PHK: Management Making Smart Moves Right Now, But The Valuation Is Really Steep

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Yuji Sakai The PIMCO High Income Fund (NYSE:PHK) is a closed-end fund that can be purchased by investors for whom income is a high priority. Indeed, like most PIMCO funds, the PIMCO High Income Fund ...

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Indeed, like most PIMCO funds, the PIMCO High Income Fund ...</p>\n\n<a href=\"https://seekingalpha.com/article/4708463-phk-management-making-smart-moves-right-now-but-the-valuation-is-really-steep\">Source Link</a>\n\n</div>\n","source":"seekingalpha_fund","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>PHK: Management Making Smart Moves Right Now, But The Valuation Is Really Steep</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nPHK: Management Making Smart Moves Right Now, But The Valuation Is Really Steep\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-31 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4708463-phk-management-making-smart-moves-right-now-but-the-valuation-is-really-steep><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Yuji Sakai The PIMCO High Income Fund (NYSE:PHK) is a closed-end fund that can be purchased by investors for whom income is a high priority. Indeed, like most PIMCO funds, the PIMCO High Income Fund ...</p>\n\n<a href=\"https://seekingalpha.com/article/4708463-phk-management-making-smart-moves-right-now-but-the-valuation-is-really-steep\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PHK","symbol_name":"太平洋投资管理高收入基金","start_time":0,"source_url":"https://seekingalpha.com/article/4708463-phk-management-making-smart-moves-right-now-but-the-valuation-is-really-steep","article_id":"2455153669","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/145868159/image_145868159.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2455153669","pubTimestamp":1722434531,"sourceInfo":{"source_id":"seekingalpha_fund","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Yuji Sakai The PIMCO High Income Fund (NYSE:PHK) is a closed-end fund that can be purchased by investors for whom income is a high priority. Indeed, like most PIMCO funds, the PIMCO High Income Fund s","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PHK":"太平洋投资管理高收入基金","BK4585":"ETF&股票定投概念","AGG":"债券指数ETF-iShares Barclays综合国债","BK7508":"医药生物股","BK4581":"高盛持仓","JNK":"债券指数ETF-SPDR Barclays高收益债","BK4588":"碎股","BK4550":"红杉资本持仓","BK7067":"生物科技","GOF":"Guggenheim Strategic Opportuniti","BK7097":"酿酒商与葡萄酒商","BIT.AU":"BIOTRON LIMITED","WDI":"Western Asset Diversified Income Fund","BIT":"BlackRock Multi-Sector Income Tr","TSI":"TCW Strategic Income Fund Inc","DLY":"DOUBLELINE YIELD OPPORTUNITIES FUND","BK7501":"新冠治疗股","TSI.AU":"TOP SHELF INTERNATIONAL HOLD"},"translate_title":"PHK：管理层现在采取了明智之举，但估值确实很高","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSI":1,"WDI":1,"TSI.AU":1,"AGG":1,"PHK":1,"JNK":1,"GOF":1,"DLY":1,"BIT":1,"BIT.AU":1,"US2Y.BOND":0.9,"US7Y.BOND":0.9,"US6M.BOND":0.9,"US5Y.BOND":0.9,"US3Y.BOND":0.9,"US30Y.BOND":0.9,"US12M.BOND":0.9,"US10Y.BOND":0.9,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6},"content_text":"Yuji Sakai The PIMCO High Income Fund (NYSE:PHK) is a closed-end fund that can be purchased by investors for whom income is a high priority. Indeed, like most PIMCO funds, the PIMCO High Income Fund specializes in investing in assets for which the provision of income is a defining characteristic. Unfortunately, over the last few weeks, we have seen the yields of most income-focused funds decline as many market participants have become very convinced that the Federal Reserve will reduce its benchmark interest rate at the meeting in mid-September. While I am not as certain about the timing of the interest rate cut, it does seem fairly clear that the private sector has been slowing down fairly significantly. This probably sets the country up for a rate cut before the end of the year. With that said, this scenario mostly depends on the economic data continuing to trend in the same direction that it currently is. As of the time of writing, the PIMCO High Income Fund boasts a very impressive 12.00% distribution yield. This is quite a bit better than its peers, as is clearly shown here:   Fund Name Morningstar Classification Current Yield   PIMCO High Income Fund Fixed Income-Taxable-Multi-Sector 12.00%   BlackRock Multi-Sector Income Trust (BIT) Fixed Income-Taxable-Multi-Sector 10.08%   DoubleLine Yield Opportunities Fund (DLY) Fixed Income-Taxable-Multi-Sector 8.87%   Guggenheim Strategic Opportunities Fund (GOF) Fixed Income-Taxable-Multi-Sector 14.33%   TCW Strategic Income Fund (TSI) Fixed Income-Taxable-Multi-Sector 4.91%   Western Asset Diversified Income Fund (WDI) Fixed Income-Taxable-Multi-Sector 11.98%   