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XPeng Motors Q2 Earnings: P7 Deliveries Up 44.5% QoQ to Record High

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Haidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?

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In the second quarter of 2021, XPeng delivered 17,398 vehicles, a quarterly high, and up 439% from 3,228 vehicles in the same period of 2020, and up 30.4% from 13,340 vehicles in the first quarter of 2021, the data shows.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries were 11,522 units, a quarterly high and up 44.5% from 7,974 units in the first quarter of 2021. Of the total number of P7s delivered in the second quarter of 2021, 97% could support XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network comprised 200 stores and 64 service centers covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations expanded to 231, covering 65 cities;</p><p>In terms of finance, in the second quarter of 2021, revenue from sales of vehicles in XPeng amounted to RMB3,584.4 million (approximately US$555.1 million), representing an increase of 562.4% as compared to the same period in 2020 and an increase of 27.5% as compared to the first quarter of 2021. Automotive gross margin (i.e. gross profit from automotive sales as a percentage of automotive sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>Text/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, Editor of Guangzhou Daily New Flower City</p><p></article></body></html></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>XPeng Motors Q2 Earnings: P7 Deliveries Up 44.5% QoQ to Record High</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Motors Q2 Earnings: P7 Deliveries Up 44.5% QoQ to Record High\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">广州日报</strong><span class=\"h-time small\">2021-08-28 08:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>On August 26,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Announced its unaudited financial data for the second quarter ended June 30, 2021. In the second quarter of 2021, XPeng delivered 17,398 vehicles, a quarterly high, and up 439% from 3,228 vehicles in the same period of 2020, and up 30.4% from 13,340 vehicles in the first quarter of 2021, the data shows.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries were 11,522 units, a quarterly high and up 44.5% from 7,974 units in the first quarter of 2021. Of the total number of P7s delivered in the second quarter of 2021, 97% could support XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network comprised 200 stores and 64 service centers covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations expanded to 231, covering 65 cities;</p><p>In terms of finance, in the second quarter of 2021, revenue from sales of vehicles in XPeng amounted to RMB3,584.4 million (approximately US$555.1 million), representing an increase of 562.4% as compared to the same period in 2020 and an increase of 27.5% as compared to the first quarter of 2021. Automotive gross margin (i.e. gross profit from automotive sales as a percentage of automotive sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>Text/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, Editor of Guangzhou Daily New Flower City</p><p></article></body></html></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=nesSN202108280915567c34ed13&s=b\">广州日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f3c7d799dd2ab62e084e0e8c8dc16ee","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108280915567c34ed13&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162073430","content_text":"8月26日，小鹏汽车公布其截至2021年6月30日止第二季度未经审计的财务数据。数据显示，2021年第二季度，小鹏汽车交付量为17,398辆，为季度新高，并较2020年同期的3,228辆上升439%，以及较2021年第一季度的13,340辆上升30.4%。2021年第二季度，P7交付量为11,522辆，为季度新高，并较2021年第一季度的7,974辆上升44.5%。在2021年第二季度已交付的P7总量中，97%可支持XPILOT 2.5或XPILOT 3.0。截至2021年6月30日，小鹏汽车的实体销售和服务网络包括200间门店和64个服务中心，覆盖74个城市。截至2021年6月30日，小鹏汽车品牌超级充电站扩展至231座，覆盖65个城市；财务方面，2021年第二季度，小鹏汽车销售收入为人民币35.844亿元（约合5.551亿美元），较2020年同期上升562.4%，较2021年第一季度上升27.5%。2021年第二季度汽车毛利率（即汽车销售毛利润占汽车销售收入的百分比）为11.0%，相较而言，2020年同期为负5.6%，而2021年第一季度为10.1%。文/广州日报·新花城记者：周伟力图/广州日报·新花城记者：周伟力广州日报·新花城编辑 钟达文","news_type":1,"symbols_score_info":{"09868":1,"XPEV":1}},"isVote":1,"tweetType":1,"viewCount":3108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803997052,"gmtCreate":1627399755576,"gmtModify":1703489283737,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803997052","repostId":"1113885707","repostType":4,"repost":{"id":"1113885707","kind":"news","pubTimestamp":1627397920,"share":"https://ttm.financial/m/news/1113885707?lang=en_US&edition=fundamental","pubTime":"2021-07-27 22:58","market":"hk","language":"zh","title":"Haidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?","url":"https://stock-news.laohu8.com/highlight/detail?id=1113885707","media":"有牛财经","summary":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%","content":"<p>The hot pot brand can't be separated from two reasons-social and chain. The hot pot giants seem to be having a bad life recently,</p><p>On July 26th, affected by the fluctuation of Hong Kong stocks,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plunged 20%,<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The share price has also evaporated by more than 13%,<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Its share price also fell by more than 9% at one point. Of course, it is not only catering stocks that are affected by this fluctuation of Hong Kong stocks, but also the problems of Haidilao and Xiabuxiabu themselves have deepened the impact of this fluctuation.</p><p>Before the stock price evaporated, Haidilao had just released the performance forecast for the first half of the year. Although it successfully turned losses into profits, its performance still did not meet the expectations of the institution. On the other hand, Xiabuxiabu has not been able to solve the aftermath of the dismissal of senior executives, and is still entangled with former CEO Zhao Yi. In contrast, Jiu Maojiu's life is quite comfortable.</p><p>When the hot pot giants are in pain, the whole catering industry is in full swing, especially the new tea track that has attracted much attention recently. Mixue Bingcheng, Heytea, Gu Ming and Ningji have received financing one after another.<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>Has been listed in Hong Kong; Even the barbecue track has become a hot cake in the eyes of investors. Recently, Yongdingmen Electric skewers have completed 10 million yuan angel round financing, as well as Kuafu skewers, long ago and other brands.</p><p>When the overall industry is upward, how should the hot pot giants crack the cold?</p><p><b>\"Self-inflicted\" Haidilao and Xiabuxiabu</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu mean \"self-inflicted\".</p><p>Judging from the interim performance forecast released by Haidilao, Haidilao is expected to have a revenue of about 20 billion yuan and a net profit of between 80 million yuan and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a turnaround. However, in the case of the overall hot catering industry, Haidilao's performance in the first half of the year failed to meet the expectations of the institution, which also directly led to the share price of the whole Hong Kong stock hot pot enterprises.</p><p>You should know that Haidilao's net profit in the first half of 2019 exceeded 900 million, especially with the gradual control of the epidemic in China and the good recovery momentum of the overall industry. Haidilao's achievement is obviously a little unjustifiable. Haidilao's sluggish performance after the epidemic directly led to the continuous decline of the stock price, which evaporated by more than 60% in half a year.</p><p>The reason is that Haidilao's downturn is mainly due to the company's strategic mistakes. Last year, it chose the strategy of accelerating the rush. The number of new stores opened throughout the year reached 544, but the direct consequence of this is the sluggish performance. On the one hand, accelerating the opening of stores directly leads to the increase of Haidilao cost, and even the most valued table turnover rate in the catering industry is not as good as before.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Picture from Xiabuxiabu official website</p><p>Even Zhang Yong, CEO of Haidilao, publicly stated before: \"The most important problem in the decline of Haidilao's performance is internal management. The store expansion plan I set last year seems to have problems now, but it was already March this year when I responded\".</p><p>Affected by the plunge in Haidilao's share price, the share prices of other listed players in the hot pot track also began to fluctuate, especially Xiabuxiabu, which had turbulent high-level and dismal performance. Whether it was the resignation of CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its share price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been satisfactory, and it has been declining since 2018, with net profit and turnover rate continuing to decline, especially in 2020, Xiabuxiabu's net profit decreased by 99.4% year-on-year. At the same time that Haidilao drove the overall decline of the stock price of hot pot stocks, Zhao Yi issued an announcement asking Xiabuxiabu to give an explanation on the attempt to remove its executive director, and even asked the outside world to intervene. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's influence on Xiabuxiabu will continue for some time. If the problem can't be solved for a long time, Xiabuxiabu's life may be more difficult under the turmoil of military morale.</p><p>The dilemma of Haidilao and Xiabuxiabu is nothing more than their decision-making mistakes or internal problems of the company. However, if we look at the whole industry, hot pot is still a star in the catering industry. For example, last month, it was reported that Banu, a hot pot chain brand focusing on hairy belly, is completing a financing of more than 500 million yuan.</p><p><b>Why is hot pot so hot?</b></p><p>The hot pot brand can't be separated from two reasons-social and chain.</p><p>On the one hand, compared with most catering tracks, hot pot restaurants pay more attention to social interaction, especially the current hot pot restaurants are generally not low in price. If it were not for dinner, ordinary consumers would rarely eat hot pot alone, especially the current hot pot brands have started marketing while maintaining their taste, such as Haidilao.</p><p>Under the aura of fashion, convenience and good experience, hot pot is especially favored by young women. According to the data of Huajing Industrial Research Institute, young women are still the main force of hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged slightly behind, only 42.9%.</p><p>On the other hand, hot pot chaining is easier. Compared with traditional catering enterprises that need to check the taste of dishes, hot pot brands that only need to pay attention to ingredients and pot bottoms. The way to become bigger and stronger is the continuous construction of the supply chain, which only needs to be laid out from procurement, processing, warehousing, logistics and other links. Enough fresh ingredients can become a strong background support for various hot pot stores, the most typical example of which is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Pictures from Canva Paintable Hải Nguyễn</p><p>According to public information, Haidilao's supplier is its related party Shuhai Supply Chain, which has multiple raw material bases, food processing centers and bottom material processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang and Banu either adopt the central kitchen mode or cooperate with third-party suppliers.</p><p>After all, the taste of hot pot is universal enough, and various pot bottoms such as mushroom soup, spicy and tomato can meet the needs of a variety of people. If there is a mature supply chain as the support, the products are controllable enough and the service is not bad, the consumer's experience is sufficiently guaranteed, and the gradual maturity of the management system in recent years has enhanced the brand's control over chain stores.</p><p>The differentiation from traditional catering enterprises has made hot pot the darling of capital, and many star hot pot restaurants have also come from this. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 epidemic, under the wave of catering industry chaining, the chain degree of hot pot industry has further increased, and the competition has become more and more fierce. So does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has opened too much, still slow down?</b></p><p>From the current environment, it is not impossible for Haidilao to climb to a new peak again.</p><p>It is undeniable that before 2020, Haidilao's profitability was one of the best in the catering industry, and its revenue, profit and turnover rate far exceeded those of its peers, which also made Haidilao unanimously favored by the outside world. Coupled with the market's welcome to leading enterprises, Haidilao's stock price, as the catering leader, is like a hydrogen balloon on the wind, all the way up, but this also caused Haidilao's stock price to dive all the way from the highest point in February this year when it continued to encounter problems.</p><p>However, when the bubble dissipates, the test of Haidilao really begins. As mentioned above, the main problem of Haidilao is the ugly performance caused by opening stores against the trend last year. At present, Haidilao is in the integration period of new stores, and there are still certain problems in personnel management. If it takes a year or two longer, the situation of these stores may be much better.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Picture from Haidilao official website</p><p>In order to realize the integration of new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to the news, in order to improve the efficiency of store management, Haidilao is currently restoring the mode of large and small areas and enhancing refined management. If this goal can be achieved, Haidilao's performance may even be raised to the next level.</p><p>However, compared with Haidilao, which is in pain, Jiumaojiu, Banu and other hot pot peers have a good life. Although Jiumaojiu's share price has also been affected by the decline of Hong Kong stocks, from the overall situation of the company, compared with Haidilao and Xiabuxiabu, Jiumaojiu's performance is still stable, and it is still opening up new growth, such as new brand restaurants such as Taier Restaurant and Taier Prequel under Jiumaojiu. Affected by this factor, institutions are quite optimistic about Jiumaojiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>Even gave an overweight rating on July 25.