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笨小孩安迪

笨小孩安迪

1亿美金后退出江湖！

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笨小孩安迪

2022-12-24

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2022-12-21

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@谢璞笔记:00後女記者的一場直播挑戰，觸動了多少城市年輕打工人的心

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2022-12-21

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2022-12-06

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What is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month

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2022-12-05

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@节点财经:貝殼走出ICU，但新房業務仍存挑戰

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2022-12-05

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@陈达美股投资:貝殼Q3財報：如何在行業熊市裏跑出阿爾法

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2022-12-05

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@美股解毒师:SaaS的估值中樞跌倒，市場對成長股是何種態度？

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2022-12-05

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2022-11-01

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2021-04-07

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2020-04-15

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2020-03-21

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00後的女記者，在浙江的一個小鎮做了一場直播挑戰，幾天的體驗並不輕鬆，卻打開了一個新世界。又或者說，她發現了生活的另一面，人生的另一種可能。 這個名叫濮院的小鎮，位於浙江北部，桐鄉轄下，地理條件並不優越，有意思的是，濮院這裏不產羊毛，卻是中國羊毛衫製造的翹楚，也是全國最大的羊毛衫產業帶。 方寸之地的濮院，佔據了中國70%以上的羊毛衫銷售額，有2萬多家各類輔料加工成、檔口和門面，跟中國其他產業帶小鎮一樣，它的一舉一動，能影響中國市場，甚至是海外。 濮院有20多萬的羊毛衫從業者，2021年這座低調的小鎮的產值是1180億元。很多人都是通過淘寶直播賣貨，也不知道從什麼時候開始，淘寶直播成了濮院商家們的“標配”。按着這位北大畢業的00後女記者的說法，這裏隨便找個門店都是人均主播。 濮院淘寶直播間裏，有的人是以前就買羊毛衫，他們從零開始，鍛鍊自己的表達能力。更多的年輕人，他們從天南地北古來，更擅長表達，是從零開始，瞭解每一款羊毛衫的質地和設計。很多主播萌新，通過努力年紀輕輕就月入過萬了。 這位女記者發現，小鎮有小鎮的趣味，繁華的濮院街頭，沒有北京的車水馬龍，馬路上最多的是拉貨的三輪車。行色匆匆的人們，也不是PokerFace般單調，臉上的表情也更豐富。 淘寶直播間的人頭攢動，鏡頭背後街邊來往穿行的三輪車，交織出濮院的興旺煙火。 “濮院整個城市都像一座時裝城一樣”，她說，“跟大城市逛商城不一樣，能夠非常實際的摸到原產地的質感，又有設計感的羊毛衫，都不用去巴黎、米蘭什麼的了”。 二、 這位00後女生，對自己的記者工作還是很滿意。與她同齡的大學生，這兩年年每年都有千萬畢業生，能留在北京，或上海深圳，找到自己喜歡的工作，也是幸運的，少有的。當然，除了自己的努力，這或多或少也跟大學有關吧，畢竟北大也是中國的頂級學府了。更多的年輕人，對於城市和就業，更多的是彷徨和糾結。 年輕人首先要做的一","listText":"一、 00後的女記者，在浙江的一個小鎮做了一場直播挑戰，幾天的體驗並不輕鬆，卻打開了一個新世界。又或者說，她發現了生活的另一面，人生的另一種可能。 這個名叫濮院的小鎮，位於浙江北部，桐鄉轄下，地理條件並不優越，有意思的是，濮院這裏不產羊毛，卻是中國羊毛衫製造的翹楚，也是全國最大的羊毛衫產業帶。 方寸之地的濮院，佔據了中國70%以上的羊毛衫銷售額，有2萬多家各類輔料加工成、檔口和門面，跟中國其他產業帶小鎮一樣，它的一舉一動，能影響中國市場，甚至是海外。 濮院有20多萬的羊毛衫從業者，2021年這座低調的小鎮的產值是1180億元。很多人都是通過淘寶直播賣貨，也不知道從什麼時候開始，淘寶直播成了濮院商家們的“標配”。按着這位北大畢業的00後女記者的說法，這裏隨便找個門店都是人均主播。 濮院淘寶直播間裏，有的人是以前就買羊毛衫，他們從零開始，鍛鍊自己的表達能力。更多的年輕人，他們從天南地北古來，更擅長表達，是從零開始，瞭解每一款羊毛衫的質地和設計。很多主播萌新，通過努力年紀輕輕就月入過萬了。 這位女記者發現，小鎮有小鎮的趣味，繁華的濮院街頭，沒有北京的車水馬龍，馬路上最多的是拉貨的三輪車。行色匆匆的人們，也不是PokerFace般單調，臉上的表情也更豐富。 淘寶直播間的人頭攢動，鏡頭背後街邊來往穿行的三輪車，交織出濮院的興旺煙火。 “濮院整個城市都像一座時裝城一樣”，她說，“跟大城市逛商城不一樣，能夠非常實際的摸到原產地的質感，又有設計感的羊毛衫，都不用去巴黎、米蘭什麼的了”。 二、 這位00後女生，對自己的記者工作還是很滿意。與她同齡的大學生，這兩年年每年都有千萬畢業生，能留在北京，或上海深圳，找到自己喜歡的工作，也是幸運的，少有的。當然，除了自己的努力，這或多或少也跟大學有關吧，畢竟北大也是中國的頂級學府了。更多的年輕人，對於城市和就業，更多的是彷徨和糾結。 年輕人首先要做的一","text":"一、 00後的女記者，在浙江的一個小鎮做了一場直播挑戰，幾天的體驗並不輕鬆，卻打開了一個新世界。又或者說，她發現了生活的另一面，人生的另一種可能。 這個名叫濮院的小鎮，位於浙江北部，桐鄉轄下，地理條件並不優越，有意思的是，濮院這裏不產羊毛，卻是中國羊毛衫製造的翹楚，也是全國最大的羊毛衫產業帶。 方寸之地的濮院，佔據了中國70%以上的羊毛衫銷售額，有2萬多家各類輔料加工成、檔口和門面，跟中國其他產業帶小鎮一樣，它的一舉一動，能影響中國市場，甚至是海外。 濮院有20多萬的羊毛衫從業者，2021年這座低調的小鎮的產值是1180億元。很多人都是通過淘寶直播賣貨，也不知道從什麼時候開始，淘寶直播成了濮院商家們的“標配”。按着這位北大畢業的00後女記者的說法，這裏隨便找個門店都是人均主播。 濮院淘寶直播間裏，有的人是以前就買羊毛衫，他們從零開始，鍛鍊自己的表達能力。更多的年輕人，他們從天南地北古來，更擅長表達，是從零開始，瞭解每一款羊毛衫的質地和設計。很多主播萌新，通過努力年紀輕輕就月入過萬了。 這位女記者發現，小鎮有小鎮的趣味，繁華的濮院街頭，沒有北京的車水馬龍，馬路上最多的是拉貨的三輪車。行色匆匆的人們，也不是PokerFace般單調，臉上的表情也更豐富。 淘寶直播間的人頭攢動，鏡頭背後街邊來往穿行的三輪車，交織出濮院的興旺煙火。 “濮院整個城市都像一座時裝城一樣”，她說，“跟大城市逛商城不一樣，能夠非常實際的摸到原產地的質感，又有設計感的羊毛衫，都不用去巴黎、米蘭什麼的了”。 二、 這位00後女生，對自己的記者工作還是很滿意。與她同齡的大學生，這兩年年每年都有千萬畢業生，能留在北京，或上海深圳，找到自己喜歡的工作，也是幸運的，少有的。當然，除了自己的努力，這或多或少也跟大學有關吧，畢竟北大也是中國的頂級學府了。更多的年輕人，對於城市和就業，更多的是彷徨和糾結。 年輕人首先要做的一","images":[{"img":"https://static.tigerbbs.com/32e1e7d3ceff4da885db36a33e3b5bc7"},{"img":"https://static.tigerbbs.com/df27050aacbe430eb06868ad76e82caf"},{"img":"https://static.tigerbbs.com/e9ef739a98c8479ea7d90e96065712d9"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/623885055","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":9,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":623573304,"gmtCreate":1671553966210,"gmtModify":1676538555334,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/623573304","repostId":"1137669632","repostType":2,"isVote":1,"tweetType":1,"viewCount":1455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629385365,"gmtCreate":1670264120459,"gmtModify":1676538332359,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629385365","repostId":"1154524810","repostType":2,"repost":{"id":"1154524810","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":1670234114,"share":"https://ttm.financial/m/news/1154524810?lang=en_US&edition=fundamental","pubTime":"2022-12-05 17:55","market":"sh","language":"zh","title":"What is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month","url":"https://stock-news.laohu8.com/highlight/detail?id=1154524810","media":"华尔街见闻","summary":"这一个月的地产债在持续优化的防疫政策和“三支箭“的共同助力下涨疯了，碧桂园旗下美元债过去一个月回报达404%，远洋集团紧随其后，回报达275%。不断优化的防疫政策和房地产“十六条”的金融组合拳下，这一","content":"<p><html><head></head><body>This month's real estate bonds went crazy with the joint help of the continuously optimized epidemic prevention policy and the \"three arrows\". Country Garden's US dollar bonds returned 404% in the past month, followed by Sino-Ocean Group, with a return of 275%. Under the continuously optimized epidemic prevention policy and the financial combination of \"Sixteen Articles\" of real estate, the real estate bonds went crazy this month.</p><p>With the launch of the \"three arrows\" of the CSRC to support the equity financing of housing enterprises in November, the real estate dollar bond started a month of soaring. According to Bloomberg's statistics of China's dollar high-yield bond index, the average monthly return of the index was 26%. As of last Friday,<b>Country Garden's bonds returned 404% in the past month, followed by Sino-Ocean Group with a return of 275%.</b></p><p>As far as today's disk is concerned, the rise of real estate dollar bonds continues, and Xuhui's bonds set off a temporary stop tide. As of the close, \"20 Xuhui 02\" rose by more than 43%, \"21 Xuhui 03\" rose by more than 35%, \"20 Xuhui 03\" rose by more than 31%, \"20 Xuhui 01\" rose by more than 30%, and \"21 Xuhui 02\" rose by more than 29%. \"22 Longhu 03\" rose by more than 27%, \"20 Shimao 04\" and \"20 Hejing 04\" rose by more than 19%, \"21 Ocean 02\" rose by more than 16%, and \"21 Baolong 01\" rose by more than 15%.</p><p><img src=\"https://static.tigerbbs.com/5c6aacf726011dc4bce7c5d9c1d2f6f2\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since mid-September this year, with the market's concerns about the liquidity of real estate companies, real estate bonds began to fall. According to statistics compiled by Bloomberg, Country Garden's dollar bonds due 2024 were as low as 10 cents per dollar face value bid on Nov. 2.