sky老夫子 personal page - To The Moon

sky老夫子

sky老夫子

No personal profile

577Follow

18Followers

0Topic

0Badge

2021-08-04

good

Sorry, the original content has been removed

2021-08-04

good

Sorry, the original content has been removed

2021-08-04

good

Sorry, the original content has been removed

2021-08-01

good

Sorry, the original content has been removed

2021-07-31

good

Sorry, the original content has been removed

2021-07-27

?

Popular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.

2021-07-25

good

Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.

2021-07-24

good

The "secret" of Tenfold Fund: How can fund investors truly make money?

2021-07-13

good

Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.

2021-07-03

good

Ford Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.

2021-06-23

good

Sorry, the original content has been removed

2021-06-22

good

Bridgewater: Prices in the United States are only moderately rising and "big inflation" will not be repeated

2021-06-22

good

The national collection documents of orthopedic joint consumables are released! What signals does this change reveal?

2021-06-19

good

Sorry, the original content has been removed

2021-06-19

good

Sorry, the original content has been removed

2021-06-17

Good

The once-powerful real estate tycoon also retreated

2021-06-17

Good

The bounce is coming? Northbound funds continued to flow back in early trading, adding positions to these sectors

2021-06-16

Good

Angel of the Times: The Digital Revolution of a Pair of Braces

2021-06-16

Good

BYD: Spin-off subsidiary for listing on the ChiNext board

2021-06-16

Good

BYD: Spin-off subsidiary for listing on the ChiNext board

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3585711731655298","uuid":"3585711731655298","gmtCreate":1622618241240,"gmtModify":1622628475120,"name":"sky老夫子","pinyin":"skylfzskylaofuzi","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":18,"headSize":577,"tweetSize":133,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.07.12","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"774ec6f7ffe24a9989b2ca2e139f4b37-1","templateUuid":"774ec6f7ffe24a9989b2ca2e139f4b37","name":"Argentinian Tiger","description":"Joined related football topic in the Tiger community","bigImgUrl":"https://community-static.tradeup.com/news/c4b9257022d333bf6d664b757ae424bf","smallImgUrl":"https://community-static.tradeup.com/news/c4b9257022d333bf6d664b757ae424bf","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":1671120000000,"redirectLinkValidityTo":1671292800000,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":3,"allocatedDate":"2022.12.18","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":4001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.11.15","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":"60.28%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":1,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":890009307,"gmtCreate":1628063929609,"gmtModify":1703500519785,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","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/890009307","repostId":"1138581356","repostType":4,"isVote":1,"tweetType":1,"viewCount":5172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890000991,"gmtCreate":1628063851613,"gmtModify":1703500517809,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890000991","repostId":"1122959528","repostType":4,"isVote":1,"tweetType":1,"viewCount":5545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807777579,"gmtCreate":1628063822191,"gmtModify":1703500516827,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807777579","repostId":"1138324245","repostType":4,"isVote":1,"tweetType":1,"viewCount":5306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802711732,"gmtCreate":1627806105926,"gmtModify":1703496144165,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802711732","repostId":"1118959005","repostType":4,"isVote":1,"tweetType":1,"viewCount":4912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802362760,"gmtCreate":1627719849950,"gmtModify":1703495203781,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802362760","repostId":"1165085669","repostType":4,"isVote":1,"tweetType":1,"viewCount":5858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809224749,"gmtCreate":1627374037981,"gmtModify":1703488637556,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809224749","repostId":"1162740645","repostType":4,"repost":{"id":"1162740645","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":1627372966,"share":"https://ttm.financial/m/news/1162740645?lang=en_US&edition=fundamental","pubTime":"2021-07-27 16:02","market":"other","language":"zh","title":"Popular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1162740645","media":"老虎资讯综合","summary":"7月27日，热门中概股盘前继续杀跌，腾讯音乐跌8%，拼多多、京东、百度、小鹏汽车、滴滴跌超7%，阿里巴巴跌超4%，贝壳跌超13%。","content":"<p>On July 27, popular Chinese concept stocks continued their pre-market sell-off.<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>Down 8%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/DIDI\">Didi</a>It fell more than 7%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell more than 4%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell by more than 13%.</p><p><img src=\"https://static.tigerbbs.com/7b3f986352a57556755e6b792d87ad8f\" tg-width=\"376\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPopular Chinese concept stocks continued their pre-market sell-off, with Tencent Music down 8%.\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\">2021-07-27 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 27, popular Chinese concept stocks continued their pre-market sell-off.<a href=\"https://laohu8.com/S/TME\">Tencent Music</a>Down 8%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>、<a href=\"https://laohu8.com/S/DIDI\">Didi</a>It fell more than 7%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell more than 4%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell by more than 13%.</p><p><img src=\"https://static.tigerbbs.com/7b3f986352a57556755e6b792d87ad8f\" tg-width=\"376\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF","TME":"腾讯音乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162740645","content_text":"7月27日，热门中概股盘前继续杀跌，腾讯音乐跌8%，拼多多、京东、百度、小鹏汽车、滴滴跌超7%，阿里巴巴跌超4%，贝壳跌超13%。","news_type":1,"symbols_score_info":{"TME":0.9,"QNETCN":0.9,"TTTN":0.9}},"isVote":1,"tweetType":1,"viewCount":5848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177090244,"gmtCreate":1627162903488,"gmtModify":1703484828849,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177090244","repostId":"2153002933","repostType":4,"repost":{"id":"2153002933","kind":"highlight","weMediaInfo":{"introduction":"有品好玩的科技，一切与你有关","home_visible":1,"media_name":"品玩","id":"1086141561","head_image":"https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8"},"pubTimestamp":1627101584,"share":"https://ttm.financial/m/news/2153002933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 12:39","market":"hk","language":"zh","title":"Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.","url":"https://stock-news.laohu8.com/highlight/detail?id=2153002933","media":"品玩","summary":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。","content":"<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.</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\">\nTencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086141561\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">品玩 </p>\n<p class=\"h-time smaller\">2021-07-24 12:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e4cfb506ffb58f1fc2c6e75a4e50dab8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153002933","content_text":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。\n此次处罚的一大不同在于，本案为《反垄断法》对违法实施经营者集中“采取必要措施恢复市场竞争状态”的第一起案件。\n此前的反垄断处罚方式多以“补罚”搭配对接下来的经营提出指导性要求为主，而此次则对腾讯明确列出了非常具体的整改措施，包括合同内哪些协议需要解除，需要在什么时间内完成解除等。事实上再次丰富了反垄断执法工具箱。\n据市场监管总局消息，2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n腾讯音乐靠顶级音乐版权拉动增长和用户留存的粗旷竞争方式一去不复返。\n2014年，彼时还是腾讯旗下产品的QQ音乐，就已经在版权方面对网易云音乐发起进攻。2014年末，QQ音乐曾起诉网易云音乐，称网易云音乐未经授权向公众传播的《时间都去哪了》等623首网络音乐涉嫌侵权行为。\n最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。用户能感知到的，就是网易云音乐“变灰”的歌曲多起来了。而尝到甜头的QQ音乐，也开始构建它的版权帝国。\nTME早期大量音乐版权来自于对中国音乐集团的合并（以下简称CMC）。早年已低价签下大量独家音乐版权的海洋音乐，先后完成对酷我音乐和酷狗音乐的并购，并组建起新的“海洋音乐集团”，后改名为“中国音乐集团”。\n当时，在线音乐并不受到资本青睐。在多次IPO碰壁后，CMC最终选择与腾讯合作，将数字音乐业务进行合并。2016年7月12日，腾讯通过一系列交易收购 CMC。2017年1月，腾讯宣布，QQ音乐业务和CMC合并成为新的音乐集团，并更名为腾讯音乐娱乐集团。\n之后，TME分别于索尼音乐娱乐（SME）、环球音乐集团（UMG）和华纳音乐集团（EWMG）合作，获得了这三大全球音乐厂牌的中国独家流媒体版权，并长期独家拥有。这使得TME在与网易云音乐的竞争中遥遥领先。\n2018年2月，在国家版权局的推动下，TME与网易云音乐达成版权合作，相互授权音乐作品需达到各自独家音乐作品数量99%。\n以2018年招股书上公布的数字来看，彼时TME拥有 200 多个国内外音乐厂牌的超过 2000 万首曲目，其1%则为20万首歌曲，这里面依然有足够的操作空间来限制对手。\n网易云音乐于2020年和华纳、环球音乐重新达成音乐版权授权合作。2021年5月18日，网易云音乐宣布与索尼音乐娱乐（SME）达成版权合作，这意味着网易云音乐同时获得了这全球三大唱片公司的音乐版权。网易云音乐也自此完全打破TME对顶级唱片公司的封锁。\n尽管TME所拥有的地盘被不断削减，但其仍保有大量独家内容底牌，主要有以下几类：1）几个亚洲顶级厂牌，包括中国大陆的摩登天空、韩国的YG和周杰伦拥有的JVR；2）几个不太有优势的西方厂牌公司，如Cooking Vinyl和Kobalt Music；3）热门电视和网络真人秀节目的音乐版权，如《青春有你》和《创造营》；4）平台孵化出的新原创音乐人。\n早在TME上市招股书中就已经有对版权问题进行过风险提示，而其营收模式和业务转型也似乎是在向外界证明这座娱乐大厦不会因为版权问题而倾倒，丰富的长视频内容、直播业务和对社交的探索组成的地基，足以应对风险动荡的来临。\n2021年2月，运营12年，服务过亿用户的虾米音乐的关闭，给TME带来了更多公众和监管部门的关注，至此主要从业者仅剩3家。\n独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。\n2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。将在原有的内容合作部的基础上成立音乐人开放平台部、内容工作室群、音乐云业务中心、宣推市场中心及榜单和数据产品中心。\n随后的7月9日，TME内部邮件显示，宣布对QQ音乐和酷我在内的业务线和相关人员进行调整。在本次调整中，QQ音乐业务线将成立长音频业务中心，负责QQ音乐长音频专区的产品研发工作；酷我音乐旗下最赚钱的业务“聚星直播”，将交由酷狗音乐的高管谢欢领导；酷我音乐业务线的商业化业务将交给腾讯音乐商业广告部总经理刘宪凯负责。\n据界面新闻报道，酷我音乐线下一位总监表示，将长音频业务从酷我剥离出去组建独立BU，将酷我的直播业务“聚星”交给酷狗高管领导，将酷我商业化业务交给QQ音乐的相关领导负责，“（酷我）现在的趋势就是拆分业务，整合进其它部门，缓解政策压力”。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453028,"gmtCreate":1627130618664,"gmtModify":1703484631001,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453028","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"hk","language":"zh","title":"The \"secret\" of Tenfold Fund: How can fund investors truly make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师","content":"<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>","source":"lsy1619314504794","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 \"secret\" of Tenfold Fund: How can fund investors truly make money?</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 \"secret\" of Tenfold Fund: How can fund investors truly make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</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/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展，在营收与利润增长的支持下，股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道：寻找十倍股最佳的方式就是从身边找起，在那里找不到，就去购物中心里去找，而他早期与十倍股结缘，也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺（The body Shop）公司的化妆品。The body Shop 虽然是一个美妆品牌，但它在欧美地区的大多数连锁店，都是开在街角等较为显眼的地方，而不仅仅是在商场里。\n彼得·林奇研究发现，这家公司的产品相对标准化，价格亲民，客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张，而且一开始就进行跨国经营，市场扩张能力很强。\n彼得·林奇把握住了这一机会，The body Shop 在英国上市后，股价节节攀升，最终成为名副其实的Tenbagger（十倍股）。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈，意指基金净值较发行时增长十倍及以上的基金，截至到2021年6月25日，国内公募基金共有56只十倍基。（数据来源：银河证券，截至2021/6/25）\n这些基金都经历过怎样的市场，又都有什么共同的特点呢？\n出生——大部分生于2006年及之前\n在56只基金中，除了2只基金，其余54只基金均成立于2006年及之前，经历过2006年-2007年的大牛市，也经历过2008年市场下跌，历经数度牛熊转换，截至2021年6月25日，平均成立时间16.6年。（数据来源：银河证券，截至2021/6/25）\n可见，好的投资，确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源：银河证券，截至2021/6/25，柱状图代表在当年成立的十倍基数量，折线图代表沪指，左侧轴为相对应指数点位，右侧为基金成立数量。历史业绩不代表未来，基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中，我们发现，它们很少能连续在单一年度业绩排在同类前几名，其中重要的原因之一是，这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中，仅有7只基金曾获得过同类别冠军（2007年-2020年），有13只基金未进入过单一年度同类前10，鲜有基金能连续两年排进同类前10。（数据来源：银河证券，截至2021/6/25）\n我们罗列了排在前几位的十倍基每年的“成绩单”，这些基金在短期内无法总在前1/4，但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源：银河证券，截至2021/6/25。历史业绩不代表未来，基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长，十倍基往往都经历过数个熊市，而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场，十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源：wind，银河证券，截至2021/6/25\n尽管这是一种“上帝视角”的探究方式，但这些基金在单边下行市场中的表现，还是给了我们一定的启发。\n其中很重要的一条是，“先求不败，再求胜”，而老练的投资者熟知，下跌50%，需要约100%的涨幅才能回到原点。\n不仅如此，在十倍基的定期报告中我们发现，在市场较热时期，大部分的十倍基金对市场都有一定的防守倾向，2007年一季报中，上述基金中多只基金的报告中提到“提高组合防御性”；2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以，十倍基不仅仅是靠着“容易”市场中的上涨，还靠着在面对难“试卷”的时候，也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基，基金公司及基金经理扮演着重要的角色。\n十倍基的家世，多数都拥有扎实的投研实力，这是支撑基金长期业绩优异的基础之一。\n从基金经理来看，好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图，刻画基金经理的行业配置及投资理念。\n整体来看，十倍基基金经理在左侧象限较多，即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险；行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源：华宝证券\n当然，在选择十倍基的时候，也要注意分析现任基金经理的在管时间和相关业绩表现，选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”？\n实际上，一只基金经历的成长、成人以及过程中的“困难时期”，持有人也一样会经历，而能陪伴基金一年者甚多，但十年者甚少。\n长期投资的理念是要做时间的朋友，‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年，最开始是用小孩的压岁钱买的。相信投资的长期力量，会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能，一起成长，共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究，从基金定期报告中，找到十倍基的持有者，他们的特点是，敢于在市场恐慌的时候买入，并比多数投资者更有耐心，有人说，也许他“遗忘”了自己的持仓，但这种“遗忘”，也从另一个侧面成为了十倍基的坚定守护者。\n最后，合理的预期是投资和陪伴的前提。投资之路，既要比拼实力，也要比拼耐力，如果是一只优质的基金，不妨多给它一些时间，让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142881061,"gmtCreate":1626140877653,"gmtModify":1703754124667,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142881061","repostId":"1199045893","repostType":4,"repost":{"id":"1199045893","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":1626139221,"share":"https://ttm.financial/m/news/1199045893?lang=en_US&edition=fundamental","pubTime":"2021-07-13 09:20","market":"hk","language":"zh","title":"Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.","url":"https://stock-news.laohu8.com/highlight/detail?id=1199045893","media":"老虎资讯综合","summary":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867","content":"<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</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>Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.</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\">\nOpening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.\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\">2021-07-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","HSI":"恒生指数","HSCCI":"红筹指数","HSTECH":"恒生科技指数","HSCEI":"国企指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199045893","content_text":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867.61点。\n恒生科技指数涨0.54%，大型科技股反弹，腾讯控股、阿里巴巴、百度集团-SW、京东集团-SW均涨逾1%；\n港股手游股涨幅居前，禅游科技涨3.36%，网易-S涨2.13%，中手游涨0.52%；\n新股华南职业教育上市首日破发，开跌8.8%，发行价为1.59港元/股；\n新股腾盛博药-B上市首日破发，开跌近4%，发行价22.25港元/股；\n新特能源高开5.75% 预期上半年拥有人应占利润不少于11.5亿元；\n诺诚健华-B高开超4%创新高 与渤健就奥布替尼达成许可及合作协议。","news_type":1,"symbols_score_info":{"513600":0.9,"MCHmain":0.9,"02833":0.9,"HSI":0.9,"MHImain":0.9,"HSCCI":0.9,"HHImain":0.9,"HSCEI":0.9,"HSImain":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":5919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152146011,"gmtCreate":1625278035133,"gmtModify":1703739811090,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152146011","repostId":"2148162803","repostType":4,"repost":{"id":"2148162803","kind":"news","pubTimestamp":1625235303,"share":"https://ttm.financial/m/news/2148162803?lang=en_US&edition=fundamental","pubTime":"2021-07-02 22:15","market":"hk","language":"zh","title":"Ford Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148162803","media":"智通财经","summary":"福特汽车今日公布最新统计数据，6月份全美总销量为115789辆，同比下降26.9%。全年销售额增长4.9%。\n6月份电动汽车销量激增117%，创下了56,570辆的上半年销售新纪录。卡车同比销量下滑2","content":"<p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>The latest statistics released today show that total sales in the United States in June were 115,789 vehicles, a year-on-year decrease of 26.9%. Full-year sales increased by 4.9%.</p><p>Electric vehicle sales surged 117% in June, hitting a new first-half sales record of 56,570 units. Truck sales declined 27% year-on-year to 63,129 units, sedan sales declined 81.8% to 2,868 units, and SUV sales declined 11.5% to 49,792 units. Total retail sales decreased by 32.5%.</p><p>Sales of the F-series models decreased by 29.9% year-on-year, to 45,763 units. Mustang Mach-E sales increased by 27% month-over-month. Lincoln suv sales fell 31.9% year-on-year to just 4,800 units. In terms of retail, Lincoln SUV sales increased by 23.3% year-on-year, with total sales reaching 46,018 units.</p><p>Ford's SUV sales have increased by 39% year-to-date, with retail sales reaching their highest level in 20 years in the first half of the year, driven by new products.</p>","source":"stock_zhitongcaijing","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>Ford Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.</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\">\nFord Motor Company's electric vehicle sales surged 117% in June, while total U.S. sales declined.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-07-02 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>The latest statistics released today show that total sales in the United States in June were 115,789 vehicles, a year-on-year decrease of 26.9%. Full-year sales increased by 4.9%.</p><p>Electric vehicle sales surged 117% in June, hitting a new first-half sales record of 56,570 units. Truck sales declined 27% year-on-year to 63,129 units, sedan sales declined 81.8% to 2,868 units, and SUV sales declined 11.5% to 49,792 units. Total retail sales decreased by 32.5%.</p><p>Sales of the F-series models decreased by 29.9% year-on-year, to 45,763 units. Mustang Mach-E sales increased by 27% month-over-month. Lincoln suv sales fell 31.9% year-on-year to just 4,800 units. In terms of retail, Lincoln SUV sales increased by 23.3% year-on-year, with total sales reaching 46,018 units.</p><p>Ford's SUV sales have increased by 39% year-to-date, with retail sales reaching their highest level in 20 years in the first half of the year, driven by new products.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/506736.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f27c1c8aa54c63bbf415c36a2121f812","relate_stocks":{"F":"福特汽车"},"source_url":"http://www.zhitongcaijing.com/content/detail/506736.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148162803","content_text":"福特汽车今日公布最新统计数据，6月份全美总销量为115789辆，同比下降26.9%。全年销售额增长4.9%。\n6月份电动汽车销量激增117%，创下了56,570辆的上半年销售新纪录。卡车同比销量下滑27%至63,129辆，轿车销量下滑81.8%至2,868辆，SUV销量下滑11.5%至49,792辆。零售总额下降32.5%。\nF系列的车型同比销量下降了29.9%，销量为45,763辆。Mustang Mach-E 销量环比增长27%。林肯suv销量同比下降了31.9%，仅为4,800辆。在零售方面，林肯SUV销量同比增长了23.3%，总销量为46,018辆。\n年初至今福特SUV销量增长39%，在新产品的推动下，上半年零售额达到了20年来的最高水平。","news_type":1,"symbols_score_info":{"F":0.9}},"isVote":1,"tweetType":1,"viewCount":5581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123812225,"gmtCreate":1624415450467,"gmtModify":1703835995574,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123812225","repostId":"2145069068","repostType":4,"isVote":1,"tweetType":1,"viewCount":1688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129833561,"gmtCreate":1624368559753,"gmtModify":1703834559822,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129833561","repostId":"1174110953","repostType":4,"repost":{"id":"1174110953","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624365882,"share":"https://ttm.financial/m/news/1174110953?lang=en_US&edition=fundamental","pubTime":"2021-06-22 20:44","market":"us","language":"zh","title":"Bridgewater: Prices in the United States are only moderately rising and \"big inflation\" will not be repeated","url":"https://stock-news.laohu8.com/highlight/detail?id=1174110953","media":"华尔街见闻","summary":"在长期，通货紧缩的力量最终会抑制近期的价格上涨。","content":"<p>Author: Yu Xudong</p><p>Recently, Bridgewater, the world's largest hedge fund, said that the big inflation of the 1970s would not repeat itself.</p><p>According to the Financial Times, Bob Prince, co-chief investment officer at Bridgewater, said that in the long term, the forces of deflation will ultimately dampen recent price increases, and while there will be some inflation in the short term, it is extremely modest.</p><p>Prince also said that it is unlikely that private sector credit expenditure will lead to big inflation, but in the current environment, the government has to vigorously implement fiscal stimulus measures to promote inflation, but this is a global phenomenon, not just in the United States.</p><p>Prince's comments come amid a heated debate on Wall Street over whether economic recovery, heavy fiscal and monetary stimulus measures and supply chain issues will lead to sustained price increases in goods and services.</p><p>Previously, the U.S. CPI soared at a year-on-year growth rate of 5%, and recorded the largest increase in 13 years, which triggered the market's worries about inflation.</p><p>Still, not only does Prince see the rise in inflation as a temporary event, but more than 70% of fund managers surveyed by Bank of America this month do not expect the rise to be permanent.</p><p>Markets reduce inflation bets</p><p>Not only do investment managers think inflation is temporary, but the market as a whole is betting on its elimination.