</p><p>Faced with the eager eyes of brands such as Jiumaojiu and Banu Hotpot, Zhang Yong, CEO of Haidilao, also said in an interview earlier this year that Haidilao will continue to expand after the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao's expansion proceed?</p>","source":"lsy1604323531668","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>Haidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?</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\">\nHaidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">有牛财经</strong><span class=\"h-time small\">2021-07-27 22:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The hot pot brand can't be separated from two reasons-social and chain. The hot pot giants seem to be having a bad life recently,</p><p>On July 26th, affected by the fluctuation of Hong Kong stocks,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plunged 20%,<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The share price has also evaporated by more than 13%,<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Its share price also fell by more than 9% at one point. Of course, it is not only catering stocks that are affected by this fluctuation of Hong Kong stocks, but also the problems of Haidilao and Xiabuxiabu themselves have deepened the impact of this fluctuation.</p><p>Before the stock price evaporated, Haidilao had just released the performance forecast for the first half of the year. Although it successfully turned losses into profits, its performance still did not meet the expectations of the institution. On the other hand, Xiabuxiabu has not been able to solve the aftermath of the dismissal of senior executives, and is still entangled with former CEO Zhao Yi. In contrast, Jiu Maojiu's life is quite comfortable.</p><p>When the hot pot giants are in pain, the whole catering industry is in full swing, especially the new tea track that has attracted much attention recently. Mixue Bingcheng, Heytea, Gu Ming and Ningji have received financing one after another.<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>Has been listed in Hong Kong; Even the barbecue track has become a hot cake in the eyes of investors. Recently, Yongdingmen Electric skewers have completed 10 million yuan angel round financing, as well as Kuafu skewers, long ago and other brands.</p><p>When the overall industry is upward, how should the hot pot giants crack the cold?</p><p><b>\"Self-inflicted\" Haidilao and Xiabuxiabu</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu mean \"self-inflicted\".</p><p>Judging from the interim performance forecast released by Haidilao, Haidilao is expected to have a revenue of about 20 billion yuan and a net profit of between 80 million yuan and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a turnaround. However, in the case of the overall hot catering industry, Haidilao's performance in the first half of the year failed to meet the expectations of the institution, which also directly led to the share price of the whole Hong Kong stock hot pot enterprises.</p><p>You should know that Haidilao's net profit in the first half of 2019 exceeded 900 million, especially with the gradual control of the epidemic in China and the good recovery momentum of the overall industry. Haidilao's achievement is obviously a little unjustifiable. Haidilao's sluggish performance after the epidemic directly led to the continuous decline of the stock price, which evaporated by more than 60% in half a year.</p><p>The reason is that Haidilao's downturn is mainly due to the company's strategic mistakes. Last year, it chose the strategy of accelerating the rush. The number of new stores opened throughout the year reached 544, but the direct consequence of this is the sluggish performance. On the one hand, accelerating the opening of stores directly leads to the increase of Haidilao cost, and even the most valued table turnover rate in the catering industry is not as good as before.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Picture from Xiabuxiabu official website</p><p>Even Zhang Yong, CEO of Haidilao, publicly stated before: \"The most important problem in the decline of Haidilao's performance is internal management. The store expansion plan I set last year seems to have problems now, but it was already March this year when I responded\".</p><p>Affected by the plunge in Haidilao's share price, the share prices of other listed players in the hot pot track also began to fluctuate, especially Xiabuxiabu, which had turbulent high-level and dismal performance. Whether it was the resignation of CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its share price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been satisfactory, and it has been declining since 2018, with net profit and turnover rate continuing to decline, especially in 2020, Xiabuxiabu's net profit decreased by 99.4% year-on-year. At the same time that Haidilao drove the overall decline of the stock price of hot pot stocks, Zhao Yi issued an announcement asking Xiabuxiabu to give an explanation on the attempt to remove its executive director, and even asked the outside world to intervene. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's influence on Xiabuxiabu will continue for some time. If the problem can't be solved for a long time, Xiabuxiabu's life may be more difficult under the turmoil of military morale.</p><p>The dilemma of Haidilao and Xiabuxiabu is nothing more than their decision-making mistakes or internal problems of the company. However, if we look at the whole industry, hot pot is still a star in the catering industry. For example, last month, it was reported that Banu, a hot pot chain brand focusing on hairy belly, is completing a financing of more than 500 million yuan.</p><p><b>Why is hot pot so hot?</b></p><p>The hot pot brand can't be separated from two reasons-social and chain.</p><p>On the one hand, compared with most catering tracks, hot pot restaurants pay more attention to social interaction, especially the current hot pot restaurants are generally not low in price. If it were not for dinner, ordinary consumers would rarely eat hot pot alone, especially the current hot pot brands have started marketing while maintaining their taste, such as Haidilao.</p><p>Under the aura of fashion, convenience and good experience, hot pot is especially favored by young women. According to the data of Huajing Industrial Research Institute, young women are still the main force of hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged slightly behind, only 42.9%.</p><p>On the other hand, hot pot chaining is easier. Compared with traditional catering enterprises that need to check the taste of dishes, hot pot brands that only need to pay attention to ingredients and pot bottoms. The way to become bigger and stronger is the continuous construction of the supply chain, which only needs to be laid out from procurement, processing, warehousing, logistics and other links. Enough fresh ingredients can become a strong background support for various hot pot stores, the most typical example of which is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Pictures from Canva Paintable Hải Nguyễn</p><p>According to public information, Haidilao's supplier is its related party Shuhai Supply Chain, which has multiple raw material bases, food processing centers and bottom material processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang and Banu either adopt the central kitchen mode or cooperate with third-party suppliers.</p><p>After all, the taste of hot pot is universal enough, and various pot bottoms such as mushroom soup, spicy and tomato can meet the needs of a variety of people. If there is a mature supply chain as the support, the products are controllable enough and the service is not bad, the consumer's experience is sufficiently guaranteed, and the gradual maturity of the management system in recent years has enhanced the brand's control over chain stores.</p><p>The differentiation from traditional catering enterprises has made hot pot the darling of capital, and many star hot pot restaurants have also come from this. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 epidemic, under the wave of catering industry chaining, the chain degree of hot pot industry has further increased, and the competition has become more and more fierce. So does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has opened too much, still slow down?</b></p><p>From the current environment, it is not impossible for Haidilao to climb to a new peak again.</p><p>It is undeniable that before 2020, Haidilao's profitability was one of the best in the catering industry, and its revenue, profit and turnover rate far exceeded those of its peers, which also made Haidilao unanimously favored by the outside world. Coupled with the market's welcome to leading enterprises, Haidilao's stock price, as the catering leader, is like a hydrogen balloon on the wind, all the way up, but this also caused Haidilao's stock price to dive all the way from the highest point in February this year when it continued to encounter problems.</p><p>However, when the bubble dissipates, the test of Haidilao really begins. As mentioned above, the main problem of Haidilao is the ugly performance caused by opening stores against the trend last year. At present, Haidilao is in the integration period of new stores, and there are still certain problems in personnel management. If it takes a year or two longer, the situation of these stores may be much better.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Picture from Haidilao official website</p><p>In order to realize the integration of new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to the news, in order to improve the efficiency of store management, Haidilao is currently restoring the mode of large and small areas and enhancing refined management. If this goal can be achieved, Haidilao's performance may even be raised to the next level.</p><p>However, compared with Haidilao, which is in pain, Jiumaojiu, Banu and other hot pot peers have a good life. Although Jiumaojiu's share price has also been affected by the decline of Hong Kong stocks, from the overall situation of the company, compared with Haidilao and Xiabuxiabu, Jiumaojiu's performance is still stable, and it is still opening up new growth, such as new brand restaurants such as Taier Restaurant and Taier Prequel under Jiumaojiu. Affected by this factor, institutions are quite optimistic about Jiumaojiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>Even gave an overweight rating on July 25.</p><p>Faced with the eager eyes of brands such as Jiumaojiu and Banu Hotpot, Zhang Yong, CEO of Haidilao, also said in an interview earlier this year that Haidilao will continue to expand after the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao's expansion proceed?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1328719318844032\">有牛财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a","relate_stocks":{"06862":"海底捞","00520":"呷哺呷哺"},"source_url":"https://36kr.com/p/1328719318844032","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113885707","content_text":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%。当然，受到这次港股波动影响的不只有餐饮股，海底捞、呷哺呷哺自身的问题更是加深了这次波动的影响。\n股价蒸发前，海底捞刚发布了上半年的业绩预告，虽然成功实现了扭亏为盈，但其业绩仍未达到机构的预期。而另一边的呷哺呷哺还未能解决开除高管后的善后问题，还在与前CEO赵怡纠缠不休，相比之下九毛九的日子过得还算安逸。\n火锅巨头们处于阵痛期之时，整个餐饮行业却是一副热火朝天的景象，尤其是近段时间备受关注的新式茶饮赛道，蜜雪冰城、喜茶、古茗、柠季接连拿到融资，奈雪的茶已经赴港上市；就连烧烤赛道也成了投资人们眼中的一块香饽饽，近期就有永定门电烤串完成千万元天使轮融资，还有夸父烤串、很久以前等等品牌。\n在整体行业向上的情况下，火锅巨头们的遇冷又该如何破解呢？\n“自作自受”的海底捞和呷哺呷哺\n从各家品牌最近的遭遇来看，无论是海底捞还是呷哺呷哺，都有点“自作自受”的意思。\n从海底捞发布的中期业绩预告来看，海底捞今年上半年预计营收200亿元左右，净利润8000万元到1亿元之间，相比去年上半年亏损9.65亿的业绩毫无疑问的打了个翻身仗，但是在餐饮行业整体火热的情况下，海底捞的上半年业绩却未能达到机构的预期，这也直接导致了整个港股火锅企业的股价。\n要知道海底捞2019年上半年的净利润就超过了9亿，尤其是在国内对疫情的逐渐控制，整体行业恢复势头良好的情况下，海底捞这成绩显然有点说不过去，海底捞疫情之后的业绩低迷直接导致了股价的持续下跌，半年蒸发超过60%。\n究其原因，海底捞的低迷主要是因为公司战略失误，在去年选择了加速狂奔的策略，全年新开门店达到了544家，但这带来的直接后果就是业绩的低迷。一方面加速开店直接导致海底捞成本加剧，就连餐饮行业最受重视的翻台率都大不如前。\n\n图片来自呷哺呷哺官网\n就连海底捞CEO张勇此前也公开表示：“海底捞业绩的下降最主要的问题就是内部管理，去年我定下的扩店计划现在看来确实存在问题，但是做出反应的时候已经是今年3月份了”。\n受到海底捞股价暴跌的影响，火锅赛道里的其他上市选手的股价也开始波动，尤其是高层动荡、业绩惨淡的呷哺呷哺，无论是凑凑CEO张振纬的离职，还是公司单方面罢免CEO赵怡，都让其的股价受到剧烈影响。\n与海底捞相似的是，呷哺呷哺近年来的业绩并不理想，从2018年就开始走下坡路，净利润、翻台率持续下滑，尤其是2020年呷哺呷哺净利润同比减少99.4%。在这次海底捞带动火锅股股价整体下滑的同时，赵怡发公告要求呷哺呷哺就试图罢免其执行董事的行为给个说法，甚至要求外界介入，种种原因让呷哺呷哺的股价比起九毛九受到的影响更大。\n就目前的情况来看，赵怡给呷哺呷哺带来的影响还将持续一段时间，要是长期无法解决问题，军心动荡之下，呷哺呷哺的日子或许会更加困难。\n海底捞、呷哺呷哺的困境，无非是其决策失误或者公司内部问题，但是如果将目光放到整个行业来看的话，火锅仍然是餐饮行业里的一颗明星，就比如上个月有报道称，主打毛肚的火锅连锁品牌巴奴正在完成一笔超过5亿元的融资。\n火锅为什么这么火？\n火锅品牌的火热离不开两个原因——社交和连锁化。\n一方面，火锅店相比大部分餐饮赛道，更加注重社交，尤其是现在的火锅店定价普遍不低，如果不是为了聚餐，普通消费者很少会单独去吃火锅，尤其是现在的火锅品牌在保持味道的同时，还开始做起了营销，就比如海底捞。\n在时尚、方便、体验好等光环的笼罩下，火锅尤其受到年轻女性的青睐。根据华经产业研究院的数据显示，年轻女性仍然是火锅消费的主力军，2020年女性消费者占比达到了57.1%，而男性消费者稍有落后，仅为42.9%。\n另一方面，火锅连锁化更加容易，相比需要对菜品口味把关的传统餐饮企业，只需要注重食材和锅底的火锅品牌们，做大做强的道路便是供应链不断的建设，只需要从采购、加工、仓储、物流等各个环节进行布局，足够新鲜的食材就能成为各家火锅门店强有力的后台支撑，其中最典型的例子就是海底捞。\n\n来自Canva可画 Hải Nguyễn的图片\n根据公开信息，海底捞的供应商是其关联方蜀海供应链，拥有多个原材料基地、食材加工中心、底料加工中心，除此之外呷哺呷哺、小龙坎、德庄、巴奴等火锅品牌要么采用中央厨房的模式、要么和第三方供应商有合作。\n说到底，火锅的口味有足够的普适性，菌汤、麻辣、番茄等多种锅底能满足多种人群的需求，如果有着成熟的供应链作为支撑，产品足够可控，服务不差的情况下，消费者地体验有着足够的保障，而且近些年管理系统的逐渐成熟，增强了品牌对于连锁店的管控。\n与传统餐饮企业的差异化，让火锅成了资本的宠儿，许多明星火锅店也由此而来，但是随着火锅餐饮品类的愈发多元化，尤其是新冠疫情之后，在餐饮行业连锁化的浪潮之下，火锅行业的连锁度进一步上升，竞争也越发激烈，那么海底捞还有机会恢复巅峰吗？\n开店过猛的海底捞，还能缓过来吗？\n从现在的环境来说，海底捞也不是没有可能再度爬上新的巅峰。\n不可否认的是，2020年之前的海底捞赚钱能力在餐饮界中算得上是数一数二的，无论是营收、利润还是翻台率都远超同行，这也让海底捞受到了外界的一致看好，再加上市场对于龙头企业的欢迎，作为餐饮龙头的海底捞，其股价就像是风口上的氢气球，一路向上，但是这也导致海底捞在持续碰到问题时，股价也从今年2月的最高点一路俯冲。\n不过当泡沫散去之后，对于海底捞的考验才是真正开始，上文也提到过，海底捞主要的问题就是去年逆势开店导致的业绩难看，目前海底捞正在新店整合期，对于人员的管理方面还有一定的问题，如果将时间放长一两年，这些门店的情况或许会好上不少。\n\n图片来自海底捞官网\n为了尽早实现新门店的整合，海底捞也在对组织架构进行调整。根据光大证券的消息，海底捞为了提升门店管理效率，目前正在恢复大小区的模式，增强精细化管理，如果能够实现这一目标，海底捞的业绩甚至还有更上一层楼的可能性。\n不过比起处于阵痛期的海底捞，九毛九、巴奴等火锅同行的小日子过得还算不错，虽然九毛九的股价也受到了这次港股下跌的影响，但是从公司整体情况来说，比起海底捞和呷哺呷哺，九毛九的业绩还算稳定，而且还在开辟新的增长，例如九毛九旗下得太二餐厅、太二前传等新品牌餐厅，受到这一因素的影响，机构对于九毛九的前景还算看好，中金公司甚至在7月25日给出了增持的评级。\n面对九毛九、巴奴火锅等品牌的虎视眈眈，海底捞CEO张勇在今年早些时候接受采访的时候也表示，等到这批门店的业绩成熟后，海底捞还将继续扩张，不过有了去年的前车之鉴，海底捞的扩张之路又该如何进行呢？","news_type":1,"symbols_score_info":{"00520":0.9,"06862":0.9}},"isVote":1,"tweetType":1,"viewCount":3369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298579,"gmtCreate":1627303402891,"gmtModify":1703487135701,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800298579","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Announced second quarter financial results. The data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1,322.2 million, compared to $860.3 million a year earlier, up 54% year-over-year. After the release of the earnings report, Hasbro's share price rose by more than 4% before the market.