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沃伦邹菲特

2021-09-07

1

TSMC's price increase signal, the inflection point of "chip shortage alleviation" is delayed again

沃伦邹菲特

2021-08-30

1

XPeng P5 is scheduled to be launched on September 15, with six first models

沃伦邹菲特

2021-08-26

1

XPeng Motor Ships First P7 Smart Electric Sedan to Norway

沃伦邹菲特

2021-08-23

1

Top Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side

沃伦邹菲特

2021-08-15

1

Data | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?

沃伦邹菲特

2021-08-07

1

New game of new car-making forces: "Wei Xiaoli" rearranges seats and collectively sprints to Hong Kong stocks

沃伦邹菲特

2021-07-31

1

Tianfeng Macro: How much impact will taper have this time?

沃伦邹菲特

2021-07-28

1

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沃伦邹菲特

2021-07-27

1

Antitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months

沃伦邹菲特

2021-07-03

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沃伦邹菲特

2021-07-02

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08:19","market":"hk","language":"zh","title":"TSMC's price increase signal, the inflection point of \"chip shortage alleviation\" is delayed again","url":"https://stock-news.laohu8.com/highlight/detail?id=2165333903","media":"新浪财经","summary":"　　晶圆产能短缺在2022年或将更严峻，存储器热度波动中延续。　　多年未曾涨价的台积电计划涨价的消息让业界哗然，显示出这场全球范围内的缺芯或许在短期内仍难以得到缓解。而第三季度正是消费电子的旺季，原本价格就有所调涨的存储器市场或许将面临新一轮旺盛期，不过这可能会是结构性的。　　这显示出闪存行业拐点已至的观点并不全面。","content":"<p>The shortage of wafer production capacity may become more severe in 2022, and the fluctuation of memory popularity will continue.</p><p>The news that TSMC, which has not raised prices for many years, plans to raise prices has caused an uproar in the industry, showing that this global core shortage may still be difficult to alleviate in the short term. The third quarter is the peak season for consumer electronics. The memory market, whose prices have already increased, may face a new round of prosperity, but this may be structural.</p><p>Recently,<a href=\"https://laohu8.com/S/SIMO\">Huirong Technology</a>Duan Xiting, senior vice president of marketing and OEM business, said in an exclusive interview with 21st century business herald: \"The most serious problems we are facing now are the shortage of chips and the long delivery time of BGA packaging substrates. At present, there is still a serious supply and demand imbalance. Foundry capacity has been full until 2022, but terminal demand continues to increase significantly, and the gap has not been met so far. In particular, the shortage of mature process capacity is the most serious, and 2022 will be more severe than 2021.\"</p><p>This shows that the view that the inflection point of the flash memory industry has reached is not comprehensive. According to the reporter's understanding, even under the trend of poor demand in the overall mobile phone market in the first half of this year, the NAND Flash market is still rising, but the next trend of DRAM may fluctuate slightly.</p><p>Liu Yushi, a senior analyst at CINNO Research, told a reporter from the 21st Century Business Herald that DRAM and NAND Flash have huge global production capacity and inventory volumes, so price increases will be relatively flat and will not easily fluctuate significantly. At present, although DRAM storage is at the peak of cyclical demand, the demand is still relatively strong in the short term, and the price will not drop rapidly; The demand for NAND Flash is expected to maintain steady growth in the second half of the year, and the demand for 5G communications and mobile phone products is obvious. The release of new phones in the second half of the year may further drive the demand for Flash.</p><p>Storage demand continues to rise</p><p>While the overall increase may not be as good as that of general components, the storage market has been buoyant for some time.</p><p>This can be seen from the performance of upstream original manufacturers and main control chip manufacturers in the first half of the year. According to flash memory market statistics, the total global NAND Flash market size reached US $16.172 billion in the second quarter of this year, the highest size in 11 quarters, a year-on-year increase of 11.2% and a quarter-on-quarter increase of 9.7%. Among them, the original factory with the highest quarterly revenue increase is undoubtedly<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(11.8%), followed by<a href=\"https://laohu8.com/S/WDC\">Western Digital</a>(11.2%) and SK Hynix (10.5%).</p><p>In recent years, DRAM, which has not had a high atmosphere for production expansion, has also achieved a high growth rate. Flash memory market statistics show that the overall sales volume of DRAM in the second quarter of 2021 was US $24.32 billion, setting a new quarterly high in the past three years, with a quarter-on-quarter increase of 24.3%. Among them, the top three companies with the highest quarterly revenue growth are Winbond (36.8%), Samsung and South Asia (both 29.8%).</p><p>This shows that even if the demand for replacement phones in the domestic 5G mobile phone market fluctuates, the overall memory market is still in an upward range under the rising global demand.</p><p>Duan Xiting pointed out to reporters, \"We did not feel<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Demand for mobile terminal parts performed poorly. On the contrary, the revenue of our eMMC and UFS main control chips mainly used in smartphones in the first half of 2021 increased by 35%-40% compared with the same period last year, far outperforming the market performance. The increased share of major NAND manufacturer customers in the smartphone market has driven the growth of Huirong Technology's UFS main control chips. Our module manufacturer customers have also applied our eMMC and UFS main control chips to more low-end smartphones and IoT products. \"</p><p>As the main main control chip manufacturer, Huirong Technology will continue to usher in the peak performance period in the second quarter and even the second half of this year. The company's financial report shows that it achieved revenue of US $221 million in the second quarter, a quarter-on-quarter increase of 21% and a year-on-year increase of 62%.</p><p>Based on the positive market demand, Gou Jiazhang, general manager of Huirong Technology, said that the company will once again raise its full-year financial forecast, and it is expected that the proportion of high-profit products will continue to increase in the future, which will in turn drive the increase in gross profit margin and the global market share of SSD control chips. The annual revenue was raised from the previous quarter's financial report to approximately US $782 million to US $836 million, and it was raised again to US $890 million to US $917 million, an increase of 65% to 70% compared with 2020, and the gross profit margin was between 49.5%-Between 50.5%.</p><p>Specifically, Duan Xiting analyzed to reporters that the market originally expected NAND Flash to be oversupplied this year, but thanks to the strong demand for PCs, smartphones, data centers, etc., prices began to rise in the second quarter.</p><p>Looking forward to the market outlook, he continued, \"From the perspective of market demand, PCs and smartphones have slowed down from the rapid growth in Q3 last year to Q2 this year, and the market has begun to digest excessive inventory, which will take about 3-6 months. time; demand for servers and data centers, due to the epidemic, most people work from home, students are studying online, coupled with the construction of 5G base stations and the rising adoption rate of SSDs in PCs, demand has remained strong. Because the domestic market recovered earliest after the epidemic, with the rapid increase of new consumer electronics products and smart products, and the significant increase of 5G-related IoT devices, these are products that require storage. Although the chip shortage factor still exists, the NAND market will still maintain steady growth. \"</p><p><a href=\"https://laohu8.com/S/603986\">GigaDevice Innovation</a>Executives also stated during recent investor exchanges that the market demand for the company's main NOR Flash is further increasing, and more wafers are needed to support these needs, which is mainly reflected in the rising demand for NOR Flash capacity in many fields. This is the focus of attention. Also in automotive, industrial and other fields, the demand for the quantity and capacity of NOR Flash is rising, and the demand is very strong.</p><p>Regarding product prices, we expect that in the second half of this year and 2022, the total supply of the entire NOR Flash market will be less than the total demand. The main reason is that the demand for capacity and quantity is rising in many fields. At present, the market demand is relatively strong, and the demand will continue to increase in the future; But in terms of total supply, we think the tight supply situation will continue until 2022.</p><p>But in contrast, the DRAM market may not perform so vigorously in the second half of the year. According to the survey of TrendForce Consulting, entering the third quarter, the problem of long and short materials in the supply chain has gradually surfaced and affected the assembly of end products. Therefore, some manufacturers have begun to plan to reduce the purchase of relatively long-material memories. Among them, the attitude of laptop manufacturers is the most obvious. Therefore, although most original manufacturers still maintain a positive view on the overall market situation, as buyers' DRAM inventories continue to be high-end, the growth of some products in the third quarter may slow down. The agency expects that in the third quarter, the average contract price will still rise, but the increase will converge to 3%-8% under the situation that the original manufacturer insists on price increases.</p><p>Development trade-offs under core shortage</p><p>There is a certain time lag in the price transmission of semiconductor products, but its impact on the production capacity of the automotive industry has already appeared. The impact on the consumer electronics side is not profound, but from the perspective of the overall electronics field, the impact may be multifaceted.</p><p>Duan Xiting told the 21st Century Business Herald reporter that for the storage industry chain, the impact of chip shortage is complex and far-reaching. \"As the main supplier of flash memory main control chips, we are actively investing in solving problems and accelerating the transfer of mature process products to advanced process products with sufficient production capacity, so as to free up some mature process chip shares for distribution.\"</p><p>\"In terms of supply principle, we will give priority to avoiding industrial chain disruption, high gross profit and irreplaceable application supply. Therefore, we reluctantly ignore some low-end products, such as USB2.0 and MicroSD 2.0 using 55nm process, and even reduce the supply of USB 3.0 main control products.\" He continued.</p><p>Domestic storage manufacturers have made similar decisions. GigaDevice executives also recently told investors that when the overall production capacity supply is tight, the company will choose to adjust the product structure to ensure the supply of key and high-performance products. This is true in all business segments of the company. This is also the most important reason why the gross profit margin of each product line of the company has increased in the first half of the year.</p><p>Although some markets have recently shown controversy over channel price gouging, Duan Xiting pointed out that no similar phenomenon has been felt at present. \"We strictly control agents and are not allowed to hoard goods or drive up prices. All customers and partners also actively cooperate with us to change the proportion of products and ensure a win-win situation. In the case of insufficient chips, we will pay close attention to market conditions and carefully examine whether customers' orders are actual demand.\"</p><p>In the long run, for the storage industry, tapping more diversified markets other than consumer electronics is the direction to continue to break through.</p><p>Liu Yushi believes that the demand for NAND Flash and DRAM in the second half of this year is mainly concentrated on communication products, which is different from the situation last year when demand such as distance teaching drove PCs. Enterprise-class SSDs have long-term and stable periodic demand, and vehicle storage is also a market with explosive potential. Compared with the demand for consumer products, the prospects of these two markets are undoubtedly broader.</p><p>Duan Xiting also told reporters that Huirong's next goal will be in the automotive and data center markets. In the automotive market, Huirong's SSD main control chip has now entered the market through cooperation with major NAND manufacturers<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Audi and other well-known car manufacturers. Huirong's Ferri single-chip storage solution has been adopted by many major Japanese and German automobile manufacturers. In terms of data centers, in addition to actively developing the next generation PCIe Gen5 enterprise-level SSD master, Huirong's generation of enterprise-level SSD master has been shipped to several major customers, and has successfully entered the domestic e-commerce market supply chain with the help of its subsidiary Shanghai Baocun Technology, including<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>And<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>。</p>","source":"sina_us","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>TSMC's price increase signal, the inflection point of \"chip shortage alleviation\" is delayed again</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\">\nTSMC's price increase signal, the inflection point of \"chip shortage alleviation\" is delayed again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-09-07 08:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The shortage of wafer production capacity may become more severe in 2022, and the fluctuation of memory popularity will continue.</p><p>The news that TSMC, which has not raised prices for many years, plans to raise prices has caused an uproar in the industry, showing that this global core shortage may still be difficult to alleviate in the short term. The third quarter is the peak season for consumer electronics. The memory market, whose prices have already increased, may face a new round of prosperity, but this may be structural.</p><p>Recently,<a href=\"https://laohu8.com/S/SIMO\">Huirong Technology</a>Duan Xiting, senior vice president of marketing and OEM business, said in an exclusive interview with 21st century business herald: \"The most serious problems we are facing now are the shortage of chips and the long delivery time of BGA packaging substrates. At present, there is still a serious supply and demand imbalance. Foundry capacity has been full until 2022, but terminal demand continues to increase significantly, and the gap has not been met so far. In particular, the shortage of mature process capacity is the most serious, and 2022 will be more severe than 2021.\"</p><p>This shows that the view that the inflection point of the flash memory industry has reached is not comprehensive. According to the reporter's understanding, even under the trend of poor demand in the overall mobile phone market in the first half of this year, the NAND Flash market is still rising, but the next trend of DRAM may fluctuate slightly.</p><p>Liu Yushi, a senior analyst at CINNO Research, told a reporter from the 21st Century Business Herald that DRAM and NAND Flash have huge global production capacity and inventory volumes, so price increases will be relatively flat and will not easily fluctuate significantly. At present, although DRAM storage is at the peak of cyclical demand, the demand is still relatively strong in the short term, and the price will not drop rapidly; The demand for NAND Flash is expected to maintain steady growth in the second half of the year, and the demand for 5G communications and mobile phone products is obvious. The release of new phones in the second half of the year may further drive the demand for Flash.</p><p>Storage demand continues to rise</p><p>While the overall increase may not be as good as that of general components, the storage market has been buoyant for some time.</p><p>This can be seen from the performance of upstream original manufacturers and main control chip manufacturers in the first half of the year. According to flash memory market statistics, the total global NAND Flash market size reached US $16.172 billion in the second quarter of this year, the highest size in 11 quarters, a year-on-year increase of 11.2% and a quarter-on-quarter increase of 9.7%. Among them, the original factory with the highest quarterly revenue increase is undoubtedly<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(11.8%), followed by<a href=\"https://laohu8.com/S/WDC\">Western Digital</a>(11.2%) and SK Hynix (10.5%).</p><p>In recent years, DRAM, which has not had a high atmosphere for production expansion, has also achieved a high growth rate. Flash memory market statistics show that the overall sales volume of DRAM in the second quarter of 2021 was US $24.32 billion, setting a new quarterly high in the past three years, with a quarter-on-quarter increase of 24.3%. Among them, the top three companies with the highest quarterly revenue growth are Winbond (36.8%), Samsung and South Asia (both 29.8%).</p><p>This shows that even if the demand for replacement phones in the domestic 5G mobile phone market fluctuates, the overall memory market is still in an upward range under the rising global demand.</p><p>Duan Xiting pointed out to reporters, \"We did not feel<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Demand for mobile terminal parts performed poorly. On the contrary, the revenue of our eMMC and UFS main control chips mainly used in smartphones in the first half of 2021 increased by 35%-40% compared with the same period last year, far outperforming the market performance. The increased share of major NAND manufacturer customers in the smartphone market has driven the growth of Huirong Technology's UFS main control chips. Our module manufacturer customers have also applied our eMMC and UFS main control chips to more low-end smartphones and IoT products. \"</p><p>As the main main control chip manufacturer, Huirong Technology will continue to usher in the peak performance period in the second quarter and even the second half of this year. The company's financial report shows that it achieved revenue of US $221 million in the second quarter, a quarter-on-quarter increase of 21% and a year-on-year increase of 62%.</p><p>Based on the positive market demand, Gou Jiazhang, general manager of Huirong Technology, said that the company will once again raise its full-year financial forecast, and it is expected that the proportion of high-profit products will continue to increase in the future, which will in turn drive the increase in gross profit margin and the global market share of SSD control chips. The annual revenue was raised from the previous quarter's financial report to approximately US $782 million to US $836 million, and it was raised again to US $890 million to US $917 million, an increase of 65% to 70% compared with 2020, and the gross profit margin was between 49.5%-Between 50.5%.</p><p>Specifically, Duan Xiting analyzed to reporters that the market originally expected NAND Flash to be oversupplied this year, but thanks to the strong demand for PCs, smartphones, data centers, etc., prices began to rise in the second quarter.</p><p>Looking forward to the market outlook, he continued, \"From the perspective of market demand, PCs and smartphones have slowed down from the rapid growth in Q3 last year to Q2 this year, and the market has begun to digest excessive inventory, which will take about 3-6 months. time; demand for servers and data centers, due to the epidemic, most people work from home, students are studying online, coupled with the construction of 5G base stations and the rising adoption rate of SSDs in PCs, demand has remained strong. Because the domestic market recovered earliest after the epidemic, with the rapid increase of new consumer electronics products and smart products, and the significant increase of 5G-related IoT devices, these are products that require storage. Although the chip shortage factor still exists, the NAND market will still maintain steady growth. \"</p><p><a href=\"https://laohu8.com/S/603986\">GigaDevice Innovation</a>Executives also stated during recent investor exchanges that the market demand for the company's main NOR Flash is further increasing, and more wafers are needed to support these needs, which is mainly reflected in the rising demand for NOR Flash capacity in many fields. This is the focus of attention. Also in automotive, industrial and other fields, the demand for the quantity and capacity of NOR Flash is rising, and the demand is very strong.</p><p>Regarding product prices, we expect that in the second half of this year and 2022, the total supply of the entire NOR Flash market will be less than the total demand. The main reason is that the demand for capacity and quantity is rising in many fields. At present, the market demand is relatively strong, and the demand will continue to increase in the future; But in terms of total supply, we think the tight supply situation will continue until 2022.</p><p>But in contrast, the DRAM market may not perform so vigorously in the second half of the year. According to the survey of TrendForce Consulting, entering the third quarter, the problem of long and short materials in the supply chain has gradually surfaced and affected the assembly of end products. Therefore, some manufacturers have begun to plan to reduce the purchase of relatively long-material memories. Among them, the attitude of laptop manufacturers is the most obvious. Therefore, although most original manufacturers still maintain a positive view on the overall market situation, as buyers' DRAM inventories continue to be high-end, the growth of some products in the third quarter may slow down. The agency expects that in the third quarter, the average contract price will still rise, but the increase will converge to 3%-8% under the situation that the original manufacturer insists on price increases.</p><p>Development trade-offs under core shortage</p><p>There is a certain time lag in the price transmission of semiconductor products, but its impact on the production capacity of the automotive industry has already appeared. The impact on the consumer electronics side is not profound, but from the perspective of the overall electronics field, the impact may be multifaceted.</p><p>Duan Xiting told the 21st Century Business Herald reporter that for the storage industry chain, the impact of chip shortage is complex and far-reaching. \"As the main supplier of flash memory main control chips, we are actively investing in solving problems and accelerating the transfer of mature process products to advanced process products with sufficient production capacity, so as to free up some mature process chip shares for distribution.\"</p><p>\"In terms of supply principle, we will give priority to avoiding industrial chain disruption, high gross profit and irreplaceable application supply. Therefore, we reluctantly ignore some low-end products, such as USB2.0 and MicroSD 2.0 using 55nm process, and even reduce the supply of USB 3.0 main control products.\" He continued.</p><p>Domestic storage manufacturers have made similar decisions. GigaDevice executives also recently told investors that when the overall production capacity supply is tight, the company will choose to adjust the product structure to ensure the supply of key and high-performance products. This is true in all business segments of the company. This is also the most important reason why the gross profit margin of each product line of the company has increased in the first half of the year.</p><p>Although some markets have recently shown controversy over channel price gouging, Duan Xiting pointed out that no similar phenomenon has been felt at present. \"We strictly control agents and are not allowed to hoard goods or drive up prices. All customers and partners also actively cooperate with us to change the proportion of products and ensure a win-win situation. In the case of insufficient chips, we will pay close attention to market conditions and carefully examine whether customers' orders are actual demand.\"</p><p>In the long run, for the storage industry, tapping more diversified markets other than consumer electronics is the direction to continue to break through.</p><p>Liu Yushi believes that the demand for NAND Flash and DRAM in the second half of this year is mainly concentrated on communication products, which is different from the situation last year when demand such as distance teaching drove PCs. Enterprise-class SSDs have long-term and stable periodic demand, and vehicle storage is also a market with explosive potential. Compared with the demand for consumer products, the prospects of these two markets are undoubtedly broader.</p><p>Duan Xiting also told reporters that Huirong's next goal will be in the automotive and data center markets. In the automotive market, Huirong's SSD main control chip has now entered the market through cooperation with major NAND manufacturers<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Audi and other well-known car manufacturers. Huirong's Ferri single-chip storage solution has been adopted by many major Japanese and German automobile manufacturers. In terms of data centers, in addition to actively developing the next generation PCIe Gen5 enterprise-level SSD master, Huirong's generation of enterprise-level SSD master has been shipped to several major customers, and has successfully entered the domestic e-commerce market supply chain with the help of its subsidiary Shanghai Baocun Technology, including<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>And<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>。</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/chanjing/cyxw/2021-09-07/doc-iktzscyx2687459.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a83b39655f16e786ad10ee3d9f0978cc","relate_stocks":{"159813":"芯片","EWT":"台湾ETF-iShares MSCI","TSM":"台积电","03145":"华夏亚洲高息股"},"source_url":"https://finance.sina.com.cn/chanjing/cyxw/2021-09-07/doc-iktzscyx2687459.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165333903","content_text":"晶圆产能短缺在2022年或将更严峻，存储器热度波动中延续。\n多年未曾涨价的台积电计划涨价的消息让业界哗然，显示出这场全球范围内的缺芯或许在短期内仍难以得到缓解。而第三季度正是消费电子的旺季，原本价格就有所调涨的存储器市场或许将面临新一轮旺盛期，不过这可能会是结构性的。\n近日，慧荣科技市场营销暨OEM事业资深副总段喜亭接受21世纪经济报道记者专访时表示：“现在我们面临最严峻的问题是芯片短缺、与BGA封装基板供货交期过长的问题，目前还是呈现严重供需不平衡。晶圆代工产能一路爆满延续至2022年，但终端需求还在持续大幅增加，到目前为止仍无法满足缺口。特别是成熟制程产能短缺最为严重，2022年将比2021年更严峻。”\n这显示出闪存行业拐点已至的观点并不全面。据记者了解，即便在今年上半年手机整体市场需求不济的趋势之下，NAND Flash行情依然高涨，只是DRAM接下来的走势或许将略有波动。\nCINNO Research 资深分析师刘雨实向21世纪经济报道记者表示，DRAM和NAND Flash全球范围内产能、库存体量巨大，因此价格涨势会相对平缓，并不会轻易出现大幅波动。而目前DRAM存储尽管已处于周期需求峰值，但短期内需求依然较为旺盛，不至于出现价格快速下降的情况；下半年NAND Flash需求预计仍将保持稳定增长，5G通讯、手机产品需求明显，下半年新机发布还有可能进一步带动Flash需求。\n存储需求涨势未止\n虽然整体涨幅可能不如通用零部件，但存储市场的旺盛已经持续了一段时间。\n从上游原厂和主控芯片厂商的上半年业绩可见一斑。根据闪存市场统计，今年第二季度全球NAND Flash合计市场规模达161.72亿美元，为11个季度以来的最高规模，同比增长11.2%，环比也增长9.7%。其中季度营收涨幅最高的原厂当属三星（11.8%），其次是西部数据（11.2%）和SK海力士（10.5%）。\n近年来扩产氛围不高的DRAM也获得了较高增速。闪存市场统计显示，2021年第二季度DRAM总体销售规模243.2亿美元，创下近三年季度新高，环比增长24.3%。其中季度营收涨幅最高的前三家分别为华邦（36.8%）、三星和南亚（同为29.8%）。\n这显示出即便国内5G手机市场换机需求出现波动，但全球高涨的需求之下，存储器市场整体仍然处在上涨区间。\n段喜亭向记者指出，“我们并没有感受到智能手机终端零件需求表现不佳。相反，我们主要应用于智能手机的eMMC和UFS主控芯片在2021年上半年营收较去年同期成长35%-40%，远优于市场表现。NAND大厂客户在智能手机市占增加，带动慧荣科技UFS主控芯片的成长，我们的模块厂客户也将我们的eMMC和UFS主控芯片应用在更多的低阶智能手机及IoT产品。”\n作为主要主控芯片厂商的慧荣科技在二季度甚至今年下半年，都将继续迎来业绩高峰期。该公司财报显示，二季度实现营收2.21亿美元，环比增长21%，同比增长62%。\n基于积极的市场需求，慧荣科技总经理苟嘉章表示，公司将再度调高全年财测，预期未来高获利产品比重将持续增加，进而带动毛利率及SSD控制芯片全球市占率的提升。全年营收从上一季财报调高的全年营收约7.82亿-8.36亿美元，再次调高为8.9亿-9.17亿美元，较2020年增长65%-70%，毛利率介于49.5%-50.5%之间。\n具体来说，段喜亭向记者分析，NAND Flash原本市场预期今年将供过于求，但受惠PC、智能手机、数据中心等需求强劲，第二季价格开始回涨。\n展望后市，他续称，“从市场需求面来看，PC与智能型手机从去年Q3的快速成长，到今年的Q2开始放缓，市场开始消化过多的库存，大概需3-6个月时间；服务器及数据中心的需求，因为疫情大部分人居家工作，学生都在线学习，再加上5G基站的建设以及SSD在PC采用率不断攀升趋势需求一直保持强劲。因为国内市场在疫情后的复苏最早，在新的消费性电子产品、智能产品的快速增加，5G相关IoT装置也大幅增加，这些都是需要存储的产品，尽管芯片不足因素仍在，NAND市场仍将维持稳定成长。”\n兆易创新高管近期在投资者交流过程中也表示，公司主营的NOR Flash市场需求在进一步增强，需要更多的晶圆来支持这些需求，主要表现在很多领域对NOR Flash容量的需求在上升，这是需要关注的重点。同样在汽车、 工业等领域，对NOR Flash数量、容量的需求都在上升中，需求非常强劲。\n关于产品价格，我们预期今年下半年及2022年，整个NOR Flash市场是总供给小于总需求。主要原因是在许多领域对容量和数量的需求都在上升，目前市场需求比较旺盛，未来看需求仍持续在增加；但在总供给上，供应紧张的状况我们认为还会持续到2022年。\n但相比之下，DRAM市场在下半年可能不会有如此旺盛的表现。TrendForce集邦咨询调查显示，进入第三季，供应链长短料问题已逐渐浮出台面，并影响到终端产品的组装，故已有部分厂商对于相对长料的存储器开始出现减少拉货的规划，其中以笔电厂商的态度最为明显。因此，尽管目前原厂仍多半对于整体市况维持正面看法，但随着买方DRAM库存持续处于高档，部分产品第三季的拉货成长恐将趋缓。该机构预期，第三季在原厂力守涨价的情势下，平均合约价仍将上扬，惟涨幅收敛至3%-8%。\n缺芯下的发展取舍\n半导体产品的价格传导存在一定时间差，但其对汽车产业带来的产能影响已经显现，对消费电子端影响并不算深切，只是从整体电子领域来说，影响可能是多面性的。\n段喜亭对21世纪经济报道记者表示，对存储产业链来讲，芯片短缺造成的影响是复杂而深远的。“身为闪存主控芯片主要供货商的我们，正积极投入解决问题，加快将成熟制程产品转向产能充裕的先进制程产品，来空出一些成熟制程芯片份额，用于配货。”\n“我们在供应原则上，将以避免产业链断链、毛利较高及不可替代的应用供给为优先考虑，也因此忍痛忽略部分低阶产品，例如采用55nm制程的USB2.0、MicroSD 2.0，甚至减少USB 3.0主控产品部分供货。”他续称。\n国内存储厂商也有类似决策。兆易创新高管近期也对投资者表示，在整体产能供应紧张的情况下，公司会选择调整产品结构，保障关键、高性能等的产品供应，在公司各个业务板块都是如此，这也是上半年公司各产品线毛利率都有所提高的最重要原因。\n虽然近日部分市场显示出渠道哄抬价格的争议，不过段喜亭指出，目前并没有感受到类似现象。“我们严格控管代理商，不准有囤货或哄抬价格行为。所有客户与伙伴，也积极跟我们配合，来改变产品的比重，并确保双赢。在芯片不足的状况下，我们会密切关注市场状况，小心审视客户的订单是否为实际需求。”\n长期来看，对于存储产业来说，挖掘消费电子之外的更多元市场是继续突围的方向。\n刘雨实认为，今年下半年NAND Flash和DRAM需求主要集中在通讯产品，与去年远程教学等需求带动PC的情况有所不同。企业级SSD有长期稳定的周期型需求，车载存储也是具有爆发潜力的市场，相比于消费产品的需求，这两个市场的前景无疑更加广阔。\n段喜亭也告诉记者，慧荣接下来的目标将放在车用及数据中心市场。在车用市场方面，慧荣的SSD主控芯片透过与NAND大厂的合作，目前已抢进特斯拉、奥迪等知名车厂。慧荣的Ferri单芯片储存解决方案已获多家日本及德国汽车大厂采用。数据中心方面，除了积极开发次世代PCIe Gen5企业级SSD主控，慧荣这一代的企业级SSD主控已出货给数家大客户，并借助旗下上海宝存科技成功打入国内电商市场供应链，包括阿里巴巴和百度。","news_type":1,"symbols_score_info":{"159813":0.9,"EWT":0.9,"TSM":0.9,"03145":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811855977,"gmtCreate":1630312033999,"gmtModify":1676530264719,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811855977","repostId":"2163200161","repostType":2,"repost":{"id":"2163200161","kind":"news","pubTimestamp":1630300294,"share":"https://ttm.financial/m/news/2163200161?lang=en_US&edition=fundamental","pubTime":"2021-08-30 13:11","market":"us","language":"zh","title":"XPeng P5 is scheduled to be launched on September 15, with six first models","url":"https://stock-news.laohu8.com/highlight/detail?id=2163200161","media":"广州日报","summary":"小鹏P5，为小鹏汽车旗下第三款车型，定位低于P7，补贴后预售价为16万-23万元。小鹏汽车宣布，该车将于9月15日正式上市销售，并于今年10月底开启交付。小鹏汽车方面同时表示，现在仍可以通过相关渠道进行下订。目前，小鹏P5备受关注的亮点有两方面。一是双激光雷达，小鹏汽车方面认为，这是首款搭载激光雷达的量产智能汽车。由于是进入全新的细分市场，小鹏P5到来，会推升小鹏汽车销量达到一个新的高度。","content":"<p><html><body><article>XPeng P5, for<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Its third model is positioned lower than the P7, and the pre-sale price after subsidies is 160,000-230,000 yuan. Recently, the launch time of the car has been clear. XPeng Motors announced that the car will be officially launched for sale on September 15, and delivery will begin at the end of October this year. The car is launched in six models: 460G, 460E, 550G, 550E, 550P and 600P. Previously, the car had started pre-sale, and within 7 hours, orders exceeded 5,000 units, of which dual lidar configurations accounted for more than 70%.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13933718392/0\"/>XPeng Motors also said that orders can still be placed through relevant channels. Users who pay an intention deposit of 5,000 yuan can enjoy rights and interests such as doubling the intention deposit, worry-free electricity gift package for life, pre-locking of the listing gift package, priority right to pick up the car, and exclusive 10,000 yuan.</p><p>At present, there are two highlights of XPeng P5 that have attracted much attention. The first is dual lidar. XPeng Motors believes that this is the first mass-produced product equipped with lidar<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Automobile. The second is the ever-changing space. The seats in the car can be folded down and moved forward and backward. Coupled with the flat chassis of pure electric vehicles, a flat and spacious interior space can be obtained.</p><p>As it enters a brand-new market segment, the arrival of XPeng P5 will push XPeng's automobile sales to a new height. Data show that from January to July 2021, XPeng Automobile has delivered a total of 38,778 units, which is 1.4 times the delivery volume last year. The total delivery volume in July exceeded 8,000 units for the first time, reaching 8,040 units, a month-on-month surge of 22% from June, significantly breaking the historical monthly delivery record just broken in June.</p><p>The product quality of XPeng vehicles has also been recognized by third-party organizations. Not long ago, in C-NCAP Collision, i-VISTA Intelligence, J.D. The XPeng P7, which won the first place in three authoritative certifications of Power Charm Index, also ushered in the 50,000 th vehicle rolling off the assembly line at the Zhaoqing factory. From 0 to 50,000, XPeng P7 has only gone through more than 400 days. Recently, the XPeng P7 was exported to Norway again after the G3, becoming the first Chinese brand smart electric coupe sold to Europe.