</p><p>Currently, trends in the 10-year U.S. breakeven inflation rate show that investors have reduced their bets on longer-term inflation.</p><p><img src=\"https://static.tigerbbs.com/6113e28c1126c2cbf7a8fc8641b1b4c9\" tg-width=\"628\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Last week, the Fed said they were keeping a close eye on rising inflation measures and could raise rates as soon as 2023, a year ahead of their previous expectations.</p><p>Even so, financial markets reacted diametrically opposite to the shift in the Fed's wording, with 10-year breakeven inflation falling to its lowest level since early March, after all Powell's never mentioned a true taper and rate hike timeline. Powell's exquisite language has also been showing that the Fed still thinks the current inflation is a flash in the pan.</p><p>Obviously, the market is more willing to believe such language.</p><p>Will the Great Inflation of the 1970s Come Again?</p><p>Of course, in the current environment, many people are willing to compare current inflation expectations with the big inflation of 1970s.</p><p>In that era, due to excessively loose monetary policy and the rapid increase of food and energy prices, the CPI of the United States soared from less than 2% in 1965 to more than 10% in 1970s, which caused high nominal interest rates, high corporate financing costs, and seriously damaged the economy. It also formed an irreversible economic cycle, which caused the Federal Reserve policymakers to be unable to control the economy for a time.</p><p>Prince said that although he has modest concerns about inflation, he is still looking for red flags, including sustained workforce wage growth, and that these data changes could be leading indicators of a \"self-reinforcing cycle\" of hyperinflation. Prince believes that tipping point has not been crossed yet, but cannot rule out the possibility.</p><p>Prince added that the Fed's policy shift will not eliminate the \"inertia of the economic system\", because the current savings rate is still high and can provide a steady stream of ammunition for consumer spending in the coming months. Even if the central bank tapers, there is still a lot of potential spending accumulating in the whole economic system.</p><p>Still, Prince doesn't expect retail transactions in the current full $49 trillion U.S. stock market to continue surging at previous rates. Previously, due to the epidemic, the U.S. stock market became a reservoir for more and more people. It is worth mentioning that it contained many unemployment relief payments from the U.S. Treasury Department.</p><p>Most theories suggest that the main reason why inflation strikes is excessively easy monetary policy, a monetary phenomenon. And Fed policymakers have been trying to \"opportunistically\" overheat the economy to avoid a recession, but often because of \"bad luck\" and technical errors, prices are \"unstable\".</p><p>Alan Stuart Blinder, a Princeton economist and former senior Federal Reserve official, believes that there are many factors in the market that central banks can't control, including the shock of food and energy prices in the 1970s, and the end of wage and price controls in the Nixon era also intensified the inflation fire.</p><p>But for inflation, what kind of cause it starts with will end with what kind of cause it starts with.</p><p>The big inflation of the 1970s ended on October 6, 1979, when Paul Volcker, the strongest \"hawkish\" chairman in the history of the Federal Reserve, began to actively tighten monetary policy, which caused market interest rates to soar all the way to 17.6% in April the following year, and even reached a higher level by 1982. Aggressive policies triggered two recessions in the U.S. economy and caused unemployment to soar, but eventually the U.S. ushered in a rosy era of more moderate inflation.</p><p>Obviously, Powell has no such courage, and where will inflation in the United States go? It's all in the hands of the Fed.</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>Bridgewater: Prices in the United States are only moderately rising and \"big inflation\" will not be repeated</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\">\nBridgewater: Prices in the United States are only moderately rising and \"big inflation\" will not be repeated\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-22 20:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Author: Yu Xudong</p><p>Recently, Bridgewater, the world's largest hedge fund, said that the big inflation of the 1970s would not repeat itself.</p><p>According to the Financial Times, Bob Prince, co-chief investment officer at Bridgewater, said that in the long term, the forces of deflation will ultimately dampen recent price increases, and while there will be some inflation in the short term, it is extremely modest.</p><p>Prince also said that it is unlikely that private sector credit expenditure will lead to big inflation, but in the current environment, the government has to vigorously implement fiscal stimulus measures to promote inflation, but this is a global phenomenon, not just in the United States.</p><p>Prince's comments come amid a heated debate on Wall Street over whether economic recovery, heavy fiscal and monetary stimulus measures and supply chain issues will lead to sustained price increases in goods and services.</p><p>Previously, the U.S. CPI soared at a year-on-year growth rate of 5%, and recorded the largest increase in 13 years, which triggered the market's worries about inflation.</p><p>Still, not only does Prince see the rise in inflation as a temporary event, but more than 70% of fund managers surveyed by Bank of America this month do not expect the rise to be permanent.</p><p>Markets reduce inflation bets</p><p>Not only do investment managers think inflation is temporary, but the market as a whole is betting on its elimination.</p><p>Currently, trends in the 10-year U.S. breakeven inflation rate show that investors have reduced their bets on longer-term inflation.</p><p><img src=\"https://static.tigerbbs.com/6113e28c1126c2cbf7a8fc8641b1b4c9\" tg-width=\"628\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p><p>Last week, the Fed said they were keeping a close eye on rising inflation measures and could raise rates as soon as 2023, a year ahead of their previous expectations.</p><p>Even so, financial markets reacted diametrically opposite to the shift in the Fed's wording, with 10-year breakeven inflation falling to its lowest level since early March, after all Powell's never mentioned a true taper and rate hike timeline. Powell's exquisite language has also been showing that the Fed still thinks the current inflation is a flash in the pan.</p><p>Obviously, the market is more willing to believe such language.</p><p>Will the Great Inflation of the 1970s Come Again?</p><p>Of course, in the current environment, many people are willing to compare current inflation expectations with the big inflation of 1970s.</p><p>In that era, due to excessively loose monetary policy and the rapid increase of food and energy prices, the CPI of the United States soared from less than 2% in 1965 to more than 10% in 1970s, which caused high nominal interest rates, high corporate financing costs, and seriously damaged the economy. It also formed an irreversible economic cycle, which caused the Federal Reserve policymakers to be unable to control the economy for a time.</p><p>Prince said that although he has modest concerns about inflation, he is still looking for red flags, including sustained workforce wage growth, and that these data changes could be leading indicators of a \"self-reinforcing cycle\" of hyperinflation. Prince believes that tipping point has not been crossed yet, but cannot rule out the possibility.</p><p>Prince added that the Fed's policy shift will not eliminate the \"inertia of the economic system\", because the current savings rate is still high and can provide a steady stream of ammunition for consumer spending in the coming months. Even if the central bank tapers, there is still a lot of potential spending accumulating in the whole economic system.</p><p>Still, Prince doesn't expect retail transactions in the current full $49 trillion U.S. stock market to continue surging at previous rates. Previously, due to the epidemic, the U.S. stock market became a reservoir for more and more people. It is worth mentioning that it contained many unemployment relief payments from the U.S. Treasury Department.</p><p>Most theories suggest that the main reason why inflation strikes is excessively easy monetary policy, a monetary phenomenon. And Fed policymakers have been trying to \"opportunistically\" overheat the economy to avoid a recession, but often because of \"bad luck\" and technical errors, prices are \"unstable\".</p><p>Alan Stuart Blinder, a Princeton economist and former senior Federal Reserve official, believes that there are many factors in the market that central banks can't control, including the shock of food and energy prices in the 1970s, and the end of wage and price controls in the Nixon era also intensified the inflation fire.</p><p>But for inflation, what kind of cause it starts with will end with what kind of cause it starts with.</p><p>The big inflation of the 1970s ended on October 6, 1979, when Paul Volcker, the strongest \"hawkish\" chairman in the history of the Federal Reserve, began to actively tighten monetary policy, which caused market interest rates to soar all the way to 17.6% in April the following year, and even reached a higher level by 1982. Aggressive policies triggered two recessions in the U.S. economy and caused unemployment to soar, but eventually the U.S. ushered in a rosy era of more moderate inflation.</p><p>Obviously, Powell has no such courage, and where will inflation in the United States go? It's all in the hands of the Fed.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aee6b1c1000963b20e214151e82a026e","relate_stocks":{".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174110953","content_text":"作者：于旭东\n近日，全球最大的对冲基金——桥水基金表示，1970 年代的大通胀不会重演。\n据英国《金融时报》，桥水基金联席首席投资官Bob Prince表示，在长期，通货紧缩的力量最终会抑制近期的价格上涨，虽然在短期内会出现一些通胀，但它是极其温和的。\nPrince同时表示，私人部门信贷支出导致大通胀的可能性不大，但在当前环境下，政府不得不大力推行财政刺激措施来推动通胀，不过这是一种全球现象，而不仅仅是美国的现象。\n在Prince发出上述言论之际，华尔街正就经济复苏、天量财政和货币刺激措施以及供应链问题是否会导致商品和服务价格持续上涨进行激烈的辩论。\n而此前，美国CPI以5%的同比增速飙升，并创下13年来最大涨幅，引发了市场对通胀的担忧。\n尽管如此， 不仅是Prince认为通胀的上扬仅是暂时事件，本月接受美国银行调查的基金经理中有超过70%的人也预计通胀上升不会是永久性的。\n市场减少通胀押注\n不仅投资经理们认为通胀是暂时的，整个市场也在押注通胀的消弭。\n目前，10年期美国盈亏平衡通胀率的趋势显示，投资者已减少对较长期通胀的押注。\n\n上周，美联储表示，他们正在密切关注不断上升的通胀指标，并可能最快在2023年加息，这比他们之前的预期提前了一年。\n即便如此，金融市场对美联储措辞的转变做出了截然相反的反应，10年期盈亏平衡通胀率跌至3月初以来的最低水平，毕竟鲍威尔也从未提及真正的taper和加息时间表。鲍威尔八面玲珑的措辞也一直在表明，美联储依旧认为目前的通胀是昙花一现。\n很显然，市场更愿意相信这样的措辞。\n1970年代的大通胀是否将重来？\n当然，在目前的环境下，很多人愿意将目前的通胀预期和上世纪70年的大通胀来相比。\n在那个年代，由于过度宽松的货币政策和食品、能源价格的突飞猛进，美国CPI从1965年的不到2%飙升至70年代的10%以上，并造成名义利率高企，企业融资成本居高不下，并严重损害了经济，也形成了一个无法逆转的经济周期，导致美联储决策者一度无法控制经济。\nPrince表示，尽管他对通胀的担忧不大，但他仍然在寻找危险信号，包括持续劳动力工资增长，这些数据变化可能是恶性通胀“自我强化周期”的先导指标。Prince认为目前还没有越过那个临界点，但不能排除这样的可能性。\nPrince补充说，美联储的政策的转变不会消除“经济体系的惯性”，因为目前储蓄率仍然很高，并且可以在未来几个月为消费者的支出提供源源不断的弹药，即便央行taper，整个经济系统中仍有大量潜在的支出在积聚。\n尽管如此，Prince预计目前足足有49万亿美元的美国股票市场的零售交易额不会以之前的速度继续激增。此前由于疫情，美国股市成为越来越多人的蓄水池，值得一提的是，其中包含了很多来自美国财政部的失业纾困金。\n大多数理论认为，通胀来袭的主要原因是过度宽松的货币政策，即一种货币现象。而美联储决策者一直通过试图“投机取巧”的方法让经济过热以避免衰退，但却常常因为“厄运”和技术错误导致价格“不稳定”。\n普林斯顿经济学家、前美联储高级官员Alan Stuart Blinder认为，市场里有许多央行无法控制的因素，包括1970年代食品和能源价格的冲击，而尼克松时代对工资价格管制的终结也加剧了通胀之火。\n但对于通胀来说，以什么样的原因开始，就会以什么样的原因结束。\n70年代的那场大通胀，终结始于1979年10月6日，当时美联储史上最强“鹰派”主席保罗·沃尔克开始积极收紧货币政策，此举使市场利率在次年4月一路飙升至17.6%，到1982 年甚至达到了更高的水准。激进的政策引发了美国经济两次衰退并导致失业率飙升，但最终美国迎来了一个通胀更为温和的美好时代。\n很显然，鲍威尔没有这样的魄力，而美国的通胀将走向何方？一切都掌握在美联储手里。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129097578,"gmtCreate":1624342096194,"gmtModify":1703833989154,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129097578","repostId":"2145030039","repostType":4,"repost":{"id":"2145030039","kind":"highlight","pubTimestamp":1624341683,"share":"https://ttm.financial/m/news/2145030039?lang=en_US&edition=fundamental","pubTime":"2021-06-22 14:01","market":"sh","language":"zh","title":"The national collection documents of orthopedic joint consumables are released! What signals does this change reveal?","url":"https://stock-news.laohu8.com/highlight/detail?id=2145030039","media":"华尔街见闻","summary":"骨科关节耗材国家集采来了。","content":"<p>After the coronary stent, the second high-value consumable national purchase variety has finally been settled!</p><p>On the 21st, the Joint Procurement Office of High-value Medical Consumables of the State Organization issued the Announcement of Centralized Procurement of Artificial Joints of the State Organization (No.1) (hereinafter referred to as the Announcement). For the first time, the official announced the main rules of the national procurement of orthopedic joint consumables (some rules will be announced separately), including the procurement varieties (initial replacement of artificial total hip joint, initial replacement of artificial total knee joint), product grouping, bidding rules, proposed selection rules and other contents of concern to the market and enterprises.</p><p>It is worth mentioning that in mid-April this year, National Healthcare Security Administration Pharmaceutical Price and Bidding and Procurement Guidance Center issued a document entrusting three associations, including China Medical Device Industry Association, to solicit opinions from enterprises on the \"National Organization of Artificial Joint Medical Consumables Centralized Procurement Plan (Draft for Comments)\" (hereinafter referred to as the \"Draft for Comments\"). The Draft for Comments can be regarded as an official document of centralized procurement, and it is also the draft of the Announcement issued this time.</p><p><b>Comparing the two documents, it can be seen that although most of the contents overlap, the Announcement has more improvements and supplements on the basis of the Draft for Comment.</b></p><p><b>In this regard, some business people also told Wall Street that \"the design of the Announcement fully considers product quality and safety as a whole, and follows the basic demand and concept of providing good products (to patients)\".</b></p><p>So, how do we make sense of this corporate review? And how will the \"basic ideas\" laid out in this document affect the enterprises participating in the bidding?</p><p><h2><b>Initial Grouping of Hip Products</b></h2>First of all, from the perspective of the grouping of hip joint products, the hip joint product system purchased in volume will be divided into three groups: ceramic-ceramic, ceramic-polyethylene and alloy-polyethylene according to the combination of femoral head and acetabular lining materials:</p><p>1. Ceramic-ceramic hip joint product system requires that the femoral head and acetabular lining materials are zirconia-toughened high-purity alumina matrix composites. 2. Ceramic-polyethylene hip joint product system, which requires that the femoral head material be zirconia toughened high-purity alumina matrix composite material; The acetabular lining material is polyethylene, including high crosslinked polyethylene, high crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. 3. Alloy-polyethylene hip joint product system, which requires that the femoral head materials include cobalt-chromium-molybdenum alloy and zirconium-niobium alloy; The acetabular lining material is polyethylene, including high crosslinked polyethylene, high crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. According to the data, the artificial hip prosthesis mainly consists of four parts, including acetabular cup, acetabular liner, femoral head and femoral stem (see the figure below). Wherein, the acetabular cup and the femoral stem are respectively contacted with the host bone and fixed to form a fixed interface; The femoral head and acetabular lining constitute the friction interface of the hip joint.</p><p><img src=\"https://static.tigerbbs.com/c62dada18b6a148423bcf47609ce2101\" tg-width=\"953\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>Fixed interface and friction interface are the core technologies and advantages of artificial hip prosthesis, and they are also one of the most important factors affecting the life of artificial hip joint. The \"Announcement\" is based on the friction interface (the material combination of femoral head and acetabular lining) to group the hip joint into three varieties.</p><p>According to relevant research, as the most important joint in the whole body, hip joint bears the role of transmitting stress from the trunk to the limb, so it is very important for the selection of friction interface of hip joint. An ideal load-bearing interface material should have features such as low coefficient of friction, less wear particles generated, small tissue reactions induced by wear particles, resistance to third body wear, and allowing adequate liquid film lubrication.</p><p>The more wear-resistant the friction interface material, the longer the theoretical survival time of the hip prosthesis. At present, the wear resistance of the most commonly used materials from strong to weak is (according to acetabulum to femoral head): ceramic to ceramic> highly crosslinked polyethylene to ceramic> highly crosslinked polyethylene to metal> high molecular weight polyethylene to metal.</p><p><b>It can be seen that according to the friction interface, the hip joint is divided into three groups: ceramic-ceramic, ceramic-polyethylene and alloy-polyethylene for bidding respectively. Such grouping not only meets the needs of clinical application, but also fully considers the differences of products at different quality levels.</b></p><p><h2><b>Refinement of Hip Product Grouping Again</b></h2>Although the hip joint is divided into three groups: ceramic-ceramic, ceramic-polyethylene and alloy-polyethylene according to the friction interface, this division takes into account the differences of products with different quality levels. However, according to Wall Street's previous knowledge, the industry still has many concerns about this, and thinks that such grouping is still \"general\".</p><p>\"For example, taking the polyethylene lining of the acetabular cup as an example, this polyethylene lining can also be subdivided into three types: high-crosslinked polyethylene, high-crosslinked polyethylene (containing antioxidants) and ultra-high molecular weight polyethylene, but these three polyethylene materials are not exactly the same. High-crosslinked polyethylene containing antioxidants is more high-end and more expensive than ordinary high-crosslinked polyethylene and ordinary ultra-high molecular weight polyethylene. But the existing rules don't make a distinction between this, just put all the products together for bidding, then those with better materials and higher costs are at a disadvantage. \" Earlier, after the publication of the Draft for Comment in April, some enterprises told Wall Street this.</p><p><b>However, it can be seen that in response to this market difference, the Announcement issued on the 21st has also been improved on the basis of the Draft for Comments. On the basis of the original three large groups, further subdivision has been made.</b></p><p><b>According to the requirements of the Announcement, under the same product system category, two groups A and B will be formed again according to three conditions: procurement demand of medical institutions, supply capacity of enterprises, and product materials, each of which is a bidding unit to bid separately. Among them, the declaring enterprises that meet three conditions at the same time enter Group A, and others enter Group B. The three conditions are:</b></p><p>1. Take the declaring enterprise as a unit, merge all different product systems under the same product system category of the same declaring enterprise, sort them from more to less according to the intended purchase volume of medical institutions, and take the declaring enterprises covered by the top 85% of the cumulative intended purchase volume; 2. The declaring enterprise promises to meet the procurement needs of all cities in all alliance areas; 3. In addition to the ceramic-ceramic hip joint product system and the knee joint product system, at least one product system of the acetabular lining of the ceramic-polyethylene hip joint product system and the alloy-polyethylene hip joint product system declared by the enterprise is made of high crosslinked polyethylene or high crosslinked polyethylene (including antioxidants). The \"Announcement\" also stated that if the number of declaring enterprises entering Group A is less than 7, among the declaring enterprises that meet the above conditions 2 and 3, the intended purchase volume of medical institutions will be supplemented in order from more to less until the number of declaring enterprises in Group A reaches 7. Home. If there are less than 7 declaring enterprises meeting the above conditions 2 and 3, all declaring enterprises meeting the above conditions 2 and 3 will enter Group A and will not be replaced.