学伯克利分校和布兰迪斯大学的经济学家最近发表的一篇论文，分析了我们决定将最低起薪提高到每小时15美元的影响。他们的评估反映了我们从员工、他们的家人和他们所居住的社区那里听到的情况。我们提高了起薪不仅使我们自己的员工受益，也使同一社区的其他工人受益，从而提振了全国各地的地方经济。研究表明，在同一劳动力市场中，我们的加薪导致其他雇主的平均时薪增加了4.7%。我们的领导工作还没有结束。如果我们想成为世界上最好的雇主，我们不应该满足于94%的员工说他们会向朋友推荐亚马逊的工作，而是必须以100%为目标。我们将通过继续在工资、福利、提升技能机会和其他方面领先，随着时间的推移，我们将做到这一点。如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。气候誓言在这封信的早期草稿中，我以论证和例子开始了这一部分，这些论点和例子旨在证明人类导致的气候变化是真实存在的。但是，坦率地说，我认为我们现在可以停止这样说了。你不必说光合作用是真实存在的，或者说重力是真实存在的，或者海平面上的水是在100摄氏度沸腾的。这些事情完全是真的，气候变化也是如此。不久前，大多数人认为应对气候变化是好事，但他们也认为这会付出高昂的代价，并会威胁到就业、竞争力和经济增长。我们现在知道得更清楚了。应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，效率更高的工人，以及更繁荣的未来。但这并不意味着其是一件容易的事，未来十年将是决定性的十年。2030年的经济将需要与今天有很大的不同，亚马逊计划成为这一变化的核心。我们在2019年9月与Global Optimism组织共同发起了“气候誓言”，因为我们希望帮助推动这场积极的革命。我们需要成为一个不断壮大的企业团队中的一员，他们了解21世纪的紧迫性和机遇。现在，不到两年后，代表几乎所有经济部门的53家公司签署了气候誓言。百思买、IBM、印孚瑟斯、梅赛德斯-奔驰、微软、西门子和Verizon等公司承诺，到2040年，其全球业务将实现净零碳排放，比《巴黎协议》提前10年实现目标。其后誓言还要求它们定期测量和报告温室气体排放，通过真正的商业变革和创新实施脱碳战略，并通过额外的、可量化的、真实的、永久的和对社会有益的补偿来中和任何剩余的排放。可信的、高质量的补偿是宝贵的，我们应该保留它们，以补偿那些不存在低碳替代品的经济活动。气候誓言签字方正在做出有意义的、切实的和雄心勃勃的承诺。Uber的目标是到2030年在加拿大、欧洲和美国成为零碳排放平台，Henkel计划100%使用可再生能源生产电力。亚马逊正在朝着我们自己的目标前进，即到2025年100%使用可再生能源，比我们最初设定的2030年目标提前了五年。亚马逊是全球最大的可再生能源企业买家，我们在全球有62个电网规模的风能和太阳能项目，以及125个铺设太阳能屋顶的配送和分类中心。这些项目的发电能力超过6.9千兆瓦，每年提供超过2000万兆瓦时的能源。运输是亚马逊商业运营的重要组成部分，也是我们到2040年实现净零碳排放计划中最艰难的部分。为了帮助快速加速电动汽车技术的市场，并帮助所有公司过渡到更环保的技术，我们向Rivian投资了超过10亿美元，并向该公司订购了10万辆电动送货车。我们还与印度Mahindra和欧洲的梅赛德斯-奔驰建立了合作伙伴关系。这些来自Rivian的定制电动送货车辆已经投入运营，并于今年2月首次在洛杉矶上路。1万辆新车最早将于明年上路，到2030年，所有10万辆车将全部上路，可减少数百万吨碳排放。我们希望其他企业加入气候誓言的一个重要原因是向市场发出信号，企业应该开始发明和开发签字方需要履行承诺的新技术。我们购买10万辆Rivian电动送货车就是一个很好的例子。为了进一步加快对建设零碳经济所需新技术的投资，我们于去年6月推出了气候誓言基金(Climate Pledge Fund)。该投资计划从20亿美元开始，投资于有远见的公司，旨在促进向低碳经济的过渡。亚马逊已经宣布投资于CarbonCure Technologies、Pachama、Redwood Materials、Rivian、Turntide Technologies、ZeroAvia和Infinium，而且它们只是我们希望建立未来零碳经济的创新公司中的一部分。我还个人出资100亿美元提供赠款，帮助推动我们在未来十年所需的系统性变革。我们将支持顶尖的科学家、活动家、非政府组织、环境正义组织和其他致力于抗击气候变化和保护自然世界的人。去年年底，我向16个致力于创新和移动解决方案的组织提供了我的第一轮赠款。这将是大公司、小公司、全球组织和个人的集体行动，我很高兴能成为这一旅程的一部分，并乐观地认为人类可以团结起来解决这一挑战。保持差异化才能生存这是我作为亚马逊首席执行官签署的最后一封年度股东信，我觉得有最后一件极其重要的事情必须传授给大家。我希望所有亚马逊人都把这件事放在心上。理查德·道金斯(Richard Dawkins)出版的《盲眼钟表匠》(The Blind Watch Maker)一书中曾有过这样一段话，它攸关于生物学的一个基本事实：“避免死亡是你必须努力去做的事情。如果顺其自然（比如死亡），身体往往会恢复到与环境的平衡状态。如果你测量某些变量，如生物体内的温度、酸度、水分或电荷，通常会发现它们与周围环境中相应的测量结果有很大不同。例如，我们的体温通常比周围环境温度更高，在寒冷的气候下，身体必须努力工作才能保持这种差异。但当我们死后，这种机能就会停止，温差也开始消失，最终我们体温与周围环境相同。当然，并不是所有的动物都在努力避免与周围的温度达到平衡，但所有的动物都做了类似避免与周围环境融合的努力。例如，在干旱的国家，动植物努力保持细胞中的液体含量，这与水从细胞流向干燥外部世界的自然趋势背道而驰。如果他们失败了，他们就会死。更广泛地说，如果生物不积极地阻止水分流失，它们最终会融入周围环境，不再作为拥有自我意识的生物存在。这就是他们死后会发生的事情。”虽然这段话不是一个比喻，但它仍然是一篇奇妙的文章，与亚马逊息息相关。我甚至认为，它与所有公司、所有机构以及我们每个人的生活都相关。这个世界用什么方式吸引你，试图让你保持所谓的“正常”？要保持你的独特性需要做多少努力？是为了活下去还是为了让保持众不同更重要？我认识一对幸福的夫妇，他们在相处过程中经常会遇到这样的场景：丈夫经常会假装痛苦地看着妻子，对她说：“你就不能正常一点儿吗？”然后他们都微笑或大笑起来。当然，深刻的事实是，他喜欢她的独特之处。但是，与此同时，如果我们稍微正常一点，事情往往会变得更容易，消耗更少的能量，这也是事实。我们都知道独特性（原创性）是有价值的，我们都被教导要“做你自己”。我真正要求你们做的是拥抱并现实地认识到保持这种独特性需要付出多大的努力。这个世界希望你成为普通人，它会千方百计地吸引你，但别让这种情况发生。你必须为自己的与众不同付出代价，但这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的，你必须不断地投入努力。这个世界总是试图让亚马逊变得泯然众人，让我们与我们的环境保持平衡。这将需要持续的努力，但我们可以而且必须做得更好。我一如既往地附上我们1997年的股东信。它在最后写道：“亚马逊网感谢客户的支持和信任，感谢彼此的辛勤工作，感谢股东们的支持和鼓励。”这一点都没变。我要特别感谢贾西同意担任首席执行官一职，这是一项责任重大的艰难工作。贾西才华横溢，信奉最高的标准。我向你们保证，贾西不会让世界把我们变成普通人，他会聚集我们所需的能量，让我们的内心保持活力，让我们与众不同。这并不容易，但却至关重要。我认为他将会让所有人满意。谢谢你，贾西！致你们所有人：要保持善良，要有独创性，创造的东西要比消费的多，永远不要让宇宙吸引你融入周围的环境。现在仍然是创业第一天。（腾讯科技审校/金鹿）","news_type":1,"symbols_score_info":{"03086":0.9,"09086":0.9,"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":4259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380524250,"gmtCreate":1612562857270,"gmtModify":1704872893380,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380524250","repostId":"1157280058","repostType":4,"repost":{"id":"1157280058","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":1612537534,"share":"https://ttm.financial/m/news/1157280058?lang=en_US&edition=fundamental","pubTime":"2021-02-05 23:05","market":"us","language":"zh","title":"Foreign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.","url":"https://stock-news.laohu8.com/highlight/detail?id=1157280058","media":"老虎资讯综合","summary":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据","content":"<p>According to a Wall Street Journal report on February 5, Oxford University and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the variant strain found in the UK. The Wall Street Journal emphasized that the above findings come from a small-scale study and are preliminary results that have not yet been formally reviewed by other scientists.</p><p>In addition, according to a Reuters report on February 5, Andrew Pollard, the principal investigator of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that the AstraZeneca/Oxford COVID-19 vaccine not only protected against the original virus, but also against the new variant B.1.1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" 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>Foreign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.</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\">\nForeign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.\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\">2021-02-05 23:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to a Wall Street Journal report on February 5, Oxford University and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the variant strain found in the UK. The Wall Street Journal emphasized that the above findings come from a small-scale study and are preliminary results that have not yet been formally reviewed by other scientists.</p><p>In addition, according to a Reuters report on February 5, Andrew Pollard, the principal investigator of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that the AstraZeneca/Oxford COVID-19 vaccine not only protected against the original virus, but also against the new variant B.1.1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82498704f805f2f46f40d2a1a0e8b335","relate_stocks":{"AZN":"阿斯利康","AZN.UK":"阿斯利康制药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157280058","content_text":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据路透社2月5日消息，牛津疫苗试验的首席研究员安德鲁·波拉德表示，在英国进行的ChAdOx1疫苗试验的数据表明，阿斯利康/牛津新冠疫苗不仅可以抵御最初的病毒，还可以抵御新变体B.1.1.7。","news_type":1,"symbols_score_info":{"AZN.UK":0.9,"AZN":0.9}},"isVote":1,"tweetType":1,"viewCount":4651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":162804359,"gmtCreate":1624053729771,"gmtModify":1703827578736,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162804359","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","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":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</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>AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":4798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927895289,"gmtCreate":1672443979141,"gmtModify":1676538691446,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"<a 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15:45","market":"us","language":"zh","title":"Was the US GDP relatively strong or weak in the first quarter?","url":"https://stock-news.laohu8.com/highlight/detail?id=2132567538","media":"智通财经网","summary":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%","content":"<p><b>This article is from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>\"Macroeconomic\".</b></p><p>Abstract</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>The US GDP grew by 0.4% year-on-year in Q1 2021, slightly lower than market expectations.</b>The US GDP grew 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. However, the main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow recovery of production caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><b>Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b>1) In Q1 2021, U.S. personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year, a significant improvement of 3 percentage points compared to Q4 2020. Commodity consumption is mainly driven by durable goods, while service consumption has a greater impact on GDP growth than durable goods consumption. 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month, strengthening again after a slight decline during the direct subsidy vacuum in February. This demonstrates the immediate stimulating effect of the $1,400 subsidy in March on consumption, as well as the recovery of service consumption after the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><b>Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b>In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter. 1) Improved non-residential investment indicates that the U.S. manufacturing sector's expectations for the economic outlook have improved; 2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the supply-demand gap in the US economy. Strong demand but slow production recovery lead to a decline in inventories. This means that the strength of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term.</p><p><b>Government spending and net exports: Subsidies have driven up government spending, while the widening supply-demand gap has led to high import growth.</b>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><b>The US economic recovery is expected to peak in the second quarter, and attention should be paid to the subsequent developments of the pandemic.</b>We believe the strength of the future U.S. economic recovery will depend on the vaccination process and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects. Personal consumption expenditures: The first quarter is expected to be the peak of goods consumption, and service sector consumption will continue to gradually recover as the pandemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the strength of the subsequent service sector recovery. Investment: The improvement of non-residential investment requires attention to the subsequent progress of the pandemic. Residential investment will decline as the real estate market gradually cools down; Changes in private inventories may not improve until unemployment benefits end in September. Government spending and net exports: Government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. Net exports will return to normal levels as the supply-demand gap narrows later this year.</p><p><b>II. Global Macro Data</b></p><p><b>This week's high-frequency data</b>New orders for U.S. durable goods rose both year-on-year and month-on-month.</p><p><b>epidemic</b>The number of new confirmed cases in the United States has decreased.</p><p><b>Demand</b>Retail sales in Japan rebounded significantly year-on-year.</p><p><b>Supply and Employment</b>New orders for durable goods in the United States rose both year-on-year and month-on-month.</p><p><b>Trade</b>U.S. imports and exports both rose significantly year-on-year in March.</p><p><b>Inflation and commodities</b>Oil prices rose slightly.</p><p><b>Real Estate</b>The U.S. existing home sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>the US Dollar Index fell, while gold prices remained stable.</p><p><b>Global Macro Calendar</b>Focus on the US ISM Manufacturing PMI</p><p>text</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>US GDP grew 0.4% year-on-year in Q1, slightly lower than market expectations.</b></p><p>The US GDP grew by 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and by 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the relatively rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. The main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow production recovery caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b></p><p>In Q1 2021, government subsidies of up to $2,000 per person boosted consumer spending; The easing of the pandemic has driven the recovery of service consumption, but it is slightly weaker than the initial optimistic expectations of overseas markets. 1) From a quarterly perspective, US personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year in Q1 2021, a significant improvement of 3 percentage points compared to Q4 2020. It jumped from being the biggest drag on GDP in Q4 to the biggest contributor, showing that the first quarter had the stimulating effect of both the $600 subsidy in January and the $1,400 subsidy that began to be distributed in March on consumption, as well as the gradual release of service consumption under the easing of the epidemic. 2) From a monthly high-frequency perspective, PCE reached 8.5% year-on-year and 3.7% month-on-month in March, strengthening again after a slight decline during the direct subsidy vacuum in February. Among them, the year-on-year growth rates of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while the year-on-year growth rate of non-durable goods slowed slightly (4.3%), indicating that the US$1,400 subsidy in March had an immediate stimulating effect on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Consumption of goods and services jointly drove high growth in personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. In Q1 2021, commodity consumption contributed 3.2 percentage points to GDP, an improvement of 1.5 percentage points compared to Q4 2020. This was mainly due to the renewed high growth of durable goods under fiscal stimulus in the first quarter. In Q1 2021, the contribution of durable goods to GDP improved significantly by 1.3 percentage points compared to Q4, while the contribution of non-durable goods to GDP improved only slightly by 0.3 percentage points. 2) Service consumption has a greater impact on GDP growth than durable goods consumption. Although service consumption still had a negative contribution of -1.4% to GDP in Q1 2021, it improved significantly by 1.6 percentage points compared to the previous quarter. The improvement was greater than that of durable goods consumption, demonstrating that service consumption has greater resilience in improving under the dual factors of fiscal subsidies and easing of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b></p><p>The impact of non-residential investment on GDP growth has improved significantly, while private inventory has become a drag. In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter.</p><p>1) Improved non-residential investment indicates that the U.S. manufacturing sector has improved its expectations for the economic outlook. The main contributor to the improvement in private investment was non-residential investment (an improvement of 0.6 percentage points), mainly from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the gap between supply and demand in the US economy. Strong demand but slow production recovery lead to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. The main factor dragging down private investment was changes in private inventories (a drag of 0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term. In Q1 2021, residential investment's contribution to GDP remained stable. However, with the gradual rise in mortgage rates since 2021, the US real estate market has cooled down, and residential construction spending and existing home sales have slowed down. It is expected that the contribution of residential investment to GDP will gradually decline in the future.