</p><p>Starting from November 11th, the central bank and China Banking and Insurance Regulatory Commission issued the Notice on Doing a Good Job in the Current Financial Support for the Stable and Healthy Development of the Real Estate Market, and introduced 16 measures to support the stable and healthy development of the real estate market (the \"Sixteen Articles\" of real estate), which accurately met the most important concerns of the current market. Country Garden's bonds began to soar. As of December 5th, Country Garden's US dollar bonds due in 2024 had risen from about 10 cents to 69 cents, setting off a \"temporary stop tide\" many times.</p><p>At the same time, Country Garden's Hong Kong stock price also fluctuated sharply, falling from HK$ 4.95 on June 30th to HK$ 1 on November 1st. But then Country Garden stock began to rebound sharply, ranking among the top performers in the Chinese real estate index, with the real estate index rising by more than 51% in the same period. Country Garden has rebounded from HK$ 1 on November 1st to HK$ 3.10 on December 5th, a rebound of over 200%.</p><p><img src=\"https://static.tigerbbs.com/e14b8cfff8b9effd6ff6814d2bf57802\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Wall Street News previously pointed out that as of December 2nd, Country Garden had received comprehensive credit support of over 300 billion yuan from ten banks.</p><p>According to the media, Zhi Wei Feng, a senior analyst at Loomis Sayles, said on December 5th that Country Garden appeared on almost all regulatory rescue lists, from project loans to bond issuance. Feng said:</p><p>Country Garden's dollar bond is one of the most liquid dollar bonds in the market, so it can rise by 404%, reflecting the market's confidence in its future development prospects. At the same time, Feng also pointed out that investors' optimism about real estate bonds is based on the \"three arrows\" policy, which aims to inject liquidity into high-quality housing enterprises.</p><p>According to the research report of CICC, the supply side has made breakthroughs from the \"first arrow\" bank credit support, the \"second arrow\" bond financing assistance to the \"third arrow\" equity financing loosening, with comprehensive tools and positive efforts, which will help alleviate the difficulties on the credit side of the industry and optimize the overall liquidity, and will help to boost market confidence in the short term and promote fundamental stabilization in the medium and long term.</p><p>CITIC Securities Mingming team pointed out that the general direction of \"housing for living, not speculation\" is not expected to change, but the policy strength of supporting real estate is gradually increasing, and it is expected that the investment and financing environment of the real estate market will be healthier.</p><p>Wall Street News confirmed from a number of financing departments of housing enterprises on December 2nd that four state-owned banks, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China, will provide housing enterprises with overseas loans with domestic assets as collateral before December 10th to help them repay their overseas debts.</p><p>With the continuous escalation of financial \"stabilizing the property market\", Ting Meng, senior analyst of the credit department of ANZ Bank (China) Co., Ltd., pointed out that with the support of the government and commercial banks providing sufficient liquidity for real estate developers,<b>Quality developers' stocks and bonds will continue to rally in early 2023</b>。</p><p></body></html></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>What is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month\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\">2022-12-05 17:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This month's real estate bonds went crazy with the joint help of the continuously optimized epidemic prevention policy and the \"three arrows\". Country Garden's US dollar bonds returned 404% in the past month, followed by Sino-Ocean Group, with a return of 275%. Under the continuously optimized epidemic prevention policy and the financial combination of \"Sixteen Articles\" of real estate, the real estate bonds went crazy this month.</p><p>With the launch of the \"three arrows\" of the CSRC to support the equity financing of housing enterprises in November, the real estate dollar bond started a month of soaring. According to Bloomberg's statistics of China's dollar high-yield bond index, the average monthly return of the index was 26%. As of last Friday,<b>Country Garden's bonds returned 404% in the past month, followed by Sino-Ocean Group with a return of 275%.</b></p><p>As far as today's disk is concerned, the rise of real estate dollar bonds continues, and Xuhui's bonds set off a temporary stop tide. As of the close, \"20 Xuhui 02\" rose by more than 43%, \"21 Xuhui 03\" rose by more than 35%, \"20 Xuhui 03\" rose by more than 31%, \"20 Xuhui 01\" rose by more than 30%, and \"21 Xuhui 02\" rose by more than 29%. \"22 Longhu 03\" rose by more than 27%, \"20 Shimao 04\" and \"20 Hejing 04\" rose by more than 19%, \"21 Ocean 02\" rose by more than 16%, and \"21 Baolong 01\" rose by more than 15%.</p><p><img src=\"https://static.tigerbbs.com/5c6aacf726011dc4bce7c5d9c1d2f6f2\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since mid-September this year, with the market's concerns about the liquidity of real estate companies, real estate bonds began to fall. According to statistics compiled by Bloomberg, Country Garden's dollar bonds due 2024 were as low as 10 cents per dollar face value bid on Nov. 2.</p><p>Starting from November 11th, the central bank and China Banking and Insurance Regulatory Commission issued the Notice on Doing a Good Job in the Current Financial Support for the Stable and Healthy Development of the Real Estate Market, and introduced 16 measures to support the stable and healthy development of the real estate market (the \"Sixteen Articles\" of real estate), which accurately met the most important concerns of the current market. Country Garden's bonds began to soar. As of December 5th, Country Garden's US dollar bonds due in 2024 had risen from about 10 cents to 69 cents, setting off a \"temporary stop tide\" many times.</p><p>At the same time, Country Garden's Hong Kong stock price also fluctuated sharply, falling from HK$ 4.95 on June 30th to HK$ 1 on November 1st. But then Country Garden stock began to rebound sharply, ranking among the top performers in the Chinese real estate index, with the real estate index rising by more than 51% in the same period. Country Garden has rebounded from HK$ 1 on November 1st to HK$ 3.10 on December 5th, a rebound of over 200%.