<b>According to Condition 3, if a hip joint product in the two subgroups ceramic-polyethylene and alloy-polyethylene lacks a highly crosslinked polyethylene liner component, then the relevant product system may be excluded from Group A and can only enter Group B.</b></p><p><b>According to the preliminary understanding of Wall Street, at present, some imported and domestic hip joint products lack highly crosslinked polyethylene lining components (but they have not been confirmed by enterprises).</b></p><p>If you can't make Group A, what does it mean?</p><p><b>From the Announcement, first of all, Group A products will get more intended purchases (85% of intended purchases).</b></p><p><b>In addition, according to the second rule of proposed selection, \"if the bidding price of Group A is not higher than the highest bidding price of Group B in the same product system category, the corresponding declaring enterprise whose bidding price of Group A is not higher than the highest bidding price of Group B is to be selected\".</b></p><p><b>This also means that Group B products may face greater pressure to cut prices.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The national collection documents of orthopedic joint consumables are released! What signals does this change reveal?</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 national collection documents of orthopedic joint consumables are released! What signals does this change reveal?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-22 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After the coronary stent, the second high-value consumable national purchase variety has finally been settled!</p><p>On the 21st, the Joint Procurement Office of High-value Medical Consumables of the State Organization issued the Announcement of Centralized Procurement of Artificial Joints of the State Organization (No.1) (hereinafter referred to as the Announcement). For the first time, the official announced the main rules of the national procurement of orthopedic joint consumables (some rules will be announced separately), including the procurement varieties (initial replacement of artificial total hip joint, initial replacement of artificial total knee joint), product grouping, bidding rules, proposed selection rules and other contents of concern to the market and enterprises.</p><p>It is worth mentioning that in mid-April this year, National Healthcare Security Administration Pharmaceutical Price and Bidding and Procurement Guidance Center issued a document entrusting three associations, including China Medical Device Industry Association, to solicit opinions from enterprises on the \"National Organization of Artificial Joint Medical Consumables Centralized Procurement Plan (Draft for Comments)\" (hereinafter referred to as the \"Draft for Comments\"). The Draft for Comments can be regarded as an official document of centralized procurement, and it is also the draft of the Announcement issued this time.</p><p><b>Comparing the two documents, it can be seen that although most of the contents overlap, the Announcement has more improvements and supplements on the basis of the Draft for Comment.</b></p><p><b>In this regard, some business people also told Wall Street that \"the design of the Announcement fully considers product quality and safety as a whole, and follows the basic demand and concept of providing good products (to patients)\".</b></p><p>So, how do we make sense of this corporate review? And how will the \"basic ideas\" laid out in this document affect the enterprises participating in the bidding?</p><p><h2><b>Initial Grouping of Hip Products</b></h2>First of all, from the perspective of the grouping of hip joint products, the hip joint product system purchased in volume will be divided into three groups: ceramic-ceramic, ceramic-polyethylene and alloy-polyethylene according to the combination of femoral head and acetabular lining materials:</p><p>1. Ceramic-ceramic hip joint product system requires that the femoral head and acetabular lining materials are zirconia-toughened high-purity alumina matrix composites. 2. Ceramic-polyethylene hip joint product system, which requires that the femoral head material be zirconia toughened high-purity alumina matrix composite material; The acetabular lining material is polyethylene, including high crosslinked polyethylene, high crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. 3. Alloy-polyethylene hip joint product system, which requires that the femoral head materials include cobalt-chromium-molybdenum alloy and zirconium-niobium alloy; The acetabular lining material is polyethylene, including high crosslinked polyethylene, high crosslinked polyethylene (containing antioxidants), and ultra-high molecular weight polyethylene. According to the data, the artificial hip prosthesis mainly consists of four parts, including acetabular cup, acetabular liner, femoral head and femoral stem (see the figure below). Wherein, the acetabular cup and the femoral stem are respectively contacted with the host bone and fixed to form a fixed interface; The femoral head and acetabular lining constitute the friction interface of the hip joint.</p><p><img src=\"https://static.tigerbbs.com/c62dada18b6a148423bcf47609ce2101\" tg-width=\"953\" tg-height=\"633\" referrerpolicy=\"no-referrer\"></p><p>Fixed interface and friction interface are the core technologies and advantages of artificial hip prosthesis, and they are also one of the most important factors affecting the life of artificial hip joint. The \"Announcement\" is based on the friction interface (the material combination of femoral head and acetabular lining) to group the hip joint into three varieties.</p><p>According to relevant research, as the most important joint in the whole body, hip joint bears the role of transmitting stress from the trunk to the limb, so it is very important for the selection of friction interface of hip joint. An ideal load-bearing interface material should have features such as low coefficient of friction, less wear particles generated, small tissue reactions induced by wear particles, resistance to third body wear, and allowing adequate liquid film lubrication.</p><p>The more wear-resistant the friction interface material, the longer the theoretical survival time of the hip prosthesis. At present, the wear resistance of the most commonly used materials from strong to weak is (according to acetabulum to femoral head): ceramic to ceramic> highly crosslinked polyethylene to ceramic> highly crosslinked polyethylene to metal> high molecular weight polyethylene to metal.</p><p><b>It can be seen that according to the friction interface, the hip joint is divided into three groups: ceramic-ceramic, ceramic-polyethylene and alloy-polyethylene for bidding respectively. Such grouping not only meets the needs of clinical application, but also fully considers the differences of products at different quality levels.</b></p><p><h2><b>Refinement of Hip Product Grouping Again</b></h2>Although the hip joint is divided into three groups: ceramic-ceramic, ceramic-polyethylene and alloy-polyethylene according to the friction interface, this division takes into account the differences of products with different quality levels. However, according to Wall Street's previous knowledge, the industry still has many concerns about this, and thinks that such grouping is still \"general\".</p><p>\"For example, taking the polyethylene lining of the acetabular cup as an example, this polyethylene lining can also be subdivided into three types: high-crosslinked polyethylene, high-crosslinked polyethylene (containing antioxidants) and ultra-high molecular weight polyethylene, but these three polyethylene materials are not exactly the same. High-crosslinked polyethylene containing antioxidants is more high-end and more expensive than ordinary high-crosslinked polyethylene and ordinary ultra-high molecular weight polyethylene. But the existing rules don't make a distinction between this, just put all the products together for bidding, then those with better materials and higher costs are at a disadvantage. \" Earlier, after the publication of the Draft for Comment in April, some enterprises told Wall Street this.</p><p><b>However, it can be seen that in response to this market difference, the Announcement issued on the 21st has also been improved on the basis of the Draft for Comments. On the basis of the original three large groups, further subdivision has been made.</b></p><p><b>According to the requirements of the Announcement, under the same product system category, two groups A and B will be formed again according to three conditions: procurement demand of medical institutions, supply capacity of enterprises, and product materials, each of which is a bidding unit to bid separately. Among them, the declaring enterprises that meet three conditions at the same time enter Group A, and others enter Group B. The three conditions are:</b></p><p>1. Take the declaring enterprise as a unit, merge all different product systems under the same product system category of the same declaring enterprise, sort them from more to less according to the intended purchase volume of medical institutions, and take the declaring enterprises covered by the top 85% of the cumulative intended purchase volume; 2. The declaring enterprise promises to meet the procurement needs of all cities in all alliance areas; 3. In addition to the ceramic-ceramic hip joint product system and the knee joint product system, at least one product system of the acetabular lining of the ceramic-polyethylene hip joint product system and the alloy-polyethylene hip joint product system declared by the enterprise is made of high crosslinked polyethylene or high crosslinked polyethylene (including antioxidants). The \"Announcement\" also stated that if the number of declaring enterprises entering Group A is less than 7, among the declaring enterprises that meet the above conditions 2 and 3, the intended purchase volume of medical institutions will be supplemented in order from more to less until the number of declaring enterprises in Group A reaches 7. Home. If there are less than 7 declaring enterprises meeting the above conditions 2 and 3, all declaring enterprises meeting the above conditions 2 and 3 will enter Group A and will not be replaced.<b>According to Condition 3, if a hip joint product in the two subgroups ceramic-polyethylene and alloy-polyethylene lacks a highly crosslinked polyethylene liner component, then the relevant product system may be excluded from Group A and can only enter Group B.</b></p><p><b>According to the preliminary understanding of Wall Street, at present, some imported and domestic hip joint products lack highly crosslinked polyethylene lining components (but they have not been confirmed by enterprises).</b></p><p>If you can't make Group A, what does it mean?</p><p><b>From the Announcement, first of all, Group A products will get more intended purchases (85% of intended purchases).</b></p><p><b>In addition, according to the second rule of proposed selection, \"if the bidding price of Group A is not higher than the highest bidding price of Group B in the same product system category, the corresponding declaring enterprise whose bidding price of Group A is not higher than the highest bidding price of Group B is to be selected\".</b></p><p><b>This also means that Group B products may face greater pressure to cut prices.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633516\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c62dada18b6a148423bcf47609ce2101","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3633516","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145030039","content_text":"继冠脉支架之后，第二个高值耗材国家带量采购品种终于落定！\n21日，国家组织高值医用耗材联合采购办公室发布《国家组织人工关节集中带量采购公告（第1号）》（下称《公告》），官方首次对外公布了骨科关节耗材国家带量采购的主要规则（部分规则将另行公告），包括带量采购品种（初次置换人工全髋关节、初次置换人工全膝关节）、产品分组、竞价规则、拟中选规则等市场及企业关心的内容。\n值得一提的是，在今年4月中旬，国家医保局医药价格和招标采购指导中心曾发文，委托中国医疗器械行业协会等三家协会，就《国家组织人工关节类医用耗材集中带量采购方案（征求意见稿）》（下称《征求意见稿》）向企业征求意见。该《征求意见稿》可以视作是集采正式文件，也是此次发布的《公告》的草案。\n对比两份文件，可以看出，虽然大部分内容重合，但《公告》在《征求意见稿》的基础上有了更多的完善与补充。\n对此，亦有企业人士向华尔街见闻表示，“《公告》的设计从整体上较为充分地考虑了产品质量安全，并遵循了（向患者）提供好的产品这样一个基本诉求和理念”。\n那么，我们该如何理解这一企业评论？以及这一文件制定的“基本理念”又将会如何影响参与竞标的企业呢？\n髋关节产品的初次分组\n首先，从髋关节产品的分组来看，此次集中带量采购的髋关节产品系统将根据股骨头和髋臼内衬材质组合，分成陶瓷-陶瓷、陶瓷-聚乙烯、合金-聚乙烯3组开展采购：\n\n 1.陶瓷-陶瓷类髋关节产品系统，要求股骨头和髋臼内衬材质均为氧化锆增韧高纯氧化铝基复合材料。2.陶瓷-聚乙烯类髋关节产品系统，要求股骨头材质为氧化锆增韧高纯氧化铝基复合材料；髋臼内衬材质为聚乙烯，包括高交联聚乙烯、高交联聚乙烯（含抗氧化剂）、超高分子量聚乙烯。3.合金-聚乙烯类髋关节产品系统，要求股骨头材质包括钴铬钼合金、锆铌合金；髋臼内衬材质为聚乙烯，包括高交联聚乙烯、高交联聚乙烯（含抗氧化剂）、超高分子量聚乙烯。\n\n资料显示，人工髋关节假体主要由四个部分组成，包括髋臼杯、髋臼内衬、股骨头和股骨柄四部分（见下图）。其中，髋臼杯和股骨柄分别与宿主骨接触并固定，形成固定界面；而股骨头和髋臼内衬则构成髋关节的摩擦界面。\n\n固定界面和摩擦界面是人工髋关节假体核心技术与优势所在，也是影响人工髋关节寿命最主要的因素之一。而《公告》正是依据摩擦界面（股骨头和髋臼内衬的材质组合）对髋关节做的3个品种分组。\n据有关研究，髋关节作为全身最重要的关节，承担着躯干向肢体传递应力的作用，因而对于髋关节摩擦界面的选择非常重要。理想的负重界面材料应当具有的特点包括：低摩擦系数、产生的磨损颗粒少、磨损颗粒引发的组织反应小、耐第三体磨损以及允许充分的液膜润滑。\n摩擦界面材料越耐磨，髋关节假体的理论生存时间越长。目前最常用的材料的耐磨性能从强到弱依次为（按髋臼对股骨头）：陶瓷对陶瓷>高交联聚乙烯对陶瓷>高交联聚乙烯对金属>高分子量聚乙烯对金属。\n由此可见，此次集采根据摩擦界面将髋关节分成陶瓷-陶瓷、陶瓷-聚乙烯、合金-聚乙烯3大组分别进行竞价，这样的分组既符合临床应用需求，又充分考虑了不同质量层次产品的差异。\n髋关节产品分组的再次细化\n虽然根据摩擦界面将髋关节分成陶瓷-陶瓷、陶瓷-聚乙烯、合金-聚乙烯3大组分别竞价，这样的划分考虑到了不同质量层次产品的差异，但据华尔街见闻此前了解，业界对此还是有着颇多顾虑，认为这样的分组仍然偏“笼统”。\n“比如，以髋臼杯的聚乙烯内衬来说，这个聚乙烯内衬还可以细分为高交联聚乙烯、高交联聚乙烯（含抗氧化剂）和超高分子量聚乙烯三种，但这三种聚乙烯材料并不完全一样，含抗氧化剂的高交联聚乙烯比普通的高交联聚乙烯以及普通的超高分子量聚乙烯更为高端，成本也更高。但现有的规则并没有对此进行区分，直接将所有产品放在一起竞价，那么那些材料更好成本更高的产品就会处于弱势。”此前，在4月的《征求意见稿》公布后，有企业这样向华尔街见闻表示。\n不过，可以看到的是，针对这一市场分歧，21号发布的《公告》在《征求意见稿》的基础上也进行了完善。在原有的3个大分组基础上，又做了进一步的细分。\n按照《公告》要求，同一产品系统类别下，将根据医疗机构采购需求、企业供应能力、产品材质3个条件，再次形成A、B两组，各为一个竞价单元分别竞价。其中，同时满足3个条件的申报企业进入A组，其他进入B组。这3个条件分别是：\n\n 1、以申报企业为单位，合并同一申报企业同一产品系统类别下所有不同产品系统，按医疗机构意向采购量从多到少依次排序，取累计意向采购量前85%所涵盖的申报企业；2、申报企业承诺满足所有联盟地区全部地市采购需求；3、除陶瓷-陶瓷类髋关节产品系统和膝关节产品系统外，企业申报的陶瓷-聚乙烯类髋关节产品系统、合金-聚乙烯类髋关节产品系统的髋臼内衬至少有一个产品系统具备高交联聚乙烯或高交联聚乙烯（含抗氧化剂）材质。《公告》同时表示，如果进入A组申报企业数量不足7家，在满足上述2和3条件的申报企业中，按医疗机构意向采购量从多到少依序递补，直至A组申报企业数量达到7家。如满足上述2和3条件的申报企业不足7家，则满足上述2和3条件的申报企业全部进入A组，不再递补。\n\n根据条件3，处于陶瓷-聚乙烯、合金-聚乙烯两个分组的髋关节产品，如果缺乏高交联聚乙烯内衬组件，那么相关产品系统可能会被排除在A组以外，只能进入B组。\n而据华尔街见闻初步了解，目前有一些进口及国产的髋关节产品是缺乏高交联聚乙烯内衬组件的（但还未能得到企业方面的确认）。\n如果不能进入A组，又意味着什么？\n从《公告》来看，首先A组产品将获得更多的意向采购量（85%的意向采购量）。\n另外，依据拟中选规则二，“未按拟中选规则一获得拟中选资格的申报企业，同一个产品系统类别内，若A组竞价比价价格不高于B组最高拟中选比价价格，则A组竞价比价价格不高于B组最高拟中选比价价格的相应申报企业拟中选”。\n这也意味着，B组产品可能会面临更大的降价压力。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165147692,"gmtCreate":1624111236616,"gmtModify":1703828954292,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","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/165147692","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165144521,"gmtCreate":1624111165663,"gmtModify":1703828953966,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165144521","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161166501,"gmtCreate":1623911718203,"gmtModify":1703823333161,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161166501","repostId":"2144129057","repostType":4,"repost":{"id":"2144129057","kind":"highlight","pubTimestamp":1623911566,"share":"https://ttm.financial/m/news/2144129057?lang=en_US&edition=fundamental","pubTime":"2021-06-17 14:32","market":"hk","language":"zh","title":"The once-powerful real estate tycoon also retreated","url":"https://stock-news.laohu8.com/highlight/detail?id=2144129057","media":"华尔街见闻","summary":"潘石屹告别房地产。","content":"<p>In Wangjing Road, Chaoyang District, Beijing, there are three intertwined \"mountains\". This is the well-known Wangjing SOHO office building group, which was designed by Zaha Hadid, the \"Queen of Architecture\", and completed in 2012.</p><p>A few years ago,<a href=\"https://laohu8.com/S/00410\">SOHO China</a>Pan Shiyi, chairman of the board, once said, \"The projects that can never be sold in my mind are Bund SOHO and Wangjing SOHO. As long as these two projects are there, I am still a (real estate) developer.\"</p><p>Unexpectedly, four years later, a prophecy, including Wangjing SOHO, the \"Eight King Kong\" is about to change owners, and it is the global alternative asset management giant who takes over<a href=\"https://laohu8.com/S/BX\">Blackstone</a>。 After the completion of the acquisition, Pan Shiyi and Zhang Xin held only 9% of the equity of SOHO China.</p><p>Compared with the $4 billion transaction consideration that broke out in the market a year ago, the purchase price in the announcement on June 16th was about $3 billion, a shrinkage of 1 billion.</p><p><b>This price is also acceptable, reflecting the determination of Pan Shiyi and Zhang Xin to withdraw.</b></p><p>With Blackstone's takeover of SOHO China, Pan Shiyi and Zhang Xin, two figures who have stirred up China's real estate situation, finally chose to fall in their pockets, and their real estate era has become a thing of the past.</p><p><h2><b>Bulk Selling Expert</b></h2>Pan Shiyi and his wife, as well as SOHO China's projects, have been online celebrity-like for a long time.</p><p>Since founding SOHO China with his wife Zhang Xin, a returnee from overseas, in 1995, Pan Shiyi and Zhang Xin have been at the forefront of China's real estate architecture with their novel concepts and unique designs.</p><p>However, some people think that SOHO's architecture is weird and out of place compared with the surrounding areas. In 2011, actor Song Dandan in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Even Pan Shiyi, \"You built such a large piece of ugly cheap building (Jianwai Soho), which ruined the scenery of Beijing enough. Do you regret it?\", \"I invite you to drink Lafite, please, stop building buildings\"!</p><p>However, it is these characteristics of SOHO that make SOHO look very different from other developers.</p><p><b>At the beginning, Pan Shiyi and his wife used the road of residential development to do business. Relying on the model of bulk sale rather than holding, SOHO China was invincible before 2012.</b></p><p>The so-called bulk sales means that the office space is divided into small areas of different sizes and sold to individuals and companies in bulk. The advantage is that the sales payment is fast, so that commercial office buildings and shops can achieve high turnover like residential development.</p><p>Pan Shiyi locked his customer base on coal bosses in Northwest China and private entrepreneurs in Jiangsu and Zhejiang. When some projects opened, he personally visited the coal bosses, imitated Buffett, and got a set of links for big customers to eat with him. At first, the threshold was 50 million, and then it gradually increased to 100 million.</p><p>Relying on this set of packaging, Pan Shiyi made flour into a big cake. In 2005, when the house price in Beijing was still more than 6,000 yuan/square meter, his Shangdu SOHO sold for 20,000 yuan/square meter.</p><p><b>Pan Shiyi once summed up his business secret: \"The forever rule of doing business is to buy when it is low and ship when it is high. SOHO China will always follow such a principle.\"</b></p><p>Pan Shiyi vividly demonstrated his ability to \"buy low and sell high\" by acquiring land at a low price and then building high-value office projects.</p><p>Immediately, landmark buildings such as Sanlitun SOHO and Beijing SOHO Modern City followed. At its peak, SOHO China's sales accounted for nearly half of the sales in Beijing CBD.</p><p>In 2007, after a defeat, SOHO China was successfully listed on the Hong Kong Stock Exchange under the banner of \"China's well-known commercial real estate developer\", raising $1.9 billion, becoming the largest real estate IPO project in Asia that year.</p><p>Sanlitun SOHO, which opened in July 2008, sold 4.1 billion yuan in one day, setting a single-day transaction record for Chinese real estate at that time.</p><p>By 2010, SOHO China's revenue was 18.4 billion yuan, which was also the peak of its revenue and the peak of Pan Shiyi's business legend.</p><p><h2><b>Failure of transformation</b></h2>Since 2010, Beijing has issued several policies to ban commercial bulk sales and gradually increase the weight. Pan Shiyi was forced to abandon the model he made him successful.</p><p>Because of the difference in business philosophy, the husband and wife files of Pan Shiyi and Zhang Xin gradually appeared contradictory. After several quarrels, Pan Shiyi gradually faded out of SOHO China in 2012 and gave up control of the company's shares to Zhang Xin.<b>Also this year, SOHO China proposed to transform self-sustained rental properties.</b></p><p>However, Pan Shiyi's success in bulk sales in the past has made his team lack of operational ability, and the complaints of SOHO small owners about the chaotic property management of SOHO China have never stopped.</p><p>After the transformation, under Zhang Xin's administration, many SOHO executives left one after another, and the team was once unavailable.</p><p>It is reflected in the financial report that although SOHO China has transformed its self-sustaining property and wants to feed its enterprises by rental income,<b>However, the result is still the source of the substantial increase of its net profit and net profit by selling and maintaining rent, selling income and appraisal of investment properties.