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government spending and net exports: Subsidies drove up government spending, while the widening supply-demand gap led to high import growth.</b></p><p>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. 1) Exports dragged down by 1 percentage point, but improved by 0.2 percentage points compared to the previous quarter, indicating a slight recovery in US industrial production. However, this still pales in comparison to the 3.0 percentage point improvement in personal consumption expenditures. In reality, it reflects the widening supply-demand gap in Q1 2021 due to excessive US fiscal subsidies. 2) Imports dragged down GDP by 1.0 percentage points year-on-year in Q1 2021, a significant increase of 0.9 percentage points compared to the previous quarter. The direct consequence of the widening supply and demand gap in the United States is the expansion of imports.</p><p>Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The US economic recovery is expected to peak in the second quarter; attention should be paid to the subsequent developments of the pandemic.</b></p><p>Looking ahead, we believe the strength of the future U.S. economic recovery will depend on the vaccination progress and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects.</p><p>Personal consumption expenditures: 1) Although goods consumption showed extremely strong momentum in Q1 2021, we expect the first quarter to be the peak of goods consumption, and it will gradually decline as subsidies subside; 2) Service sector consumption will continue to gradually recover as the pandemic eases, but the global pandemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the intensity of the subsequent recovery of the service sector.</p><p>Investment: 1) The main driver of the improvement in non-residential investment in Q1 2021 was positive economic expectations. From the current perspective, the global pandemic is the core factor determining the strength of economic recovery, and the subsequent progress of the pandemic needs to be monitored. 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventory, i.e., the intensity of inventory replenishment, will depend on whether the current supply-demand gap in the United States can be alleviated. From the current perspective, it may not be until after unemployment benefits end in September that a significant trend of bridging between the supply and demand sides of the United States can emerge, thereby driving inventory investment.</p><p>Government spending and net exports: 1) With the continued payment of unemployment benefits in the second and third quarters, government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. If the US jobs program or the US family program can be implemented within the year, it will also boost government spending levels; In terms of net exports, exports will depend on the progress of the recovery of US industrial production, which, as mentioned above, may not be boosted until the fourth quarter, while imports, on the contrary, will fall back to normal levels as the supply-demand gap narrows later this year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>II. Global macro data: New confirmed cases in the United States decline</b></p><p><b>1. Epidemic: New confirmed cases in the United States decline</b></p><p>New confirmed cases in the United States declined this week. The average number of new confirmed cases in the United States dropped to more than 53,000 over the past seven days. As of April 29, the cumulative number of confirmed cases of COVID-19 worldwide exceeded 150 million, the cumulative number of deaths reached 3.14 million, and the cumulative number of recoveries reached 120 million. Over the four days of this week (April 27-April 30), the United States and the United Kingdom reported 220,000 and 9,000 new confirmed cases, respectively.</p><p>As of April 28, Israel had the highest average number of COVID-19 vaccines per 100 people globally, at 121.1 doses per 100 people, followed by the United States at 70.2 doses per 100 people and the United Kingdom at 70.9 doses per 100 people. As of April 28, Israel had the highest proportion of fully vaccinated people globally, at 58.7%, followed by the United States and the United Kingdom at 29.3% and 20.7%, respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japanese retail sales rebounded significantly year-on-year.</b></p><p>Both retail and wholesale sales in Japan saw significant year-on-year growth. Japan's retail sales index rose 5.3% year-on-year in March, with textiles and apparel retailing at 15.8% year-on-year and wholesale sales at 1.0% year-on-year in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and consumption of semi-durable goods increased significantly. South Korea's retail sales rose 3.5 percentage points to 13.5% year-on-year in March, with semi-durable goods consumption growing the fastest at 35.5% year-on-year. Durable goods increased by 13.6% year-on-year, while non-durable goods increased by 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and Employment: New orders for U.S. durable goods rose both year-on-year and month-on-month.</b></p><p>U.S. durable goods inventories rose, and new order growth both increased month-on-month. U.S. durable goods inventories reached $431.84 billion in March, up 1.0% month-over-month and 1.7% year-over-year. New orders for durable goods in the United States rose 0.5% month-on-month in March and a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points to 2.6% in March from the previous month. South Korea's industrial production index rose both year-on-year and month-on-month, indicating a continued recovery in industry. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production rose 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from the previous week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries rose by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly that week, while the number of continuing jobless claims rose slightly. In the week ending April 24, initial jobless claims in the United States reached 553,000, a decrease of 13,000 from the previous week; The number of people continuing to claim unemployment benefits reached 3.66 million in the week ending April 17, an increase of 9,000 from the previous week.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: US imports and exports both rose significantly year-on-year in March.</b></p><p>U.S. imports and exports both rose significantly year-on-year in March. U.S. exports rose sharply by 16.5 percentage points to 11.5% in March from the previous month, while imports rose by 20.6% year-on-year. The U.S. merchandise trade balance was -$90.59 billion in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rose slightly.</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week ending April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to $63.2 per barrel; The weekly average price of Brent crude rose to $66.6 per barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real Estate: The US existing home sales index rose year-on-year in March.</b></p><p>The U.S. S&P/CS home price index rose for the eighth consecutive month in February. The U.S. S&P/CS home price index rose 11.9% year-over-year to 246.0 in February, marking its eighth consecutive month of gains. The U.S. existing home sales index rose sharply by 23.3% year-on-year and 1.9% month-on-month in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>New home starts and construction orders in Japan rose sharply in March. New home starts in Japan in March rose 1.5% year-on-year and 18.1% month-on-month, while construction orders in March rose 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year and 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0%, respectively. In the week ending April 23, the U.S. MBA market index fell 18.2 to 706.6, indicating a slight cooling of housing market activity.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rates: the US Dollar Index fell, while gold prices remained basically stable.</b></p><p>This week, the Federal Reserve held its interest rate meeting, Powell's speech was dovish, the US Dollar Index fell, and gold prices remained basically stable. On April 28 local time, the Federal Reserve released its interest rate meeting statement. At the post-meeting press conference, Powell said that it would take some time to see substantial progress, and that the current scale of asset purchases would be maintained before that. It was not yet time to discuss Taper, and the US Dollar Index continued to decline. As of April 29, the the US Dollar Index closed at 90.6140, down 0.7% from the previous week; The euro and the pound sterling closed at 1.2129 and 1.3906 against the dollar respectively (pound sterling exchange rate data as of the 28th), appreciating 0.7% and depreciating 0.2% respectively from last week; The Canadian dollar strengthened, closing at 1.2292, up 1.7% from last week, as the Bank of Canada took the lead in tapering. The average weekly price of gold in London this week was $1,774.8 per ounce, basically stable from last week, with a year-on-year increase of 1.2 percentage points to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_zhitongcaijin","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>Was the US GDP relatively strong or weak in the first quarter?</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\">\nWas the US GDP relatively strong or weak in the first quarter?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-05-02 15:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>This article is from \"<a href=\"https://laohu8.com/S/000166\">Shenwan Hongyuan</a>\"Macroeconomic\".</b></p><p>Abstract</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>The US GDP grew by 0.4% year-on-year in Q1 2021, slightly lower than market expectations.</b>The US GDP grew 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. However, the main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow recovery of production caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><b>Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b>1) In Q1 2021, U.S. personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year, a significant improvement of 3 percentage points compared to Q4 2020. Commodity consumption is mainly driven by durable goods, while service consumption has a greater impact on GDP growth than durable goods consumption. 2) From a monthly high-frequency perspective, PCE in March was 8.5% year-on-year and 3.7% month-on-month, strengthening again after a slight decline during the direct subsidy vacuum in February. This demonstrates the immediate stimulating effect of the $1,400 subsidy in March on consumption, as well as the recovery of service consumption after the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><b>Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b>In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter. 1) Improved non-residential investment indicates that the U.S. manufacturing sector's expectations for the economic outlook have improved; 2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the supply-demand gap in the US economy. Strong demand but slow production recovery lead to a decline in inventories. This means that the strength of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. 3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term.</p><p><b>Government spending and net exports: Subsidies have driven up government spending, while the widening supply-demand gap has led to high import growth.</b>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><b>The US economic recovery is expected to peak in the second quarter, and attention should be paid to the subsequent developments of the pandemic.</b>We believe the strength of the future U.S. economic recovery will depend on the vaccination process and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects. Personal consumption expenditures: The first quarter is expected to be the peak of goods consumption, and service sector consumption will continue to gradually recover as the pandemic eases. However, the spread of more contagious virus variants in the United States and overseas countries will also affect the strength of the subsequent service sector recovery. Investment: The improvement of non-residential investment requires attention to the subsequent progress of the pandemic. Residential investment will decline as the real estate market gradually cools down; Changes in private inventories may not improve until unemployment benefits end in September. Government spending and net exports: Government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. Net exports will return to normal levels as the supply-demand gap narrows later this year.</p><p><b>II. Global Macro Data</b></p><p><b>This week's high-frequency data</b>New orders for U.S. durable goods rose both year-on-year and month-on-month.</p><p><b>epidemic</b>The number of new confirmed cases in the United States has decreased.</p><p><b>Demand</b>Retail sales in Japan rebounded significantly year-on-year.</p><p><b>Supply and Employment</b>New orders for durable goods in the United States rose both year-on-year and month-on-month.</p><p><b>Trade</b>U.S. imports and exports both rose significantly year-on-year in March.</p><p><b>Inflation and commodities</b>Oil prices rose slightly.</p><p><b>Real Estate</b>The U.S. existing home sales index rose in March.</p><p><b>Monetary policy and exchange rates</b>the US Dollar Index fell, while gold prices remained stable.</p><p><b>Global Macro Calendar</b>Focus on the US ISM Manufacturing PMI</p><p>text</p><p><b>I. Weekly Viewpoint: Was the US Q1 GDP relatively strong or weak?</b></p><p><b>US GDP grew 0.4% year-on-year in Q1, slightly lower than market expectations.</b></p><p>The US GDP grew by 0.4% year-on-year in real terms in Q1 2021, turning positive year-on-year for the first time since the pandemic, and by 1.6% month-on-month. The main contributing factors were goods consumption, service consumption, and non-residential investment, demonstrating the relatively rapid recovery of the US economy under the improvement of the pandemic and fiscal subsidies. The main drags were changes in private inventories and imports. In fact, the US GDP growth rate in the first quarter was slightly lower than market expectations, indicating insufficient market awareness of the slow production recovery caused by excessive fiscal subsidies in the US, as well as overly optimistic expectations for the improvement of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/867b3b31bf5a4410ca85884cf283ce1f.jpg\" tg-width=\"1080\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><b>2. Consumer spending: Subsidies boost commodity consumption, and the pandemic eases the recovery of the service sector.