</p><p><img src=\"https://static.tigerbbs.com/e14b8cfff8b9effd6ff6814d2bf57802\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Wall Street News previously pointed out that as of December 2nd, Country Garden had received comprehensive credit support of over 300 billion yuan from ten banks.</p><p>According to the media, Zhi Wei Feng, a senior analyst at Loomis Sayles, said on December 5th that Country Garden appeared on almost all regulatory rescue lists, from project loans to bond issuance. Feng said:</p><p>Country Garden's dollar bond is one of the most liquid dollar bonds in the market, so it can rise by 404%, reflecting the market's confidence in its future development prospects. At the same time, Feng also pointed out that investors' optimism about real estate bonds is based on the \"three arrows\" policy, which aims to inject liquidity into high-quality housing enterprises.</p><p>According to the research report of CICC, the supply side has made breakthroughs from the \"first arrow\" bank credit support, the \"second arrow\" bond financing assistance to the \"third arrow\" equity financing loosening, with comprehensive tools and positive efforts, which will help alleviate the difficulties on the credit side of the industry and optimize the overall liquidity, and will help to boost market confidence in the short term and promote fundamental stabilization in the medium and long term.</p><p>CITIC Securities Mingming team pointed out that the general direction of \"housing for living, not speculation\" is not expected to change, but the policy strength of supporting real estate is gradually increasing, and it is expected that the investment and financing environment of the real estate market will be healthier.</p><p>Wall Street News confirmed from a number of financing departments of housing enterprises on December 2nd that four state-owned banks, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China, will provide housing enterprises with overseas loans with domestic assets as collateral before December 10th to help them repay their overseas debts.</p><p>With the continuous escalation of financial \"stabilizing the property market\", Ting Meng, senior analyst of the credit department of ANZ Bank (China) Co., Ltd., pointed out that with the support of the government and commercial banks providing sufficient liquidity for real estate developers,<b>Quality developers' stocks and bonds will continue to rally in early 2023</b>。</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7aa2149ef8a80f77e2806ac3e2644925","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154524810","content_text":"这一个月的地产债在持续优化的防疫政策和“三支箭“的共同助力下涨疯了，碧桂园旗下美元债过去一个月回报达404%，远洋集团紧随其后，回报达275%。不断优化的防疫政策和房地产“十六条”的金融组合拳下，这一个月地产债涨疯了。随着11月证监会支持房企股权融资“三支箭”齐齐发射，地产美元债开始了一个月的暴涨，根据彭博对中国美元高收益债券指数的统计，该指数平均月度回报为26%，截至上周五，碧桂园旗下债券在过去一个月回报达404%，远洋集团紧随其后，回报达275%。就今日盘面来看，地产美元债涨势仍在继续，旭辉旗下债券掀起临停潮。截至收盘，“20旭辉02”涨超43%，“21旭辉03”涨超35%，“20旭辉03”涨超31%，“20旭辉01”涨超30%，“21旭辉02”涨超29%。“22龙湖03”涨超27%，“20世茂04”、“20合景04”涨超19%，“21远洋02”涨超16%，“21宝龙01”涨超15%。从今年9月中旬开始，随着市场对地产公司流动性问题的担忧，地产债开始下跌。根据彭博汇编的数据统计，碧桂园2024年到期的美元债券在11月2日低至每1美元面值买价10美分。从11月11日开始，央行、银保监会发布《关于做好当前金融支持房地产市场平稳健康发展工作的通知》，出台十六条措施支持房地产市场平稳健康发展（房地产“十六条”），准确切中当前市场的最主要担忧，碧桂园债券便开始暴涨，截至12月5日，碧桂园2024年到期的美元债已从约10美分涨至69美分，多次掀起“临停潮”。同时，碧桂园港股股价也出现了大幅波动，从6月30日的4.95港元跌至11月1日的1港元。但随后碧桂园股票开始大幅反弹，在中资地产指数中表现居前，同期地产指数上涨超51%。碧桂园已从11月1日的1港元反弹至12月5日的3.10港元，反弹幅度超200%。华尔街见闻此前指出，截至12月2日，碧桂园已获十家银行超3000亿元综合授信支持。媒体称Loomis Sayles高级分析师Zhi Wei Feng12月5日表示，从项目贷款到债券发行，碧桂园几乎出现在所有监管部门的救助清单上，Feng说：碧桂园的美元债是市场上流动性最好的美元债之一，所以涨幅能到达404%，反映出了市场对其未来发展前景的信心。同时，Feng还指出，投资者对地产债的的乐观态度是基于“三支箭”政策，该政策旨在为优质房企注入流动性。中金公司研报指出，供给侧从“第一支箭”银行信贷支持、“第二支箭”债券融资帮扶到“第三支箭”股权融资松绑层层突破，工具全面、力度积极，有助于行业信用端困难纾解和流动性整体优化，对于短期提振市场信心和中长期促进基本面企稳均有助益。中信证券明明团队指出“房住不炒”的大方向预计不会出现变化，但托底地产的政策力度正在逐渐增加，预计房地产市场的投融资环境也将更加健康。华尔街见闻于12月2日从多家房企融资部门处确认，包括中国银行、中国建设银行、中国工商银行及中国农业银行在内的国有四大行，将在12月10日前，为房企提供以国内资产作为抵押品的境外贷款，帮助房企偿还海外债务。在金融“稳楼市”力度的不断升级中，澳新银行（中国）有限公司的信贷部门高级分析师Ting Meng指出政府和商业银行为房地产开发商提供充足的流动性的支持下，优质开发商的股票和债券还会在2023年初继续反弹。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629907728,"gmtCreate":1670179644565,"gmtModify":1676538314309,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629907728","repostId":"620741117","repostType":1,"repost":{"id":620741117,"gmtCreate":1669994169441,"gmtModify":1676538285059,"author":{"id":"3539674289973208","authorId":"3539674289973208","name":"节点财经","avatar":"https://static.tigerbbs.com/8bc4a2c77823eb34200081e30d39a4d3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3539674289973208","idStr":"3539674289973208"},"themes":[],"title":"貝殼走出ICU，但新房業務仍存挑戰","htmlText":"文/四海出品/節點財經短短20天內，房地產行業迎來了信貸、債券、股權“三隻援軍”穩融資，地產股也因此大漲。這些政策對服務平臺貝殼來說也是利好因素，畢竟它的主要收入來自於新房和存量房交易，地產回暖有助於激活其主要業務。在此之前，貝殼由於房產行業進入下行期也受到了影響。最近發佈的三季報顯示，貝殼仍沒有恢復元氣，其總交易額同比下降11.3%至7371億元，總收入同比下降2.8%至爲176億，元。不過，貝殼已經有了回暖的趨勢，其收入環比大增28%，新業務和利潤表現也遠好於去年同期。在三季度，存量房在貝殼的體系內依然是佔比最高的一部分，超過了60%，交易規模同比增長了18.7%。新房交易表現稍差一些，交易額爲2615億元，同比下降36.2%。新業務交易額也在下滑，本季度下滑了41.7%。家裝業務本季度的表現最好，交易規模達到了20億元，而去年同期只有6600萬元。這直接導致該業務的收入從去年同期的6000萬元大幅增長至18億元，是所有業務中增長最快的。節點財經注意到，貝殼目前在大力推動家裝業務發展。該業務的發展轉折點是去年7月，貝殼收購了聖都家裝，最近又在佛山、成都、東莞等地開出了多家線下門店，這意味着該業務正在向全國擴張。佛山店開業時，貝殼方面就提到“希望陸續完善華南市場的門店網絡”。增速第二快的收入板塊是新業務及其他，三季度的收入達到8.01億元，較去年同期的5.5億元增長45.8%，主要由於輕託管租賃服務的淨收入增加，金融服務淨收入減少抵銷了部分增幅。不過，貝殼最大的助力還是新房業務，該業務三季度的收入爲78元，同比增長17%，存量房業務收入爲72億元，同比增長16.6%，環比增長29%。各個業務板塊的平穩表現讓貝殼三季度收窄了下降趨勢。而在利潤方面，貝殼實現了扭虧爲盈，三季度的淨利潤達到7.16億元，去年同期爲淨虧損17.66億元。總體來看，貝殼展示了較強的韌性，已經走出了I","listText":"文/四海出品/節點財經短短20天內，房地產行業迎來了信貸、債券、股權“三隻援軍”穩融資，地產股也因此大漲。這些政策對服務平臺貝殼來說也是利好因素，畢竟它的主要收入來自於新房和存量房交易，地產回暖有助於激活其主要業務。在此之前，貝殼由於房產行業進入下行期也受到了影響。最近發佈的三季報顯示，貝殼仍沒有恢復元氣，其總交易額同比下降11.3%至7371億元，總收入同比下降2.8%至爲176億，元。不過，貝殼已經有了回暖的趨勢，其收入環比大增28%，新業務和利潤表現也遠好於去年同期。在三季度，存量房在貝殼的體系內依然是佔比最高的一部分，超過了60%，交易規模同比增長了18.7%。新房交易表現稍差一些，交易額爲2615億元，同比下降36.2%。新業務交易額也在下滑，本季度下滑了41.7%。家裝業務本季度的表現最好，交易規模達到了20億元，而去年同期只有6600萬元。這直接導致該業務的收入從去年同期的6000萬元大幅增長至18億元，是所有業務中增長最快的。節點財經注意到，貝殼目前在大力推動家裝業務發展。該業務的發展轉折點是去年7月，貝殼收購了聖都家裝，最近又在佛山、成都、東莞等地開出了多家線下門店，這意味着該業務正在向全國擴張。佛山店開業時，貝殼方面就提到“希望陸續完善華南市場的門店網絡”。增速第二快的收入板塊是新業務及其他，三季度的收入達到8.01億元，較去年同期的5.5億元增長45.8%，主要由於輕託管租賃服務的淨收入增加，金融服務淨收入減少抵銷了部分增幅。不過，貝殼最大的助力還是新房業務，該業務三季度的收入爲78元，同比增長17%，存量房業務收入爲72億元，同比增長16.6%，環比增長29%。各個業務板塊的平穩表現讓貝殼三季度收窄了下降趨勢。而在利潤方面，貝殼實現了扭虧爲盈，三季度的淨利潤達到7.16億元，去年同期爲淨虧損17.66億元。總體來看，貝殼展示了較強的韌性，已經走出了I","text":"文/四海出品/節點財經短短20天內，房地產行業迎來了信貸、債券、股權“三隻援軍”穩融資，地產股也因此大漲。這些政策對服務平臺貝殼來說也是利好因素，畢竟它的主要收入來自於新房和存量房交易，地產回暖有助於激活其主要業務。在此之前，貝殼由於房產行業進入下行期也受到了影響。最近發佈的三季報顯示，貝殼仍沒有恢復元氣，其總交易額同比下降11.3%至7371億元，總收入同比下降2.8%至爲176億，元。不過，貝殼已經有了回暖的趨勢，其收入環比大增28%，新業務和利潤表現也遠好於去年同期。在三季度，存量房在貝殼的體系內依然是佔比最高的一部分，超過了60%，交易規模同比增長了18.7%。新房交易表現稍差一些，交易額爲2615億元，同比下降36.2%。新業務交易額也在下滑，本季度下滑了41.7%。家裝業務本季度的表現最好，交易規模達到了20億元，而去年同期只有6600萬元。這直接導致該業務的收入從去年同期的6000萬元大幅增長至18億元，是所有業務中增長最快的。節點財經注意到，貝殼目前在大力推動家裝業務發展。該業務的發展轉折點是去年7月，貝殼收購了聖都家裝，最近又在佛山、成都、東莞等地開出了多家線下門店，這意味着該業務正在向全國擴張。佛山店開業時，貝殼方面就提到“希望陸續完善華南市場的門店網絡”。增速第二快的收入板塊是新業務及其他，三季度的收入達到8.01億元，較去年同期的5.5億元增長45.8%，主要由於輕託管租賃服務的淨收入增加，金融服務淨收入減少抵銷了部分增幅。不過，貝殼最大的助力還是新房業務，該業務三季度的收入爲78元，同比增長17%，存量房業務收入爲72億元，同比增長16.6%，環比增長29%。各個業務板塊的平穩表現讓貝殼三季度收窄了下降趨勢。而在利潤方面，貝殼實現了扭虧爲盈，三季度的淨利潤達到7.16億元，去年同期爲淨虧損17.66億元。