</b></p><p>In 2012, SOHO China achieved a net profit of 10.585 billion yuan, with a net profit margin of 171.94%. Behind this bright financial report, the appraised value of investment properties contributed 9.605 billion yuan. After excluding this part, SOHO China's net profit still increased by 135% year-on-year, which looks very cattle. But if you look closely, this is mainly because Galaxy SOHO project sold 16.173 billion yuan that year.</p><p>In the following years, SOHO China's net profit continued to decline. Even if it achieved a net profit margin of more than 420% in 2017, it was generated by the appreciation of investment properties of 7.165 billion yuan. After excluding this part, SOHO China lost 2.393 billion yuan that year.</p><p><b>In 2020, SOHO China's revenue was about 2.19 billion yuan, a sharp decrease from the peak of 18.4 billion yuan; The net profit attributable to the mother is only about 500 million yuan, which is different from the glory of tens of billions of profits.</b></p><p>A real estate veteran joked, is this really still a real estate developer? It is rare to see any real estate developer make its revenue smaller and smaller.</p><p>Pan Shiyi has also tried hard. In 2015, he also founded SOHO3Q, a shared office operator. By 2017, it will be the largest in Beijing and Shanghai.<a href=\"https://laohu8.com/S/WE\">WeWork</a>Positive heat, Bo a handful of listing.</p><p>But he still failed. In 2019, SOHO3Q was also reported to be transferred.</p><p><b>The business of office leasing is not easy to do.</b>Pan Shiyi once said, \"I am embarrassed to say the rental return rate in China. In a city like Beijing, SOHO China's rental return rate is less than 3%, but the capital cost of bank loans exceeds 4%, which is almost the lowest capital cost in the real estate industry. Even so, the annual property operation will still lose 2%. How can this business be done?\"</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>It has been pointed out that in the past 10 years, SOHO China's transformation from a developer to a rent-collecting stock has poor execution ability. If the asset sale plan fails, the upside of operation under the existing asset base is limited.</p><p>According to SOHO China's financial report data, in 2012, its return on net assets (ROE) once reached 40.38%, but in recent years it has dropped to single digits. In 2020, its ROE was 1.47%. Contrary<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>And Wharf, although the data has remained in single digits for a long time, it is relatively stable and shows obvious cyclicity.</p><p>Obviously, Pan Shiyi and his wife have never done a good job in the operation of office buildings.</p><p><h2><b>Cash out and change positions</b></h2>Compared with long-term rental operation, Pan Shiyi is obviously better at selling assets. Don't forget, \"buy low and sell high\" is his business rule.</p><p><b>Since 2014, SOHO China has returned to the road of selling and selling, but it has changed from bulk sales to whole sales.</b></p><p>In that year, SOHO China sold Shanghai SOHO Jing'an Plaza and SOHO Hailun Plaza to<a href=\"https://laohu8.com/S/000402\">Financial Street</a>Holding, in September of the same year, sold the 100,000-square-meter property of Shanghai Lingkong SOHO to<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>。</p><p>At that time, Pan Shiyi also said that only some less important projects were sold, and the office projects in the core areas of Beijing and Shanghai would still be held for a long time.</p><p>However, as recently as 2015, SOHO China sold its 50% interest in Plot 8-1 of Shanghai Bund International Financial Center for 8.493 billion yuan, and the transaction party was Fosun Group, which had a fierce competition with it on this land.</p><p>In 2016, SOHO China sold SOHO Century Plaza in Shanghai to Guohua Life Insurance for a consideration of 3.22 billion yuan;</p><p>In 2017, at a total price of 8.58 billion yuan, Hongkou SOHO in Shanghai and the remaining properties of Lingkong SOHO were sold respectively.</p><p>What highlights his thinking and determination is that in 2019, SOHO China announced that it would sell 13 office property projects in Beijing and Shanghai, including his beloved Wangjing SOHO, and negotiations with Blackstone have started since then.</p><p><b>As can be seen above, after listing, SOHO China spent more than half of its time selling assets. Before Blackstone, SOHO China had cashed out about 29.3 billion yuan from selling assets.</b></p><p>During this period, SOHO China hardly had any property investment in China. On the contrary, since 2011, Pan Shiyi and Zhang Xin have invested a large number of overseas assets in the United States and Britain through family trusts.</p><p>According to public information, since 2011, Pan Shiyi and his wife have invested a lot of overseas assets through family trusts. First, they spent 700 million dollars to buy the office building of the Port Authority's long-distance bus station next to Manhattan Square in New York, and then spent 600 million dollars to acquire 49% equity of Park Avenue Plaza in Manhattan, and also spent 700 million dollars to acquire the United States with a Brazilian consortium<a href=\"https://laohu8.com/S/GM\">General Motors</a>40% equity interest in the building.</p><p>Pan Shiyi's eldest son, Pan Rui, also founded Estates, which owns several large-scale property projects, including UNINN, the first Chinese-led British apartment brand.</p><p>However, after the tightening of foreign exchange controls in China, they have not added new overseas investment since 2013.</p><p><b>One in and one out, some people in the market can't help but think that Pan Shiyi is going to run.</b></p><p>In the face of doubts, Pan Shiyi would have some responses at first, and later he gradually became Buddhist.</p><p>At the online rental commendation meeting at the beginning of this year, Lao Pan said, \"Now there are still people scolding me online. I'm not angry, let alone scolding me. I'm an ordinary person who builds a house and rents a house. Do my job well, don't be right and wrong.\"</p><p><h2><b>Complete departure</b></h2>It is not easy for anyone to sell the company he founded himself, but Pan Shiyi has obviously thought about it for a long time and has a firm attitude.</p><p>On June 16th, SOHO China announced that Blackstone Group intends to acquire 2.856 billion shares of SOHO China indirectly held by Cititrust at a price of HK$ 5 per share, accounting for about 54.93% of the issued share capital of SOHO China.</p><p>Cititrust wholly owns Capevale Limited (Cayman) in its trustee capacity, and Boyce Limited and Capevale Limited (BVI), which are wholly owned by the latter, each hold 1.66 billion shares in SOHO China. Pan Shiyi, Zhang Xin and their children are trust beneficiaries of Cititrust.</p><p>After the transaction is completed, Blackstone Group will become the controlling shareholder of SOHO China, and the shareholding of Pan Shiyi and his wife will be reduced from 63.93% to about 9%.</p><p>Some investors pointed out that although SOHO China has lost real estate sales income in recent years and is pure rent collection, compared with Evergrande,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>SOHO China has sufficient cash flow for housing enterprises running with high debt.</p><p>After selling the \"less important\" projects in Pan Shiyi's mouth, SOHO China's revenue almost all comes from the rental income generated by office buildings in Beijing and Shanghai. These projects are basically located in the core business district and are scarce commercial real estate. From the perspective of income and asset appreciation, the aforementioned investors believe that SOHO China has no demand for clearance assets.</p><p>But he miscalculated Pan Shiyi. Lao Pan has long been uninterested in operating and wants to retreat.</p><p><b>This is a real estate tycoon who once enjoyed a reputation like Wang Shi, Feng Lun and Wang Jianlin. It is really a sad story that the once glorious business legend ended and exited.</b></p><p>Pan Shiyi is not without ambition. At the beginning of the listing, Pan Shiyi and his wife once shouted in a high profile that \"over 100 billion in five years, exceeding Vanke\".</p><p>In 2010, the revenue exceeded 18.4 billion, so that SOHO China will Longhu Group,<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Throw out a few positions.</p><p>However, SOHO, which has been on the market for 14 years, has become smaller and smaller. Instead of achieving its performance goals, it has experienced transformation failure and missed the wave of real estate in 2015. Let alone surpassing Vanke, even the rising stars Sunac and Xuhui are far ahead of him.</p><p><b>After gradually fading out of SOHO China in 2012, Pan Shiyi has rarely appeared as a real estate tycoon. His identity is much more. None of them are related to real estate as a photographer, carpenter and programmer.</b></p><p>When talking about his dream many years ago, Pan Shiyi, who came out of Gansu, said that what he especially yearned for in his heart was, \"It was to return to his hometown in the northwest, live in a cave and herd sheep. There was a green river in front of me, and no one on the Internet scolded me.\"</p><p>An era has come to an end. After selling SOHO China, Pan Shiyi, one of the high-spirited six gentlemen of Wantong and an all-powerful real estate tycoon in Beijing, has already bid farewell to real estate.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The once-powerful real estate tycoon also retreated</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 once-powerful real estate tycoon also retreated\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-17 14:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In Wangjing Road, Chaoyang District, Beijing, there are three intertwined \"mountains\". This is the well-known Wangjing SOHO office building group, which was designed by Zaha Hadid, the \"Queen of Architecture\", and completed in 2012.</p><p>A few years ago,<a href=\"https://laohu8.com/S/00410\">SOHO China</a>Pan Shiyi, chairman of the board, once said, \"The projects that can never be sold in my mind are Bund SOHO and Wangjing SOHO. As long as these two projects are there, I am still a (real estate) developer.\"</p><p>Unexpectedly, four years later, a prophecy, including Wangjing SOHO, the \"Eight King Kong\" is about to change owners, and it is the global alternative asset management giant who takes over<a href=\"https://laohu8.com/S/BX\">Blackstone</a>。 After the completion of the acquisition, Pan Shiyi and Zhang Xin held only 9% of the equity of SOHO China.</p><p>Compared with the $4 billion transaction consideration that broke out in the market a year ago, the purchase price in the announcement on June 16th was about $3 billion, a shrinkage of 1 billion.</p><p><b>This price is also acceptable, reflecting the determination of Pan Shiyi and Zhang Xin to withdraw.</b></p><p>With Blackstone's takeover of SOHO China, Pan Shiyi and Zhang Xin, two figures who have stirred up China's real estate situation, finally chose to fall in their pockets, and their real estate era has become a thing of the past.</p><p><h2><b>Bulk Selling Expert</b></h2>Pan Shiyi and his wife, as well as SOHO China's projects, have been online celebrity-like for a long time.</p><p>Since founding SOHO China with his wife Zhang Xin, a returnee from overseas, in 1995, Pan Shiyi and Zhang Xin have been at the forefront of China's real estate architecture with their novel concepts and unique designs.</p><p>However, some people think that SOHO's architecture is weird and out of place compared with the surrounding areas. In 2011, actor Song Dandan in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Even Pan Shiyi, \"You built such a large piece of ugly cheap building (Jianwai Soho), which ruined the scenery of Beijing enough. Do you regret it?\", \"I invite you to drink Lafite, please, stop building buildings\"!</p><p>However, it is these characteristics of SOHO that make SOHO look very different from other developers.</p><p><b>At the beginning, Pan Shiyi and his wife used the road of residential development to do business. Relying on the model of bulk sale rather than holding, SOHO China was invincible before 2012.</b></p><p>The so-called bulk sales means that the office space is divided into small areas of different sizes and sold to individuals and companies in bulk. The advantage is that the sales payment is fast, so that commercial office buildings and shops can achieve high turnover like residential development.</p><p>Pan Shiyi locked his customer base on coal bosses in Northwest China and private entrepreneurs in Jiangsu and Zhejiang. When some projects opened, he personally visited the coal bosses, imitated Buffett, and got a set of links for big customers to eat with him. At first, the threshold was 50 million, and then it gradually increased to 100 million.</p><p>Relying on this set of packaging, Pan Shiyi made flour into a big cake. In 2005, when the house price in Beijing was still more than 6,000 yuan/square meter, his Shangdu SOHO sold for 20,000 yuan/square meter.</p><p><b>Pan Shiyi once summed up his business secret: \"The forever rule of doing business is to buy when it is low and ship when it is high. SOHO China will always follow such a principle.\"</b></p><p>Pan Shiyi vividly demonstrated his ability to \"buy low and sell high\" by acquiring land at a low price and then building high-value office projects.</p><p>Immediately, landmark buildings such as Sanlitun SOHO and Beijing SOHO Modern City followed. At its peak, SOHO China's sales accounted for nearly half of the sales in Beijing CBD.</p><p>In 2007, after a defeat, SOHO China was successfully listed on the Hong Kong Stock Exchange under the banner of \"China's well-known commercial real estate developer\", raising $1.9 billion, becoming the largest real estate IPO project in Asia that year.</p><p>Sanlitun SOHO, which opened in July 2008, sold 4.1 billion yuan in one day, setting a single-day transaction record for Chinese real estate at that time.</p><p>By 2010, SOHO China's revenue was 18.4 billion yuan, which was also the peak of its revenue and the peak of Pan Shiyi's business legend.</p><p><h2><b>Failure of transformation</b></h2>Since 2010, Beijing has issued several policies to ban commercial bulk sales and gradually increase the weight. Pan Shiyi was forced to abandon the model he made him successful.</p><p>Because of the difference in business philosophy, the husband and wife files of Pan Shiyi and Zhang Xin gradually appeared contradictory. After several quarrels, Pan Shiyi gradually faded out of SOHO China in 2012 and gave up control of the company's shares to Zhang Xin.<b>Also this year, SOHO China proposed to transform self-sustained rental properties.</b></p><p>However, Pan Shiyi's success in bulk sales in the past has made his team lack of operational ability, and the complaints of SOHO small owners about the chaotic property management of SOHO China have never stopped.</p><p>After the transformation, under Zhang Xin's administration, many SOHO executives left one after another, and the team was once unavailable.</p><p>It is reflected in the financial report that although SOHO China has transformed its self-sustaining property and wants to feed its enterprises by rental income,<b>However, the result is still the source of the substantial increase of its net profit and net profit by selling and maintaining rent, selling income and appraisal of investment properties.</b></p><p>In 2012, SOHO China achieved a net profit of 10.585 billion yuan, with a net profit margin of 171.94%. Behind this bright financial report, the appraised value of investment properties contributed 9.605 billion yuan. After excluding this part, SOHO China's net profit still increased by 135% year-on-year, which looks very cattle. But if you look closely, this is mainly because Galaxy SOHO project sold 16.173 billion yuan that year.</p><p>In the following years, SOHO China's net profit continued to decline. Even if it achieved a net profit margin of more than 420% in 2017, it was generated by the appreciation of investment properties of 7.165 billion yuan. After excluding this part, SOHO China lost 2.393 billion yuan that year.</p><p><b>In 2020, SOHO China's revenue was about 2.19 billion yuan, a sharp decrease from the peak of 18.4 billion yuan; The net profit attributable to the mother is only about 500 million yuan, which is different from the glory of tens of billions of profits.</b></p><p>A real estate veteran joked, is this really still a real estate developer? It is rare to see any real estate developer make its revenue smaller and smaller.</p><p>Pan Shiyi has also tried hard. In 2015, he also founded SOHO3Q, a shared office operator. By 2017, it will be the largest in Beijing and Shanghai.<a href=\"https://laohu8.com/S/WE\">WeWork</a>Positive heat, Bo a handful of listing.</p><p>But he still failed. In 2019, SOHO3Q was also reported to be transferred.</p><p><b>The business of office leasing is not easy to do.</b>Pan Shiyi once said, \"I am embarrassed to say the rental return rate in China. In a city like Beijing, SOHO China's rental return rate is less than 3%, but the capital cost of bank loans exceeds 4%, which is almost the lowest capital cost in the real estate industry. Even so, the annual property operation will still lose 2%. How can this business be done?\"</p><p><a href=\"https://laohu8.com/S/HSBC\">HSBC</a>It has been pointed out that in the past 10 years, SOHO China's transformation from a developer to a rent-collecting stock has poor execution ability. If the asset sale plan fails, the upside of operation under the existing asset base is limited.</p><p>According to SOHO China's financial report data, in 2012, its return on net assets (ROE) once reached 40.38%, but in recent years it has dropped to single digits. In 2020, its ROE was 1.47%. Contrary<a href=\"https://laohu8.com/S/01972\">Swire Properties</a>And Wharf, although the data has remained in single digits for a long time, it is relatively stable and shows obvious cyclicity.</p><p>Obviously, Pan Shiyi and his wife have never done a good job in the operation of office buildings.</p><p><h2><b>Cash out and change positions</b></h2>Compared with long-term rental operation, Pan Shiyi is obviously better at selling assets. Don't forget, \"buy low and sell high\" is his business rule.</p><p><b>Since 2014, SOHO China has returned to the road of selling and selling, but it has changed from bulk sales to whole sales.</b></p><p>In that year, SOHO China sold Shanghai SOHO Jing'an Plaza and SOHO Hailun Plaza to<a href=\"https://laohu8.com/S/000402\">Financial Street</a>Holding, in September of the same year, sold the 100,000-square-meter property of Shanghai Lingkong SOHO to<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>。</p><p>At that time, Pan Shiyi also said that only some less important projects were sold, and the office projects in the core areas of Beijing and Shanghai would still be held for a long time.</p><p>However, as recently as 2015, SOHO China sold its 50% interest in Plot 8-1 of Shanghai Bund International Financial Center for 8.493 billion yuan, and the transaction party was Fosun Group, which had a fierce competition with it on this land.</p><p>In 2016, SOHO China sold SOHO Century Plaza in Shanghai to Guohua Life Insurance for a consideration of 3.22 billion yuan;</p><p>In 2017, at a total price of 8.58 billion yuan, Hongkou SOHO in Shanghai and the remaining properties of Lingkong SOHO were sold respectively.</p><p>What highlights his thinking and determination is that in 2019, SOHO China announced that it would sell 13 office property projects in Beijing and Shanghai, including his beloved Wangjing SOHO, and negotiations with Blackstone have started since then.</p><p><b>As can be seen above, after listing, SOHO China spent more than half of its time selling assets. Before Blackstone, SOHO China had cashed out about 29.3 billion yuan from selling assets.</b></p><p>During this period, SOHO China hardly had any property investment in China. On the contrary, since 2011, Pan Shiyi and Zhang Xin have invested a large number of overseas assets in the United States and Britain through family trusts.</p><p>According to public information, since 2011, Pan Shiyi and his wife have invested a lot of overseas assets through family trusts. First, they spent 700 million dollars to buy the office building of the Port Authority's long-distance bus station next to Manhattan Square in New York, and then spent 600 million dollars to acquire 49% equity of Park Avenue Plaza in Manhattan, and also spent 700 million dollars to acquire the United States with a Brazilian consortium<a href=\"https://laohu8.com/S/GM\">General Motors</a>40% equity interest in the building.