</p><p>Text, Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Guangzhou Daily New Flower City Editor: Li Guangman</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng P5 is scheduled to be launched on September 15, with six first models</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng P5 is scheduled to be launched on September 15, with six first models\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">广州日报</strong><span class=\"h-time small\">2021-08-30 13:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>XPeng P5, for<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Its third model is positioned lower than the P7, and the pre-sale price after subsidies is 160,000-230,000 yuan. Recently, the launch time of the car has been clear. XPeng Motors announced that the car will be officially launched for sale on September 15, and delivery will begin at the end of October this year. The car is launched in six models: 460G, 460E, 550G, 550E, 550P and 600P. Previously, the car had started pre-sale, and within 7 hours, orders exceeded 5,000 units, of which dual lidar configurations accounted for more than 70%.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13933718392/0\"/>XPeng Motors also said that orders can still be placed through relevant channels. Users who pay an intention deposit of 5,000 yuan can enjoy rights and interests such as doubling the intention deposit, worry-free electricity gift package for life, pre-locking of the listing gift package, priority right to pick up the car, and exclusive 10,000 yuan.</p><p>At present, there are two highlights of XPeng P5 that have attracted much attention. The first is dual lidar. XPeng Motors believes that this is the first mass-produced product equipped with lidar<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Automobile. The second is the ever-changing space. The seats in the car can be folded down and moved forward and backward. Coupled with the flat chassis of pure electric vehicles, a flat and spacious interior space can be obtained.</p><p>As it enters a brand-new market segment, the arrival of XPeng P5 will push XPeng's automobile sales to a new height. Data show that from January to July 2021, XPeng Automobile has delivered a total of 38,778 units, which is 1.4 times the delivery volume last year. The total delivery volume in July exceeded 8,000 units for the first time, reaching 8,040 units, a month-on-month surge of 22% from June, significantly breaking the historical monthly delivery record just broken in June.</p><p>The product quality of XPeng vehicles has also been recognized by third-party organizations. Not long ago, in C-NCAP Collision, i-VISTA Intelligence, J.D. The XPeng P7, which won the first place in three authoritative certifications of Power Charm Index, also ushered in the 50,000 th vehicle rolling off the assembly line at the Zhaoqing factory. From 0 to 50,000, XPeng P7 has only gone through more than 400 days. Recently, the XPeng P7 was exported to Norway again after the G3, becoming the first Chinese brand smart electric coupe sold to Europe.</p><p>Text, Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Guangzhou Daily New Flower City Editor: Li Guangman</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108301317447c358b2c&s=b\">广州日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80e4ab3e53452f4e5554d2f59e6f6d9b","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108301317447c358b2c&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2163200161","content_text":"小鹏P5，为小鹏汽车旗下第三款车型，定位低于P7，补贴后预售价为16万-23万元。近日，该车上市时间明确。小鹏汽车宣布，该车将于9月15日正式上市销售，并于今年10月底开启交付。该车推出460G、460E、550G、550E、550P、600P六款车型。此前，该车已开启预售，7小时内，订单即破5000台，其中双激光雷达配置的占比超过70%。小鹏汽车方面同时表示，现在仍可以通过相关渠道进行下订。用户缴交5000元意向金，可享意向金翻倍、终身用电无忧礼包、上市礼包预先锁定、优先提车权、万元专属等权益。目前，小鹏P5备受关注的亮点有两方面。一是双激光雷达，小鹏汽车方面认为，这是首款搭载激光雷达的量产智能汽车。二是百变空间，车内座椅可以翻折放倒、前后移动，再加上纯电动车平整的底盘，可以得到一个平整宽敞的车内空间。由于是进入全新的细分市场，小鹏P5到来，会推升小鹏汽车销量达到一个新的高度。数据显示，2021年1-7月，小鹏汽车已累计交付38,778台，是去年全年交付量的1.4倍。7月总交付量首次突破八千，达到8,040台，较六月环比激增22%，大幅刷新了6月刚刚打破的历史月交付纪录。小鹏汽车的产品品质还得到第三方机构的认可。在不久之前，在C-NCAP碰撞、i-VISTA智能、J.D.Power魅力指数三个权威认证上获得第一的小鹏P7，也在肇庆工厂迎来了第50000辆车的下线。从0到50000，小鹏P7仅仅走过了400多天。近日，小鹏P7也继G3之后再度出口挪威，成为首款销往欧洲的中国品牌智能电动轿跑。文、图/广州日报·新花城记者：周伟力广州日报·新花城编辑：李光曼","news_type":1,"symbols_score_info":{"XPEV":1,"09868":1}},"isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810901471,"gmtCreate":1629937411693,"gmtModify":1676530176163,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810901471","repostId":"2162185068","repostType":2,"repost":{"id":"2162185068","kind":"news","pubTimestamp":1629882600,"share":"https://ttm.financial/m/news/2162185068?lang=en_US&edition=fundamental","pubTime":"2021-08-25 17:10","market":"us","language":"zh","title":"XPeng Motor Ships First P7 Smart Electric Sedan to Norway","url":"https://stock-news.laohu8.com/highlight/detail?id=2162185068","media":"界面新闻","summary":"小鹏汽车将首批P7智能电动轿车运往挪威。（文章来源：界面新闻）","content":"<p><div>XPeng Motor is shipping first batch of P7 smart electric sedans to Norway. (Source of article: Interface News)</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b\">Web link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng Motor Ships First P7 Smart Electric Sedan to Norway</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Motor Ships First P7 Smart Electric Sedan to Norway\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-08-25 17:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>XPeng Motor is shipping first batch of P7 smart electric sedans to Norway. (Source of article: Interface News)</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a641899d158b6ab663d7d69913893106","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162185068","content_text":"小鹏汽车将首批P7智能电动轿车运往挪威。（文章来源：界面新闻）","news_type":1,"symbols_score_info":{"XPEV":1,"09868":1}},"isVote":1,"tweetType":1,"viewCount":1814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832731894,"gmtCreate":1629677710318,"gmtModify":1676530091669,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/832731894","repostId":"2161740649","repostType":4,"repost":{"id":"2161740649","kind":"highlight","pubTimestamp":1629676668,"share":"https://ttm.financial/m/news/2161740649?lang=en_US&edition=fundamental","pubTime":"2021-08-23 07:57","market":"sh","language":"zh","title":"Top Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side","url":"https://stock-news.laohu8.com/highlight/detail?id=2161740649","media":"格隆汇","summary":"华西证券：宁组合等高景气成长是配置主线","content":"<p>Last week, the A-share market showed a volatile decline. The Shanghai Composite Index fell by 2.53%, the Shenzhen Component Index fell by 3.69%, and the ChiNext Index fell by 4.55%. The cumulative net outflow of northbound funds was 10.491 billion yuan. The turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan on the 23rd consecutive trading day. Hong Kong stocks were affected by the continued sharp decline of heavyweights. The Hang Seng Index fell 5.84% on a weekly basis, and the State Index fell 6.78% on a weekly basis. However, the Hang Seng Technology Index continued to fall 10.54% on a weekly basis, hitting another record low.</p><p>How to interpret the market outlook? Let's see the summary of the latest top ten brokerage strategies.</p><p><b>1.<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>: The market's risk release is coming to an end and gradually deploying on the left</b></p><p>The national policy of common prosperity and the corresponding policy packages in the future will not harm the market-oriented business logic. Under the policy tone of preventing financial risks, the impact of local credit risks is also controllable. Investors still need to wait for more signals to correct policy misunderstandings. It is expected that the third quarter will be the low point of the domestic macro-economy during the year, and the market liquidity will still maintain a tight balance. Differences in policies and economic prospects will cause disordered investor behavior, and the release of market risks is coming to an end. Adhere to a balanced allocation and gradually lay out on the left. In terms of specific configuration, the growth manufacturing sector has shifted from a high-level track to a relatively low-level track, such as the military industry catalyzed by the performance of the interim report and 5G, communication equipment, and auto parts whose fundamentals have ushered in an inflection point; Recommend automobiles, apparel, CXO, vaccines and medical services in the consumer and pharmaceutical sectors; The financial sector recommends some retail banks and securities firms with card wealth management with valuation cost performance or medium-and long-term growth logic.</p><p><b>2.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>: Styles are just beginning instead of switching</b></p><p>Looking pragmatically at future investment opportunities, technological growth is still the main investment opportunity in the next stage, and the style has just begun rather than switching. Mid-cap blue chips and technology growth have become the core words of investment. Under the current economic pressure, steady fiscal growth and severe energy conservation situation, new energy infrastructure is the preferred direction for investment at present. Six major tracks including photovoltaics, BIPV, wind power, UHV, charging piles, and pumped storage are recommended.</p><p><b>3.<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>: There is no need to be overly pessimistic when the Shanghai Composite Index is around 3300-3400 points</b></p><p>The fundamental reason for the increase in short-term market volatility is that the market is still waiting for many uncertainties to come to fruition. In the current stock market, the market lacks a clear main line under high turnover. There is no need to be overly pessimistic about the Shanghai Composite Index around 3300-3400 points. On the one hand, the performance of listed companies is still supported. On the other hand, after the valuation switch, driven by high performance growth, the current A-share valuation has a certain margin of safety. Although the structural valuation differentiation is still relatively obvious, there are still sectors with certain cost performance in the market, such as the midstream manufacturing industry.</p><p><b>4.<a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: This bull market is not over yet, and the market will still be full of opportunities in the next six months</b></p><p>A-shares have fallen significantly in the last week, with the CSI 300 falling 3.6% and the ChiNext Index falling 4.6%. Since July 1, the overall market has been weak, and investors have doubts about the market outlook. We believe that combined with the macro background and micro-enterprise profits, this year is similar to 2010, and the second half is more exciting. Drawing lessons from the annual market fluctuations and bull market cycles in history, the market is still full of opportunities in the next six months.</p><p>Core conclusions: (1) Statistics show that the Shanghai and Shenzhen 300 market is more than 15% at least once a year. This year's macro background is similar to that of 2010, and the second half of the stock market is more exciting. (2) The ROE of listed companies is expected to continue to rise to 22Q1, the market valuation level and sentiment indicators are acceptable, and the current bull market is not over yet. (3) The market has moved from solo to public, taking into account<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing and traditional midstream and downstream manufacturing, and pay attention to depression industries, such as securities firms.</p><p><b>5.<a href=\"https://laohu8.com/S/002926\">West China Securities</a>: High prosperity growth such as Ning combination is the main line of allocation</b></p><p>Under the concern of uncertain policy trends at home and abroad, the market risk appetite has been lowered recently. However, the current overall valuation of A-shares is reasonable, and the risk of emotional and chip concentration has been released in the short-term adjustment. With the uncertain factors landing, the market is expected to gradually get out of the bottoming period. The core factor that determines the market style in the future is still the relative advantage of profitability.</p><p>Specifically, the valuation of the consumer sector has continued to decline recently, and more certain signals still need to wait for the fundamental turning point before the market regains consensus; Under the framework of policy \"cross-cyclical adjustment\", the current policy is more \"supporting but not lifting\", and the boost to traditional infrastructure (pro-cyclical) may be slower. Judging from the forecast of the interim report, the prosperity of the growth track is difficult to falsify, and the market outlook is still the key allocation direction. Specific to industry configuration, it is recommended to pay attention to: \"new energy industry chain (electrical equipment, nonferrous metals, chemicals, etc.), new infrastructure (intelligent transportation, etc.), military industry\", etc.; Theme investment focus: \"Carbon neutrality (green industry) connotation expansion, Hongmeng main line\".</p><p><b>6.<a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Countermeasures under the reappearance of microstructure adjustment</b></p><p>Increased policy uncertainty has caused A-shares, especially sectors greatly affected by policies, to experience a double kill in performance and valuation. The current microstructure of the A-share market is still not healthy. Recently, \"promoting common prosperity in high-quality development\" and \"specialization\" The \"special and new\" policy environment will further strengthen the main line of \"small-cap growth\". It is recommended to pay attention to the technology manufacturing industry whose mid-term performance (forecast) is restored, supplemented by some infrastructure benefit varieties. It is recommended to continue to allocate \"market value sinking\"-(1) \"policy + technology + supply and demand gap\" multi-wheel drive new energy vehicles (lithium/diaphragm)/photovoltaics; (2) \"Fewer people\" + the growth and diffusion of industrial policy inclination (military industry); (3) Manufacturing industry (construction machinery/cement) with easing cost suppression + marginal change in demand.</p><p><b>7.<a href=\"https://laohu8.com/S/600909\">Huaan Securities</a>: Waiting for risk appetite to return to the main line of steady growth can still be expected</b></p><p>Emotional disturbances The market volatility has increased recently, but there is still no downward pressure from the trend. The overall pattern of the structural market has not changed, the growth style is expected to continue to dominate, and the cyclical style is also worthy of attention. After market digestion, risk appetite is expected to return to stability. At present, the macro environment, monetary environment and market environment at home and abroad are relatively stable, so the market risk appetite also has the basic conditions for overall stability in the short term. In terms of specific structure, Baima's leading mid-term report fell short of expectations, market supervision became stricter, and the consumption recovery process repeatedly fell short of expectations, resulting in weak consumption style preferences. However, the growth style has both liquidity, performance, and catalyst support, and its risk appetite is still relatively dominant. Focus on two main lines with profit advantages. Main line 1: Growth style, continue to pay attention to the semiconductor and new energy vehicle industry chains whose prosperity is at an absolutely high level, and at the same time pay attention to structural opportunities that benefit from growth diffusion; Main line 2: cyclical style, focusing on structural opportunities with high prosperity, including the chemical industry with high prosperity, especially the phosphorus chemical sector, and the general automatic equipment sector that benefits from the upgrading of the manufacturing industry.</p><p><b>8.<a href=\"https://laohu8.com/S/601696\">BOC Securities</a>: It is recommended to grasp the excess returns of low valuation pro-cyclical sectors</b></p><p>Recently, the market has undergone a certain degree of adjustment, and the resonance of internal and external factors has led to a downward trend in market risk appetite. From the perspective of market structure, the two major directions of early market capital grouping have faced certain fluctuations in the near future. The stable profit model of traditional consumer leaders may face certain potential impacts. On the other hand, for track stocks represented by new energy and photovoltaics, although the industry prosperity continues to be high, the current valuation is high, and the hesitation to add new funds leads to high volatility in the sector. In terms of industry allocation, it is recommended to grasp the excess returns of low-valuation pro-cyclical sectors. Secondly, we can pay attention to the valuation switching opportunities of the leading industries represented by new energy and semiconductors in the fourth quarter. Looking forward, under the differentiation of industry performance, the characteristics of financial management and the growth certainty of leading securities firms are higher, and they are expected to enjoy valuation premiums.</p><p><b>9. Yuekai Securities: The capital market has broad potential for incremental funds</b></p><p>Increased expectations of Fed policy tightening may lead to short-term adjustment pressure on U.S. stocks, but the impact on A-shares will be limited. In addition, fund shares are at historical highs, overseas long-term funds such as MSCI have entered the market, and domestic long-term funds such as social security funds have entered the market. The capital market has broad potential for incremental funds. Under the slowdown of economic growth in the second half of the year and moderately loose liquidity expectations, performance is still the \"certainty\" sought after by funds, and the high-prosperity sector and the medium-market value sector with spreading prosperity are still expected to get out of the structural market. The turnover rate of popular concept sectors has been greatly adjusted this week. After trading cools down and short-term compensation losses, the profit-making effect is expected to pick up. In terms of allocation direction, it is recommended to pay attention to technology companies with long-term high-quality business models and sustainable performance, with the core allocation of \"hard technology\" sectors such as new energy vehicles, semiconductors, military electronics and communications; The semi-annual report market of the financial industry is in progress. The overall valuation level of the financial industry is relatively cheap, and the performance in the first half of the year has been steadily recovered. It is recommended to pay attention to the financial sector targets with outstanding semi-annual report performance.</p><p><b>10.<a href=\"https://laohu8.com/S/601995\">CICC</a>: The downside of the index may be limited, and the market style may still be \"biased towards growth\"</b></p><p>At present, the downward trend of growth is also being more widely expected, and the downward trend of most commodity prices continues further. Based on the latest domestic situation, the market may have to gradually reset its growth expectations for the second half of the year and next year. Against the background of strengthening expectations for the withdrawal of external policies, declining growth in China and concerns about industrial regulatory policies, it may be necessary to downplay the overall expectations for the equity index. However, considering that the overall market valuation is not high, the downside space of the index may also be limited. At the structural level, the reset of growth expectations means that macro policies may continue to be stable and looser. In terms of allocation, we believe that we can further reduce the allocation of strong cyclical sectors, and the market style may still be \"biased towards growth\".</p><p>Configuration suggestion: The growth style controls the rhythm, and some \"old white horses\" are allocated in a balanced way. (1) High prosperity, China's competitive or growing industrial chains: electric vehicle industry chain, photovoltaics, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc. (2) Pan-consumer industry: bottom-up stock selection in pan-consumption, including daily necessities, household appliances, automobiles and parts, medicine and medical equipment, light industry and home furnishing, etc.; (3) Gradually reduce the cyclical allocation, but pay attention to some cycles with favorable structure or structural growth characteristics: non-ferrous metals such as lithium, chemicals and financial leaders who benefit from the great development trend of wealth and asset management.</p>","source":"gelonghui_highlight","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>Top Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side</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\">\nTop Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-23 07:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week, the A-share market showed a volatile decline. The Shanghai Composite Index fell by 2.53%, the Shenzhen Component Index fell by 3.69%, and the ChiNext Index fell by 4.55%. The cumulative net outflow of northbound funds was 10.491 billion yuan. The turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan on the 23rd consecutive trading day. Hong Kong stocks were affected by the continued sharp decline of heavyweights. The Hang Seng Index fell 5.84% on a weekly basis, and the State Index fell 6.78% on a weekly basis. However, the Hang Seng Technology Index continued to fall 10.54% on a weekly basis, hitting another record low.</p><p>How to interpret the market outlook? Let's see the summary of the latest top ten brokerage strategies.</p><p><b>1.<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>: The market's risk release is coming to an end and gradually deploying on the left</b></p><p>The national policy of common prosperity and the corresponding policy packages in the future will not harm the market-oriented business logic. Under the policy tone of preventing financial risks, the impact of local credit risks is also controllable. Investors still need to wait for more signals to correct policy misunderstandings. It is expected that the third quarter will be the low point of the domestic macro-economy during the year, and the market liquidity will still maintain a tight balance. Differences in policies and economic prospects will cause disordered investor behavior, and the release of market risks is coming to an end. Adhere to a balanced allocation and gradually lay out on the left. In terms of specific configuration, the growth manufacturing sector has shifted from a high-level track to a relatively low-level track, such as the military industry catalyzed by the performance of the interim report and 5G, communication equipment, and auto parts whose fundamentals have ushered in an inflection point; Recommend automobiles, apparel, CXO, vaccines and medical services in the consumer and pharmaceutical sectors; The financial sector recommends some retail banks and securities firms with card wealth management with valuation cost performance or medium-and long-term growth logic.</p><p><b>2.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>: Styles are just beginning instead of switching</b></p><p>Looking pragmatically at future investment opportunities, technological growth is still the main investment opportunity in the next stage, and the style has just begun rather than switching. Mid-cap blue chips and technology growth have become the core words of investment. Under the current economic pressure, steady fiscal growth and severe energy conservation situation, new energy infrastructure is the preferred direction for investment at present. Six major tracks including photovoltaics, BIPV, wind power, UHV, charging piles, and pumped storage are recommended.</p><p><b>3.<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>: There is no need to be overly pessimistic when the Shanghai Composite Index is around 3300-3400 points</b></p><p>The fundamental reason for the increase in short-term market volatility is that the market is still waiting for many uncertainties to come to fruition. In the current stock market, the market lacks a clear main line under high turnover. There is no need to be overly pessimistic about the Shanghai Composite Index around 3300-3400 points. On the one hand, the performance of listed companies is still supported. On the other hand, after the valuation switch, driven by high performance growth, the current A-share valuation has a certain margin of safety. Although the structural valuation differentiation is still relatively obvious, there are still sectors with certain cost performance in the market, such as the midstream manufacturing industry.</p><p><b>4.<a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: This bull market is not over yet, and the market will still be full of opportunities in the next six months</b></p><p>A-shares have fallen significantly in the last week, with the CSI 300 falling 3.6% and the ChiNext Index falling 4.6%. Since July 1, the overall market has been weak, and investors have doubts about the market outlook. We believe that combined with the macro background and micro-enterprise profits, this year is similar to 2010, and the second half is more exciting. Drawing lessons from the annual market fluctuations and bull market cycles in history, the market is still full of opportunities in the next six months.</p><p>Core conclusions: (1) Statistics show that the Shanghai and Shenzhen 300 market is more than 15% at least once a year. This year's macro background is similar to that of 2010, and the second half of the stock market is more exciting. (2) The ROE of listed companies is expected to continue to rise to 22Q1, the market valuation level and sentiment indicators are acceptable, and the current bull market is not over yet. (3) The market has moved from solo to public, taking into account<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing and traditional midstream and downstream manufacturing, and pay attention to depression industries, such as securities firms.</p><p><b>5.<a href=\"https://laohu8.com/S/002926\">West China Securities</a>: High prosperity growth such as Ning combination is the main line of allocation</b></p><p>Under the concern of uncertain policy trends at home and abroad, the market risk appetite has been lowered recently. However, the current overall valuation of A-shares is reasonable, and the risk of emotional and chip concentration has been released in the short-term adjustment. With the uncertain factors landing, the market is expected to gradually get out of the bottoming period. The core factor that determines the market style in the future is still the relative advantage of profitability.</p><p>Specifically, the valuation of the consumer sector has continued to decline recently, and more certain signals still need to wait for the fundamental turning point before the market regains consensus; Under the framework of policy \"cross-cyclical adjustment\", the current policy is more \"supporting but not lifting\", and the boost to traditional infrastructure (pro-cyclical) may be slower. Judging from the forecast of the interim report, the prosperity of the growth track is difficult to falsify, and the market outlook is still the key allocation direction. Specific to industry configuration, it is recommended to pay attention to: \"new energy industry chain (electrical equipment, nonferrous metals, chemicals, etc.), new infrastructure (intelligent transportation, etc.), military industry\", etc.; Theme investment focus: \"Carbon neutrality (green industry) connotation expansion, Hongmeng main line\".</p><p><b>6.<a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Countermeasures under the reappearance of microstructure adjustment</b></p><p>Increased policy uncertainty has caused A-shares, especially sectors greatly affected by policies, to experience a double kill in performance and valuation. The current microstructure of the A-share market is still not healthy. Recently, \"promoting common prosperity in high-quality development\" and \"specialization\" The \"special and new\" policy environment will further strengthen the main line of \"small-cap growth\". It is recommended to pay attention to the technology manufacturing industry whose mid-term performance (forecast) is restored, supplemented by some infrastructure benefit varieties. It is recommended to continue to allocate \"market value sinking\"-(1) \"policy + technology + supply and demand gap\" multi-wheel drive new energy vehicles (lithium/diaphragm)/photovoltaics; (2) \"Fewer people\" + the growth and diffusion of industrial policy inclination (military industry); (3) Manufacturing industry (construction machinery/cement) with easing cost suppression + marginal change in demand.</p><p><b>7.<a href=\"https://laohu8.com/S/600909\">Huaan Securities</a>: Waiting for risk appetite to return to the main line of steady growth can still be expected</b></p><p>Emotional disturbances The market volatility has increased recently, but there is still no downward pressure from the trend. The overall pattern of the structural market has not changed, the growth style is expected to continue to dominate, and the cyclical style is also worthy of attention. After market digestion, risk appetite is expected to return to stability. At present, the macro environment, monetary environment and market environment at home and abroad are relatively stable, so the market risk appetite also has the basic conditions for overall stability in the short term. In terms of specific structure, Baima's leading mid-term report fell short of expectations, market supervision became stricter, and the consumption recovery process repeatedly fell short of expectations, resulting in weak consumption style preferences. However, the growth style has both liquidity, performance, and catalyst support, and its risk appetite is still relatively dominant. Focus on two main lines with profit advantages. Main line 1: Growth style, continue to pay attention to the semiconductor and new energy vehicle industry chains whose prosperity is at an absolutely high level, and at the same time pay attention to structural opportunities that benefit from growth diffusion; Main line 2: cyclical style, focusing on structural opportunities with high prosperity, including the chemical industry with high prosperity, especially the phosphorus chemical sector, and the general automatic equipment sector that benefits from the upgrading of the manufacturing industry.</p><p><b>8.<a href=\"https://laohu8.com/S/601696\">BOC Securities</a>: It is recommended to grasp the excess returns of low valuation pro-cyclical sectors</b></p><p>Recently, the market has undergone a certain degree of adjustment, and the resonance of internal and external factors has led to a downward trend in market risk appetite. From the perspective of market structure, the two major directions of early market capital grouping have faced certain fluctuations in the near future. The stable profit model of traditional consumer leaders may face certain potential impacts. On the other hand, for track stocks represented by new energy and photovoltaics, although the industry prosperity continues to be high, the current valuation is high, and the hesitation to add new funds leads to high volatility in the sector. In terms of industry allocation, it is recommended to grasp the excess returns of low-valuation pro-cyclical sectors. Secondly, we can pay attention to the valuation switching opportunities of the leading industries represented by new energy and semiconductors in the fourth quarter. Looking forward, under the differentiation of industry performance, the characteristics of financial management and the growth certainty of leading securities firms are higher, and they are expected to enjoy valuation premiums.