</b></p><p>In Q1 2021, government subsidies of up to $2,000 per person boosted consumer spending; The easing of the pandemic has driven the recovery of service consumption, but it is slightly weaker than the initial optimistic expectations of overseas markets. 1) From a quarterly perspective, US personal consumption expenditures contributed 1.1 percentage points to GDP year-on-year in Q1 2021, a significant improvement of 3 percentage points compared to Q4 2020. It jumped from being the biggest drag on GDP in Q4 to the biggest contributor, showing that the first quarter had the stimulating effect of both the $600 subsidy in January and the $1,400 subsidy that began to be distributed in March on consumption, as well as the gradual release of service consumption under the easing of the epidemic. 2) From a monthly high-frequency perspective, PCE reached 8.5% year-on-year and 3.7% month-on-month in March, strengthening again after a slight decline during the direct subsidy vacuum in February. Among them, the year-on-year growth rates of durable goods and service consumption increased again, reaching 43.3% and 4.8% respectively in March, while the year-on-year growth rate of non-durable goods slowed slightly (4.3%), indicating that the US$1,400 subsidy in March had an immediate stimulating effect on consumption, as well as the recovery of service consumption under the relaxation of prevention and control measures. However, in terms of the strength of the recovery in service consumption, it was actually slightly weaker than the overly optimistic expectations of overseas markets in February and March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/fb6a3cdada866cc05b11f3b44abb7b40.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>Consumption of goods and services jointly drove high growth in personal consumption expenditure. 1) Commodity consumption is mainly driven by durable goods. In Q1 2021, commodity consumption contributed 3.2 percentage points to GDP, an improvement of 1.5 percentage points compared to Q4 2020. This was mainly due to the renewed high growth of durable goods under fiscal stimulus in the first quarter. In Q1 2021, the contribution of durable goods to GDP improved significantly by 1.3 percentage points compared to Q4, while the contribution of non-durable goods to GDP improved only slightly by 0.3 percentage points. 2) Service consumption has a greater impact on GDP growth than durable goods consumption. Although service consumption still had a negative contribution of -1.4% to GDP in Q1 2021, it improved significantly by 1.6 percentage points compared to the previous quarter. The improvement was greater than that of durable goods consumption, demonstrating that service consumption has greater resilience in improving under the dual factors of fiscal subsidies and easing of the pandemic.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e8b1b37f95a3c799e28a194bc63e56e7.jpg\" tg-width=\"1080\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p><p><b>3. Investment: Equipment investment improved significantly, interest rates suppressed real estate investment, and inventory replenishment did not occur.</b></p><p>The impact of non-residential investment on GDP growth has improved significantly, while private inventory has become a drag. In Q1 2021, domestic private investment contributed 0.8 percentage points to GDP year-on-year, a slight improvement of 0.1 percentage points compared to the fourth quarter.</p><p>1) Improved non-residential investment indicates that the U.S. manufacturing sector has improved its expectations for the economic outlook. The main contributor to the improvement in private investment was non-residential investment (an improvement of 0.6 percentage points), mainly from equipment investment, indicating that manufacturing companies remain optimistic about the prospects for economic recovery.</p><p>2) The decline in the year-on-year contribution of private inventory changes to GDP in Q1 2021 reflects the gap between supply and demand in the US economy. Strong demand but slow production recovery lead to a decline in inventory. This means that the strengthening of commodity prices in Q1 cannot be supported by the logic of strong US industrial production and proactive inventory replenishment. The main factor dragging down private investment was changes in private inventories (a drag of 0.4 percentage points).</p><p>3) The year-on-year contribution of residential investment to GDP remained basically stable, while the month-on-month growth rate was suppressed by the overall rise in US interest rates in the previous period. It is expected to continue to cool down as interest rates rise in the medium term. In Q1 2021, residential investment's contribution to GDP remained stable. However, with the gradual rise in mortgage rates since 2021, the US real estate market has cooled down, and residential construction spending and existing home sales have slowed down. It is expected that the contribution of residential investment to GDP will gradually decline in the future.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/8831f8bd60fdfc9671df61b6e741faaa.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><b>4. Government spending and net exports: Subsidies drove up government spending, while the widening supply-demand gap led to high import growth.</b></p><p>The supply-demand gap in the US economy has further deepened the drag on GDP from net exports. In Q1 2021, net exports dragged down GDP by 2 percentage points year-on-year, an increase of 0.7 percentage points compared to Q4 2020. 1) Exports dragged down by 1 percentage point, but improved by 0.2 percentage points compared to the previous quarter, indicating a slight recovery in US industrial production. However, this still pales in comparison to the 3.0 percentage point improvement in personal consumption expenditures. In reality, it reflects the widening supply-demand gap in Q1 2021 due to excessive US fiscal subsidies. 2) Imports dragged down GDP by 1.0 percentage points year-on-year in Q1 2021, a significant increase of 0.9 percentage points compared to the previous quarter. The direct consequence of the widening supply and demand gap in the United States is the expansion of imports.</p><p>Government spending contributed 0.1 percentage points to GDP year-on-year in Q1 2021, mainly due to the U.S. government's direct subsidy checks to the banking system for residents and the cost of purchasing vaccines.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/1e6d4ceb162a00ae93de51b3cf6bb71b.jpg\" tg-width=\"1080\" tg-height=\"386\" referrerpolicy=\"no-referrer\"></p><p><b>5. The US economic recovery is expected to peak in the second quarter; attention should be paid to the subsequent developments of the pandemic.</b></p><p>Looking ahead, we believe the strength of the future U.S. economic recovery will depend on the vaccination progress and the spread of the COVID-19 pandemic. Assuming that the US pandemic continues to ease and the service sector gradually recovers, the second quarter is expected to be the peak of the US economic recovery. However, the supply-demand gap caused by excessive subsidies will continue until September, and the strength of the US economic recovery this year may not be as strong as the market expects.</p><p>Personal consumption expenditures: 1) Although goods consumption showed extremely strong momentum in Q1 2021, we expect the first quarter to be the peak of goods consumption, and it will gradually decline as subsidies subside; 2) Service sector consumption will continue to gradually recover as the pandemic eases, but the global pandemic has rebounded since March, especially in European countries and emerging countries. At the same time, the spread of more contagious virus variants in the United States and overseas countries will also affect the intensity of the subsequent recovery of the service sector.</p><p>Investment: 1) The main driver of the improvement in non-residential investment in Q1 2021 was positive economic expectations. From the current perspective, the global pandemic is the core factor determining the strength of economic recovery, and the subsequent progress of the pandemic needs to be monitored. 2) Residential investment will decline as the real estate market gradually cools down; 3) Changes in private inventory, i.e., the intensity of inventory replenishment, will depend on whether the current supply-demand gap in the United States can be alleviated. From the current perspective, it may not be until after unemployment benefits end in September that a significant trend of bridging between the supply and demand sides of the United States can emerge, thereby driving inventory investment.</p><p>Government spending and net exports: 1) With the continued payment of unemployment benefits in the second and third quarters, government spending is expected to continue to make a positive year-on-year contribution to GDP until the fourth quarter. If the US jobs program or the US family program can be implemented within the year, it will also boost government spending levels; In terms of net exports, exports will depend on the progress of the recovery of US industrial production, which, as mentioned above, may not be boosted until the fourth quarter, while imports, on the contrary, will fall back to normal levels as the supply-demand gap narrows later this year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/32e1b124c2e79173310a2a69f29f1ee7.jpg\" tg-width=\"1080\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><b>II. Global macro data: New confirmed cases in the United States decline</b></p><p><b>1. Epidemic: New confirmed cases in the United States decline</b></p><p>New confirmed cases in the United States declined this week. The average number of new confirmed cases in the United States dropped to more than 53,000 over the past seven days. As of April 29, the cumulative number of confirmed cases of COVID-19 worldwide exceeded 150 million, the cumulative number of deaths reached 3.14 million, and the cumulative number of recoveries reached 120 million. Over the four days of this week (April 27-April 30), the United States and the United Kingdom reported 220,000 and 9,000 new confirmed cases, respectively.</p><p>As of April 28, Israel had the highest average number of COVID-19 vaccines per 100 people globally, at 121.1 doses per 100 people, followed by the United States at 70.2 doses per 100 people and the United Kingdom at 70.9 doses per 100 people. As of April 28, Israel had the highest proportion of fully vaccinated people globally, at 58.7%, followed by the United States and the United Kingdom at 29.3% and 20.7%, respectively.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/887a942234cb8fe459a2f83e1d51371f.jpg\" tg-width=\"1080\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/62573bfd15fa133a1b4a5d4e236f878d.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p><b>2. Demand: Japanese retail sales rebounded significantly year-on-year.</b></p><p>Both retail and wholesale sales in Japan saw significant year-on-year growth. Japan's retail sales index rose 5.3% year-on-year in March, with textiles and apparel retailing at 15.8% year-on-year and wholesale sales at 1.0% year-on-year in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/a115423dbfa92a2b68fd1ddba7b7202c.jpg\" tg-width=\"1080\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p>South Korea's retail sales continued to grow year-on-year in March, and consumption of semi-durable goods increased significantly. South Korea's retail sales rose 3.5 percentage points to 13.5% year-on-year in March, with semi-durable goods consumption growing the fastest at 35.5% year-on-year. Durable goods increased by 13.6% year-on-year, while non-durable goods increased by 6.5% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/660433692ab7c356ac6e92af5532c956.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>3. Supply and Employment: New orders for U.S. durable goods rose both year-on-year and month-on-month.</b></p><p>U.S. durable goods inventories rose, and new order growth both increased month-on-month. U.S. durable goods inventories reached $431.84 billion in March, up 1.0% month-over-month and 1.7% year-over-year. New orders for durable goods in the United States rose 0.5% month-on-month in March and a sharp increase of 25% year-on-year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/00d167c28987b587b0353bdb22cabcb3.jpg\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Japan's unemployment rate fell to 2.6% in March. Japan's unemployment rate fell 0.3 percentage points to 2.6% in March from the previous month. South Korea's industrial production index rose both year-on-year and month-on-month, indicating a continued recovery in industry. South Korea's industrial production index rose 5.7% year-on-year and 0.8% month-on-month to 112.6 in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/3e518f69ea70eb9423bd2c4c0800a9d4.jpg\" tg-width=\"1080\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p>U.S. industrial materials production continues to rise. 1) In the week ending April 24, U.S. weekly crude steel production rose 43.6% year-on-year, and capacity utilization increased slightly by 0.4 percentage points from the previous week to 78.4%; 2) As of April 23, the operational capacity utilization rate of U.S. refineries rose by 0.4 percentage points to 85.4%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/08378049f4011957a1ca13a61b5f7ee9.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p>The number of initial jobless claims in the United States fell slightly that week, while the number of continuing jobless claims rose slightly. In the week ending April 24, initial jobless claims in the United States reached 553,000, a decrease of 13,000 from the previous week; The number of people continuing to claim unemployment benefits reached 3.66 million in the week ending April 17, an increase of 9,000 from the previous week.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/50abaebb23322c65845134f36edf2eac.jpg\" tg-width=\"1080\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>4. Trade: US imports and exports both rose significantly year-on-year in March.