</p><p>Pan Shiyi's eldest son, Pan Rui, also founded Estates, which owns several large-scale property projects, including UNINN, the first Chinese-led British apartment brand.</p><p>However, after the tightening of foreign exchange controls in China, they have not added new overseas investment since 2013.</p><p><b>One in and one out, some people in the market can't help but think that Pan Shiyi is going to run.</b></p><p>In the face of doubts, Pan Shiyi would have some responses at first, and later he gradually became Buddhist.</p><p>At the online rental commendation meeting at the beginning of this year, Lao Pan said, \"Now there are still people scolding me online. I'm not angry, let alone scolding me. I'm an ordinary person who builds a house and rents a house. Do my job well, don't be right and wrong.\"</p><p><h2><b>Complete departure</b></h2>It is not easy for anyone to sell the company he founded himself, but Pan Shiyi has obviously thought about it for a long time and has a firm attitude.</p><p>On June 16th, SOHO China announced that Blackstone Group intends to acquire 2.856 billion shares of SOHO China indirectly held by Cititrust at a price of HK$ 5 per share, accounting for about 54.93% of the issued share capital of SOHO China.</p><p>Cititrust wholly owns Capevale Limited (Cayman) in its trustee capacity, and Boyce Limited and Capevale Limited (BVI), which are wholly owned by the latter, each hold 1.66 billion shares in SOHO China. Pan Shiyi, Zhang Xin and their children are trust beneficiaries of Cititrust.</p><p>After the transaction is completed, Blackstone Group will become the controlling shareholder of SOHO China, and the shareholding of Pan Shiyi and his wife will be reduced from 63.93% to about 9%.</p><p>Some investors pointed out that although SOHO China has lost real estate sales income in recent years and is pure rent collection, compared with Evergrande,<a href=\"https://laohu8.com/S/02007\">Country Garden</a>SOHO China has sufficient cash flow for housing enterprises running with high debt.</p><p>After selling the \"less important\" projects in Pan Shiyi's mouth, SOHO China's revenue almost all comes from the rental income generated by office buildings in Beijing and Shanghai. These projects are basically located in the core business district and are scarce commercial real estate. From the perspective of income and asset appreciation, the aforementioned investors believe that SOHO China has no demand for clearance assets.</p><p>But he miscalculated Pan Shiyi. Lao Pan has long been uninterested in operating and wants to retreat.</p><p><b>This is a real estate tycoon who once enjoyed a reputation like Wang Shi, Feng Lun and Wang Jianlin. It is really a sad story that the once glorious business legend ended and exited.</b></p><p>Pan Shiyi is not without ambition. At the beginning of the listing, Pan Shiyi and his wife once shouted in a high profile that \"over 100 billion in five years, exceeding Vanke\".</p><p>In 2010, the revenue exceeded 18.4 billion, so that SOHO China will Longhu Group,<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Throw out a few positions.</p><p>However, SOHO, which has been on the market for 14 years, has become smaller and smaller. Instead of achieving its performance goals, it has experienced transformation failure and missed the wave of real estate in 2015. Let alone surpassing Vanke, even the rising stars Sunac and Xuhui are far ahead of him.</p><p><b>After gradually fading out of SOHO China in 2012, Pan Shiyi has rarely appeared as a real estate tycoon. His identity is much more. None of them are related to real estate as a photographer, carpenter and programmer.</b></p><p>When talking about his dream many years ago, Pan Shiyi, who came out of Gansu, said that what he especially yearned for in his heart was, \"It was to return to his hometown in the northwest, live in a cave and herd sheep. There was a green river in front of me, and no one on the Internet scolded me.\"</p><p>An era has come to an end. After selling SOHO China, Pan Shiyi, one of the high-spirited six gentlemen of Wantong and an all-powerful real estate tycoon in Beijing, has already bid farewell to real estate.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3633158\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d948a659c25232f213f44c6c75c5448","relate_stocks":{"09979":"绿城管理控股","03913":"合景悠活"},"source_url":"https://wallstreetcn.com/articles/3633158","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144129057","content_text":"北京朝阳区望京路，三座交织的“山”鼎立，这便是知名的望京SOHO写字楼群，由“建筑女王”扎哈·哈迪德设计，2012年落成。\n几年前，SOHO中国董事长潘石屹曾说，“我心目中永远不能销售的项目是外滩SOHO、望京SOHO，只要这两个项目在的话，我还是（房地产）发展商。”\n没想到四年后一语成谶，包括望京SOHO在内的”八大金刚“即将易主，接盘的是全球另类资管巨头黑石。潘石屹张欣夫妇在收购完成后，持有SOHO中国的股权仅剩9%。\n相比一年前市场爆出的40亿美元交易对价，6月16日公告里的收购价格约30亿美元，缩水了10亿。\n对这个价格也能接受，反映出潘石屹张欣夫妇退出的决心。\n随着黑石出手接盘SOHO中国，潘石屹张欣夫妇这两位搅动过中国地产风云的人物，最终选择了落袋为安，而属于他们的房地产年代，也成为了过去。\n散售能手\n潘石屹夫妻俩，以及SOHO中国的项目，在很长一段时间里，都是网红般的存在。\n从1995年与海归妻子张欣成立SOHO中国至今，潘石屹张欣夫妇凭着新颖概念和独特设计，一直走在中国房地产建筑的前沿。\n不过也有人认为SOHO的建筑很怪异，与周边一比，格格不入。2011年，演员宋丹丹在微博上连怼潘石屹，“你盖了那么一大片难看极了的廉价楼(建外Soho)，把北京的景色毁得够呛，你后悔吗？”，“我请你喝拉菲，求你了，别再盖楼了”！\n然而正是SOHO的这些特色，让SOHO显得和其他开发商很不一样。\n在最开始，潘石屹夫妇用住宅开发的路子来做商业，靠着散售而非持有的模式，SOHO中国在2012年之前无往不胜。\n所谓散售，就是将办公空间分割为大小不等的小面积，散售给个人、公司，优点是销售回款快，让商用办公楼、店铺也能像住宅开发一样，实现高周转。\n潘石屹把自己的客户群锁定在西北煤老板和江浙私营企业主上，在一些项目开业时，他亲自拜访了煤老板们，并且模仿巴菲特，弄了一套大客户和他吃饭的环节，起初门槛是5000万，后面逐渐提升到了1亿。\n靠着这一套包装，潘石屹把面粉做成了大蛋糕。在北京房价还在6000多元/平米的2005年，他的尚都SOHO卖出了2万/平米的价格。\n潘石屹曾总结他的商业秘诀：“做生意永远不变的规律，就是低的时候进货，高的时候出货。SOHO中国永远在遵循这样一个原则。”\n低价拿地，随后建成高价值写字楼项目，潘石屹将自己“低买高卖”的能力体现得淋漓尽致。\n随即，三里屯SOHO、北京SOHO现代城等等地标性建筑随之而起，在鼎盛之时，SOHO中国销售额占据北京CBD地区销售额近半。\n在2007年时，SOHO中国在经历一次铩羽后，打着“中国知名商业地产开发商”的旗号，成功在香港联交所上市，融资19亿美元，成为当年亚洲最大的地产IPO项目。\n2008年7月开盘的三里屯SOHO一天就卖出去了41亿元，创下当时中国房地产的单日成交纪录。\n到了2010年，SOHO中国营收184亿元，这也是它营收的顶峰，也是潘石屹商业传奇的巅峰。\n转型失败\n从2010年起，北京市出台了若干政策，禁止商业散售，并逐渐加码。潘石屹被迫放弃他让他成功的模式。\n因为经营理念的差异，潘石屹和张欣的夫妻档，也逐渐出现了矛盾。几经争吵后，2012年潘石屹逐渐淡出SOHO中国，将公司股控制权让给了张欣。也是这一年，SOHO中国提出转型自持租赁物业。\n然而潘石屹过去散售的成功，让他的团队在运营能力上乏善可陈，SOHO小业主对SOHO中国物业管理混乱的投诉，就没断过。\n转型之后，在张欣的主政下，多名SOHO高管接连出走，团队一度无人可用。\n反映到财报上则是，虽然SOHO中国转型自持物业，想靠租金收入养活企业，但结果仍是以售养租，卖楼收入、投资物业评估增值，是其净利润和净利润大幅增长的源头。\n在2012年，SOHO中国实现净利润105.85亿元，净利润率为171.94%。这份亮眼财报背后，投资物业评估增值贡献了96.05亿元，剔除这部分后，SOHO中国纯利润仍然同比增长135%，看上去非常牛。但细看，这主要是银河SOHO项目当年卖了161.73亿元。\n此后的几年里，SOHO中国的净利润持续下滑，即便是2017年实现超过420%的净利润率，也是靠着投资物业增值71.65亿元产生，剔除这部分之后，当年SOHO中国亏损23.93亿元。\n2020年，SOHO中国营收约21.9亿元，相比高峰时的184亿大幅缩水；归母净利润仅约5亿元，与百亿利润的辉煌不可同日而语。\n一位地产界资深人士开玩笑说，这真的还是地产商吗？极少见哪个地产商把营收越做越小的。\n潘石屹也努力过。在2015年时，他还创立了共享办公运营商SOHO3Q，到2017年时做到北京上海两地最大，想赶着WeWork正热，博一把上市。\n但他还是失败了。2019年时，SOHO3Q也传出被转让的消息。\n办公租赁的生意不好做。潘石屹曾表示，\"中国租金回报率我都不好意思说，在北京这样的城市，SOHO中国的租金回报率不到3%，但银行贷款的资金成本超过了4%，这几乎是地产业最低的资金成本，即使如此，全年的物业经营仍然会亏损2%，这个生意怎么做呢？\"\n汇丰曾指出，过去10年，SOHO中国由发展商转型为收租股执行能力欠佳，假如出售资产计划失败，在现有的资产基础下经营上行空间有限。\n按照SOHO中国财报数据，在2012年时，其净资产收益率(ROE)曾达40.38%，到了近几年降至了个位数，2020年时的ROE为1.47%。反观太古地产、九龙仓，虽然数据也长期保持在个位数，但相对稳定，并且呈现明显的周期性。\n显然，潘石屹夫妇从未将写字楼的运营做好。\n套现换仓\n相比长期出租运营，潘石屹显然更擅长卖资产。别忘了，“低买高卖”是他的生意准则。\n2014年开始，SOHO中国又回到了卖卖卖的路上停不下来，只不过从项目散售变成了整售。\n当年，SOHO中国将上海SOHO静安广场和SOHO海伦广场以52.32亿的价格出售给了金融街控股，同年9月，将上海凌空SOHO 10万平米物业以30.5亿的价格出售给携程网。\n彼时，潘石屹还说只是出售不太重要的一些项目，北京、上海核心区的写字楼项目仍然会长期持有。\n但就在2015年，SOHO中国将其所持上海外滩国际金融中心8-1地块50％的权益，卖出了84.93亿，交易方则是曾和它在这块地上有过激烈争夺的复星集团。\n2016年SOHO中国又以32.2亿元的对价，将位于上海的SOHO世纪广场出售给国华人寿；\n2017年，以85.8亿元总价，分别卖出了位于上海的虹口SOHO，以及凌空SOHO的剩余物业。\n更能凸显他的思路和决心的是，2019年，SOHO中国宣布将出售北京、上海的13个办公物业项目，其中就包括他心爱的望京SOHO，与黑石的谈判也从那时就已开始。\n如上可见，上市后的SOHO中国，有一大半的时间都在变卖资产，在黑石之前，SOHO中国卖资产已套现约293亿元。\n而在此期间，SOHO中国在国内几乎没有任何物业投资。反倒是从2011年起，潘石屹张欣夫妇通过家族信托，投资了美国、英国大量海外资产。\n公开资料显示，2011年开始，潘石屹夫妇通过家族信托投资了大量海外资产，先是斥资7亿美元买下纽约曼哈顿广场旁的港务局长途巴士站办公大楼，后又花费6亿美元收购曼哈顿公园大道广场49%股权，还耗资7亿美元联合巴西财团收购美国通用汽车大厦40%股权。\n潘石屹的长子潘瑞也成立了Estates房地产公司，拥有多个大型地产项目，其中包括首个由华人主导的英国公寓品牌UNINN。\n只不过，在国家外汇管制收紧后，2013年起他们并没有新增海外投资。\n一进一出之下，市场上不禁有人认为，潘石屹要跑了。\n面对质疑，起初潘石屹还会有一些回应，到了后面他也逐渐佛系。\n在今年年初的线上租赁表彰会上，老潘说，“现在网上还有人骂我，我不生气了，更不会对骂了，我就是盖房子，租房子的普通人，做好分内事，不要是是非非。”\n彻底离场\n卖掉自己亲手创办的公司，对谁都不是一件易事，但潘石屹显然想了很久，并且态度坚决。\n6月16日，SOHO中国公告，黑石集团拟以5港元每股的价格，收购Cititrust间接持有的SOHO中国28.56亿股股份，约占SOHO中国已发行股本的54.93%。\nCititrust以受托人身份全资拥有Capevale Limited （Cayman），后者全资拥有的Boyce Limited及Capevale Limited (BVI）各持有16.6亿股SOHO中国股份。而潘石屹、张欣及其子女，是Cititrust的信托受益人。\n交易完成后，黑石集团将成为SOHO中国的控股股东，潘石屹夫妇的持股比例将从63.93%降至约9%。\n有投资者指出，虽然SOHO中国近几年没了地产销售收入，纯收租，但相比恒大、碧桂园等高负债运行的房企，SOHO中国有着充足的现金流。\n在将潘石屹口中“不太重要”的项目卖掉之后，SOHO中国的营收几乎全部来自京沪写字楼产生的租金收入，这些项目基本都位于核心商圈、是稀缺性商业地产，从收入角度、资产升值角度来看，前述投资者认为，SOHO中国没有清仓资产的需求。\n但他错估了潘石屹。老潘早已无心运营，想要撤退了。\n这是一个曾像王石、冯仑、王健林一样享有盛名的地产大佬。曾经辉煌的商业传奇，就此落幕、退场，真是一个令人唏嘘的故事。\n潘石屹并非没有雄心。在上市初，潘石屹夫妇曾高调喊出“五年之内过千亿，超万科”。\n2010年超过184亿的营收，让SOHO中国将龙湖集团、融创中国甩出几个身位。\n但上市14年的SOHO，生意越做越小，不但没完成自己的业绩目标，反而经历了转型失败，也错过了2015年这波房地产大浪潮，别说超越万科了，就连后起之秀融创、旭辉等都远远跑在了他前面。\n而在2012年逐渐淡出SOHO中国之后，潘石屹已很少以一个地产大佬的身份出现，他的身份多了很多，摄影师、木匠、编程师，没有一个和房地产有关。\n很多年前谈及梦想时，从甘肃走出来的潘石屹说，他心里特别向往的事，“是回到西北老家，住窑洞里、放羊，面前是青青的河水，网上也没有人骂我了。”\n一个时代落幕了。卖掉SOHO中国后，潘石屹，当年意气风发的万通六君子之一、叱咤风云的京城地产大亨，也已然告别房地产。","news_type":1,"symbols_score_info":{"03913":0.9,"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":2343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161161006,"gmtCreate":1623911572405,"gmtModify":1703823324981,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161161006","repostId":"1155490674","repostType":4,"repost":{"id":"1155490674","kind":"news","pubTimestamp":1623911250,"share":"https://ttm.financial/m/news/1155490674?lang=en_US&edition=fundamental","pubTime":"2021-06-17 14:27","market":"sh","language":"zh","title":"The bounce is coming? Northbound funds continued to flow back in early trading, adding positions to these sectors","url":"https://stock-news.laohu8.com/highlight/detail?id=1155490674","media":"上海证券报","summary":"今日早盘，A股全线反弹，创业板指涨幅领先，盘中一度涨逾2%。盘面上，白酒、半导体、汽车等多个板块带动指数拉升，休闲服务、建筑材料等跌幅居前。\n北向资金早盘一改此前几个交易日净卖出态势，转向加仓。截至发","content":"<p><div>In early trading today, A shares rebounded across the board, with the GEM index leading the way, once rising by more than 2% in the session. On the disk, liquor, semiconductor, automobile and other sectors drove the index to rise, while leisure services and building materials were among the top losers. In early trading, northbound funds changed the net selling trend of previous trading days and turned to adding positions. As of press time, the net purchase of northbound funds continued to exceed 3 billion yuan. From the perspective of industry allocation, the technology stocks with a good rebound momentum recently have obviously increased their positions with northbound funds, while the winemaking and building materials sectors have been lightened. Liquor and semiconductor rose, leading the index to rebound. In early trading, liquor stocks picked up across the board, and Huangtai Liquor Industry and Kouzijiao had their daily limit,...</p><p><a href=\"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q\">Web link</a></div></p>","source":"shzqb","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 bounce is coming? Northbound funds continued to flow back in early trading, adding positions to these sectors</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 bounce is coming? Northbound funds continued to flow back in early trading, adding positions to these sectors\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-06-17 14:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>In early trading today, A shares rebounded across the board, with the GEM index leading the way, once rising by more than 2% in the session. On the disk, liquor, semiconductor, automobile and other sectors drove the index to rise, while leisure services and building materials were among the top losers. In early trading, northbound funds changed the net selling trend of previous trading days and turned to adding positions. As of press time, the net purchase of northbound funds continued to exceed 3 billion yuan. From the perspective of industry allocation, the technology stocks with a good rebound momentum recently have obviously increased their positions with northbound funds, while the winemaking and building materials sectors have been lightened. Liquor and semiconductor rose, leading the index to rebound. In early trading, liquor stocks picked up across the board, and Huangtai Liquor Industry and Kouzijiao had their daily limit,...</p><p><a href=\"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"03086":"华夏纳指","TTTN":"老虎中美互联网巨头ETF","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://mp.weixin.qq.com/s/YiHxXHtbOSzPP2CZqrX7-Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155490674","content_text":"今日早盘，A股全线反弹，创业板指涨幅领先，盘中一度涨逾2%。盘面上，白酒、半导体、汽车等多个板块带动指数拉升，休闲服务、建筑材料等跌幅居前。\n北向资金早盘一改此前几个交易日净卖出态势，转向加仓。截至发稿，北向资金持续净买入超过30亿元。从行业配置上来看，近期反弹势头较好的科技股获得北向资金明显加仓，酿酒、建材板块则遭减仓。\n\n白酒、半导体大涨引领指数反弹\n早盘白酒股全线回暖，皇台酒业、口子窖涨停，水井坊、酒鬼酒等纷纷跟涨。\n\n值得注意的是，本轮白酒反弹主线是基本面表现强劲的次高端酒企，水井坊、酒鬼酒等相关公司股价上涨，使得白酒板块整体呈现上扬态势。\n国泰君安策略团队认为，A股估值体系面临重塑新阶段，内外需共振阶段二三线品种具备盈利弹性优势，当前以白酒为代表率先开始的这轮成长扩散行情也正意味着，估值体系重塑新阶段，二三线成长品种具备重估价值。\n此外，今日早盘半导体板块再度走高，台基股份涨逾10%，富瀚微、士兰微等纷纷跟涨。\n\n国金证券认为，根据下游调研反馈情况，从在手订单、交货周期、收入确认周期来看，半导体行业到2022年景气度仍会保持持续向上。高景气度下，由于产品结构提升、涨价等因素影响，半导体板块的全年利润预期有望上调。\n此外，卫星导航概念盘中拉升走高。板块中，华测导航、航锦科技、天奥电子等纷纷上涨。这主要缘于6月17日搭载神舟十二号载人飞船的长征二号F遥十二运载火箭，在酒泉卫星发射中心点火发射。\n北向资金增持科技股\n减持酿酒行业\n此前北向资金连续3个交易日呈现净卖出态势，但今日早盘北向资金恢复了净买入。\n拉长时间周期来看，自4月16日至上周末，北向资金连续9周保持资金净买入。近期，A股市场科技股反弹势头强劲，北向资金也显著增仓部分科技股。\nChoice数据显示，6月1日至6月16日，北向资金对24只个股的持有流通股比例增加1个百分点以上，上海贝岭、中国宝安、超图软件等多个科技类个股持股增幅居前。\n\n数据来源：东方财富Choice终端\n天风证券在研报中表示，在行业配置方面，近期北向资金净买入较多的行业为医药、电力设备及新能源等；资金净卖出较多的行业为食品饮料、建材等。\n粤开证券首席策略分析师陈梦洁表示，从北向资金近期流入的板块来看，对科技成长品种的配置偏好也在持续提升。近期北向资金对维持高景气度的电气设备、电子板块等行业有持续的买入情况，表明资金仍然看好我国科技成长领域的投资价值，尤其是具有一定优势的电气设备板块。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"03086":0.9,"TTTN":0.9}},"isVote":1,"tweetType":1,"viewCount":2138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169580226,"gmtCreate":1623842873265,"gmtModify":1703821086549,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169580226","repostId":"1139611758","repostType":4,"repost":{"id":"1139611758","kind":"news","weMediaInfo":{"introduction":"民间投资共享平台——汇集投资高手，发现投资好点子。","home_visible":1,"media_name":"阿尔法工场研究院","id":"1026500124","head_image":"https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a"},"pubTimestamp":1623834548,"share":"https://ttm.financial/m/news/1139611758?lang=en_US&edition=fundamental","pubTime":"2021-06-16 17:09","market":"hk","language":"zh","title":"Angel of the Times: The Digital Revolution of a Pair of Braces","url":"https://stock-news.laohu8.com/highlight/detail?id=1139611758","media":"阿尔法工场研究院","summary":"备受业界关注的“隐形正畸第一股”时代天使，终于在坚守了18年之后走入公众视野。6月16日，时代天使（06699.HK）正式在港交所上市，首日开盘价格高达400元/股，较发行价格涨131.21%。此次全","content":"<p>The angel of the era of \"the first stock of invisible orthodontics\", which has attracted much attention from the industry, finally entered the public eye after 18 years of adherence. On June 16th, Times Angel (06699.HK) was officially listed on the Hong Kong Stock Exchange. The opening price on the first day was as high as 400 yuan/share, up 131.21% from the issue price. The global public offering totaled 16.8296 million shares, with a price range of HK$147 to HK$173 per share, and the raised amount was about HK$2.514 billion to HK$2.91 billion. The market value of nearly 30 billion has aroused the attention of the capital market.</p><p>This company, which is compared to the \"Maotai\" of the dental industry, was not paid attention to by capital ten years ago. At that time, capital paid more attention to major medical and big health industries. As a medical segment, the dental industry is almost difficult to be favored by capital because of factors such as narrow and scattered market and long cultivation time. As a subdivision product in the oral field, a small pair of transparent braces is even more difficult to associate with the rapid digitalization.</p><p>However, this situation will be broken with the listing of Times Angel, and capital begins to pay attention to the opportunities and prospects of this segmented track. The continuous injection of capital will change the scattered and traditional development mode of the industry. The entry of capital and talents and the upgrading of technology will make the dental industry rapidly upgrade. In addition to the changes in the industry itself, related fields have also begun to pay attention to this track, and the digitalization process in the upstream of the whole industrial chain has begun to speed up.</p><p><img src=\"https://static.tigerbbs.com/a2f94ef421457b88a205a6eecd207a04\" tg-width=\"726\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p><b>01 Last battle, digitalization changes the traditional industry model</b></p><p>The listing of Times Angel has attracted the attention of the capital market because of its market value of over 10 billion yuan and its broad development prospects. However, no one knows that this company has been stinging behind the \"blockbuster\" for 18 years. In 2009, when Times Angel was almost running out of food, he met Wang Jian, former general manager of Aobo Capital Asia. At that time, he had just returned from abroad and was looking for investment in industries related to people's livelihood.</p><p>Coincidentally, Wang Jian met Li Huamin, CEO of Times Angel. He never expected that the first contact with the entrepreneur would take almost a whole day, which was extremely rare in his 22-year investment career.</p><p>In addition to Li Huamin's persistence in the industry, what moved him even more was that in the office of less than 100 square meters, the 28 employees of Times Angel were full of positive spirit. \"A team whose bullets are almost gone and still fighting\" gave him hope. Li Huamin will spend every penny where it really should be used. This entrepreneurial quality that unites employees in a difficult environment thoroughly touched him.</p><p>In Wang Jian's view, the last-ditch warrior only needs ammunition (money), and all he can provide is these ammunition. Wang Jian quickly invested 6 million dollars in Li Huamin, and the angel of the times spent the most difficult moment in his life.</p><p>Even with the funding, the invisible orthodontic industry is not growing nearly as fast as imagined. The reason is that at that time, almost no domestic enterprises were doing this field. At that time, Invisalign had not yet entered the Chinese market, and Chinese people had limited understanding of invisible orthodontics. There were still many problems faced by the angels of the times.</p><p>In the past, dentists were used to \"wire\" braces in orthodontics and were not familiar with invisible braces. How to produce personalized products became the first problem faced by the angels of the times. They thought that if the digitalization of products was not done well, there would be no users at all.</p><p>Without experience to learn from, how should doctors with different abilities in China be empowered? So Times Angel established the SARS platform, interacted with doctors, and established personalized 3D printing technology, which is a digital infrastructure; However, basic digitalization is far from enough, because doctors also have \"thousands of people and thousands of faces\". Times Angel seems to be a product provided, but it actually provides solutions, and these solutions are personalized based on doctors' abilities. Customization, which determines the final correction result.</p><p>According to incomplete statistics, there are currently 270,000 stomatologists in China, and there are 6,000 truly professional doctors. Last year, there were 2.88 million patients who underwent correction in China. So how do 2.88 million people find professional doctors to do corrections? For the angels of the times, the dentist needs to be empowered based on their abilities and their digital understanding of invisible correction.</p><p>However, in the face of doctors, we can't only rely on sales, but we need to digitally analyze the growth rules of doctors, and empower them at different times and stages. This ability is not a product ability, but also includes training, market support, medical plans, how to check case support, etc.</p><p>Data shows that the number of dental doctors served by Times Angel increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to approximately 19,900 in 2020. The number of cases reached increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to approximately 137,600 in 2020.</p><p>Compared with the first stage of product digitalization and the second stage of technical service digitalization, the third stage of digitalization is based on the ecological industry for the angel of the times, which is also the key to industrial upgrading.</p><p>With nearly 700,000 oral big data, the next empowerment of Times Angel is no longer limited to doctors, but to let more consumers know about invisible orthotics products. Through remote consultation with doctors, ecological links and even various scientific research institutions can be realized. The link ultimately brings about a change to the traditional model.