</p><p><b>9. Yuekai Securities: The capital market has broad potential for incremental funds</b></p><p>Increased expectations of Fed policy tightening may lead to short-term adjustment pressure on U.S. stocks, but the impact on A-shares will be limited. In addition, fund shares are at historical highs, overseas long-term funds such as MSCI have entered the market, and domestic long-term funds such as social security funds have entered the market. The capital market has broad potential for incremental funds. Under the slowdown of economic growth in the second half of the year and moderately loose liquidity expectations, performance is still the \"certainty\" sought after by funds, and the high-prosperity sector and the medium-market value sector with spreading prosperity are still expected to get out of the structural market. The turnover rate of popular concept sectors has been greatly adjusted this week. After trading cools down and short-term compensation losses, the profit-making effect is expected to pick up. In terms of allocation direction, it is recommended to pay attention to technology companies with long-term high-quality business models and sustainable performance, with the core allocation of \"hard technology\" sectors such as new energy vehicles, semiconductors, military electronics and communications; The semi-annual report market of the financial industry is in progress. The overall valuation level of the financial industry is relatively cheap, and the performance in the first half of the year has been steadily recovered. It is recommended to pay attention to the financial sector targets with outstanding semi-annual report performance.</p><p><b>10.<a href=\"https://laohu8.com/S/601995\">CICC</a>: The downside of the index may be limited, and the market style may still be \"biased towards growth\"</b></p><p>At present, the downward trend of growth is also being more widely expected, and the downward trend of most commodity prices continues further. Based on the latest domestic situation, the market may have to gradually reset its growth expectations for the second half of the year and next year. Against the background of strengthening expectations for the withdrawal of external policies, declining growth in China and concerns about industrial regulatory policies, it may be necessary to downplay the overall expectations for the equity index. However, considering that the overall market valuation is not high, the downside space of the index may also be limited. At the structural level, the reset of growth expectations means that macro policies may continue to be stable and looser. In terms of allocation, we believe that we can further reduce the allocation of strong cyclical sectors, and the market style may still be \"biased towards growth\".</p><p>Configuration suggestion: The growth style controls the rhythm, and some \"old white horses\" are allocated in a balanced way. (1) High prosperity, China's competitive or growing industrial chains: electric vehicle industry chain, photovoltaics, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc. (2) Pan-consumer industry: bottom-up stock selection in pan-consumption, including daily necessities, household appliances, automobiles and parts, medicine and medical equipment, light industry and home furnishing, etc.; (3) Gradually reduce the cyclical allocation, but pay attention to some cycles with favorable structure or structural growth characteristics: non-ferrous metals such as lithium, chemicals and financial leaders who benefit from the great development trend of wealth and asset management.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/482283\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f138f3fb791af2ca9b5d974d311cd40d","relate_stocks":{},"source_url":"http://www.gelonghui.com/p/482283","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2161740649","content_text":"上周，A股市场呈现震荡下跌，沪指累计跌2.53%，深证成指累计跌3.69%，创业板指累计下跌4.55%，北向资金累计净流出104.91亿元，沪深两市成交额已连续第23个交易日突破1万亿元。港股受权重股持续大跌影响，恒指按周大跌5.84%，国指周跌6.78%，但恒生科技指数继续周大跌10.54%，再创历史新低。\n后市市场具体如何演绎，且看最新十大券商策略汇总。\n1. 中信证券：市场的风险释放已接近尾声 逐步左侧布局\n共同富裕的国策方针以及未来相应的政策配套并不会伤害市场化商业逻辑，防范金融风险的政策基调下局部信用风险的影响也可控，投资者仍需等待更多信号来纠偏政策误读。预计三季度是国内宏观经济的年内低点，市场流动性依旧维持紧平衡，政策和经济前景的分歧造成投资者行为紊乱，市场风险释放已接近尾声，坚持均衡配置，逐步左侧布局。具体配置上，成长制造板块里从高位的赛道转向相对低位的赛道，如受中报业绩催化的军工以及基本面迎来拐点的5G、通信设备、汽车零部件；消费和医药板块内推荐汽车、服饰、CXO、疫苗和医疗服务等；金融板块推荐部分具备估值性价比或中长期成长逻辑的零售型银行和卡位财富管理的券商。\n2. 国泰君安：风格才刚刚开始而不是切换\n务实地看待未来投资机会，科技成长仍是下一阶段主要投资机会，风格才刚刚开始而不是切换。中盘蓝筹、科技成长为投资的核心词。在经济现压力财政稳增长和严峻的节能形势下，能源新基建是当下投资的优选方向，推荐光伏、BIPV、风电、特高压、充电桩、抽水蓄能等六大赛道。\n3. 国金证券：上证指数在3300-3400点附近无须过度悲观\n短期市场波动加大的根本原因是市场仍等待诸多不确定性落地，当前存量市场中，高成交额下市场缺乏明确主线。上证指数在3300-3400点附近无须过度悲观，一方面上市公司业绩仍有支撑，另一方面，经历了估值切换后，在业绩高增长的驱动下，当前A股估值具有一定的安全边际。尽管结构上估值分化仍较为明显，但市场中仍存在具备一定性价比的板块，比如中游制造行业。\n4. 海通证券：本轮牛市尚未走完 未来半年市场仍充满机会\n最近一周A股下跌明显，沪深300跌3.6%、创业板指跌4.6%，7月1日以来市场整体走的较弱，投资者对后市心存疑虑。我们认为，结合宏观背景和微观企业盈利看，今年类似2010年，下半场更精彩。借鉴历史上市场年度波动和牛市周期规律，未来半年市场仍充满机会。\n核心结论：（1）统计显示，沪深300每年至少一次15%以上行情，今年宏观背景类似2010年，股市后半场望更精彩。（2）上市公司ROE望继续回升至22Q1，市场估值水平和情绪指标尚可，本轮牛市尚未走完。（3）市场从独乐乐走向众乐乐，兼顾智能制造和传统中下游制造，并注意洼地行业，如券商等。\n5. 华西证券：宁组合等高景气成长是配置主线\n在海内外政策走向不确定的担忧下，近期市场风险偏好有所调降，但目前A股整体估值合理，并在短期调整中释放了情绪面及筹码集中的风险，随着不确定因素的落地，市场将有望逐步走出磨底期。后续决定市场风格的核心因素仍在于盈利的相对优势。\n具体来看，消费板块近期估值持续调降，更确定的信号还需等待基本面拐点后，市场重拾共识；政策“跨周期调节”的框架下，当前政策更多是“托而不举”，对传统基建（顺周期）的提振可能会慢一些。从中报预告来看，成长赛道的景气度难以证伪，后市仍是重点配置方向。具体到行业配置上，建议关注：“新能源产业链（电气设备、有色、化工等）、新基建（智能交通等）、军工”等；主题投资关注：“碳中和（绿色产业）内涵拓展、鸿蒙主线”。\n6. 广发证券：微观结构调整再现下的应对之策\n政策不确定加大使得A股尤其是受政策影响较大的板块出现了业绩估值双杀，当前A股市场微观结构仍未健康，近期“在高质量发展中促进共同富裕”和“专精特新”政策环境也都会进一步强化“小盘成长”主线。建议关注中报业绩（预告）修复的科技制造业，辅以部分基建受益品种。建议继续配置“市值下沉”——（1）“政策+技术+供需缺口”多轮驱动的新能源车（锂/隔膜）/光伏；（2）“人少”+ 产业政策倾斜的成长扩散（军工）；（3）成本压制缓和+需求边际变化的制造业（工程机械/水泥）。\n7. 华安证券：等待风险偏好重归平稳 成长主线仍可期待\n情绪扰动近期市场波动加大，但目前仍不具备趋势性下行的压力，结构市行情的大格局未变，成长风格有望继续占优，周期风格也值得关注。经过市场消化后，风险偏好有望复归平稳。目前国内外的宏观环境、货币环境及市场环境都相对稳定，因此短期内市场风险偏好也具备整体平稳的基础条件。具体结构上，白马龙头中报不及预期、市场监管趋严、消费复苏进程屡不及预期，导致消费风格偏好较弱。而成长风格流动性、业绩、催化剂支撑兼备，风险偏好仍相对占优。关注两条具有盈利优势的主线。主线一：成长风格，继续关注景气处于绝对高位的半导体、新能源车产业链，同时关注受益于成长扩散的结构性机会；主线二：周期风格，关注高景气结构性机会，包括景气处于高位的化工，尤其是磷化工板块，以及受益于制造业升级的通用自动设备板块。\n8. 中银证券：建议把握低估值顺周期板块超额收益\n近期市场出现一定幅度的调整，内外因素共振导致市场风险偏好出现下行。从市场结构层面来看，前期市场资金抱团的两大方向近期均面临一定波动。传统消费龙头稳定的盈利模式或面临一定潜在冲击，而反观新能源、光伏为代表的赛道股，行业景气虽然延续高位但当前估值高企，新增资金犹豫不决导致板块高位震荡。行业配置方面，建议把握低估值顺周期板块超额收益。其次，可关注新能源和半导体代表的主导产业四季度板块估值切换机会。往后看，行业业绩分化下，财管特色和龙头券商成长确定性更高，有望享受估值溢价。\n9. 粤开证券：资本市场增量资金潜力广阔\n美联储政策收紧的预期提升，或将导致美股短期调整压力，但对A股影响有限。此外，基金份额在历史高位、MSCI等海外长期资金入市、社保基金等国内长期资金入市等，资本市场增量资金潜力广阔。在下半年经济增速趋缓+流动性预期适度宽松之下，业绩仍是资金追捧的“确定性”，高景气板块、景气扩散的中等市值板块仍有望走出结构性行情。热门概念板块的换手率本周有较大的调整，交投降温、短期补跌后，挣钱效应有望回升。配置方向上，建议关注长期拥有优质商业模式、业绩可持续的科技企业，核心配置新能源汽车、半导体、军工电子和通信等“硬科技”板块；金融行业的半年报行情进行中，金融行业整体估值水平较便宜，且上半年业绩稳健修复，建议关注半年报业绩表现突出的金融板块标的。\n10. 中金公司：指数下行空间可能有限 市场风格或仍会“偏向成长”\n目前增长下行趋势也正在得到更广泛预期，大部分商品价格下行趋势进一步延续。综合国内最新形势，市场可能要逐步重设下半年及明年的增长预期，在外围政策退出预期强化、中国增速趋降和产业监管政策担忧的背景下，可能要淡化对权益指数的整体预期，但考虑市场整体估值不高，指数下行空间可能也有限。结构层面上，增长预期重设意味着宏观政策可能延续稳中趋松，配置上我们认为可以进一步减配强周期板块，市场风格或仍会“偏向成长”。\n配置建议：成长风格把控节奏，部分“老白马”均衡配置。（1）高景气度、中国已具备竞争力或正在壮大的产业链：电动车产业链、光伏、科技硬件与软件、电子半导体、部分制造业资本品等。（2）泛消费行业：在泛消费，包括日常用品、家电、汽车及零部件、医药及医疗器械、轻工家居等领域自下而上择股；（3）逐步降低周期配置但关注部分结构有利或具备结构性成长特征的周期：有色金属如锂等，化工以及受益于财富及资管大发展趋势的金融龙头。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830188390,"gmtCreate":1629029419910,"gmtModify":1676529913334,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830188390","repostId":"2159108232","repostType":2,"repost":{"id":"2159108232","kind":"news","pubTimestamp":1629022437,"share":"https://ttm.financial/m/news/2159108232?lang=en_US&edition=fundamental","pubTime":"2021-08-15 18:13","market":"us","language":"zh","title":"Data | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?","url":"https://stock-news.laohu8.com/highlight/detail?id=2159108232","media":"界面新闻","summary":"据界面数据不完全统计，自2018年6月首款车量产交付至今，蔚来汽车引发的交通事故至少达到13起。","content":"<p><div>According to incomplete statistics from interface data, since the mass production and delivery of the first car in June 2018, there have been at least 13 traffic accidents caused by Nio vehicles.</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b\">Web link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Data | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?</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\">\nData | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-08-15 18:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>According to incomplete statistics from interface data, since the mass production and delivery of the first car in June 2018, there have been at least 13 traffic accidents caused by Nio vehicles.</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80e4ab3e53452f4e5554d2f59e6f6d9b","relate_stocks":{},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2159108232","content_text":"据界面数据不完全统计，自2018年6月首款车量产交付至今，蔚来汽车引发的交通事故至少达到13起。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891928340,"gmtCreate":1628320379580,"gmtModify":1703505061527,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891928340","repostId":"2157919494","repostType":2,"repost":{"id":"2157919494","kind":"news","pubTimestamp":1628296431,"share":"https://ttm.financial/m/news/2157919494?lang=en_US&edition=fundamental","pubTime":"2021-08-07 08:33","market":"us","language":"zh","title":"New game of new car-making forces: \"Wei Xiaoli\" rearranges seats and collectively sprints to Hong Kong stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=2157919494","media":"中国经营报","summary":"为了赢得更大的市场份额，此前已经登陆美股的蔚来汽车、理想汽车、小鹏汽车近日纷纷冲刺港股。目前小鹏汽车已经顺利登陆港股，成为港股“智能电动车第一股”。这也是今年以来，理想汽车首次超越蔚来汽车，销量排行第一。而一直以来盘踞在造车新势力销冠的蔚来汽车在7月则掉落至第三名，共交付7931台，同比增长124.5%，环比下降1.8％。","content":"<p><html><body><article>Our reporter Chen Yannan Tong Haihua reports from Beijing</p><p>At the beginning of August, new car-making forces released their report cards for July.</p><p>The data shows that ideal, XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Nezha and Leapao have become the top five car companies among the new car-making forces, with sales of 8,589, 8,040, 7,931, 6,011 and 4,404 vehicles respectively.</p><p>It is understood that \"Wei Xiaoli\" was previously used in the industry to describe the ranking of the three car companies in the first echelon of new car-making forces. However, in July this year, Nio Motors, which has been entrenched in the top sales, fell to third for the first time, and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Then quickly climbed to the first position. As a result, \"Wei Xiaoli\" has also become \"Li Xiaowei\". At the same time, Nezha and Leapao have begun to quietly approach the car companies in the first camp, which also means that a new battle situation may begin. In order to win a larger market share, Nio Motor, Li Auto,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Recently, they have sprinted to Hong Kong stocks. At present, XPeng Automobile has successfully landed on the Hong Kong stock market, becoming the \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \". Li Auto has also passed the hearing of the Hong Kong Stock Exchange, while Nio Motor's secondary listing suspected of being due to user trust issues has not been approved for the time being.</p><p>Jiang Han, a senior researcher at Pangu Think Tank, told a reporter from China Business News that the return of the three car companies to Hong Kong stocks at this time may be to prepare for further return to A-shares.</p><p><strong>From \"Wei Xiaoli\" to \"Li Xiaowei\"</strong></p><p>On August 1, Li Auto took the lead in announcing delivery data for July. A total of 8,589 Ideal ONE vehicles were delivered in July. The monthly delivery volume exceeded 8,000 vehicles for the first time, a year-on-year increase of 251.3% and a month-on-month increase of 11.4%.</p><p>This is also the first time this year that Li Auto has surpassed Nio Motors, ranking first in sales. Some analysts believe that although Li Auto has been deeply involved in many turmoil such as \"facelift door\" and \"mercury door\" recently, the 2021 Ideal ONE has indeed surpassed many models of the same class after its substantial upgrade in May, bringing it to exceed 7,000 vehicles in June and 7,000 vehicles in July. Exceeded 8,000 vehicles in the month.</p><p>XPeng vehicles also crossed the 8,000 vehicle mark for the first time in July, with total monthly deliveries reaching 8,040 units, a year-on-year increase of 228% and a month-on-month surge of 22%. Among them, the XPeng P7 has become the main driving force for XPeng vehicles. In order to lower the entry threshold of the P7, XPeng launched the lithium iron phosphate version in May this year. In the first month, the overall monthly delivery volume of the P7 broke the historical record, compared with April. A month-on-month increase of 27%.</p><p>Nio Motors, which has always been the top sales of new car-making forces, fell to third place in July, delivering a total of 7,931 units, a year-on-year increase of 124.5% and a month-on-month decrease of 1.8%. Specifically, among the three models on sale by Nio Motors, the ES6 model is the sales pillar, with sales reaching 3,669 units in July, followed by the Nio EC6, which delivered 2,560 units, and the highest-priced ES8 model was at the bottom, with only 1,702 units.</p><p>Some analysts believe that this year XPeng Motors will launch low-priced models, while Li Auto will launch more cost-effective facelifted cars. But Nio has neither launched a revised model nor launched a new model to cope with the rapidly changing market. The latest sedan, the ET7, will not be delivered until the first quarter of next year, so it will lag slightly behind. However, judging from the cumulative sales from January to July, Nio Motors is still firmly in the championship, and Li Auto still needs to catch up. Data show that a total of 49,887 Nio vehicles were delivered from January to July. XPeng Motor ranked second with 38,778 units, followed by Li Auto with a difference of 35 units, delivering a total of 38,743 units from January to July.</p><p>It is worth noting that WM Motor, which once kept pace with Nio Motors and XPeng Motors, has disappeared. Data show that WM Motor's cumulative sales in the first half of 2021 were 15,700 vehicles, which is also far behind Nezha Automobile, the second echelon of new forces. Nezha Automobile sold a total of 21,100 vehicles in the first half of the year, as high as 478% year-on-year. The latest sales data in July shows that Nezha Automobile's monthly delivery volume reached 6,011 vehicles, a surge of 492%, successfully breaking through the 6,000 vehicle mark and becoming the leader of the second echelon.</p><p>Jiang Han told reporters that the core reason why Li Auto can surpass Nio vehicles is its unique extended range model. Under the current situation that charging facilities are not fully covered, this model is compared with pure electric vehicles. In other words, it has higher convenience and is more cost-effective than fuel vehicles. However, for the future sales trend, there are actually still great uncertainties. No matter which new car-making force has an absolute advantage, the future sales trend will still show a state of anxious competition.</p><p><strong>Hong Kong stocks become a new arena</strong></p><p>In order to take the lead and win more market share, the three new car-making forces that have successfully landed in the US stock market have recently chosen to collectively return to Hong Kong for listing.</p><p>In March this year, some media broke the news that Nio Motors had submitted an application for secondary listing in Hong Kong, but the process was delayed due to user trust issues. In July, XPeng Motor was officially listed in Hong Kong, becoming the \"first smart electric vehicle stock\" in Hong Kong stocks. At this time, it was less than a year since it was listed on the New York Stock Exchange. At that time, after the successful ringing of the bell in the US stock market, XPeng Motor founder XPeng He once said: \"It is very important to get more ammunition in order to win the long-distance race.\" At present, Li Auto has also passed the hearing of the Hong Kong Stock Exchange. If there is no accident, it is expected to be listed within a month.</p><p>As for why the three car companies chose to collectively return to Hong Kong for listing in the near future. Jiang Han told reporters that on the one hand, it is related to the continued decline of U.S. stocks and the impact of macro-policy factors between China and the United States. On the other hand, it is also because these car companies have been suffering large losses, and they choose to list in Hong Kong to further obtain financial support.</p><p>The financial report shows that from 2018 to 2020, the net losses of Nio vehicles were 9.639 billion yuan, 11.413 billion yuan and 5.304 billion yuan respectively, and the total net losses in three years reached 26.356 billion yuan; Li Auto's net losses were 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, with a cumulative loss of 4.122 billion yuan; The net losses of XPeng vehicles were 1.399 billion yuan, 3.692 billion yuan, and 2.732 billion yuan respectively, and the cumulative loss reached 7.823 billion yuan.</p><p>The losses of new car-making giants are closely related to their R&D investment. From 2018 to 2020, XPeng vehicles invested 1.051 billion yuan, 2.070 billion yuan, and 1.726 billion yuan in research and development expenses respectively. Li Auto's latest hearing data also shows that research and development expenses in 2018, 2019, 2020 and the first quarter of 2021 were 793.7 million yuan, 1.2 billion yuan, 1.1 billion yuan and 514.5 million yuan respectively. Among them, in the first quarter of 2021, Li Auto's research and development expenses accounted for 14.4% of total revenue.</p><p>So why do XPeng Motor and Li Auto choose dual listing instead of Nio Motor? Some analysts believe that XPeng Motor and Li Auto have been listed on the U.S. stock market for less than two years, and do not meet the requirements for the secondary listing of Hong Kong stocks to be listed on other exchanges for two years, so they can only choose \"dual listing\" to raise funds. Pan Helin, a professor at Zhongnan University of Economics and Politics and executive director of the Digital Economy Research Institute, believes that for companies, dual listing is \"putting eggs in different baskets\", which is good for companies to increase financing channels and diversify financing credit risks. However, for listed companies, dual listing requires the company to manage the two places, coordinate the conflicts in the system, and encounter unexpected supervision. Due to the existence of regional span, more information disclosure is also needed, which will virtually increase the company's cost.</p><p>Jiang Han said that returning to Hong Kong stocks can indeed prepare for further returning to A-shares, but at present, these three automobile companies can't meet the current requirements of A-shares, so they probably want to use Hong Kong stocks as a springboard at present. After a certain development, A-share sprint will be carried out again, but whether the leap can be achieved in the end still needs more observation.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New game of new car-making forces: \"Wei Xiaoli\" rearranges seats and collectively sprints to Hong Kong stocks</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\">\nNew game of new car-making forces: \"Wei Xiaoli\" rearranges seats and collectively sprints to Hong Kong stocks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国经营报</strong><span class=\"h-time small\">2021-08-07 08:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Our reporter Chen Yannan Tong Haihua reports from Beijing</p><p>At the beginning of August, new car-making forces released their report cards for July.</p><p>The data shows that ideal, XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Nezha and Leapao have become the top five car companies among the new car-making forces, with sales of 8,589, 8,040, 7,931, 6,011 and 4,404 vehicles respectively.</p><p>It is understood that \"Wei Xiaoli\" was previously used in the industry to describe the ranking of the three car companies in the first echelon of new car-making forces. However, in July this year, Nio Motors, which has been entrenched in the top sales, fell to third for the first time, and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Then quickly climbed to the first position. As a result, \"Wei Xiaoli\" has also become \"Li Xiaowei\". At the same time, Nezha and Leapao have begun to quietly approach the car companies in the first camp, which also means that a new battle situation may begin. In order to win a larger market share, Nio Motor, Li Auto,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Recently, they have sprinted to Hong Kong stocks. At present, XPeng Automobile has successfully landed on the Hong Kong stock market, becoming the \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \". Li Auto has also passed the hearing of the Hong Kong Stock Exchange, while Nio Motor's secondary listing suspected of being due to user trust issues has not been approved for the time being.</p><p>Jiang Han, a senior researcher at Pangu Think Tank, told a reporter from China Business News that the return of the three car companies to Hong Kong stocks at this time may be to prepare for further return to A-shares.</p><p><strong>From \"Wei Xiaoli\" to \"Li Xiaowei\"</strong></p><p>On August 1, Li Auto took the lead in announcing delivery data for July. A total of 8,589 Ideal ONE vehicles were delivered in July. The monthly delivery volume exceeded 8,000 vehicles for the first time, a year-on-year increase of 251.3% and a month-on-month increase of 11.4%.</p><p>This is also the first time this year that Li Auto has surpassed Nio Motors, ranking first in sales. Some analysts believe that although Li Auto has been deeply involved in many turmoil such as \"facelift door\" and \"mercury door\" recently, the 2021 Ideal ONE has indeed surpassed many models of the same class after its substantial upgrade in May, bringing it to exceed 7,000 vehicles in June and 7,000 vehicles in July. Exceeded 8,000 vehicles in the month.</p><p>XPeng vehicles also crossed the 8,000 vehicle mark for the first time in July, with total monthly deliveries reaching 8,040 units, a year-on-year increase of 228% and a month-on-month surge of 22%. Among them, the XPeng P7 has become the main driving force for XPeng vehicles. In order to lower the entry threshold of the P7, XPeng launched the lithium iron phosphate version in May this year. In the first month, the overall monthly delivery volume of the P7 broke the historical record, compared with April. A month-on-month increase of 27%.</p><p>Nio Motors, which has always been the top sales of new car-making forces, fell to third place in July, delivering a total of 7,931 units, a year-on-year increase of 124.5% and a month-on-month decrease of 1.8%. Specifically, among the three models on sale by Nio Motors, the ES6 model is the sales pillar, with sales reaching 3,669 units in July, followed by the Nio EC6, which delivered 2,560 units, and the highest-priced ES8 model was at the bottom, with only 1,702 units.</p><p>Some analysts believe that this year XPeng Motors will launch low-priced models, while Li Auto will launch more cost-effective facelifted cars. But Nio has neither launched a revised model nor launched a new model to cope with the rapidly changing market. The latest sedan, the ET7, will not be delivered until the first quarter of next year, so it will lag slightly behind. However, judging from the cumulative sales from January to July, Nio Motors is still firmly in the championship, and Li Auto still needs to catch up. Data show that a total of 49,887 Nio vehicles were delivered from January to July. XPeng Motor ranked second with 38,778 units, followed by Li Auto with a difference of 35 units, delivering a total of 38,743 units from January to July.</p><p>It is worth noting that WM Motor, which once kept pace with Nio Motors and XPeng Motors, has disappeared. Data show that WM Motor's cumulative sales in the first half of 2021 were 15,700 vehicles, which is also far behind Nezha Automobile, the second echelon of new forces. Nezha Automobile sold a total of 21,100 vehicles in the first half of the year, as high as 478% year-on-year. The latest sales data in July shows that Nezha Automobile's monthly delivery volume reached 6,011 vehicles, a surge of 492%, successfully breaking through the 6,000 vehicle mark and becoming the leader of the second echelon.</p><p>Jiang Han told reporters that the core reason why Li Auto can surpass Nio vehicles is its unique extended range model. Under the current situation that charging facilities are not fully covered, this model is compared with pure electric vehicles. In other words, it has higher convenience and is more cost-effective than fuel vehicles. However, for the future sales trend, there are actually still great uncertainties. No matter which new car-making force has an absolute advantage, the future sales trend will still show a state of anxious competition.</p><p><strong>Hong Kong stocks become a new arena</strong></p><p>In order to take the lead and win more market share, the three new car-making forces that have successfully landed in the US stock market have recently chosen to collectively return to Hong Kong for listing.</p><p>In March this year, some media broke the news that Nio Motors had submitted an application for secondary listing in Hong Kong, but the process was delayed due to user trust issues. In July, XPeng Motor was officially listed in Hong Kong, becoming the \"first smart electric vehicle stock\" in Hong Kong stocks. At this time, it was less than a year since it was listed on the New York Stock Exchange. At that time, after the successful ringing of the bell in the US stock market, XPeng Motor founder XPeng He once said: \"It is very important to get more ammunition in order to win the long-distance race.\" At present, Li Auto has also passed the hearing of the Hong Kong Stock Exchange. If there is no accident, it is expected to be listed within a month.</p><p>As for why the three car companies chose to collectively return to Hong Kong for listing in the near future. Jiang Han told reporters that on the one hand, it is related to the continued decline of U.S. stocks and the impact of macro-policy factors between China and the United States. On the other hand, it is also because these car companies have been suffering large losses, and they choose to list in Hong Kong to further obtain financial support.</p><p>The financial report shows that from 2018 to 2020, the net losses of Nio vehicles were 9.639 billion yuan, 11.413 billion yuan and 5.304 billion yuan respectively, and the total net losses in three years reached 26.356 billion yuan; Li Auto's net losses were 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, with a cumulative loss of 4.122 billion yuan; The net losses of XPeng vehicles were 1.399 billion yuan, 3.692 billion yuan, and 2.732 billion yuan respectively, and the cumulative loss reached 7.823 billion yuan.</p><p>The losses of new car-making giants are closely related to their R&D investment. From 2018 to 2020, XPeng vehicles invested 1.051 billion yuan, 2.070 billion yuan, and 1.726 billion yuan in research and development expenses respectively. Li Auto's latest hearing data also shows that research and development expenses in 2018, 2019, 2020 and the first quarter of 2021 were 793.7 million yuan, 1.2 billion yuan, 1.1 billion yuan and 514.5 million yuan respectively. Among them, in the first quarter of 2021, Li Auto's research and development expenses accounted for 14.4% of total revenue.</p><p>So why do XPeng Motor and Li Auto choose dual listing instead of Nio Motor? Some analysts believe that XPeng Motor and Li Auto have been listed on the U.S. stock market for less than two years, and do not meet the requirements for the secondary listing of Hong Kong stocks to be listed on other exchanges for two years, so they can only choose \"dual listing\" to raise funds. Pan Helin, a professor at Zhongnan University of Economics and Politics and executive director of the Digital Economy Research Institute, believes that for companies, dual listing is \"putting eggs in different baskets\", which is good for companies to increase financing channels and diversify financing credit risks. However, for listed companies, dual listing requires the company to manage the two places, coordinate the conflicts in the system, and encounter unexpected supervision. Due to the existence of regional span, more information disclosure is also needed, which will virtually increase the company's cost.</p><p>Jiang Han said that returning to Hong Kong stocks can indeed prepare for further returning to A-shares, but at present, these three automobile companies can't meet the current requirements of A-shares, so they probably want to use Hong Kong stocks as a springboard at present. After a certain development, A-share sprint will be carried out again, but whether the leap can be achieved in the end still needs more observation.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080708353679ddd903&s=b\">中国经营报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f3c7d799dd2ab62e084e0e8c8dc16ee","relate_stocks":{"02015":"理想汽车-W","NIO":"蔚来","09868":"小鹏汽车-W","LI":"理想汽车","XPEV":"小鹏汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080708353679ddd903&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157919494","content_text":"本报记者 陈燕南 童海华 北京报道8月伊始，造车新势力纷纷晒出了7月的成绩单。数据显示，理想、小鹏、蔚来、哪吒和零跑成为造车新势力中排名前五的车企，销量分别为8589辆、8040辆、7931辆、6011辆和4404辆。据了解，此前，行业内曾用“蔚小理”来形容造车新势力第一梯队的三个车企的排名座次，然而在今年7月，一直盘踞于销冠的蔚来汽车首次掉落至第三，而理想汽车则迅速攀升至第一的位置。由此“蔚小理”也变成了“理小蔚”，同时，哪吒和零跑开始与第一阵营的车企悄然接近，这也意味着新的战局或将开始。为了赢得更大的市场份额，此前已经登陆美股的蔚来汽车、理想汽车、小鹏汽车近日纷纷冲刺港股。目前小鹏汽车已经顺利登陆港股，成为港股“智能电动车第一股”。理想汽车也已通过了港交所聆讯，而蔚来汽车疑似因为用户信托问题二次上市则暂时未获审批。盘古智库高级研究员江瀚向《中国经营报》记者表示，三家车企此时回港股可能是为之后进一步回A股做准备。从“蔚小理”到“理小蔚 ”8月1日，理想汽车率先公布了7月的交付数据，7月共交付8589辆理想ONE，单月交付量首次超过8000辆，同比增长251.3%，环比增长11.4%。这也是今年以来，理想汽车首次超越蔚来汽车，销量排行第一。有分析认为，虽然理想汽车近日深陷“改款门”“水银门”等诸多风波，但是5月份2021款理想ONE大幅升级之后确实超越了不少同级车型，使得6月突破7000辆，7月突破了8000辆。小鹏汽车则在7月同样首次跨过8000辆大关，月总交付量达到8040台，同比增长228%，环比激增22%。其中小鹏P7成为小鹏汽车最主要的拉动力，为了降低P7的入门门槛，小鹏在今年5月推出了磷酸铁锂版本，首月即推动P7整体月交付量打破历史纪录，较4月环比大增27%。而一直以来盘踞在造车新势力销冠的蔚来汽车在7月则掉落至第三名，共交付7931台，同比增长124.5%，环比下降1.8％。具体来看，蔚来汽车在售的三款车型中，其中ES6车型为销量支柱，7月销量达3669台，其次为蔚来EC6，交付2560台，价格最高的ES8车型销量垫底，仅为1702台。有分析认为，今年小鹏汽车推出低价版的车型，理想汽车则推出性价比更高的改款车。但蔚来既没有推出改版车型，也没有推出新车型用来应对高速变化的市场。最新的轿车ET7要等到明年一季度才能交付，所以才会稍显落后。不过从1~7月累计销量看，蔚来汽车依然稳坐冠军，理想汽车仍需追赶。数据显示，1~7月蔚来汽车累计交付49887台。小鹏汽车以38778台排名第二，理想汽车则以35辆之差紧随其后，1~7月共交付38743辆。值得注意的是，曾经与蔚来汽车、小鹏汽车并驾齐驱的威马汽车则不见了踪影。数据显示，威马汽车2021年上半年累计销量1.57万辆，与新势力第二梯队的哪吒汽车也有着一定差距，哪吒汽车上半年共售出2.11万辆，同比高达478%。7月份最新的销量数据显示，哪吒汽车单月交付量达到6011辆，同时暴增492%，成功突破6000辆大关，成为第二梯队的领跑者。江瀚向记者表示，理想汽车之所以能够超越蔚来汽车，最核心的还是其独特的增程模式，在当前充电设施还未完全覆盖的情况之下，这种模式相比于纯电汽车来说，具有更高的便利性，相比较燃油车来说，性价比也会更高一些。不过对于未来的销量走势，实际上不确定性因素依然很大，无论哪一家造车新势力都没有绝对的优势，所以未来销量走势依然会呈现出焦灼竞争的状态。港股成新赛场为了占得先机，赢得更多的市场份额，已经成功登陆美股的三家造车新势力，近日又选择了集体回港上市。今年3月，有媒体爆料称，蔚来汽车已在港提交二次上市申请，但因用户信托问题延误进程。7月，小鹏汽车正式在港挂牌上市，成为港股“智能电动车第一股”，此时，距离其在纽交所上市还不足1年。当时在美股成功敲钟后，小鹏汽车创始人何小鹏曾说：“多拿弹药非常重要，才能赢得长跑。”而目前理想汽车也已通过港交所的聆讯，如无意外，预计一个月内就会上市。至于三家车企为什么选择近期集体回香港上市。江瀚则向记者表示，一方面与美股的持续下跌和中美宏观政策性因素影响有关，另外一方面也是因为这些车企一直以来亏损较大，选择在港上市也是为了进一步获取资金支持。财报显示，2018~2020年，蔚来汽车净亏损分别为96.39亿元、114.13亿元和53.04亿元，三年净亏损总和达263.56亿元；理想汽车净亏损分别为15.32亿元、24.38亿元、1.52亿元，累计亏损41.22亿元；小鹏汽车净亏损分别为13.99亿元、36.92亿元、27.32亿元，累计亏损达78.23亿元。而造车新势力巨头的亏损与其研发投入息息相关。在2018~2020年，小鹏汽车在研发费用上分别投入10.51亿元、20.70亿元、17.26亿元。理想汽车最新的聆讯资料也显示，2018年、2019年、2020年及2021年一季度的研发费用分别为7.937亿元、12亿元、11亿元和5.145亿元。其中2021年第一季度，理想汽车的研发费用占总收入的 14.4%。那么为何小鹏汽车和理想汽车要选择双重上市而非像蔚来汽车选择二次上市呢？有分析认为，小鹏汽车和理想汽车在美股上市还不满两年，不满足港股二次上市对其他交易所上市满两年的要求，所以只能选择“双重上市”的方式募资。中南财经政治大学教授、数字经济研究院执行院长盘和林则认为，对于公司而言，双重上市是“把鸡蛋放在了不同的篮子里”，利好公司增加融资渠道，分散融资信用风险。但对于上市公司而言，双重上市需要公司进行两地管理，协调制度体系上的冲突，也会遭遇意外的监管，由于区域跨度存在，也需要更多的信息披露，这些都会在无形中增加公司的成本。江瀚表示，回港股的确能为之后进一步回A股做准备，但是从目前来说，这三家汽车企业还不能够达到A股当前的要求，所以它们很可能目前是想借港股作为跳板，有了一定发展之后再次进行A股冲刺，不过最终能否实现跨越，还需要更多地观察。","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.6,"09868":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802045785,"gmtCreate":1627702172047,"gmtModify":1703494969692,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802045785","repostId":"1168100836","repostType":4,"repost":{"id":"1168100836","kind":"news","pubTimestamp":1627701075,"share":"https://ttm.financial/m/news/1168100836?lang=en_US&edition=fundamental","pubTime":"2021-07-31 11:11","market":"us","language":"zh","title":"Tianfeng Macro: How much impact will taper have this time?","url":"https://stock-news.laohu8.com/highlight/detail?id=1168100836","media":"天风宏观","summary":"上一次美联储缩减QE发生在2013年。\n当年5月，伯南克在国会听证会上表示联储可能即将开始缩减QE，但直到当年12月的议息会议才正式决定开启缩减。之后美联储的资产购买规模逐步下降，到2014年10月正","content":"<p><b>The last time the Fed tapered QE occurred in 2013.</b></p><p>In May of that year, Bernanke said at a congressional hearing that the Fed might soon begin to reduce QE, but it was not until the interest rate meeting in December of that year that it officially decided to start the reduction. After that, the Federal Reserve's asset purchases gradually declined, and it officially withdrew from QE in October 2014. After that, the size of the Fed's balance sheet remained basically unchanged until the shrinking balance sheet started in October 2017.</p><p><table><tbody><tr><td>Figure 1: Changes in the Fed's balance sheet</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/89f3f52b0f6d01cd4220bab5ed1b041b\" tg-width=\"812\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>When Bernanke first communicated with QE taper in May 2013, there was a \"taper tantrum\" in the market.</b></p><p>The reason is that the market misjudged the Fed's monetary policy attitude, thinking that the Fed would start taper in September of that year and soon rate hike. As a result, the 2-year and 10-year US Treasury yields rebounded sharply, rising by 30bp and 130bp respectively in four months, during which interest rates fell twice due to lower-than-expected employment data. After the economic data stabilized and rebounded in December of that year, the Federal Reserve officially launched the QE taper. Short-term and long-term interest rates rose again before the taper landed, and then long-term interest rates continued to decline despite the fall in the economy and inflation.