</b></p><p>U.S. imports and exports both rose significantly year-on-year in March. U.S. exports rose sharply by 16.5 percentage points to 11.5% in March from the previous month, while imports rose by 20.6% year-on-year. The U.S. merchandise trade balance was -$90.59 billion in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/b94fcaf0b73f26e0f7e86a9f8b746b80.jpg\" tg-width=\"1080\" tg-height=\"549\" referrerpolicy=\"no-referrer\"></p><p><b>5. Inflation and commodities: Oil prices rose slightly.</b></p><p>EIA crude oil inventories rose by 9 million barrels in the week ending April 28, while U.S. crude oil production fell slightly by 100,000 barrels per day to 10.9 million barrels per day. As of April 29, the weekly average price of WTI crude oil rose to $63.2 per barrel; The weekly average price of Brent crude rose to $66.6 per barrel.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2ea9504a69c4ccccc0e74ff1a56da96e.jpg\" tg-width=\"1080\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e2a42a869453a51bf63a352119f75e6a.jpg\" tg-width=\"1080\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>6. Real Estate: The US existing home sales index rose year-on-year in March.</b></p><p>The U.S. S&P/CS home price index rose for the eighth consecutive month in February. The U.S. S&P/CS home price index rose 11.9% year-over-year to 246.0 in February, marking its eighth consecutive month of gains. The U.S. existing home sales index rose sharply by 23.3% year-on-year and 1.9% month-on-month in March.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/6ac3751240b8a02c34f4c66d93fb255b.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p>New home starts and construction orders in Japan rose sharply in March. New home starts in Japan in March rose 1.5% year-on-year and 18.1% month-on-month, while construction orders in March rose 12.5% year-on-year and 192.7% month-on-month, the highest increase in nearly a year.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/e961519800be12d5e185f10acff56a58.jpg\" tg-width=\"1080\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p>U.S. 5-year mortgage rates fell, while 15-year and 30-year mortgage rates rose. In the week ending April 29, the 5-year mortgage rate fell 0.2 percentage points to 2.6%, while the 15-year and 30-year mortgage rates rose to 2.3% and 3.0%, respectively. In the week ending April 23, the U.S. MBA market index fell 18.2 to 706.6, indicating a slight cooling of housing market activity.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/2eb2b206b830b79a11aed2265d986bec.jpg\" tg-width=\"1080\" tg-height=\"395\" referrerpolicy=\"no-referrer\"></p><p><b>7. Monetary policy and exchange rates: the US Dollar Index fell, while gold prices remained basically stable.</b></p><p>This week, the Federal Reserve held its interest rate meeting, Powell's speech was dovish, the US Dollar Index fell, and gold prices remained basically stable. On April 28 local time, the Federal Reserve released its interest rate meeting statement. At the post-meeting press conference, Powell said that it would take some time to see substantial progress, and that the current scale of asset purchases would be maintained before that. It was not yet time to discuss Taper, and the US Dollar Index continued to decline. As of April 29, the the US Dollar Index closed at 90.6140, down 0.7% from the previous week; The euro and the pound sterling closed at 1.2129 and 1.3906 against the dollar respectively (pound sterling exchange rate data as of the 28th), appreciating 0.7% and depreciating 0.2% respectively from last week; The Canadian dollar strengthened, closing at 1.2292, up 1.7% from last week, as the Bank of Canada took the lead in tapering. The average weekly price of gold in London this week was $1,774.8 per ounce, basically stable from last week, with a year-on-year increase of 1.2 percentage points to 3.6%.</p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/c2e4e8d549f84a56f7d651806cc3a657.jpg\" tg-width=\"1080\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><img src=\"http://img.zhitongcaijing.com/images/contentformat/09b461fbeb60aed3abf2e7ffd691b486.jpg\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/466474.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210501/20210501134714_46528.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{".DJI":"道琼斯"},"source_url":"http://www.zhitongcaijing.com/content/detail/466474.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2132567538","content_text":"本文来自“申万宏源宏观”。摘要一、周观点：美国一季度GDP究竟是偏强还是偏弱?21Q1美国GDP同比0.4%，略低于市场预期。美国21Q1  GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济快速复苏。但主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。居民消费：补贴推动商品消费，疫情缓和服务业修复。1)21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点。商品消费主要为耐用品推动，而服务消费对GDP拉动的改善幅度大于耐用品消费;2)月度高频角度，3月PCE同比8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。投资：设备投资改善显著，利率抑制地产投资，补库存并未出现。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善;2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持;3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增。美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。预计美国经济复苏2季度为高点，关注疫情后续进展。我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：预计1季度是商品消费高点，服务业消费将继续随着疫情缓和而渐进式恢复，但美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度;投资：非住宅投资的改善需要关注后续疫情进展。住宅投资将随着地产市场的逐步降温而走低;私人库存变动或要等到9月失业补贴结束之后得以改善。政府支出和净出口：政府支出预计将在4季度前持续对GDP同比形成正贡献。净出口将随着今年后期供需缺口的收窄而回到正常水平。二、全球宏观数据本周高频数据：美国耐用品新订单同环比均上升疫情：美国新增确诊病例下降。需求：日本零售销售同比大幅回升。供给与就业：美国耐用品新订单同环比均上升。贸易：美国3月进出口同比均大幅上升。通胀和大宗商品：油价小幅上行。房地产：美3月成屋签约销售指数上升。货币政策和汇率：美元指数下跌，黄金价格稳定。全球宏观日历：关注美国ISM制造业PMI正文一、周观点：美国一季度GDP究竟是偏强还是偏弱?1.21Q1美国GDP同比0.4%，略低于市场预期美国21Q1GDP实际同比0.4%，疫情以来首次同比转正，环比1.6%。主要贡献因素为商品消费、服务消费、非住宅投资，显示出疫情改善+财政补贴下美国经济相对较快的复苏。主要拖累项为私人存货变动及进口，且实际上，美国一季度GDP增速是小幅低于市场预期的，显示市场对美国过度财政补贴导致生产恢复缓慢的认识不足，以及对疫情改善过度乐观的预期。2.居民消费：补贴推动商品消费，疫情缓和服务业修复21Q1高达2000美金/人的财政补贴拉动商品消费;疫情缓和推动服务消费恢复，但略弱于前期海外市场乐观预期。1)从季度角度看，21Q1美国个人消费支出拉动GDP同比1.1个百分点，较20Q4大幅改善3个百分点，从4季度对GDP最大的拖累项一跃转为最大的贡献项，显示一季度同时具备1月600美金补贴以及3月开始发放的1400美金补贴对消费的刺激效果，以及疫情缓和下服务消费的渐次释放。2)而从月度高频角度，3月PCE同比达到8.5%，环比3.7%，在2月直接补贴真空期小幅回落后再度走强。其中，耐用品、服务消费同比增速再度提升，3月分别达到43.3%和4.8%，而非耐用品同比略有放缓(4.3%)，显示3月1400美金补贴发放对于消费立竿见影的刺激效果，以及防控措施放松下服务消费的恢复。但从服务消费恢复的强度来看，实际上略弱于2-3月海外市场的过度乐观预期。商品消费、服务消费共同驱动个人消费支出高增。1)商品消费主要为耐用品推动。21Q1商品消费对GDP拉动3.2个百分点，较20Q4改善1.5个百分点，主要归功于耐用品在一季度财政刺激下再度高增，21Q1耐用品对GDP贡献度较4季度大幅改善1.3个百分点，而非耐用品对GDP贡献度仅小幅改善0.3个百分点;2)服务消费对GDP拉动效果的改善幅度大于耐用品消费。21Q1服务消费对GDP虽然仍为-1.4%的负拉动，但已较上季度大幅改善1.6个百分点，改善幅度更甚于耐用品消费，显示出服务消费在财政补贴+疫情缓和双重因素下改善的弹性更大。3.投资：设备投资改善显著，利率抑制地产投资，补库存并未出现非住宅投资对GDP拉动效果大幅改善，私人存货转为拖累。21Q1国内私人投资拉动GDP同比0.8个百分点，较4季度小幅改善0.1个百分点。1)非住宅投资改善显示美国生产部门对经济前景预期有所改善。私人投资改善的主要贡献因素为非住宅投资(改善0.6个百分点)，其中主要来自于设备投资，显示制造业企业对经济恢复前景保持乐观。2)私人存货变动对21Q1  GDP同比贡献的下降是美国经济供需撕裂的体现，需求旺盛而生产恢复缓慢，从而导致库存下降，这也就意味着Q1大宗商品价格的走强并不能得到美国工业生产强劲、主动补库存逻辑的支持。拖累私人投资的主要因素为私人存货变动(拖累0.4个百分点)。3)住宅投资对GDP同比贡献基本保持稳定，环比增速则随前期美国利率的整体抬升而受到抑制。后续预计将随着利率的中期上行过程而持续降温。21Q1住宅投资对GDP的拉动保持稳定，但随着21年以来抵押贷款利率的逐步上行，美国房地产市场已经有所降温，住宅营建支出、成屋销售已经有所放缓，预计后续住宅投资对GDP的拉动效果将逐步下降。4.政府支出和净出口：补贴推动政府支出增加，供需缺口拉大导致进口高增美国经济供需撕裂导致净出口对GDP拖累程度再度加深。21Q1净出口拖累GDP同比2个百分点，拖累程度较上20Q4扩大0.7个百分点。1)出口拖累1个百分点，但已较上个季度改善0.2个百分点，显示美国工业生产的小幅恢复，但相比个人消费支出3.0个百分点的改善幅度仍然相形见绌，实际体现的是美国过度财政补贴下21Q1供需缺口的拉大;2)而进口在21Q1拖累GDP同比1.0个百分点，拖累程度较上季度大幅扩大0.9个百分点，美国供需缺口拉大的直接后果便是进口规模的扩大。政府支出21Q1对GDP同比拉动0.1个百分点，主要由于美国政府向银行体系发放针对居民的直接补贴支票以及购买疫苗费用。5.预计美国经济复苏2季度为高点，关注疫情后续进展展望未来，我们认为未来美国经济恢复的强度依赖于疫苗接种进程，以及新冠疫情的扩散情况。在美国疫情持续缓和、服务业渐进修复的假设下，预计2季度为美国经济恢复高点，但由于过度补贴导致的供需撕裂情况将持续到9月份，年内美国经济恢复的强度或将不会如市场预期一般强劲。个人消费支出：1)虽然21Q1商品消费显示出极为强劲的势头，但我们预计1季度已经是商品消费高点，后续将随着补贴退潮而逐步回落;2)服务业消费将继续随着疫情缓和而渐进式恢复，但3月以来全球疫情有所反弹，特别是在欧洲国家以及新兴国家，同时美国本土及海外国家传染性更强的病毒变种的传播也将影响后续服务业恢复强度。投资：1)21Q1非住宅投资的改善主要驱动力为经济向好预期，而从当前时点来看，全球疫情是决定经济恢复强度的核心因素，需要关注后续疫情进展;2)住宅投资将随着地产市场的逐步降温而走低;3)私人库存变动，即补库存的力度将依赖于美国供需撕裂的现状是否能够缓和，从当前来看，或要等到9月失业补贴结束之后，美国供需两端才能出现显著的弥合趋势，进而带动库存投资。政府支出和净出口：1)随着失业补贴在2、3季度的持续发放，政府支出预计将在4季度前持续对GDP同比形成正贡献，而如果美国就业计划或美国家庭计划能够在年内落地，也将提振政府支出水平;净出口方面，出口将依赖于美国工业生产恢复的进度，如上文所说，或要到4季度才能得到提振，进口则恰恰相反，将随着今年后期供需缺口的收窄而回落到正常水平。二、全球宏观数据：美国新增确诊病例下降1.疫情：美国新增确诊病例下降本周美国新增确诊病例下降。美国新增确诊7日平均下降至5.3万人以上。截止4月29日，全球新冠疫情累计确诊超过1.5亿，累计死亡病例314万人，累计康复病例1.2亿人。本周四天(4月27日-4月30日)美国、英国分别新增确诊病例22万人和0.9万人。截止4月28日，全球范围内平均每百人接种新冠疫苗最多的是以色列，达每百人121.1针，美国每百人70.2针，英国每百人70.9针。截止4月28日，全球范围内完全接种疫苗的人占人口比例最高的是以色列，达58.7%，美国、英国分别为29.3%、20.7%。2.需求：日本零售销售同比大幅回升日本零售销售和批发销售同比均大幅上行。日本3月零售销售指数同比5.3%，其中零售中纺织服装同比15.8%，3月批发销售指数同比1.0%。韩国3月零售销售同比持续增长，半耐用品消费大幅增长。韩国3月零售销售同比较上月上升3.5个百分点至13.5%，其中半耐用品消费增速最快，同比35.5%;耐用品同比13.6%，非耐用品同比6.5%。3.供给与就业：美国耐用品新订单同环比均上升美国耐用品库存上升，新订单增速同环比均上升。3月美国耐用品库存达4318.4亿美元，环比上升1.0%，同比增长1.7%。美国3月耐用品新订单环比上升0.5%，同比大幅上升25%。日本3月失业率下降至2.6%。3月日本失业率较上月下降0.3个百分点至2.6%。韩国工业生产指数同环比均上升，工业持续回升。韩国3月工业生产指数同比上升5.7%，环比上升0.8%至112.6。美国工业材料生产持续上升。1)截止4月24日当周，美国周度粗钢产量同比上升43.6%，产能利用率较上周小幅上升0.4个百分点至78.4%;2)截止4月23日，美国炼油厂可运营能力利用率上升0.4个百分点至85.4%。美国当周初请失业金人数小幅下降，持续申领失业金人数小幅上升。4月24日当周美国初请失业金人数达55.3万人，环比上周下降1.3万人;4月17日当周持续申领失业金人数达366万人，环比上升0.9万人。4.贸易：美国3月进出口同比均大幅上升美国3月进出口同比均大幅上升。美国3月出口增速较上月大幅上升16.5个百分点至11.5%，进口同比20.6%。美国3月份商品贸易差额为-905.9亿美元。5.通胀和大宗商品：油价小幅上行4月28日当周EIA原油库存上升900万桶，美国原油产量小幅下降10万桶/日至1090万桶/日。截止4月29日，WTI原油周均价上升至63.2美元/桶;布油周均价上升至66.6美元/桶。6.房地产：美国3月成屋签约销售指数同比上升美国2月标普/CS房价指数连续8个月上涨。2月美国标普/CS房价指数同比上升11.9%至246.0，连续8个月上涨。美国3月成屋签约销售指数同比大幅23.3%，环比1.9%。日本3月新屋开工、营建订单大幅上行。日本3月新屋开工同比1.5%，环比18.1%，3月营建订单数同比12.5%，环比192.7%，涨幅达到近一年最高。美国5年期抵押贷款利率下降，15年期、30年期抵押贷款利率上升。截止4月29日当周，5年期抵押贷款利率下降0.2个百分点至2.6%，15年期、30年期抵押贷款利率分别上升至2.3%和3.0%。截止4月23日当周，美国MBA市场指数下降18.2至706.6，房市热度小幅回落。7.货币政策和汇率：美元指数下跌，黄金价格基本稳定本周美联储议息会议召开，鲍威尔发言偏鸽，美元指数下跌，黄金价格基本稳定。当地时间4月28日，美联储公布议息会议声明，鲍威尔在会后新闻发布会上表示看到实质性进展仍需一些时间，在此之前会维持当前的资产购买规模，现在还未到讨论Taper的时间，美元指数持续下行。截至4月29日，美元指数报收90.6140，较上周下行0.7%;欧元、英镑兑美元汇率(英镑汇率数据截至28日)分别报收1.2129、1.3906，分别较上周升值0.7%、贬值0.2%;由于加拿大央行率先Taper，加元走强，报收1.2292，较上周升值1.7%。本周伦敦金周均价1774.8美元/盎司，较上周基本稳定，同比涨幅较上周下行1.2pct至3.6%。","news_type":1,"symbols_score_info":{"ZTmain":0.9,"ZBmain":0.9,"UBmain":0.9,"ZFmain":0.9,".DJI":0.9,"ZNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126645623,"gmtCreate":1624571121162,"gmtModify":1703840449773,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/126645623","repostId":"1173297432","repostType":4,"repost":{"id":"1173297432","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":1624546848,"share":"https://ttm.financial/m/news/1173297432?lang=en_US&edition=fundamental","pubTime":"2021-06-24 23:00","market":"us","language":"zh","title":"Tesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.","url":"https://stock-news.laohu8.com/highlight/detail?id=1173297432","media":"老虎资讯综合","summary":"特斯拉的第三季度数据可能会相当令人印象深刻。","content":"<p>Market sources indicate that the current delivery waiting times for the Model 3 and Model Y in the United States partially suggest...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States remains so strong that it may sell out in the third quarter. Both models are expected to be delivered in the third quarter of 2021. The Model Y Long Range Dual Motor AWD version is expected to be delivered in September 2021, while the Model 3 Standard Range and Long Range Dual Motor AWD versions are expected to be delivered in 11 weeks.</p><p>With the Model S and even the Model X joining the competition in the third quarter, Tesla's third-quarter data could be quite impressive. Given that both of these flagship models are high-margin models, Tesla's financial situation in the third quarter may be boosted by the new Model S (and perhaps also a new Model X).</p><p>According to Electrek data, as of May 2021, Tesla models accounted for more than 54% of electric vehicle sales in the United States. In addition, U.S. electric vehicle sales reached 53,779 units in May, a 19.2% increase compared to April 2021.</p><p>As of press time, Tesla shares were up more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" 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>Tesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.</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\">\nTesla shares rose more than 5%, and the Model 3 and Model Y may sell out in the US.\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\">2021-06-24 23:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Market sources indicate that the current delivery waiting times for the Model 3 and Model Y in the United States partially suggest...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Demand in the United States remains so strong that it may sell out in the third quarter. Both models are expected to be delivered in the third quarter of 2021. The Model Y Long Range Dual Motor AWD version is expected to be delivered in September 2021, while the Model 3 Standard Range and Long Range Dual Motor AWD versions are expected to be delivered in 11 weeks.</p><p>With the Model S and even the Model X joining the competition in the third quarter, Tesla's third-quarter data could be quite impressive. Given that both of these flagship models are high-margin models, Tesla's financial situation in the third quarter may be boosted by the new Model S (and perhaps also a new Model X).</p><p>According to Electrek data, as of May 2021, Tesla models accounted for more than 54% of electric vehicle sales in the United States. In addition, U.S. electric vehicle sales reached 53,779 units in May, a 19.2% increase compared to April 2021.</p><p>As of press time, Tesla shares were up more than 5%.</p><p><img src=\"https://static.tigerbbs.com/4f87da9e5318350fee8df4e0885208cc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e0d9f23e003547a93295253f05b6a55","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173297432","content_text":"市场消息，Model 3和Model Y目前在美国的交付等待时间部分暗示了特斯拉在美国的需求仍非常强劲，以至于可能会在第三季度销售一空。这两款车型的预计交付日期都要到2021年第三季度。Model Y长续航双电机全轮驱动版(Long Range Dual Motor AWD)预计交付日期为2021年9月，Model 3标准续航版和长续航双电机全轮驱动版预计交付日期为11周。\n随着Model S，甚至Model X在第三季度加入竞争，特斯拉的第三季度数据可能会相当令人印象深刻。考虑到这两款旗舰车都是高利润车型，特斯拉第三季度的财务状况可能会因为新款Model S(或许还有新款Model X)而得到提振。\n另据Electrek数据：截至2021年5月，特斯拉车型占美国电动汽车销量的54%以上。 此外，5月份美国电动汽车销量达到53779辆，比2021年4月增长了19.2%。\n截至发稿，特斯拉涨超5%。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191170232,"gmtCreate":1620866501726,"gmtModify":1704349479567,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191170232","repostId":"1123721888","repostType":4,"repost":{"id":"1123721888","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":1620812439,"share":"https://ttm.financial/m/news/1123721888?lang=en_US&edition=fundamental","pubTime":"2021-05-12 17:40","market":"us","language":"zh","title":"Tiger Brokers has been included in the MSCI China All Equity Index!","url":"https://stock-news.laohu8.com/highlight/detail?id=1123721888","media":"老虎资讯综合","summary":"此次被纳入MSCI意味着国际资本市场对老虎证券的认可和信心！","content":"<p>On May 11, MSCI, an international index provider, released its quarterly index adjustment results for May.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>It will be included in the MSCI China All Shares Index, effective after the market closes on May 27.</p><p>Tiger Brokers founder and CEO Wu Tianhua stated, \"Tiger Brokers' inclusion in the MSCI China All Equity Index represents international market recognition and confidence in our long-term investment value and development prospects. Tiger Brokers' mission is to make investing better through technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient, and smooth one-stop global investment experience.