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>Among them, by segment, the revenue of the consumer goods business segment was US$689.2 million, compared with US$519.5 million in the same period last year, representing a year-on-year increase of 33%. The revenue of Wizards & Electronic Games business unit was US$406.3 million, compared with US$186.7 million in the same period last year, up 117.6% year-on-year. Entertainment segment revenue was $226.7 million, compared to $154.1 million a year earlier, up 47% year-over-year.</p><p>Among them, by brand portfolio, revenue from franchise brands was US$650 million, compared with US$377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, up 53% year-over-year. Hasbro's gaming brand revenue was $147.1 million, compared with $137 million in the same period last year, up 7% year-over-year. Revenue from emerging brands was $117 million, compared with $75.9 million a year earlier, up 54% year-over-year. Revenue from TV, film and entertainment brands was US$196.2 million, compared with US$132.2 million in the same period last year, up 48% year-on-year.</p><p>Q2 net loss was $21.9 million compared to $32.9 million a year earlier, narrowing 33.43% year over year. Basic and diluted loss per share was $0.17, compared to a loss per share of $0.25 in the prior year quarter.</p><p>Q2 EBITDA was $159.5 million compared to $73.5 million a year earlier, up 117% year over year. Adjusted EBITDA was $289.6 million compared to $110.8 million a year earlier, up 161.4% year over year.</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>Hasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled</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\">\nHasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Announced second quarter financial results. The data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1,322.2 million, compared to $860.3 million a year earlier, up 54% year-over-year. After the release of the earnings report, Hasbro's share price rose by more than 4% before the market.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>Among them, by segment, the revenue of the consumer goods business segment was US$689.2 million, compared with US$519.5 million in the same period last year, representing a year-on-year increase of 33%. The revenue of Wizards & Electronic Games business unit was US$406.3 million, compared with US$186.7 million in the same period last year, up 117.6% year-on-year. Entertainment segment revenue was $226.7 million, compared to $154.1 million a year earlier, up 47% year-over-year.</p><p>Among them, by brand portfolio, revenue from franchise brands was US$650 million, compared with US$377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, up 53% year-over-year. Hasbro's gaming brand revenue was $147.1 million, compared with $137 million in the same period last year, up 7% year-over-year. Revenue from emerging brands was $117 million, compared with $75.9 million a year earlier, up 54% year-over-year. Revenue from TV, film and entertainment brands was US$196.2 million, compared with US$132.2 million in the same period last year, up 48% year-on-year.</p><p>Q2 net loss was $21.9 million compared to $32.9 million a year earlier, narrowing 33.43% year over year. Basic and diluted loss per share was $0.17, compared to a loss per share of $0.25 in the prior year quarter.</p><p>Q2 EBITDA was $159.5 million compared to $73.5 million a year earlier, up 117% year over year. Adjusted EBITDA was $289.6 million compared to $110.8 million a year earlier, up 161.4% year over year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":3323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298169,"gmtCreate":1627303388551,"gmtModify":1703487135537,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/800298169","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Announced second quarter financial results. The data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1,322.2 million, compared to $860.3 million a year earlier, up 54% year-over-year. After the release of the earnings report, Hasbro's share price rose by more than 4% before the market.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>Among them, by segment, the revenue of the consumer goods business segment was US$689.2 million, compared with US$519.5 million in the same period last year, representing a year-on-year increase of 33%. The revenue of Wizards & Electronic Games business unit was US$406.3 million, compared with US$186.7 million in the same period last year, up 117.6% year-on-year. Entertainment segment revenue was $226.7 million, compared to $154.1 million a year earlier, up 47% year-over-year.</p><p>Among them, by brand portfolio, revenue from franchise brands was US$650 million, compared with US$377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, up 53% year-over-year. Hasbro's gaming brand revenue was $147.1 million, compared with $137 million in the same period last year, up 7% year-over-year. Revenue from emerging brands was $117 million, compared with $75.9 million a year earlier, up 54% year-over-year. Revenue from TV, film and entertainment brands was US$196.2 million, compared with US$132.2 million in the same period last year, up 48% year-on-year.</p><p>Q2 net loss was $21.9 million compared to $32.9 million a year earlier, narrowing 33.43% year over year. Basic and diluted loss per share was $0.17, compared to a loss per share of $0.25 in the prior year quarter.</p><p>Q2 EBITDA was $159.5 million compared to $73.5 million a year earlier, up 117% year over year. Adjusted EBITDA was $289.6 million compared to $110.8 million a year earlier, up 161.4% year over year.</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>Hasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled</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\">\nHasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Announced second quarter financial results. The data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1,322.2 million, compared to $860.3 million a year earlier, up 54% year-over-year. After the release of the earnings report, Hasbro's share price rose by more than 4% before the market.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>Among them, by segment, the revenue of the consumer goods business segment was US$689.2 million, compared with US$519.5 million in the same period last year, representing a year-on-year increase of 33%. The revenue of Wizards & Electronic Games business unit was US$406.3 million, compared with US$186.7 million in the same period last year, up 117.6% year-on-year. Entertainment segment revenue was $226.7 million, compared to $154.1 million a year earlier, up 47% year-over-year.</p><p>Among them, by brand portfolio, revenue from franchise brands was US$650 million, compared with US$377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, up 53% year-over-year. Hasbro's gaming brand revenue was $147.1 million, compared with $137 million in the same period last year, up 7% year-over-year. Revenue from emerging brands was $117 million, compared with $75.9 million a year earlier, up 54% year-over-year. Revenue from TV, film and entertainment brands was US$196.2 million, compared with US$132.2 million in the same period last year, up 48% year-on-year.</p><p>Q2 net loss was $21.9 million compared to $32.9 million a year earlier, narrowing 33.43% year over year. Basic and diluted loss per share was $0.17, compared to a loss per share of $0.25 in the prior year quarter.</p><p>Q2 EBITDA was $159.5 million compared to $73.5 million a year earlier, up 117% year over year. Adjusted EBITDA was $289.6 million compared to $110.8 million a year earlier, up 161.4% year over year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":4288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177620243,"gmtCreate":1627212675682,"gmtModify":1703485612629,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177620243","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"us","language":"zh","title":"What are we buying when we buy funds?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What are we buying when we buy funds?</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\">\nWhat are we buying when we buy funds?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453212,"gmtCreate":1627130692236,"gmtModify":1703484631813,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453212","repostId":"2153809933","repostType":4,"repost":{"id":"2153809933","kind":"highlight","pubTimestamp":1627105483,"share":"https://ttm.financial/m/news/2153809933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 13:44","market":"us","language":"zh","title":"The Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153809933","media":"智通财经网","summary":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。","content":"<p>The Federal Reserve holds its monetary policy meeting on July 27th and 28th. Although the stock market is still in a more optimistic mood, it will meet in an uneasy atmosphere. In addition to the urgent need for the market to know Powell's current attitude, more importantly, whether the Fed already has the details of its tapering policy.</p><p>In recent testimony before Congress, Fed Chairman Powell made it clear that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an impending shift in policy. After all, employment levels are still more than six million below what they were before the pandemic began, and the latest Covid pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>But ING strategists talked about the upcoming Jackson Hole Federal Reserve Conference at the end of August, where Fed officials will begin preparing for the tapering of their quantitative easing and refine it further at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, though perhaps not as fast as some expected earlier this year. In addition, many businesses desperately need workers, but millions are still unemployed. Vaccination rates have stagnated in recent weeks and the number of infections has risen. Nevertheless, the Fed is facing tightening pressures, such as tapering QE. But most people still don't expect the Fed to announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of tapering on the table\" for discussion.</p><p>Labor market signs suggest the Fed's easing is far from over. Economists and market watchers had hoped that by April, when vaccines were widely available and many economic restrictions began to lift, employers would start hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the Bureau of Labor Statistics, non-farm growth has generally been unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider reducing some loose stimulus policies that have been implemented. Three-month moving averages from the Federal Reserve Bank of Atlanta show that even though wages were 3.2% higher in June than a year earlier, inflation rose even higher. The consumer price index rose 5.4% in June compared to a year earlier, meaning inflation-adjusted incomes fell more than 2%. Even the Fed's favored Core personal consumption expenditure (Core PCE) measure, which strips out volatility in food and energy prices, rose 3.4% in May from a year earlier.</p><p>In fact, a month ago, the Fed raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue to rise for the rest of the year. However, the Fed may not be in a hurry to intervene. In a speech last August, Powell said the Fed had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a modest period of time before tightening.</p><p>Minutes from the Fed's latest meeting, though, show increased interest in discussing tapering bond purchases. The Fed is currently buying $120 billion worth of bonds each month, but a short-term rate hike could still be years away.</p><p>ING strategists believe that although the Fed is not expected to change policy at its July meeting, the market may hear more about tapering discussions that began in June. Discussion around the issue is likely to heat up at the Jackson Hole meeting in August, as the Fed's current signals still lean toward earlier policy normalization. Its reference to Chairman Powell may suggest that while discussions have already begun about tapering quantitative easing, there is still plenty of time before they need to draw conclusions about the actions they will take.</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>The Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?\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\">2021-07-24 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve holds its monetary policy meeting on July 27th and 28th. Although the stock market is still in a more optimistic mood, it will meet in an uneasy atmosphere. In addition to the urgent need for the market to know Powell's current attitude, more importantly, whether the Fed already has the details of its tapering policy.</p><p>In recent testimony before Congress, Fed Chairman Powell made it clear that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an impending shift in policy. After all, employment levels are still more than six million below what they were before the pandemic began, and the latest Covid pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>But ING strategists talked about the upcoming Jackson Hole Federal Reserve Conference at the end of August, where Fed officials will begin preparing for the tapering of their quantitative easing and refine it further at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, though perhaps not as fast as some expected earlier this year. In addition, many businesses desperately need workers, but millions are still unemployed. Vaccination rates have stagnated in recent weeks and the number of infections has risen. Nevertheless, the Fed is facing tightening pressures, such as tapering QE. But most people still don't expect the Fed to announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of tapering on the table\" for discussion.</p><p>Labor market signs suggest the Fed's easing is far from over. Economists and market watchers had hoped that by April, when vaccines were widely available and many economic restrictions began to lift, employers would start hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the Bureau of Labor Statistics, non-farm growth has generally been unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider reducing some loose stimulus policies that have been implemented. Three-month moving averages from the Federal Reserve Bank of Atlanta show that even though wages were 3.2% higher in June than a year earlier, inflation rose even higher. The consumer price index rose 5.4% in June compared to a year earlier, meaning inflation-adjusted incomes fell more than 2%. Even the Fed's favored Core personal consumption expenditure (Core PCE) measure, which strips out volatility in food and energy prices, rose 3.4% in May from a year earlier.