</p><p><b>02 Solving difficult problems, from standardization to personalized innovation</b></p><p>The angel of the era that has upgraded traditional orthodontic products to the digital process still faces the challenge of continuous technological upgrading. As can be seen from the fundraising of its listing, the Hong Kong Public Offering is 1,683,000 shares, with the public offering portion accounting for about 10% of the global offering shares, and the fundraising amount is about HK$2.514 billion to HK$2.91 billion.</p><p>About 39. 9% of these funds were used to fund the construction of Wuxi Chuangmei Base; Approximately 18.3% will be used to enhance the Company's R&D capabilities and to fund internal and cooperative R&D projects; Approximately 10.8% is used to develop flexible and scalable intelligent information technology systems to streamline and fully digitize all aspects of company operations, and to deploy data intermediary platforms, etc. It is not difficult to see from the fundraising purpose that most of the funds of Times Angel are still used for research and development.</p><p>So why do the angels of the time, who are at the forefront of digitalization, spend most of their funds on research and development? It is understood that invisible correction is a process of continuous iteration of medical rules plus software, and the purpose of investing a lot in research and development is to softwarize the rules. At present, Time Angel spends 10-20% of its annual sales revenue on research and development.</p><p>It cannot be ignored that the dental industry was more like an agricultural society before invisible aligners came out, relying on the craftsman spirit of doctors, who treated patients with experience. Through the invisible aligners launched by Times Angel, the industry can carry out large-scale and digital production, and enter the industrialized era of orthodontics. Behind it, it relies on medical ability to produce software in batches. These products replace doctors' handmade steel wires, while biomechanics makes the movement of teeth digitized. Thereby completing the large-scale production of personalized products and realizing the standardization of products.</p><p>However, standardized products still can't solve the pain points of thousands of doctors with thousands of faces, because the cases of most invisible correction patients in China are complicated, and about 50% of them need tooth extraction, which means that correction is a complicated move. Therefore, how to help doctors use invisible correction tools to control cases requires the accumulation of big data.</p><p>Therefore, in the process of softwaring medical rules, the database will make each step of treatment clearer. Specifically, by helping doctors in stages, the treatment process can be controlled. In this process, the Angel of the Times will ask doctors to submit the treatment data and deliver it step by step. For example, a case takes 50 steps, and every 10 steps need to go to the clinic for follow-up. The doctor will send the correction effect to the angel of the times to help the doctor control the accuracy of the process.</p><p>This process still can't solve the core problem by technology alone, and medical technical services are needed. From the beginning of its establishment, Times Angel understood that many of the doctors it faced were non-professional orthodontists. If they served dentists well, they must have medical genes in order to really lower the threshold of technology and improve efficiency. Therefore, Times Angel established a team of doctors.</p><p>It is precisely because of the complexity of invisible correction in China that Times Angel has established a team of doctors and cooperated with top experts from the most authoritative eight universities in China. These experts have to treat hundreds of complex cases every year, and their clinical perception can help Times Angel to innovate. It is understood that Times Angel and West China College of Stomatology of Sichuan University have established \"Times Angel Digital Dental Teaching Laboratory\" to cultivate digital dental talents; Establish a \"Demonstration Base of Oral Biomechanics and Artificial Intelligence Research Industry Transformation\" with the Ninth People's Hospital affiliated to Shanghai Jiaotong University.</p><p>Overweight scientific research has solved the problems faced by the angels of the times. However, behind thousands of doctors with thousands of faces are thousands of patients, so personalized products still need innovation while achieving standardization. Especially for many professional doctors, how to give full play to their medical abilities in different patients puts forward innovative requirements for the products of Times Angel.</p><p>It is understood that Times Angel has innovatively added a \"small window\" angel buckle similar to a small opening to the standard products. Doctors can freely add traction at different positions of braces through this angel buckle \"small window\", thus solving the problem of product standardization to personalization.</p><p>With enough data, Times Angel's active management level for patients is getting higher and higher, and its ability to software medical rules is getting stronger and stronger. At present, a student with an oral background can quickly align a mouthful of teeth, and the efficiency is obviously improved.</p><p>However, for the angel of the times, gathering doctors' portraits still needs to improve the core competence, because the growth of each doctor is dynamic rather than static, which requires it to give different abilities and cooperation methods to each layer of structure, and carry out all-round innovation and improvement to adapt to new changes.</p><p><b>03 Cultivate the market, lay out the ecology and accelerate the industrial upgrading</b></p><p>Although the angels of the times have entered the digital era in invisible correction, and the correction efficiency has been rapidly improved, they still hope that through the establishment of big data, more patients and even ordinary people will have a clear understanding of their teeth, thus playing a preventive role.</p><p>Therefore, through oral scanning data, an ecological digital platform is established; By empowering doctors to conduct remote consultation with patients, consumers can have a comprehensive understanding of their oral health, and then decide how to treat them according to their own economic level, and remote consultation can be free in the future.</p><p>In the opinion of industry experts, for teeth, spending 1 yuan on prevention can save 8 yuan on treatment. However, at present, Chinese people are far from doing enough on dental prevention, and the reason for this problem is education. Therefore, it is necessary for the industry and society to invest continuously to realize it.</p><p>It is based on this status quo that Angel of the Times spends a lot of time training doctors. Approximately 6.2% of its fundraising will be used to optimize the company's medical services, increase the reach of offline medical services through the addition of seven regional demonstration centers, regularly provide offline training for dental practitioners on the application of the company's solutions, and cooperate with renowned domestic higher education institutions to train medical talents through joint programs. It is reported that in the future, training and education will be strengthened in consumer awareness.</p><p>In fact, the digitalization of Times Angel has been laid out around industrial ecology. As the most complex treatment of oral diseases, orthodontics involves a long period of time. The big data accumulated by angels of the times can be applied to many aspects such as health monitoring and treatment of their teeth in the oral cavity in the future.</p><p>Because there are many problems involved in teeth, including tooth replacement, tooth decay, periodontal disease, dental implants, etc., different dental diseases will appear at almost many stages of life, and these diseases can be prevented in advance and diagnosed remotely. In addition to orthodontics, angels in the future are expected to enter other tooth-related fields, even including upstream and downstream industrial chains, with the help of big databases.</p><p>From the perspective of the industry, the current infrastructure of China's digital ecology is better than that of the United States, which is inseparable from the characteristics of Chinese patients. There are far more complex cases in China than in the United States, while the cases in the United States are relatively simple. It can be said that compared with foreign enterprises, Times Angel is an orthodontic enterprise that knows Chinese people's teeth better.</p><p>Times Angel, which already occupies half of the domestic market, is also aiming at overseas markets. It is reported that at present, Times Angel has obtained the FDA certificate in the United States as early as 2018, and its products can be sold. In addition, its major shareholder Songbai Capital has acquired a number of upstream and downstream industries overseas in recent years, paving the way for the angels of the times who are ready to go global in the next step. Many coordinated developments will become natural with its listing.</p><p>After many years, Wang Jian believes that the development of Times Angel far exceeds the original expectations. For the future development, he said that although the angel of the times started from invisible correction, it can expand into a wider product line and even service fields, and evolve into a brand, a culture and a symbol; Secondly, although the starting point of Times Angel is in China, it should not be limited to the Chinese market. The market of invisible correction should be global, and Times Angel can become one of the leading enterprises in the world.</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>Angel of the Times: The Digital Revolution of a Pair of Braces</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\">\nAngel of the Times: The Digital Revolution of a Pair of Braces\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026500124\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">阿尔法工场研究院 </p>\n<p class=\"h-time smaller\">2021-06-16 17:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The angel of the era of \"the first stock of invisible orthodontics\", which has attracted much attention from the industry, finally entered the public eye after 18 years of adherence. On June 16th, Times Angel (06699.HK) was officially listed on the Hong Kong Stock Exchange. The opening price on the first day was as high as 400 yuan/share, up 131.21% from the issue price. The global public offering totaled 16.8296 million shares, with a price range of HK$147 to HK$173 per share, and the raised amount was about HK$2.514 billion to HK$2.91 billion. The market value of nearly 30 billion has aroused the attention of the capital market.</p><p>This company, which is compared to the \"Maotai\" of the dental industry, was not paid attention to by capital ten years ago. At that time, capital paid more attention to major medical and big health industries. As a medical segment, the dental industry is almost difficult to be favored by capital because of factors such as narrow and scattered market and long cultivation time. As a subdivision product in the oral field, a small pair of transparent braces is even more difficult to associate with the rapid digitalization.</p><p>However, this situation will be broken with the listing of Times Angel, and capital begins to pay attention to the opportunities and prospects of this segmented track. The continuous injection of capital will change the scattered and traditional development mode of the industry. The entry of capital and talents and the upgrading of technology will make the dental industry rapidly upgrade. In addition to the changes in the industry itself, related fields have also begun to pay attention to this track, and the digitalization process in the upstream of the whole industrial chain has begun to speed up.</p><p><img src=\"https://static.tigerbbs.com/a2f94ef421457b88a205a6eecd207a04\" tg-width=\"726\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p><b>01 Last battle, digitalization changes the traditional industry model</b></p><p>The listing of Times Angel has attracted the attention of the capital market because of its market value of over 10 billion yuan and its broad development prospects. However, no one knows that this company has been stinging behind the \"blockbuster\" for 18 years. In 2009, when Times Angel was almost running out of food, he met Wang Jian, former general manager of Aobo Capital Asia. At that time, he had just returned from abroad and was looking for investment in industries related to people's livelihood.</p><p>Coincidentally, Wang Jian met Li Huamin, CEO of Times Angel. He never expected that the first contact with the entrepreneur would take almost a whole day, which was extremely rare in his 22-year investment career.</p><p>In addition to Li Huamin's persistence in the industry, what moved him even more was that in the office of less than 100 square meters, the 28 employees of Times Angel were full of positive spirit. \"A team whose bullets are almost gone and still fighting\" gave him hope. Li Huamin will spend every penny where it really should be used. This entrepreneurial quality that unites employees in a difficult environment thoroughly touched him.</p><p>In Wang Jian's view, the last-ditch warrior only needs ammunition (money), and all he can provide is these ammunition. Wang Jian quickly invested 6 million dollars in Li Huamin, and the angel of the times spent the most difficult moment in his life.</p><p>Even with the funding, the invisible orthodontic industry is not growing nearly as fast as imagined. The reason is that at that time, almost no domestic enterprises were doing this field. At that time, Invisalign had not yet entered the Chinese market, and Chinese people had limited understanding of invisible orthodontics. There were still many problems faced by the angels of the times.</p><p>In the past, dentists were used to \"wire\" braces in orthodontics and were not familiar with invisible braces. How to produce personalized products became the first problem faced by the angels of the times. They thought that if the digitalization of products was not done well, there would be no users at all.</p><p>Without experience to learn from, how should doctors with different abilities in China be empowered? So Times Angel established the SARS platform, interacted with doctors, and established personalized 3D printing technology, which is a digital infrastructure; However, basic digitalization is far from enough, because doctors also have \"thousands of people and thousands of faces\". Times Angel seems to be a product provided, but it actually provides solutions, and these solutions are personalized based on doctors' abilities. Customization, which determines the final correction result.</p><p>According to incomplete statistics, there are currently 270,000 stomatologists in China, and there are 6,000 truly professional doctors. Last year, there were 2.88 million patients who underwent correction in China. So how do 2.88 million people find professional doctors to do corrections? For the angels of the times, the dentist needs to be empowered based on their abilities and their digital understanding of invisible correction.</p><p>However, in the face of doctors, we can't only rely on sales, but we need to digitally analyze the growth rules of doctors, and empower them at different times and stages. This ability is not a product ability, but also includes training, market support, medical plans, how to check case support, etc.</p><p>Data shows that the number of dental doctors served by Times Angel increased from approximately 11,500 in 2018 to approximately 15,800 in 2019 and further to approximately 19,900 in 2020. The number of cases reached increased from approximately 77,700 in 2018 to approximately 120,100 in 2019 and further to approximately 137,600 in 2020.</p><p>Compared with the first stage of product digitalization and the second stage of technical service digitalization, the third stage of digitalization is based on the ecological industry for the angel of the times, which is also the key to industrial upgrading.</p><p>With nearly 700,000 oral big data, the next empowerment of Times Angel is no longer limited to doctors, but to let more consumers know about invisible orthotics products. Through remote consultation with doctors, ecological links and even various scientific research institutions can be realized. The link ultimately brings about a change to the traditional model.</p><p><b>02 Solving difficult problems, from standardization to personalized innovation</b></p><p>The angel of the era that has upgraded traditional orthodontic products to the digital process still faces the challenge of continuous technological upgrading. As can be seen from the fundraising of its listing, the Hong Kong Public Offering is 1,683,000 shares, with the public offering portion accounting for about 10% of the global offering shares, and the fundraising amount is about HK$2.514 billion to HK$2.91 billion.</p><p>About 39. 9% of these funds were used to fund the construction of Wuxi Chuangmei Base; Approximately 18.3% will be used to enhance the Company's R&D capabilities and to fund internal and cooperative R&D projects; Approximately 10.8% is used to develop flexible and scalable intelligent information technology systems to streamline and fully digitize all aspects of company operations, and to deploy data intermediary platforms, etc. It is not difficult to see from the fundraising purpose that most of the funds of Times Angel are still used for research and development.</p><p>So why do the angels of the time, who are at the forefront of digitalization, spend most of their funds on research and development? It is understood that invisible correction is a process of continuous iteration of medical rules plus software, and the purpose of investing a lot in research and development is to softwarize the rules. At present, Time Angel spends 10-20% of its annual sales revenue on research and development.</p><p>It cannot be ignored that the dental industry was more like an agricultural society before invisible aligners came out, relying on the craftsman spirit of doctors, who treated patients with experience. Through the invisible aligners launched by Times Angel, the industry can carry out large-scale and digital production, and enter the industrialized era of orthodontics. Behind it, it relies on medical ability to produce software in batches. These products replace doctors' handmade steel wires, while biomechanics makes the movement of teeth digitized. Thereby completing the large-scale production of personalized products and realizing the standardization of products.</p><p>However, standardized products still can't solve the pain points of thousands of doctors with thousands of faces, because the cases of most invisible correction patients in China are complicated, and about 50% of them need tooth extraction, which means that correction is a complicated move. Therefore, how to help doctors use invisible correction tools to control cases requires the accumulation of big data.</p><p>Therefore, in the process of softwaring medical rules, the database will make each step of treatment clearer. Specifically, by helping doctors in stages, the treatment process can be controlled. In this process, the Angel of the Times will ask doctors to submit the treatment data and deliver it step by step. For example, a case takes 50 steps, and every 10 steps need to go to the clinic for follow-up. The doctor will send the correction effect to the angel of the times to help the doctor control the accuracy of the process.</p><p>This process still can't solve the core problem by technology alone, and medical technical services are needed. From the beginning of its establishment, Times Angel understood that many of the doctors it faced were non-professional orthodontists. If they served dentists well, they must have medical genes in order to really lower the threshold of technology and improve efficiency. Therefore, Times Angel established a team of doctors.</p><p>It is precisely because of the complexity of invisible correction in China that Times Angel has established a team of doctors and cooperated with top experts from the most authoritative eight universities in China. These experts have to treat hundreds of complex cases every year, and their clinical perception can help Times Angel to innovate. It is understood that Times Angel and West China College of Stomatology of Sichuan University have established \"Times Angel Digital Dental Teaching Laboratory\" to cultivate digital dental talents; Establish a \"Demonstration Base of Oral Biomechanics and Artificial Intelligence Research Industry Transformation\" with the Ninth People's Hospital affiliated to Shanghai Jiaotong University.