</p><p><table><tbody><tr><td>Figure 2: U.S. Treasury 10-year yield (%) vs U.S. Treasury 2-year yield (%)</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6fe391cb53eee3b96318568155a5e8ea\" tg-width=\"815\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: WIND, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The taper tantrum in 2013 caused significant fluctuations in global asset prices.</b></p><p>U.S. stocks were once in a pullback/retracement, but thanks to the economic recovery, they returned to the upward trend. Emerging markets, which rely heavily on overseas capital, suffered capital withdrawal. Emerging market equity assets fell by more than 10% within a month after the taper talk, and emerging market currencies depreciated by 4.9% relative to the US dollar. Comex copper fell 6.7% and gold 14.5% in a month after interest rates rebounded, but oil rose 5% amid tight supply and demand.</p><p><table><tbody><tr><td>Figure 3: MSCI EM Index and S&P 500 Index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/246f9e8db7d509a84d662d99c55788eb\" tg-width=\"816\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Will this QE taper reproduce the taper tantrum of 2013?</b></p><p><b>We don't think the impact should be too great, not only weaker than the \"taper tantrum\" of 13 years, but possibly weaker than the \"austerity worries\" of February this year.</b></p><p><b>The market has sufficient expectations for this taper.</b></p><p>Expectations have been fermenting since the minutes of the Federal Reserve meeting at the beginning of the year (January 25) mentioned \"taper\" in bond purchases. According to a Bloomberg survey, 78% of the economists surveyed expect the Federal Reserve to officially announce the implementation of taper before the end of this year, and 33% of them expect to officially announce it at the end of September. It can be seen that the market has full expectations for taper.</p><p>This time, the Federal Reserve learned from past experience and made it clear that it would give tips in advance before officially announcing policy changes, giving the market time to digest expectations. Therefore, even if the Federal Reserve begins to communicate and withdraw from QE, the market will not panic like it did in 2013 because of misjudging rate hike.</p><p>Referring to the experience of 2013, the Federal Reserve may release a signal to reduce QE when employment returns to around 75%. At the same time, considering that St. Louis Fed President James Bullard believes that a 75% vaccination rate is a necessary condition for tapering the bond purchase plan, the Fed may as early as August this year. The Jackson Hole meeting or the September interest rate meeting gave a view on tapering the QE plan<b>Hint</b>, and start to reduce QE as soon as the fourth quarter of this year.</p><p><table><tbody><tr><td>Figure 4: Economists' forecasts for the timing of the tapering plan mostly fall before the end of the year</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/978622327c5f1b8291a0f318aa2c42f8\" tg-width=\"791\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>As early as February this year, the market had rehearsed the adjustment brought about by monetary tightening worries in advance.</b></p><p>Affected by rising inflation expectations, interest rates rose from 1.08% to 1.74%, with an adjustment of 66bp as investors worried that the Federal Reserve might underestimate inflation and tighten currency ahead of schedule.</p><p>At that time, the adjustment of nominal interest rates also superimposed the rising effect of inflation expectations. The rise in commodity prices (mainly oil and copper) caused the 10-year breakeven inflation expectation to rise by 47bp from 2.09%.</p><p>However, after May, inflation expectations have fallen ahead of commodity prices, so even if the subsequent US Treasury yields rises again,<b>The rebound may also be smaller than in February this year</b>。</p><p><table><tbody><tr><td>Figure 5: US Treasury yields rose rapidly in February this year amid the combination of tightening concerns and inflation expectations</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/af4c49cf45a045194fdab73cafc63018\" tg-width=\"823\" tg-height=\"446\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Taper's impact on U.S. debt will be reacted in advance after the Fed releases a signal.</b></p><p>Referring to the situation in 2013, taper can be divided into three steps: releasing the signal, officially starting, and ending the reduction (QE exit). After the Federal Reserve releases the signal, it may be superimposed on the increase of the U.S. debt ceiling, and interest rates will rebound at one time. But before and after the official opening, interest rates will fall again as fundamentals weaken. Therefore, taper is only the second-order inflection point of liquidity, not the influence of trend. Interest rate pressure beyond Taper comes from fiscal policy, such as the rising demand for bond issuance in the third quarter and the passage of a reduced version of the bipartisan infrastructure agreement.</p><p><b>Taper affects the risk sentiment of U.S. stocks in the short term, but the biggest impact on U.S. stocks is profit changes.</b></p><p>Earnings forecasts for U.S. stocks in the first half of the year have been continuously raised, and EPS for the second quarter from March to May has been revised up by 5.8%. In the second half of the year, there is still room for recovery in the profits of upstream energy, transportation, commercial services and other sectors affected by the epidemic. Industries such as information technology and medical care have sufficient cash in hand, and repurchases are expected to increase, maintaining a moderate rise in EPS. on account of<b>There is little upward pressure on U.S. bonds, and the performance of listed companies is still being realized. We believe that U.S. stocks will remain high and volatile in the short term.</b></p><p><table><tbody><tr><td>Figure 6: EPS upward revision since 2016</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/3dff15e9fa74467e860335ca0727ee2f\" tg-width=\"425\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: factset, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The medium-term risk for U.S. stocks comes from the fact that the fastest recovery in previous history may evolve into the fastest recovery in history</b>, the \"withdrawal reaction\" after the expiration of fiscal stimulus has a negative impact on optimistic earnings expectations. (See \"The Fastest Recovery in History, and Possibly the Fastest Recovery to End\" for details)</p><p>From the release of Taper expectations to the official opening, emerging markets and commodities will still face certain impacts; Later, considering that global demand peaked and fell,<b>Commodity prices have corrected, inflation expectations continue to fall, growth stocks are expected to obtain excess returns, and gold continues to fluctuate</b>。</p><p><table><tbody><tr><td>Figure 7: From 2013 to 2014, the cumulative yield of GEM, CSI 300, Nasdaq, and Dow Jones</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/5996fae5597bb6b5d60cbee85e46f418\" tg-width=\"836\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research</p><p></td></tr></tbody></table><img src=\"https://static.tigerbbs.com/b95b69c3867aa3469a9cc950d027049d\" tg-width=\"626\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><img src=\"https://static.tigerbbs.com/78a1a412540a2fcf75ff95ca71fb7699\" tg-width=\"730\" tg-height=\"30\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1582244978285","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>Tianfeng Macro: How much impact will taper have this time?</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\">\nTianfeng Macro: How much impact will taper have this time?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">天风宏观</strong><span class=\"h-time small\">2021-07-31 11:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The last time the Fed tapered QE occurred in 2013.</b></p><p>In May of that year, Bernanke said at a congressional hearing that the Fed might soon begin to reduce QE, but it was not until the interest rate meeting in December of that year that it officially decided to start the reduction. After that, the Federal Reserve's asset purchases gradually declined, and it officially withdrew from QE in October 2014. After that, the size of the Fed's balance sheet remained basically unchanged until the shrinking balance sheet started in October 2017.</p><p><table><tbody><tr><td>Figure 1: Changes in the Fed's balance sheet</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/89f3f52b0f6d01cd4220bab5ed1b041b\" tg-width=\"812\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>When Bernanke first communicated with QE taper in May 2013, there was a \"taper tantrum\" in the market.</b></p><p>The reason is that the market misjudged the Fed's monetary policy attitude, thinking that the Fed would start taper in September of that year and soon rate hike. As a result, the 2-year and 10-year US Treasury yields rebounded sharply, rising by 30bp and 130bp respectively in four months, during which interest rates fell twice due to lower-than-expected employment data. After the economic data stabilized and rebounded in December of that year, the Federal Reserve officially launched the QE taper. Short-term and long-term interest rates rose again before the taper landed, and then long-term interest rates continued to decline despite the fall in the economy and inflation.</p><p><table><tbody><tr><td>Figure 2: U.S. Treasury 10-year yield (%) vs U.S. Treasury 2-year yield (%)</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6fe391cb53eee3b96318568155a5e8ea\" tg-width=\"815\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: WIND, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The taper tantrum in 2013 caused significant fluctuations in global asset prices.</b></p><p>U.S. stocks were once in a pullback/retracement, but thanks to the economic recovery, they returned to the upward trend. Emerging markets, which rely heavily on overseas capital, suffered capital withdrawal. Emerging market equity assets fell by more than 10% within a month after the taper talk, and emerging market currencies depreciated by 4.9% relative to the US dollar. Comex copper fell 6.7% and gold 14.5% in a month after interest rates rebounded, but oil rose 5% amid tight supply and demand.</p><p><table><tbody><tr><td>Figure 3: MSCI EM Index and S&P 500 Index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/246f9e8db7d509a84d662d99c55788eb\" tg-width=\"816\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Will this QE taper reproduce the taper tantrum of 2013?</b></p><p><b>We don't think the impact should be too great, not only weaker than the \"taper tantrum\" of 13 years, but possibly weaker than the \"austerity worries\" of February this year.</b></p><p><b>The market has sufficient expectations for this taper.</b></p><p>Expectations have been fermenting since the minutes of the Federal Reserve meeting at the beginning of the year (January 25) mentioned \"taper\" in bond purchases. According to a Bloomberg survey, 78% of the economists surveyed expect the Federal Reserve to officially announce the implementation of taper before the end of this year, and 33% of them expect to officially announce it at the end of September. It can be seen that the market has full expectations for taper.</p><p>This time, the Federal Reserve learned from past experience and made it clear that it would give tips in advance before officially announcing policy changes, giving the market time to digest expectations. Therefore, even if the Federal Reserve begins to communicate and withdraw from QE, the market will not panic like it did in 2013 because of misjudging rate hike.</p><p>Referring to the experience of 2013, the Federal Reserve may release a signal to reduce QE when employment returns to around 75%. At the same time, considering that St. Louis Fed President James Bullard believes that a 75% vaccination rate is a necessary condition for tapering the bond purchase plan, the Fed may as early as August this year. The Jackson Hole meeting or the September interest rate meeting gave a view on tapering the QE plan<b>Hint</b>, and start to reduce QE as soon as the fourth quarter of this year.</p><p><table><tbody><tr><td>Figure 4: Economists' forecasts for the timing of the tapering plan mostly fall before the end of the year</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/978622327c5f1b8291a0f318aa2c42f8\" tg-width=\"791\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>As early as February this year, the market had rehearsed the adjustment brought about by monetary tightening worries in advance.</b></p><p>Affected by rising inflation expectations, interest rates rose from 1.08% to 1.74%, with an adjustment of 66bp as investors worried that the Federal Reserve might underestimate inflation and tighten currency ahead of schedule.</p><p>At that time, the adjustment of nominal interest rates also superimposed the rising effect of inflation expectations. The rise in commodity prices (mainly oil and copper) caused the 10-year breakeven inflation expectation to rise by 47bp from 2.09%.</p><p>However, after May, inflation expectations have fallen ahead of commodity prices, so even if the subsequent US Treasury yields rises again,<b>The rebound may also be smaller than in February this year</b>。</p><p><table><tbody><tr><td>Figure 5: US Treasury yields rose rapidly in February this year amid the combination of tightening concerns and inflation expectations</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/af4c49cf45a045194fdab73cafc63018\" tg-width=\"823\" tg-height=\"446\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Taper's impact on U.S. debt will be reacted in advance after the Fed releases a signal.</b></p><p>Referring to the situation in 2013, taper can be divided into three steps: releasing the signal, officially starting, and ending the reduction (QE exit). After the Federal Reserve releases the signal, it may be superimposed on the increase of the U.S. debt ceiling, and interest rates will rebound at one time. But before and after the official opening, interest rates will fall again as fundamentals weaken. Therefore, taper is only the second-order inflection point of liquidity, not the influence of trend. Interest rate pressure beyond Taper comes from fiscal policy, such as the rising demand for bond issuance in the third quarter and the passage of a reduced version of the bipartisan infrastructure agreement.</p><p><b>Taper affects the risk sentiment of U.S. stocks in the short term, but the biggest impact on U.S. stocks is profit changes.</b></p><p>Earnings forecasts for U.S. stocks in the first half of the year have been continuously raised, and EPS for the second quarter from March to May has been revised up by 5.8%. In the second half of the year, there is still room for recovery in the profits of upstream energy, transportation, commercial services and other sectors affected by the epidemic. Industries such as information technology and medical care have sufficient cash in hand, and repurchases are expected to increase, maintaining a moderate rise in EPS. on account of<b>There is little upward pressure on U.S. bonds, and the performance of listed companies is still being realized. We believe that U.S. stocks will remain high and volatile in the short term.</b></p><p><table><tbody><tr><td>Figure 6: EPS upward revision since 2016</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/3dff15e9fa74467e860335ca0727ee2f\" tg-width=\"425\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: factset, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The medium-term risk for U.S. stocks comes from the fact that the fastest recovery in previous history may evolve into the fastest recovery in history</b>, the \"withdrawal reaction\" after the expiration of fiscal stimulus has a negative impact on optimistic earnings expectations. (See \"The Fastest Recovery in History, and Possibly the Fastest Recovery to End\" for details)</p><p>From the release of Taper expectations to the official opening, emerging markets and commodities will still face certain impacts; Later, considering that global demand peaked and fell,<b>Commodity prices have corrected, inflation expectations continue to fall, growth stocks are expected to obtain excess returns, and gold continues to fluctuate</b>。</p><p><table><tbody><tr><td>Figure 7: From 2013 to 2014, the cumulative yield of GEM, CSI 300, Nasdaq, and Dow Jones</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/5996fae5597bb6b5d60cbee85e46f418\" tg-width=\"836\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research</p><p></td></tr></tbody></table><img src=\"https://static.tigerbbs.com/b95b69c3867aa3469a9cc950d027049d\" tg-width=\"626\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><img src=\"https://static.tigerbbs.com/78a1a412540a2fcf75ff95ca71fb7699\" tg-width=\"730\" tg-height=\"30\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/W0pf7rmNYqd2xmxtoEWQ6w\">天风宏观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/W0pf7rmNYqd2xmxtoEWQ6w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168100836","content_text":"上一次美联储缩减QE发生在2013年。\n当年5月，伯南克在国会听证会上表示联储可能即将开始缩减QE，但直到当年12月的议息会议才正式决定开启缩减。之后美联储的资产购买规模逐步下降，到2014年10月正式退出了QE。再之后联储资产负债表规模基本维持不变，直至2017年10月开启了缩表。\n\n\n\n图1：美联储资产负债表变化\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\n2013年5月伯南克第一次沟通QE taper时，市场曾出现了“缩减恐慌”（taper tantrum）。\n原因是市场误判了联储的货币政策态度，以为联储将在当年9月开启taper并很快加息。结果是2年期和10年期美债利率大幅反弹，4个月内分别上行了30bp和130bp，其间由于就业数据低于预期，利率曾两度回落。当年12月经济数据企稳回升后，美联储才正式开启了QE taper，短端和长端利率在taper落地前再度回升，随后长端利率在经济、通胀回落的情况下持续下行。\n\n\n\n图2：美债10年期收益率（%） vs 美债2年期收益率（%）\n\n\n\n\n\n资料来源：WIND，天风证券研究所\n\n\n\n2013年的taper tantrum曾造成全球资产价格大幅波动。\n美股一度回撤，但得益于经济回升，重回上行趋势。严重依赖海外资本的新兴市场遭遇资金撤出，新兴市场权益资产在taper talk后的一个月内跌超10%，新兴市场货币相对美元贬值4.9%。利率反弹后，Comex铜价在一个月内下跌6.7%，金价下跌14.5%，但油价在供需紧张的情况下上涨5%。\n\n\n\n图3：MSCI EM指数及标普500指数\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\n这次QE taper会重现2013年的缩减恐慌吗？\n我们认为影响应该不会太大，不仅比13年的“缩减恐慌”要弱，可能也比今年2月的“紧缩担忧”要弱。\n市场对这次taper预期较为充分。\n从年初（1月25日）美联储会议纪要中提到“逐渐减少债券购买”（taper）开始，预期就一直在发酵。根据彭博调查，78%的受访经济学家预期联储将会在今年底之前正式宣布实施taper，其中33%预期9月底就会正式宣布，可以看到市场对taper已有较为充分预期。\n这一次美联储吸取以往经验，明确表示在正式宣布政策变化前将提前给出提示，给市场消化预期的时间。因此即便美联储开始沟通退出QE，市场也不会像2013年因为误判加息而带来恐慌。\n参照2013年的经验，美联储可能在就业恢复到75%附近时释放缩减QE信号，同时考虑圣路易斯联储主席James Bullard认为75%疫苗接种率是缩减购债计划的必要条件，美联储最早可能在今年8月的Jackson Hole会议或者9月的议息会议上就缩减QE计划给出暗示，并最快在今年4季度开始缩减QE。\n\n\n\n图4：经济学家对缩减计划的时间预测大部分落在今年底之前\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\n早在今年2月，市场已经提前预演过由货币紧缩担忧带来的调整。\n受到通胀预期抬升，当时由于投资者担忧美联储可能低估通胀而提前收紧货币，利率从1.08%最高上行至1.74%，调整幅度达到66bp。\n当时名义利率的调整还叠加了通胀预期的抬升作用，大宗商品价格上涨（主要是油和铜）导致10年期盈亏平衡通胀预期从2.09%上行了47bp。\n但是5月后通胀预期已经提前于大宗商品价格拐头回落，因此后续美债利率即使再次上行，反弹幅度可能也小于今年2月。\n\n\n\n图5：今年2月美债利率在紧缩担忧和通胀预期的叠加下快速上升\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\nTaper对美债的影响会在联储释放信号后提前反应。\n参考2013年的情况，taper可分成三步：释放信号，正式开启，缩减结束（QE退出）。美联储释放信号后，同时可能叠加美国债务上限提高，利率会出现一次性反弹。但在正式开启前后，利率将会随着基本面转弱而再次回落。因此taper只是流动性的二阶导拐点，不是趋势性的影响。Taper以外的利率压力来自于财政政策，比如三季度发债需求上升和缩减版的两党基建协议通过。\nTaper短期影响美股的风险情绪，但对美股影响最大的还是盈利变化。\n上半年美股盈利预期不断上调，3月-5月2季度EPS上修5.8%。下半年 上游能源、交运、商业服务等受疫情影响的板块盈利仍有修复空间，信息科技、医疗等行业在手现金充足，回购力度有望加大，维持EPS温和上涨。由于美债上行压力不大，上市公司业绩还在兑现，我们认为美股短期仍将维持高位震荡。\n\n\n\n图6：2016年以来EPS上修幅度\n\n\n\n\n\n资料来源：factset，天风证券研究所\n\n\n\n美股的中期风险来自于前期历史最快的复苏可能演变成历史最快结束的复苏，财政刺激到期后的“戒断反应”对乐观的盈利预期产生负面冲击。（详见《历史最快的复苏，可能也是最快结束的复苏》）\nTaper从释放预期到正式开启之前，新兴市场和大宗商品仍将面临一定冲击；之后考虑到全球需求见顶回落，大宗商品价格有所回调，通胀预期持续回落，成长股有望获得超额收益，黄金则延续震荡。\n\n\n\n图7：2013年-2014年，创业板、沪深300、纳斯达克、道琼斯累计收益率\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究\n\n\n\n\n风险提示","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803533194,"gmtCreate":1627446723818,"gmtModify":1703490145674,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803533194","repostId":"2153193628","repostType":2,"isVote":1,"tweetType":1,"viewCount":1698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809950716,"gmtCreate":1627345116035,"gmtModify":1703487931909,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809950716","repostId":"2154684559","repostType":4,"repost":{"id":"2154684559","kind":"news","pubTimestamp":1627345000,"share":"https://ttm.financial/m/news/2154684559?lang=en_US&edition=fundamental","pubTime":"2021-07-27 08:16","market":"hk","language":"zh","title":"Antitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months","url":"https://stock-news.laohu8.com/highlight/detail?id=2154684559","media":"新浪科技","summary":"法国对谷歌开出2.2亿欧元罚单新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。","content":"<p><img src=\"https://static.tigerbbs.com/9b5818c36470cf9336d8469538d317a8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Three enterprises complained<a href=\"https://laohu8.com/S/GOOG\">Google</a>！ France fines Google 220 million euros</p><p><img src=\"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><a href=\"https://laohu8.com/S/SINA\">SINA</a>On the evening of July 26th, Beijing time, it was reported that the European Commission and EU consumer authorities said today that Google will adjust its flight and hotel search services within two or two months, and explain how to rank the search results, otherwise it will face sanctions.</p><p>Google has long faced scrutiny from antitrust enforcers and consumer groups around the world. Previously, three of Google's services had been fined by the European Union for monopoly, with fines amounting to billions of dollars. The latest dissatisfaction focuses on the prices of Google Flights and Google Hotels.</p><p>Today, the European Commission and EU consumer authorities said in a joint statement that the final price of these products should include fees or taxes that can be calculated in advance, and the reference price used to calculate promotional discounts should be clearly identifiable.</p><p>Didier Reynders, EU Justice Commissioner, said: \"When using search engines to plan holidays, EU consumers cannot be misled. We need to empower consumers to make choices based on transparent and fair information.\"</p><p>The aforementioned agencies also asked Google to amend the standard terms of Google Store, the Google App Store, because some cases have shown that traders have more rights than consumers. If Google's rectification proposals are insufficient, the above-mentioned agencies will further discuss this issue with Google and may impose sanctions.</p><p>In response, Google said in a statement: \"We welcome this dialogue and are working closely with consumer protection agencies and the European Commission to see how we can make improvements that benefit users and provide higher transparency.\"</p>","source":"sina_symbol","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>Antitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months</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\">\nAntitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-07-27 08:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/9b5818c36470cf9336d8469538d317a8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Three enterprises complained<a href=\"https://laohu8.com/S/GOOG\">Google</a>！ France fines Google 220 million euros</p><p><img src=\"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><a href=\"https://laohu8.com/S/SINA\">SINA</a>On the evening of July 26th, Beijing time, it was reported that the European Commission and EU consumer authorities said today that Google will adjust its flight and hotel search services within two or two months, and explain how to rank the search results, otherwise it will face sanctions.</p><p>Google has long faced scrutiny from antitrust enforcers and consumer groups around the world. Previously, three of Google's services had been fined by the European Union for monopoly, with fines amounting to billions of dollars. The latest dissatisfaction focuses on the prices of Google Flights and Google Hotels.</p><p>Today, the European Commission and EU consumer authorities said in a joint statement that the final price of these products should include fees or taxes that can be calculated in advance, and the reference price used to calculate promotional discounts should be clearly identifiable.</p><p>Didier Reynders, EU Justice Commissioner, said: \"When using search engines to plan holidays, EU consumers cannot be misled. We need to empower consumers to make choices based on transparent and fair information.\"</p><p>The aforementioned agencies also asked Google to amend the standard terms of Google Store, the Google App Store, because some cases have shown that traders have more rights than consumers. If Google's rectification proposals are insufficient, the above-mentioned agencies will further discuss this issue with Google and may impose sanctions.</p><p>In response, Google said in a statement: \"We welcome this dialogue and are working closely with consumer protection agencies and the European Commission to see how we can make improvements that benefit users and provide higher transparency.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-07-26/doc-ikqciyzk7783660.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed","relate_stocks":{"GOOG":"谷歌","09086":"华夏纳指-U","GOOGL":"谷歌A","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-07-26/doc-ikqciyzk7783660.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154684559","content_text":"三家企业投诉谷歌！法国对谷歌开出2.2亿欧元罚单\n\n新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。\n长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。而最新的不满集中在Google Flights（航班搜索）和Google Hotels（酒店搜索）两项服务的价格上。\n今日，欧盟委员会和欧盟消费者当局在一份联合声明中称，这些产品的最终价格应该包括可以提前计算的费用或税金，而用于计算促销折扣的参考价格应该是明确可识别的。\n欧盟司法专员迪迪埃·雷恩德斯（Didier Reynders）称：“在使用搜索引擎筹划假期时，欧盟消费者不能被误导。我们需要赋予消费者权力，让他们基于透明和公正的信息做出选择。”\n上述机构还要求谷歌修改谷歌应用商店Google Store的标准条款，因为一些案例表明，交易商比消费者拥有更多的权利。如果谷歌的整改建议不够充分，上述机构将与谷歌进一步讨论这一问题，并可能实施制裁。\n对此，谷歌在一份声明中表示：“我们欢迎这次对话，并正与消费者保护机构和欧盟委员会密切合作，看看我们如何能做出有利于用户的改进，并提供更高的透明度。”","news_type":1,"symbols_score_info":{"QNETCN":0.9,"09086":0.9,"GOOG":0.9,"GOOGL":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":1820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152125358,"gmtCreate":1625277171774,"gmtModify":1703739785122,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152125358","repostId":"2148873739","repostType":2,"isVote":1,"tweetType":1,"viewCount":1949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156064341,"gmtCreate":1625186817384,"gmtModify":1703737868600,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156064341","repostId":"2148844722","repostType":2,"isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":832731894,"gmtCreate":1629677710318,"gmtModify":1676530091669,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/832731894","repostId":"2161740649","repostType":4,"repost":{"id":"2161740649","kind":"highlight","pubTimestamp":1629676668,"share":"https://ttm.financial/m/news/2161740649?lang=en_US&edition=fundamental","pubTime":"2021-08-23 07:57","market":"sh","language":"zh","title":"Top Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side","url":"https://stock-news.laohu8.com/highlight/detail?id=2161740649","media":"格隆汇","summary":"华西证券：宁组合等高景气成长是配置主线","content":"<p>Last week, the A-share market showed a volatile decline. The Shanghai Composite Index fell by 2.53%, the Shenzhen Component Index fell by 3.69%, and the ChiNext Index fell by 4.55%. The cumulative net outflow of northbound funds was 10.491 billion yuan. The turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan on the 23rd consecutive trading day. Hong Kong stocks were affected by the continued sharp decline of heavyweights. The Hang Seng Index fell 5.84% on a weekly basis, and the State Index fell 6.78% on a weekly basis. However, the Hang Seng Technology Index continued to fall 10.54% on a weekly basis, hitting another record low.</p><p>How to interpret the market outlook? Let's see the summary of the latest top ten brokerage strategies.</p><p><b>1.<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>: The market's risk release is coming to an end and gradually deploying on the left</b></p><p>The national policy of common prosperity and the corresponding policy packages in the future will not harm the market-oriented business logic. Under the policy tone of preventing financial risks, the impact of local credit risks is also controllable. Investors still need to wait for more signals to correct policy misunderstandings. It is expected that the third quarter will be the low point of the domestic macro-economy during the year, and the market liquidity will still maintain a tight balance. Differences in policies and economic prospects will cause disordered investor behavior, and the release of market risks is coming to an end. Adhere to a balanced allocation and gradually lay out on the left. In terms of specific configuration, the growth manufacturing sector has shifted from a high-level track to a relatively low-level track, such as the military industry catalyzed by the performance of the interim report and 5G, communication equipment, and auto parts whose fundamentals have ushered in an inflection point; Recommend automobiles, apparel, CXO, vaccines and medical services in the consumer and pharmaceutical sectors; The financial sector recommends some retail banks and securities firms with card wealth management with valuation cost performance or medium-and long-term growth logic.</p><p><b>2.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>: Styles are just beginning instead of switching</b></p><p>Looking pragmatically at future investment opportunities, technological growth is still the main investment opportunity in the next stage, and the style has just begun rather than switching. Mid-cap blue chips and technology growth have become the core words of investment. Under the current economic pressure, steady fiscal growth and severe energy conservation situation, new energy infrastructure is the preferred direction for investment at present. Six major tracks including photovoltaics, BIPV, wind power, UHV, charging piles, and pumped storage are recommended.</p><p><b>3.<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>: There is no need to be overly pessimistic when the Shanghai Composite Index is around 3300-3400 points</b></p><p>The fundamental reason for the increase in short-term market volatility is that the market is still waiting for many uncertainties to come to fruition. In the current stock market, the market lacks a clear main line under high turnover. There is no need to be overly pessimistic about the Shanghai Composite Index around 3300-3400 points. On the one hand, the performance of listed companies is still supported. On the other hand, after the valuation switch, driven by high performance growth, the current A-share valuation has a certain margin of safety. Although the structural valuation differentiation is still relatively obvious, there are still sectors with certain cost performance in the market, such as the midstream manufacturing industry.</p><p><b>4.<a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: This bull market is not over yet, and the market will still be full of opportunities in the next six months</b></p><p>A-shares have fallen significantly in the last week, with the CSI 300 falling 3.6% and the ChiNext Index falling 4.6%. Since July 1, the overall market has been weak, and investors have doubts about the market outlook. We believe that combined with the macro background and micro-enterprise profits, this year is similar to 2010, and the second half is more exciting. Drawing lessons from the annual market fluctuations and bull market cycles in history, the market is still full of opportunities in the next six months.</p><p>Core conclusions: (1) Statistics show that the Shanghai and Shenzhen 300 market is more than 15% at least once a year. This year's macro background is similar to that of 2010, and the second half of the stock market is more exciting. (2) The ROE of listed companies is expected to continue to rise to 22Q1, the market valuation level and sentiment indicators are acceptable, and the current bull market is not over yet. (3) The market has moved from solo to public, taking into account<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing and traditional midstream and downstream manufacturing, and pay attention to depression industries, such as securities firms.</p><p><b>5.<a href=\"https://laohu8.com/S/002926\">West China Securities</a>: High prosperity growth such as Ning combination is the main line of allocation</b></p><p>Under the concern of uncertain policy trends at home and abroad, the market risk appetite has been lowered recently. However, the current overall valuation of A-shares is reasonable, and the risk of emotional and chip concentration has been released in the short-term adjustment. With the uncertain factors landing, the market is expected to gradually get out of the bottoming period. The core factor that determines the market style in the future is still the relative advantage of profitability.