\" As Tiger enters countries and regions such as Singapore and the United States, we look forward to serving even more global users.<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI is currently the world's most important index company, compiling hundreds of indices for various markets around the world, which are used as investment benchmarks and tracked by numerous international institutions and investors. Since launching its first index in 1969, MSCI has primarily provided products and services such as indices, risk portfolio and performance analysis tools, and corporate governance tools, tailored to different countries and regions, market sizes, industries, and investment methods. With approximately $10 trillion in global assets benchmarked against the MSCI index, 97 of the world's top 100 largest asset managers are MSCI clients. Pensions in the United States that hold 95% of their investment interests are benchmarked by MSCI.</p><p>The MSCI China All Shares Index, compiled by Morgan Stanley Capital International (MSCI), is the most important component of the MSCI Emerging Markets Index. According to MSCI's index adjustment methodology, companies that can be included in its index system generally have to meet a series of requirements, including total market capitalization, free-float market capitalization, liquidity, and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official website</span></p><p>Historical performance of the MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to MSCI's quarterly adjustment results, the MSCI China All Stock Index added 60 stocks and removed 26 stocks. So what does being on the list mean for Tiger?</p><p>This signifies that the international capital market's recognition and confidence in Tiger Brokers will help further expand the company's influence in the international capital market and enhance the internationalization level of its shareholders.</p><p>According to MSCI estimates, trillions of dollars worldwide track emerging market indices, including both active and passive funds, with passive funds investing in the MSCI China All Equity Index. Once stocks are included in the index, passive investors will allocate these newly added constituent stocks proportionally.</p><p>View details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">Explanation of Adjustments to MSCI China Index Constituents</a></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>Tiger Brokers has been included in the MSCI China All Equity Index!</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\">\nTiger Brokers has been included in the MSCI China All Equity Index!\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\">2021-05-12 17:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 11, MSCI, an international index provider, released its quarterly index adjustment results for May.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>It will be included in the MSCI China All Shares Index, effective after the market closes on May 27.</p><p>Tiger Brokers founder and CEO Wu Tianhua stated, \"Tiger Brokers' inclusion in the MSCI China All Equity Index represents international market recognition and confidence in our long-term investment value and development prospects. Tiger Brokers' mission is to make investing better through technology. Through continuous technological iteration, we are committed to providing investors with a more efficient, convenient, and smooth one-stop global investment experience.\" As Tiger enters countries and regions such as Singapore and the United States, we look forward to serving even more global users.<img src=\"https://static.tigerbbs.com/6cac618ec6413c15fd5aad09ee702621\" tg-width=\"405\" tg-height=\"720\" referrerpolicy=\"no-referrer\">MSCI is currently the world's most important index company, compiling hundreds of indices for various markets around the world, which are used as investment benchmarks and tracked by numerous international institutions and investors. Since launching its first index in 1969, MSCI has primarily provided products and services such as indices, risk portfolio and performance analysis tools, and corporate governance tools, tailored to different countries and regions, market sizes, industries, and investment methods. With approximately $10 trillion in global assets benchmarked against the MSCI index, 97 of the world's top 100 largest asset managers are MSCI clients. Pensions in the United States that hold 95% of their investment interests are benchmarked by MSCI.</p><p>The MSCI China All Shares Index, compiled by Morgan Stanley Capital International (MSCI), is the most important component of the MSCI Emerging Markets Index. According to MSCI's index adjustment methodology, companies that can be included in its index system generally have to meet a series of requirements, including total market capitalization, free-float market capitalization, liquidity, and trading hours.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8f2f148520e460cb20ee263c4b5fd2f\" tg-width=\"830\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><span>MSCI official website</span></p><p>Historical performance of the MSCI China All Shares Index:</p><p><img src=\"https://static.tigerbbs.com/6c5df675372dbd49e16da8a583e0f650\" tg-width=\"830\" tg-height=\"426\" referrerpolicy=\"no-referrer\">According to MSCI's quarterly adjustment results, the MSCI China All Stock Index added 60 stocks and removed 26 stocks. So what does being on the list mean for Tiger?</p><p>This signifies that the international capital market's recognition and confidence in Tiger Brokers will help further expand the company's influence in the international capital market and enhance the internationalization level of its shareholders.</p><p>According to MSCI estimates, trillions of dollars worldwide track emerging market indices, including both active and passive funds, with passive funds investing in the MSCI China All Equity Index. Once stocks are included in the index, passive investors will allocate these newly added constituent stocks proportionally.</p><p>View details:</p><p><a href=\"https://www.msci.com/eqb/gimi/stdindex/MSCI_May21_ChinaAllShares_PublicList.pdf\" target=\"_blank\">Explanation of Adjustments to MSCI China Index Constituents</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e4b807dafecc161ebbd0d3c42055f20","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123721888","content_text":"5月11日消息，国际指数编制公司MSCI公布5月指数季度调整结果，其中，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），将于5月27日收盘后生效。老虎证券创始人及CEO巫天华表示：“老虎证券获纳入MSCI中国全股票指数代表国际市场对我们长期投资价值和发展前景的认可和信心。老虎证券的使命是科技让投资更美好。通过不断技术迭代，我们致力于为投资者提供更高效、便捷、流畅的一站式全球投资体验。随着老虎进入新加坡，美国等国家和地区，我们期待服务更多全球用户。”MSCI（明晟）是目前全球最重要的指数公司，编制数百种全球各个市场的指数，被大量国际机构，投资者作为投资基准并跟踪。从 1969年发布第一只指数至今，MSCI按照国家和区域、市场规模大小、行业及投资方式的不同，主要提供指数、风险组合和业绩分析工具以及公司治理工具等产品和服务。全球约10万亿美元的资产以MSCI指数为基准，全球前100个最大资产管理者中，97个都是MSCI的客户。美国95%的投资权益的养老金以MSCI为基准。MSCI中国全股票指数(MSCI China All Shares Index)由摩根士丹利资本国际(MSCI)编制，是 MSCI新兴市场指数中最重要的组成部分。根据 MSCI指数的调整方法，能被纳入到其指数体系的公司一般要满足总市值、自由流通市值、流动性和交易时间等一系列要求。MSCI官网明晟中国全股票指数(MSCI China All Shares Index)历史表现：根据MSCI发布的季度调整结果， MSCI中国全股票指数本次新增60只个股，剔除26只股票。那么，上榜对于老虎意味着什么呢？意味着国际资本市场对老虎证券的认可和信心，有助于进一步扩大公司国际资本市场影响力、提升公司股东国际化水平。据 MSCI估算，全球数以万亿美元的资金跟踪新兴市场指数，其中既包含了主动型资金，又包含了被动型基金，被动型资金以明晟中国全股票指数作为投资标的。当股票被纳入指数后，被动型投资者会按比例配置新增这些成份股。详情查看：MSCI中国指数成分股调整说明","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":4318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347713922,"gmtCreate":1618530491366,"gmtModify":1704712205071,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347713922","repostId":"2127088429","repostType":4,"repost":{"id":"2127088429","kind":"news","pubTimestamp":1618527482,"share":"https://ttm.financial/m/news/2127088429?lang=en_US&edition=fundamental","pubTime":"2021-04-16 06:58","market":"us","language":"zh","title":"Bezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees","url":"https://stock-news.laohu8.com/highlight/detail?id=2127088429","media":"腾讯科技","summary":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯 签署了其卸任首席执行官前的最后一封年度股东信。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。贝索斯说，他希望亚马逊将来为员工做同样的事情。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Science and Technology News April 16th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he sets out a broad vision for the company's future and is committed to extending Amazon's famous \"customer-first\" principle to giving equal care to its employees.</p><p>Bezos cited the results of a recent union vote conducted at an Amazon warehouse in Alabama as an example of why the company needs to navigate the challenge of its internal employees. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic campaign to unionize. If successful, this would represent Amazon's first union at a facility in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over the reins to Andy Jassy, CEO of Amazon's cloud computing arm AWS, who himself will serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a core set of leadership principles, the most important of which is the company's \"customer first\". Bezos said he wants Amazon to do the same for employees in the future. He wrote: \"Even though we have accomplished a lot, it is clear to me that we need a better vision in order for our employees to succeed. We have always wanted to be the most customer-focused company in the world. We are not changing that, which is why we are so successful. But I promise we are adding one and we will be the best employer and safest place to work in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a brutal and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls, or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but it is inaccurate. \"</p><p>Following his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40 percent of work injuries are sprains or strains, mostly due to repeating the same movement, which is common among new hires, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to take turns working on different jobs using other tendon sets. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what a reimagined focus of the company's business could mean for Amazon's future. He reiterated that Amazon is \"still on its first day of business,\" highlighting Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is concerned that the goal of being the 'best employer and safest place to work in the world' may distract us from being the 'most customer-focused company in the world,' then I hope you can put that concern aside. Think of it this way: If we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then we can certainly do the same with both vision statements. In fact, I believe they will reinforce each other. \"</p><p><b>The following is the full text of Bezos' new shareholder of the year:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create a \"franchise that lasts,\" one that redefines what it means to \"serve customers\" by unlocking the power of the internet. I've noticed that Amazon has grown from 158 employees to 614, and we have over 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon was \"still on its first day of business\".</p><p>We've come a long way since then and we've worked harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. There are over 1.9 million SMEs selling goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have put more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The home device is connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa, or AWS, and there wasn't even such an idea back then. We take a lot of risk with each big move and sweat and get creative in the process.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighth of the shares, the equivalent of $1.4 trillion in wealth created for others. Who are they? They included pension funds, universities, they were Mary and Larry, and just as I sat down to write this shareholder letter, they sent me all kinds of ideas out of the blue.</p><p>I hear similar stories all the time. I know some of these people who spend the money they earn from Amazon on college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we create for our shareholders. This is important because helping improves their lives. But I also know another thing: It's not yet the biggest part of the value we create.</p><p><b>Creating more value than consuming</b></p><p>If you want to be successful in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that cannot create value for the people it reaches, even if it appears to be successful on the surface, will not exist in the world for long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are projections of future cash flows and discounted back to the present. The stock market represents expectations. I'll change the subject now, though, and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are built to answer this question. Our net income in 2020 was $21.3 billion. If Amazon is not a publicly traded company with thousands of shareholders, but a sole proprietorship with one owner, that's all it will receive in 2020.</p><p>What about employee income? It's also a fairly easy value creation question to answer because we can look at the compensation spending situation. The expenses of the company represent the income of the employees. In 2020, employees earned $80 billion plus $11 billion in expenses (including benefits and various payroll taxes) for a total of $91 billion.</p><p>What about third-party sellers? We have an internal team (Sales Partner Service Team) to answer this question. They estimate that third-party sellers made between $25 billion and $39 billion in profit from selling goods on Amazon in 2020, and I'm assuming $25 billion here to be conservative.</p><p>As for customers, we have to break it down into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of selection, and fast delivery, but let's say we ignore all of this and only value one thing, which is that we save time for our customers.</p><p>Customers completed 28% of their purchases on Amazon in three minutes or less, and half of their purchases took less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching the store aisles, waiting in line to check out, finding your car, and then driving home again, research shows this takes an hour on average. If you assume that a typical Amazon purchase takes just 15 minutes and saves you several trips to a brick-and-mortar store a week, that saves over 75 hours a year. Which is important, after all in the early 2000s, we were all busy.</p><p>In this way, we can get a dollar number, let's assume the time saved is $10 per hour (which is conservative). 