</p><p>Overweight scientific research has solved the problems faced by the angels of the times. However, behind thousands of doctors with thousands of faces are thousands of patients, so personalized products still need innovation while achieving standardization. Especially for many professional doctors, how to give full play to their medical abilities in different patients puts forward innovative requirements for the products of Times Angel.</p><p>It is understood that Times Angel has innovatively added a \"small window\" angel buckle similar to a small opening to the standard products. Doctors can freely add traction at different positions of braces through this angel buckle \"small window\", thus solving the problem of product standardization to personalization.</p><p>With enough data, Times Angel's active management level for patients is getting higher and higher, and its ability to software medical rules is getting stronger and stronger. At present, a student with an oral background can quickly align a mouthful of teeth, and the efficiency is obviously improved.</p><p>However, for the angel of the times, gathering doctors' portraits still needs to improve the core competence, because the growth of each doctor is dynamic rather than static, which requires it to give different abilities and cooperation methods to each layer of structure, and carry out all-round innovation and improvement to adapt to new changes.</p><p><b>03 Cultivate the market, lay out the ecology and accelerate the industrial upgrading</b></p><p>Although the angels of the times have entered the digital era in invisible correction, and the correction efficiency has been rapidly improved, they still hope that through the establishment of big data, more patients and even ordinary people will have a clear understanding of their teeth, thus playing a preventive role.</p><p>Therefore, through oral scanning data, an ecological digital platform is established; By empowering doctors to conduct remote consultation with patients, consumers can have a comprehensive understanding of their oral health, and then decide how to treat them according to their own economic level, and remote consultation can be free in the future.</p><p>In the opinion of industry experts, for teeth, spending 1 yuan on prevention can save 8 yuan on treatment. However, at present, Chinese people are far from doing enough on dental prevention, and the reason for this problem is education. Therefore, it is necessary for the industry and society to invest continuously to realize it.</p><p>It is based on this status quo that Angel of the Times spends a lot of time training doctors. Approximately 6.2% of its fundraising will be used to optimize the company's medical services, increase the reach of offline medical services through the addition of seven regional demonstration centers, regularly provide offline training for dental practitioners on the application of the company's solutions, and cooperate with renowned domestic higher education institutions to train medical talents through joint programs. It is reported that in the future, training and education will be strengthened in consumer awareness.</p><p>In fact, the digitalization of Times Angel has been laid out around industrial ecology. As the most complex treatment of oral diseases, orthodontics involves a long period of time. The big data accumulated by angels of the times can be applied to many aspects such as health monitoring and treatment of their teeth in the oral cavity in the future.</p><p>Because there are many problems involved in teeth, including tooth replacement, tooth decay, periodontal disease, dental implants, etc., different dental diseases will appear at almost many stages of life, and these diseases can be prevented in advance and diagnosed remotely. In addition to orthodontics, angels in the future are expected to enter other tooth-related fields, even including upstream and downstream industrial chains, with the help of big databases.</p><p>From the perspective of the industry, the current infrastructure of China's digital ecology is better than that of the United States, which is inseparable from the characteristics of Chinese patients. There are far more complex cases in China than in the United States, while the cases in the United States are relatively simple. It can be said that compared with foreign enterprises, Times Angel is an orthodontic enterprise that knows Chinese people's teeth better.</p><p>Times Angel, which already occupies half of the domestic market, is also aiming at overseas markets. It is reported that at present, Times Angel has obtained the FDA certificate in the United States as early as 2018, and its products can be sold. In addition, its major shareholder Songbai Capital has acquired a number of upstream and downstream industries overseas in recent years, paving the way for the angels of the times who are ready to go global in the next step. Many coordinated developments will become natural with its listing.</p><p>After many years, Wang Jian believes that the development of Times Angel far exceeds the original expectations. For the future development, he said that although the angel of the times started from invisible correction, it can expand into a wider product line and even service fields, and evolve into a brand, a culture and a symbol; Secondly, although the starting point of Times Angel is in China, it should not be limited to the Chinese market. The market of invisible correction should be global, and Times Angel can become one of the leading enterprises in the world.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a2f94ef421457b88a205a6eecd207a04","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139611758","content_text":"备受业界关注的“隐形正畸第一股”时代天使，终于在坚守了18年之后走入公众视野。6月16日，时代天使（06699.HK）正式在港交所上市，首日开盘价格高达400元/股，较发行价格涨131.21%。此次全球公开发售总计1682.96万股，价格区间为每股147港元至每股173港元,募资金额约为25.14亿至29.1亿港元，近三百亿的市值引发了资本市场的关注。\n这个被比喻成牙科行业“茅台”的公司十年前并不被资本所关注，那时的资本更看重大医疗、大健康产业。口腔行业作为医疗的细分领域，因为市场很窄且散乱，以及培育时间长等因素，几乎很难被资本青睐。而一副小小的透明牙套作为口腔领域的细分产品，更是难与突飞猛进的数字化联系在一起。\n然而这种局面随着时代天使的上市将被打破，资本开始关注到这一细分赛道的机会和前景。源源不断的资金注入将一改行业散乱、传统的发展模式，资本、人才的进入以及技术的提升，使牙科产业迅速升级。除了行业本身的变化外，与之相关的领域也开始关注这一赛道，整个产业链上游的数字化进程开始提速。\n\n01 背水一战，数字化改变行业传统模式\n时代天使上市引发资本市场关注的是其超百亿的市值及其广阔的发展前景，然而没有人知道这家公司在“一鸣惊人”的背后经过了18年的蜇伏。2009年时代天使几乎在“弹绝粮尽”时，遇到奥博资本亚洲前总经理王健，当时他刚刚从国外回来，正在寻找与民生有关的行业投资。\n机缘巧合，王健认识了时代天使CEO李华敏。与创业者初次接触不超过一个半小时的他怎么也没有想到，与李华敏的见面几乎用了一整天的时间，在其22年的投资生涯中极为罕见。\n除了李华敏对行业的执着之外，更让他感动的是在不及100平方米的办公室内，时代天使的28个员工充满了积极向上的精神，“一个子弹都快打光，还在战斗的团队”，让他看到了希望。李华敏把每一分钱都会用在真正该用的地方，这种在艰苦的环境中把员工团结在一起的创业者品质，彻底感动了他。\n在王健看来，背水一战的勇士只需要弹药（钱）就行，而他能够提供的就是这些弹药。王健迅速给李华敏投了600万美金，时代天使度过了人生最为艰难的时刻。\n即使拿到了资金，隐形正畸行业的发展远没有想象的迅速。原因是当时国内几乎没有企业在做这个领域，那时隐适美还未进入中国市场，国人对于隐形正畸了解程度有限，摆在时代天使面前的难题仍然很多。\n过去由于牙医在牙齿矫正上习惯了“钢丝”牙套，对于隐形矫正器并不熟悉，如何生产出个性化的产品成为时代天使面临的第一道难题，他们认为不把产品的数字化做好，根本就没有用户。\n在没有经验可借鉴的前提下，面对中国不同能力的医生该如何赋能？于是时代天使建立了SARS平台，与医生进行交互，并且建立了个性化的3D打印技术，这是数字化的基础设施；然而拥有基础的数字化还远远不够，因为医生也有“千人千面”，时代天使看似是提供的一个产品，实际提供的是解决方案，而这些解决方案是基于医生的能力来进行的个性化定制，由此来决定最终的矫治结果。\n据不完全统计，目前中国有27万的口腔医生，真正专业的医生有6000名，而去年做矫正的患者在全国有288万人。那么288万人如何找到专业的医生来做矫正？对于时代天使来说，需要根据牙医的能力以及其对隐形矫正的数字化理解对其赋能。\n然而面对医生并不能只靠销售，而是需要通过数字化分析医生的成长规则，千人千面地给予其不同时间、不同阶段的赋能，这种能力并不是产品能力，还包括培训、市场支持、医学方案，如何把关病例的支持等等。\n数据显示，时代天使服务的牙科医生数量由2018年的约11,500位增至2019年的约15,800位，并进一步增至2020年的约 19,900位。达成案例由2018年的约77,700例增至2019年的约120,100例，并进一步增至2020年的约137,600例。\n相对第一阶段的产品数字化和第二阶段的技术服务数字化，第三个阶段的数字化对于时代天使来说则是围绕生态产业进行，而这也是产业升级的关键。\n由于拥有近70万口腔大数据，时代天使下一步的赋能不再局限于医生，而是让更多消费者知道隐形矫正器产品，通过医生远程会诊，实现生态的链接，甚至各个科研院校的链接，最终带来的是对传统模式的改变。\n02 破解难题，从标准化到个性化创新\n已经把传统正畸产品上升到数字化程的时代天使，仍然面临着技术不断升级的挑战。从其上市的募资可以看出，香港公开发售为1,683,000股，公开发售部分占全球发售股份约10%，募资金额约为25.14亿至29.1亿港元。\n这些募资的用途约39 .9%用于为无锡市创美基地的建设提供资金；约18 .3%用于提升公司的研发能力以及为内部和合作研发项目提供资金；约10 .8%用于开发灵活及可扩展的智能信息技术系统以精简及全面数字化公司运营的所有方面，并部署数据中间平台等。从募资用途不难看出，时代天使大部分资金仍用于研发。\n那么走在数字化前沿的时代天使为什么会把大部分资金用于研发？据了解，隐形矫正是一个医学规则加软件不断迭代的提升过程，大量投入研发的目的就是要把规则软件化。目前时代天使投入研发的费用是每年销售额收入的10-20%。\n不容忽视的是，口腔行业在没有隐形矫正器出来之前更像是一个农业社会，靠是医生的匠人精神，医生凭借经验给患者治疗。而通过时代天使推出的隐形矫正器，使行业可以进行规模化、数字化生产，进入了牙齿矫正的工业化时代，背后依靠的是医学能力把软件批量化生产方案，这些产品替代了医生手工钢丝，而生物力学让牙齿的移动可以数据化。从而完成了个性化产品的规模化生产，实现了产品的标准化。\n然而标准化的产品仍不能解决千人千面医生的痛点，因为中国大部分隐形矫正患者的病例都比较复杂，约有50%的人需要拔牙，而拔牙意味着矫正是一个复杂的移动。因此如何帮助医生使用隐形矫正工具来控制好病例，需要大数据积累。\n因此在把医学规则软件化的过程中，数据库将使每步治疗变得更清晰。具体来看就是，通过阶段性地帮助医生，使治疗过程可控，这个过程中时代天使会要求医生将治疗数据进行提交，分步发货。比如一个病例需要50步，每做10步都需要到诊所复诊，医生将矫正的效果发到时代天使，帮助医生控制过程中的精准度。\n这个过程仅靠技术仍然解决不了核心问题，还需医学技术服务。时代天使从最初建立就明白，面对的医生很多是非专业的正畸医生，如果服务好牙医，必须有医学的基因，才能让技术的门槛真正降低提升效率，因此时代天使建立了医生团队。\n正是由于中国隐形矫正的复杂性，时代天使在建立了医生团队的基础上，与国内最权威的八大院校顶级专家合作，这些专家每年都要冶疗几百例复杂病例，他们对临床的感知可以帮助时代天使进行创新。据了解，时代天使与四川大学华西口腔医学院建立“时代天使数字化口腔教学实验室”,培养数字化口腔人才；与上海交通大学附属第九人民医院建立“口腔生物力学与人工智能研究产业转化示范基地”。\n加码科研使时代天使面临的问题得以破解，然而千人千面医生背后是万人万面的患者，那么个性化的产品在实现标准化的同时仍需要创新。尤其对于很多专业的医生来说，如何在不同患者身上发挥其医学能力，对时代天使的产品提出了创新要求。\n据了解，时代天使在标配产品上，又创新性地增加了一个类似小口子的“小窗”天使扣，医生可以通过这个天使扣“小窗”自由的在牙套不同的位置添加牵引，从而解决了产品从标准化到个性化的难题。\n由于有足够多的数据，时代天使对于患者的主动管理水平越来越高，医学规则软件化的能力也越来越强。目前一个有口腔背景的学生很快就能把排齐一口牙，效率提升明显。\n不过对于时代天使来说，聚集医生画像仍需提升核心能力，因为每个医生的成长是动态而非静态，这就需要其对于每一层结构赋予不同的能力与合作方式，进行全方位的创新与提升，以适应新的变化。\n03 培育市场，布局生态加速产业升级\n尽管时代天使在隐形矫正上已经进入数字化时代，矫正效率得到了快速提升，但他们仍然希望通过大数据的建立，使更多的患者甚至是普通的百姓对自己牙齿有清晰了解，从而起到预防的作用。\n因此通过口扫数据，建立生态数字化平台；通过赋能医生，使其对患者进行远程会诊，让消费者对自己的口腔健康状况有一个全面的了解，再根据自己的经济水平决定如何治疗，而远程会诊未来可以做到免费。\n在业内专家看来，对于牙齿来说，预防花1元钱，在治疗上就可以省8元钱，然而目前中国人在牙齿预防上还做的远远不够，导致这一问题的原因是教育。因此需要行业和社会投入源源不断的力量去实现。\n而时代天使正是基于这一现状，花费很多时间对医生进行培训。其募资中约6 .2%用于优化公司的医学服务，通过增设七处区域示范中心提高线下医学服务的触达，同时定期为牙科医生提供针对公司解决方案应用的线下培训，以及与中国国内知名高等教育机构合作，通过联合计划培养医学人才。据悉，未来也将在消费者认知方面加强培训教育。\n事实上，时代天使的数字化一直在围绕产业生态进行布局。正畸作为口腔疾病中最复杂的治疗，涉及周期比较长。时代天使累积的大数据，未来可以应用到口腔内其牙齿的健康监测、治疗等多个方面。\n因为牙齿所涉及的问题较多，包括换牙、蛀牙、牙周病、植牙等等，几乎在人生的多个阶段都会出现不同的牙齿疾病，这些疾病都能做提前预防和远程诊断。除了正畸之外，未来时代天使有望借助大数据库，进入其他与牙齿相关的领域，甚至包括上下游产业链。\n在业内看来，目前中国的数字化生态的基础设施要好于美国，这与中国患者的特点分不开，中国的复杂病例要远远多于美国，而美国的病例相对比较简单。可以说，相对国外企业，时代天使是更懂中国人牙齿的正畸企业。\n已经在国内市场占据半壁江山的时代天使，也瞄准了海外市场。据悉，目前时代天使早在2018年就已经在美国拿到了FDA证书，其产品均可销售。此外，其大股东松柏资本近几年在海外收购了多家上下游产业，为下一步准备走出去的时代天使铺好了路，很多协同发展随着其上市也将变得水到渠成。\n时隔多年之后，王健认为，时代天使的发展远超原来的预期。对于未来发展，他表示，时代天使虽然是从隐形矫治起家的，却可以拓展出更广的产品线甚至服务领域，演变成一种品牌、一种文化、一种象征；其次，时代天使的起点虽然在中国，但不应该局限于中国市场，隐形矫治的市场应该是全球性的，时代天使可以成为全球领先的企业之一。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":2023,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169517215,"gmtCreate":1623842815637,"gmtModify":1703821085247,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169517215","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","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":1623837638,"share":"https://ttm.financial/m/news/1170999861?lang=en_US&edition=fundamental","pubTime":"2021-06-16 18:00","market":"other","language":"zh","title":"BYD: Spin-off subsidiary for listing on the ChiNext board","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</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>BYD: Spin-off subsidiary for listing on the ChiNext board</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\">\nBYD: Spin-off subsidiary for listing on the ChiNext board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-16 18:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610","relate_stocks":{"159915":"创业板","399006":"创业板指","000001.SH":"上证指数","01211":"比亚迪股份"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170999861","content_text":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。","news_type":1,"symbols_score_info":{"159915":0.9,"399006":0.9,"01211":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169517180,"gmtCreate":1623842803640,"gmtModify":1703821085084,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/169517180","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","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":1623837638,"share":"https://ttm.financial/m/news/1170999861?lang=en_US&edition=fundamental","pubTime":"2021-06-16 18:00","market":"other","language":"zh","title":"BYD: Spin-off subsidiary for listing on the ChiNext board","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</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>BYD: Spin-off subsidiary for listing on the ChiNext board</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\">\nBYD: Spin-off subsidiary for listing on the ChiNext board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-16 18:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 16,<a href=\"https://laohu8.com/S/01211\">BYD Group</a>The shareholders' meeting voted to approve the spin-off of the subsidiary.<a href=\"https://laohu8.com/S/002594\">BYD</a>Semiconductor Co., Ltd. is listed on the ChiNext board.</p><p>BYD Co., Ltd. recently received a letter from Mr. Lü Xiangyang, a shareholder holding more than 5% of the company's shares, informing him that he had pledged some of his shares in the company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610","relate_stocks":{"159915":"创业板","399006":"创业板指","000001.SH":"上证指数","01211":"比亚迪股份"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170999861","content_text":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。","news_type":1,"symbols_score_info":{"159915":0.9,"399006":0.9,"01211":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2005,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":890009307,"gmtCreate":1628063929609,"gmtModify":1703500519785,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","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/890009307","repostId":"1138581356","repostType":4,"isVote":1,"tweetType":1,"viewCount":5172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165147692,"gmtCreate":1624111236616,"gmtModify":1703828954292,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","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/165147692","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177090244,"gmtCreate":1627162903488,"gmtModify":1703484828849,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177090244","repostId":"2153002933","repostType":4,"repost":{"id":"2153002933","kind":"highlight","weMediaInfo":{"introduction":"有品好玩的科技，一切与你有关","home_visible":1,"media_name":"品玩","id":"1086141561","head_image":"https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8"},"pubTimestamp":1627101584,"share":"https://ttm.financial/m/news/2153002933?lang=en_US&edition=fundamental","pubTime":"2021-07-24 12:39","market":"hk","language":"zh","title":"Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.","url":"https://stock-news.laohu8.com/highlight/detail?id=2153002933","media":"品玩","summary":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。","content":"<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.</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\">\nTencent has been ordered to revoke its exclusive music copyright, and users can finally listen to music properly.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086141561\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b02e1edb8fd87972c9239aa3a01b9bc8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">品玩 </p>\n<p class=\"h-time smaller\">2021-07-24 12:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The State Administration for Market Regulation issued an announcement on July 24, legally...<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>The limited liability company imposed penalties such as ordering the termination of the exclusive copyright of online music.</p><p><b>One major difference in this penalty is that it is the first case under the Anti-Monopoly Law to \"take necessary measures to restore market competition\" for illegally implementing business concentrations.</b></p><p>Previous anti-monopoly penalties mainly combined \"supplementary penalties\" to provide guidance on future operations. However, this time, very specific rectification measures have been listed for Tencent, including which agreements in the contract need to be terminated and within what time frame the termination needs to be completed. In fact, this has once again enriched the anti-monopoly enforcement toolbox.</p><p>According to the State Administration for Market Regulation, in January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p><a href=\"https://laohu8.com/S/TME\">Tencent Music</a>The ruthless competition that relies on top-tier music copyrights to drive growth and user retention is gone forever.</p><p>In 2014, QQ Music, then a product under Tencent, had already launched an attack on NetEase Cloud Music in terms of copyright. In late 2014, QQ Music sued NetEase Cloud Music, alleging that NetEase Cloud Music's unauthorized dissemination of 623 online music tracks, including \"Where Has the Time Gone?\", to the public was suspected of copyright infringement.</p><p>Ultimately, the Wuhan Intermediate People's Court ruled that NetEase Cloud Music was suspected of copyright infringement and issued an online ban on NetEase Cloud Music, ordering it to delete the relevant content. What users can sense is that more songs on NetEase Cloud Music are \"graying out\". Having tasted success, QQ Music has also begun to build its copyright empire.</p><p>Much of TME's early music rights came from its merger with China Music Corporation (CMC). Ocean Music, which had already signed a large number of exclusive music copyrights at low prices in its early years, successively completed the acquisition of Kuwo Music and Kugou Music, and established a new \"Ocean Music Group\", which was later renamed \"China Music Group\".</p><p>At that time, online music was not favored by capital. After multiple IPO setbacks, CMC ultimately chose to partner with Tencent to merge its digital music business. On July 12, 2016, Tencent acquired CMC in a series of transactions. In January 2017, Tencent announced that its QQ Music business and CMC would merge into a new music group, which would be renamed Tencent Music Entertainment Group.</p><p>After that, TME respectively<a href=\"https://laohu8.com/S/SNE\">Sony</a>music entertainment (SME), Universal Music Group (UMG) and<a href=\"https://laohu8.com/S/WMG\">Warner Music</a>EWMG Group has partnered to obtain exclusive streaming rights to these three major global music labels in China, and has owned them exclusively for a long time. This puts TME far ahead in the competition with NetEase Cloud Music.</p><p>In February 2018, with the support of the National Copyright Administration, TME and NetEase Cloud Music reached a copyright cooperation agreement, requiring each other to license 99% of their exclusive music works.</p><p>According to the figures published in the 2018 prospectus, TME owned more than 20 million tracks from more than 200 domestic and foreign music labels at that time, of which 1% were 200,000 songs. There was still enough room for maneuver to limit competitors.</p><p>In 2020, NetEase Cloud Music reached a new music copyright licensing agreement with Warner Bros. and Universal Music. On May 18, 2021, NetEase Cloud Music announced a partnership with<a href=\"https://laohu8.com/S/SONY\">Sony</a>The music entertainment (SME) has reached a copyright cooperation agreement, which means that NetEase Cloud Music has simultaneously acquired the music copyrights of these three major global record companies. NetEase Cloud Music has since completely broken TME's blockade of top record labels.</p><p>Despite the continuous reduction in TME's territory, it still retains a large number of exclusive content cards, mainly in the following categories: 1) Several top Asian labels, including Modern Sky in mainland China, YG in South Korea, and Jay Chou's JVR; 2) Several less advantageous Western labels, such as Cooking Vinyl and Kobalt Music; 3) Music copyrights of popular TV and online reality shows, such as \"Youth with You\" and \"Creation Camp\"; 4) New original musicians incubated by the platform.</p><p>TME had already issued a risk warning regarding copyright issues in its IPO prospectus, and its revenue model and business transformation seem to be proving to the outside world that this entertainment edifice will not collapse due to copyright issues. The foundation formed by rich long-form video content, live streaming business and exploration of social networking is sufficient to cope with the arrival of risks and turmoil.</p><p>In February 2021, after 12 years of operation, the closure of Xiami Music, which served over 100 million users, brought more attention to TME from the public and regulatory authorities, leaving only three major players in the industry.</p><p>Exclusive music copyrights are no longer a core competitive advantage, and TME has once again increased the importance of incubating content.</p><p>On June 25, 2021, Tencent Music Group announced the establishment of a content business line, responsible for the overall planning, strategic formulation and coordination management of music content-related businesses. Based on the existing Content Cooperation Department, a Musician Open Platform Department, a Content Studio Group, a Music Cloud Business Center, a Promotion and Marketing Center, and a Chart and Data Product Center will be established.