Click to enlarge As we can clearly see, the PIMCO High Income Fund has a higher yield than most of the other funds in the “Fixed-Income Multi-Sector” category. This is a sign that the fund might not be fully covering its distribution, although admittedly the yield is not particularly outsized compared to some other funds in the sector. For example, we can see that the current yield of the Western Asset Diversified Income Fund is only two basis points lower than this one. One thing that we have noticed over the past few months is that multi-sector bond funds have generally been able to maintain the double-digit yields that they had before the market started pricing in interest rate declines. This is in stark contrast to the yield declines that most junk bond funds experienced over the same period. The same has been true for emerging market debt funds, which might suggest that only domestic bond funds have been appreciating in price. However, this has not been the case, as emerging market bonds have substantially outperformed domestic investment-grade (AGG) and junk bonds (JNK) over the past six months:   Seeking Alpha Thus, the ability of multi-sector bond funds like the PIMCO High Income Fund to maintain their double-digit yields is not because these funds can invest in emerging market bonds or other foreign issues. Rather, the exact cause of this is difficult to discern, but it remains true that investors who are seeking to maximize their incomes would probably be best served by purchasing a multi-sector bond fund like this one right now. As regular readers can likely remember, we previously discussed the PIMCO High Income Fund in late April of this year. As the chart above shows, the bond market has generally been showing signs of strength since the previous article was published. In particular, we can see that investment-grade bonds have increased in price due mostly to investors becoming optimistic that interest rates will be cut by the end of this year. Bonds have already priced in these interest rate cuts, so will probably be negatively impacted if the central bank fails to reduce interest rates as expected. However, we will save the interest rate speculation for later in this article. For now, the important thing is that this performance would lead us to expect that the PIMCO High Income Fund has delivered a respectable share price performance since the previous article was published. However, this has not been the case. In fact, shares of the PIMCO High Income Fund have declined by 0.21% over the period. This is much worse than either domestic investment-grade or domestic junk bonds have delivered over the same period of time:   Seeking Alpha We can clearly see that the PIMCO High Income Fund underperformed the S&P 500 Index (SP500) during the period. That, however, is expected since nobody would ever expect a bond fund to outperform common stocks. The true disappointment here is that the PIMCO High Income Fund underperformed domestic bonds by quite a lot. This is a surprising performance from a PIMCO fund, since many closed-end bond funds from this sponsor outperform the domestic bond markets during most periods. However, as I pointed out in my previous article on this fund: A cursory look at a fund’s share price performance does not really provide an accurate picture of what investors in the fund actually received. This is because bonds deliver a significant portion of their investment return in the form of direct payments to their holders. The PIMCO High Income Fund, as with all closed-end funds, pays out all of its investment profits to the shareholders and aims to keep its portfolio value relatively stable over the long term. As such, we need to include the distribution into our analysis to determine the return that investors actually received. When we include the distributions that the PIMCO High Income Fund, as well as the index funds, paid out since April 29, 2024, we get the following alternative chart:   Seeking Alpha Once again, we can see that the PIMCO High Income Fund underperformed both of the bond indices, although the difference is not nearly as prominent. This makes sense since the PIMCO High Income Fund has a substantially higher yield than any of the domestic bond indices. It is also far higher than the 1.36% current yield of the S&P 500 Index. Over a longer period of time, we will almost certainly see this fund outperform the bond indices, unless its share price were to decline dramatically. However, over the trailing three-year, five-year, and ten-year periods, the PIMCO High Income Fund ends up underperforming the domestic junk bond index after including the distributions that were paid out by the fund and by the index fund tracking the bonds. The PIMCO High Income Fund does pretty consistently beat domestic