</p><p>Specifically, the valuation of the consumer sector has continued to decline recently, and more certain signals still need to wait for the fundamental turning point before the market regains consensus; Under the framework of policy \"cross-cyclical adjustment\", the current policy is more \"supporting but not lifting\", and the boost to traditional infrastructure (pro-cyclical) may be slower. Judging from the forecast of the interim report, the prosperity of the growth track is difficult to falsify, and the market outlook is still the key allocation direction. Specific to industry configuration, it is recommended to pay attention to: \"new energy industry chain (electrical equipment, nonferrous metals, chemicals, etc.), new infrastructure (intelligent transportation, etc.), military industry\", etc.; Theme investment focus: \"Carbon neutrality (green industry) connotation expansion, Hongmeng main line\".</p><p><b>6.<a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Countermeasures under the reappearance of microstructure adjustment</b></p><p>Increased policy uncertainty has caused A-shares, especially sectors greatly affected by policies, to experience a double kill in performance and valuation. The current microstructure of the A-share market is still not healthy. Recently, \"promoting common prosperity in high-quality development\" and \"specialization\" The \"special and new\" policy environment will further strengthen the main line of \"small-cap growth\". It is recommended to pay attention to the technology manufacturing industry whose mid-term performance (forecast) is restored, supplemented by some infrastructure benefit varieties. It is recommended to continue to allocate \"market value sinking\"-(1) \"policy + technology + supply and demand gap\" multi-wheel drive new energy vehicles (lithium/diaphragm)/photovoltaics; (2) \"Fewer people\" + the growth and diffusion of industrial policy inclination (military industry); (3) Manufacturing industry (construction machinery/cement) with easing cost suppression + marginal change in demand.</p><p><b>7.<a href=\"https://laohu8.com/S/600909\">Huaan Securities</a>: Waiting for risk appetite to return to the main line of steady growth can still be expected</b></p><p>Emotional disturbances The market volatility has increased recently, but there is still no downward pressure from the trend. The overall pattern of the structural market has not changed, the growth style is expected to continue to dominate, and the cyclical style is also worthy of attention. After market digestion, risk appetite is expected to return to stability. At present, the macro environment, monetary environment and market environment at home and abroad are relatively stable, so the market risk appetite also has the basic conditions for overall stability in the short term. In terms of specific structure, Baima's leading mid-term report fell short of expectations, market supervision became stricter, and the consumption recovery process repeatedly fell short of expectations, resulting in weak consumption style preferences. However, the growth style has both liquidity, performance, and catalyst support, and its risk appetite is still relatively dominant. Focus on two main lines with profit advantages. Main line 1: Growth style, continue to pay attention to the semiconductor and new energy vehicle industry chains whose prosperity is at an absolutely high level, and at the same time pay attention to structural opportunities that benefit from growth diffusion; Main line 2: cyclical style, focusing on structural opportunities with high prosperity, including the chemical industry with high prosperity, especially the phosphorus chemical sector, and the general automatic equipment sector that benefits from the upgrading of the manufacturing industry.</p><p><b>8.<a href=\"https://laohu8.com/S/601696\">BOC Securities</a>: It is recommended to grasp the excess returns of low valuation pro-cyclical sectors</b></p><p>Recently, the market has undergone a certain degree of adjustment, and the resonance of internal and external factors has led to a downward trend in market risk appetite. From the perspective of market structure, the two major directions of early market capital grouping have faced certain fluctuations in the near future. The stable profit model of traditional consumer leaders may face certain potential impacts. On the other hand, for track stocks represented by new energy and photovoltaics, although the industry prosperity continues to be high, the current valuation is high, and the hesitation to add new funds leads to high volatility in the sector. In terms of industry allocation, it is recommended to grasp the excess returns of low-valuation pro-cyclical sectors. Secondly, we can pay attention to the valuation switching opportunities of the leading industries represented by new energy and semiconductors in the fourth quarter. Looking forward, under the differentiation of industry performance, the characteristics of financial management and the growth certainty of leading securities firms are higher, and they are expected to enjoy valuation premiums.</p><p><b>9. Yuekai Securities: The capital market has broad potential for incremental funds</b></p><p>Increased expectations of Fed policy tightening may lead to short-term adjustment pressure on U.S. stocks, but the impact on A-shares will be limited. In addition, fund shares are at historical highs, overseas long-term funds such as MSCI have entered the market, and domestic long-term funds such as social security funds have entered the market. The capital market has broad potential for incremental funds. Under the slowdown of economic growth in the second half of the year and moderately loose liquidity expectations, performance is still the \"certainty\" sought after by funds, and the high-prosperity sector and the medium-market value sector with spreading prosperity are still expected to get out of the structural market. The turnover rate of popular concept sectors has been greatly adjusted this week. After trading cools down and short-term compensation losses, the profit-making effect is expected to pick up. In terms of allocation direction, it is recommended to pay attention to technology companies with long-term high-quality business models and sustainable performance, with the core allocation of \"hard technology\" sectors such as new energy vehicles, semiconductors, military electronics and communications; The semi-annual report market of the financial industry is in progress. The overall valuation level of the financial industry is relatively cheap, and the performance in the first half of the year has been steadily recovered. It is recommended to pay attention to the financial sector targets with outstanding semi-annual report performance.</p><p><b>10.<a href=\"https://laohu8.com/S/601995\">CICC</a>: The downside of the index may be limited, and the market style may still be \"biased towards growth\"</b></p><p>At present, the downward trend of growth is also being more widely expected, and the downward trend of most commodity prices continues further. Based on the latest domestic situation, the market may have to gradually reset its growth expectations for the second half of the year and next year. Against the background of strengthening expectations for the withdrawal of external policies, declining growth in China and concerns about industrial regulatory policies, it may be necessary to downplay the overall expectations for the equity index. However, considering that the overall market valuation is not high, the downside space of the index may also be limited. At the structural level, the reset of growth expectations means that macro policies may continue to be stable and looser. In terms of allocation, we believe that we can further reduce the allocation of strong cyclical sectors, and the market style may still be \"biased towards growth\".</p><p>Configuration suggestion: The growth style controls the rhythm, and some \"old white horses\" are allocated in a balanced way. (1) High prosperity, China's competitive or growing industrial chains: electric vehicle industry chain, photovoltaics, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc. (2) Pan-consumer industry: bottom-up stock selection in pan-consumption, including daily necessities, household appliances, automobiles and parts, medicine and medical equipment, light industry and home furnishing, etc.; (3) Gradually reduce the cyclical allocation, but pay attention to some cycles with favorable structure or structural growth characteristics: non-ferrous metals such as lithium, chemicals and financial leaders who benefit from the great development trend of wealth and asset management.</p>","source":"gelonghui_highlight","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>Top Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side</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\">\nTop Ten Brokerage Strategies: The market's risk release is coming to an end, gradually laying out on the left side\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-23 07:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week, the A-share market showed a volatile decline. The Shanghai Composite Index fell by 2.53%, the Shenzhen Component Index fell by 3.69%, and the ChiNext Index fell by 4.55%. The cumulative net outflow of northbound funds was 10.491 billion yuan. The turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan on the 23rd consecutive trading day. Hong Kong stocks were affected by the continued sharp decline of heavyweights. The Hang Seng Index fell 5.84% on a weekly basis, and the State Index fell 6.78% on a weekly basis. However, the Hang Seng Technology Index continued to fall 10.54% on a weekly basis, hitting another record low.</p><p>How to interpret the market outlook? Let's see the summary of the latest top ten brokerage strategies.</p><p><b>1.<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>: The market's risk release is coming to an end and gradually deploying on the left</b></p><p>The national policy of common prosperity and the corresponding policy packages in the future will not harm the market-oriented business logic. Under the policy tone of preventing financial risks, the impact of local credit risks is also controllable. Investors still need to wait for more signals to correct policy misunderstandings. It is expected that the third quarter will be the low point of the domestic macro-economy during the year, and the market liquidity will still maintain a tight balance. Differences in policies and economic prospects will cause disordered investor behavior, and the release of market risks is coming to an end. Adhere to a balanced allocation and gradually lay out on the left. In terms of specific configuration, the growth manufacturing sector has shifted from a high-level track to a relatively low-level track, such as the military industry catalyzed by the performance of the interim report and 5G, communication equipment, and auto parts whose fundamentals have ushered in an inflection point; Recommend automobiles, apparel, CXO, vaccines and medical services in the consumer and pharmaceutical sectors; The financial sector recommends some retail banks and securities firms with card wealth management with valuation cost performance or medium-and long-term growth logic.</p><p><b>2.<a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>: Styles are just beginning instead of switching</b></p><p>Looking pragmatically at future investment opportunities, technological growth is still the main investment opportunity in the next stage, and the style has just begun rather than switching. Mid-cap blue chips and technology growth have become the core words of investment. Under the current economic pressure, steady fiscal growth and severe energy conservation situation, new energy infrastructure is the preferred direction for investment at present. Six major tracks including photovoltaics, BIPV, wind power, UHV, charging piles, and pumped storage are recommended.</p><p><b>3.<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>: There is no need to be overly pessimistic when the Shanghai Composite Index is around 3300-3400 points</b></p><p>The fundamental reason for the increase in short-term market volatility is that the market is still waiting for many uncertainties to come to fruition. In the current stock market, the market lacks a clear main line under high turnover. There is no need to be overly pessimistic about the Shanghai Composite Index around 3300-3400 points. On the one hand, the performance of listed companies is still supported. On the other hand, after the valuation switch, driven by high performance growth, the current A-share valuation has a certain margin of safety. Although the structural valuation differentiation is still relatively obvious, there are still sectors with certain cost performance in the market, such as the midstream manufacturing industry.</p><p><b>4.<a href=\"https://laohu8.com/S/600837\">Haitong Securities</a>: This bull market is not over yet, and the market will still be full of opportunities in the next six months</b></p><p>A-shares have fallen significantly in the last week, with the CSI 300 falling 3.6% and the ChiNext Index falling 4.6%. Since July 1, the overall market has been weak, and investors have doubts about the market outlook. We believe that combined with the macro background and micro-enterprise profits, this year is similar to 2010, and the second half is more exciting. Drawing lessons from the annual market fluctuations and bull market cycles in history, the market is still full of opportunities in the next six months.</p><p>Core conclusions: (1) Statistics show that the Shanghai and Shenzhen 300 market is more than 15% at least once a year. This year's macro background is similar to that of 2010, and the second half of the stock market is more exciting. (2) The ROE of listed companies is expected to continue to rise to 22Q1, the market valuation level and sentiment indicators are acceptable, and the current bull market is not over yet. (3) The market has moved from solo to public, taking into account<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Manufacturing and traditional midstream and downstream manufacturing, and pay attention to depression industries, such as securities firms.</p><p><b>5.<a href=\"https://laohu8.com/S/002926\">West China Securities</a>: High prosperity growth such as Ning combination is the main line of allocation</b></p><p>Under the concern of uncertain policy trends at home and abroad, the market risk appetite has been lowered recently. However, the current overall valuation of A-shares is reasonable, and the risk of emotional and chip concentration has been released in the short-term adjustment. With the uncertain factors landing, the market is expected to gradually get out of the bottoming period. The core factor that determines the market style in the future is still the relative advantage of profitability.</p><p>Specifically, the valuation of the consumer sector has continued to decline recently, and more certain signals still need to wait for the fundamental turning point before the market regains consensus; Under the framework of policy \"cross-cyclical adjustment\", the current policy is more \"supporting but not lifting\", and the boost to traditional infrastructure (pro-cyclical) may be slower. Judging from the forecast of the interim report, the prosperity of the growth track is difficult to falsify, and the market outlook is still the key allocation direction. Specific to industry configuration, it is recommended to pay attention to: \"new energy industry chain (electrical equipment, nonferrous metals, chemicals, etc.), new infrastructure (intelligent transportation, etc.), military industry\", etc.; Theme investment focus: \"Carbon neutrality (green industry) connotation expansion, Hongmeng main line\".</p><p><b>6.<a href=\"https://laohu8.com/S/000776\">GF Securities</a>: Countermeasures under the reappearance of microstructure adjustment</b></p><p>Increased policy uncertainty has caused A-shares, especially sectors greatly affected by policies, to experience a double kill in performance and valuation. The current microstructure of the A-share market is still not healthy. Recently, \"promoting common prosperity in high-quality development\" and \"specialization\" The \"special and new\" policy environment will further strengthen the main line of \"small-cap growth\". It is recommended to pay attention to the technology manufacturing industry whose mid-term performance (forecast) is restored, supplemented by some infrastructure benefit varieties. It is recommended to continue to allocate \"market value sinking\"-(1) \"policy + technology + supply and demand gap\" multi-wheel drive new energy vehicles (lithium/diaphragm)/photovoltaics; (2) \"Fewer people\" + the growth and diffusion of industrial policy inclination (military industry); (3) Manufacturing industry (construction machinery/cement) with easing cost suppression + marginal change in demand.</p><p><b>7.<a href=\"https://laohu8.com/S/600909\">Huaan Securities</a>: Waiting for risk appetite to return to the main line of steady growth can still be expected</b></p><p>Emotional disturbances The market volatility has increased recently, but there is still no downward pressure from the trend. The overall pattern of the structural market has not changed, the growth style is expected to continue to dominate, and the cyclical style is also worthy of attention. After market digestion, risk appetite is expected to return to stability. At present, the macro environment, monetary environment and market environment at home and abroad are relatively stable, so the market risk appetite also has the basic conditions for overall stability in the short term. In terms of specific structure, Baima's leading mid-term report fell short of expectations, market supervision became stricter, and the consumption recovery process repeatedly fell short of expectations, resulting in weak consumption style preferences. However, the growth style has both liquidity, performance, and catalyst support, and its risk appetite is still relatively dominant. Focus on two main lines with profit advantages. Main line 1: Growth style, continue to pay attention to the semiconductor and new energy vehicle industry chains whose prosperity is at an absolutely high level, and at the same time pay attention to structural opportunities that benefit from growth diffusion; Main line 2: cyclical style, focusing on structural opportunities with high prosperity, including the chemical industry with high prosperity, especially the phosphorus chemical sector, and the general automatic equipment sector that benefits from the upgrading of the manufacturing industry.</p><p><b>8.<a href=\"https://laohu8.com/S/601696\">BOC Securities</a>: It is recommended to grasp the excess returns of low valuation pro-cyclical sectors</b></p><p>Recently, the market has undergone a certain degree of adjustment, and the resonance of internal and external factors has led to a downward trend in market risk appetite. From the perspective of market structure, the two major directions of early market capital grouping have faced certain fluctuations in the near future. The stable profit model of traditional consumer leaders may face certain potential impacts. On the other hand, for track stocks represented by new energy and photovoltaics, although the industry prosperity continues to be high, the current valuation is high, and the hesitation to add new funds leads to high volatility in the sector. In terms of industry allocation, it is recommended to grasp the excess returns of low-valuation pro-cyclical sectors. Secondly, we can pay attention to the valuation switching opportunities of the leading industries represented by new energy and semiconductors in the fourth quarter. Looking forward, under the differentiation of industry performance, the characteristics of financial management and the growth certainty of leading securities firms are higher, and they are expected to enjoy valuation premiums.</p><p><b>9. Yuekai Securities: The capital market has broad potential for incremental funds</b></p><p>Increased expectations of Fed policy tightening may lead to short-term adjustment pressure on U.S. stocks, but the impact on A-shares will be limited. In addition, fund shares are at historical highs, overseas long-term funds such as MSCI have entered the market, and domestic long-term funds such as social security funds have entered the market. The capital market has broad potential for incremental funds. Under the slowdown of economic growth in the second half of the year and moderately loose liquidity expectations, performance is still the \"certainty\" sought after by funds, and the high-prosperity sector and the medium-market value sector with spreading prosperity are still expected to get out of the structural market. The turnover rate of popular concept sectors has been greatly adjusted this week. After trading cools down and short-term compensation losses, the profit-making effect is expected to pick up. In terms of allocation direction, it is recommended to pay attention to technology companies with long-term high-quality business models and sustainable performance, with the core allocation of \"hard technology\" sectors such as new energy vehicles, semiconductors, military electronics and communications; The semi-annual report market of the financial industry is in progress. The overall valuation level of the financial industry is relatively cheap, and the performance in the first half of the year has been steadily recovered. It is recommended to pay attention to the financial sector targets with outstanding semi-annual report performance.</p><p><b>10.<a href=\"https://laohu8.com/S/601995\">CICC</a>: The downside of the index may be limited, and the market style may still be \"biased towards growth\"</b></p><p>At present, the downward trend of growth is also being more widely expected, and the downward trend of most commodity prices continues further. Based on the latest domestic situation, the market may have to gradually reset its growth expectations for the second half of the year and next year. Against the background of strengthening expectations for the withdrawal of external policies, declining growth in China and concerns about industrial regulatory policies, it may be necessary to downplay the overall expectations for the equity index. However, considering that the overall market valuation is not high, the downside space of the index may also be limited. At the structural level, the reset of growth expectations means that macro policies may continue to be stable and looser. In terms of allocation, we believe that we can further reduce the allocation of strong cyclical sectors, and the market style may still be \"biased towards growth\".</p><p>Configuration suggestion: The growth style controls the rhythm, and some \"old white horses\" are allocated in a balanced way. (1) High prosperity, China's competitive or growing industrial chains: electric vehicle industry chain, photovoltaics, technology hardware and software, electronic semiconductors, some manufacturing capital goods, etc. (2) Pan-consumer industry: bottom-up stock selection in pan-consumption, including daily necessities, household appliances, automobiles and parts, medicine and medical equipment, light industry and home furnishing, etc.; (3) Gradually reduce the cyclical allocation, but pay attention to some cycles with favorable structure or structural growth characteristics: non-ferrous metals such as lithium, chemicals and financial leaders who benefit from the great development trend of wealth and asset management.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/482283\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f138f3fb791af2ca9b5d974d311cd40d","relate_stocks":{},"source_url":"http://www.gelonghui.com/p/482283","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2161740649","content_text":"上周，A股市场呈现震荡下跌，沪指累计跌2.53%，深证成指累计跌3.69%，创业板指累计下跌4.55%，北向资金累计净流出104.91亿元，沪深两市成交额已连续第23个交易日突破1万亿元。港股受权重股持续大跌影响，恒指按周大跌5.84%，国指周跌6.78%，但恒生科技指数继续周大跌10.54%，再创历史新低。\n后市市场具体如何演绎，且看最新十大券商策略汇总。\n1. 中信证券：市场的风险释放已接近尾声 逐步左侧布局\n共同富裕的国策方针以及未来相应的政策配套并不会伤害市场化商业逻辑，防范金融风险的政策基调下局部信用风险的影响也可控，投资者仍需等待更多信号来纠偏政策误读。预计三季度是国内宏观经济的年内低点，市场流动性依旧维持紧平衡，政策和经济前景的分歧造成投资者行为紊乱，市场风险释放已接近尾声，坚持均衡配置，逐步左侧布局。具体配置上，成长制造板块里从高位的赛道转向相对低位的赛道，如受中报业绩催化的军工以及基本面迎来拐点的5G、通信设备、汽车零部件；消费和医药板块内推荐汽车、服饰、CXO、疫苗和医疗服务等；金融板块推荐部分具备估值性价比或中长期成长逻辑的零售型银行和卡位财富管理的券商。\n2. 国泰君安：风格才刚刚开始而不是切换\n务实地看待未来投资机会，科技成长仍是下一阶段主要投资机会，风格才刚刚开始而不是切换。中盘蓝筹、科技成长为投资的核心词。在经济现压力财政稳增长和严峻的节能形势下，能源新基建是当下投资的优选方向，推荐光伏、BIPV、风电、特高压、充电桩、抽水蓄能等六大赛道。\n3. 国金证券：上证指数在3300-3400点附近无须过度悲观\n短期市场波动加大的根本原因是市场仍等待诸多不确定性落地，当前存量市场中，高成交额下市场缺乏明确主线。上证指数在3300-3400点附近无须过度悲观，一方面上市公司业绩仍有支撑，另一方面，经历了估值切换后，在业绩高增长的驱动下，当前A股估值具有一定的安全边际。尽管结构上估值分化仍较为明显，但市场中仍存在具备一定性价比的板块，比如中游制造行业。\n4. 海通证券：本轮牛市尚未走完 未来半年市场仍充满机会\n最近一周A股下跌明显，沪深300跌3.6%、创业板指跌4.6%，7月1日以来市场整体走的较弱，投资者对后市心存疑虑。我们认为，结合宏观背景和微观企业盈利看，今年类似2010年，下半场更精彩。借鉴历史上市场年度波动和牛市周期规律，未来半年市场仍充满机会。\n核心结论：（1）统计显示，沪深300每年至少一次15%以上行情，今年宏观背景类似2010年，股市后半场望更精彩。（2）上市公司ROE望继续回升至22Q1，市场估值水平和情绪指标尚可，本轮牛市尚未走完。（3）市场从独乐乐走向众乐乐，兼顾智能制造和传统中下游制造，并注意洼地行业，如券商等。\n5. 华西证券：宁组合等高景气成长是配置主线\n在海内外政策走向不确定的担忧下，近期市场风险偏好有所调降，但目前A股整体估值合理，并在短期调整中释放了情绪面及筹码集中的风险，随着不确定因素的落地，市场将有望逐步走出磨底期。后续决定市场风格的核心因素仍在于盈利的相对优势。\n具体来看，消费板块近期估值持续调降，更确定的信号还需等待基本面拐点后，市场重拾共识；政策“跨周期调节”的框架下，当前政策更多是“托而不举”，对传统基建（顺周期）的提振可能会慢一些。从中报预告来看，成长赛道的景气度难以证伪，后市仍是重点配置方向。具体到行业配置上，建议关注：“新能源产业链（电气设备、有色、化工等）、新基建（智能交通等）、军工”等；主题投资关注：“碳中和（绿色产业）内涵拓展、鸿蒙主线”。\n6. 广发证券：微观结构调整再现下的应对之策\n政策不确定加大使得A股尤其是受政策影响较大的板块出现了业绩估值双杀，当前A股市场微观结构仍未健康，近期“在高质量发展中促进共同富裕”和“专精特新”政策环境也都会进一步强化“小盘成长”主线。建议关注中报业绩（预告）修复的科技制造业，辅以部分基建受益品种。建议继续配置“市值下沉”——（1）“政策+技术+供需缺口”多轮驱动的新能源车（锂/隔膜）/光伏；（2）“人少”+ 产业政策倾斜的成长扩散（军工）；（3）成本压制缓和+需求边际变化的制造业（工程机械/水泥）。\n7. 华安证券：等待风险偏好重归平稳 成长主线仍可期待\n情绪扰动近期市场波动加大，但目前仍不具备趋势性下行的压力，结构市行情的大格局未变，成长风格有望继续占优，周期风格也值得关注。经过市场消化后，风险偏好有望复归平稳。目前国内外的宏观环境、货币环境及市场环境都相对稳定，因此短期内市场风险偏好也具备整体平稳的基础条件。具体结构上，白马龙头中报不及预期、市场监管趋严、消费复苏进程屡不及预期，导致消费风格偏好较弱。而成长风格流动性、业绩、催化剂支撑兼备，风险偏好仍相对占优。关注两条具有盈利优势的主线。主线一：成长风格，继续关注景气处于绝对高位的半导体、新能源车产业链，同时关注受益于成长扩散的结构性机会；主线二：周期风格，关注高景气结构性机会，包括景气处于高位的化工，尤其是磷化工板块，以及受益于制造业升级的通用自动设备板块。\n8. 中银证券：建议把握低估值顺周期板块超额收益\n近期市场出现一定幅度的调整，内外因素共振导致市场风险偏好出现下行。从市场结构层面来看，前期市场资金抱团的两大方向近期均面临一定波动。传统消费龙头稳定的盈利模式或面临一定潜在冲击，而反观新能源、光伏为代表的赛道股，行业景气虽然延续高位但当前估值高企，新增资金犹豫不决导致板块高位震荡。行业配置方面，建议把握低估值顺周期板块超额收益。其次，可关注新能源和半导体代表的主导产业四季度板块估值切换机会。往后看，行业业绩分化下，财管特色和龙头券商成长确定性更高，有望享受估值溢价。\n9. 粤开证券：资本市场增量资金潜力广阔\n美联储政策收紧的预期提升，或将导致美股短期调整压力，但对A股影响有限。此外，基金份额在历史高位、MSCI等海外长期资金入市、社保基金等国内长期资金入市等，资本市场增量资金潜力广阔。在下半年经济增速趋缓+流动性预期适度宽松之下，业绩仍是资金追捧的“确定性”，高景气板块、景气扩散的中等市值板块仍有望走出结构性行情。热门概念板块的换手率本周有较大的调整，交投降温、短期补跌后，挣钱效应有望回升。配置方向上，建议关注长期拥有优质商业模式、业绩可持续的科技企业，核心配置新能源汽车、半导体、军工电子和通信等“硬科技”板块；金融行业的半年报行情进行中，金融行业整体估值水平较便宜，且上半年业绩稳健修复，建议关注半年报业绩表现突出的金融板块标的。\n10. 中金公司：指数下行空间可能有限 市场风格或仍会“偏向成长”\n目前增长下行趋势也正在得到更广泛预期，大部分商品价格下行趋势进一步延续。综合国内最新形势，市场可能要逐步重设下半年及明年的增长预期，在外围政策退出预期强化、中国增速趋降和产业监管政策担忧的背景下，可能要淡化对权益指数的整体预期，但考虑市场整体估值不高，指数下行空间可能也有限。结构层面上，增长预期重设意味着宏观政策可能延续稳中趋松，配置上我们认为可以进一步减配强周期板块，市场风格或仍会“偏向成长”。\n配置建议：成长风格把控节奏，部分“老白马”均衡配置。（1）高景气度、中国已具备竞争力或正在壮大的产业链：电动车产业链、光伏、科技硬件与软件、电子半导体、部分制造业资本品等。（2）泛消费行业：在泛消费，包括日常用品、家电、汽车及零部件、医药及医疗器械、轻工家居等领域自下而上择股；（3）逐步降低周期配置但关注部分结构有利或具备结构性成长特征的周期：有色金属如锂等，化工以及受益于财富及资管大发展趋势的金融龙头。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809950716,"gmtCreate":1627345116035,"gmtModify":1703487931909,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809950716","repostId":"2154684559","repostType":4,"repost":{"id":"2154684559","kind":"news","pubTimestamp":1627345000,"share":"https://ttm.financial/m/news/2154684559?lang=en_US&edition=fundamental","pubTime":"2021-07-27 08:16","market":"hk","language":"zh","title":"Antitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months","url":"https://stock-news.laohu8.com/highlight/detail?id=2154684559","media":"新浪科技","summary":"法国对谷歌开出2.2亿欧元罚单新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。","content":"<p><img src=\"https://static.tigerbbs.com/9b5818c36470cf9336d8469538d317a8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Three enterprises complained<a href=\"https://laohu8.com/S/GOOG\">Google</a>！ France fines Google 220 million euros</p><p><img src=\"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><a href=\"https://laohu8.com/S/SINA\">SINA</a>On the evening of July 26th, Beijing time, it was reported that the European Commission and EU consumer authorities said today that Google will adjust its flight and hotel search services within two or two months, and explain how to rank the search results, otherwise it will face sanctions.</p><p>Google has long faced scrutiny from antitrust enforcers and consumer groups around the world. Previously, three of Google's services had been fined by the European Union for monopoly, with fines amounting to billions of dollars. The latest dissatisfaction focuses on the prices of Google Flights and Google Hotels.</p><p>Today, the European Commission and EU consumer authorities said in a joint statement that the final price of these products should include fees or taxes that can be calculated in advance, and the reference price used to calculate promotional discounts should be clearly identifiable.</p><p>Didier Reynders, EU Justice Commissioner, said: \"When using search engines to plan holidays, EU consumers cannot be misled. We need to empower consumers to make choices based on transparent and fair information.\"</p><p>The aforementioned agencies also asked Google to amend the standard terms of Google Store, the Google App Store, because some cases have shown that traders have more rights than consumers. If Google's rectification proposals are insufficient, the above-mentioned agencies will further discuss this issue with Google and may impose sanctions.</p><p>In response, Google said in a statement: \"We welcome this dialogue and are working closely with consumer protection agencies and the European Commission to see how we can make improvements that benefit users and provide higher transparency.\"</p>","source":"sina_symbol","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>Antitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months</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\">\nAntitrust upgrade! The EU is eyeing two Google services again, requiring rectification within 2 months\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-07-27 08:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/9b5818c36470cf9336d8469538d317a8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Three enterprises complained<a href=\"https://laohu8.com/S/GOOG\">Google</a>！ France fines Google 220 million euros</p><p><img src=\"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><a href=\"https://laohu8.com/S/SINA\">SINA</a>On the evening of July 26th, Beijing time, it was reported that the European Commission and EU consumer authorities said today that Google will adjust its flight and hotel search services within two or two months, and explain how to rank the search results, otherwise it will face sanctions.</p><p>Google has long faced scrutiny from antitrust enforcers and consumer groups around the world. Previously, three of Google's services had been fined by the European Union for monopoly, with fines amounting to billions of dollars. The latest dissatisfaction focuses on the prices of Google Flights and Google Hotels.</p><p>Today, the European Commission and EU consumer authorities said in a joint statement that the final price of these products should include fees or taxes that can be calculated in advance, and the reference price used to calculate promotional discounts should be clearly identifiable.</p><p>Didier Reynders, EU Justice Commissioner, said: \"When using search engines to plan holidays, EU consumers cannot be misled. We need to empower consumers to make choices based on transparent and fair information.\"</p><p>The aforementioned agencies also asked Google to amend the standard terms of Google Store, the Google App Store, because some cases have shown that traders have more rights than consumers. If Google's rectification proposals are insufficient, the above-mentioned agencies will further discuss this issue with Google and may impose sanctions.</p><p>In response, Google said in a statement: \"We welcome this dialogue and are working closely with consumer protection agencies and the European Commission to see how we can make improvements that benefit users and provide higher transparency.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-07-26/doc-ikqciyzk7783660.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/557b605849471e852d88d2600232a3ed","relate_stocks":{"GOOG":"谷歌","09086":"华夏纳指-U","GOOGL":"谷歌A","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2021-07-26/doc-ikqciyzk7783660.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154684559","content_text":"三家企业投诉谷歌！法国对谷歌开出2.2亿欧元罚单\n\n新浪科技讯 北京时间7月26日晚间消息，据报道，欧盟委员会和欧盟消费者当局今日表示，谷歌要在两2个月的时间内，对其航班和酒店搜索服务进行调整，并解释如何对搜索结果进行排名，否则将面临制裁。\n长期以来，谷歌一直面临世界各地反垄断执法者和消费者团体的审查。之前，谷歌已经有三项服务遭到欧盟的发垄断罚款，罚金高达数十亿美元。