總體來看，貝殼展示了較強的韌性，已經走出了I","images":[{"img":"https://static.tigerbbs.com/ed0f01e8a30db03ce8541d22cebae8cd"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620741117","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629907439,"gmtCreate":1670179526223,"gmtModify":1676538314301,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629907439","repostId":"620766081","repostType":1,"repost":{"id":620766081,"gmtCreate":1669980086345,"gmtModify":1676538282186,"author":{"id":"115535245075020","authorId":"115535245075020","name":"陈达美股投资","avatar":"https://static.laohu8.com/tiger_upload_file_1458778593.png","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"115535245075020","idStr":"115535245075020"},"themes":[],"title":"貝殼Q3財報：如何在行業熊市裏跑出阿爾法","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/BEKE\">$貝殼(BEKE)$</a><a target=\"_blank\" href=\"https://laohu8.com/S/02423\">$貝殼-W(02423)$</a>&nbsp;&nbsp;貝殼三季度扭虧倒是不容易，不過我想說會計利潤其實沒那麼重要。相比於GTV啊淨利潤啊之類的會計數據，微觀上或許NPS（淨推薦值，一種廣泛使用的市場研究指標，評估用戶向別人推薦產品或服務的可能性）這種口碑數據，以及一二賽道轉化率，更能評價貝殼的運營思路和執行效率；而宏觀上，主要也還得看市場與政策這對臥龍鳳雛的閃轉騰挪，這要比一個季度的盈利來得重要的多（甚至連續四個季度打正的現金流也比單季度盈利重要得多，所以沒必要太在意一次盈利）。房地產現在的市場面和政策面大家都懂——市場面稀爛，而政策面卻格局打開。市場面我就列幾個統計局的數字：新房交易上，Q3全國新建商品住宅銷售GTV同比下降21%，環比下降7%；克爾瑞百強銷售額同比下降33%，環比下降0.2%。跟Q2相比新房同比跌幅的確收窄，但環比仍然不升反降，整個房地產市場還很難說拐點已來，糟心事包括斷供啊、重點市場城市的疫情反覆蹂躪、開發商促銷無力等一系列因素，房地產市場仍在低谷裏徘徊。政策面呢，這個大家比較熟悉，房地產，雖然戲稱爲尿壺但其實是經濟的阿拉丁神燈，不行了就摸幾下，召喚八塊腹肌的燈神，出現了就趕緊許願。所以密集調控的救市決心不容你懷疑，而房地產行業在金融市場自然報之以歌，某中資房地產美元債ETF在前十個月下跌了70%的情況下，11月反彈了60%（相當於10塊跌到3塊再漲回4塊8）。銀行也是積極配合，剛出現《浦發銀行與16家房企簽訂戰略合作協議擬提供意向性融資5300億元》這種夢迴盛唐的新聞。總體上Q3 中央信貸政策開始寬鬆，多地搞“一","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/BEKE\">$貝殼(BEKE)$</a><a target=\"_blank\" href=\"https://laohu8.com/S/02423\">$貝殼-W(02423)$</a>&nbsp;&nbsp;貝殼三季度扭虧倒是不容易，不過我想說會計利潤其實沒那麼重要。相比於GTV啊淨利潤啊之類的會計數據，微觀上或許NPS（淨推薦值，一種廣泛使用的市場研究指標，評估用戶向別人推薦產品或服務的可能性）這種口碑數據，以及一二賽道轉化率，更能評價貝殼的運營思路和執行效率；而宏觀上，主要也還得看市場與政策這對臥龍鳳雛的閃轉騰挪，這要比一個季度的盈利來得重要的多（甚至連續四個季度打正的現金流也比單季度盈利重要得多，所以沒必要太在意一次盈利）。房地產現在的市場面和政策面大家都懂——市場面稀爛，而政策面卻格局打開。市場面我就列幾個統計局的數字：新房交易上，Q3全國新建商品住宅銷售GTV同比下降21%，環比下降7%；克爾瑞百強銷售額同比下降33%，環比下降0.2%。跟Q2相比新房同比跌幅的確收窄，但環比仍然不升反降，整個房地產市場還很難說拐點已來，糟心事包括斷供啊、重點市場城市的疫情反覆蹂躪、開發商促銷無力等一系列因素，房地產市場仍在低谷裏徘徊。政策面呢，這個大家比較熟悉，房地產，雖然戲稱爲尿壺但其實是經濟的阿拉丁神燈，不行了就摸幾下，召喚八塊腹肌的燈神，出現了就趕緊許願。所以密集調控的救市決心不容你懷疑，而房地產行業在金融市場自然報之以歌，某中資房地產美元債ETF在前十個月下跌了70%的情況下，11月反彈了60%（相當於10塊跌到3塊再漲回4塊8）。銀行也是積極配合，剛出現《浦發銀行與16家房企簽訂戰略合作協議擬提供意向性融資5300億元》這種夢迴盛唐的新聞。總體上Q3 中央信貸政策開始寬鬆，多地搞“一","text":"$貝殼(BEKE)$$貝殼-W(02423)$ 貝殼三季度扭虧倒是不容易，不過我想說會計利潤其實沒那麼重要。相比於GTV啊淨利潤啊之類的會計數據，微觀上或許NPS（淨推薦值，一種廣泛使用的市場研究指標，評估用戶向別人推薦產品或服務的可能性）這種口碑數據，以及一二賽道轉化率，更能評價貝殼的運營思路和執行效率；而宏觀上，主要也還得看市場與政策這對臥龍鳳雛的閃轉騰挪，這要比一個季度的盈利來得重要的多（甚至連續四個季度打正的現金流也比單季度盈利重要得多，所以沒必要太在意一次盈利）。房地產現在的市場面和政策面大家都懂——市場面稀爛，而政策面卻格局打開。市場面我就列幾個統計局的數字：新房交易上，Q3全國新建商品住宅銷售GTV同比下降21%，環比下降7%；克爾瑞百強銷售額同比下降33%，環比下降0.2%。跟Q2相比新房同比跌幅的確收窄，但環比仍然不升反降，整個房地產市場還很難說拐點已來，糟心事包括斷供啊、重點市場城市的疫情反覆蹂躪、開發商促銷無力等一系列因素，房地產市場仍在低谷裏徘徊。政策面呢，這個大家比較熟悉，房地產，雖然戲稱爲尿壺但其實是經濟的阿拉丁神燈，不行了就摸幾下，召喚八塊腹肌的燈神，出現了就趕緊許願。所以密集調控的救市決心不容你懷疑，而房地產行業在金融市場自然報之以歌，某中資房地產美元債ETF在前十個月下跌了70%的情況下，11月反彈了60%（相當於10塊跌到3塊再漲回4塊8）。銀行也是積極配合，剛出現《浦發銀行與16家房企簽訂戰略合作協議擬提供意向性融資5300億元》這種夢迴盛唐的新聞。總體上Q3 中央信貸政策開始寬鬆，多地搞“一","images":[{"img":"https://static.tigerbbs.com/f98a40969fee3d6e92b317e0ed6e27d9","width":"632","height":"324"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620766081","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629904570,"gmtCreate":1670177726092,"gmtModify":1676538314246,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629904570","repostId":"620768953","repostType":1,"repost":{"id":620768953,"gmtCreate":1669979564168,"gmtModify":1676538282122,"author":{"id":"3440721572920950","authorId":"3440721572920950","name":"美股解毒师","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3440721572920950","idStr":"3440721572920950"},"themes":[],"title":"SaaS的估值中樞跌倒，市場對成長股是何種態度？","htmlText":"“賣服務”可是曾經一級市場最炙手可熱的項目，而大部分風投給SaaS類公司估值時，都以<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/SNOW\">$Snowflake(SNOW)$</a> 等公司爲標杆（或是估值中樞之一），如今這兩大中樞也悄然滑坡，行業也現退潮。這兩家公司分別於近日公佈了當季業績。<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> Q3財季的總營收爲78.4億美元，同比增長14%，與預期持平。不計入匯率變動的影響爲同比增長19%，高於市場預期的17.4%。其中，訂閱和支持業務營收爲72.33 億美元，同比增長13%，略低於市場預期的72.9億美元；專業服務和其他業務營收爲6億美元，同比增長25%，高於市場預期的5.7億美元。可以看的出來，整體收入還是超預期的，只不過美元太強勢，幾乎抹去了收入端超市場預期的部分。更重要的是，訂閱業務增長開始放緩，四個大項中，平臺的影響最低，營銷的影響最大，這也與目前消費、科技行業的公司開始削減費用呼應。同期GAAP淨利潤爲2.10億美元，與去年同期的4.68億美元相比同比下降55%，不過好於預期2.08億元。而讓二級市場比較擔憂的有兩點，一個是對Q4財季的指引，收入端是79.3億-80.3億美元，中值低於市場預期的80.1億；另一個是聯席CEO Bret Taylor將在1月底離開。跟了6年的老將突然離席，自然是讓市場有所忌憚。因此，CRM在12月1日的交易中大跌8.3%。","listText":"“賣服務”可是曾經一級市場最炙手可熱的項目，而大部分風投給SaaS類公司估值時，都以<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/SNOW\">$Snowflake(SNOW)$</a> 等公司爲標杆（或是估值中樞之一），如今這兩大中樞也悄然滑坡，行業也現退潮。這兩家公司分別於近日公佈了當季業績。<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> Q3財季的總營收爲78.4億美元，同比增長14%，與預期持平。不計入匯率變動的影響爲同比增長19%，高於市場預期的17.4%。其中，訂閱和支持業務營收爲72.33 億美元，同比增長13%，略低於市場預期的72.9億美元；專業服務和其他業務營收爲6億美元，同比增長25%，高於市場預期的5.7億美元。可以看的出來，整體收入還是超預期的，只不過美元太強勢，幾乎抹去了收入端超市場預期的部分。更重要的是，訂閱業務增長開始放緩，四個大項中，平臺的影響最低，營銷的影響最大，這也與目前消費、科技行業的公司開始削減費用呼應。同期GAAP淨利潤爲2.10億美元，與去年同期的4.68億美元相比同比下降55%，不過好於預期2.08億元。而讓二級市場比較擔憂的有兩點，一個是對Q4財季的指引，收入端是79.3億-80.3億美元，中值低於市場預期的80.1億；另一個是聯席CEO Bret Taylor將在1月底離開。跟了6年的老將突然離席，自然是讓市場有所忌憚。因此，CRM在12月1日的交易中大跌8.3%。","text":"“賣服務”可是曾經一級市場最炙手可熱的項目，而大部分風投給SaaS類公司估值時，都以$賽富時(CRM)$ 、$Snowflake(SNOW)$ 等公司爲標杆（或是估值中樞之一），如今這兩大中樞也悄然滑坡，行業也現退潮。這兩家公司分別於近日公佈了當季業績。$賽富時(CRM)$ Q3財季的總營收爲78.4億美元，同比增長14%，與預期持平。不計入匯率變動的影響爲同比增長19%，高於市場預期的17.4%。其中，訂閱和支持業務營收爲72.33 億美元，同比增長13%，略低於市場預期的72.9億美元；專業服務和其他業務營收爲6億美元，同比增長25%，高於市場預期的5.7億美元。可以看的出來，整體收入還是超預期的，只不過美元太強勢，幾乎抹去了收入端超市場預期的部分。更重要的是，訂閱業務增長開始放緩，四個大項中，平臺的影響最低，營銷的影響最大，這也與目前消費、科技行業的公司開始削減費用呼應。同期GAAP淨利潤爲2.10億美元，與去年同期的4.68億美元相比同比下降55%，不過好於預期2.08億元。而讓二級市場比較擔憂的有兩點，一個是對Q4財季的指引，收入端是79.3億-80.3億美元，中值低於市場預期的80.1億；另一個是聯席CEO Bret Taylor將在1月底離開。跟了6年的老將突然離席，自然是讓市場有所忌憚。因此，CRM在12月1日的交易中大跌8.3%。","images":[{"img":"https://static.tigerbbs.com/a4a0428cffb47736ecb718cff7314840","width":"2457","height":"1378"},{"img":"https://static.tigerbbs.com/18ca986d0fac4bda057d5b60cc9f5cd6","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/f0a097843660db61357063d32d0ca301","width":"2457","height":"1378"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620768953","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629904217,"gmtCreate":1670177601841,"gmtModify":1676538314238,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629904217","repostId":"629046263","repostType":1,"isVote":1,"tweetType":1,"viewCount":1437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":665631567,"gmtCreate":1667233675564,"gmtModify":1676537882249,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/665631567","repostId":"2279827726","repostType":2,"isVote":1,"tweetType":1,"viewCount":1962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341989882,"gmtCreate":1617770703346,"gmtModify":1704702911595,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341989882","repostId":"1115504047","repostType":4,"isVote":1,"tweetType":1,"viewCount":1581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":926087659,"gmtCreate":1586937851571,"gmtModify":1705302407732,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/926087659","repostId":"1150418869","repostType":4,"isVote":1,"tweetType":1,"viewCount":37,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":920960174,"gmtCreate":1584772950698,"gmtModify":1705296010242,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546509618861909","idStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/920960174","repostId":"1125376260","repostType":2,"isVote":1,"tweetType":1,"viewCount":57,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":621954934,"gmtCreate":1671857382430,"gmtModify":1676538604495,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/621954934","repostId":"2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00後的女記者，在浙江的一個小鎮做了一場直播挑戰，幾天的體驗並不輕鬆，卻打開了一個新世界。