</p><p>In fact, a month ago, the Fed raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue to rise for the rest of the year. However, the Fed may not be in a hurry to intervene. In a speech last August, Powell said the Fed had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a modest period of time before tightening.</p><p>Minutes from the Fed's latest meeting, though, show increased interest in discussing tapering bond purchases. The Fed is currently buying $120 billion worth of bonds each month, but a short-term rate hike could still be years away.</p><p>ING strategists believe that although the Fed is not expected to change policy at its July meeting, the market may hear more about tapering discussions that began in June. Discussion around the issue is likely to heat up at the Jackson Hole meeting in August, as the Fed's current signals still lean toward earlier policy normalization. Its reference to Chairman Powell may suggest that while discussions have already begun about tapering quantitative easing, there is still plenty of time before they need to draw conclusions about the actions they will take.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/520599.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://static.tigerbbs.com/98a01b74d12bd250d548a4cdbf0d9091","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","QQQ":"纳指100ETF","SDS":"两倍做空标普500 ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","DJX":"1/100道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEX":"标普100","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SPY":"标普500ETF","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","DOG":"道指ETF-ProShares做空",".SPX":"S&P 500 Index","IVV":"标普500ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/520599.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2153809933","content_text":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。除了市场急需知道鲍威尔目前的态度，更重要的是美联储是否已经有了缩减政策细节。\n美联储主席鲍威尔最近在国会作证时明确表示，他仍然认为通胀压力在很大程度上是暂时的，没有任何迫切需要发出政策即将转变的信号。毕竟，就业水平仍比疫情开始前低600多万，而最新的新冠疫情增加了另一层不确定性，可以用来为不采取行动辩护。\n但是ING策略师谈到即将在8月底举行的杰克逊霍尔美联储会议(Jackson Hole Federal Reserve Conference)上，美联储官员将开始为缩减量化宽松做准备，并在9月份的FOMC会议上进一步细化，然后在12月份正式宣布。\n经济正在增长，尽管可能没有今年早些时候一些人预期的那么快。此外许多企业迫切需要工人，但仍有数百万人失业。最近几周，疫苗接种率停滞不前，感染病例数量上升。尽管如此美联储正面临着收紧压力，如缩减QE。但大部分人还是预计美联储不会在下周会议上宣布任何新举措，但焦点是鲍威尔是否会把缩减细节“摆上桌面”来讨论。\n劳动力市场迹象暗示美联储的宽松远没有结束。经济学家和市场观察人士曾希望，到4月份疫苗广泛普及、许多经济限制开始解除的时候，雇主将开始大批雇佣工人。然而，现实却远没有这么乐观。根据美国劳工统计局(Bureau of Labor Statistics)的最新数据显示非农增速在最近数月总体不是很稳定。\n另外一方面，当下通胀环境又让美联储不得不考虑缩减一些已经实施的宽松刺激政策。亚特兰大联邦储备银行的三个月移动平均数据显示，尽管6月份的工资比去年同期高出3.2%，但通货膨胀率却上升得更高。与去年同期相比，6月份消费者价格指数增长了5.4%，这意味着经通胀调整后的收入下降了2%以上。即便是美联储青睐的剔除食品和能源价格波动的核心个人消费支出(Core PCE)指标，5月份也较上年同期上涨了3.4%。\n事实上，一个月前，美联储将2021年的通胀预期从3月份的2.2%上调至3%，但即便如此也可能过于乐观。在今年余下的时间里，通胀可能会持续上升。不过，美联储也未必会不急于介入。在去年8月的一次讲话中，鲍威尔表示，美联储在过去犯了太多的错误，他愿意在收紧之前，让价格在一段适度的时间内超过央行2%的目标。\n不过，美联储最近一次会议的纪要显示，人们对讨论缩减债券购买规模的兴趣有所增加。美联储目前每月购买价值1200亿美元的债券，但短期加息可能仍需数年时间。\nING策略师认为尽管美联储预计在7月份的会议上不会改变政策，但市场可能会听到更多有关6月份开始的缩减购债讨论的消息。在8月份的杰克逊霍尔(Jackson Hole)会议上，围绕这一问题的讨论可能会升温，因为美联储目前发出的信号仍倾向于更早的政策正常化。其谈到鲍威尔主席可能会暗示，虽然有关缩减量化宽松的讨论已经开始，但在他们需要就他们将采取的行动得出结论之前，还有很多时间。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DJX":0.9,"UPRO":0.9,".IXIC":0.9,"NQmain":0.9,"SQQQ":0.9,"SSO":0.9,"SPXU":0.9,"QID":0.9,"OEX":0.9,"PSQ":0.9,"SH":0.9,"SDS":0.9,"OEF":0.9,"MNQmain":0.9,"TQQQ":0.9,"SPY":0.9,"UDOW":0.9,"QQQ":0.9,"DDM":0.9,".SPX":0.9,"DXD":0.9,"QLD":0.9,"IVV":0.9,"DOG":0.9,".DJI":0.9,"ESmain":0.9,"SDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":2929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":813910594,"gmtCreate":1630119929118,"gmtModify":1676530229693,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813910594","repostId":"2162073430","repostType":2,"repost":{"id":"2162073430","kind":"news","pubTimestamp":1630109162,"share":"https://ttm.financial/m/news/2162073430?lang=en_US&edition=fundamental","pubTime":"2021-08-28 08:06","market":"us","language":"zh","title":"XPeng Motors Q2 Earnings: P7 Deliveries Up 44.5% QoQ to Record High","url":"https://stock-news.laohu8.com/highlight/detail?id=2162073430","media":"广州日报","summary":"8月26日，小鹏汽车公布其截至2021年6月30日止第二季度未经审计的财务数据。数据显示，2021年第二季度，小鹏汽车交付量为17,398辆，为季度新高，并较2020年同期的3,228辆上升439%，以及较2021年第一季度的13,340辆上升30.4%。2021年第二季度，P7交付量为11,522辆，为季度新高，并较2021年第一季度的7,974辆上升44.5%。在2021年第二季度已交付的P7总量中，97%可支持XPILOT 2.5或XPILOT 3.0。截至2021年6月30日，小鹏汽车的实体销售和服务网络包括200间门店和64个服务中心，覆盖74个城市。","content":"<p><html><body><article>On August 26,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Announced its unaudited financial data for the second quarter ended June 30, 2021. In the second quarter of 2021, XPeng delivered 17,398 vehicles, a quarterly high, and up 439% from 3,228 vehicles in the same period of 2020, and up 30.4% from 13,340 vehicles in the first quarter of 2021, the data shows.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries were 11,522 units, a quarterly high and up 44.5% from 7,974 units in the first quarter of 2021. Of the total number of P7s delivered in the second quarter of 2021, 97% could support XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network comprised 200 stores and 64 service centers covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations expanded to 231, covering 65 cities;</p><p>In terms of finance, in the second quarter of 2021, revenue from sales of vehicles in XPeng amounted to RMB3,584.4 million (approximately US$555.1 million), representing an increase of 562.4% as compared to the same period in 2020 and an increase of 27.5% as compared to the first quarter of 2021. Automotive gross margin (i.e. gross profit from automotive sales as a percentage of automotive sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>Text/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, Editor of Guangzhou Daily New Flower City</p><p></article></body></html></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>XPeng Motors Q2 Earnings: P7 Deliveries Up 44.5% QoQ to Record High</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Motors Q2 Earnings: P7 Deliveries Up 44.5% QoQ to Record High\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">广州日报</strong><span class=\"h-time small\">2021-08-28 08:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>On August 26,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Announced its unaudited financial data for the second quarter ended June 30, 2021. In the second quarter of 2021, XPeng delivered 17,398 vehicles, a quarterly high, and up 439% from 3,228 vehicles in the same period of 2020, and up 30.4% from 13,340 vehicles in the first quarter of 2021, the data shows.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13927470927/0\"/>In the second quarter of 2021, P7 deliveries were 11,522 units, a quarterly high and up 44.5% from 7,974 units in the first quarter of 2021. Of the total number of P7s delivered in the second quarter of 2021, 97% could support XPILOT 2.5 or XPILOT 3.0.</p><p>As of June 30, 2021, XPeng Motors' physical sales and service network comprised 200 stores and 64 service centers covering 74 cities. As of June 30, 2021, XPeng Automotive Brand Supercharging Stations expanded to 231, covering 65 cities;</p><p>In terms of finance, in the second quarter of 2021, revenue from sales of vehicles in XPeng amounted to RMB3,584.4 million (approximately US$555.1 million), representing an increase of 562.4% as compared to the same period in 2020 and an increase of 27.5% as compared to the first quarter of 2021. Automotive gross margin (i.e. gross profit from automotive sales as a percentage of automotive sales revenue) was 11.0% in the second quarter of 2021, compared to negative 5.6% in the same period of 2020 and 10.1% in the first quarter of 2021.</p><p>Text/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Zhong Dawen, Editor of Guangzhou Daily New Flower City</p><p></article></body></html></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=nesSN202108280915567c34ed13&s=b\">广州日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f3c7d799dd2ab62e084e0e8c8dc16ee","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108280915567c34ed13&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162073430","content_text":"8月26日，小鹏汽车公布其截至2021年6月30日止第二季度未经审计的财务数据。数据显示，2021年第二季度，小鹏汽车交付量为17,398辆，为季度新高，并较2020年同期的3,228辆上升439%，以及较2021年第一季度的13,340辆上升30.4%。2021年第二季度，P7交付量为11,522辆，为季度新高，并较2021年第一季度的7,974辆上升44.5%。在2021年第二季度已交付的P7总量中，97%可支持XPILOT 2.5或XPILOT 3.0。截至2021年6月30日，小鹏汽车的实体销售和服务网络包括200间门店和64个服务中心，覆盖74个城市。截至2021年6月30日，小鹏汽车品牌超级充电站扩展至231座，覆盖65个城市；财务方面，2021年第二季度，小鹏汽车销售收入为人民币35.844亿元（约合5.551亿美元），较2020年同期上升562.4%，较2021年第一季度上升27.5%。2021年第二季度汽车毛利率（即汽车销售毛利润占汽车销售收入的百分比）为11.0%，相较而言，2020年同期为负5.6%，而2021年第一季度为10.1%。文/广州日报·新花城记者：周伟力图/广州日报·新花城记者：周伟力广州日报·新花城编辑 钟达文","news_type":1,"symbols_score_info":{"09868":1,"XPEV":1}},"isVote":1,"tweetType":1,"viewCount":3108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298169,"gmtCreate":1627303388551,"gmtModify":1703487135537,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/800298169","repostId":"1191089457","repostType":4,"repost":{"id":"1191089457","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":1627302034,"share":"https://ttm.financial/m/news/1191089457?lang=en_US&edition=fundamental","pubTime":"2021-07-26 20:20","market":"us","language":"zh","title":"Hasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled","url":"https://stock-news.laohu8.com/highlight/detail?id=1191089457","media":"老虎资讯综合","summary":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业","content":"<p>July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Announced second quarter financial results. The data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1,322.2 million, compared to $860.3 million a year earlier, up 54% year-over-year. After the release of the earnings report, Hasbro's share price rose by more than 4% before the market.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>Among them, by segment, the revenue of the consumer goods business segment was US$689.2 million, compared with US$519.5 million in the same period last year, representing a year-on-year increase of 33%. The revenue of Wizards & Electronic Games business unit was US$406.3 million, compared with US$186.7 million in the same period last year, up 117.6% year-on-year. Entertainment segment revenue was $226.7 million, compared to $154.1 million a year earlier, up 47% year-over-year.</p><p>Among them, by brand portfolio, revenue from franchise brands was US$650 million, compared with US$377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, up 53% year-over-year. Hasbro's gaming brand revenue was $147.1 million, compared with $137 million in the same period last year, up 7% year-over-year. Revenue from emerging brands was $117 million, compared with $75.9 million a year earlier, up 54% year-over-year. Revenue from TV, film and entertainment brands was US$196.2 million, compared with US$132.2 million in the same period last year, up 48% year-on-year.</p><p>Q2 net loss was $21.9 million compared to $32.9 million a year earlier, narrowing 33.43% year over year. Basic and diluted loss per share was $0.17, compared to a loss per share of $0.25 in the prior year quarter.</p><p>Q2 EBITDA was $159.5 million compared to $73.5 million a year earlier, up 117% year over year. Adjusted EBITDA was $289.6 million compared to $110.8 million a year earlier, up 161.4% year over year.</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>Hasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled</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\">\nHasbro's Q2 net revenue increased 54% year-over-year, video game business revenue doubled\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-26 20:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 26,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Announced second quarter financial results. The data shows that,<a href=\"https://laohu8.com/S/HAS\">Hasbro</a>Q2 net revenue was $1,322.2 million, compared to $860.3 million a year earlier, up 54% year-over-year. After the release of the earnings report, Hasbro's share price rose by more than 4% before the market.</p><p><img src=\"https://static.tigerbbs.com/5b7502ca0b817d7d67fe9e986a893a54\" tg-width=\"898\" tg-height=\"894\" width=\"100%\" height=\"auto\"></p><p>Among them, by segment, the revenue of the consumer goods business segment was US$689.2 million, compared with US$519.5 million in the same period last year, representing a year-on-year increase of 33%. The revenue of Wizards & Electronic Games business unit was US$406.3 million, compared with US$186.7 million in the same period last year, up 117.6% year-on-year. Entertainment segment revenue was $226.7 million, compared to $154.1 million a year earlier, up 47% year-over-year.</p><p>Among them, by brand portfolio, revenue from franchise brands was US$650 million, compared with US$377 million in the same period last year, representing a year-on-year increase of 72%. Partner brand revenue was $212 million, compared to $138.3 million in the same period last year, up 53% year-over-year. Hasbro's gaming brand revenue was $147.1 million, compared with $137 million in the same period last year, up 7% year-over-year. Revenue from emerging brands was $117 million, compared with $75.9 million a year earlier, up 54% year-over-year. Revenue from TV, film and entertainment brands was US$196.2 million, compared with US$132.2 million in the same period last year, up 48% year-on-year.</p><p>Q2 net loss was $21.9 million compared to $32.9 million a year earlier, narrowing 33.43% year over year. Basic and diluted loss per share was $0.17, compared to a loss per share of $0.25 in the prior year quarter.</p><p>Q2 EBITDA was $159.5 million compared to $73.5 million a year earlier, up 117% year over year. Adjusted EBITDA was $289.6 million compared to $110.8 million a year earlier, up 161.4% year over year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"HAS":"孩之宝"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191089457","content_text":"7月26日，孩之宝公布了第二季度财务业绩。数据显示，孩之宝Q2净营收为13.222亿美元，上年同期为8.603亿美元，同比增长54%。财报发布后，孩之宝盘前股价涨超4%。\n\n其中，按部门划分，消费品业务部门营收为6.892亿美元，上年同期为5.195亿美元，同比增长33%。威世智与电子游戏业务部门营收为4.063亿美元，上年同期为1.867亿美元，同比增长117.6%。娱乐业务部门营收为2.267亿美元，上年同期为1.541亿美元，同比增长47%。\n其中，按品牌组合划分，特许经营品牌营收为6.5亿美元，上年同期为3.77亿美元，同比增长72%。夥伴品牌营收为2.12亿美元，上年同期为1.383亿美元，同比增长53%。