investment-grade bonds over most multi-year periods, though. As a few months have passed since we previously discussed the PIMCO High Income Fund, it seems to be a good time to revisit this fund. In particular, we need to make sure that our previous thesis still holds true and if we need to make any changes to it. The remainder of this article will focus on this task. About The Fund According to the fund’s website, the PIMCO High Income Fund has the primary objective of providing its investors with a high level of current income. As this is a PIMCO fund, we can probably assume that this fund primarily invests in the bond markets, in which case the provision of current income would make a great deal of sense. The website provides a description of the fund’s overall strategy:  Using a dynamic asset allocation strategy among multiple fixed income sectors in the credit markets, the fund seeks high current income with capital appreciation as a secondary objective. Aiming to identify securities that provide high current income and/or capital appreciation, the fund focuses on duration management, credit quality analysis, risk management techniques and broad diversification among issuers, industries and sectors as well as other risk management techniques designed to manage default risk. The Fund may invest any portion of its assets (or none) in below-investment-grade securities, or high yield bonds (also known as junk bonds). The fund will not invest more than 25% of total assets in non-U.S.-dollar-denominated securities. The fund will not invest more than 40% of total assets in securities of issuers located in emerging market countries. Additionally, the fund will normally maintain an average portfolio duration of between zero and eight years.  This description clearly explains that the PIMCO High Income Fund is a debt-focused fund. The fund appears to be able to invest in just about any area of the debt market that it wants to. However, there are a few restrictions limiting its exposure to areas of the market that many American investors would consider to be of particularly high risk. Most particularly, the fund is limited in its ability to invest in anything paying its coupon in foreign currencies, as well as its ability to invest in emerging market assets generally. I will admit that I, personally, would like to get exposure to these assets as a hedge against long-term U.S. dollar devaluation that seems almost inevitable given current geopolitical trends and the fiscal situation of the U.S. Federal Government. There are purpose-built closed-end funds that investors can use to get that exposure if so desired, however. In the case of this fund, the restrictions on this fund appear to be in place to prevent it from exposing investors to risks that they might not wish to take. The fund appears to state as much on its website: Consideration of yield is only one component of the portfolio manager’s approach. PIMCO also considers capital appreciation and principal preservation through intensive fundamental, macroeconomic, industry and company-specific research. It is probably a good thing that the fund’s management takes more than simply yield into account. Over most of the past two decades, emerging markets have had substantially higher yields than nearly all domestic and developed foreign market bonds. If the only thing that fund managers cared about was yield, this fund and others like it would have never purchased anything besides emerging market bonds. Indeed, even PIMCO’s own Bill Gross has called developed market bonds “trash.” From an article in the Financial Times: Cash has been trash for a long time but there are new contenders for the investment garbage can. Intermediate to long-term bond funds are in that trash receptacle for sure. Bill Gross also shorted U.S. Treasury securities in early 2018 and in early 2021 as he expected that investors would eventually be unwilling to accept bonds with virtually no interest rate. This chart shows the performance of the Bloomberg U.S. Aggregate Bond Index from January 1, 2010, to January 1, 2020:   Seeking Alpha As we can see, the index was almost perfectly flat. It only increased by 0.07% over the entire ten-year period. If we add in the coupons paid by the bonds, investors only realized a 20.81% total return over the period:   Seeking Alpha That is just over 2% per year. In other words, the only people making money on domestic investment-grade bonds over the entire decade were speculators who attempted to sell bonds at a higher price than they purchased them. The fact that Bill Gross was a manager at PIMCO during this period suggests that he too was one of these speculators. While Gross retired from PIMCO some years back, his investment practices have undoubtedly left a legacy on the company. It