而最新的不满集中在Google Flights（航班搜索）和Google Hotels（酒店搜索）两项服务的价格上。\n今日，欧盟委员会和欧盟消费者当局在一份联合声明中称，这些产品的最终价格应该包括可以提前计算的费用或税金，而用于计算促销折扣的参考价格应该是明确可识别的。\n欧盟司法专员迪迪埃·雷恩德斯（Didier Reynders）称：“在使用搜索引擎筹划假期时，欧盟消费者不能被误导。我们需要赋予消费者权力，让他们基于透明和公正的信息做出选择。”\n上述机构还要求谷歌修改谷歌应用商店Google Store的标准条款，因为一些案例表明，交易商比消费者拥有更多的权利。如果谷歌的整改建议不够充分，上述机构将与谷歌进一步讨论这一问题，并可能实施制裁。\n对此，谷歌在一份声明中表示：“我们欢迎这次对话，并正与消费者保护机构和欧盟委员会密切合作，看看我们如何能做出有利于用户的改进，并提供更高的透明度。”","news_type":1,"symbols_score_info":{"QNETCN":0.9,"09086":0.9,"GOOG":0.9,"GOOGL":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":1820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811855977,"gmtCreate":1630312033999,"gmtModify":1676530264719,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811855977","repostId":"2163200161","repostType":2,"repost":{"id":"2163200161","kind":"news","pubTimestamp":1630300294,"share":"https://ttm.financial/m/news/2163200161?lang=en_US&edition=fundamental","pubTime":"2021-08-30 13:11","market":"us","language":"zh","title":"XPeng P5 is scheduled to be launched on September 15, with six first models","url":"https://stock-news.laohu8.com/highlight/detail?id=2163200161","media":"广州日报","summary":"小鹏P5，为小鹏汽车旗下第三款车型，定位低于P7，补贴后预售价为16万-23万元。小鹏汽车宣布，该车将于9月15日正式上市销售，并于今年10月底开启交付。小鹏汽车方面同时表示，现在仍可以通过相关渠道进行下订。目前，小鹏P5备受关注的亮点有两方面。一是双激光雷达，小鹏汽车方面认为，这是首款搭载激光雷达的量产智能汽车。由于是进入全新的细分市场，小鹏P5到来，会推升小鹏汽车销量达到一个新的高度。","content":"<p><html><body><article>XPeng P5, for<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Its third model is positioned lower than the P7, and the pre-sale price after subsidies is 160,000-230,000 yuan. Recently, the launch time of the car has been clear. XPeng Motors announced that the car will be officially launched for sale on September 15, and delivery will begin at the end of October this year. The car is launched in six models: 460G, 460E, 550G, 550E, 550P and 600P. Previously, the car had started pre-sale, and within 7 hours, orders exceeded 5,000 units, of which dual lidar configurations accounted for more than 70%.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13933718392/0\"/>XPeng Motors also said that orders can still be placed through relevant channels. Users who pay an intention deposit of 5,000 yuan can enjoy rights and interests such as doubling the intention deposit, worry-free electricity gift package for life, pre-locking of the listing gift package, priority right to pick up the car, and exclusive 10,000 yuan.</p><p>At present, there are two highlights of XPeng P5 that have attracted much attention. The first is dual lidar. XPeng Motors believes that this is the first mass-produced product equipped with lidar<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Automobile. The second is the ever-changing space. The seats in the car can be folded down and moved forward and backward. Coupled with the flat chassis of pure electric vehicles, a flat and spacious interior space can be obtained.</p><p>As it enters a brand-new market segment, the arrival of XPeng P5 will push XPeng's automobile sales to a new height. Data show that from January to July 2021, XPeng Automobile has delivered a total of 38,778 units, which is 1.4 times the delivery volume last year. The total delivery volume in July exceeded 8,000 units for the first time, reaching 8,040 units, a month-on-month surge of 22% from June, significantly breaking the historical monthly delivery record just broken in June.</p><p>The product quality of XPeng vehicles has also been recognized by third-party organizations. Not long ago, in C-NCAP Collision, i-VISTA Intelligence, J.D. The XPeng P7, which won the first place in three authoritative certifications of Power Charm Index, also ushered in the 50,000 th vehicle rolling off the assembly line at the Zhaoqing factory. From 0 to 50,000, XPeng P7 has only gone through more than 400 days. Recently, the XPeng P7 was exported to Norway again after the G3, becoming the first Chinese brand smart electric coupe sold to Europe.</p><p>Text, Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Guangzhou Daily New Flower City Editor: Li Guangman</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng P5 is scheduled to be launched on September 15, with six first models</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng P5 is scheduled to be launched on September 15, with six first models\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">广州日报</strong><span class=\"h-time small\">2021-08-30 13:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>XPeng P5, for<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Its third model is positioned lower than the P7, and the pre-sale price after subsidies is 160,000-230,000 yuan. Recently, the launch time of the car has been clear. XPeng Motors announced that the car will be officially launched for sale on September 15, and delivery will begin at the end of October this year. The car is launched in six models: 460G, 460E, 550G, 550E, 550P and 600P. Previously, the car had started pre-sale, and within 7 hours, orders exceeded 5,000 units, of which dual lidar configurations accounted for more than 70%.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13933718392/0\"/>XPeng Motors also said that orders can still be placed through relevant channels. Users who pay an intention deposit of 5,000 yuan can enjoy rights and interests such as doubling the intention deposit, worry-free electricity gift package for life, pre-locking of the listing gift package, priority right to pick up the car, and exclusive 10,000 yuan.</p><p>At present, there are two highlights of XPeng P5 that have attracted much attention. The first is dual lidar. XPeng Motors believes that this is the first mass-produced product equipped with lidar<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Automobile. The second is the ever-changing space. The seats in the car can be folded down and moved forward and backward. Coupled with the flat chassis of pure electric vehicles, a flat and spacious interior space can be obtained.</p><p>As it enters a brand-new market segment, the arrival of XPeng P5 will push XPeng's automobile sales to a new height. Data show that from January to July 2021, XPeng Automobile has delivered a total of 38,778 units, which is 1.4 times the delivery volume last year. The total delivery volume in July exceeded 8,000 units for the first time, reaching 8,040 units, a month-on-month surge of 22% from June, significantly breaking the historical monthly delivery record just broken in June.</p><p>The product quality of XPeng vehicles has also been recognized by third-party organizations. Not long ago, in C-NCAP Collision, i-VISTA Intelligence, J.D. The XPeng P7, which won the first place in three authoritative certifications of Power Charm Index, also ushered in the 50,000 th vehicle rolling off the assembly line at the Zhaoqing factory. From 0 to 50,000, XPeng P7 has only gone through more than 400 days. Recently, the XPeng P7 was exported to Norway again after the G3, becoming the first Chinese brand smart electric coupe sold to Europe.</p><p>Text, Photo/Guangzhou Daily New Flower City Reporter: Zhou Weili</p><p>Guangzhou Daily New Flower City Editor: Li Guangman</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108301317447c358b2c&s=b\">广州日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80e4ab3e53452f4e5554d2f59e6f6d9b","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108301317447c358b2c&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2163200161","content_text":"小鹏P5，为小鹏汽车旗下第三款车型，定位低于P7，补贴后预售价为16万-23万元。近日，该车上市时间明确。小鹏汽车宣布，该车将于9月15日正式上市销售，并于今年10月底开启交付。该车推出460G、460E、550G、550E、550P、600P六款车型。此前，该车已开启预售，7小时内，订单即破5000台，其中双激光雷达配置的占比超过70%。小鹏汽车方面同时表示，现在仍可以通过相关渠道进行下订。用户缴交5000元意向金，可享意向金翻倍、终身用电无忧礼包、上市礼包预先锁定、优先提车权、万元专属等权益。目前，小鹏P5备受关注的亮点有两方面。一是双激光雷达，小鹏汽车方面认为，这是首款搭载激光雷达的量产智能汽车。二是百变空间，车内座椅可以翻折放倒、前后移动，再加上纯电动车平整的底盘，可以得到一个平整宽敞的车内空间。由于是进入全新的细分市场，小鹏P5到来，会推升小鹏汽车销量达到一个新的高度。数据显示，2021年1-7月，小鹏汽车已累计交付38,778台，是去年全年交付量的1.4倍。7月总交付量首次突破八千，达到8,040台，较六月环比激增22%，大幅刷新了6月刚刚打破的历史月交付纪录。小鹏汽车的产品品质还得到第三方机构的认可。在不久之前，在C-NCAP碰撞、i-VISTA智能、J.D.Power魅力指数三个权威认证上获得第一的小鹏P7，也在肇庆工厂迎来了第50000辆车的下线。从0到50000，小鹏P7仅仅走过了400多天。近日，小鹏P7也继G3之后再度出口挪威，成为首款销往欧洲的中国品牌智能电动轿跑。文、图/广州日报·新花城记者：周伟力广州日报·新花城编辑：李光曼","news_type":1,"symbols_score_info":{"XPEV":1,"09868":1}},"isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817514417,"gmtCreate":1630974767139,"gmtModify":1676530430729,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817514417","repostId":"2165333903","repostType":4,"repost":{"id":"2165333903","kind":"highlight","pubTimestamp":1630973960,"share":"https://ttm.financial/m/news/2165333903?lang=en_US&edition=fundamental","pubTime":"2021-09-07 08:19","market":"hk","language":"zh","title":"TSMC's price increase signal, the inflection point of \"chip shortage alleviation\" is delayed again","url":"https://stock-news.laohu8.com/highlight/detail?id=2165333903","media":"新浪财经","summary":"　　晶圆产能短缺在2022年或将更严峻，存储器热度波动中延续。　　多年未曾涨价的台积电计划涨价的消息让业界哗然，显示出这场全球范围内的缺芯或许在短期内仍难以得到缓解。而第三季度正是消费电子的旺季，原本价格就有所调涨的存储器市场或许将面临新一轮旺盛期，不过这可能会是结构性的。　　这显示出闪存行业拐点已至的观点并不全面。","content":"<p>The shortage of wafer production capacity may become more severe in 2022, and the fluctuation of memory popularity will continue.</p><p>The news that TSMC, which has not raised prices for many years, plans to raise prices has caused an uproar in the industry, showing that this global core shortage may still be difficult to alleviate in the short term. The third quarter is the peak season for consumer electronics. The memory market, whose prices have already increased, may face a new round of prosperity, but this may be structural.</p><p>Recently,<a href=\"https://laohu8.com/S/SIMO\">Huirong Technology</a>Duan Xiting, senior vice president of marketing and OEM business, said in an exclusive interview with 21st century business herald: \"The most serious problems we are facing now are the shortage of chips and the long delivery time of BGA packaging substrates. At present, there is still a serious supply and demand imbalance. Foundry capacity has been full until 2022, but terminal demand continues to increase significantly, and the gap has not been met so far. In particular, the shortage of mature process capacity is the most serious, and 2022 will be more severe than 2021.\"</p><p>This shows that the view that the inflection point of the flash memory industry has reached is not comprehensive. According to the reporter's understanding, even under the trend of poor demand in the overall mobile phone market in the first half of this year, the NAND Flash market is still rising, but the next trend of DRAM may fluctuate slightly.</p><p>Liu Yushi, a senior analyst at CINNO Research, told a reporter from the 21st Century Business Herald that DRAM and NAND Flash have huge global production capacity and inventory volumes, so price increases will be relatively flat and will not easily fluctuate significantly. At present, although DRAM storage is at the peak of cyclical demand, the demand is still relatively strong in the short term, and the price will not drop rapidly; The demand for NAND Flash is expected to maintain steady growth in the second half of the year, and the demand for 5G communications and mobile phone products is obvious. The release of new phones in the second half of the year may further drive the demand for Flash.</p><p>Storage demand continues to rise</p><p>While the overall increase may not be as good as that of general components, the storage market has been buoyant for some time.</p><p>This can be seen from the performance of upstream original manufacturers and main control chip manufacturers in the first half of the year. According to flash memory market statistics, the total global NAND Flash market size reached US $16.172 billion in the second quarter of this year, the highest size in 11 quarters, a year-on-year increase of 11.2% and a quarter-on-quarter increase of 9.7%. Among them, the original factory with the highest quarterly revenue increase is undoubtedly<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(11.8%), followed by<a href=\"https://laohu8.com/S/WDC\">Western Digital</a>(11.2%) and SK Hynix (10.5%).</p><p>In recent years, DRAM, which has not had a high atmosphere for production expansion, has also achieved a high growth rate. Flash memory market statistics show that the overall sales volume of DRAM in the second quarter of 2021 was US $24.32 billion, setting a new quarterly high in the past three years, with a quarter-on-quarter increase of 24.3%. Among them, the top three companies with the highest quarterly revenue growth are Winbond (36.8%), Samsung and South Asia (both 29.8%).</p><p>This shows that even if the demand for replacement phones in the domestic 5G mobile phone market fluctuates, the overall memory market is still in an upward range under the rising global demand.</p><p>Duan Xiting pointed out to reporters, \"We did not feel<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Demand for mobile terminal parts performed poorly. On the contrary, the revenue of our eMMC and UFS main control chips mainly used in smartphones in the first half of 2021 increased by 35%-40% compared with the same period last year, far outperforming the market performance. The increased share of major NAND manufacturer customers in the smartphone market has driven the growth of Huirong Technology's UFS main control chips. Our module manufacturer customers have also applied our eMMC and UFS main control chips to more low-end smartphones and IoT products. \"</p><p>As the main main control chip manufacturer, Huirong Technology will continue to usher in the peak performance period in the second quarter and even the second half of this year. The company's financial report shows that it achieved revenue of US $221 million in the second quarter, a quarter-on-quarter increase of 21% and a year-on-year increase of 62%.</p><p>Based on the positive market demand, Gou Jiazhang, general manager of Huirong Technology, said that the company will once again raise its full-year financial forecast, and it is expected that the proportion of high-profit products will continue to increase in the future, which will in turn drive the increase in gross profit margin and the global market share of SSD control chips. The annual revenue was raised from the previous quarter's financial report to approximately US $782 million to US $836 million, and it was raised again to US $890 million to US $917 million, an increase of 65% to 70% compared with 2020, and the gross profit margin was between 49.5%-Between 50.5%.</p><p>Specifically, Duan Xiting analyzed to reporters that the market originally expected NAND Flash to be oversupplied this year, but thanks to the strong demand for PCs, smartphones, data centers, etc., prices began to rise in the second quarter.</p><p>Looking forward to the market outlook, he continued, \"From the perspective of market demand, PCs and smartphones have slowed down from the rapid growth in Q3 last year to Q2 this year, and the market has begun to digest excessive inventory, which will take about 3-6 months. time; demand for servers and data centers, due to the epidemic, most people work from home, students are studying online, coupled with the construction of 5G base stations and the rising adoption rate of SSDs in PCs, demand has remained strong. Because the domestic market recovered earliest after the epidemic, with the rapid increase of new consumer electronics products and smart products, and the significant increase of 5G-related IoT devices, these are products that require storage. Although the chip shortage factor still exists, the NAND market will still maintain steady growth. \"</p><p><a href=\"https://laohu8.com/S/603986\">GigaDevice Innovation</a>Executives also stated during recent investor exchanges that the market demand for the company's main NOR Flash is further increasing, and more wafers are needed to support these needs, which is mainly reflected in the rising demand for NOR Flash capacity in many fields. This is the focus of attention. Also in automotive, industrial and other fields, the demand for the quantity and capacity of NOR Flash is rising, and the demand is very strong.</p><p>Regarding product prices, we expect that in the second half of this year and 2022, the total supply of the entire NOR Flash market will be less than the total demand. The main reason is that the demand for capacity and quantity is rising in many fields. At present, the market demand is relatively strong, and the demand will continue to increase in the future; But in terms of total supply, we think the tight supply situation will continue until 2022.</p><p>But in contrast, the DRAM market may not perform so vigorously in the second half of the year. According to the survey of TrendForce Consulting, entering the third quarter, the problem of long and short materials in the supply chain has gradually surfaced and affected the assembly of end products. Therefore, some manufacturers have begun to plan to reduce the purchase of relatively long-material memories. Among them, the attitude of laptop manufacturers is the most obvious. Therefore, although most original manufacturers still maintain a positive view on the overall market situation, as buyers' DRAM inventories continue to be high-end, the growth of some products in the third quarter may slow down. The agency expects that in the third quarter, the average contract price will still rise, but the increase will converge to 3%-8% under the situation that the original manufacturer insists on price increases.</p><p>Development trade-offs under core shortage</p><p>There is a certain time lag in the price transmission of semiconductor products, but its impact on the production capacity of the automotive industry has already appeared. The impact on the consumer electronics side is not profound, but from the perspective of the overall electronics field, the impact may be multifaceted.</p><p>Duan Xiting told the 21st Century Business Herald reporter that for the storage industry chain, the impact of chip shortage is complex and far-reaching. \"As the main supplier of flash memory main control chips, we are actively investing in solving problems and accelerating the transfer of mature process products to advanced process products with sufficient production capacity, so as to free up some mature process chip shares for distribution.\"</p><p>\"In terms of supply principle, we will give priority to avoiding industrial chain disruption, high gross profit and irreplaceable application supply. Therefore, we reluctantly ignore some low-end products, such as USB2.0 and MicroSD 2.0 using 55nm process, and even reduce the supply of USB 3.0 main control products.\" He continued.</p><p>Domestic storage manufacturers have made similar decisions. GigaDevice executives also recently told investors that when the overall production capacity supply is tight, the company will choose to adjust the product structure to ensure the supply of key and high-performance products. This is true in all business segments of the company. This is also the most important reason why the gross profit margin of each product line of the company has increased in the first half of the year.</p><p>Although some markets have recently shown controversy over channel price gouging, Duan Xiting pointed out that no similar phenomenon has been felt at present. \"We strictly control agents and are not allowed to hoard goods or drive up prices. All customers and partners also actively cooperate with us to change the proportion of products and ensure a win-win situation. In the case of insufficient chips, we will pay close attention to market conditions and carefully examine whether customers' orders are actual demand.\"</p><p>In the long run, for the storage industry, tapping more diversified markets other than consumer electronics is the direction to continue to break through.</p><p>Liu Yushi believes that the demand for NAND Flash and DRAM in the second half of this year is mainly concentrated on communication products, which is different from the situation last year when demand such as distance teaching drove PCs. Enterprise-class SSDs have long-term and stable periodic demand, and vehicle storage is also a market with explosive potential. Compared with the demand for consumer products, the prospects of these two markets are undoubtedly broader.</p><p>Duan Xiting also told reporters that Huirong's next goal will be in the automotive and data center markets. In the automotive market, Huirong's SSD main control chip has now entered the market through cooperation with major NAND manufacturers<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Audi and other well-known car manufacturers. Huirong's Ferri single-chip storage solution has been adopted by many major Japanese and German automobile manufacturers. In terms of data centers, in addition to actively developing the next generation PCIe Gen5 enterprise-level SSD master, Huirong's generation of enterprise-level SSD master has been shipped to several major customers, and has successfully entered the domestic e-commerce market supply chain with the help of its subsidiary Shanghai Baocun Technology, including<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>And<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>。</p>","source":"sina_us","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>TSMC's price increase signal, the inflection point of \"chip shortage alleviation\" is delayed again</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\">\nTSMC's price increase signal, the inflection point of \"chip shortage alleviation\" is delayed again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-09-07 08:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The shortage of wafer production capacity may become more severe in 2022, and the fluctuation of memory popularity will continue.</p><p>The news that TSMC, which has not raised prices for many years, plans to raise prices has caused an uproar in the industry, showing that this global core shortage may still be difficult to alleviate in the short term. The third quarter is the peak season for consumer electronics. The memory market, whose prices have already increased, may face a new round of prosperity, but this may be structural.</p><p>Recently,<a href=\"https://laohu8.com/S/SIMO\">Huirong Technology</a>Duan Xiting, senior vice president of marketing and OEM business, said in an exclusive interview with 21st century business herald: \"The most serious problems we are facing now are the shortage of chips and the long delivery time of BGA packaging substrates. At present, there is still a serious supply and demand imbalance. Foundry capacity has been full until 2022, but terminal demand continues to increase significantly, and the gap has not been met so far. In particular, the shortage of mature process capacity is the most serious, and 2022 will be more severe than 2021.\"</p><p>This shows that the view that the inflection point of the flash memory industry has reached is not comprehensive. According to the reporter's understanding, even under the trend of poor demand in the overall mobile phone market in the first half of this year, the NAND Flash market is still rising, but the next trend of DRAM may fluctuate slightly.</p><p>Liu Yushi, a senior analyst at CINNO Research, told a reporter from the 21st Century Business Herald that DRAM and NAND Flash have huge global production capacity and inventory volumes, so price increases will be relatively flat and will not easily fluctuate significantly. At present, although DRAM storage is at the peak of cyclical demand, the demand is still relatively strong in the short term, and the price will not drop rapidly; The demand for NAND Flash is expected to maintain steady growth in the second half of the year, and the demand for 5G communications and mobile phone products is obvious. The release of new phones in the second half of the year may further drive the demand for Flash.</p><p>Storage demand continues to rise</p><p>While the overall increase may not be as good as that of general components, the storage market has been buoyant for some time.</p><p>This can be seen from the performance of upstream original manufacturers and main control chip manufacturers in the first half of the year. According to flash memory market statistics, the total global NAND Flash market size reached US $16.172 billion in the second quarter of this year, the highest size in 11 quarters, a year-on-year increase of 11.2% and a quarter-on-quarter increase of 9.7%. Among them, the original factory with the highest quarterly revenue increase is undoubtedly<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>(11.8%), followed by<a href=\"https://laohu8.com/S/WDC\">Western Digital</a>(11.2%) and SK Hynix (10.5%).</p><p>In recent years, DRAM, which has not had a high atmosphere for production expansion, has also achieved a high growth rate. Flash memory market statistics show that the overall sales volume of DRAM in the second quarter of 2021 was US $24.32 billion, setting a new quarterly high in the past three years, with a quarter-on-quarter increase of 24.3%. Among them, the top three companies with the highest quarterly revenue growth are Winbond (36.8%), Samsung and South Asia (both 29.8%).</p><p>This shows that even if the demand for replacement phones in the domestic 5G mobile phone market fluctuates, the overall memory market is still in an upward range under the rising global demand.</p><p>Duan Xiting pointed out to reporters, \"We did not feel<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Demand for mobile terminal parts performed poorly. On the contrary, the revenue of our eMMC and UFS main control chips mainly used in smartphones in the first half of 2021 increased by 35%-40% compared with the same period last year, far outperforming the market performance. The increased share of major NAND manufacturer customers in the smartphone market has driven the growth of Huirong Technology's UFS main control chips. Our module manufacturer customers have also applied our eMMC and UFS main control chips to more low-end smartphones and IoT products. \"</p><p>As the main main control chip manufacturer, Huirong Technology will continue to usher in the peak performance period in the second quarter and even the second half of this year. The company's financial report shows that it achieved revenue of US $221 million in the second quarter, a quarter-on-quarter increase of 21% and a year-on-year increase of 62%.</p><p>Based on the positive market demand, Gou Jiazhang, general manager of Huirong Technology, said that the company will once again raise its full-year financial forecast, and it is expected that the proportion of high-profit products will continue to increase in the future, which will in turn drive the increase in gross profit margin and the global market share of SSD control chips. The annual revenue was raised from the previous quarter's financial report to approximately US $782 million to US $836 million, and it was raised again to US $890 million to US $917 million, an increase of 65% to 70% compared with 2020, and the gross profit margin was between 49.5%-Between 50.5%.</p><p>Specifically, Duan Xiting analyzed to reporters that the market originally expected NAND Flash to be oversupplied this year, but thanks to the strong demand for PCs, smartphones, data centers, etc., prices began to rise in the second quarter.</p><p>Looking forward to the market outlook, he continued, \"From the perspective of market demand, PCs and smartphones have slowed down from the rapid growth in Q3 last year to Q2 this year, and the market has begun to digest excessive inventory, which will take about 3-6 months. time; demand for servers and data centers, due to the epidemic, most people work from home, students are studying online, coupled with the construction of 5G base stations and the rising adoption rate of SSDs in PCs, demand has remained strong. Because the domestic market recovered earliest after the epidemic, with the rapid increase of new consumer electronics products and smart products, and the significant increase of 5G-related IoT devices, these are products that require storage. Although the chip shortage factor still exists, the NAND market will still maintain steady growth. \"</p><p><a href=\"https://laohu8.com/S/603986\">GigaDevice Innovation</a>Executives also stated during recent investor exchanges that the market demand for the company's main NOR Flash is further increasing, and more wafers are needed to support these needs, which is mainly reflected in the rising demand for NOR Flash capacity in many fields. This is the focus of attention. Also in automotive, industrial and other fields, the demand for the quantity and capacity of NOR Flash is rising, and the demand is very strong.</p><p>Regarding product prices, we expect that in the second half of this year and 2022, the total supply of the entire NOR Flash market will be less than the total demand. The main reason is that the demand for capacity and quantity is rising in many fields. At present, the market demand is relatively strong, and the demand will continue to increase in the future; But in terms of total supply, we think the tight supply situation will continue until 2022.</p><p>But in contrast, the DRAM market may not perform so vigorously in the second half of the year. According to the survey of TrendForce Consulting, entering the third quarter, the problem of long and short materials in the supply chain has gradually surfaced and affected the assembly of end products. Therefore, some manufacturers have begun to plan to reduce the purchase of relatively long-material memories. Among them, the attitude of laptop manufacturers is the most obvious. Therefore, although most original manufacturers still maintain a positive view on the overall market situation, as buyers' DRAM inventories continue to be high-end, the growth of some products in the third quarter may slow down. The agency expects that in the third quarter, the average contract price will still rise, but the increase will converge to 3%-8% under the situation that the original manufacturer insists on price increases.</p><p>Development trade-offs under core shortage</p><p>There is a certain time lag in the price transmission of semiconductor products, but its impact on the production capacity of the automotive industry has already appeared. The impact on the consumer electronics side is not profound, but from the perspective of the overall electronics field, the impact may be multifaceted.</p><p>Duan Xiting told the 21st Century Business Herald reporter that for the storage industry chain, the impact of chip shortage is complex and far-reaching. \"As the main supplier of flash memory main control chips, we are actively investing in solving problems and accelerating the transfer of mature process products to advanced process products with sufficient production capacity, so as to free up some mature process chip shares for distribution.\"</p><p>\"In terms of supply principle, we will give priority to avoiding industrial chain disruption, high gross profit and irreplaceable application supply. Therefore, we reluctantly ignore some low-end products, such as USB2.0 and MicroSD 2.0 using 55nm process, and even reduce the supply of USB 3.0 main control products.\" He continued.</p><p>Domestic storage manufacturers have made similar decisions. GigaDevice executives also recently told investors that when the overall production capacity supply is tight, the company will choose to adjust the product structure to ensure the supply of key and high-performance products. This is true in all business segments of the company. This is also the most important reason why the gross profit margin of each product line of the company has increased in the first half of the year.</p><p>Although some markets have recently shown controversy over channel price gouging, Duan Xiting pointed out that no similar phenomenon has been felt at present. \"We strictly control agents and are not allowed to hoard goods or drive up prices. All customers and partners also actively cooperate with us to change the proportion of products and ensure a win-win situation. In the case of insufficient chips, we will pay close attention to market conditions and carefully examine whether customers' orders are actual demand.\"</p><p>In the long run, for the storage industry, tapping more diversified markets other than consumer electronics is the direction to continue to break through.</p><p>Liu Yushi believes that the demand for NAND Flash and DRAM in the second half of this year is mainly concentrated on communication products, which is different from the situation last year when demand such as distance teaching drove PCs. Enterprise-class SSDs have long-term and stable periodic demand, and vehicle storage is also a market with explosive potential. Compared with the demand for consumer products, the prospects of these two markets are undoubtedly broader.