又或者說，她發現了生活的另一面，人生的另一種可能。 這個名叫濮院的小鎮，位於浙江北部，桐鄉轄下，地理條件並不優越，有意思的是，濮院這裏不產羊毛，卻是中國羊毛衫製造的翹楚，也是全國最大的羊毛衫產業帶。 方寸之地的濮院，佔據了中國70%以上的羊毛衫銷售額，有2萬多家各類輔料加工成、檔口和門面，跟中國其他產業帶小鎮一樣，它的一舉一動，能影響中國市場，甚至是海外。 濮院有20多萬的羊毛衫從業者，2021年這座低調的小鎮的產值是1180億元。很多人都是通過淘寶直播賣貨，也不知道從什麼時候開始，淘寶直播成了濮院商家們的“標配”。按着這位北大畢業的00後女記者的說法，這裏隨便找個門店都是人均主播。 濮院淘寶直播間裏，有的人是以前就買羊毛衫，他們從零開始，鍛鍊自己的表達能力。更多的年輕人，他們從天南地北古來，更擅長表達，是從零開始，瞭解每一款羊毛衫的質地和設計。很多主播萌新，通過努力年紀輕輕就月入過萬了。 這位女記者發現，小鎮有小鎮的趣味，繁華的濮院街頭，沒有北京的車水馬龍，馬路上最多的是拉貨的三輪車。行色匆匆的人們，也不是PokerFace般單調，臉上的表情也更豐富。 淘寶直播間的人頭攢動，鏡頭背後街邊來往穿行的三輪車，交織出濮院的興旺煙火。 “濮院整個城市都像一座時裝城一樣”，她說，“跟大城市逛商城不一樣，能夠非常實際的摸到原產地的質感，又有設計感的羊毛衫，都不用去巴黎、米蘭什麼的了”。 二、 這位00後女生，對自己的記者工作還是很滿意。與她同齡的大學生，這兩年年每年都有千萬畢業生，能留在北京，或上海深圳，找到自己喜歡的工作，也是幸運的，少有的。當然，除了自己的努力，這或多或少也跟大學有關吧，畢竟北大也是中國的頂級學府了。更多的年輕人，對於城市和就業，更多的是彷徨和糾結。 年輕人首先要做的一","listText":"一、 00後的女記者，在浙江的一個小鎮做了一場直播挑戰，幾天的體驗並不輕鬆，卻打開了一個新世界。又或者說，她發現了生活的另一面，人生的另一種可能。 這個名叫濮院的小鎮，位於浙江北部，桐鄉轄下，地理條件並不優越，有意思的是，濮院這裏不產羊毛，卻是中國羊毛衫製造的翹楚，也是全國最大的羊毛衫產業帶。 方寸之地的濮院，佔據了中國70%以上的羊毛衫銷售額，有2萬多家各類輔料加工成、檔口和門面，跟中國其他產業帶小鎮一樣，它的一舉一動，能影響中國市場，甚至是海外。 濮院有20多萬的羊毛衫從業者，2021年這座低調的小鎮的產值是1180億元。很多人都是通過淘寶直播賣貨，也不知道從什麼時候開始，淘寶直播成了濮院商家們的“標配”。按着這位北大畢業的00後女記者的說法，這裏隨便找個門店都是人均主播。 濮院淘寶直播間裏，有的人是以前就買羊毛衫，他們從零開始，鍛鍊自己的表達能力。更多的年輕人，他們從天南地北古來，更擅長表達，是從零開始，瞭解每一款羊毛衫的質地和設計。很多主播萌新，通過努力年紀輕輕就月入過萬了。 這位女記者發現，小鎮有小鎮的趣味，繁華的濮院街頭，沒有北京的車水馬龍，馬路上最多的是拉貨的三輪車。行色匆匆的人們，也不是PokerFace般單調，臉上的表情也更豐富。 淘寶直播間的人頭攢動，鏡頭背後街邊來往穿行的三輪車，交織出濮院的興旺煙火。 “濮院整個城市都像一座時裝城一樣”，她說，“跟大城市逛商城不一樣，能夠非常實際的摸到原產地的質感，又有設計感的羊毛衫，都不用去巴黎、米蘭什麼的了”。 二、 這位00後女生，對自己的記者工作還是很滿意。與她同齡的大學生，這兩年年每年都有千萬畢業生，能留在北京，或上海深圳，找到自己喜歡的工作，也是幸運的，少有的。當然，除了自己的努力，這或多或少也跟大學有關吧，畢竟北大也是中國的頂級學府了。更多的年輕人，對於城市和就業，更多的是彷徨和糾結。 年輕人首先要做的一","text":"一、 00後的女記者，在浙江的一個小鎮做了一場直播挑戰，幾天的體驗並不輕鬆，卻打開了一個新世界。又或者說，她發現了生活的另一面，人生的另一種可能。 這個名叫濮院的小鎮，位於浙江北部，桐鄉轄下，地理條件並不優越，有意思的是，濮院這裏不產羊毛，卻是中國羊毛衫製造的翹楚，也是全國最大的羊毛衫產業帶。 方寸之地的濮院，佔據了中國70%以上的羊毛衫銷售額，有2萬多家各類輔料加工成、檔口和門面，跟中國其他產業帶小鎮一樣，它的一舉一動，能影響中國市場，甚至是海外。 濮院有20多萬的羊毛衫從業者，2021年這座低調的小鎮的產值是1180億元。很多人都是通過淘寶直播賣貨，也不知道從什麼時候開始，淘寶直播成了濮院商家們的“標配”。按着這位北大畢業的00後女記者的說法，這裏隨便找個門店都是人均主播。 濮院淘寶直播間裏，有的人是以前就買羊毛衫，他們從零開始，鍛鍊自己的表達能力。更多的年輕人，他們從天南地北古來，更擅長表達，是從零開始，瞭解每一款羊毛衫的質地和設計。很多主播萌新，通過努力年紀輕輕就月入過萬了。 這位女記者發現，小鎮有小鎮的趣味，繁華的濮院街頭，沒有北京的車水馬龍，馬路上最多的是拉貨的三輪車。行色匆匆的人們，也不是PokerFace般單調，臉上的表情也更豐富。 淘寶直播間的人頭攢動，鏡頭背後街邊來往穿行的三輪車，交織出濮院的興旺煙火。 “濮院整個城市都像一座時裝城一樣”，她說，“跟大城市逛商城不一樣，能夠非常實際的摸到原產地的質感，又有設計感的羊毛衫，都不用去巴黎、米蘭什麼的了”。 二、 這位00後女生，對自己的記者工作還是很滿意。與她同齡的大學生，這兩年年每年都有千萬畢業生，能留在北京，或上海深圳，找到自己喜歡的工作，也是幸運的，少有的。當然，除了自己的努力，這或多或少也跟大學有關吧，畢竟北大也是中國的頂級學府了。更多的年輕人，對於城市和就業，更多的是彷徨和糾結。 年輕人首先要做的一","images":[{"img":"https://static.tigerbbs.com/32e1e7d3ceff4da885db36a33e3b5bc7"},{"img":"https://static.tigerbbs.com/df27050aacbe430eb06868ad76e82caf"},{"img":"https://static.tigerbbs.com/e9ef739a98c8479ea7d90e96065712d9"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/623885055","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":9,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":623573304,"gmtCreate":1671553966210,"gmtModify":1676538555334,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/623573304","repostId":"1137669632","repostType":2,"isVote":1,"tweetType":1,"viewCount":1455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629385365,"gmtCreate":1670264120459,"gmtModify":1676538332359,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629385365","repostId":"1154524810","repostType":2,"repost":{"id":"1154524810","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":1670234114,"share":"https://ttm.financial/m/news/1154524810?lang=en_US&edition=fundamental","pubTime":"2022-12-05 17:55","market":"sh","language":"zh","title":"What is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month","url":"https://stock-news.laohu8.com/highlight/detail?id=1154524810","media":"华尔街见闻","summary":"这一个月的地产债在持续优化的防疫政策和“三支箭“的共同助力下涨疯了，碧桂园旗下美元债过去一个月回报达404%，远洋集团紧随其后，回报达275%。不断优化的防疫政策和房地产“十六条”的金融组合拳下，这一","content":"<p><html><head></head><body>This month's real estate bonds went crazy with the joint help of the continuously optimized epidemic prevention policy and the \"three arrows\". Country Garden's US dollar bonds returned 404% in the past month, followed by Sino-Ocean Group, with a return of 275%. Under the continuously optimized epidemic prevention policy and the financial combination of \"Sixteen Articles\" of real estate, the real estate bonds went crazy this month.</p><p>With the launch of the \"three arrows\" of the CSRC to support the equity financing of housing enterprises in November, the real estate dollar bond started a month of soaring. According to Bloomberg's statistics of China's dollar high-yield bond index, the average monthly return of the index was 26%. As of last Friday,<b>Country Garden's bonds returned 404% in the past month, followed by Sino-Ocean Group with a return of 275%.</b></p><p>As far as today's disk is concerned, the rise of real estate dollar bonds continues, and Xuhui's bonds set off a temporary stop tide. As of the close, \"20 Xuhui 02\" rose by more than 43%, \"21 Xuhui 03\" rose by more than 35%, \"20 Xuhui 03\" rose by more than 31%, \"20 Xuhui 01\" rose by more than 30%, and \"21 Xuhui 02\" rose by more than 29%. \"22 Longhu 03\" rose by more than 27%, \"20 Shimao 04\" and \"20 Hejing 04\" rose by more than 19%, \"21 Ocean 02\" rose by more than 16%, and \"21 Baolong 01\" rose by more than 15%.</p><p><img src=\"https://static.tigerbbs.com/5c6aacf726011dc4bce7c5d9c1d2f6f2\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since mid-September this year, with the market's concerns about the liquidity of real estate companies, real estate bonds began to fall. According to statistics compiled by Bloomberg, Country Garden's dollar bonds due 2024 were as low as 10 cents per dollar face value bid on Nov. 2.</p><p>Starting from November 11th, the central bank and China Banking and Insurance Regulatory Commission issued the Notice on Doing a Good Job in the Current Financial Support for the Stable and Healthy Development of the Real Estate Market, and introduced 16 measures to support the stable and healthy development of the real estate market (the \"Sixteen Articles\" of real estate), which accurately met the most important concerns of the current market. Country Garden's bonds began to soar. As of December 5th, Country Garden's US dollar bonds due in 2024 had risen from about 10 cents to 69 cents, setting off a \"temporary stop tide\" many times.