therefore makes sense that a fund such as the PIMCO High Income Fund would invest in bonds for purposes apart from simply receiving a very high yield. The fund’s third-quarter 2024 holdings report states that the PIMCO High Income Fund was holding the following assets as of March 31, 2024:   Asset Type % of Net Assets   Loan Participations and Assignments 23.1%   Corporate Bonds & Notes 38.5%   Convertible Bonds & Notes 0.4%   Municipal Bonds & Notes 5.3%   U.S. Government Agencies 2.0%   Non-Agency Mortgage-Backed Securities 12.7%   Asset-Backed Securities 7.8%   Foreign Sovereign Bonds 3.4%   Common Stocks 11.2%   Rights 0.0%   Warrants 0.0%   Preferred Securities 3.6%   Real Estate Investment Trusts 0.5%   Repurchase Agreements 1.7%   Foreign Sovereign Notes (due in less than 1-yr.) 0.0%   U.S. Treasury Bills 0.0%   Money Market Fund 14.6%   Click to enlarge The fund’s holdings report does not explicitly state what percentage of these holdings are invested in emerging market securities. All the foreign sovereign bonds (except Israel) appear to be, however. This is clearly visible here:   PHK Q3 2024 Holdings Report We see here bonds from Argentina, Dominican Republic, Ghana, Israel, a Brazilian state government issue, Greece, Romania, Ukraine, and Venezuela. Israel is not really an emerging market, but the rest of these most certainly are. I will admit that these are some of the last countries whose bonds I expected to see in any bond fund. Many of them have been mentioned in the news media recently, and not all of them for reasons that will inspire confidence in all investors. For example, consider the following:   Argentina: The new president, Javier Milei, has promised to cut government spending. Some media sources have framed this in a negative light, but it is difficult to see how reducing government spending and debt would be bad for bondholders.  Ukraine: As we all know, Ukraine is embroiled in a costly war with Russia. Some politicians from foreign countries have levied corruption accusations against Ukraine’s leaders. Thus far, this has not impacted the country’s ability or willingness to make payments on its bonds. It is uncertain whether bondholders will ever need to worry about this. However, it is possible that if the war does enough damage, then Ukraine’s economy will not be able to support substantial debt payments.  Venezuela: The country continues to suffer from very high inflation. The most recent reading puts it at 51.40%, which is the lowest level that inflation has had in a year. Over much of 2023, the country’s inflation rate was north of 390%. Some Western nations have contested the recent election, but it is uncertain whether this will have any impact on bondholders.  As we can see, there could be reasons to expect that the bonds from these emerging markets might be riskier than those from countries such as Mexico, India, or even China. However, in finance, usually higher risk correlates to a higher reward potential, so the fund might be trying to play that game. In any case, the sovereign issues are such a small proportion of the fund’s total assets that even a loss or two in this category should not have a significant impact on the fund as a whole. In addition to sovereign bond issues, the fund also holds bonds from emerging market companies under the “Corporate Bonds & Notes” category. It does not provide a percentage of assets for these securities, though. It is quite certain that this fund has more than 3.4% of its net assets invested in emerging market securities, but currently it is uncertain exactly how much. The fund’s website does provide the following country breakdown, however:   PIMCO This tells us that 96.51% of the fund’s assets by market value were invested in securities issued by American entities as of June 30, 2024. This is newer than the Schedule of Investments provided in the third-quarter report, which forces us to conclude that the fund reduced its emerging market holdings sometime in the April 2024 to June 2024 period. After all, this chart alone says that 2.32% of the fund’s assets were invested in Brazil as of June 30, 2024. That means that 98.83% of its assets were invested in just these five countries as of that date. The fund therefore could not have been holding more than 1.17% of its assets in securities from issuers in any other country. That would be a decrease in the emerging market allocation that the fund had on March 31, 2024. If the fund did indeed reduce its emerging market allocation over the April 30, 2024, to June 30, 2024, period, it appears to have been a good call for the fund’s management. As we can see here, domestic investment-grade and domestic junk bonds outperformed emerging market bonds over that period:   Seeking Alpha The outperformance of domestic bonds remains