</p><p>Duan Xiting also told reporters that Huirong's next goal will be in the automotive and data center markets. In the automotive market, Huirong's SSD main control chip has now entered the market through cooperation with major NAND manufacturers<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Audi and other well-known car manufacturers. Huirong's Ferri single-chip storage solution has been adopted by many major Japanese and German automobile manufacturers. In terms of data centers, in addition to actively developing the next generation PCIe Gen5 enterprise-level SSD master, Huirong's generation of enterprise-level SSD master has been shipped to several major customers, and has successfully entered the domestic e-commerce market supply chain with the help of its subsidiary Shanghai Baocun Technology, including<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>And<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>。</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/chanjing/cyxw/2021-09-07/doc-iktzscyx2687459.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a83b39655f16e786ad10ee3d9f0978cc","relate_stocks":{"159813":"芯片","EWT":"台湾ETF-iShares MSCI","TSM":"台积电","03145":"华夏亚洲高息股"},"source_url":"https://finance.sina.com.cn/chanjing/cyxw/2021-09-07/doc-iktzscyx2687459.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165333903","content_text":"晶圆产能短缺在2022年或将更严峻，存储器热度波动中延续。\n多年未曾涨价的台积电计划涨价的消息让业界哗然，显示出这场全球范围内的缺芯或许在短期内仍难以得到缓解。而第三季度正是消费电子的旺季，原本价格就有所调涨的存储器市场或许将面临新一轮旺盛期，不过这可能会是结构性的。\n近日，慧荣科技市场营销暨OEM事业资深副总段喜亭接受21世纪经济报道记者专访时表示：“现在我们面临最严峻的问题是芯片短缺、与BGA封装基板供货交期过长的问题，目前还是呈现严重供需不平衡。晶圆代工产能一路爆满延续至2022年，但终端需求还在持续大幅增加，到目前为止仍无法满足缺口。特别是成熟制程产能短缺最为严重，2022年将比2021年更严峻。”\n这显示出闪存行业拐点已至的观点并不全面。据记者了解，即便在今年上半年手机整体市场需求不济的趋势之下，NAND Flash行情依然高涨，只是DRAM接下来的走势或许将略有波动。\nCINNO Research 资深分析师刘雨实向21世纪经济报道记者表示，DRAM和NAND Flash全球范围内产能、库存体量巨大，因此价格涨势会相对平缓，并不会轻易出现大幅波动。而目前DRAM存储尽管已处于周期需求峰值，但短期内需求依然较为旺盛，不至于出现价格快速下降的情况；下半年NAND Flash需求预计仍将保持稳定增长，5G通讯、手机产品需求明显，下半年新机发布还有可能进一步带动Flash需求。\n存储需求涨势未止\n虽然整体涨幅可能不如通用零部件，但存储市场的旺盛已经持续了一段时间。\n从上游原厂和主控芯片厂商的上半年业绩可见一斑。根据闪存市场统计，今年第二季度全球NAND Flash合计市场规模达161.72亿美元，为11个季度以来的最高规模，同比增长11.2%，环比也增长9.7%。其中季度营收涨幅最高的原厂当属三星（11.8%），其次是西部数据（11.2%）和SK海力士（10.5%）。\n近年来扩产氛围不高的DRAM也获得了较高增速。闪存市场统计显示，2021年第二季度DRAM总体销售规模243.2亿美元，创下近三年季度新高，环比增长24.3%。其中季度营收涨幅最高的前三家分别为华邦（36.8%）、三星和南亚（同为29.8%）。\n这显示出即便国内5G手机市场换机需求出现波动，但全球高涨的需求之下，存储器市场整体仍然处在上涨区间。\n段喜亭向记者指出，“我们并没有感受到智能手机终端零件需求表现不佳。相反，我们主要应用于智能手机的eMMC和UFS主控芯片在2021年上半年营收较去年同期成长35%-40%，远优于市场表现。NAND大厂客户在智能手机市占增加，带动慧荣科技UFS主控芯片的成长，我们的模块厂客户也将我们的eMMC和UFS主控芯片应用在更多的低阶智能手机及IoT产品。”\n作为主要主控芯片厂商的慧荣科技在二季度甚至今年下半年，都将继续迎来业绩高峰期。该公司财报显示，二季度实现营收2.21亿美元，环比增长21%，同比增长62%。\n基于积极的市场需求，慧荣科技总经理苟嘉章表示，公司将再度调高全年财测，预期未来高获利产品比重将持续增加，进而带动毛利率及SSD控制芯片全球市占率的提升。全年营收从上一季财报调高的全年营收约7.82亿-8.36亿美元，再次调高为8.9亿-9.17亿美元，较2020年增长65%-70%，毛利率介于49.5%-50.5%之间。\n具体来说，段喜亭向记者分析，NAND Flash原本市场预期今年将供过于求，但受惠PC、智能手机、数据中心等需求强劲，第二季价格开始回涨。\n展望后市，他续称，“从市场需求面来看，PC与智能型手机从去年Q3的快速成长，到今年的Q2开始放缓，市场开始消化过多的库存，大概需3-6个月时间；服务器及数据中心的需求，因为疫情大部分人居家工作，学生都在线学习，再加上5G基站的建设以及SSD在PC采用率不断攀升趋势需求一直保持强劲。因为国内市场在疫情后的复苏最早，在新的消费性电子产品、智能产品的快速增加，5G相关IoT装置也大幅增加，这些都是需要存储的产品，尽管芯片不足因素仍在，NAND市场仍将维持稳定成长。”\n兆易创新高管近期在投资者交流过程中也表示，公司主营的NOR Flash市场需求在进一步增强，需要更多的晶圆来支持这些需求，主要表现在很多领域对NOR Flash容量的需求在上升，这是需要关注的重点。同样在汽车、 工业等领域，对NOR Flash数量、容量的需求都在上升中，需求非常强劲。\n关于产品价格，我们预期今年下半年及2022年，整个NOR Flash市场是总供给小于总需求。主要原因是在许多领域对容量和数量的需求都在上升，目前市场需求比较旺盛，未来看需求仍持续在增加；但在总供给上，供应紧张的状况我们认为还会持续到2022年。\n但相比之下，DRAM市场在下半年可能不会有如此旺盛的表现。TrendForce集邦咨询调查显示，进入第三季，供应链长短料问题已逐渐浮出台面，并影响到终端产品的组装，故已有部分厂商对于相对长料的存储器开始出现减少拉货的规划，其中以笔电厂商的态度最为明显。因此，尽管目前原厂仍多半对于整体市况维持正面看法，但随着买方DRAM库存持续处于高档，部分产品第三季的拉货成长恐将趋缓。该机构预期，第三季在原厂力守涨价的情势下，平均合约价仍将上扬，惟涨幅收敛至3%-8%。\n缺芯下的发展取舍\n半导体产品的价格传导存在一定时间差，但其对汽车产业带来的产能影响已经显现，对消费电子端影响并不算深切，只是从整体电子领域来说，影响可能是多面性的。\n段喜亭对21世纪经济报道记者表示，对存储产业链来讲，芯片短缺造成的影响是复杂而深远的。“身为闪存主控芯片主要供货商的我们，正积极投入解决问题，加快将成熟制程产品转向产能充裕的先进制程产品，来空出一些成熟制程芯片份额，用于配货。”\n“我们在供应原则上，将以避免产业链断链、毛利较高及不可替代的应用供给为优先考虑，也因此忍痛忽略部分低阶产品，例如采用55nm制程的USB2.0、MicroSD 2.0，甚至减少USB 3.0主控产品部分供货。”他续称。\n国内存储厂商也有类似决策。兆易创新高管近期也对投资者表示，在整体产能供应紧张的情况下，公司会选择调整产品结构，保障关键、高性能等的产品供应，在公司各个业务板块都是如此，这也是上半年公司各产品线毛利率都有所提高的最重要原因。\n虽然近日部分市场显示出渠道哄抬价格的争议，不过段喜亭指出，目前并没有感受到类似现象。“我们严格控管代理商，不准有囤货或哄抬价格行为。所有客户与伙伴，也积极跟我们配合，来改变产品的比重，并确保双赢。在芯片不足的状况下，我们会密切关注市场状况，小心审视客户的订单是否为实际需求。”\n长期来看，对于存储产业来说，挖掘消费电子之外的更多元市场是继续突围的方向。\n刘雨实认为，今年下半年NAND Flash和DRAM需求主要集中在通讯产品，与去年远程教学等需求带动PC的情况有所不同。企业级SSD有长期稳定的周期型需求，车载存储也是具有爆发潜力的市场，相比于消费产品的需求，这两个市场的前景无疑更加广阔。\n段喜亭也告诉记者，慧荣接下来的目标将放在车用及数据中心市场。在车用市场方面，慧荣的SSD主控芯片透过与NAND大厂的合作，目前已抢进特斯拉、奥迪等知名车厂。慧荣的Ferri单芯片储存解决方案已获多家日本及德国汽车大厂采用。数据中心方面，除了积极开发次世代PCIe Gen5企业级SSD主控，慧荣这一代的企业级SSD主控已出货给数家大客户，并借助旗下上海宝存科技成功打入国内电商市场供应链，包括阿里巴巴和百度。","news_type":1,"symbols_score_info":{"159813":0.9,"EWT":0.9,"TSM":0.9,"03145":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810901471,"gmtCreate":1629937411693,"gmtModify":1676530176163,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810901471","repostId":"2162185068","repostType":2,"repost":{"id":"2162185068","kind":"news","pubTimestamp":1629882600,"share":"https://ttm.financial/m/news/2162185068?lang=en_US&edition=fundamental","pubTime":"2021-08-25 17:10","market":"us","language":"zh","title":"XPeng Motor Ships First P7 Smart Electric Sedan to Norway","url":"https://stock-news.laohu8.com/highlight/detail?id=2162185068","media":"界面新闻","summary":"小鹏汽车将首批P7智能电动轿车运往挪威。（文章来源：界面新闻）","content":"<p><div>XPeng Motor is shipping first batch of P7 smart electric sedans to Norway. (Source of article: Interface News)</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b\">Web link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng Motor Ships First P7 Smart Electric Sedan to Norway</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Motor Ships First P7 Smart Electric Sedan to Norway\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-08-25 17:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>XPeng Motor is shipping first batch of P7 smart electric sedans to Norway. (Source of article: Interface News)</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a641899d158b6ab663d7d69913893106","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210825171424788c5dbf&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2162185068","content_text":"小鹏汽车将首批P7智能电动轿车运往挪威。（文章来源：界面新闻）","news_type":1,"symbols_score_info":{"XPEV":1,"09868":1}},"isVote":1,"tweetType":1,"viewCount":1814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830188390,"gmtCreate":1629029419910,"gmtModify":1676529913334,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830188390","repostId":"2159108232","repostType":2,"repost":{"id":"2159108232","kind":"news","pubTimestamp":1629022437,"share":"https://ttm.financial/m/news/2159108232?lang=en_US&edition=fundamental","pubTime":"2021-08-15 18:13","market":"us","language":"zh","title":"Data | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?","url":"https://stock-news.laohu8.com/highlight/detail?id=2159108232","media":"界面新闻","summary":"据界面数据不完全统计，自2018年6月首款车量产交付至今，蔚来汽车引发的交通事故至少达到13起。","content":"<p><div>According to incomplete statistics from interface data, since the mass production and delivery of the first car in June 2018, there have been at least 13 traffic accidents caused by Nio vehicles.</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b\">Web link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Data | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?</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\">\nData | We have analyzed the accidents involved in Nio vehicles in the past 4 years and tell you what the problem is?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">界面新闻</strong><span class=\"h-time small\">2021-08-15 18:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>According to incomplete statistics from interface data, since the mass production and delivery of the first car in June 2018, there have been at least 13 traffic accidents caused by Nio vehicles.</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b\">界面新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80e4ab3e53452f4e5554d2f59e6f6d9b","relate_stocks":{},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210815181357788b5498&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2159108232","content_text":"据界面数据不完全统计，自2018年6月首款车量产交付至今，蔚来汽车引发的交通事故至少达到13起。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891928340,"gmtCreate":1628320379580,"gmtModify":1703505061527,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891928340","repostId":"2157919494","repostType":2,"repost":{"id":"2157919494","kind":"news","pubTimestamp":1628296431,"share":"https://ttm.financial/m/news/2157919494?lang=en_US&edition=fundamental","pubTime":"2021-08-07 08:33","market":"us","language":"zh","title":"New game of new car-making forces: \"Wei Xiaoli\" rearranges seats and collectively sprints to Hong Kong stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=2157919494","media":"中国经营报","summary":"为了赢得更大的市场份额，此前已经登陆美股的蔚来汽车、理想汽车、小鹏汽车近日纷纷冲刺港股。目前小鹏汽车已经顺利登陆港股，成为港股“智能电动车第一股”。这也是今年以来，理想汽车首次超越蔚来汽车，销量排行第一。而一直以来盘踞在造车新势力销冠的蔚来汽车在7月则掉落至第三名，共交付7931台，同比增长124.5%，环比下降1.8％。","content":"<p><html><body><article>Our reporter Chen Yannan Tong Haihua reports from Beijing</p><p>At the beginning of August, new car-making forces released their report cards for July.</p><p>The data shows that ideal, XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Nezha and Leapao have become the top five car companies among the new car-making forces, with sales of 8,589, 8,040, 7,931, 6,011 and 4,404 vehicles respectively.</p><p>It is understood that \"Wei Xiaoli\" was previously used in the industry to describe the ranking of the three car companies in the first echelon of new car-making forces. However, in July this year, Nio Motors, which has been entrenched in the top sales, fell to third for the first time, and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Then quickly climbed to the first position. As a result, \"Wei Xiaoli\" has also become \"Li Xiaowei\". At the same time, Nezha and Leapao have begun to quietly approach the car companies in the first camp, which also means that a new battle situation may begin. In order to win a larger market share, Nio Motor, Li Auto,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Recently, they have sprinted to Hong Kong stocks. At present, XPeng Automobile has successfully landed on the Hong Kong stock market, becoming the \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \". Li Auto has also passed the hearing of the Hong Kong Stock Exchange, while Nio Motor's secondary listing suspected of being due to user trust issues has not been approved for the time being.</p><p>Jiang Han, a senior researcher at Pangu Think Tank, told a reporter from China Business News that the return of the three car companies to Hong Kong stocks at this time may be to prepare for further return to A-shares.</p><p><strong>From \"Wei Xiaoli\" to \"Li Xiaowei\"</strong></p><p>On August 1, Li Auto took the lead in announcing delivery data for July. A total of 8,589 Ideal ONE vehicles were delivered in July. The monthly delivery volume exceeded 8,000 vehicles for the first time, a year-on-year increase of 251.3% and a month-on-month increase of 11.4%.</p><p>This is also the first time this year that Li Auto has surpassed Nio Motors, ranking first in sales. Some analysts believe that although Li Auto has been deeply involved in many turmoil such as \"facelift door\" and \"mercury door\" recently, the 2021 Ideal ONE has indeed surpassed many models of the same class after its substantial upgrade in May, bringing it to exceed 7,000 vehicles in June and 7,000 vehicles in July. Exceeded 8,000 vehicles in the month.</p><p>XPeng vehicles also crossed the 8,000 vehicle mark for the first time in July, with total monthly deliveries reaching 8,040 units, a year-on-year increase of 228% and a month-on-month surge of 22%. Among them, the XPeng P7 has become the main driving force for XPeng vehicles. In order to lower the entry threshold of the P7, XPeng launched the lithium iron phosphate version in May this year. In the first month, the overall monthly delivery volume of the P7 broke the historical record, compared with April. A month-on-month increase of 27%.</p><p>Nio Motors, which has always been the top sales of new car-making forces, fell to third place in July, delivering a total of 7,931 units, a year-on-year increase of 124.5% and a month-on-month decrease of 1.8%. Specifically, among the three models on sale by Nio Motors, the ES6 model is the sales pillar, with sales reaching 3,669 units in July, followed by the Nio EC6, which delivered 2,560 units, and the highest-priced ES8 model was at the bottom, with only 1,702 units.</p><p>Some analysts believe that this year XPeng Motors will launch low-priced models, while Li Auto will launch more cost-effective facelifted cars. But Nio has neither launched a revised model nor launched a new model to cope with the rapidly changing market. The latest sedan, the ET7, will not be delivered until the first quarter of next year, so it will lag slightly behind. However, judging from the cumulative sales from January to July, Nio Motors is still firmly in the championship, and Li Auto still needs to catch up. Data show that a total of 49,887 Nio vehicles were delivered from January to July. XPeng Motor ranked second with 38,778 units, followed by Li Auto with a difference of 35 units, delivering a total of 38,743 units from January to July.</p><p>It is worth noting that WM Motor, which once kept pace with Nio Motors and XPeng Motors, has disappeared. Data show that WM Motor's cumulative sales in the first half of 2021 were 15,700 vehicles, which is also far behind Nezha Automobile, the second echelon of new forces. Nezha Automobile sold a total of 21,100 vehicles in the first half of the year, as high as 478% year-on-year. The latest sales data in July shows that Nezha Automobile's monthly delivery volume reached 6,011 vehicles, a surge of 492%, successfully breaking through the 6,000 vehicle mark and becoming the leader of the second echelon.</p><p>Jiang Han told reporters that the core reason why Li Auto can surpass Nio vehicles is its unique extended range model. Under the current situation that charging facilities are not fully covered, this model is compared with pure electric vehicles. In other words, it has higher convenience and is more cost-effective than fuel vehicles. However, for the future sales trend, there are actually still great uncertainties. No matter which new car-making force has an absolute advantage, the future sales trend will still show a state of anxious competition.</p><p><strong>Hong Kong stocks become a new arena</strong></p><p>In order to take the lead and win more market share, the three new car-making forces that have successfully landed in the US stock market have recently chosen to collectively return to Hong Kong for listing.</p><p>In March this year, some media broke the news that Nio Motors had submitted an application for secondary listing in Hong Kong, but the process was delayed due to user trust issues. In July, XPeng Motor was officially listed in Hong Kong, becoming the \"first smart electric vehicle stock\" in Hong Kong stocks. At this time, it was less than a year since it was listed on the New York Stock Exchange. At that time, after the successful ringing of the bell in the US stock market, XPeng Motor founder XPeng He once said: \"It is very important to get more ammunition in order to win the long-distance race.\" At present, Li Auto has also passed the hearing of the Hong Kong Stock Exchange. If there is no accident, it is expected to be listed within a month.</p><p>As for why the three car companies chose to collectively return to Hong Kong for listing in the near future. Jiang Han told reporters that on the one hand, it is related to the continued decline of U.S. stocks and the impact of macro-policy factors between China and the United States. On the other hand, it is also because these car companies have been suffering large losses, and they choose to list in Hong Kong to further obtain financial support.</p><p>The financial report shows that from 2018 to 2020, the net losses of Nio vehicles were 9.639 billion yuan, 11.413 billion yuan and 5.304 billion yuan respectively, and the total net losses in three years reached 26.356 billion yuan; Li Auto's net losses were 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, with a cumulative loss of 4.122 billion yuan; The net losses of XPeng vehicles were 1.399 billion yuan, 3.692 billion yuan, and 2.732 billion yuan respectively, and the cumulative loss reached 7.823 billion yuan.</p><p>The losses of new car-making giants are closely related to their R&D investment. From 2018 to 2020, XPeng vehicles invested 1.051 billion yuan, 2.070 billion yuan, and 1.726 billion yuan in research and development expenses respectively. Li Auto's latest hearing data also shows that research and development expenses in 2018, 2019, 2020 and the first quarter of 2021 were 793.7 million yuan, 1.2 billion yuan, 1.1 billion yuan and 514.5 million yuan respectively. Among them, in the first quarter of 2021, Li Auto's research and development expenses accounted for 14.4% of total revenue.</p><p>So why do XPeng Motor and Li Auto choose dual listing instead of Nio Motor? Some analysts believe that XPeng Motor and Li Auto have been listed on the U.S. stock market for less than two years, and do not meet the requirements for the secondary listing of Hong Kong stocks to be listed on other exchanges for two years, so they can only choose \"dual listing\" to raise funds. Pan Helin, a professor at Zhongnan University of Economics and Politics and executive director of the Digital Economy Research Institute, believes that for companies, dual listing is \"putting eggs in different baskets\", which is good for companies to increase financing channels and diversify financing credit risks. However, for listed companies, dual listing requires the company to manage the two places, coordinate the conflicts in the system, and encounter unexpected supervision. Due to the existence of regional span, more information disclosure is also needed, which will virtually increase the company's cost.</p><p>Jiang Han said that returning to Hong Kong stocks can indeed prepare for further returning to A-shares, but at present, these three automobile companies can't meet the current requirements of A-shares, so they probably want to use Hong Kong stocks as a springboard at present. After a certain development, A-share sprint will be carried out again, but whether the leap can be achieved in the end still needs more observation.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New game of new car-making forces: \"Wei Xiaoli\" rearranges seats and collectively sprints to Hong Kong stocks</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\">\nNew game of new car-making forces: \"Wei Xiaoli\" rearranges seats and collectively sprints to Hong Kong stocks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国经营报</strong><span class=\"h-time small\">2021-08-07 08:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Our reporter Chen Yannan Tong Haihua reports from Beijing</p><p>At the beginning of August, new car-making forces released their report cards for July.</p><p>The data shows that ideal, XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Nezha and Leapao have become the top five car companies among the new car-making forces, with sales of 8,589, 8,040, 7,931, 6,011 and 4,404 vehicles respectively.</p><p>It is understood that \"Wei Xiaoli\" was previously used in the industry to describe the ranking of the three car companies in the first echelon of new car-making forces. However, in July this year, Nio Motors, which has been entrenched in the top sales, fell to third for the first time, and<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Then quickly climbed to the first position. As a result, \"Wei Xiaoli\" has also become \"Li Xiaowei\". At the same time, Nezha and Leapao have begun to quietly approach the car companies in the first camp, which also means that a new battle situation may begin. In order to win a larger market share, Nio Motor, Li Auto,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Recently, they have sprinted to Hong Kong stocks. At present, XPeng Automobile has successfully landed on the Hong Kong stock market, becoming the \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The first electric vehicle stock \". Li Auto has also passed the hearing of the Hong Kong Stock Exchange, while Nio Motor's secondary listing suspected of being due to user trust issues has not been approved for the time being.</p><p>Jiang Han, a senior researcher at Pangu Think Tank, told a reporter from China Business News that the return of the three car companies to Hong Kong stocks at this time may be to prepare for further return to A-shares.</p><p><strong>From \"Wei Xiaoli\" to \"Li Xiaowei\"</strong></p><p>On August 1, Li Auto took the lead in announcing delivery data for July. A total of 8,589 Ideal ONE vehicles were delivered in July. The monthly delivery volume exceeded 8,000 vehicles for the first time, a year-on-year increase of 251.3% and a month-on-month increase of 11.4%.</p><p>This is also the first time this year that Li Auto has surpassed Nio Motors, ranking first in sales. Some analysts believe that although Li Auto has been deeply involved in many turmoil such as \"facelift door\" and \"mercury door\" recently, the 2021 Ideal ONE has indeed surpassed many models of the same class after its substantial upgrade in May, bringing it to exceed 7,000 vehicles in June and 7,000 vehicles in July. Exceeded 8,000 vehicles in the month.</p><p>XPeng vehicles also crossed the 8,000 vehicle mark for the first time in July, with total monthly deliveries reaching 8,040 units, a year-on-year increase of 228% and a month-on-month surge of 22%. Among them, the XPeng P7 has become the main driving force for XPeng vehicles. In order to lower the entry threshold of the P7, XPeng launched the lithium iron phosphate version in May this year. In the first month, the overall monthly delivery volume of the P7 broke the historical record, compared with April. A month-on-month increase of 27%.</p><p>Nio Motors, which has always been the top sales of new car-making forces, fell to third place in July, delivering a total of 7,931 units, a year-on-year increase of 124.5% and a month-on-month decrease of 1.8%. Specifically, among the three models on sale by Nio Motors, the ES6 model is the sales pillar, with sales reaching 3,669 units in July, followed by the Nio EC6, which delivered 2,560 units, and the highest-priced ES8 model was at the bottom, with only 1,702 units.</p><p>Some analysts believe that this year XPeng Motors will launch low-priced models, while Li Auto will launch more cost-effective facelifted cars. But Nio has neither launched a revised model nor launched a new model to cope with the rapidly changing market. The latest sedan, the ET7, will not be delivered until the first quarter of next year, so it will lag slightly behind. However, judging from the cumulative sales from January to July, Nio Motors is still firmly in the championship, and Li Auto still needs to catch up. Data show that a total of 49,887 Nio vehicles were delivered from January to July. XPeng Motor ranked second with 38,778 units, followed by Li Auto with a difference of 35 units, delivering a total of 38,743 units from January to July.</p><p>It is worth noting that WM Motor, which once kept pace with Nio Motors and XPeng Motors, has disappeared. Data show that WM Motor's cumulative sales in the first half of 2021 were 15,700 vehicles, which is also far behind Nezha Automobile, the second echelon of new forces. Nezha Automobile sold a total of 21,100 vehicles in the first half of the year, as high as 478% year-on-year. The latest sales data in July shows that Nezha Automobile's monthly delivery volume reached 6,011 vehicles, a surge of 492%, successfully breaking through the 6,000 vehicle mark and becoming the leader of the second echelon.</p><p>Jiang Han told reporters that the core reason why Li Auto can surpass Nio vehicles is its unique extended range model. Under the current situation that charging facilities are not fully covered, this model is compared with pure electric vehicles. In other words, it has higher convenience and is more cost-effective than fuel vehicles. However, for the future sales trend, there are actually still great uncertainties. No matter which new car-making force has an absolute advantage, the future sales trend will still show a state of anxious competition.</p><p><strong>Hong Kong stocks become a new arena</strong></p><p>In order to take the lead and win more market share, the three new car-making forces that have successfully landed in the US stock market have recently chosen to collectively return to Hong Kong for listing.</p><p>In March this year, some media broke the news that Nio Motors had submitted an application for secondary listing in Hong Kong, but the process was delayed due to user trust issues. In July, XPeng Motor was officially listed in Hong Kong, becoming the \"first smart electric vehicle stock\" in Hong Kong stocks. At this time, it was less than a year since it was listed on the New York Stock Exchange. At that time, after the successful ringing of the bell in the US stock market, XPeng Motor founder XPeng He once said: \"It is very important to get more ammunition in order to win the long-distance race.\" At present, Li Auto has also passed the hearing of the Hong Kong Stock Exchange. If there is no accident, it is expected to be listed within a month.</p><p>As for why the three car companies chose to collectively return to Hong Kong for listing in the near future. Jiang Han told reporters that on the one hand, it is related to the continued decline of U.S. stocks and the impact of macro-policy factors between China and the United States. On the other hand, it is also because these car companies have been suffering large losses, and they choose to list in Hong Kong to further obtain financial support.</p><p>The financial report shows that from 2018 to 2020, the net losses of Nio vehicles were 9.639 billion yuan, 11.413 billion yuan and 5.304 billion yuan respectively, and the total net losses in three years reached 26.356 billion yuan; Li Auto's net losses were 1.532 billion yuan, 2.438 billion yuan, and 152 million yuan respectively, with a cumulative loss of 4.122 billion yuan; The net losses of XPeng vehicles were 1.399 billion yuan, 3.692 billion yuan, and 2.732 billion yuan respectively, and the cumulative loss reached 7.823 billion yuan.</p><p>The losses of new car-making giants are closely related to their R&D investment. From 2018 to 2020, XPeng vehicles invested 1.051 billion yuan, 2.070 billion yuan, and 1.726 billion yuan in research and development expenses respectively. Li Auto's latest hearing data also shows that research and development expenses in 2018, 2019, 2020 and the first quarter of 2021 were 793.7 million yuan, 1.2 billion yuan, 1.1 billion yuan and 514.5 million yuan respectively. Among them, in the first quarter of 2021, Li Auto's research and development expenses accounted for 14.4% of total revenue.</p><p>So why do XPeng Motor and Li Auto choose dual listing instead of Nio Motor? Some analysts believe that XPeng Motor and Li Auto have been listed on the U.S. stock market for less than two years, and do not meet the requirements for the secondary listing of Hong Kong stocks to be listed on other exchanges for two years, so they can only choose \"dual listing\" to raise funds. Pan Helin, a professor at Zhongnan University of Economics and Politics and executive director of the Digital Economy Research Institute, believes that for companies, dual listing is \"putting eggs in different baskets\", which is good for companies to increase financing channels and diversify financing credit risks. However, for listed companies, dual listing requires the company to manage the two places, coordinate the conflicts in the system, and encounter unexpected supervision. Due to the existence of regional span, more information disclosure is also needed, which will virtually increase the company's cost.</p><p>Jiang Han said that returning to Hong Kong stocks can indeed prepare for further returning to A-shares, but at present, these three automobile companies can't meet the current requirements of A-shares, so they probably want to use Hong Kong stocks as a springboard at present. After a certain development, A-share sprint will be carried out again, but whether the leap can be achieved in the end still needs more observation.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080708353679ddd903&s=b\">中国经营报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f3c7d799dd2ab62e084e0e8c8dc16ee","relate_stocks":{"02015":"理想汽车-W","NIO":"蔚来","09868":"小鹏汽车-W","LI":"理想汽车","XPEV":"小鹏汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021080708353679ddd903&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157919494","content_text":"本报记者 陈燕南 童海华 北京报道8月伊始，造车新势力纷纷晒出了7月的成绩单。数据显示，理想、小鹏、蔚来、哪吒和零跑成为造车新势力中排名前五的车企，销量分别为8589辆、8040辆、7931辆、6011辆和4404辆。据了解，此前，行业内曾用“蔚小理”来形容造车新势力第一梯队的三个车企的排名座次，然而在今年7月，一直盘踞于销冠的蔚来汽车首次掉落至第三，而理想汽车则迅速攀升至第一的位置。由此“蔚小理”也变成了“理小蔚”，同时，哪吒和零跑开始与第一阵营的车企悄然接近，这也意味着新的战局或将开始。为了赢得更大的市场份额，此前已经登陆美股的蔚来汽车、理想汽车、小鹏汽车近日纷纷冲刺港股。目前小鹏汽车已经顺利登陆港股，成为港股“智能电动车第一股”。理想汽车也已通过了港交所聆讯，而蔚来汽车疑似因为用户信托问题二次上市则暂时未获审批。盘古智库高级研究员江瀚向《中国经营报》记者表示，三家车企此时回港股可能是为之后进一步回A股做准备。从“蔚小理”到“理小蔚 ”8月1日，理想汽车率先公布了7月的交付数据，7月共交付8589辆理想ONE，单月交付量首次超过8000辆，同比增长251.3%，环比增长11.4%。这也是今年以来，理想汽车首次超越蔚来汽车，销量排行第一。有分析认为，虽然理想汽车近日深陷“改款门”“水银门”等诸多风波，但是5月份2021款理想ONE大幅升级之后确实超越了不少同级车型，使得6月突破7000辆，7月突破了8000辆。小鹏汽车则在7月同样首次跨过8000辆大关，月总交付量达到8040台，同比增长228%，环比激增22%。其中小鹏P7成为小鹏汽车最主要的拉动力，为了降低P7的入门门槛，小鹏在今年5月推出了磷酸铁锂版本，首月即推动P7整体月交付量打破历史纪录，较4月环比大增27%。而一直以来盘踞在造车新势力销冠的蔚来汽车在7月则掉落至第三名，共交付7931台，同比增长124.5%，环比下降1.8％。具体来看，蔚来汽车在售的三款车型中，其中ES6车型为销量支柱，7月销量达3669台，其次为蔚来EC6，交付2560台，价格最高的ES8车型销量垫底，仅为1702台。有分析认为，今年小鹏汽车推出低价版的车型，理想汽车则推出性价比更高的改款车。但蔚来既没有推出改版车型，也没有推出新车型用来应对高速变化的市场。最新的轿车ET7要等到明年一季度才能交付，所以才会稍显落后。不过从1~7月累计销量看，蔚来汽车依然稳坐冠军，理想汽车仍需追赶。数据显示，1~7月蔚来汽车累计交付49887台。小鹏汽车以38778台排名第二，理想汽车则以35辆之差紧随其后，1~7月共交付38743辆。值得注意的是，曾经与蔚来汽车、小鹏汽车并驾齐驱的威马汽车则不见了踪影。数据显示，威马汽车2021年上半年累计销量1.57万辆，与新势力第二梯队的哪吒汽车也有着一定差距，哪吒汽车上半年共售出2.11万辆，同比高达478%。7月份最新的销量数据显示，哪吒汽车单月交付量达到6011辆，同时暴增492%，成功突破6000辆大关，成为第二梯队的领跑者。江瀚向记者表示，理想汽车之所以能够超越蔚来汽车，最核心的还是其独特的增程模式，在当前充电设施还未完全覆盖的情况之下，这种模式相比于纯电汽车来说，具有更高的便利性，相比较燃油车来说，性价比也会更高一些。不过对于未来的销量走势，实际上不确定性因素依然很大，无论哪一家造车新势力都没有绝对的优势，所以未来销量走势依然会呈现出焦灼竞争的状态。港股成新赛场为了占得先机，赢得更多的市场份额，已经成功登陆美股的三家造车新势力，近日又选择了集体回港上市。今年3月，有媒体爆料称，蔚来汽车已在港提交二次上市申请，但因用户信托问题延误进程。7月，小鹏汽车正式在港挂牌上市，成为港股“智能电动车第一股”，此时，距离其在纽交所上市还不足1年。当时在美股成功敲钟后，小鹏汽车创始人何小鹏曾说：“多拿弹药非常重要，才能赢得长跑。”而目前理想汽车也已通过港交所的聆讯，如无意外，预计一个月内就会上市。至于三家车企为什么选择近期集体回香港上市。江瀚则向记者表示，一方面与美股的持续下跌和中美宏观政策性因素影响有关，另外一方面也是因为这些车企一直以来亏损较大，选择在港上市也是为了进一步获取资金支持。财报显示，2018~2020年，蔚来汽车净亏损分别为96.39亿元、114.13亿元和53.04亿元，三年净亏损总和达263.56亿元；理想汽车净亏损分别为15.32亿元、24.38亿元、1.52亿元，累计亏损41.22亿元；小鹏汽车净亏损分别为13.99亿元、36.92亿元、27.32亿元，累计亏损达78.23亿元。而造车新势力巨头的亏损与其研发投入息息相关。在2018~2020年，小鹏汽车在研发费用上分别投入10.51亿元、20.70亿元、17.26亿元。理想汽车最新的聆讯资料也显示，2018年、2019年、2020年及2021年一季度的研发费用分别为7.937亿元、12亿元、11亿元和5.145亿元。其中2021年第一季度，理想汽车的研发费用占总收入的 14.4%。那么为何小鹏汽车和理想汽车要选择双重上市而非像蔚来汽车选择二次上市呢？有分析认为，小鹏汽车和理想汽车在美股上市还不满两年，不满足港股二次上市对其他交易所上市满两年的要求，所以只能选择“双重上市”的方式募资。中南财经政治大学教授、数字经济研究院执行院长盘和林则认为，对于公司而言，双重上市是“把鸡蛋放在了不同的篮子里”，利好公司增加融资渠道，分散融资信用风险。但对于上市公司而言，双重上市需要公司进行两地管理，协调制度体系上的冲突，也会遭遇意外的监管，由于区域跨度存在，也需要更多的信息披露，这些都会在无形中增加公司的成本。江瀚表示，回港股的确能为之后进一步回A股做准备，但是从目前来说，这三家汽车企业还不能够达到A股当前的要求，所以它们很可能目前是想借港股作为跳板，有了一定发展之后再次进行A股冲刺，不过最终能否实现跨越，还需要更多地观察。","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.6,"09868":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802045785,"gmtCreate":1627702172047,"gmtModify":1703494969692,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802045785","repostId":"1168100836","repostType":4,"repost":{"id":"1168100836","kind":"news","pubTimestamp":1627701075,"share":"https://ttm.financial/m/news/1168100836?lang=en_US&edition=fundamental","pubTime":"2021-07-31 11:11","market":"us","language":"zh","title":"Tianfeng Macro: How much impact will taper have this time?","url":"https://stock-news.laohu8.com/highlight/detail?id=1168100836","media":"天风宏观","summary":"上一次美联储缩减QE发生在2013年。\n当年5月，伯南克在国会听证会上表示联储可能即将开始缩减QE，但直到当年12月的议息会议才正式决定开启缩减。之后美联储的资产购买规模逐步下降，到2014年10月正","content":"<p><b>The last time the Fed tapered QE occurred in 2013.</b></p><p>In May of that year, Bernanke said at a congressional hearing that the Fed might soon begin to reduce QE, but it was not until the interest rate meeting in December of that year that it officially decided to start the reduction. After that, the Federal Reserve's asset purchases gradually declined, and it officially withdrew from QE in October 2014. After that, the size of the Fed's balance sheet remained basically unchanged until the shrinking balance sheet started in October 2017.</p><p><table><tbody><tr><td>Figure 1: Changes in the Fed's balance sheet</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/89f3f52b0f6d01cd4220bab5ed1b041b\" tg-width=\"812\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>When Bernanke first communicated with QE taper in May 2013, there was a \"taper tantrum\" in the market.</b></p><p>The reason is that the market misjudged the Fed's monetary policy attitude, thinking that the Fed would start taper in September of that year and soon rate hike. As a result, the 2-year and 10-year US Treasury yields rebounded sharply, rising by 30bp and 130bp respectively in four months, during which interest rates fell twice due to lower-than-expected employment data. After the economic data stabilized and rebounded in December of that year, the Federal Reserve officially launched the QE taper. Short-term and long-term interest rates rose again before the taper landed, and then long-term interest rates continued to decline despite the fall in the economy and inflation.