75 hours times $10 an hour, minus the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because the workload is very different for each customer, but we do it anyway because we acknowledge beforehand that the error is high. Direct cost improvements from cloud operations versus on-site operations vary, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, that 30% meant $19 billion in customer value was created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings. Conservatively, I think that part of the value AWS created for customers in 2020 was worth a whopping $38 billion.</p><p>Add the value created for AWS and consumer customers together, and the total customer value we created in 2020 amounted to $164 billion. In total, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group has an income statement that represents their interactions with Amazon, then the numbers above are the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, i.e. we create value for them. This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Within the larger framework of society as a whole, you will find that invention is at the root of all real value creation, and the value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively simple relationship with shareholders who invest and hold shares for a period of their choosing. We rarely provide guidance to our shareholders on matters such as annual meetings and proper voting procedures. Even then, they can ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have processes they follow and criteria to evaluate their performance. We need training and various certifications. Employees must be at work at an agreed time. Our interactions with our employees are plentiful and fine-grained. It's not just a matter of wages and benefits, it also touches on all the other details aspects of the relationship.</p><p>Am I comforted by the results of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls and treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed employees at distribution centers, 94% said they would recommend a trip to Amazon for work to a friend.</p><p>Employees can use informal breaks during shifts to stretch, fetch water, use the restroom, or talk to a manager, all without compromising their performance. These informal hours are in addition to the 30-minute lunch and 30-minute break in their regular routine.</p><p>Instead of setting unreasonable performance targets, we set achievable performance targets that take into account tenure and actual employee performance data. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that a variety of factors can affect their performance in any given week, day or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of the training is positive, offered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, the number was even lower due to the impact of the COVID-19 pandemic on operations.</p><p><b>The World's Best Employers and Safest Workplaces</b></p><p>The truth is that the huge team of thousands leading Amazon's operations always cares deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that does not just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who never get that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We are not going to change that, which is why we have been so successful. But I promise we're going to add one, and we're going to be the best employer and the safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best. This is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of the best employers and safest workplaces in the world. In details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual work for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 work locations in North America and Europe, where we train a small group of employees about body mechanics, being proactive in staying healthy and safe. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, resulting in a more than half reduction in the number of MSDs who had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not go with the crowd because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessments reflect what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the country by increasing starting pay to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of employees saying they'd recommend Amazon jobs to friends, but rather have to aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholders are worried that the goal of being'the best employer and safest workplace in the world'may distract us from being'the most customer-focused company in the world'then I hope you can put that concern aside. Think of it this way: if we can run two different businesses at the same time, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they will reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to demonstrate that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are totally true, as is climate change.</p><p>Not so long ago, most people thought fighting climate change was a good thing, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</p><p>But that does not mean that it will be an easy task. The next decade will be decisive. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we wanted to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing nearly all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions in their global operations by 2040, 10 years ahead of the Paris Agreement target. Subsequent vows also require them to regularly measure and report greenhouse gas emissions, implement decarbonisation strategies through real business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy, with 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, and 125 distribution and sorting centers with solar roofs. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net-zero carbon emissions by 2040. To help quickly accelerate the market for EV technology and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will hit the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tonnes of carbon emissions. One of the big reasons we want other businesses to join the Climate Pledge is to signal to the market that businesses should start inventing and developing new technologies that the signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build a zero-carbon economy of the future.</p><p>I also personally contribute $10 billion in grants to help drive the systemic change we need over the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing I have to impart to you. I hope all Amazonians take this to heart.</p><p>There is a passage in Richard Dawkins's book The Blind Watch Maker about a fundamental fact of biology:</p><p>\"Avoiding death is something you have to try to do. The body tends to return to a state of equilibrium with its environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electrical charge within an organism, it is common to find that they differ significantly from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the temperature of our surroundings, and in cold climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference begins to disappear, and eventually our body temperature is the same as our surroundings. Of course, not all animals struggle to avoid balancing with their surrounding temperatures, but all animals make similar efforts to avoid merging with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if organisms do not actively stop water loss, they will eventually blend into their surroundings and no longer exist as self-conscious organisms. That's what happens when they die. \"</p><p>While this passage is not a metaphor, it is nonetheless a fantastic article and relevant to Amazon. I even think that it is relevant to all companies, all institutions, and every one of our lives. In what ways does the world draw you in, trying to keep you supposedly \"normal\"? How much effort does it take to maintain your uniqueness? Is it to live or to make it more important to stay different?</p><p>I know a happy couple who often encounter this scene during their relationship: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. The deep truth, of course, is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier and consume less energy if we are slightly more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to'be yourself'. What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be normal, and it will do everything it can to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. This statement is misleading. It pays to be yourself, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make the Amazon oblivious and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>As always, I attach our 1997 shareholder letter. It concluded by saying: \"Amazon.com appreciates the support and trust of its customers, each other's hard work, and its shareholders for their support and encouragement.\" Nothing has changed. I would like to especially thank Jassy for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I assure you, Jassy will not let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and set us apart. It is not easy, but it is crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than you consume, and never let the universe draw you into your surroundings. It is still the first day of starting a business. (Tencent Technology Review/Golden Deer)</p>","source":"tencent","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>Bezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees</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\">\nBezos Signs Final Shareholder Letter: Amazon Must Be Better to Employees\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯科技</strong><span class=\"h-time small\">2021-04-16 06:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Science and Technology News April 16th news, Thursday local time in the United States,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Founder Jeff Bezos signed his last annual shareholder letter before stepping down as CEO. In his letter, he sets out a broad vision for the company's future and is committed to extending Amazon's famous \"customer-first\" principle to giving equal care to its employees.</p><p>Bezos cited the results of a recent union vote conducted at an Amazon warehouse in Alabama as an example of why the company needs to navigate the challenge of its internal employees. Last week, Amazon garnered enough votes at its warehouse in Bessemer, Alabama, to thwart a historic campaign to unionize. If successful, this would represent Amazon's first union at a facility in the United States.</p><p>Bezos will step down as CEO in the third quarter of this year, handing over the reins to Andy Jassy, CEO of Amazon's cloud computing arm AWS, who himself will serve as executive chairman. \"While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed,\" he said in the letter.</p><p>As we all know, Amazon has a core set of leadership principles, the most important of which is the company's \"customer first\". Bezos said he wants Amazon to do the same for employees in the future. He wrote: \"Even though we have accomplished a lot, it is clear to me that we need a better vision in order for our employees to succeed. We have always wanted to be the most customer-focused company in the world. We are not changing that, which is why we are so successful. But I promise we are adding one and we will be the best employer and safest place to work in the world.\"</p><p>Bezos also dismissed claims that Amazon has created a brutal and brutal workplace culture in its warehouses. He wrote: \"Our employees are sometimes called desperate souls, or treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat, but it is inaccurate. \"</p><p>Following his new role as executive chairman, Bezos plans to focus on how to make Amazon's warehouses safer. About 40 percent of work injuries are sprains or strains, mostly due to repeating the same movement, which is common among new hires, he said. To help reduce these types of injuries, Amazon is developing automated staffing schedules that allow employees to take turns working on different jobs using other tendon sets. The company expects to begin deploying the technology later this year.</p><p>Bezos has also taken a number of steps to allay shareholder concerns about what a reimagined focus of the company's business could mean for Amazon's future. He reiterated that Amazon is \"still on its first day of business,\" highlighting Amazon's continued growth, including the fact that the company now has 200 million Prime subscribers, up from 150 million at the start of last year.</p><p>Bezos said: \"If any shareholder is concerned that the goal of being the 'best employer and safest place to work in the world' may distract us from being the 'most customer-focused company in the world,' then I hope you can put that concern aside. Think of it this way: If we can run two different businesses simultaneously, like consumer e-commerce and AWS, and both do very well at the highest level, then we can certainly do the same with both vision statements. In fact, I believe they will reinforce each other. \"</p><p><b>The following is the full text of Bezos' new shareholder of the year:</b></p><p>In a 1997 letter to Amazon shareholders, our first shareholder letter, I talked about our desire to create a \"franchise that lasts,\" one that redefines what it means to \"serve customers\" by unlocking the power of the internet. I've noticed that Amazon has grown from 158 employees to 614, and we have over 1.5 million customer accounts. We just went public at a split-adjusted share price of $1.50 per share. At the time, I mentioned that Amazon was \"still on its first day of business\".</p><p>We've come a long way since then and we've worked harder than ever to serve and delight our customers. Last year, we employed half a million people and now employ 1.3 million people directly around the world. We have over 200 million Prime members worldwide. There are over 1.9 million SMEs selling goods on our Marketplace platform, accounting for nearly 60% of our retail sales.</p><p>These customers have put more than 100 million units<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The home device is connected to the smart assistant Alexa. AWS serves millions of customers with an annualized run rate of $50 billion at the end of 2020. In 1997, we hadn't launched Prime, Marketplace, Alexa, or AWS, and there wasn't even such an idea back then. We take a lot of risk with each big move and sweat and get creative in the process.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? I am one of them, and my equity in Amazon has made me rich. But more than seven-eighth of the shares, the equivalent of $1.4 trillion in wealth created for others. Who are they? They included pension funds, universities, they were Mary and Larry, and just as I sat down to write this shareholder letter, they sent me all kinds of ideas out of the blue.