true even when we consider the coupons that were paid to investors over the period:   Seeking Alpha Thus, if the fund’s goal is to maximize the return that it gets from its portfolio, it looks like it made the right move in reducing emerging market exposure during the period in question. Leverage As is the case with most closed-end funds, the PIMCO High Income Fund employs leverage as a method of boosting the effective yield that is earned from the securities in the portfolio. I explained how this works in my previous article on this fund:  In short, this fund is borrowing money and then using these borrowed funds to purchase bonds and other income-producing assets. As long as the interest rate that the fund pays on the borrowed money is less than the yield that it receives from the purchased assets, the strategy works pretty well to boost the effective yield of the portfolio. As this fund is capable of borrowing money at institutional rates, which are considerably lower than retail rates, this will usually be the case. However, the use of debt in this fashion is a double-edged sword. This is because leverage boosts both gains and losses. As a result of this, we want to be sure that the fund is not employing too much leverage because that would expose us to an excessive amount of risk. I generally do not like to see a fund’s leverage exceed a third as a percentage of its assets for this reason.  As of the time of writing, the PIMCO High Income Fund has leveraged assets comprising 15.22% of its total assets. This represents a significant decrease over the 20.32% leverage ratio that the fund had the last time that we discussed it. This is very surprising given that the fund’s share price has been flat. As we have discussed in various previous articles, when a fund’s portfolio stays level, then we would expect its leverage ratio to do the same. The steep decline in the fund’s leverage ratio is even more difficult to explain when we consider that its net asset value actually declined since the previous article was published:   Barchart The only logical conclusion here is that the fund’s management actively paid off some of the borrowings that the fund formerly had outstanding. This is not necessarily surprising, as an argument could have been made to reduce the volatility risks, but it is rather surprising considering that this fund was never very highly leveraged to begin with. Here is how the leverage ratio of the PIMCO High Income Fund compares to that of its peers:   Fund Name Leverage Ratio   PIMCO High Income Fund 15.22%   BlackRock Multi-Sector Income Trust 35.49%   DoubleLine Yield Opportunities Fund 18.40%   Guggenheim Strategic Opportunities Fund 17.53%   TCW Strategic Income Fund 0.00%   Western Asset Diversified Income Fund 31.54%   Click to enlarge (all figures from CEF Data.) As we can clearly see, the leverage ratio of the PIMCO High Income Fund is lower than most of its peers. This is something that risk-averse investors should be able to appreciate, as it should reduce the fund’s volatility somewhat compared to some other bond funds in the market. However, it also means that the fund’s potential returns could be lower than its peers during a bull market run. Currently, though, the potential interest rate cuts later this year appear to be fully priced into bonds, so it seems likely that there is to be a greater risk of bond prices falling than there is upside potential. As such, a lower level of leverage is probably appropriate right now. Valuation Shares of the PIMCO High Income Fund are currently trading at a 5.02% premium on net asset value. This is slightly better than the 5.70% premium that the shares have had on average over the past month. While it is good that the premium is smaller than average, the fund is still trading at a premium, so it is rather expensive. This is definitely not a fund for investors looking for a value play. Conclusion In conclusion, the PIMCO High Income Fund continues to deliver in the current bond market. The share price performance has been disappointing, but the fund has generally been able to make up for it via its distribution. It appears that this fund is moving its assets back to the domestic markets, which has been a good trade over the past three months. I am rather hesitant to be overly invested in the domestic bond market over the long term, but this fund does appear to have the flexibility to move its assets abroad if necessary.  The real problem with PIMCO High Income Fund is that the shares are trading at a fairly large premium to net asset value. It will take nearly half a year of distributions to offset the fact that anyone buying today is overpaying for the bonds in the portfolio. That may not be the best proposition.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2455153669"}