</p><p><table><tbody><tr><td>Figure 2: U.S. Treasury 10-year yield (%) vs U.S. Treasury 2-year yield (%)</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6fe391cb53eee3b96318568155a5e8ea\" tg-width=\"815\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: WIND, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The taper tantrum in 2013 caused significant fluctuations in global asset prices.</b></p><p>U.S. stocks were once in a pullback/retracement, but thanks to the economic recovery, they returned to the upward trend. Emerging markets, which rely heavily on overseas capital, suffered capital withdrawal. Emerging market equity assets fell by more than 10% within a month after the taper talk, and emerging market currencies depreciated by 4.9% relative to the US dollar. Comex copper fell 6.7% and gold 14.5% in a month after interest rates rebounded, but oil rose 5% amid tight supply and demand.</p><p><table><tbody><tr><td>Figure 3: MSCI EM Index and S&P 500 Index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/246f9e8db7d509a84d662d99c55788eb\" tg-width=\"816\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Will this QE taper reproduce the taper tantrum of 2013?</b></p><p><b>We don't think the impact should be too great, not only weaker than the \"taper tantrum\" of 13 years, but possibly weaker than the \"austerity worries\" of February this year.</b></p><p><b>The market has sufficient expectations for this taper.</b></p><p>Expectations have been fermenting since the minutes of the Federal Reserve meeting at the beginning of the year (January 25) mentioned \"taper\" in bond purchases. According to a Bloomberg survey, 78% of the economists surveyed expect the Federal Reserve to officially announce the implementation of taper before the end of this year, and 33% of them expect to officially announce it at the end of September. It can be seen that the market has full expectations for taper.</p><p>This time, the Federal Reserve learned from past experience and made it clear that it would give tips in advance before officially announcing policy changes, giving the market time to digest expectations. Therefore, even if the Federal Reserve begins to communicate and withdraw from QE, the market will not panic like it did in 2013 because of misjudging rate hike.</p><p>Referring to the experience of 2013, the Federal Reserve may release a signal to reduce QE when employment returns to around 75%. At the same time, considering that St. Louis Fed President James Bullard believes that a 75% vaccination rate is a necessary condition for tapering the bond purchase plan, the Fed may as early as August this year. The Jackson Hole meeting or the September interest rate meeting gave a view on tapering the QE plan<b>Hint</b>, and start to reduce QE as soon as the fourth quarter of this year.</p><p><table><tbody><tr><td>Figure 4: Economists' forecasts for the timing of the tapering plan mostly fall before the end of the year</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/978622327c5f1b8291a0f318aa2c42f8\" tg-width=\"791\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>As early as February this year, the market had rehearsed the adjustment brought about by monetary tightening worries in advance.</b></p><p>Affected by rising inflation expectations, interest rates rose from 1.08% to 1.74%, with an adjustment of 66bp as investors worried that the Federal Reserve might underestimate inflation and tighten currency ahead of schedule.</p><p>At that time, the adjustment of nominal interest rates also superimposed the rising effect of inflation expectations. The rise in commodity prices (mainly oil and copper) caused the 10-year breakeven inflation expectation to rise by 47bp from 2.09%.</p><p>However, after May, inflation expectations have fallen ahead of commodity prices, so even if the subsequent US Treasury yields rises again,<b>The rebound may also be smaller than in February this year</b>。</p><p><table><tbody><tr><td>Figure 5: US Treasury yields rose rapidly in February this year amid the combination of tightening concerns and inflation expectations</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/af4c49cf45a045194fdab73cafc63018\" tg-width=\"823\" tg-height=\"446\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Taper's impact on U.S. debt will be reacted in advance after the Fed releases a signal.</b></p><p>Referring to the situation in 2013, taper can be divided into three steps: releasing the signal, officially starting, and ending the reduction (QE exit). After the Federal Reserve releases the signal, it may be superimposed on the increase of the U.S. debt ceiling, and interest rates will rebound at one time. But before and after the official opening, interest rates will fall again as fundamentals weaken. Therefore, taper is only the second-order inflection point of liquidity, not the influence of trend. Interest rate pressure beyond Taper comes from fiscal policy, such as the rising demand for bond issuance in the third quarter and the passage of a reduced version of the bipartisan infrastructure agreement.</p><p><b>Taper affects the risk sentiment of U.S. stocks in the short term, but the biggest impact on U.S. stocks is profit changes.</b></p><p>Earnings forecasts for U.S. stocks in the first half of the year have been continuously raised, and EPS for the second quarter from March to May has been revised up by 5.8%. In the second half of the year, there is still room for recovery in the profits of upstream energy, transportation, commercial services and other sectors affected by the epidemic. Industries such as information technology and medical care have sufficient cash in hand, and repurchases are expected to increase, maintaining a moderate rise in EPS. on account of<b>There is little upward pressure on U.S. bonds, and the performance of listed companies is still being realized. We believe that U.S. stocks will remain high and volatile in the short term.</b></p><p><table><tbody><tr><td>Figure 6: EPS upward revision since 2016</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/3dff15e9fa74467e860335ca0727ee2f\" tg-width=\"425\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: factset, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The medium-term risk for U.S. stocks comes from the fact that the fastest recovery in previous history may evolve into the fastest recovery in history</b>, the \"withdrawal reaction\" after the expiration of fiscal stimulus has a negative impact on optimistic earnings expectations. (See \"The Fastest Recovery in History, and Possibly the Fastest Recovery to End\" for details)</p><p>From the release of Taper expectations to the official opening, emerging markets and commodities will still face certain impacts; Later, considering that global demand peaked and fell,<b>Commodity prices have corrected, inflation expectations continue to fall, growth stocks are expected to obtain excess returns, and gold continues to fluctuate</b>。</p><p><table><tbody><tr><td>Figure 7: From 2013 to 2014, the cumulative yield of GEM, CSI 300, Nasdaq, and Dow Jones</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/5996fae5597bb6b5d60cbee85e46f418\" tg-width=\"836\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research</p><p></td></tr></tbody></table><img src=\"https://static.tigerbbs.com/b95b69c3867aa3469a9cc950d027049d\" tg-width=\"626\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><img src=\"https://static.tigerbbs.com/78a1a412540a2fcf75ff95ca71fb7699\" tg-width=\"730\" tg-height=\"30\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1582244978285","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>Tianfeng Macro: How much impact will taper have this time?</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\">\nTianfeng Macro: How much impact will taper have this time?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">天风宏观</strong><span class=\"h-time small\">2021-07-31 11:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The last time the Fed tapered QE occurred in 2013.</b></p><p>In May of that year, Bernanke said at a congressional hearing that the Fed might soon begin to reduce QE, but it was not until the interest rate meeting in December of that year that it officially decided to start the reduction. After that, the Federal Reserve's asset purchases gradually declined, and it officially withdrew from QE in October 2014. After that, the size of the Fed's balance sheet remained basically unchanged until the shrinking balance sheet started in October 2017.</p><p><table><tbody><tr><td>Figure 1: Changes in the Fed's balance sheet</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/89f3f52b0f6d01cd4220bab5ed1b041b\" tg-width=\"812\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>When Bernanke first communicated with QE taper in May 2013, there was a \"taper tantrum\" in the market.</b></p><p>The reason is that the market misjudged the Fed's monetary policy attitude, thinking that the Fed would start taper in September of that year and soon rate hike. As a result, the 2-year and 10-year US Treasury yields rebounded sharply, rising by 30bp and 130bp respectively in four months, during which interest rates fell twice due to lower-than-expected employment data. After the economic data stabilized and rebounded in December of that year, the Federal Reserve officially launched the QE taper. Short-term and long-term interest rates rose again before the taper landed, and then long-term interest rates continued to decline despite the fall in the economy and inflation.</p><p><table><tbody><tr><td>Figure 2: U.S. Treasury 10-year yield (%) vs U.S. Treasury 2-year yield (%)</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/6fe391cb53eee3b96318568155a5e8ea\" tg-width=\"815\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: WIND, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The taper tantrum in 2013 caused significant fluctuations in global asset prices.</b></p><p>U.S. stocks were once in a pullback/retracement, but thanks to the economic recovery, they returned to the upward trend. Emerging markets, which rely heavily on overseas capital, suffered capital withdrawal. Emerging market equity assets fell by more than 10% within a month after the taper talk, and emerging market currencies depreciated by 4.9% relative to the US dollar. Comex copper fell 6.7% and gold 14.5% in a month after interest rates rebounded, but oil rose 5% amid tight supply and demand.</p><p><table><tbody><tr><td>Figure 3: MSCI EM Index and S&P 500 Index</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/246f9e8db7d509a84d662d99c55788eb\" tg-width=\"816\" tg-height=\"510\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Will this QE taper reproduce the taper tantrum of 2013?</b></p><p><b>We don't think the impact should be too great, not only weaker than the \"taper tantrum\" of 13 years, but possibly weaker than the \"austerity worries\" of February this year.</b></p><p><b>The market has sufficient expectations for this taper.</b></p><p>Expectations have been fermenting since the minutes of the Federal Reserve meeting at the beginning of the year (January 25) mentioned \"taper\" in bond purchases. According to a Bloomberg survey, 78% of the economists surveyed expect the Federal Reserve to officially announce the implementation of taper before the end of this year, and 33% of them expect to officially announce it at the end of September. It can be seen that the market has full expectations for taper.</p><p>This time, the Federal Reserve learned from past experience and made it clear that it would give tips in advance before officially announcing policy changes, giving the market time to digest expectations. Therefore, even if the Federal Reserve begins to communicate and withdraw from QE, the market will not panic like it did in 2013 because of misjudging rate hike.</p><p>Referring to the experience of 2013, the Federal Reserve may release a signal to reduce QE when employment returns to around 75%. At the same time, considering that St. Louis Fed President James Bullard believes that a 75% vaccination rate is a necessary condition for tapering the bond purchase plan, the Fed may as early as August this year. The Jackson Hole meeting or the September interest rate meeting gave a view on tapering the QE plan<b>Hint</b>, and start to reduce QE as soon as the fourth quarter of this year.</p><p><table><tbody><tr><td>Figure 4: Economists' forecasts for the timing of the tapering plan mostly fall before the end of the year</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/978622327c5f1b8291a0f318aa2c42f8\" tg-width=\"791\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>As early as February this year, the market had rehearsed the adjustment brought about by monetary tightening worries in advance.</b></p><p>Affected by rising inflation expectations, interest rates rose from 1.08% to 1.74%, with an adjustment of 66bp as investors worried that the Federal Reserve might underestimate inflation and tighten currency ahead of schedule.</p><p>At that time, the adjustment of nominal interest rates also superimposed the rising effect of inflation expectations. The rise in commodity prices (mainly oil and copper) caused the 10-year breakeven inflation expectation to rise by 47bp from 2.09%.</p><p>However, after May, inflation expectations have fallen ahead of commodity prices, so even if the subsequent US Treasury yields rises again,<b>The rebound may also be smaller than in February this year</b>。</p><p><table><tbody><tr><td>Figure 5: US Treasury yields rose rapidly in February this year amid the combination of tightening concerns and inflation expectations</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/af4c49cf45a045194fdab73cafc63018\" tg-width=\"823\" tg-height=\"446\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research Institute</p><p></td></tr></tbody></table><b>Taper's impact on U.S. debt will be reacted in advance after the Fed releases a signal.</b></p><p>Referring to the situation in 2013, taper can be divided into three steps: releasing the signal, officially starting, and ending the reduction (QE exit). After the Federal Reserve releases the signal, it may be superimposed on the increase of the U.S. debt ceiling, and interest rates will rebound at one time. But before and after the official opening, interest rates will fall again as fundamentals weaken. Therefore, taper is only the second-order inflection point of liquidity, not the influence of trend. Interest rate pressure beyond Taper comes from fiscal policy, such as the rising demand for bond issuance in the third quarter and the passage of a reduced version of the bipartisan infrastructure agreement.</p><p><b>Taper affects the risk sentiment of U.S. stocks in the short term, but the biggest impact on U.S. stocks is profit changes.</b></p><p>Earnings forecasts for U.S. stocks in the first half of the year have been continuously raised, and EPS for the second quarter from March to May has been revised up by 5.8%. In the second half of the year, there is still room for recovery in the profits of upstream energy, transportation, commercial services and other sectors affected by the epidemic. Industries such as information technology and medical care have sufficient cash in hand, and repurchases are expected to increase, maintaining a moderate rise in EPS. on account of<b>There is little upward pressure on U.S. bonds, and the performance of listed companies is still being realized. We believe that U.S. stocks will remain high and volatile in the short term.</b></p><p><table><tbody><tr><td>Figure 6: EPS upward revision since 2016</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/3dff15e9fa74467e860335ca0727ee2f\" tg-width=\"425\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: factset, TF Securities Research Institute</p><p></td></tr></tbody></table><b>The medium-term risk for U.S. stocks comes from the fact that the fastest recovery in previous history may evolve into the fastest recovery in history</b>, the \"withdrawal reaction\" after the expiration of fiscal stimulus has a negative impact on optimistic earnings expectations. (See \"The Fastest Recovery in History, and Possibly the Fastest Recovery to End\" for details)</p><p>From the release of Taper expectations to the official opening, emerging markets and commodities will still face certain impacts; Later, considering that global demand peaked and fell,<b>Commodity prices have corrected, inflation expectations continue to fall, growth stocks are expected to obtain excess returns, and gold continues to fluctuate</b>。</p><p><table><tbody><tr><td>Figure 7: From 2013 to 2014, the cumulative yield of GEM, CSI 300, Nasdaq, and Dow Jones</p><p></td></tr><tr><td><img src=\"https://static.tigerbbs.com/5996fae5597bb6b5d60cbee85e46f418\" tg-width=\"836\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p><p></td></tr><tr><td>Source: Bloomberg, Tianfeng Securities Research</p><p></td></tr></tbody></table><img src=\"https://static.tigerbbs.com/b95b69c3867aa3469a9cc950d027049d\" tg-width=\"626\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p><b>Risk warning</b></p><p><img src=\"https://static.tigerbbs.com/78a1a412540a2fcf75ff95ca71fb7699\" tg-width=\"730\" tg-height=\"30\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/W0pf7rmNYqd2xmxtoEWQ6w\">天风宏观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/W0pf7rmNYqd2xmxtoEWQ6w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168100836","content_text":"上一次美联储缩减QE发生在2013年。\n当年5月，伯南克在国会听证会上表示联储可能即将开始缩减QE，但直到当年12月的议息会议才正式决定开启缩减。之后美联储的资产购买规模逐步下降，到2014年10月正式退出了QE。再之后联储资产负债表规模基本维持不变，直至2017年10月开启了缩表。\n\n\n\n图1：美联储资产负债表变化\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\n2013年5月伯南克第一次沟通QE taper时，市场曾出现了“缩减恐慌”（taper tantrum）。\n原因是市场误判了联储的货币政策态度，以为联储将在当年9月开启taper并很快加息。结果是2年期和10年期美债利率大幅反弹，4个月内分别上行了30bp和130bp，其间由于就业数据低于预期，利率曾两度回落。当年12月经济数据企稳回升后，美联储才正式开启了QE taper，短端和长端利率在taper落地前再度回升，随后长端利率在经济、通胀回落的情况下持续下行。\n\n\n\n图2：美债10年期收益率（%） vs 美债2年期收益率（%）\n\n\n\n\n\n资料来源：WIND，天风证券研究所\n\n\n\n2013年的taper tantrum曾造成全球资产价格大幅波动。\n美股一度回撤，但得益于经济回升，重回上行趋势。严重依赖海外资本的新兴市场遭遇资金撤出，新兴市场权益资产在taper talk后的一个月内跌超10%，新兴市场货币相对美元贬值4.9%。利率反弹后，Comex铜价在一个月内下跌6.7%，金价下跌14.5%，但油价在供需紧张的情况下上涨5%。\n\n\n\n图3：MSCI EM指数及标普500指数\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\n这次QE taper会重现2013年的缩减恐慌吗？\n我们认为影响应该不会太大，不仅比13年的“缩减恐慌”要弱，可能也比今年2月的“紧缩担忧”要弱。\n市场对这次taper预期较为充分。\n从年初（1月25日）美联储会议纪要中提到“逐渐减少债券购买”（taper）开始，预期就一直在发酵。根据彭博调查，78%的受访经济学家预期联储将会在今年底之前正式宣布实施taper，其中33%预期9月底就会正式宣布，可以看到市场对taper已有较为充分预期。\n这一次美联储吸取以往经验，明确表示在正式宣布政策变化前将提前给出提示，给市场消化预期的时间。因此即便美联储开始沟通退出QE，市场也不会像2013年因为误判加息而带来恐慌。\n参照2013年的经验，美联储可能在就业恢复到75%附近时释放缩减QE信号，同时考虑圣路易斯联储主席James Bullard认为75%疫苗接种率是缩减购债计划的必要条件，美联储最早可能在今年8月的Jackson Hole会议或者9月的议息会议上就缩减QE计划给出暗示，并最快在今年4季度开始缩减QE。\n\n\n\n图4：经济学家对缩减计划的时间预测大部分落在今年底之前\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\n早在今年2月，市场已经提前预演过由货币紧缩担忧带来的调整。\n受到通胀预期抬升，当时由于投资者担忧美联储可能低估通胀而提前收紧货币，利率从1.08%最高上行至1.74%，调整幅度达到66bp。\n当时名义利率的调整还叠加了通胀预期的抬升作用，大宗商品价格上涨（主要是油和铜）导致10年期盈亏平衡通胀预期从2.09%上行了47bp。\n但是5月后通胀预期已经提前于大宗商品价格拐头回落，因此后续美债利率即使再次上行，反弹幅度可能也小于今年2月。\n\n\n\n图5：今年2月美债利率在紧缩担忧和通胀预期的叠加下快速上升\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究所\n\n\n\nTaper对美债的影响会在联储释放信号后提前反应。\n参考2013年的情况，taper可分成三步：释放信号，正式开启，缩减结束（QE退出）。美联储释放信号后，同时可能叠加美国债务上限提高，利率会出现一次性反弹。但在正式开启前后，利率将会随着基本面转弱而再次回落。因此taper只是流动性的二阶导拐点，不是趋势性的影响。Taper以外的利率压力来自于财政政策，比如三季度发债需求上升和缩减版的两党基建协议通过。\nTaper短期影响美股的风险情绪，但对美股影响最大的还是盈利变化。\n上半年美股盈利预期不断上调，3月-5月2季度EPS上修5.8%。下半年 上游能源、交运、商业服务等受疫情影响的板块盈利仍有修复空间，信息科技、医疗等行业在手现金充足，回购力度有望加大，维持EPS温和上涨。由于美债上行压力不大，上市公司业绩还在兑现，我们认为美股短期仍将维持高位震荡。\n\n\n\n图6：2016年以来EPS上修幅度\n\n\n\n\n\n资料来源：factset，天风证券研究所\n\n\n\n美股的中期风险来自于前期历史最快的复苏可能演变成历史最快结束的复苏，财政刺激到期后的“戒断反应”对乐观的盈利预期产生负面冲击。（详见《历史最快的复苏，可能也是最快结束的复苏》）\nTaper从释放预期到正式开启之前，新兴市场和大宗商品仍将面临一定冲击；之后考虑到全球需求见顶回落，大宗商品价格有所回调，通胀预期持续回落，成长股有望获得超额收益，黄金则延续震荡。\n\n\n\n图7：2013年-2014年，创业板、沪深300、纳斯达克、道琼斯累计收益率\n\n\n\n\n\n资料来源：Bloomberg，天风证券研究\n\n\n\n\n风险提示","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152125358,"gmtCreate":1625277171774,"gmtModify":1703739785122,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152125358","repostId":"2148873739","repostType":2,"repost":{"id":"2148873739","kind":"news","pubTimestamp":1625197532,"share":"https://ttm.financial/m/news/2148873739?lang=en_US&edition=fundamental","pubTime":"2021-07-02 11:45","market":"sh","language":"zh","title":"Dada Group's revenue in the first quarter significantly exceeded market expectations, and the real-time logistics field performed well","url":"https://stock-news.laohu8.com/highlight/detail?id=2148873739","media":"飞象网","summary":"在到家服务、即时零售等等新业态的刺激下，如今市场需求越发旺盛，达达集团作为中国领先的本地即时零售和配送平台不仅紧抓机遇，不断服务好广大消费者，还不断赋能合作伙伴，迈向了更高的发 ...","content":"<p><html><body><div>Stimulated by new formats such as home service and instant retail, the market demand is becoming stronger and stronger.<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>As China's leading local instant retail and distribution platform, it not only seizes opportunities and continuously serves consumers, but also continuously empowers partners and moves towards a higher level of development.</p><p>The results for the first quarter of 2021 released by Dada Group show that in the first quarter of 2021, Dada Group's revenue was 1.7 billion yuan, a year-on-year increase of 52%, exceeding the upper limit of guidance and higher than market consensus expectations, with a two-year compound growth rate of 78%. Among them, the revenue of Dada Express platform increased by 51% year-on-year to 900 million yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>The revenue of Daojia platform increased by 53% year-on-year to 800 million yuan, with a two-year compound growth rate of nearly 100%.</p><p><p contenteditable=\"false\"><img src=\"https://e.thsi.cn/img/27a67cec4c1415a5\"/></p><p>The performance exceeded expectations, and Dada Group achieved a \"good start\" in 2021. Kuai Jiaqi, founder, chairman and CEO of Dada Group, also said: \"Dada will strategically undertake JD.com's instant retail and instant delivery business, and comprehensively expand its cooperation with JD.com. The cooperation in the omni-channel field has expanded to multiple scenarios and categories. We will continue to deepen the field of instant retail and logistics, and promote the industry to accelerate towards the macro e-commerce era of'thousands of good things, instantly available '.\"</p><p>As far as the demand for real-time logistics is concerned, Dada Express, a subsidiary of Dada Group, has maintained a steady pace and constantly made new achievements. According to the data, the instant delivery business provided by Dada Express for chain brand merchants continues to grow, and the revenue in the first quarter increased by more than 130% year-on-year, mainly due to the expansion of partners and the continuous increase in the penetration rate of covered stores.</p><p>In March of this year, Dada Express has reached an in-depth logistics cooperation with China Resources Vanguard. The official APP and mini program orders of about 1,300 China Resources Vanguard stores, as well as orders from JD Daojia, are fully connected to Dada Express Quanxinda service. Dada Express will customize the mixed capacity model and service system according to the needs of China Resources Vanguard's multi-format stores to ensure the instant delivery of its multi-channel orders.</p><p>Of course, for many small and medium-sized merchants, Dada Express' instant delivery business has also maintained steady growth. The platform continues to develop new merchants and maintain existing merchants. In the first quarter, the number of small and medium-sized merchants who completed orders more than doubled year-on-year. In terms of landing distribution, Dada Express has continued to provide stable distribution support to logistics companies in more than 2,700 urban areas and counties.</p><p>During the quarter, Dada Express and<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Continue to deepen cooperation, and provide it with full-scenario services for delivery and collection based on the crowdsourcing rider network, helping JD Logistics to cut peaks and fill valleys at controllable costs, and cope with the challenge of order volume fluctuations.</p><p>It is worth mentioning that, in addition to the steady growth of business, Dada Group has always paid close attention to people's livelihood. For example, the dual platforms jointly launch \"No Fighting during the Spring Festival\" to fully guarantee the normal consumption and distribution of users and merchants during the Spring Festival, so that new year orders can be reached in one hour; Constantly improve the protection of knights' rights and interests; JD Daojia has set up an aging-friendly renovation project team to actively promote the aging-friendly renovation of APP and so on.</p><p>The continuous release of market demand will be a greater opportunity for Dada Group, and it also puts forward higher requirements. Dada Group, which performed outstandingly in the first quarter of this year, will continue to give full play to its professional advantages and continuously bring more empowerment to consumers and partners.</p><p><strong>follow<a href=\"https://laohu8.com/S/300033\">Straight flush</a>Finance (ths518), access more opportunities</strong></p><p><span></span><div><span>Editor in charge: jdm</span></div></div></body></html></p>","source":"tonghuashun","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>Dada Group's revenue in the first quarter significantly exceeded market expectations, and the real-time logistics field performed well</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\">\nDada Group's revenue in the first quarter significantly exceeded market expectations, and the real-time logistics field performed well\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">飞象网</strong><span class=\"h-time small\">2021-07-02 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Stimulated by new formats such as home service and instant retail, the market demand is becoming stronger and stronger.<a href=\"https://laohu8.com/S/DADA\">Dada Group</a>As China's leading local instant retail and distribution platform, it not only seizes opportunities and continuously serves consumers, but also continuously empowers partners and moves towards a higher level of development.</p><p>The results for the first quarter of 2021 released by Dada Group show that in the first quarter of 2021, Dada Group's revenue was 1.7 billion yuan, a year-on-year increase of 52%, exceeding the upper limit of guidance and higher than market consensus expectations, with a two-year compound growth rate of 78%. Among them, the revenue of Dada Express platform increased by 51% year-on-year to 900 million yuan.<a href=\"https://laohu8.com/S/JD\">JD.com</a>The revenue of Daojia platform increased by 53% year-on-year to 800 million yuan, with a two-year compound growth rate of nearly 100%.</p><p><p contenteditable=\"false\"><img src=\"https://e.thsi.cn/img/27a67cec4c1415a5\"/></p><p>The performance exceeded expectations, and Dada Group achieved a \"good start\" in 2021. Kuai Jiaqi, founder, chairman and CEO of Dada Group, also said: \"Dada will strategically undertake JD.com's instant retail and instant delivery business, and comprehensively expand its cooperation with JD.com. The cooperation in the omni-channel field has expanded to multiple scenarios and categories. We will continue to deepen the field of instant retail and logistics, and promote the industry to accelerate towards the macro e-commerce era of'thousands of good things, instantly available '.\"</p><p>As far as the demand for real-time logistics is concerned, Dada Express, a subsidiary of Dada Group, has maintained a steady pace and constantly made new achievements. According to the data, the instant delivery business provided by Dada Express for chain brand merchants continues to grow, and the revenue in the first quarter increased by more than 130% year-on-year, mainly due to the expansion of partners and the continuous increase in the penetration rate of covered stores.</p><p>In March of this year, Dada Express has reached an in-depth logistics cooperation with China Resources Vanguard. The official APP and mini program orders of about 1,300 China Resources Vanguard stores, as well as orders from JD Daojia, are fully connected to Dada Express Quanxinda service. Dada Express will customize the mixed capacity model and service system according to the needs of China Resources Vanguard's multi-format stores to ensure the instant delivery of its multi-channel orders.</p><p>Of course, for many small and medium-sized merchants, Dada Express' instant delivery business has also maintained steady growth. The platform continues to develop new merchants and maintain existing merchants. In the first quarter, the number of small and medium-sized merchants who completed orders more than doubled year-on-year. In terms of landing distribution, Dada Express has continued to provide stable distribution support to logistics companies in more than 2,700 urban areas and counties.</p><p>During the quarter, Dada Express and<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Continue to deepen cooperation, and provide it with full-scenario services for delivery and collection based on the crowdsourcing rider network, helping JD Logistics to cut peaks and fill valleys at controllable costs, and cope with the challenge of order volume fluctuations.</p><p>It is worth mentioning that, in addition to the steady growth of business, Dada Group has always paid close attention to people's livelihood. For example, the dual platforms jointly launch \"No Fighting during the Spring Festival\" to fully guarantee the normal consumption and distribution of users and merchants during the Spring Festival, so that new year orders can be reached in one hour; Constantly improve the protection of knights' rights and interests; JD Daojia has set up an aging-friendly renovation project team to actively promote the aging-friendly renovation of APP and so on.</p><p>The continuous release of market demand will be a greater opportunity for Dada Group, and it also puts forward higher requirements. Dada Group, which performed outstandingly in the first quarter of this year, will continue to give full play to its professional advantages and continuously bring more empowerment to consumers and partners.</p><p><strong>follow<a href=\"https://laohu8.com/S/300033\">Straight flush</a>Finance (ths518), access more opportunities</strong></p><p><span></span><div><span>Editor in charge: jdm</span></div></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://stock.10jqka.com.cn/usstock/20210702/c630643682.shtml\">飞象网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4550ce60b2f08e87d6ea858b70d28e62","relate_stocks":{"DADA":"达达集团"},"source_url":"http://stock.10jqka.com.cn/usstock/20210702/c630643682.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2148873739","content_text":"在到家服务、即时零售等等新业态的刺激下，如今市场需求越发旺盛，达达集团作为中国领先的本地即时零售和配送平台不仅紧抓机遇，不断服务好广大消费者，还不断赋能合作伙伴，迈向了更高的发展台阶。　　达达集团发布的2021年第一季度业绩显示，2021年第一季度，达达集团营收为17亿元人民币，同比增长52%，超出指引上限，高于市场一致预期，两年复合增长率78%。其中，达达快送平台营收同比增长51%至9亿元人民币，京东到家平台营收同比增长53%至8亿元人民币，两年复合增长率近100%。　　业绩表现超预期，达达集团在2021年做到了“开门红”，达达集团创始人、董事会主席兼CEO蒯佳祺也表示：“达达将战略承接京东即时零售和即时配送业务，全面扩大与京东在全渠道领域的合作，向多场景、多品类扩展。我们将持续深耕即时零售与物流领域，推动行业加速迈向‘万千好物，即时可得’的微距电商时代。”　　就以如今需求越发旺盛的即时物流来说，达达集团旗下达达快送就保持着稳健脚步，不断做出新成绩。数据显示，达达快送为连锁品牌商家提供的即时配业务持续增长，一季度收入同比增长超过130%，主要获益于合作伙伴的扩大以及覆盖门店渗透率的持续提升。　　在今年3月份，达达快送已经与华润万家达成深度物流合作，约1300家华润万家门店的官方APP、小程序订单，以及来自京东到家的订单全面接入达达快送全心达服务。达达快送将根据华润万家旗下多业态门店需求，定制化混合运力模式和服务体系，保障其多渠道订单即时送达。　　当然，对于众多中小商家，达达快送的即时配业务也一直保持着稳健增长，平台持续开发新商户并维护已有商户，第一季度，完单的中小商户数量同比超翻倍。在落地配方面，达达快送则已经在超过2700个市区县中持续为物流公司提供稳定的配送支持。　　在该季度，达达快送与京东物流持续深化合作，基于众包骑手网络为其提供派件、揽件的全场景服务，帮助京东物流在可控的成本下削峰填谷，应对订单量波动挑战。　　值得一提的是，除了业务上的稳健增长，达达集团对于民生也一直保持高度关注。比如：双平台共同启动“春节不打烊”，全力保障用户、商家春节期间正常消费和配送，让年货订单也能1小时达;不断完善骑士的权益保障;京东到家专门成立适老化改造项目小组，积极推动APP适老化改造等等。　　市场需求不断释放，对于达达集团而言将是更大的机遇，也提出了更高的要求。在今年一季度表现突出的达达集团，接下来还将继续发挥专业优势，不断为消费者、合作伙伴带来更多的赋能。\n关注同花顺财经（ths518），获取更多机会\n\n责任编辑：jdm","news_type":1,"symbols_score_info":{"DADA":1}},"isVote":1,"tweetType":1,"viewCount":1949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156064341,"gmtCreate":1625186817384,"gmtModify":1703737868600,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156064341","repostId":"2148844722","repostType":2,"isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803533194,"gmtCreate":1627446723818,"gmtModify":1703490145674,"author":{"id":"3565347485988843","authorId":"3565347485988843","name":"沃伦邹菲特","avatar":"https://static.tigerbbs.com/450aba14f5c3dc0f3de122a54e229dd0","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565347485988843","idStr":"3565347485988843"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803533194","repostId":"2153193628","repostType":2,"isVote":1,"tweetType":1,"viewCount":1698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}