孩之宝游戏品牌营收为1.471亿美元，上年同期为1.37亿美元，同比增长7%。新兴品牌营收为1.17亿美元，上年同期为7590万美元，同比增长54%。电视、电影、娱乐品牌营收为1.962亿美元，上年同期为1.322亿美元，同比增长48%。\nQ2净亏损为2190万美元，上年同期为3290万美元，同比收窄33.43%。基本和摊薄后每股亏损为0.17美元，上年同期每股亏损为0.25美元。\nQ2 EBITDA为1.595亿美元，上年同期为7350万美元，同比增长117%。调整后EBITDA为2.896亿美元，上年同期为1.108亿美元，同比增长161.4%。","news_type":1,"symbols_score_info":{"HAS":0.9}},"isVote":1,"tweetType":1,"viewCount":4288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800298579,"gmtCreate":1627303402891,"gmtModify":1703487135701,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800298579","repostId":"1191089457","repostType":4,"isVote":1,"tweetType":1,"viewCount":3323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803997052,"gmtCreate":1627399755576,"gmtModify":1703489283737,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803997052","repostId":"1113885707","repostType":4,"repost":{"id":"1113885707","kind":"news","pubTimestamp":1627397920,"share":"https://ttm.financial/m/news/1113885707?lang=en_US&edition=fundamental","pubTime":"2021-07-27 22:58","market":"hk","language":"zh","title":"Haidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?","url":"https://stock-news.laohu8.com/highlight/detail?id=1113885707","media":"有牛财经","summary":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%","content":"<p>The hot pot brand can't be separated from two reasons-social and chain. The hot pot giants seem to be having a bad life recently,</p><p>On July 26th, affected by the fluctuation of Hong Kong stocks,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plunged 20%,<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The share price has also evaporated by more than 13%,<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Its share price also fell by more than 9% at one point. Of course, it is not only catering stocks that are affected by this fluctuation of Hong Kong stocks, but also the problems of Haidilao and Xiabuxiabu themselves have deepened the impact of this fluctuation.</p><p>Before the stock price evaporated, Haidilao had just released the performance forecast for the first half of the year. Although it successfully turned losses into profits, its performance still did not meet the expectations of the institution. On the other hand, Xiabuxiabu has not been able to solve the aftermath of the dismissal of senior executives, and is still entangled with former CEO Zhao Yi. In contrast, Jiu Maojiu's life is quite comfortable.</p><p>When the hot pot giants are in pain, the whole catering industry is in full swing, especially the new tea track that has attracted much attention recently. Mixue Bingcheng, Heytea, Gu Ming and Ningji have received financing one after another.<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>Has been listed in Hong Kong; Even the barbecue track has become a hot cake in the eyes of investors. Recently, Yongdingmen Electric skewers have completed 10 million yuan angel round financing, as well as Kuafu skewers, long ago and other brands.</p><p>When the overall industry is upward, how should the hot pot giants crack the cold?</p><p><b>\"Self-inflicted\" Haidilao and Xiabuxiabu</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu mean \"self-inflicted\".</p><p>Judging from the interim performance forecast released by Haidilao, Haidilao is expected to have a revenue of about 20 billion yuan and a net profit of between 80 million yuan and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a turnaround. However, in the case of the overall hot catering industry, Haidilao's performance in the first half of the year failed to meet the expectations of the institution, which also directly led to the share price of the whole Hong Kong stock hot pot enterprises.</p><p>You should know that Haidilao's net profit in the first half of 2019 exceeded 900 million, especially with the gradual control of the epidemic in China and the good recovery momentum of the overall industry. Haidilao's achievement is obviously a little unjustifiable. Haidilao's sluggish performance after the epidemic directly led to the continuous decline of the stock price, which evaporated by more than 60% in half a year.</p><p>The reason is that Haidilao's downturn is mainly due to the company's strategic mistakes. Last year, it chose the strategy of accelerating the rush. The number of new stores opened throughout the year reached 544, but the direct consequence of this is the sluggish performance. On the one hand, accelerating the opening of stores directly leads to the increase of Haidilao cost, and even the most valued table turnover rate in the catering industry is not as good as before.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Picture from Xiabuxiabu official website</p><p>Even Zhang Yong, CEO of Haidilao, publicly stated before: \"The most important problem in the decline of Haidilao's performance is internal management. The store expansion plan I set last year seems to have problems now, but it was already March this year when I responded\".</p><p>Affected by the plunge in Haidilao's share price, the share prices of other listed players in the hot pot track also began to fluctuate, especially Xiabuxiabu, which had turbulent high-level and dismal performance. Whether it was the resignation of CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its share price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been satisfactory, and it has been declining since 2018, with net profit and turnover rate continuing to decline, especially in 2020, Xiabuxiabu's net profit decreased by 99.4% year-on-year. At the same time that Haidilao drove the overall decline of the stock price of hot pot stocks, Zhao Yi issued an announcement asking Xiabuxiabu to give an explanation on the attempt to remove its executive director, and even asked the outside world to intervene. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's influence on Xiabuxiabu will continue for some time. If the problem can't be solved for a long time, Xiabuxiabu's life may be more difficult under the turmoil of military morale.</p><p>The dilemma of Haidilao and Xiabuxiabu is nothing more than their decision-making mistakes or internal problems of the company. However, if we look at the whole industry, hot pot is still a star in the catering industry. For example, last month, it was reported that Banu, a hot pot chain brand focusing on hairy belly, is completing a financing of more than 500 million yuan.</p><p><b>Why is hot pot so hot?</b></p><p>The hot pot brand can't be separated from two reasons-social and chain.</p><p>On the one hand, compared with most catering tracks, hot pot restaurants pay more attention to social interaction, especially the current hot pot restaurants are generally not low in price. If it were not for dinner, ordinary consumers would rarely eat hot pot alone, especially the current hot pot brands have started marketing while maintaining their taste, such as Haidilao.</p><p>Under the aura of fashion, convenience and good experience, hot pot is especially favored by young women. According to the data of Huajing Industrial Research Institute, young women are still the main force of hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged slightly behind, only 42.9%.</p><p>On the other hand, hot pot chaining is easier. Compared with traditional catering enterprises that need to check the taste of dishes, hot pot brands that only need to pay attention to ingredients and pot bottoms. The way to become bigger and stronger is the continuous construction of the supply chain, which only needs to be laid out from procurement, processing, warehousing, logistics and other links. Enough fresh ingredients can become a strong background support for various hot pot stores, the most typical example of which is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Pictures from Canva Paintable Hải Nguyễn</p><p>According to public information, Haidilao's supplier is its related party Shuhai Supply Chain, which has multiple raw material bases, food processing centers and bottom material processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang and Banu either adopt the central kitchen mode or cooperate with third-party suppliers.</p><p>After all, the taste of hot pot is universal enough, and various pot bottoms such as mushroom soup, spicy and tomato can meet the needs of a variety of people. If there is a mature supply chain as the support, the products are controllable enough and the service is not bad, the consumer's experience is sufficiently guaranteed, and the gradual maturity of the management system in recent years has enhanced the brand's control over chain stores.</p><p>The differentiation from traditional catering enterprises has made hot pot the darling of capital, and many star hot pot restaurants have also come from this. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 epidemic, under the wave of catering industry chaining, the chain degree of hot pot industry has further increased, and the competition has become more and more fierce. So does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has opened too much, still slow down?</b></p><p>From the current environment, it is not impossible for Haidilao to climb to a new peak again.</p><p>It is undeniable that before 2020, Haidilao's profitability was one of the best in the catering industry, and its revenue, profit and turnover rate far exceeded those of its peers, which also made Haidilao unanimously favored by the outside world. Coupled with the market's welcome to leading enterprises, Haidilao's stock price, as the catering leader, is like a hydrogen balloon on the wind, all the way up, but this also caused Haidilao's stock price to dive all the way from the highest point in February this year when it continued to encounter problems.</p><p>However, when the bubble dissipates, the test of Haidilao really begins. As mentioned above, the main problem of Haidilao is the ugly performance caused by opening stores against the trend last year. At present, Haidilao is in the integration period of new stores, and there are still certain problems in personnel management. If it takes a year or two longer, the situation of these stores may be much better.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Picture from Haidilao official website</p><p>In order to realize the integration of new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to the news, in order to improve the efficiency of store management, Haidilao is currently restoring the mode of large and small areas and enhancing refined management. If this goal can be achieved, Haidilao's performance may even be raised to the next level.</p><p>However, compared with Haidilao, which is in pain, Jiumaojiu, Banu and other hot pot peers have a good life. Although Jiumaojiu's share price has also been affected by the decline of Hong Kong stocks, from the overall situation of the company, compared with Haidilao and Xiabuxiabu, Jiumaojiu's performance is still stable, and it is still opening up new growth, such as new brand restaurants such as Taier Restaurant and Taier Prequel under Jiumaojiu. Affected by this factor, institutions are quite optimistic about Jiumaojiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>Even gave an overweight rating on July 25.</p><p>Faced with the eager eyes of brands such as Jiumaojiu and Banu Hotpot, Zhang Yong, CEO of Haidilao, also said in an interview earlier this year that Haidilao will continue to expand after the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao's expansion proceed?</p>","source":"lsy1604323531668","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>Haidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?</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\">\nHaidilao and Xiabuxiabu's share prices have been halved in half a year. Do hot pot giants still have a chance?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">有牛财经</strong><span class=\"h-time small\">2021-07-27 22:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The hot pot brand can't be separated from two reasons-social and chain. The hot pot giants seem to be having a bad life recently,</p><p>On July 26th, affected by the fluctuation of Hong Kong stocks,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>The stock price once plunged 20%,<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The share price has also evaporated by more than 13%,<a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Its share price also fell by more than 9% at one point. Of course, it is not only catering stocks that are affected by this fluctuation of Hong Kong stocks, but also the problems of Haidilao and Xiabuxiabu themselves have deepened the impact of this fluctuation.</p><p>Before the stock price evaporated, Haidilao had just released the performance forecast for the first half of the year. Although it successfully turned losses into profits, its performance still did not meet the expectations of the institution. On the other hand, Xiabuxiabu has not been able to solve the aftermath of the dismissal of senior executives, and is still entangled with former CEO Zhao Yi. In contrast, Jiu Maojiu's life is quite comfortable.</p><p>When the hot pot giants are in pain, the whole catering industry is in full swing, especially the new tea track that has attracted much attention recently. Mixue Bingcheng, Heytea, Gu Ming and Ningji have received financing one after another.<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>Has been listed in Hong Kong; Even the barbecue track has become a hot cake in the eyes of investors. Recently, Yongdingmen Electric skewers have completed 10 million yuan angel round financing, as well as Kuafu skewers, long ago and other brands.</p><p>When the overall industry is upward, how should the hot pot giants crack the cold?</p><p><b>\"Self-inflicted\" Haidilao and Xiabuxiabu</b></p><p>Judging from the recent experiences of various brands, both Haidilao and Xiabuxiabu mean \"self-inflicted\".</p><p>Judging from the interim performance forecast released by Haidilao, Haidilao is expected to have a revenue of about 20 billion yuan and a net profit of between 80 million yuan and 100 million yuan in the first half of this year. Compared with the loss of 965 million yuan in the first half of last year, it has undoubtedly made a turnaround. However, in the case of the overall hot catering industry, Haidilao's performance in the first half of the year failed to meet the expectations of the institution, which also directly led to the share price of the whole Hong Kong stock hot pot enterprises.