</p><p>I hear similar stories all the time. I know some of these people who spend the money they earn from Amazon on college, emergencies, housing, vacations, entrepreneurship, and philanthropy. I am proud of the wealth we create for our shareholders. This is important because helping improves their lives. But I also know another thing: It's not yet the biggest part of the value we create.</p><p><b>Creating more value than consuming</b></p><p>If you want to be successful in business (and actually in life), you have to create more than you consume. Your goal should be to create value for everyone you interact with. Any business that cannot create value for the people it reaches, even if it appears to be successful on the surface, will not exist in the world for long and will soon be eliminated.</p><p>Remember, stock prices are not about the past, they are projections of future cash flows and discounted back to the present. The stock market represents expectations. I'll change the subject now, though, and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are built to answer this question. Our net income in 2020 was $21.3 billion. If Amazon is not a publicly traded company with thousands of shareholders, but a sole proprietorship with one owner, that's all it will receive in 2020.</p><p>What about employee income? It's also a fairly easy value creation question to answer because we can look at the compensation spending situation. The expenses of the company represent the income of the employees. In 2020, employees earned $80 billion plus $11 billion in expenses (including benefits and various payroll taxes) for a total of $91 billion.</p><p>What about third-party sellers? We have an internal team (Sales Partner Service Team) to answer this question. They estimate that third-party sellers made between $25 billion and $39 billion in profit from selling goods on Amazon in 2020, and I'm assuming $25 billion here to be conservative.</p><p>As for customers, we have to break it down into consumer customers and AWS customers. The first is the consumer, for whom we offer low prices, plenty of selection, and fast delivery, but let's say we ignore all of this and only value one thing, which is that we save time for our customers.</p><p>Customers completed 28% of their purchases on Amazon in three minutes or less, and half of their purchases took less than 15 minutes. Compared to a typical brick-and-mortar shopping trip, which involves driving, parking, searching the store aisles, waiting in line to check out, finding your car, and then driving home again, research shows this takes an hour on average. If you assume that a typical Amazon purchase takes just 15 minutes and saves you several trips to a brick-and-mortar store a week, that saves over 75 hours a year. Which is important, after all in the early 2000s, we were all busy.</p><p>In this way, we can get a dollar number, let's assume the time saved is $10 per hour (which is conservative). 75 hours times $10 an hour, minus the cost of Prime, and we can create about $630 in value per Prime member. We have 200 million Prime members, which means a total of $126 billion in value created in 2020.</p><p>It is challenging to evaluate the value created by AWS customers because the workload is very different for each customer, but we do it anyway because we acknowledge beforehand that the error is high. Direct cost improvements from cloud operations versus on-site operations vary, but a reasonable estimate is 30%. Of AWS's $45 billion in revenue for the full year of 2020, that 30% meant $19 billion in customer value was created.</p><p>The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers. The greater benefit is the increased speed of software development, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings. Conservatively, I think that part of the value AWS created for customers in 2020 was worth a whopping $38 billion.</p><p>Add the value created for AWS and consumer customers together, and the total customer value we created in 2020 amounted to $164 billion. In total, we generated $21 billion in value for shareholders, $91 billion for employees, $25 billion for third-party sellers, and $164 billion for customers in 2020, totaling $301 billion.</p><p>If each group has an income statement that represents their interactions with Amazon, then the numbers above are the \"bottom line\" for those income statements. These numbers are part of the reason why people work for us, sellers sell through us, and customers buy from us, i.e. we create value for them. This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Within the larger framework of society as a whole, you will find that invention is at the root of all real value creation, and the value created is best considered as a measure of innovation.</p><p>Of course, our relationship with these constituents and the value we create is more than just money. Money doesn't tell the whole story. For example, we have a relatively simple relationship with shareholders who invest and hold shares for a period of their choosing. We rarely provide guidance to our shareholders on matters such as annual meetings and proper voting procedures. Even then, they can ignore these instructions and just skip the vote.</p><p>Our relationships with our employees are very different examples. We have processes they follow and criteria to evaluate their performance. We need training and various certifications. Employees must be at work at an agreed time. Our interactions with our employees are plentiful and fine-grained. It's not just a matter of wages and benefits, it also touches on all the other details aspects of the relationship.</p><p>Am I comforted by the results of Bessemer's recent union vote? No, I didn't. I think we need to do more for our people. While our direct relationship with our employees remains strong, it is clear to me that we need a better vision to create value for our employees, a vision that creates value for our employees to succeed.</p><p>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes referred to as desperate souls and treated like robots. But this is inaccurate. They are mature and thoughtful people who can choose where to work. When we surveyed employees at distribution centers, 94% said they would recommend a trip to Amazon for work to a friend.</p><p>Employees can use informal breaks during shifts to stretch, fetch water, use the restroom, or talk to a manager, all without compromising their performance. These informal hours are in addition to the 30-minute lunch and 30-minute break in their regular routine.</p><p>Instead of setting unreasonable performance targets, we set achievable performance targets that take into account tenure and actual employee performance data. Employee performance is the result of a comprehensive evaluation over a long period of time because we know that a variety of factors can affect their performance in any given week, day or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of the training is positive, offered to employees who meet or exceed expectations. We laid off less than 2.6% of our employees because they were unable to perform their duties. In 2020, the number was even lower due to the impact of the COVID-19 pandemic on operations.</p><p><b>The World's Best Employers and Safest Workplaces</b></p><p>The truth is that the huge team of thousands leading Amazon's operations always cares deeply about our temp workers, and we are proud of the work environment we have created. We are also proud that Amazon is a company that does not just create jobs for computer scientists and people with advanced degrees, we also create jobs for people who never get that advantage.</p><p>As much as we have accomplished, it is clear to me that we need a better vision in order for our people to be successful. We have always wanted to be the most customer-centric company in the world. We are not going to change that, which is why we have been so successful. But I promise we're going to add one, and we're going to be the best employer and the safest place to work in the world.</p><p>In my upcoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best. This is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of the best employers and safest workplaces in the world. In details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>We dive into security issues. For example, about 40% of work-related injuries at Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated movement. MSD is common in the type of work we do, and it is more likely to occur in the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be attending actual work for the first time.</p><p>One such program is WorkingWell, which we rolled out to 859,000 employees in 2020 at 350 work locations in North America and Europe, where we train a small group of employees about body mechanics, being proactive in staying healthy and safe. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021. Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, resulting in a more than half reduction in the number of MSDs who had to leave work.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practice standards. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead in doing so, others will follow. When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not go with the crowd because we thought it was the right thing to do. A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessments reflect what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the country by increasing starting pay to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not over yet. If we want to be the best employer in the world, we shouldn't settle for 94% of employees saying they'd recommend Amazon jobs to friends, but rather have to aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholders are worried that the goal of being'the best employer and safest workplace in the world'may distract us from being'the most customer-focused company in the world'then I hope you can put that concern aside. Think of it this way: if we can run two different businesses at the same time, like consumer e-commerce and AWS, and both do very well at the highest level, then of course we can do the same thing with both vision statements. In fact, I believe they will reinforce each other.</p><p><b>Climate Pledge</b></p><p>In an earlier draft of this letter, I began this section with arguments and examples designed to demonstrate that human-induced climate change is real. But, frankly, I think we can stop saying that now. You don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are totally true, as is climate change.</p><p>Not so long ago, most people thought fighting climate change was a good thing, but they also thought it would be costly and threaten jobs, competitiveness and economic growth. We know better now. Smart action against climate change will not only prevent bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</p><p>But that does not mean that it will be an easy task. The next decade will be decisive. The economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge in September 2019 with the Global Optimism organization because we wanted to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing nearly all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/INFY\">Infosys</a>, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, Siemens and Verizon, among others, have pledged to achieve net-zero carbon emissions in their global operations by 2040, 10 years ahead of the Paris Agreement target. Subsequent vows also require them to regularly measure and report greenhouse gas emissions, implement decarbonisation strategies through real business change and innovation, and neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial offsets. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Climate Pledge signatories are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-carbon platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is moving towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy, with 62 grid-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, and 125 distribution and sorting centers with solar roofs. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net-zero carbon emissions by 2040. To help quickly accelerate the market for EV technology and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans from the company. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will hit the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tonnes of carbon emissions. One of the big reasons we want other businesses to join the Climate Pledge is to signal to the market that businesses should start inventing and developing new technologies that the signatories need to fulfill their commitments. Our purchase of 100,000 Rivian electric delivery vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. Amazon has announced investments in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium, and they are just a few of the innovative companies we want to build a zero-carbon economy of the future.</p><p>I also personally contribute $10 billion in grants to help drive the systemic change we need over the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will be a collective action by large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p><b>Stay Differentiated to Survive</b></p><p>This is the last annual shareholder letter I have signed as CEO of Amazon, and I feel there is one last extremely important thing I have to impart to you. I hope all Amazonians take this to heart.</p><p>There is a passage in Richard Dawkins's book The Blind Watch Maker about a fundamental fact of biology:</p><p>\"Avoiding death is something you have to try to do. The body tends to return to a state of equilibrium with its environment if it is allowed to take its course (like death). If you measure certain variables, such as temperature, acidity, moisture or electrical charge within an organism, it is common to find that they differ significantly from the corresponding measurements in the surrounding environment. For example, our body temperature is usually warmer than the temperature of our surroundings, and in cold climates, the body has to work hard to maintain this difference. But when we die, this function stops, the temperature difference begins to disappear, and eventually our body temperature is the same as our surroundings. Of course, not all animals struggle to avoid balancing with their surrounding temperatures, but all animals make similar efforts to avoid merging with their surroundings. For example, in arid countries, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if organisms do not actively stop water loss, they will eventually blend into their surroundings and no longer exist as self-conscious organisms. That's what happens when they die. \"</p><p>While this passage is not a metaphor, it is nonetheless a fantastic article and relevant to Amazon. I even think that it is relevant to all companies, all institutions, and every one of our lives. In what ways does the world draw you in, trying to keep you supposedly \"normal\"? How much effort does it take to maintain your uniqueness? Is it to live or to make it more important to stay different?