</p><p>At the same time, Country Garden's Hong Kong stock price also fluctuated sharply, falling from HK$ 4.95 on June 30th to HK$ 1 on November 1st. But then Country Garden stock began to rebound sharply, ranking among the top performers in the Chinese real estate index, with the real estate index rising by more than 51% in the same period. Country Garden has rebounded from HK$ 1 on November 1st to HK$ 3.10 on December 5th, a rebound of over 200%.</p><p><img src=\"https://static.tigerbbs.com/e14b8cfff8b9effd6ff6814d2bf57802\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Wall Street News previously pointed out that as of December 2nd, Country Garden had received comprehensive credit support of over 300 billion yuan from ten banks.</p><p>According to the media, Zhi Wei Feng, a senior analyst at Loomis Sayles, said on December 5th that Country Garden appeared on almost all regulatory rescue lists, from project loans to bond issuance. Feng said:</p><p>Country Garden's dollar bond is one of the most liquid dollar bonds in the market, so it can rise by 404%, reflecting the market's confidence in its future development prospects. At the same time, Feng also pointed out that investors' optimism about real estate bonds is based on the \"three arrows\" policy, which aims to inject liquidity into high-quality housing enterprises.</p><p>According to the research report of CICC, the supply side has made breakthroughs from the \"first arrow\" bank credit support, the \"second arrow\" bond financing assistance to the \"third arrow\" equity financing loosening, with comprehensive tools and positive efforts, which will help alleviate the difficulties on the credit side of the industry and optimize the overall liquidity, and will help to boost market confidence in the short term and promote fundamental stabilization in the medium and long term.</p><p>CITIC Securities Mingming team pointed out that the general direction of \"housing for living, not speculation\" is not expected to change, but the policy strength of supporting real estate is gradually increasing, and it is expected that the investment and financing environment of the real estate market will be healthier.</p><p>Wall Street News confirmed from a number of financing departments of housing enterprises on December 2nd that four state-owned banks, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China, will provide housing enterprises with overseas loans with domestic assets as collateral before December 10th to help them repay their overseas debts.</p><p>With the continuous escalation of financial \"stabilizing the property market\", Ting Meng, senior analyst of the credit department of ANZ Bank (China) Co., Ltd., pointed out that with the support of the government and commercial banks providing sufficient liquidity for real estate developers,<b>Quality developers' stocks and bonds will continue to rally in early 2023</b>。</p><p></body></html></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>What is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat is even crazier than the rise in China is the real estate dollar debt! Up to 400% return in one month\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\">2022-12-05 17:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This month's real estate bonds went crazy with the joint help of the continuously optimized epidemic prevention policy and the \"three arrows\". Country Garden's US dollar bonds returned 404% in the past month, followed by Sino-Ocean Group, with a return of 275%. Under the continuously optimized epidemic prevention policy and the financial combination of \"Sixteen Articles\" of real estate, the real estate bonds went crazy this month.</p><p>With the launch of the \"three arrows\" of the CSRC to support the equity financing of housing enterprises in November, the real estate dollar bond started a month of soaring. According to Bloomberg's statistics of China's dollar high-yield bond index, the average monthly return of the index was 26%. As of last Friday,<b>Country Garden's bonds returned 404% in the past month, followed by Sino-Ocean Group with a return of 275%.</b></p><p>As far as today's disk is concerned, the rise of real estate dollar bonds continues, and Xuhui's bonds set off a temporary stop tide. As of the close, \"20 Xuhui 02\" rose by more than 43%, \"21 Xuhui 03\" rose by more than 35%, \"20 Xuhui 03\" rose by more than 31%, \"20 Xuhui 01\" rose by more than 30%, and \"21 Xuhui 02\" rose by more than 29%. \"22 Longhu 03\" rose by more than 27%, \"20 Shimao 04\" and \"20 Hejing 04\" rose by more than 19%, \"21 Ocean 02\" rose by more than 16%, and \"21 Baolong 01\" rose by more than 15%.</p><p><img src=\"https://static.tigerbbs.com/5c6aacf726011dc4bce7c5d9c1d2f6f2\" tg-width=\"640\" tg-height=\"374\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Since mid-September this year, with the market's concerns about the liquidity of real estate companies, real estate bonds began to fall. According to statistics compiled by Bloomberg, Country Garden's dollar bonds due 2024 were as low as 10 cents per dollar face value bid on Nov. 2.</p><p>Starting from November 11th, the central bank and China Banking and Insurance Regulatory Commission issued the Notice on Doing a Good Job in the Current Financial Support for the Stable and Healthy Development of the Real Estate Market, and introduced 16 measures to support the stable and healthy development of the real estate market (the \"Sixteen Articles\" of real estate), which accurately met the most important concerns of the current market. Country Garden's bonds began to soar. As of December 5th, Country Garden's US dollar bonds due in 2024 had risen from about 10 cents to 69 cents, setting off a \"temporary stop tide\" many times.</p><p>At the same time, Country Garden's Hong Kong stock price also fluctuated sharply, falling from HK$ 4.95 on June 30th to HK$ 1 on November 1st. But then Country Garden stock began to rebound sharply, ranking among the top performers in the Chinese real estate index, with the real estate index rising by more than 51% in the same period. Country Garden has rebounded from HK$ 1 on November 1st to HK$ 3.10 on December 5th, a rebound of over 200%.</p><p><img src=\"https://static.tigerbbs.com/e14b8cfff8b9effd6ff6814d2bf57802\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Wall Street News previously pointed out that as of December 2nd, Country Garden had received comprehensive credit support of over 300 billion yuan from ten banks.