</p><p>You should know that Haidilao's net profit in the first half of 2019 exceeded 900 million, especially with the gradual control of the epidemic in China and the good recovery momentum of the overall industry. Haidilao's achievement is obviously a little unjustifiable. Haidilao's sluggish performance after the epidemic directly led to the continuous decline of the stock price, which evaporated by more than 60% in half a year.</p><p>The reason is that Haidilao's downturn is mainly due to the company's strategic mistakes. Last year, it chose the strategy of accelerating the rush. The number of new stores opened throughout the year reached 544, but the direct consequence of this is the sluggish performance. On the one hand, accelerating the opening of stores directly leads to the increase of Haidilao cost, and even the most valued table turnover rate in the catering industry is not as good as before.</p><p><img src=\"https://static.tigerbbs.com/b53e8cb53c93164d80f6dd793830b91e\" tg-width=\"1762\" tg-height=\"1118\" referrerpolicy=\"no-referrer\"></p><p>Picture from Xiabuxiabu official website</p><p>Even Zhang Yong, CEO of Haidilao, publicly stated before: \"The most important problem in the decline of Haidilao's performance is internal management. The store expansion plan I set last year seems to have problems now, but it was already March this year when I responded\".</p><p>Affected by the plunge in Haidilao's share price, the share prices of other listed players in the hot pot track also began to fluctuate, especially Xiabuxiabu, which had turbulent high-level and dismal performance. Whether it was the resignation of CEO Zhang Zhenwei or the company's unilateral removal of CEO Zhao Yi, its share price was severely affected.</p><p>Similar to Haidilao, Xiabuxiabu's performance in recent years has not been satisfactory, and it has been declining since 2018, with net profit and turnover rate continuing to decline, especially in 2020, Xiabuxiabu's net profit decreased by 99.4% year-on-year. At the same time that Haidilao drove the overall decline of the stock price of hot pot stocks, Zhao Yi issued an announcement asking Xiabuxiabu to give an explanation on the attempt to remove its executive director, and even asked the outside world to intervene. For various reasons, Xiabuxiabu's stock price was more affected than Jiu Mao Jiu.</p><p>Judging from the current situation, Zhao Yi's influence on Xiabuxiabu will continue for some time. If the problem can't be solved for a long time, Xiabuxiabu's life may be more difficult under the turmoil of military morale.</p><p>The dilemma of Haidilao and Xiabuxiabu is nothing more than their decision-making mistakes or internal problems of the company. However, if we look at the whole industry, hot pot is still a star in the catering industry. For example, last month, it was reported that Banu, a hot pot chain brand focusing on hairy belly, is completing a financing of more than 500 million yuan.</p><p><b>Why is hot pot so hot?</b></p><p>The hot pot brand can't be separated from two reasons-social and chain.</p><p>On the one hand, compared with most catering tracks, hot pot restaurants pay more attention to social interaction, especially the current hot pot restaurants are generally not low in price. If it were not for dinner, ordinary consumers would rarely eat hot pot alone, especially the current hot pot brands have started marketing while maintaining their taste, such as Haidilao.</p><p>Under the aura of fashion, convenience and good experience, hot pot is especially favored by young women. According to the data of Huajing Industrial Research Institute, young women are still the main force of hot pot consumption. In 2020, female consumers accounted for 57.1%, while male consumers lagged slightly behind, only 42.9%.</p><p>On the other hand, hot pot chaining is easier. Compared with traditional catering enterprises that need to check the taste of dishes, hot pot brands that only need to pay attention to ingredients and pot bottoms. The way to become bigger and stronger is the continuous construction of the supply chain, which only needs to be laid out from procurement, processing, warehousing, logistics and other links. Enough fresh ingredients can become a strong background support for various hot pot stores, the most typical example of which is Haidilao.</p><p><img src=\"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"></p><p>Pictures from Canva Paintable Hải Nguyễn</p><p>According to public information, Haidilao's supplier is its related party Shuhai Supply Chain, which has multiple raw material bases, food processing centers and bottom material processing centers. In addition, hot pot brands such as Xiabuxiabu, Xiaolongkan, Dezhuang and Banu either adopt the central kitchen mode or cooperate with third-party suppliers.</p><p>After all, the taste of hot pot is universal enough, and various pot bottoms such as mushroom soup, spicy and tomato can meet the needs of a variety of people. If there is a mature supply chain as the support, the products are controllable enough and the service is not bad, the consumer's experience is sufficiently guaranteed, and the gradual maturity of the management system in recent years has enhanced the brand's control over chain stores.</p><p>The differentiation from traditional catering enterprises has made hot pot the darling of capital, and many star hot pot restaurants have also come from this. However, with the increasing diversification of hot pot catering categories, especially after the COVID-19 epidemic, under the wave of catering industry chaining, the chain degree of hot pot industry has further increased, and the competition has become more and more fierce. So does Haidilao still have a chance to return to its peak?</p><p><b>Can Haidilao, which has opened too much, still slow down?</b></p><p>From the current environment, it is not impossible for Haidilao to climb to a new peak again.</p><p>It is undeniable that before 2020, Haidilao's profitability was one of the best in the catering industry, and its revenue, profit and turnover rate far exceeded those of its peers, which also made Haidilao unanimously favored by the outside world. Coupled with the market's welcome to leading enterprises, Haidilao's stock price, as the catering leader, is like a hydrogen balloon on the wind, all the way up, but this also caused Haidilao's stock price to dive all the way from the highest point in February this year when it continued to encounter problems.</p><p>However, when the bubble dissipates, the test of Haidilao really begins. As mentioned above, the main problem of Haidilao is the ugly performance caused by opening stores against the trend last year. At present, Haidilao is in the integration period of new stores, and there are still certain problems in personnel management. If it takes a year or two longer, the situation of these stores may be much better.</p><p><img src=\"https://static.tigerbbs.com/3f759f507680c4285fffb8495c2b6588\" tg-width=\"647\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Picture from Haidilao official website</p><p>In order to realize the integration of new stores as soon as possible, Haidilao is also adjusting its organizational structure. according to<a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>According to the news, in order to improve the efficiency of store management, Haidilao is currently restoring the mode of large and small areas and enhancing refined management. If this goal can be achieved, Haidilao's performance may even be raised to the next level.</p><p>However, compared with Haidilao, which is in pain, Jiumaojiu, Banu and other hot pot peers have a good life. Although Jiumaojiu's share price has also been affected by the decline of Hong Kong stocks, from the overall situation of the company, compared with Haidilao and Xiabuxiabu, Jiumaojiu's performance is still stable, and it is still opening up new growth, such as new brand restaurants such as Taier Restaurant and Taier Prequel under Jiumaojiu. Affected by this factor, institutions are quite optimistic about Jiumaojiu's prospects.<a href=\"https://laohu8.com/S/601995\">CICC</a>Even gave an overweight rating on July 25.</p><p>Faced with the eager eyes of brands such as Jiumaojiu and Banu Hotpot, Zhang Yong, CEO of Haidilao, also said in an interview earlier this year that Haidilao will continue to expand after the performance of these stores matures. However, with the lessons learned from last year, how should Haidilao's expansion proceed?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1328719318844032\">有牛财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/427ed6a04f9b6d37c929e87d8eb7a00a","relate_stocks":{"06862":"海底捞","00520":"呷哺呷哺"},"source_url":"https://36kr.com/p/1328719318844032","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113885707","content_text":"火锅品牌的火热离不开两个原因——社交和连锁化。\n\n火锅巨头们最近的日子过的似乎不太顺心，\n7月26日受到港股波动影响，海底捞股价一度暴跌20%、呷哺呷哺股价也蒸发超过13%，九毛九的股价也一度跌过9%。当然，受到这次港股波动影响的不只有餐饮股，海底捞、呷哺呷哺自身的问题更是加深了这次波动的影响。\n股价蒸发前，海底捞刚发布了上半年的业绩预告，虽然成功实现了扭亏为盈，但其业绩仍未达到机构的预期。而另一边的呷哺呷哺还未能解决开除高管后的善后问题，还在与前CEO赵怡纠缠不休，相比之下九毛九的日子过得还算安逸。\n火锅巨头们处于阵痛期之时，整个餐饮行业却是一副热火朝天的景象，尤其是近段时间备受关注的新式茶饮赛道，蜜雪冰城、喜茶、古茗、柠季接连拿到融资，奈雪的茶已经赴港上市；就连烧烤赛道也成了投资人们眼中的一块香饽饽，近期就有永定门电烤串完成千万元天使轮融资，还有夸父烤串、很久以前等等品牌。\n在整体行业向上的情况下，火锅巨头们的遇冷又该如何破解呢？\n“自作自受”的海底捞和呷哺呷哺\n从各家品牌最近的遭遇来看，无论是海底捞还是呷哺呷哺，都有点“自作自受”的意思。\n从海底捞发布的中期业绩预告来看，海底捞今年上半年预计营收200亿元左右，净利润8000万元到1亿元之间，相比去年上半年亏损9.65亿的业绩毫无疑问的打了个翻身仗，但是在餐饮行业整体火热的情况下，海底捞的上半年业绩却未能达到机构的预期，这也直接导致了整个港股火锅企业的股价。\n要知道海底捞2019年上半年的净利润就超过了9亿，尤其是在国内对疫情的逐渐控制，整体行业恢复势头良好的情况下，海底捞这成绩显然有点说不过去，海底捞疫情之后的业绩低迷直接导致了股价的持续下跌，半年蒸发超过60%。\n究其原因，海底捞的低迷主要是因为公司战略失误，在去年选择了加速狂奔的策略，全年新开门店达到了544家，但这带来的直接后果就是业绩的低迷。一方面加速开店直接导致海底捞成本加剧，就连餐饮行业最受重视的翻台率都大不如前。\n\n图片来自呷哺呷哺官网\n就连海底捞CEO张勇此前也公开表示：“海底捞业绩的下降最主要的问题就是内部管理，去年我定下的扩店计划现在看来确实存在问题，但是做出反应的时候已经是今年3月份了”。\n受到海底捞股价暴跌的影响，火锅赛道里的其他上市选手的股价也开始波动，尤其是高层动荡、业绩惨淡的呷哺呷哺，无论是凑凑CEO张振纬的离职，还是公司单方面罢免CEO赵怡，都让其的股价受到剧烈影响。\n与海底捞相似的是，呷哺呷哺近年来的业绩并不理想，从2018年就开始走下坡路，净利润、翻台率持续下滑，尤其是2020年呷哺呷哺净利润同比减少99.4%。在这次海底捞带动火锅股股价整体下滑的同时，赵怡发公告要求呷哺呷哺就试图罢免其执行董事的行为给个说法，甚至要求外界介入，种种原因让呷哺呷哺的股价比起九毛九受到的影响更大。\n就目前的情况来看，赵怡给呷哺呷哺带来的影响还将持续一段时间，要是长期无法解决问题，军心动荡之下，呷哺呷哺的日子或许会更加困难。\n海底捞、呷哺呷哺的困境，无非是其决策失误或者公司内部问题，但是如果将目光放到整个行业来看的话，火锅仍然是餐饮行业里的一颗明星，就比如上个月有报道称，主打毛肚的火锅连锁品牌巴奴正在完成一笔超过5亿元的融资。\n火锅为什么这么火？\n火锅品牌的火热离不开两个原因——社交和连锁化。\n一方面，火锅店相比大部分餐饮赛道，更加注重社交，尤其是现在的火锅店定价普遍不低，如果不是为了聚餐，普通消费者很少会单独去吃火锅，尤其是现在的火锅品牌在保持味道的同时，还开始做起了营销，就比如海底捞。\n在时尚、方便、体验好等光环的笼罩下，火锅尤其受到年轻女性的青睐。根据华经产业研究院的数据显示，年轻女性仍然是火锅消费的主力军，2020年女性消费者占比达到了57.1%，而男性消费者稍有落后，仅为42.9%。\n另一方面，火锅连锁化更加容易，相比需要对菜品口味把关的传统餐饮企业，只需要注重食材和锅底的火锅品牌们，做大做强的道路便是供应链不断的建设，只需要从采购、加工、仓储、物流等各个环节进行布局，足够新鲜的食材就能成为各家火锅门店强有力的后台支撑，其中最典型的例子就是海底捞。\n\n来自Canva可画 Hải Nguyễn的图片\n根据公开信息，海底捞的供应商是其关联方蜀海供应链，拥有多个原材料基地、食材加工中心、底料加工中心，除此之外呷哺呷哺、小龙坎、德庄、巴奴等火锅品牌要么采用中央厨房的模式、要么和第三方供应商有合作。\n说到底，火锅的口味有足够的普适性，菌汤、麻辣、番茄等多种锅底能满足多种人群的需求，如果有着成熟的供应链作为支撑，产品足够可控，服务不差的情况下，消费者地体验有着足够的保障，而且近些年管理系统的逐渐成熟，增强了品牌对于连锁店的管控。\n与传统餐饮企业的差异化，让火锅成了资本的宠儿，许多明星火锅店也由此而来，但是随着火锅餐饮品类的愈发多元化，尤其是新冠疫情之后，在餐饮行业连锁化的浪潮之下，火锅行业的连锁度进一步上升，竞争也越发激烈，那么海底捞还有机会恢复巅峰吗？\n开店过猛的海底捞，还能缓过来吗？\n从现在的环境来说，海底捞也不是没有可能再度爬上新的巅峰。\n不可否认的是，2020年之前的海底捞赚钱能力在餐饮界中算得上是数一数二的，无论是营收、利润还是翻台率都远超同行，这也让海底捞受到了外界的一致看好，再加上市场对于龙头企业的欢迎，作为餐饮龙头的海底捞，其股价就像是风口上的氢气球，一路向上，但是这也导致海底捞在持续碰到问题时，股价也从今年2月的最高点一路俯冲。\n不过当泡沫散去之后，对于海底捞的考验才是真正开始，上文也提到过，海底捞主要的问题就是去年逆势开店导致的业绩难看，目前海底捞正在新店整合期，对于人员的管理方面还有一定的问题，如果将时间放长一两年，这些门店的情况或许会好上不少。\n\n图片来自海底捞官网\n为了尽早实现新门店的整合，海底捞也在对组织架构进行调整。根据光大证券的消息，海底捞为了提升门店管理效率，目前正在恢复大小区的模式，增强精细化管理，如果能够实现这一目标，海底捞的业绩甚至还有更上一层楼的可能性。\n不过比起处于阵痛期的海底捞，九毛九、巴奴等火锅同行的小日子过得还算不错，虽然九毛九的股价也受到了这次港股下跌的影响，但是从公司整体情况来说，比起海底捞和呷哺呷哺，九毛九的业绩还算稳定，而且还在开辟新的增长，例如九毛九旗下得太二餐厅、太二前传等新品牌餐厅，受到这一因素的影响，机构对于九毛九的前景还算看好，中金公司甚至在7月25日给出了增持的评级。\n面对九毛九、巴奴火锅等品牌的虎视眈眈，海底捞CEO张勇在今年早些时候接受采访的时候也表示，等到这批门店的业绩成熟后，海底捞还将继续扩张，不过有了去年的前车之鉴，海底捞的扩张之路又该如何进行呢？","news_type":1,"symbols_score_info":{"00520":0.9,"06862":0.9}},"isVote":1,"tweetType":1,"viewCount":3369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177620243,"gmtCreate":1627212675682,"gmtModify":1703485612629,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177620243","repostId":"1161895834","repostType":4,"repost":{"id":"1161895834","kind":"news","pubTimestamp":1627179003,"share":"https://ttm.financial/m/news/1161895834?lang=en_US&edition=fundamental","pubTime":"2021-07-25 10:10","market":"us","language":"zh","title":"What are we buying when we buy funds?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161895834","media":"远川投资评论","summary":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲","content":"<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>","source":"lsy1583835599575","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What are we buying when we buy funds?</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\">\nWhat are we buying when we buy funds?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2021-07-25 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There is \"lithium\" all over the world, but it is difficult to move without \"lithium\". Recently, under the continuous fermentation of carbon neutrality policy, lithium, as the raw material of new energy batteries, has been enthusiastically sought after by the market. \"Grandpa Lithium\" and \"Grandma Cobalt\" showed their might, and the new energy sector soared. Many investors saw that the new energy sector with a great rise began to move, so they went to find a new energy theme fund and prepared to buy it.</p><p>\"Some investors buy funds because they are optimistic about some sectors first, such as consuming military industry, and then find the fund manager who holds the most ideas and positions in the market, and then buy it. This is a bit of putting the cart before the horse,\" said Ye Erle of Guosheng Metalworking. \"For the allocation of the same stock or industry, the logic of each fund manager may be completely different, and the money he can make in the end is completely different.\"</p><p>Ye Erle believes that we often ask fund managers \"what they bought\" without knowing \"why they bought\", and the latter question may be more important. Recently, one of his research reports \"What Money Does Public Offering of Fund Earn-Series Report on the Evolution History of Fund ALPHA\" has attracted wide attention in the industry and was well received by many institutions. In his report, he analyzes in detail the sources of income for funds and introduces different methods of dividing fund managers' capabilities from traditional ones.</p><p><img src=\"https://static.tigerbbs.com/457375bc4d0235878aa7dc3b323dbb68\" tg-width=\"1080\" tg-height=\"1220\" referrerpolicy=\"no-referrer\"></p><p>Ye Erle, analyst at Guosheng Metalworking</p><p>Last month, our Yuanchuan Research Institute had a dialogue with Ye Erle, an analyst of Guosheng Metalworking, and had a series of discussions on what money Public Offering of Fund made. I hope that through this conversation, we can bring new inspiration to investors about \"buying funds\".