</p><p>I know a happy couple who often encounter this scene during their relationship: the husband often looks at his wife in feigned pain and says to her, \"Can't you just be normal?\" Then they both smile or laugh. The deep truth, of course, is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier and consume less energy if we are slightly more normal.</p><p>We all know that uniqueness (originality) is valuable and we are all taught to'be yourself'. What I really ask you to do is embrace and be realistic about how much effort it takes to maintain that uniqueness. The world wants you to be normal, and it will do everything it can to attract you, but don't let that happen. You have to pay for being different, but it's worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. This statement is misleading. It pays to be yourself, but don't expect it to be easy or free, you have to constantly put in the effort.</p><p>The world is always trying to make the Amazon oblivious and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>As always, I attach our 1997 shareholder letter. It concluded by saying: \"Amazon.com appreciates the support and trust of its customers, each other's hard work, and its shareholders for their support and encouragement.\" Nothing has changed. I would like to especially thank Jassy for agreeing to the CEO role, which is a tough job with a lot of responsibility. Jassy is brilliant and believes in the highest standards. I assure you, Jassy will not let the world turn us into ordinary people, he will gather the energy we need to keep our hearts alive and set us apart. It is not easy, but it is crucial. I think he will please everyone. Thank you, Jassy!</p><p>To all of you: Be kind, be original, create more than you consume, and never let the universe draw you into your surroundings. It is still the first day of starting a business. (Tencent Technology Review/Golden Deer)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b\">腾讯科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://inews.gtimg.com/newsapp_match/0/13415912595/0","relate_stocks":{"03086":"华夏纳指","09086":"华夏纳指-U","AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210416065853787be98d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2127088429","content_text":"腾讯科技讯 4月16日消息，美国当地时间周四，亚马逊创始人杰夫·贝索斯（Jeff Bezos）签署了其卸任首席执行官前的最后一封年度股东信。他在信中对公司未来提出了广阔的愿景，并致力于将亚马逊著名的“客户至上”准则延伸到给与员工同等关爱方面。贝索斯以最近亚马逊阿拉巴马州一家仓库进行的工会投票结果为例，说明了为何该公司需要应对内部员工的挑战。上周，亚马逊在其位于阿拉巴马州贝塞默的仓库获得了足够的选票，挫败了一项历史性的工会组织运动。如果成功，这将代表亚马逊在美国的设施中成立的第一个工会。贝索斯将于今年第三季度辞去首席执行官一职，将权力移交给亚马逊云计算部门AWS首席执行官安迪·雅西(Andy Jassy)，其本人将担任执行董事长。他在信中表示：“虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。”众所周知，亚马逊拥有一套核心的领导原则，其中最重要的一条就是公司“客户至上”。贝索斯说，他希望亚马逊将来为员工做同样的事情。他写道：“尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。”贝索斯还驳斥了有关亚马逊在其仓库中创造了一种野蛮残酷的职场文化的说法。他写道：“我们的员工有时会被称为绝望的灵魂，或被当作机器人对待，但这是不准确的。”在担任执行董事长的新角色后，贝索斯计划专注于如何让亚马逊的仓库变得更安全。他说，大约40%的工伤是扭伤或拉伤，主要是由于重复相同的动作所致，这在新员工中很常见。为了帮助减少这些类型的伤害，亚马逊正在开发自动化的人员配备时间表，让员工轮流从事使用其他肌腱组的不同工作。该公司预计将于今年晚些时候开始部署这项技术。贝索斯还采取了许多措施来缓解股东的担忧，即重新设想的公司业务重心可能会对亚马逊的未来意味着什么。他重申，亚马逊“仍然处于创业第一天”，并强调了亚马逊的持续增长，包括该公司目前拥有2亿Prime订户，高于去年年初的1.5亿。贝索斯说：“如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。”以下为贝索斯年度股东新全文：在1997年写给亚马逊股东的信中，也就是我们的第一封股东信，我谈到了我们希望创造一种“经久不衰的特许经营权”，一种通过释放互联网的力量来重新定义“服务客户”的意义。我注意到亚马逊已经从158名员工增长到614人，我们的客户账户已经超过150万。我们刚刚以每股1.50美元的拆分调整后股价上市。当时，我提到了亚马逊“仍然处于创业第一天”状态。从那时起，我们已经走过了很长一段路，我们比以往任何时候都更加努力地服务和取悦客户。去年，我们雇佣了50万名员工，现在直接在世界各地雇佣了130万人。我们在全球拥有2亿多名Prime会员。在我们Marketplace平台上销售商品的中小企业超过190万家，占我们零售额的近60%。这些客户已将1亿多台智能家居设备连接到智能助手Alexa上。AWS为数百万客户提供服务，2020年底的年化运行率为500亿美元。1997年，我们还没有推出Prime、Marketplace、Alexa或AWS，那时候甚至都没有这样的想法。我们的每次大动作都冒了很大的风险，并在此过程中付出了汗水和发挥了创造力。一路走来，我们为股东创造了1.6万亿美元的财富。他们是谁？我就是其中之一，我在亚马逊的股权让我变得富有。但超过八分之七的股份，相当于1.4万亿美元的财富创造为他人所有。他们是谁？他们包括养老基金、大学，他们是玛丽和拉里，就在我坐下来写这封股东信的时候，他们突如其来地给我发来各种想法。我总是听到类似的故事。我认识其中的一些人，他们把从亚马逊赚来的钱用在大学、紧急情况、住房、度假、创业和慈善事业上。我为我们为股东创造的财富感到自豪。这很重要，因为帮助改善了他们的生活。但我还知道另一件事：这还不是我们创造的价值中最大的一部分。创造比消费更有价值如果你想在商业上取得成功(实际上是在生活中)，你必须创造比消费更多的东西。你的目标应该是为你交往的每一个人创造价值。任何不能为其接触到的人创造价值的企业，即使表面上看起来很成功，也不会在这个世界上存在很长时间，很快就会被淘汰。记住，股票价格不是关于过去的，它们是对未来现金流的预测，并折现回到现在。股市代表着期望。不过，我现在要换个话题，谈谈过去的事。我们在2020年为股东创造了多少价值？这是个相对容易回答的问题，因为会计系统就是为回答这个问题而设立的。我们在2020年的净利润为213亿美元。如果亚马逊不是一家拥有数千名股东的上市公司，而是一家只有一个所有者的独资企业，那么这就是其在2020年获得的全部收入。员工收入呢？这也是一个相当容易回答的价值创造问题，因为我们可以看看薪酬支出情况。公司的支出就代表员工的收入。2020年，员工的收入为800亿美元，外加110亿美元开支(包括福利和各种工资税)，总计910亿美元。第三方卖家呢？我们有个内部团队(销售合作伙伴服务团队)来回答这个问题。他们估计，2020年，第三方卖家在亚马逊上销售商品获得的利润在250亿至390亿美元之间，为了保守起见，我在这里假设为250亿美元。至于客户，我们必须将其细分为消费者客户和AWS客户。首先是消费者，我们为其提供低廉的价格、丰富的选择和快速的交货服务，但是假设我们忽略了所有这些，并且只看重一件事，那就是我们为客户节省了时间。顾客在亚马逊上在三分钟或更短的时间内完成了28%的购买，半数购买不到15分钟就搞定。与典型的实体店购物之旅相比，需要开车、停车、搜索商店过道、排队结账、找到你的车，然后再开车回家，研究表明这平均需要一个小时。如果你假设典型的亚马逊购物只需要15分钟，一周可以节省你几次去实体店的路程，那么每年就节省了75个小时以上。这很重要，毕竟在21世纪初，我们都很忙碌。这样，我们就可以得到一个美元数字，让我们把节省的时间假设为每小时10美元（这是保守的）。75小时乘以每小时10美元，减去Prime的成本，我们就可以为每个Prime会员创造约630美元的价值。我们有2亿Prime会员，这意味着2020年创造的价值总计为1260亿美元。对AWS客户创造的价值进行评估很有挑战性，因为每个客户的工作量截然不同，但我们无论如何都会这样做，因为我们事先承认误差很高。云端运营与现场运营带来的直接成本改善各不相同，但合理的估计是30%。在AWS 2020年全年450亿美元的收入中，这30%意味着创造了190亿美元客户价值。这项评估工作的困难之处在于，直接降低成本是迁移到云端为客户带来的好处中最小的一部分。更大的好处是提高了软件开发的速度，这可以显著提高客户的竞争力和收入。我们没有合理的方法来估计客户价值的这一部分，只能说它几乎肯定大于直接节省的成本。保守地说，我认为AWS在2020年为客户创造的这部分价值高达380亿美元。将为AWS和消费者客户创造的价值加在一起，我们在2020年创造的客户总价值达到1640亿美元。总的来说，我们在2020年为股东创造了210亿美元价值、为员工创造了910亿美元、为第三方卖家创造250亿美元、为客户创造1640亿美元，总计3010亿美元。如果每个群体都有一份损益表，代表他们与亚马逊的互动，那么上面的数字就是这些损益表的“底线”。这些数字是人们为我们工作、卖家通过我们销售以及客户从我们这里购买的部分原因，即我们为他们创造了价值。这种价值创造不是“零和游戏”。这不仅仅是把钱从一个口袋转到另一个口袋。在整个社会的大框架内，你会发现发明是所有真正价值创造的根源，而创造的价值最好被认为是创新的衡量标准。当然，我们与这些选民的关系和我们创造的价值不仅仅是金钱。金钱并不能说明问题的全部。例如，我们与股东的关系相对简单，他们在自己选择的期限内投资和持有股票。我们很少就年度会议和正确的投票程序等事项向股东提供指导。即便如此，他们也可以无视这些指示，直接跳过投票。我们与员工的关系是截然不同的例子。我们有他们遵循的流程和评估他们表现的标准。我们需要培训和各种认证。员工必须在约定的时间上班。我们与员工的互动很多，而且是细粒度的。这不仅仅是工资和福利的问题，它还涉及到双方关系的所有其他细节方面。我对贝塞默最近工会投票的结果感到安慰吗？不，我没有。我认为我们需要为我们的员工做得更多。虽然我们与员工的直接关系依然密切，但我很清楚，我们需要更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被称为绝望的灵魂，被当作机器人对待。但这是不准确的。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查配送中心的员工时，94%的人说他们会向朋友推荐前往亚马逊上班。员工可以在轮班期间利用非正式休息时间伸展身体、取水、使用洗手间或与经理交谈，所有这些都不会影响他们的表现。这些非正式的工作时间是对他们正常作息时间中30分钟午餐和30分钟休息时间的补充。我们没有设定不合理的绩效目标，而是设定了可实现的绩效目标，将任期和实际员工绩效数据考虑在内。员工的表现是在很长一段时间内综合评估的结果，因为我们知道，在任何给定的一周、一天或一小时内，各种因素都会影响他们的表现。如果员工在一段时间内未能达到绩效目标，他们的经理会与他们交谈并提供指导。培训也扩展到那些表现出色并能承担更多责任的员工身上。事实上，82%的培训是积极的，提供给达到或超过预期的员工。我们解雇了不到2.6%的员工，因为他们无法履行自己的职责。2020年，由于新冠肺炎疫情对运营的影响，这个数字甚至更低。世界上最好的雇主和最安全的工作场所事实是，领导亚马逊运营的数千人庞大团队始终非常关心我们的临时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊是一家不仅仅为计算机科学家和拥有高级学位的人创造就业机会的公司，我们也为那些从未获得这种优势的人创造就业机会。尽管我们已经取得了很多成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为世界上最以客户为中心的公司。我们不会改变这一点，这就是我们取得如此成功的原因。但我承诺我们要增加一项，我们将成为世界上最好的雇主和最安全的工作场所。在我即将担任执行董事长的职位上，我将把重点放在新的倡议上。我是个发明家，这是我最喜欢的，也是我最擅长的。这是我创造最大价值的地方。我很高兴能与我们运营部门充满激情的庞大团队一起工作，在这个世界上最好雇主和最安全工作场所的竞技场上帮助发明。在细节上，我们亚马逊总是灵活的，但在愿景问题上，我们是固执和无情的。当我们下定决心做某事时，我们从来没有失败过，在这一点上我们也不会失败。我们深入探讨安全问题。例如，亚马逊约40%的工伤与肌肉骨骼疾病(MSD)有关，即反复运动可能导致的扭伤或拉伤等疾病。MSD在我们从事的这类工作中很常见，而且更有可能发生在员工入职的前六个月。我们需要为新员工发明减少MSD的解决方案，他们中的许多人可能是第一次参加实际工作。WorkingWell就是一个这样的项目，我们于2020年在北美和欧洲的350个工作地点向85.9万名员工推出了这个项目，我们在那里培训一小群员工有关身体力学、积极主动保持健康和安全方面的知识。除了减少工伤，这些概念对日常工作以外的活动也有积极影响。我们正在开发新的自动化人员配备时间表，它使用复杂的算法在使用不同肌腱组的工作之间轮换员工，以减少重复运动，帮助保护员工免受MSD风险。这项新技术是我们将在2021年推出的工作轮换计划的核心。我们对MSD早期预防的更多关注已经取得了成效。从2019年到2020年，总体MSD减少了32%，导致必须离开工作岗位的MSD减少了一半以上。我们在亚马逊雇佣了6200名安全专业人员。他们使用安全科学来解决复杂的问题，并建立新的行业最佳实践标准。2021年，我们将在安全项目上投资超过3亿美元，其中包括最初的6600万美元，用于创造有助于防止叉车和其他类型工业车辆相撞的技术。当我们带头这样做的时候，其他人就会跟随。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先而不是随大流，因为我们认为这样做是正确的。加州大学伯克利分校和布兰迪斯大学的经济学家最近发表的一篇论文，分析了我们决定将最低起薪提高到每小时15美元的影响。他们的评估反映了我们从员工、他们的家人和他们所居住的社区那里听到的情况。我们提高了起薪不仅使我们自己的员工受益，也使同一社区的其他工人受益，从而提振了全国各地的地方经济。研究表明，在同一劳动力市场中，我们的加薪导致其他雇主的平均时薪增加了4.7%。我们的领导工作还没有结束。如果我们想成为世界上最好的雇主，我们不应该满足于94%的员工说他们会向朋友推荐亚马逊的工作，而是必须以100%为目标。我们将通过继续在工资、福利、提升技能机会和其他方面领先，随着时间的推移，我们将做到这一点。如果任何股东担心，成为‘世界上最好雇主和最安全工作场所’的目标可能会分散我们作为‘世界上最以客户为中心的公司’的关注，那我希望你们能够放下担忧。这样想吧：如果我们能同时运营两种不同的业务，就像消费者电子商务和AWS一样，并且都在最高水平上做得非常好，那么我们当然也能在这两种愿景声明上做同样的事情。事实上，我相信它们会相互促进。气候誓言在这封信的早期草稿中，我以论证和例子开始了这一部分，这些论点和例子旨在证明人类导致的气候变化是真实存在的。但是，坦率地说，我认为我们现在可以停止这样说了。你不必说光合作用是真实存在的，或者说重力是真实存在的，或者海平面上的水是在100摄氏度沸腾的。这些事情完全是真的，气候变化也是如此。不久前，大多数人认为应对气候变化是好事，但他们也认为这会付出高昂的代价，并会威胁到就业、竞争力和经济增长。我们现在知道得更清楚了。应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，效率更高的工人，以及更繁荣的未来。但这并不意味着其是一件容易的事，未来十年将是决定性的十年。2030年的经济将需要与今天有很大的不同，亚马逊计划成为这一变化的核心。我们在2019年9月与Global Optimism组织共同发起了“气候誓言”，因为我们希望帮助推动这场积极的革命。我们需要成为一个不断壮大的企业团队中的一员，他们了解21世纪的紧迫性和机遇。现在，不到两年后，代表几乎所有经济部门的53家公司签署了气候誓言。百思买、IBM、印孚瑟斯、梅赛德斯-奔驰、微软、西门子和Verizon等公司承诺，到2040年，其全球业务将实现净零碳排放，比《巴黎协议》提前10年实现目标。其后誓言还要求它们定期测量和报告温室气体排放，通过真正的商业变革和创新实施脱碳战略，并通过额外的、可量化的、真实的、永久的和对社会有益的补偿来中和任何剩余的排放。可信的、高质量的补偿是宝贵的，我们应该保留它们，以补偿那些不存在低碳替代品的经济活动。气候誓言签字方正在做出有意义的、切实的和雄心勃勃的承诺。Uber的目标是到2030年在加拿大、欧洲和美国成为零碳排放平台，Henkel计划100%使用可再生能源生产电力。亚马逊正在朝着我们自己的目标前进，即到2025年100%使用可再生能源，比我们最初设定的2030年目标提前了五年。亚马逊是全球最大的可再生能源企业买家，我们在全球有62个电网规模的风能和太阳能项目，以及125个铺设太阳能屋顶的配送和分类中心。这些项目的发电能力超过6.9千兆瓦，每年提供超过2000万兆瓦时的能源。运输是亚马逊商业运营的重要组成部分，也是我们到2040年实现净零碳排放计划中最艰难的部分。为了帮助快速加速电动汽车技术的市场，并帮助所有公司过渡到更环保的技术，我们向Rivian投资了超过10亿美元，并向该公司订购了10万辆电动送货车。我们还与印度Mahindra和欧洲的梅赛德斯-奔驰建立了合作伙伴关系。这些来自Rivian的定制电动送货车辆已经投入运营，并于今年2月首次在洛杉矶上路。1万辆新车最早将于明年上路，到2030年，所有10万辆车将全部上路，可减少数百万吨碳排放。我们希望其他企业加入气候誓言的一个重要原因是向市场发出信号，企业应该开始发明和开发签字方需要履行承诺的新技术。我们购买10万辆Rivian电动送货车就是一个很好的例子。为了进一步加快对建设零碳经济所需新技术的投资，我们于去年6月推出了气候誓言基金(Climate Pledge Fund)。该投资计划从20亿美元开始，投资于有远见的公司，旨在促进向低碳经济的过渡。亚马逊已经宣布投资于CarbonCure Technologies、Pachama、Redwood Materials、Rivian、Turntide Technologies、ZeroAvia和Infinium，而且它们只是我们希望建立未来零碳经济的创新公司中的一部分。我还个人出资100亿美元提供赠款，帮助推动我们在未来十年所需的系统性变革。我们将支持顶尖的科学家、活动家、非政府组织、环境正义组织和其他致力于抗击气候变化和保护自然世界的人。去年年底，我向16个致力于创新和移动解决方案的组织提供了我的第一轮赠款。这将是大公司、小公司、全球组织和个人的集体行动，我很高兴能成为这一旅程的一部分，并乐观地认为人类可以团结起来解决这一挑战。保持差异化才能生存这是我作为亚马逊首席执行官签署的最后一封年度股东信，我觉得有最后一件极其重要的事情必须传授给大家。我希望所有亚马逊人都把这件事放在心上。理查德·道金斯(Richard Dawkins)出版的《盲眼钟表匠》(The Blind Watch Maker)一书中曾有过这样一段话，它攸关于生物学的一个基本事实：“避免死亡是你必须努力去做的事情。如果顺其自然（比如死亡），身体往往会恢复到与环境的平衡状态。如果你测量某些变量，如生物体内的温度、酸度、水分或电荷，通常会发现它们与周围环境中相应的测量结果有很大不同。例如，我们的体温通常比周围环境温度更高，在寒冷的气候下，身体必须努力工作才能保持这种差异。但当我们死后，这种机能就会停止，温差也开始消失，最终我们体温与周围环境相同。当然，并不是所有的动物都在努力避免与周围的温度达到平衡，但所有的动物都做了类似避免与周围环境融合的努力。例如，在干旱的国家，动植物努力保持细胞中的液体含量，这与水从细胞流向干燥外部世界的自然趋势背道而驰。如果他们失败了，他们就会死。更广泛地说，如果生物不积极地阻止水分流失，它们最终会融入周围环境，不再作为拥有自我意识的生物存在。这就是他们死后会发生的事情。”虽然这段话不是一个比喻，但它仍然是一篇奇妙的文章，与亚马逊息息相关。我甚至认为，它与所有公司、所有机构以及我们每个人的生活都相关。这个世界用什么方式吸引你，试图让你保持所谓的“正常”？要保持你的独特性需要做多少努力？是为了活下去还是为了让保持众不同更重要？我认识一对幸福的夫妇，他们在相处过程中经常会遇到这样的场景：丈夫经常会假装痛苦地看着妻子，对她说：“你就不能正常一点儿吗？”然后他们都微笑或大笑起来。当然，深刻的事实是，他喜欢她的独特之处。但是，与此同时，如果我们稍微正常一点，事情往往会变得更容易，消耗更少的能量，这也是事实。我们都知道独特性（原创性）是有价值的，我们都被教导要“做你自己”。我真正要求你们做的是拥抱并现实地认识到保持这种独特性需要付出多大的努力。这个世界希望你成为普通人，它会千方百计地吸引你，但别让这种情况发生。你必须为自己的与众不同付出代价，但这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的，你必须不断地投入努力。这个世界总是试图让亚马逊变得泯然众人，让我们与我们的环境保持平衡。这将需要持续的努力，但我们可以而且必须做得更好。我一如既往地附上我们1997年的股东信。它在最后写道：“亚马逊网感谢客户的支持和信任，感谢彼此的辛勤工作，感谢股东们的支持和鼓励。”这一点都没变。我要特别感谢贾西同意担任首席执行官一职，这是一项责任重大的艰难工作。贾西才华横溢，信奉最高的标准。我向你们保证，贾西不会让世界把我们变成普通人，他会聚集我们所需的能量，让我们的内心保持活力，让我们与众不同。这并不容易，但却至关重要。我认为他将会让所有人满意。谢谢你，贾西！致你们所有人：要保持善良，要有独创性，创造的东西要比消费的多，永远不要让宇宙吸引你融入周围的环境。现在仍然是创业第一天。（腾讯科技审校/金鹿）","news_type":1,"symbols_score_info":{"03086":0.9,"09086":0.9,"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":4259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380524250,"gmtCreate":1612562857270,"gmtModify":1704872893380,"author":{"id":"3570851196183919","authorId":"3570851196183919","name":"choong9655","avatar":"https://static.tigerbbs.com/d9388bd17a337e45fb122d12e3c9dac3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570851196183919","authorIdStr":"3570851196183919"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380524250","repostId":"1157280058","repostType":4,"repost":{"id":"1157280058","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":1612537534,"share":"https://ttm.financial/m/news/1157280058?lang=en_US&edition=fundamental","pubTime":"2021-02-05 23:05","market":"us","language":"zh","title":"Foreign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.","url":"https://stock-news.laohu8.com/highlight/detail?id=1157280058","media":"老虎资讯综合","summary":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据","content":"<p>According to a Wall Street Journal report on February 5, Oxford University and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the variant strain found in the UK. The Wall Street Journal emphasized that the above findings come from a small-scale study and are preliminary results that have not yet been formally reviewed by other scientists.</p><p>In addition, according to a Reuters report on February 5, Andrew Pollard, the principal investigator of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that the AstraZeneca/Oxford COVID-19 vaccine not only protected against the original virus, but also against the new variant B.1.1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" 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>Foreign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.</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\">\nForeign media: AstraZeneca's vaccine is 75% effective against the UK variant virus.\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\">2021-02-05 23:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to a Wall Street Journal report on February 5, Oxford University and<a href=\"https://laohu8.com/S/AZN\">AstraZeneca</a>The jointly developed COVID-19 vaccine is 75% effective against the variant strain found in the UK. The Wall Street Journal emphasized that the above findings come from a small-scale study and are preliminary results that have not yet been formally reviewed by other scientists.</p><p>In addition, according to a Reuters report on February 5, Andrew Pollard, the principal investigator of the Oxford vaccine trial, said that data from the ChAdOx1 vaccine trial conducted in the UK showed that the AstraZeneca/Oxford COVID-19 vaccine not only protected against the original virus, but also against the new variant B.1.1.7.</p><p><img src=\"https://static.tigerbbs.com/7666bb12f6c3624d68cf49ea0a835c5d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82498704f805f2f46f40d2a1a0e8b335","relate_stocks":{"AZN":"阿斯利康","AZN.UK":"阿斯利康制药"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157280058","content_text":"据华尔街日报2月5日报道，英国牛津大学和阿斯利康联合开发的新冠疫苗对英国发现的变异毒株的有效率为75%。华尔街日报强调，以上发现来自小规模研究，且是初步的结果，还没有得到其他科学家的正式审查。另外，据路透社2月5日消息，牛津疫苗试验的首席研究员安德鲁·波拉德表示，在英国进行的ChAdOx1疫苗试验的数据表明，阿斯利康/牛津新冠疫苗不仅可以抵御最初的病毒，还可以抵御新变体B.1.1.7。","news_type":1,"symbols_score_info":{"AZN.UK":0.9,"AZN":0.9}},"isVote":1,"tweetType":1,"viewCount":4651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}