</p><p>According to the media, Zhi Wei Feng, a senior analyst at Loomis Sayles, said on December 5th that Country Garden appeared on almost all regulatory rescue lists, from project loans to bond issuance. Feng said:</p><p>Country Garden's dollar bond is one of the most liquid dollar bonds in the market, so it can rise by 404%, reflecting the market's confidence in its future development prospects. At the same time, Feng also pointed out that investors' optimism about real estate bonds is based on the \"three arrows\" policy, which aims to inject liquidity into high-quality housing enterprises.</p><p>According to the research report of CICC, the supply side has made breakthroughs from the \"first arrow\" bank credit support, the \"second arrow\" bond financing assistance to the \"third arrow\" equity financing loosening, with comprehensive tools and positive efforts, which will help alleviate the difficulties on the credit side of the industry and optimize the overall liquidity, and will help to boost market confidence in the short term and promote fundamental stabilization in the medium and long term.</p><p>CITIC Securities Mingming team pointed out that the general direction of \"housing for living, not speculation\" is not expected to change, but the policy strength of supporting real estate is gradually increasing, and it is expected that the investment and financing environment of the real estate market will be healthier.</p><p>Wall Street News confirmed from a number of financing departments of housing enterprises on December 2nd that four state-owned banks, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China, will provide housing enterprises with overseas loans with domestic assets as collateral before December 10th to help them repay their overseas debts.</p><p>With the continuous escalation of financial \"stabilizing the property market\", Ting Meng, senior analyst of the credit department of ANZ Bank (China) Co., Ltd., pointed out that with the support of the government and commercial banks providing sufficient liquidity for real estate developers,<b>Quality developers' stocks and bonds will continue to rally in early 2023</b>。</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7aa2149ef8a80f77e2806ac3e2644925","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154524810","content_text":"这一个月的地产债在持续优化的防疫政策和“三支箭“的共同助力下涨疯了，碧桂园旗下美元债过去一个月回报达404%，远洋集团紧随其后，回报达275%。不断优化的防疫政策和房地产“十六条”的金融组合拳下，这一个月地产债涨疯了。随着11月证监会支持房企股权融资“三支箭”齐齐发射，地产美元债开始了一个月的暴涨，根据彭博对中国美元高收益债券指数的统计，该指数平均月度回报为26%，截至上周五，碧桂园旗下债券在过去一个月回报达404%，远洋集团紧随其后，回报达275%。就今日盘面来看，地产美元债涨势仍在继续，旭辉旗下债券掀起临停潮。截至收盘，“20旭辉02”涨超43%，“21旭辉03”涨超35%，“20旭辉03”涨超31%，“20旭辉01”涨超30%，“21旭辉02”涨超29%。“22龙湖03”涨超27%，“20世茂04”、“20合景04”涨超19%，“21远洋02”涨超16%，“21宝龙01”涨超15%。从今年9月中旬开始，随着市场对地产公司流动性问题的担忧，地产债开始下跌。根据彭博汇编的数据统计，碧桂园2024年到期的美元债券在11月2日低至每1美元面值买价10美分。从11月11日开始，央行、银保监会发布《关于做好当前金融支持房地产市场平稳健康发展工作的通知》，出台十六条措施支持房地产市场平稳健康发展（房地产“十六条”），准确切中当前市场的最主要担忧，碧桂园债券便开始暴涨，截至12月5日，碧桂园2024年到期的美元债已从约10美分涨至69美分，多次掀起“临停潮”。同时，碧桂园港股股价也出现了大幅波动，从6月30日的4.95港元跌至11月1日的1港元。但随后碧桂园股票开始大幅反弹，在中资地产指数中表现居前，同期地产指数上涨超51%。碧桂园已从11月1日的1港元反弹至12月5日的3.10港元，反弹幅度超200%。华尔街见闻此前指出，截至12月2日，碧桂园已获十家银行超3000亿元综合授信支持。媒体称Loomis Sayles高级分析师Zhi Wei Feng12月5日表示，从项目贷款到债券发行，碧桂园几乎出现在所有监管部门的救助清单上，Feng说：碧桂园的美元债是市场上流动性最好的美元债之一，所以涨幅能到达404%，反映出了市场对其未来发展前景的信心。同时，Feng还指出，投资者对地产债的的乐观态度是基于“三支箭”政策，该政策旨在为优质房企注入流动性。中金公司研报指出，供给侧从“第一支箭”银行信贷支持、“第二支箭”债券融资帮扶到“第三支箭”股权融资松绑层层突破，工具全面、力度积极，有助于行业信用端困难纾解和流动性整体优化，对于短期提振市场信心和中长期促进基本面企稳均有助益。中信证券明明团队指出“房住不炒”的大方向预计不会出现变化，但托底地产的政策力度正在逐渐增加，预计房地产市场的投融资环境也将更加健康。华尔街见闻于12月2日从多家房企融资部门处确认，包括中国银行、中国建设银行、中国工商银行及中国农业银行在内的国有四大行，将在12月10日前，为房企提供以国内资产作为抵押品的境外贷款，帮助房企偿还海外债务。在金融“稳楼市”力度的不断升级中，澳新银行（中国）有限公司的信贷部门高级分析师Ting Meng指出政府和商业银行为房地产开发商提供充足的流动性的支持下，优质开发商的股票和债券还会在2023年初继续反弹。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629907728,"gmtCreate":1670179644565,"gmtModify":1676538314309,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629907728","repostId":"620741117","repostType":1,"repost":{"id":620741117,"gmtCreate":1669994169441,"gmtModify":1676538285059,"author":{"id":"3539674289973208","authorId":"3539674289973208","name":"节点财经","avatar":"https://static.tigerbbs.com/8bc4a2c77823eb34200081e30d39a4d3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3539674289973208","authorIdStr":"3539674289973208"},"themes":[],"title":"貝殼走出ICU，但新房業務仍存挑戰","htmlText":"文/四海出品/節點財經短短20天內，房地產行業迎來了信貸、債券、股權“三隻援軍”穩融資，地產股也因此大漲。這些政策對服務平臺貝殼來說也是利好因素，畢竟它的主要收入來自於新房和存量房交易，地產回暖有助於激活其主要業務。在此之前，貝殼由於房產行業進入下行期也受到了影響。最近發佈的三季報顯示，貝殼仍沒有恢復元氣，其總交易額同比下降11.3%至7371億元，總收入同比下降2.8%至爲176億，元。不過，貝殼已經有了回暖的趨勢，其收入環比大增28%，新業務和利潤表現也遠好於去年同期。在三季度，存量房在貝殼的體系內依然是佔比最高的一部分，超過了60%，交易規模同比增長了18.7%。新房交易表現稍差一些，交易額爲2615億元，同比下降36.2%。新業務交易額也在下滑，本季度下滑了41.7%。家裝業務本季度的表現最好，交易規模達到了20億元，而去年同期只有6600萬元。這直接導致該業務的收入從去年同期的6000萬元大幅增長至18億元，是所有業務中增長最快的。節點財經注意到，貝殼目前在大力推動家裝業務發展。該業務的發展轉折點是去年7月，貝殼收購了聖都家裝，最近又在佛山、成都、東莞等地開出了多家線下門店，這意味着該業務正在向全國擴張。佛山店開業時，貝殼方面就提到“希望陸續完善華南市場的門店網絡”。增速第二快的收入板塊是新業務及其他，三季度的收入達到8.01億元，較去年同期的5.5億元增長45.8%，主要由於輕託管租賃服務的淨收入增加，金融服務淨收入減少抵銷了部分增幅。不過，貝殼最大的助力還是新房業務，該業務三季度的收入爲78元，同比增長17%，存量房業務收入爲72億元，同比增長16.6%，環比增長29%。各個業務板塊的平穩表現讓貝殼三季度收窄了下降趨勢。而在利潤方面，貝殼實現了扭虧爲盈，三季度的淨利潤達到7.16億元，去年同期爲淨虧損17.66億元。總體來看，貝殼展示了較強的韌性，已經走出了I","listText":"文/四海出品/節點財經短短20天內，房地產行業迎來了信貸、債券、股權“三隻援軍”穩融資，地產股也因此大漲。這些政策對服務平臺貝殼來說也是利好因素，畢竟它的主要收入來自於新房和存量房交易，地產回暖有助於激活其主要業務。在此之前，貝殼由於房產行業進入下行期也受到了影響。最近發佈的三季報顯示，貝殼仍沒有恢復元氣，其總交易額同比下降11.3%至7371億元，總收入同比下降2.8%至爲176億，元。不過，貝殼已經有了回暖的趨勢，其收入環比大增28%，新業務和利潤表現也遠好於去年同期。在三季度，存量房在貝殼的體系內依然是佔比最高的一部分，超過了60%，交易規模同比增長了18.7%。新房交易表現稍差一些，交易額爲2615億元，同比下降36.2%。新業務交易額也在下滑，本季度下滑了41.7%。家裝業務本季度的表現最好，交易規模達到了20億元，而去年同期只有6600萬元。這直接導致該業務的收入從去年同期的6000萬元大幅增長至18億元，是所有業務中增長最快的。節點財經注意到，貝殼目前在大力推動家裝業務發展。該業務的發展轉折點是去年7月，貝殼收購了聖都家裝，最近又在佛山、成都、東莞等地開出了多家線下門店，這意味着該業務正在向全國擴張。佛山店開業時，貝殼方面就提到“希望陸續完善華南市場的門店網絡”。增速第二快的收入板塊是新業務及其他，三季度的收入達到8.01億元，較去年同期的5.5億元增長45.8%，主要由於輕託管租賃服務的淨收入增加，金融服務淨收入減少抵銷了部分增幅。不過，貝殼最大的助力還是新房業務，該業務三季度的收入爲78元，同比增長17%，存量房業務收入爲72億元，同比增長16.6%，環比增長29%。各個業務板塊的平穩表現讓貝殼三季度收窄了下降趨勢。而在利潤方面，貝殼實現了扭虧爲盈，三季度的淨利潤達到7.16億元，去年同期爲淨虧損17.66億元。總體來看，貝殼展示了較強的韌性，已經走出了I","text":"文/四海出品/節點財經短短20天內，房地產行業迎來了信貸、債券、股權“三隻援軍”穩融資，地產股也因此大漲。這些政策對服務平臺貝殼來說也是利好因素，畢竟它的主要收入來自於新房和存量房交易，地產回暖有助於激活其主要業務。在此之前，貝殼由於房產行業進入下行期也受到了影響。最近發佈的三季報顯示，貝殼仍沒有恢復元氣，其總交易額同比下降11.3%至7371億元，總收入同比下降2.8%至爲176億，元。不過，貝殼已經有了回暖的趨勢，其收入環比大增28%，新業務和利潤表現也遠好於去年同期。在三季度，存量房在貝殼的體系內依然是佔比最高的一部分，超過了60%，交易規模同比增長了18.7%。新房交易表現稍差一些，交易額爲2615億元，同比下降36.2%。新業務交易額也在下滑，本季度下滑了41.7%。家裝業務本季度的表現最好，交易規模達到了20億元，而去年同期只有6600萬元。這直接導致該業務的收入從去年同期的6000萬元大幅增長至18億元，是所有業務中增長最快的。節點財經注意到，貝殼目前在大力推動家裝業務發展。該業務的發展轉折點是去年7月，貝殼收購了聖都家裝，最近又在佛山、成都、東莞等地開出了多家線下門店，這意味着該業務正在向全國擴張。佛山店開業時，貝殼方面就提到“希望陸續完善華南市場的門店網絡”。增速第二快的收入板塊是新業務及其他，三季度的收入達到8.01億元，較去年同期的5.5億元增長45.8%，主要由於輕託管租賃服務的淨收入增加，金融服務淨收入減少抵銷了部分增幅。不過，貝殼最大的助力還是新房業務，該業務三季度的收入爲78元，同比增長17%，存量房業務收入爲72億元，同比增長16.6%，環比增長29%。各個業務板塊的平穩表現讓貝殼三季度收窄了下降趨勢。而在利潤方面，貝殼實現了扭虧爲盈，三季度的淨利潤達到7.16億元，去年同期爲淨虧損17.66億元。