</p><p>Here are some views of Ye Erle on what to buy funds, what abilities fund managers have, and how to build fund portfolios.</p><p><img src=\"https://static.tigerbbs.com/cafe4d249052d6040ae3bf665fe6edad\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>When many people buy funds, they will ask, \"Can this fund still be bought after it has risen so much?\" Ye Erle gave an answer: Buying funds is different from buying stocks, and stocks should not be chased higher.<b>But funds can \"chase high\" under certain circumstances.</b>Generally speaking, Ye Erle listed three differences between funds and stocks, which are reflected in pricing, valuation and risk diversification.</p><p>The pricing of stocks is the result of expected exchange and expected game by people according to market public data,<b>And the pricing of the fund is determined by the fund manager alone.</b>If the stock wants to rise, more and more people are persuaded to buy by a certain narrative or logic. If the fund wants to rise, the fund manager needs to have the ability to perceive such logic in advance, buy the stock in advance, and sell it when everyone buys it.</p><p>Stocks have a clear valuation, and funds have no valuation problems in the sense of net worth. If the stock rises too much, it will fall, and if it falls too much, it will rise. However, the future performance of the fund is not necessarily poor if it rises well, nor is it necessarily good if it performs poorly before. Buying funds has a highly extrapolated indicator called ALPHA medium and long-term momentum, which means<b>The essence of a good past and a good future is the ability of fund managers. Only when a fund manager's ability is stable can he have long-term momentum in a certain subdivision income, and the long-term momentum in a certain subdivision income also proves that the fund is stable in this kind of ability.</b></p><p>Stock has the characteristic risk at the company level, which can be controlled by decentralized holding. Fund is a combination of stocks, and the risk in this aspect is already small, so its risk control can't only rely on simple decentralization. For example, buying a bunch of funds that are partial to group stocks, although a single fund may account for a small proportion, the risk of combining them in the \"group factor\" is very high. Once the group collapses, the whole fund portfolio has great pullback/retracement risks, so it may be better to pick a fund in the large market, mid-cap and small cap, and the risk is more dispersed. So,<b>The risk of the fund needs to penetrate into the underlying style to spread.</b></p><p>So what is the nature of a fund?</p><p>Ye Erle believes that the fund is unchanged<b>The essence is that fund managers include so-called circles of competence such as personality, investment system, information sources and investment patterns.</b>After years of evolution, it has been difficult for fund managers to divide them by simple investment styles such as \"big and small\", \"value growth\" and \"industry theme\". Such division has weak stability, and it is necessary to further attribute the fund income, so as to summarize the stock selection logic of fund managers and divide the real ability of fund managers.</p><p><img src=\"https://static.tigerbbs.com/7147ee6f0c9e846a286b58749c009cb7\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What kind of money does Public Offering of Fund make?</p><p>After attributing the income of Public Offering of Fund in the report, Ye Erle concluded that the fund income includes money that fund managers can't make stably, money that they will inevitably lose, and money that can be made stably.</p><p>First, the money the fund makes in terms of market capitalization and valuation is volatile. Only two waves of money have been earned in market value, one is small market value money in 14~16 years, and the other is large market value money from the end of last year to the beginning of this year. It is difficult to grasp the market value money. In terms of valuation, Public Offering of Fund prefers high-valuation stocks, which brought negative returns 19 years ago, followed by positive returns, and the money earned at the valuation level is not stable.</p><p>Furthermore, Public Offering of Fund prefers high volatility and high liquidity stocks, which makes the fund lose money for a long time. High volatility is when stocks have risen and fallen sharply in the past, which can cause losses on trading. However, Public Offering of Fund is subject to the attributes of large volume and public offering, so it must buy high liquidity tickets. High liquidity corresponds to high pricing efficiency, and the duration of fast logical money on these stocks is getting shorter and shorter in recent years.<b>It is difficult for public offering to do high-frequency trading, and it is difficult to earn such fast and logical money, so it is basically transferred to private high-frequency traders.</b></p><p>Therefore, whether it is market value, valuation money, or high volatility and liquidity money, it is not something that most fund managers can stably grasp. Ye Erle believes that,<b>When buying a fund, you should pay more attention to the fund manager's ability to make money steadily.</b></p><p>Then<b>Public offering can only make slow money when it can't make fast money.</b>Slow logic money is reflected in two styles of benefits:<b>Momentum and growth.</b>The so-called momentum means that only when a logic is slowly fermented can it finally make the stock price rise steadily in the past 12 months. This feature of steady rise is called momentum by Ye Erle. Growth means that the company has growth, and the verification of growth takes time and thus depends on slow logic.</p><p>Regarding earning money from growth logic, Ye Erle summarized three advantages: (1) The logic of growth takes time to verify, and it can't react fully in the short term, leaving fund managers with enough time; (2) The logic of growth will be realized in the short term, that is, it can be verified in stages according to the quarterly report. Each verification can realize some excess returns, so that the stock can continue to rise; (3) Compared with value logic, the logic of growth is strongly verifiable, because the return of valuation depends on many external macro or market factors, and the logic of growth, such as the judgment of the company's five-year growth rate, must have a fact in the next five years to verify whether the words five years ago are correct or not.</p><p>Ye Erle believes that,<b>Public Offering of Fund is most important to predict the company's performance and earn money from growth logic.</b>At present, public offerings are mainly based on short-term performance appraisal, and growth is more cost-effective than value: it may take 1 to 3 years for the return of value to earn excess returns, and the time is highly uncertain, while growth stocks can be logically realized every quarter.</p><p>From a strategic perspective, Ye Erle introduced another factor for the fund to make money at the company level in addition to performance growth-the popularity of analysts. Analyst heat means that fund managers usually pay close attention to analysts' recommendations, which are translated into their own investment logic.<b>Compared with the advantage of the public's information source, which is also the reason why Public Offering of Fund makes money for a long time, fund managers have faster channels to receive information.</b></p><p>Generally speaking, Public Offering of Funds in<b>Momentum, Growth, Analyst Heat</b>These factors are long-term profitable, which is also the ability of fund managers. However, the style income of market value and valuation, and the trading income of high volatility and high liquidity are beyond the grasp of fund managers.</p><p><img src=\"https://static.tigerbbs.com/5cf5bac55700f0cdf8740d80785377cf\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>After understanding the source of fund income, how should we operate when dividing fund managers' ability labels and constructing fund portfolios?</p><p>Ye Erle gives us an example of how to analyze a fund. Taking a fund that performed better this year as an example, he quantitatively attributed the income of this fund, thus summarizing the ability label of fund managers.</p><p>First of all, Ye Erle completely decomposes the fund's income into four sources of income. The fund's performance in \"strategic income\" is average, and its contribution in \"dynamic income\" is greater, which means that the fund manager's overall stock selection ability is average, but the ability to do bands is strong. The fund also contributes greatly to \"industry income\", which means that it has chosen the industry well. Accordingly, fund managers can be labeled: dynamic profitability and industry allocation ability.</p><p><img src=\"https://static.tigerbbs.com/96be149643d87dd279b716450ccb6797\" tg-width=\"717\" tg-height=\"513\" referrerpolicy=\"no-referrer\"></p><p>Then analyze the \"style income\" of the fund. Since the fund manager changed in 2020, the style of the fund has been switched to small and medium-sized market capitalization, high momentum, high volatility, high valuation, high growth, and the style is stable. It is found that the fund manager likes to buy small tickets and popular sectors. From this, he is labeled: small and medium-sized market capitalization, hot sector investment, and stable historical style.</p><p>Observe the characteristics of industry income again: the concentration of positions is high, nearly 50% of the positions are bought in medicine, and nearly 40% of the positions are bought in machinery. Once you are optimistic about the industry, the bets are heavier; In terms of industry switching, it has a strong acuity for the cycle. In the second quarter of last year, it switched to machinery and chemicals, and the market as a whole paid close attention to these two industries in the fourth quarter. Accordingly, you can label: industry concentration.</p><p>Finally, it was observed that the fund's low exposure to analysts' heat factor in the second quarter of last year meant that he was earlier than analysts' expectations, and his later operation was contrary to analysts' recommendations. The more analysts recommended, the more he sold, which indicated that he was sensitive to left/information changes.</p><p>Accordingly, Ye Erle concluded that the fund manager showed<b>Strong dynamic investment ability and small and medium market capitalization investment style.</b>It can quickly process market information, decisively and centrally adjust positions at the critical points on the left and right sides, carry out effective meso-industry allocation and dynamic operation of individual stocks, invest in sectors with popular but small and medium-sized market value, and avoid the crowded Big White Horse sector at that time.</p><p>After analyzing such a fund manager, Ye Erle believes that it is possible to find out all similar fund managers and build a combination with the \"personality\" of this fund manager as the goal.</p><p>For example, build a portfolio of fund managers with strong dynamic profitability, or transfer out a certain type of fund managers with strong stock selection ability and strong industry allocation ability, and continue to track and analyze what kind of market this portfolio is suitable for.<b>When you need what characteristics of fund managers, Guosheng Metalworking can quantify them from the portfolio of fund managers.</b></p><p>Guosheng Metalworking has built a fund portfolio with long-term tracking on Wind: Guosheng Base Selection Strategy, which has performed very well in the past two years.</p><p><img src=\"https://static.tigerbbs.com/a439a13ff398b1ae2bd7eae1b60978ee\" tg-width=\"1080\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p><img src=\"https://static.tigerbbs.com/eb201d1d3189ee8ec2a861a447ce715c\" tg-width=\"388\" tg-height=\"169\" referrerpolicy=\"no-referrer\"></p><p>(Source: wind)</p><p>This method of dividing the ability of fund managers is an important contribution of Ye Erle's research report. He re-divided the dimension of fund managers into various abilities and investment logic, which is more stable than the previous division of fund managers by industry and simple style.</p><p><img src=\"https://static.tigerbbs.com/a0df7a1b499d59e3ea2351cf743665be\" tg-width=\"1080\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>For ordinary investors, when buying funds, they should also pay more attention to the various abilities of fund managers. Our WeChat official account \"Yuanchuan Investment Review\" often updates the research and interviews of some fund managers, which can be used as a window for everyone to understand the competence circle of fund managers.</p><p>Through continuous learning, you will know which fund managers are good at stock trading, which are good at stock selection, and which industries have strong allocation ability, so as to choose funds that meet our preference types.</p><p>For the ability that fund managers can't grasp, such as the ability of market value, we can build a portfolio by matching funds with different market styles (such as large cap and small cap) to diversify fund risks.</p><p>However, when building a fund portfolio, everyone's expected return and risk appetite are different. It is the most important thing to know yourself and allocate funds according to your own needs.</p><p>Finally, Ye Erle gives ordinary Christians<b>Some suggestions:</b></p><p>1. Don't blindly follow the trend to buy Alipay homepage recommended funds. You need to be cautious when everyone is buying.</p><p>2. Don't expect funds with a scale of over 5 billion to bring strong excess returns outside the style industry. Guosheng Metalworking has done a test on the fund scale. On average, the alpha of the fund is the strongest between 500 and 2 billion yuan in management scale. Once the scale of fund manager management becomes particularly large, the alpha will probably fail.</p><p>3. In the absence of obvious judgment ability, Christians suggest fixed investment to diversify costs and reduce the sensitivity of winning rate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/am8U1F6q6VGz2YRds9RHEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161895834","content_text":"有“锂”走遍天下，无“锂”寸步难行，最近，在碳中和政策的持续发酵下，作为新能源电池原料的锂，受到了市场的狂热追捧。“锂爷爷”“钴奶奶”发威，新能源板块大涨。不少投资者看到涨势大好的新能源板块开始蠢蠢欲动，于是去寻找一只新能源主题基金，准备买入。\n“部分投资者买基金是先自己看好一些板块，比如消费军工之类的，然后再在市场中去找与自己想法持仓最像的基金经理，然后去买它，这有点本末倒置了”国盛金工的叶尔乐说，“对同一个股或行业的配置，每个基金经理的逻辑可能完全不一样，最终能赚到的钱也完全不一样”。