</p><p>On July 9, an internal email from TME announced adjustments to its business lines, including QQ Music and Kuwo, and related personnel. In this adjustment, QQ Music's business line will establish a Long Audio Business Center to be responsible for the product development of the QQ Music Long Audio Zone; Kuwo Music's most profitable business, \"Juxing Live,\" will be led by Xie Huan, a senior executive at Kugou Music. The commercialization of Kuwo Music's business line will be handled by Liu Xiankai, General Manager of Tencent Music's Commercial Advertising Department.</p><p>According to Jiemian News, an offline director of Kuwo Music stated that the long-form audio business will be separated from Kuwo to form an independent business unit, Kuwo's live streaming business \"Juxing\" will be handed over to Kugou's senior executives, and Kuwo's commercialization business will be handed over to relevant leaders of QQ Music. \"(Kuwo's) current trend is to split the business and integrate it into other departments to alleviate policy pressure.\"</p><p><img src=\"https://static.tigerbbs.com/92b94122f6e8fae2bfd4b7f45c1d2891\" tg-width=\"750\" tg-height=\"2592\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e4cfb506ffb58f1fc2c6e75a4e50dab8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153002933","content_text":"国家市场监管总局于7月24日发布公告，依法对腾讯控股有限公司作出责令解除网络音乐独家版权等处罚。\n此次处罚的一大不同在于，本案为《反垄断法》对违法实施经营者集中“采取必要措施恢复市场竞争状态”的第一起案件。\n此前的反垄断处罚方式多以“补罚”搭配对接下来的经营提出指导性要求为主，而此次则对腾讯明确列出了非常具体的整改措施，包括合同内哪些协议需要解除，需要在什么时间内完成解除等。事实上再次丰富了反垄断执法工具箱。\n据市场监管总局消息，2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n腾讯音乐靠顶级音乐版权拉动增长和用户留存的粗旷竞争方式一去不复返。\n2014年，彼时还是腾讯旗下产品的QQ音乐，就已经在版权方面对网易云音乐发起进攻。2014年末，QQ音乐曾起诉网易云音乐，称网易云音乐未经授权向公众传播的《时间都去哪了》等623首网络音乐涉嫌侵权行为。\n最终，武汉市中级人民法院判定，网易云音乐涉嫌侵权行为，对网易云音乐发出网络禁令，勒令其删除相关内容。用户能感知到的，就是网易云音乐“变灰”的歌曲多起来了。而尝到甜头的QQ音乐，也开始构建它的版权帝国。\nTME早期大量音乐版权来自于对中国音乐集团的合并（以下简称CMC）。早年已低价签下大量独家音乐版权的海洋音乐，先后完成对酷我音乐和酷狗音乐的并购，并组建起新的“海洋音乐集团”，后改名为“中国音乐集团”。\n当时，在线音乐并不受到资本青睐。在多次IPO碰壁后，CMC最终选择与腾讯合作，将数字音乐业务进行合并。2016年7月12日，腾讯通过一系列交易收购 CMC。2017年1月，腾讯宣布，QQ音乐业务和CMC合并成为新的音乐集团，并更名为腾讯音乐娱乐集团。\n之后，TME分别于索尼音乐娱乐（SME）、环球音乐集团（UMG）和华纳音乐集团（EWMG）合作，获得了这三大全球音乐厂牌的中国独家流媒体版权，并长期独家拥有。这使得TME在与网易云音乐的竞争中遥遥领先。\n2018年2月，在国家版权局的推动下，TME与网易云音乐达成版权合作，相互授权音乐作品需达到各自独家音乐作品数量99%。\n以2018年招股书上公布的数字来看，彼时TME拥有 200 多个国内外音乐厂牌的超过 2000 万首曲目，其1%则为20万首歌曲，这里面依然有足够的操作空间来限制对手。\n网易云音乐于2020年和华纳、环球音乐重新达成音乐版权授权合作。2021年5月18日，网易云音乐宣布与索尼音乐娱乐（SME）达成版权合作，这意味着网易云音乐同时获得了这全球三大唱片公司的音乐版权。网易云音乐也自此完全打破TME对顶级唱片公司的封锁。\n尽管TME所拥有的地盘被不断削减，但其仍保有大量独家内容底牌，主要有以下几类：1）几个亚洲顶级厂牌，包括中国大陆的摩登天空、韩国的YG和周杰伦拥有的JVR；2）几个不太有优势的西方厂牌公司，如Cooking Vinyl和Kobalt Music；3）热门电视和网络真人秀节目的音乐版权，如《青春有你》和《创造营》；4）平台孵化出的新原创音乐人。\n早在TME上市招股书中就已经有对版权问题进行过风险提示，而其营收模式和业务转型也似乎是在向外界证明这座娱乐大厦不会因为版权问题而倾倒，丰富的长视频内容、直播业务和对社交的探索组成的地基，足以应对风险动荡的来临。\n2021年2月，运营12年，服务过亿用户的虾米音乐的关闭，给TME带来了更多公众和监管部门的关注，至此主要从业者仅剩3家。\n独家音乐版权已无法成为核心竞争力，TME再次提升了孵化内容的重要性。\n2021年6月25日，腾讯音乐集团宣布成立内容业务线，负责音乐内容相关业务的整体规划、战略制定和统筹管理。将在原有的内容合作部的基础上成立音乐人开放平台部、内容工作室群、音乐云业务中心、宣推市场中心及榜单和数据产品中心。\n随后的7月9日，TME内部邮件显示，宣布对QQ音乐和酷我在内的业务线和相关人员进行调整。在本次调整中，QQ音乐业务线将成立长音频业务中心，负责QQ音乐长音频专区的产品研发工作；酷我音乐旗下最赚钱的业务“聚星直播”，将交由酷狗音乐的高管谢欢领导；酷我音乐业务线的商业化业务将交给腾讯音乐商业广告部总经理刘宪凯负责。\n据界面新闻报道，酷我音乐线下一位总监表示，将长音频业务从酷我剥离出去组建独立BU，将酷我的直播业务“聚星”交给酷狗高管领导，将酷我商业化业务交给QQ音乐的相关领导负责，“（酷我）现在的趋势就是拆分业务，整合进其它部门，缓解政策压力”。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174453028,"gmtCreate":1627130618664,"gmtModify":1703484631001,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174453028","repostId":"1194494092","repostType":4,"repost":{"id":"1194494092","kind":"news","pubTimestamp":1627109486,"share":"https://ttm.financial/m/news/1194494092?lang=en_US&edition=fundamental","pubTime":"2021-07-24 14:51","market":"hk","language":"zh","title":"The \"secret\" of Tenfold Fund: How can fund investors truly make money?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194494092","media":" 兴证全球基金","summary":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师","content":"<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>","source":"lsy1619314504794","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 \"secret\" of Tenfold Fund: How can fund investors truly make money?</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 \"secret\" of Tenfold Fund: How can fund investors truly make money?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 兴证全球基金</strong><span class=\"h-time small\">2021-07-24 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Finding a tenfold investment target is undoubtedly every investor's dream. As the saying goes, a dream is something that is difficult to achieve, but we have found that there are still some \"dream realizers\" around us. How did they do it?</p><p><b>Why ten times?</b></p><p>\"Tenbagger\" is a term mentioned by American investment guru Peter Lynch in his autobiography \"One Up On Wall Street\".</p><p>This roughly refers to stocks whose stock price can increase tenfold after long-term development, supported by revenue and profit growth.</p><p>Peter Lynch wrote in his autobiography:<b>The best way to find ten-fold stocks is to start looking around you. If you can't find them there, go to the shopping mall to look for them. His early connection with ten-fold stocks started from \"around him\".</b></p><p>Peter Lynch once discovered that his three daughters were all using cosmetics from a company called The body Shop. Although The body Shop is a beauty brand, most of its chain stores in Europe and America are located in prominent places such as street corners, rather than just in shopping malls.</p><p>Peter Lynch's research found that the company's products are relatively standardized, affordable, and cover a wide range of age groups. They expanded by adding franchise stores and engaged in multinational operations from the outset, demonstrating strong market expansion capabilities.</p><p>Peter Lynch seized this opportunity, and after The body Shop went public in The UK, its stock price soared, eventually becoming a veritable Tenbagger.</p><p><b>Tenbagger in the mutual fund market</b></p><p>Tenbagger was later extended to the fund industry, referring to funds whose net asset value has increased ten times or more compared to the time of launch. As of June 25, 2021, there were 56 domestic public funds with a tenfold increase. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>What kind of markets have these funds experienced, and what common characteristics do they share?</p><p><b>Births - Most were born in 2006 and before</b></p><p>Of the 56 funds, only 2 were established in 2006 or earlier. They experienced the bull market of 2006-2007 and the market decline of 2008, and went through several bull and bear market cycles. As of June 25, 2021, their average establishment time was 16.6 years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p><b>It is clear that good investments do indeed require time to witness.</b></p><p>The establishment time of the ten-fold base and the corresponding index points</p><p><img src=\"https://static.tigerbbs.com/2287c6895d9a9cc1d15c36637e290d10\" tg-width=\"1000\" tg-height=\"407\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities. As of June 25, 2021, the bar chart represents the number of tenfold funds established in that year, the line chart represents the Shanghai Composite Index, the left axis represents the corresponding index points, and the right axis represents the number of funds established. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Growth – Not always among the top students in the class</b></p><p>In the growth of tenfold funds, we have found that they rarely consistently rank among the top in their categories in a single year. One of the important reasons is that these funds are less likely to pursue short-term hot topics and abandon long-term investment strategies and styles.</p><p>Among the 56 tenfold funds, only 7 funds have ever won the championship in their category (2007-2020), 13 funds have never entered the top 10 of their category in a single year, and few funds have been able to rank in the top 10 of their category for two consecutive years. (Data source: Galaxy Securities, as of June 25, 2021)</p><p>We have listed the annual \"report cards\" of the top ten funds. These funds may not always be in the top quarter in the short term, but their value will become more prominent over time.</p><p>Some ten-fold basis \"report cards\"</p><p><img src=\"https://static.tigerbbs.com/971280df3e4665bafe1a50e179559917\" tg-width=\"1000\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p>Data source: Galaxy Securities, as of June 25, 2021. Historical performance does not guarantee the future, and fund investment requires caution.</p><p><b>Adults - Solving \"difficult problems\" is a compulsory course</b></p><p>The A-share market is characterized by short bull markets and long bear markets. Ten-fold funds have often experienced several bear markets, and challenges are an essential lesson for them.</p><p>We selected several typical one-sided downward markets in the A-share market, and the average decline of the Tenfold Fund in these markets was lower than that of the Shanghai Composite Index and equity fund indices.</p><p>Market performance in a unilateral downward trend based on ten-fold basis</p><p><img src=\"https://static.tigerbbs.com/7eb0ab7b7db6441e489079d3818e347c\" tg-width=\"1000\" tg-height=\"453\" referrerpolicy=\"no-referrer\"></p><p>Data source: wind, Galaxy Securities, as of 2021/6/25</p><p>Although this is a \"God's perspective\" approach to exploration, the performance of these funds in a one-sided downward market still gives us some inspiration.</p><p>One very important one is that,<b>\"First strive to remain undefeated, then strive to win,\" and seasoned investors know that a 50% drop requires approximately a 100% increase to return to the starting point.</b>。</p><p>Moreover, in Tenfold Fund's periodic reports, we found that during periods of market heat, most Tenfold Funds had a certain defensive tendency towards the market. In the first quarter reports of 2007, many of the aforementioned funds mentioned \"improving portfolio defensiveness\" in their reports. Some tenfold funds mentioned \"reducing the concentration of shareholdings\" in their 2015 reports.</p><p><b>Therefore, Tenfold Base not only relies on its rise in an \"easy\" market, but also on its ability to perform too well when faced with difficult \"tests\".</b></p><p><b>Success—The Bonus of \"Family Background\" and \"Benefactors\"</b></p><p>When exploring the Tenfold Fund, fund companies and fund managers play an important role.</p><p>Most funds with ten-fold funds come from families with solid investment research capabilities, which is one of the foundations supporting the fund's long-term outstanding performance.</p><p><b>From the perspective of fund managers, a good fund manager can be considered the \"benefactor\" of a tenfold fund.</b></p><p>Huabao Securities once produced a four-quadrant chart for fund managers to depict their industry allocation and investment philosophy.</p><p>Overall, there are more quadrants on the left for ten-fold fund managers, namely, industries are scattered or concentrated, and industries switch less frequently. A balanced and diversified portfolio combined with minimal industry switching can minimize portfolio risk. Fund managers with concentrated industry allocation and minimal industry switching are usually more optimistic about a particular high-quality sector and hold it for the long term.</p><p><img src=\"https://static.tigerbbs.com/b85062db9868a316890ff75fbab0ea3b\" tg-width=\"524\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Source: Huabao Securities</p><p>Of course, when choosing a 10x fund, you should also pay attention to analyzing the current fund manager's time under management and related performance, and choose a product that better suits your risk-return preferences.</p><p><b>Who is protecting the \"tenfold base\"?</b></p><p><b>In reality, a fund's growth, adulthood, and the \"difficult periods\" it goes through are also experienced by its holders. Many people can accompany a fund for a year, but very few can accompany it for ten years.</b></p><p><b>The philosophy of long-term investing is to be friends with time. 'The most romantic thing I can think of is growing old with you.'</b></p><p><b>Mr. Li has held the fund for 17 years.</b></p><p><b>The longest-term fund investment is more than 10 years; it was initially purchased with children's New Year's money. I believe that the long-term power of investment will continue.</b></p><p><b>—Ms. Han held the fund for 13 years</b></p><p><b>I might be the only one who has only bought and not sold since its release.</b></p><p><b>— Message from the \"Finding Trend Millionaires\" campaign</b></p><p><b>Only through time and hard work can we achieve qualitative change, grow together, and move forward together.</b></p><p><b>— Fund Investors in the Discussion Forum</b></p><p>Investor Records once conducted relevant research and found the holders of the Tenfold Fund from the fund's periodic reports. Their characteristics are that they dare to buy during market panic and are more patient than most investors. Some people say that they may have \"forgotten\" their holdings, but this \"forgetting\" also makes them staunch guardians of the Tenfold Fund from another perspective.</p><p><b>Finally, reasonable expectations are a prerequisite for investment and companionship. The path of investing requires both strength and endurance. If it's a high-quality fund, you might as well give it more time to allow its value to accumulate.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yZkwS_Je07rH8a47gyUlEA\"> 兴证全球基金</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/yZkwS_Je07rH8a47gyUlEA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194494092","content_text":"挖掘出十倍的投资标的，无疑是所有投资者的梦想。正所谓难以实现才叫梦想，但是我们发现身边依旧有着这样一些“梦想实现者”。他们是如何做到的呢？\n为什么是十倍？\n“十倍”（Tenbagger）是美国投资大师彼得·林奇在其自传《One Up On Wall Street》中提及的词汇。\n大概意思是指企业经过长期发展，在营收与利润增长的支持下，股价能够上涨10倍的股票。\n彼得·林奇在自传中曾写道：寻找十倍股最佳的方式就是从身边找起，在那里找不到，就去购物中心里去找，而他早期与十倍股结缘，也正是从“身边”开始的。\n彼得·林奇有一次发现自己的三个女儿都在使用来自一家名叫美体小铺（The body Shop）公司的化妆品。The body Shop 虽然是一个美妆品牌，但它在欧美地区的大多数连锁店，都是开在街角等较为显眼的地方，而不仅仅是在商场里。\n彼得·林奇研究发现，这家公司的产品相对标准化，价格亲民，客户覆盖的年龄段相当宽泛。通过增加特许连锁店的方式进行扩张，而且一开始就进行跨国经营，市场扩张能力很强。\n彼得·林奇把握住了这一机会，The body Shop 在英国上市后，股价节节攀升，最终成为名副其实的Tenbagger（十倍股）。\n公募基金市场中的Tenbagger\nTenbagger后来也被延用到了基金圈，意指基金净值较发行时增长十倍及以上的基金，截至到2021年6月25日，国内公募基金共有56只十倍基。（数据来源：银河证券，截至2021/6/25）\n这些基金都经历过怎样的市场，又都有什么共同的特点呢？\n出生——大部分生于2006年及之前\n在56只基金中，除了2只基金，其余54只基金均成立于2006年及之前，经历过2006年-2007年的大牛市，也经历过2008年市场下跌，历经数度牛熊转换，截至2021年6月25日，平均成立时间16.6年。（数据来源：银河证券，截至2021/6/25）\n可见，好的投资，确实需要时间的见证。\n十倍基成立时间及对应指数点位\n\n数据来源：银河证券，截至2021/6/25，柱状图代表在当年成立的十倍基数量，折线图代表沪指，左侧轴为相对应指数点位，右侧为基金成立数量。历史业绩不代表未来，基金投资需谨慎。\n成长——不总是“班上”前几名\n在十倍基的成长过程中，我们发现，它们很少能连续在单一年度业绩排在同类前几名，其中重要的原因之一是，这些基金较少会追求短期热点而放弃长期坚持的投资策略和风格。\n在56只十倍基中，仅有7只基金曾获得过同类别冠军（2007年-2020年），有13只基金未进入过单一年度同类前10，鲜有基金能连续两年排进同类前10。（数据来源：银河证券，截至2021/6/25）\n我们罗列了排在前几位的十倍基每年的“成绩单”，这些基金在短期内无法总在前1/4，但在时间的作用下价值凸显。\n部分十倍基“成绩单”\n\n数据来源：银河证券，截至2021/6/25。历史业绩不代表未来，基金投资需谨慎。\n成人——解决“难题”是必修课\nA股市场牛短熊长，十倍基往往都经历过数个熊市，而难题也是它们的必修课。\n我们选取了A股市场中几个较为典型的单边下行市场，十倍基在这些市场中的平均跌幅均低于上证指数及偏股基金指数。\n十倍基单边下行市场表现情况\n\n数据来源：wind，银河证券，截至2021/6/25\n尽管这是一种“上帝视角”的探究方式，但这些基金在单边下行市场中的表现，还是给了我们一定的启发。\n其中很重要的一条是，“先求不败，再求胜”，而老练的投资者熟知，下跌50%，需要约100%的涨幅才能回到原点。\n不仅如此，在十倍基的定期报告中我们发现，在市场较热时期，大部分的十倍基金对市场都有一定的防守倾向，2007年一季报中，上述基金中多只基金的报告中提到“提高组合防御性”；2015年部分十倍基金报告中提及“降低持股集中度”等。\n所以，十倍基不仅仅是靠着“容易”市场中的上涨，还靠着在面对难“试卷”的时候，也不会表现得太差。\n成功 —— “家世”与“贵人”的加成\n探究十倍基，基金公司及基金经理扮演着重要的角色。\n十倍基的家世，多数都拥有扎实的投研实力，这是支撑基金长期业绩优异的基础之一。\n从基金经理来看，好的基金经理可谓是十倍基的“贵人”。\n华宝证券曾制作基金经理四象限图，刻画基金经理的行业配置及投资理念。\n整体来看，十倍基基金经理在左侧象限较多，即行业分散或集中、行业少切换。行业均衡分散+行业少切换可以尽可能控制组合的风险；行业集中配置+行业少切换的基金经理通常较为坚定看好某一优质赛道并长期持有。\n\n资料来源：华宝证券\n当然，在选择十倍基的时候，也要注意分析现任基金经理的在管时间和相关业绩表现，选择更符合自己风险收益偏好的产品。\n谁在守护“十倍基”？\n实际上，一只基金经历的成长、成人以及过程中的“困难时期”，持有人也一样会经历，而能陪伴基金一年者甚多，但十年者甚少。\n长期投资的理念是要做时间的朋友，‘我能想到最浪漫的事就是和你一起慢慢变老’。\n——李先生 持有基金17年\n最长期的基金投资不止10年，最开始是用小孩的压岁钱买的。相信投资的长期力量，会一直坚持。\n——韩女士 持有基金13年\n我有可能是唯一一个从发行到现在只买不卖的人。\n—— “寻找趋势百万持有人”活动留言\n只有经过时间的积累和努力才有收获质变的可能，一起成长，共同前行。\n—— 讨论区基民\n投资人记事曾做过相关研究，从基金定期报告中，找到十倍基的持有者，他们的特点是，敢于在市场恐慌的时候买入，并比多数投资者更有耐心，有人说，也许他“遗忘”了自己的持仓，但这种“遗忘”，也从另一个侧面成为了十倍基的坚定守护者。\n最后，合理的预期是投资和陪伴的前提。投资之路，既要比拼实力，也要比拼耐力，如果是一只优质的基金，不妨多给它一些时间，让价值沉淀。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142881061,"gmtCreate":1626140877653,"gmtModify":1703754124667,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142881061","repostId":"1199045893","repostType":4,"repost":{"id":"1199045893","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":1626139221,"share":"https://ttm.financial/m/news/1199045893?lang=en_US&edition=fundamental","pubTime":"2021-07-13 09:20","market":"hk","language":"zh","title":"Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.","url":"https://stock-news.laohu8.com/highlight/detail?id=1199045893","media":"老虎资讯综合","summary":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867","content":"<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</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>Opening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.</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\">\nOpening: The Hang Seng Index rose 0.65%, while two newly listed stocks both fell below their issue price.\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\">2021-07-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, the Hang Seng Index opened up 178.79 points, or 0.65%, at 27,694.03. The state-owned enterprises index opened 49.98 points higher, or 0.5%, at 9995.71. The red-chip index opened 18.1 points higher, or 0.47%, at 3867.61.</p><p>The Hang Seng Tech Index rose 0.54%, with major tech stocks rebounding.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>Both rose by more than 1%;</p><p>Hong Kong-listed mobile game stocks led the gains.<a href=\"https://laohu8.com/S/02660\">Zenyou Technology</a>Up 3.36%<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>Up 2.13%<a href=\"https://laohu8.com/S/00302\">CMGE</a>Up 0.52%;</p><p>New Shares<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>On its first day of trading, the stock price fell below its issue price, opening down 8.8% at HK$1.59 per share.</p><p>New Shares<a href=\"https://laohu8.com/S/02137\">Tengsheng Biopharma-B</a>On its first day of trading, the stock price fell below its issue price, opening nearly 4% lower at HK$22.25 per share.</p><p><a href=\"https://laohu8.com/S/01799\">Xinte Energy</a>The company opened 5.75% higher and expects a profit attributable to owners of no less than RMB 1.15 billion in the first half of the year;</p><p><a href=\"https://laohu8.com/S/09969\">Innovent Biologics-B</a>The stock opened more than 4% higher, reaching a new high. Bojian reached a licensing and cooperation agreement with Bojian for orlabrutinib.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF南方","02833":"恒指ETF","HSI":"恒生指数","HSCCI":"红筹指数","HSTECH":"恒生科技指数","HSCEI":"国企指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199045893","content_text":"7月13日，恒生指数开盘上涨178.79点，涨幅0.65%，报27694.03点；国企指数开盘上涨49.98点，涨幅0.5%，报9995.71点；红筹指数开盘上涨18.1点，涨幅0.47%，报3867.61点。\n恒生科技指数涨0.54%，大型科技股反弹，腾讯控股、阿里巴巴、百度集团-SW、京东集团-SW均涨逾1%；\n港股手游股涨幅居前，禅游科技涨3.36%，网易-S涨2.13%，中手游涨0.52%；\n新股华南职业教育上市首日破发，开跌8.8%，发行价为1.59港元/股；\n新股腾盛博药-B上市首日破发，开跌近4%，发行价22.25港元/股；\n新特能源高开5.75% 预期上半年拥有人应占利润不少于11.5亿元；\n诺诚健华-B高开超4%创新高 与渤健就奥布替尼达成许可及合作协议。","news_type":1,"symbols_score_info":{"513600":0.9,"MCHmain":0.9,"02833":0.9,"HSI":0.9,"MHImain":0.9,"HSCCI":0.9,"HHImain":0.9,"HSCEI":0.9,"HSImain":0.9,"HSTECH":0.9}},"isVote":1,"tweetType":1,"viewCount":5919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165144521,"gmtCreate":1624111165663,"gmtModify":1703828953966,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165144521","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890000991,"gmtCreate":1628063851613,"gmtModify":1703500517809,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890000991","repostId":"1122959528","repostType":4,"isVote":1,"tweetType":1,"viewCount":5545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807777579,"gmtCreate":1628063822191,"gmtModify":1703500516827,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807777579","repostId":"1138324245","repostType":4,"isVote":1,"tweetType":1,"viewCount":5306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802711732,"gmtCreate":1627806105926,"gmtModify":1703496144165,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802711732","repostId":"1118959005","repostType":4,"isVote":1,"tweetType":1,"viewCount":4912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802362760,"gmtCreate":1627719849950,"gmtModify":1703495203781,"author":{"id":"3585711731655298","authorId":"3585711731655298","name":"sky老夫子","avatar":"https://static.tigerbbs.com/1b6bc4b535fe31e2cb1d2b45246766d8","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585711731655298","idStr":"3585711731655298"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802362760","repostId":"1165085669","repostType":4,"isVote":1,"tweetType":1,"viewCount":5858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}