總體來看，貝殼展示了較強的韌性，已經走出了I","images":[{"img":"https://static.tigerbbs.com/ed0f01e8a30db03ce8541d22cebae8cd"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620741117","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1827,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629907439,"gmtCreate":1670179526223,"gmtModify":1676538314301,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629907439","repostId":"620766081","repostType":1,"repost":{"id":620766081,"gmtCreate":1669980086345,"gmtModify":1676538282186,"author":{"id":"115535245075020","authorId":"115535245075020","name":"陈达美股投资","avatar":"https://static.laohu8.com/tiger_upload_file_1458778593.png","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"115535245075020","authorIdStr":"115535245075020"},"themes":[],"title":"貝殼Q3財報：如何在行業熊市裏跑出阿爾法","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/BEKE\">$貝殼(BEKE)$</a><a target=\"_blank\" href=\"https://laohu8.com/S/02423\">$貝殼-W(02423)$</a>&nbsp;&nbsp;貝殼三季度扭虧倒是不容易，不過我想說會計利潤其實沒那麼重要。相比於GTV啊淨利潤啊之類的會計數據，微觀上或許NPS（淨推薦值，一種廣泛使用的市場研究指標，評估用戶向別人推薦產品或服務的可能性）這種口碑數據，以及一二賽道轉化率，更能評價貝殼的運營思路和執行效率；而宏觀上，主要也還得看市場與政策這對臥龍鳳雛的閃轉騰挪，這要比一個季度的盈利來得重要的多（甚至連續四個季度打正的現金流也比單季度盈利重要得多，所以沒必要太在意一次盈利）。房地產現在的市場面和政策面大家都懂——市場面稀爛，而政策面卻格局打開。市場面我就列幾個統計局的數字：新房交易上，Q3全國新建商品住宅銷售GTV同比下降21%，環比下降7%；克爾瑞百強銷售額同比下降33%，環比下降0.2%。跟Q2相比新房同比跌幅的確收窄，但環比仍然不升反降，整個房地產市場還很難說拐點已來，糟心事包括斷供啊、重點市場城市的疫情反覆蹂躪、開發商促銷無力等一系列因素，房地產市場仍在低谷裏徘徊。政策面呢，這個大家比較熟悉，房地產，雖然戲稱爲尿壺但其實是經濟的阿拉丁神燈，不行了就摸幾下，召喚八塊腹肌的燈神，出現了就趕緊許願。所以密集調控的救市決心不容你懷疑，而房地產行業在金融市場自然報之以歌，某中資房地產美元債ETF在前十個月下跌了70%的情況下，11月反彈了60%（相當於10塊跌到3塊再漲回4塊8）。銀行也是積極配合，剛出現《浦發銀行與16家房企簽訂戰略合作協議擬提供意向性融資5300億元》這種夢迴盛唐的新聞。總體上Q3 中央信貸政策開始寬鬆，多地搞“一","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/BEKE\">$貝殼(BEKE)$</a><a target=\"_blank\" href=\"https://laohu8.com/S/02423\">$貝殼-W(02423)$</a>&nbsp;&nbsp;貝殼三季度扭虧倒是不容易，不過我想說會計利潤其實沒那麼重要。相比於GTV啊淨利潤啊之類的會計數據，微觀上或許NPS（淨推薦值，一種廣泛使用的市場研究指標，評估用戶向別人推薦產品或服務的可能性）這種口碑數據，以及一二賽道轉化率，更能評價貝殼的運營思路和執行效率；而宏觀上，主要也還得看市場與政策這對臥龍鳳雛的閃轉騰挪，這要比一個季度的盈利來得重要的多（甚至連續四個季度打正的現金流也比單季度盈利重要得多，所以沒必要太在意一次盈利）。房地產現在的市場面和政策面大家都懂——市場面稀爛，而政策面卻格局打開。市場面我就列幾個統計局的數字：新房交易上，Q3全國新建商品住宅銷售GTV同比下降21%，環比下降7%；克爾瑞百強銷售額同比下降33%，環比下降0.2%。跟Q2相比新房同比跌幅的確收窄，但環比仍然不升反降，整個房地產市場還很難說拐點已來，糟心事包括斷供啊、重點市場城市的疫情反覆蹂躪、開發商促銷無力等一系列因素，房地產市場仍在低谷裏徘徊。政策面呢，這個大家比較熟悉，房地產，雖然戲稱爲尿壺但其實是經濟的阿拉丁神燈，不行了就摸幾下，召喚八塊腹肌的燈神，出現了就趕緊許願。所以密集調控的救市決心不容你懷疑，而房地產行業在金融市場自然報之以歌，某中資房地產美元債ETF在前十個月下跌了70%的情況下，11月反彈了60%（相當於10塊跌到3塊再漲回4塊8）。銀行也是積極配合，剛出現《浦發銀行與16家房企簽訂戰略合作協議擬提供意向性融資5300億元》這種夢迴盛唐的新聞。總體上Q3 中央信貸政策開始寬鬆，多地搞“一","text":"$貝殼(BEKE)$$貝殼-W(02423)$ 貝殼三季度扭虧倒是不容易，不過我想說會計利潤其實沒那麼重要。相比於GTV啊淨利潤啊之類的會計數據，微觀上或許NPS（淨推薦值，一種廣泛使用的市場研究指標，評估用戶向別人推薦產品或服務的可能性）這種口碑數據，以及一二賽道轉化率，更能評價貝殼的運營思路和執行效率；而宏觀上，主要也還得看市場與政策這對臥龍鳳雛的閃轉騰挪，這要比一個季度的盈利來得重要的多（甚至連續四個季度打正的現金流也比單季度盈利重要得多，所以沒必要太在意一次盈利）。房地產現在的市場面和政策面大家都懂——市場面稀爛，而政策面卻格局打開。市場面我就列幾個統計局的數字：新房交易上，Q3全國新建商品住宅銷售GTV同比下降21%，環比下降7%；克爾瑞百強銷售額同比下降33%，環比下降0.2%。跟Q2相比新房同比跌幅的確收窄，但環比仍然不升反降，整個房地產市場還很難說拐點已來，糟心事包括斷供啊、重點市場城市的疫情反覆蹂躪、開發商促銷無力等一系列因素，房地產市場仍在低谷裏徘徊。政策面呢，這個大家比較熟悉，房地產，雖然戲稱爲尿壺但其實是經濟的阿拉丁神燈，不行了就摸幾下，召喚八塊腹肌的燈神，出現了就趕緊許願。所以密集調控的救市決心不容你懷疑，而房地產行業在金融市場自然報之以歌，某中資房地產美元債ETF在前十個月下跌了70%的情況下，11月反彈了60%（相當於10塊跌到3塊再漲回4塊8）。銀行也是積極配合，剛出現《浦發銀行與16家房企簽訂戰略合作協議擬提供意向性融資5300億元》這種夢迴盛唐的新聞。總體上Q3 中央信貸政策開始寬鬆，多地搞“一","images":[{"img":"https://static.tigerbbs.com/f98a40969fee3d6e92b317e0ed6e27d9","width":"632","height":"324"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620766081","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629904570,"gmtCreate":1670177726092,"gmtModify":1676538314246,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629904570","repostId":"620768953","repostType":1,"repost":{"id":620768953,"gmtCreate":1669979564168,"gmtModify":1676538282122,"author":{"id":"3440721572920950","authorId":"3440721572920950","name":"美股解毒师","avatar":"https://community-static.tradeup.com/news/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440721572920950","authorIdStr":"3440721572920950"},"themes":[],"title":"SaaS的估值中樞跌倒，市場對成長股是何種態度？","htmlText":"“賣服務”可是曾經一級市場最炙手可熱的項目，而大部分風投給SaaS類公司估值時，都以<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/SNOW\">$Snowflake(SNOW)$</a> 等公司爲標杆（或是估值中樞之一），如今這兩大中樞也悄然滑坡，行業也現退潮。這兩家公司分別於近日公佈了當季業績。<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> Q3財季的總營收爲78.4億美元，同比增長14%，與預期持平。不計入匯率變動的影響爲同比增長19%，高於市場預期的17.4%。其中，訂閱和支持業務營收爲72.33 億美元，同比增長13%，略低於市場預期的72.9億美元；專業服務和其他業務營收爲6億美元，同比增長25%，高於市場預期的5.7億美元。可以看的出來，整體收入還是超預期的，只不過美元太強勢，幾乎抹去了收入端超市場預期的部分。更重要的是，訂閱業務增長開始放緩，四個大項中，平臺的影響最低，營銷的影響最大，這也與目前消費、科技行業的公司開始削減費用呼應。同期GAAP淨利潤爲2.10億美元，與去年同期的4.68億美元相比同比下降55%，不過好於預期2.08億元。而讓二級市場比較擔憂的有兩點，一個是對Q4財季的指引，收入端是79.3億-80.3億美元，中值低於市場預期的80.1億；另一個是聯席CEO Bret Taylor將在1月底離開。跟了6年的老將突然離席，自然是讓市場有所忌憚。因此，CRM在12月1日的交易中大跌8.3%。","listText":"“賣服務”可是曾經一級市場最炙手可熱的項目，而大部分風投給SaaS類公司估值時，都以<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/SNOW\">$Snowflake(SNOW)$</a> 等公司爲標杆（或是估值中樞之一），如今這兩大中樞也悄然滑坡，行業也現退潮。這兩家公司分別於近日公佈了當季業績。<a target=\"_blank\" href=\"https://laohu8.com/S/CRM\">$賽富時(CRM)$</a> Q3財季的總營收爲78.4億美元，同比增長14%，與預期持平。不計入匯率變動的影響爲同比增長19%，高於市場預期的17.4%。其中，訂閱和支持業務營收爲72.33 億美元，同比增長13%，略低於市場預期的72.9億美元；專業服務和其他業務營收爲6億美元，同比增長25%，高於市場預期的5.7億美元。可以看的出來，整體收入還是超預期的，只不過美元太強勢，幾乎抹去了收入端超市場預期的部分。更重要的是，訂閱業務增長開始放緩，四個大項中，平臺的影響最低，營銷的影響最大，這也與目前消費、科技行業的公司開始削減費用呼應。同期GAAP淨利潤爲2.10億美元，與去年同期的4.68億美元相比同比下降55%，不過好於預期2.08億元。而讓二級市場比較擔憂的有兩點，一個是對Q4財季的指引，收入端是79.3億-80.3億美元，中值低於市場預期的80.1億；另一個是聯席CEO Bret Taylor將在1月底離開。跟了6年的老將突然離席，自然是讓市場有所忌憚。因此，CRM在12月1日的交易中大跌8.3%。","text":"“賣服務”可是曾經一級市場最炙手可熱的項目，而大部分風投給SaaS類公司估值時，都以$賽富時(CRM)$ 、$Snowflake(SNOW)$ 等公司爲標杆（或是估值中樞之一），如今這兩大中樞也悄然滑坡，行業也現退潮。這兩家公司分別於近日公佈了當季業績。$賽富時(CRM)$ Q3財季的總營收爲78.4億美元，同比增長14%，與預期持平。不計入匯率變動的影響爲同比增長19%，高於市場預期的17.4%。其中，訂閱和支持業務營收爲72.33 億美元，同比增長13%，略低於市場預期的72.9億美元；專業服務和其他業務營收爲6億美元，同比增長25%，高於市場預期的5.7億美元。可以看的出來，整體收入還是超預期的，只不過美元太強勢，幾乎抹去了收入端超市場預期的部分。更重要的是，訂閱業務增長開始放緩，四個大項中，平臺的影響最低，營銷的影響最大，這也與目前消費、科技行業的公司開始削減費用呼應。同期GAAP淨利潤爲2.10億美元，與去年同期的4.68億美元相比同比下降55%，不過好於預期2.08億元。而讓二級市場比較擔憂的有兩點，一個是對Q4財季的指引，收入端是79.3億-80.3億美元，中值低於市場預期的80.1億；另一個是聯席CEO Bret Taylor將在1月底離開。跟了6年的老將突然離席，自然是讓市場有所忌憚。因此，CRM在12月1日的交易中大跌8.3%。","images":[{"img":"https://static.tigerbbs.com/a4a0428cffb47736ecb718cff7314840","width":"2457","height":"1378"},{"img":"https://static.tigerbbs.com/18ca986d0fac4bda057d5b60cc9f5cd6","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/f0a097843660db61357063d32d0ca301","width":"2457","height":"1378"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/620768953","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":629904217,"gmtCreate":1670177601841,"gmtModify":1676538314238,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/629904217","repostId":"629046263","repostType":1,"isVote":1,"tweetType":1,"viewCount":1437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":665631567,"gmtCreate":1667233675564,"gmtModify":1676537882249,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/665631567","repostId":"2279827726","repostType":2,"isVote":1,"tweetType":1,"viewCount":1962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":662453701,"gmtCreate":1666712924807,"gmtModify":1676537794552,"author":{"id":"3546509618861909","authorId":"3546509618861909","name":"笨小孩安迪","avatar":"https://static.tigerbbs.com/2cc0c318fad3834c740cfa3599c11c43","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3546509618861909","authorIdStr":"3546509618861909"},"themes":[],"htmlText":"mark","listText":"mark","text":"mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/662453701","repostId":"2275988502","repostType":2,"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}