\n叶尔乐认为，我们常常会问基金经理“买了什么”而不知道“为什么买”，而后一个问题可能更为重要。最近，他的一篇研究报告《公募基金究竟赚的什么钱—基金ALPHA进化史系列报告》引起了业内广泛关注，受到多家机构的一致好评。他在报告中详细分析了基金的收益来源，并介绍了不同于传统的划分基金经理能力的方法。\n\n国盛金工分析师 叶尔乐\n上个月，我们远川研究所对话了国盛金工分析师叶尔乐，对公募基金究竟赚的是什么钱进行了一系列的探讨，希望通过这次交谈，能够就“买基金”这件事给投资者们带来新的启发。\n以下，是叶尔乐对买基金买的是什么、基金经理具备哪些能力、怎么去构建基金组合等问题的一些看法。\n\n很多人买基金时，会问到“这个基金涨这么多还能买吗？”叶尔乐给出了回答：买基金和买股票不一样，股票不宜追高，但基金在某种情况下是可以“追高”的。总体来说，叶尔乐列举了基金与股票的三个区别，分别体现在定价、估值、风险分散方式上。\n股票的定价是由众人根据市场公开数据进行预期交换、预期博弈得到的结果，而基金的定价是由基金经理一个人决定的。股票要涨，是越来越多的人被某一叙事或逻辑说服而买入，基金要涨，是需要基金经理有提前感知到这样逻辑的能力，提前众人买入股票，并在众人买进来时卖掉。\n股票有明确的估值，基金没有净值意义上的估值问题。股票涨多了会跌，跌多了会涨，而基金并非涨得好的未来表现一定差，也不是以前表现差的未来一定就表现好。买基金有个外推性很强的指标，叫ALPHA中长期动量，意思是过去好的未来好，其本质就是基金经理的能力。只有基金经理某一块能力是稳定的，才能在某一细分收益上有长期动量，而某一细分收益上的长期动量也反证了基金在这类能力上是稳定的。\n股票具有公司层面的特质风险，能通过分散持有来控制，基金是股票的组合，这方面风险已经较小，其风险的控制不能仅靠简单的分散。比如买一堆偏抱团股的基金，虽然可能单个基金占比很小，但组合在“抱团因子”上的风险则非常高，一旦抱团瓦解，整个基金组合都有很大回撤风险，那这样可能还不如大盘中盘小盘各挑一个基金，风险更分散。所以，基金的风险需要穿透到底层风格来分散。\n那么基金的本质是什么呢？\n叶尔乐认为，基金不变的本质是基金经理包括性格、投资体系、信息来源以及投资模式等所谓的能力圈。经过多年进化，基金经理已经很难用“大小盘”、“价值成长”、“行业主题”等简单投资风格去划分，这样的划分稳定性较弱，需要进一步对基金收益进行归因，从而归纳出基金经理的选股逻辑，划分出基金经理的真正能力。\n\n公募基金究竟赚哪些钱？\n叶尔乐在报告中对公募基金的收益进行归因后得出，基金收益中有基金经理不能稳定赚到的钱、不可避免要亏掉的钱、以及能够稳定赚到的钱。\n首先，基金在市值和估值方面赚的钱是不稳定的。市值上只赚过两波钱，一波是14~16年小市值的钱，一波是去年底到今年初的大市值的钱，市值的钱很难把握。在估值上，公募基金偏好高估值股票，这在19年之前带来的是负收益，之后是正收益，估值层面赚的钱也不是稳定的。\n再者，公募基金偏好高波动性和高流动性股票，这使得基金长期亏钱。高波动性是指股票在过去大涨大跌，这会引起交易上的损失。而公募基金受制于大体量和公开募集的属性，必须买高流动性票，高流动性对应高定价效率，快逻辑的钱在这些股票上持续时间近年在越来越短，公募难以做高频交易，很难赚到这种快逻辑的钱，基本将其让渡给私募高频交易者。\n因此，无论是市值、估值的钱，或是高波动性、高流动性的钱，都不是大部分基金经理能够稳定把握的。叶尔乐认为，买基金时更应该关注的是基金经理稳定赚钱的能力。\n那么公募在不能赚快钱的情况下，只能赚慢钱。慢逻辑的钱体现在两种风格收益上：动量和成长。所谓动量，是指一个逻辑只有是慢慢发酵的，最终才可能使股价在过去12个月稳定上涨，这种稳稳上涨的特征叶尔乐称之为动量。而成长就是公司具有成长性，成长性的验证需要时间从而也靠慢逻辑。\n关于赚成长逻辑的钱，叶尔乐总结了三个优点：（1）成长的逻辑需要时间验证，无法在短期反应充分，留给基金经理足够的时间；（2）成长的逻辑短期会有兑现，即可根据季报阶段性验证，每次验证能兑现部分超额收益，使股票连续上涨；（3）成长的逻辑相比价值逻辑是强可验证的，因为估值的回归依赖很多外部的宏观或市场因素，而成长逻辑比如对公司5年增速的判断，那么在未来5年一定存在一个事实验证5年前的话对与否。\n叶尔乐认为，公募基金最主要是预测公司业绩，赚成长逻辑的钱。因为目前公募多以短期业绩考核为主，成长比价值更具有性价比：价值回归可能要等1到3年才赚到超额收益，时间高度不确定，而成长股每个季度都能有逻辑兑现。\n从策略视角，叶尔乐介绍了除业绩增长外，基金在公司层面长期赚钱的另一个因子—分析师热度。分析师热度是指基金经理通常会密切关注分析师的推荐，从而转化为自己的投资逻辑。相比于公众的信息来源优势也是公募基金长期赚钱的原因，基金经理拥有更快接收信息的渠道。\n总的来说，公募基金在动量、成长、分析师热度这些因子上是长期赚钱的，也是基金经理的能力所在，而市值和估值这种风格类收益，以及高波动性高流动性这种交易类收益则是基金经理无法把握的。\n\n在了解了基金收益来源之后，具体到基金经理能力标签的划分、基金组合的构建时又该如何操作呢？\n叶尔乐通过举例来告诉我们如何去分析一只基金。他以今年表现较好的一只基金为例，对这只基金的收益做了量化归因，从而归纳出了基金经理所具备的能力标签。\n首先叶尔乐将基金收益完全分解成四大收益来源，该基金在“策略收益”收益上表现一般，“动态收益”上贡献较大，这意味着基金经理总体选股能力一般，但做波段能力较强。该基金还在“行业收益”上贡献较大，意味着它行业选得好。据此，可以给基金经理贴上标签：动态收益能力、行业配置能力。\n\n接着分析基金的“风格收益”，该基金自2020年换基金经理后，风格切换为中小市值、高动量、高波动性、高估值、高成长，且风格稳健，发现该基金经理喜欢买小票、买热门板块。由此给他贴上标签：中小市值、热门板块投资、历史风格稳定。\n再观察行业收益的特征：持仓集中度较高，医药买了将近50%的仓位，机械买了近40%，一旦看好行业，下注比较重；行业切换上，对周期敏锐度强，在去年二季度大笔切换到机械和化工上，而市场整体高度关注这两个行业是在四季度。据此，可贴标签：行业集中。\n最后，观察到该基金去年二季度在分析师热度因子上暴露较低，意味着他比分析师预期更早，并且他的后期操作与分析师推荐是相逆的，分析师越推荐的他越卖，说明他：左侧/信息变化敏感。\n据此，叶尔乐得出结论：该基金经理在2020.01-2021.03管理这只基金期间表现出了较强的动态投资能力和中小市值投资风格。其能够快速处理市场信息，在左侧右侧临界点果决且集中的调整仓位，进行有效的中观行业配置和个股动态操作，投资较为热门但市值偏中小的板块，避免了当时拥挤的大白马板块。\n分析了这样一位基金经理后，叶尔乐认为，可以以这个基金经理的“个性”为目标，把同类的基金经理都找出来，构建一个组合。\n比如构建一个同样都是动态收益能力较强的基金经理的组合，或者把同样都是选股能力强的、同样都是行业配置能力强的某一类基金经理调出来，继续跟踪，分析这个组合适应什么样的市场。当你需要什么特征的基金经理，国盛金工可以通过量化的方式，将其从基金经理的组合中筛选出来。\n国盛金工在Wind上构建有长期跟踪的基金组合：国盛选基策略，该组合这两年收益表现十分不错。\n\n(数据来源：wind)\n\n(数据来源：wind)\n这种划分基金经理能力的方法，是叶尔乐这篇研报的重要贡献。他将基金经理的维度做了一个重新的划分，划分为各种各样的能力和投资逻辑，相比以往按行业、按简单风格来划分基金经理，这种方式更为稳定。\n\n对于普通投资者来说，在买基金时也应该更多地关注基金经理所具备的各种能力。我们的公众号“远川投资评论”经常会更新一些基金经理的研究和访谈，可以作为大家了解基金经理能力圈的一个窗口。\n通过不断学习，你就会知道哪些基金经理擅长股票交易，哪些擅长选股，还有哪些行业配置能力较强，从而去选择符合我们偏好类型的基金。\n对于基金经理把握不了的能力，比如市值上的能力，我们可以通过搭配不同市场风格（比如大盘小盘）的基金来构建组合从而分散基金风险。\n不过在构建基金组合时，每个人的预期收益和风险偏好不一样，了解自己，根据自己的需求去配置基金才是最重要的。\n最后，叶尔乐对普通基民给出了一些建议：\n1. 切勿盲目跟风购买支付宝首页推荐基金，当所有人都在买时需要谨慎。\n2. 不要期待规模超50亿的基金能带来很强的风格行业以外超额收益。国盛金工对基金规模做过一个测试，基金的阿尔法平均来看在管理规模5~20亿之间最强，一旦基金经理管理的规模变的特别大，阿尔法大概率会有所衰竭。\n3. 基民在没有明显判断能力的情况下，建议定投分散成本，降低胜率敏感性。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453212,"gmtCreate":1627130692236,"gmtModify":1703484631813,"author":{"id":"3585489254246862","authorId":"3585489254246862","name":"CHEWYEE","avatar":"https://static.tigerbbs.com/fdea465dfc09b9e189354cbc8ae5bfa9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585489254246862","idStr":"3585489254246862"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453212","repostId":"2153809933","repostType":4,"repost":{"id":"2153809933","kind":"highlight","pubTimestamp":1627105483,"share":"https://ttm.financial/m/news/2153809933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 13:44","market":"us","language":"zh","title":"The Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153809933","media":"智通财经网","summary":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。","content":"<p>The Federal Reserve holds its monetary policy meeting on July 27th and 28th. Although the stock market is still in a more optimistic mood, it will meet in an uneasy atmosphere. In addition to the urgent need for the market to know Powell's current attitude, more importantly, whether the Fed already has the details of its tapering policy.</p><p>In recent testimony before Congress, Fed Chairman Powell made it clear that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an impending shift in policy. After all, employment levels are still more than six million below what they were before the pandemic began, and the latest Covid pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>But ING strategists talked about the upcoming Jackson Hole Federal Reserve Conference at the end of August, where Fed officials will begin preparing for the tapering of their quantitative easing and refine it further at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, though perhaps not as fast as some expected earlier this year. In addition, many businesses desperately need workers, but millions are still unemployed. Vaccination rates have stagnated in recent weeks and the number of infections has risen. Nevertheless, the Fed is facing tightening pressures, such as tapering QE. But most people still don't expect the Fed to announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of tapering on the table\" for discussion.</p><p>Labor market signs suggest the Fed's easing is far from over. Economists and market watchers had hoped that by April, when vaccines were widely available and many economic restrictions began to lift, employers would start hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the Bureau of Labor Statistics, non-farm growth has generally been unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider reducing some loose stimulus policies that have been implemented. Three-month moving averages from the Federal Reserve Bank of Atlanta show that even though wages were 3.2% higher in June than a year earlier, inflation rose even higher. The consumer price index rose 5.4% in June compared to a year earlier, meaning inflation-adjusted incomes fell more than 2%. Even the Fed's favored Core personal consumption expenditure (Core PCE) measure, which strips out volatility in food and energy prices, rose 3.4% in May from a year earlier.</p><p>In fact, a month ago, the Fed raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue to rise for the rest of the year. However, the Fed may not be in a hurry to intervene. In a speech last August, Powell said the Fed had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a modest period of time before tightening.</p><p>Minutes from the Fed's latest meeting, though, show increased interest in discussing tapering bond purchases. The Fed is currently buying $120 billion worth of bonds each month, but a short-term rate hike could still be years away.</p><p>ING strategists believe that although the Fed is not expected to change policy at its July meeting, the market may hear more about tapering discussions that began in June. Discussion around the issue is likely to heat up at the Jackson Hole meeting in August, as the Fed's current signals still lean toward earlier policy normalization. Its reference to Chairman Powell may suggest that while discussions have already begun about tapering quantitative easing, there is still plenty of time before they need to draw conclusions about the actions they will take.</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>The Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Fed's Blockbuster July Meeting Hits Next Week! Those key points should be focused on?\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\">2021-07-24 13:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve holds its monetary policy meeting on July 27th and 28th. Although the stock market is still in a more optimistic mood, it will meet in an uneasy atmosphere. In addition to the urgent need for the market to know Powell's current attitude, more importantly, whether the Fed already has the details of its tapering policy.</p><p>In recent testimony before Congress, Fed Chairman Powell made it clear that he still believes inflationary pressures are largely temporary and that there is no urgent need to signal an impending shift in policy. After all, employment levels are still more than six million below what they were before the pandemic began, and the latest Covid pandemic has added another layer of uncertainty that can be used to justify inaction.</p><p>But ING strategists talked about the upcoming Jackson Hole Federal Reserve Conference at the end of August, where Fed officials will begin preparing for the tapering of their quantitative easing and refine it further at the FOMC meeting in September before making a formal announcement in December.</p><p>The economy is growing, though perhaps not as fast as some expected earlier this year. In addition, many businesses desperately need workers, but millions are still unemployed. Vaccination rates have stagnated in recent weeks and the number of infections has risen. Nevertheless, the Fed is facing tightening pressures, such as tapering QE. But most people still don't expect the Fed to announce any new measures at next week's meeting, but the focus is on whether Powell will \"put the details of tapering on the table\" for discussion.</p><p>Labor market signs suggest the Fed's easing is far from over. Economists and market watchers had hoped that by April, when vaccines were widely available and many economic restrictions began to lift, employers would start hiring workers in large numbers. However, the reality is far less optimistic. According to the latest data from the Bureau of Labor Statistics, non-farm growth has generally been unstable in recent months.</p><p>On the other hand, the current inflationary environment has forced the Federal Reserve to consider reducing some loose stimulus policies that have been implemented. Three-month moving averages from the Federal Reserve Bank of Atlanta show that even though wages were 3.2% higher in June than a year earlier, inflation rose even higher. The consumer price index rose 5.4% in June compared to a year earlier, meaning inflation-adjusted incomes fell more than 2%. Even the Fed's favored Core personal consumption expenditure (Core PCE) measure, which strips out volatility in food and energy prices, rose 3.4% in May from a year earlier.</p><p>In fact, a month ago, the Fed raised its 2021 inflation forecast to 3% from 2.2% in March, but even that may be too optimistic. Inflation is likely to continue to rise for the rest of the year. However, the Fed may not be in a hurry to intervene. In a speech last August, Powell said the Fed had made too many mistakes in the past and that he was willing to let prices exceed the central bank's 2% target for a modest period of time before tightening.</p><p>Minutes from the Fed's latest meeting, though, show increased interest in discussing tapering bond purchases. The Fed is currently buying $120 billion worth of bonds each month, but a short-term rate hike could still be years away.</p><p>ING strategists believe that although the Fed is not expected to change policy at its July meeting, the market may hear more about tapering discussions that began in June. Discussion around the issue is likely to heat up at the Jackson Hole meeting in August, as the Fed's current signals still lean toward earlier policy normalization. Its reference to Chairman Powell may suggest that while discussions have already begun about tapering quantitative easing, there is still plenty of time before they need to draw conclusions about the actions they will take.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/520599.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://static.tigerbbs.com/98a01b74d12bd250d548a4cdbf0d9091","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","QQQ":"纳指100ETF","SDS":"两倍做空标普500 ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","DJX":"1/100道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEX":"标普100","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SPY":"标普500ETF","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","DOG":"道指ETF-ProShares做空",".SPX":"S&P 500 Index","IVV":"标普500ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/520599.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2153809933","content_text":"美联储于7月27日和28日召开货币政策会议，虽然股市目前情绪还较乐观，它将在一种不安的气氛中开会。除了市场急需知道鲍威尔目前的态度，更重要的是美联储是否已经有了缩减政策细节。\n美联储主席鲍威尔最近在国会作证时明确表示，他仍然认为通胀压力在很大程度上是暂时的，没有任何迫切需要发出政策即将转变的信号。毕竟，就业水平仍比疫情开始前低600多万，而最新的新冠疫情增加了另一层不确定性，可以用来为不采取行动辩护。\n但是ING策略师谈到即将在8月底举行的杰克逊霍尔美联储会议(Jackson Hole Federal Reserve Conference)上，美联储官员将开始为缩减量化宽松做准备，并在9月份的FOMC会议上进一步细化，然后在12月份正式宣布。\n经济正在增长，尽管可能没有今年早些时候一些人预期的那么快。此外许多企业迫切需要工人，但仍有数百万人失业。最近几周，疫苗接种率停滞不前，感染病例数量上升。尽管如此美联储正面临着收紧压力，如缩减QE。但大部分人还是预计美联储不会在下周会议上宣布任何新举措，但焦点是鲍威尔是否会把缩减细节“摆上桌面”来讨论。\n劳动力市场迹象暗示美联储的宽松远没有结束。经济学家和市场观察人士曾希望，到4月份疫苗广泛普及、许多经济限制开始解除的时候，雇主将开始大批雇佣工人。然而，现实却远没有这么乐观。根据美国劳工统计局(Bureau of Labor Statistics)的最新数据显示非农增速在最近数月总体不是很稳定。\n另外一方面，当下通胀环境又让美联储不得不考虑缩减一些已经实施的宽松刺激政策。亚特兰大联邦储备银行的三个月移动平均数据显示，尽管6月份的工资比去年同期高出3.2%，但通货膨胀率却上升得更高。与去年同期相比，6月份消费者价格指数增长了5.4%，这意味着经通胀调整后的收入下降了2%以上。即便是美联储青睐的剔除食品和能源价格波动的核心个人消费支出(Core PCE)指标，5月份也较上年同期上涨了3.4%。\n事实上，一个月前，美联储将2021年的通胀预期从3月份的2.2%上调至3%，但即便如此也可能过于乐观。在今年余下的时间里，通胀可能会持续上升。不过，美联储也未必会不急于介入。在去年8月的一次讲话中，鲍威尔表示，美联储在过去犯了太多的错误，他愿意在收紧之前，让价格在一段适度的时间内超过央行2%的目标。\n不过，美联储最近一次会议的纪要显示，人们对讨论缩减债券购买规模的兴趣有所增加。美联储目前每月购买价值1200亿美元的债券，但短期加息可能仍需数年时间。\nING策略师认为尽管美联储预计在7月份的会议上不会改变政策，但市场可能会听到更多有关6月份开始的缩减购债讨论的消息。在8月份的杰克逊霍尔(Jackson Hole)会议上，围绕这一问题的讨论可能会升温，因为美联储目前发出的信号仍倾向于更早的政策正常化。其谈到鲍威尔主席可能会暗示，虽然有关缩减量化宽松的讨论已经开始，但在他们需要就他们将采取的行动得出结论之前，还有很多时间。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DJX":0.9,"UPRO":0.9,".IXIC":0.9,"NQmain":0.9,"SQQQ":0.9,"SSO":0.9,"SPXU":0.9,"QID":0.9,"OEX":0.9,"PSQ":0.9,"SH":0.9,"SDS":0.9,"OEF":0.9,"MNQmain":0.9,"TQQQ":0.9,"SPY":0.9,"UDOW":0.9,"QQQ":0.9,"DDM":0.9,".SPX":0.9,"DXD":0.9,"QLD":0.9,"IVV":0.9,"DOG":0.9,".DJI":0.9,"ESmain":0.9,"SDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":2929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}