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洞幽烛远

洞幽烛远

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2025-05-21

$Vanguard标普500ETF(VOO)$

2021-08-07

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Economic Daily: Regulatory "patches" are being made, and speculators are being denied entry.

2021-07-03

Ok

A glimpse into the true evolution of OTA cars through the Tesla recall incident.

2021-06-29

Nice

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2021-06-24

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"Inflation trading" can take a break.

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11:28","market":"hk","language":"zh","title":"Economic Daily: Regulatory \"patches\" are being made, and speculators are being denied entry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109676905","media":"经济日报","summary":"各地调控措施还在密集出台，不断“打补丁”“堵漏洞”。其原因在于一些城市依然面临房价和地价增长过快、市场预期不稳的状况。这对幻想房价过快上涨的炒房客们是持续的威慑。\n\n楼市调控持续加码。仅8月5日一天，","content":"<p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations. This serves as a continuous deterrent to speculators who fantasize about rapid price increases. Real estate market regulation continues to be tightened.<b>On August 5th alone, Hangzhou, Beijing, and Chengdu introduced new real estate regulations.</b>。</p><p><b>Hangzhou further raised the threshold for buying a house</b>。 The new measures clarify that those who have held Hangzhou household registration for less than 5 years and have paid social security for two years can purchase a house in a restricted purchase area. The requirement of \"non-Hangzhou residents + 4 years of social security contributions\" makes it more difficult for non-Hangzhou residents to buy a house. Hangzhou's new regulations, which raise the threshold for home purchases, aim to crack down on short-term investors. In addition, Hangzhou has stipulated that properties with low winning rates in the new home lottery will be ranked in order of the number of months of social security contributions. This move aims to prevent too many homebuyers from rushing to buy.</p><p><img src=\"https://static.tigerbbs.com/98d5061e381a588a0b72f0c700d4c53c\" tg-width=\"1080\" tg-height=\"699\" referrerpolicy=\"no-referrer\"></p><p>At the same time,<b>Chengdu will include donated housing in the total number of housing units in the recipient's family for review of home purchase eligibility.</b>。 In other words, the loophole of circumventing purchase restrictions through gifts has been completely closed.</p><p><img src=\"https://static.tigerbbs.com/251b49b66315bacb1edb0024546db0d8\" tg-width=\"1080\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><b>Beijing's regulations are more targeted, directly focusing on cracking down on obtaining home purchase eligibility through \"fake divorces\".</b>。 The new regulations clarify that if a couple divorces and the number of housing units owned by the original family before the divorce does not meet the requirements of the commercial housing purchase restriction policy, neither party may purchase commercial housing for three years from the date of divorce. In recent years, in some popular cities, due to the continuous tightening of purchase restrictions, some people have racked their brains to obtain the qualification to buy a house. To avoid purchase restrictions, qualify for repurchase, and enjoy low down payments and loan interest rates for first-time homebuyers, some families even choose to divorce and repurchase their homes. Beijing's new regulations make it more difficult to buy a house through \"fake divorces,\" which will help close loopholes for \"fake divorce\" real estate speculation.</p><p><img src=\"https://static.tigerbbs.com/54b84384c49789d1fc5e6ac49f40f066\" tg-width=\"1080\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations.<b>The ongoing regulatory measures serve as a continuous deterrent to speculators who still harbor illusions about rapidly rising housing prices.</b>。</p><p>As long as the fire remains intact, real estate market regulation needs to be maintained under high pressure, and even more so, long-term policies need to be implemented continuously and stably so that homebuyers have more stable expectations about housing price trends and the timing of their purchases.<b>The intensive introduction of regulatory measures indicates that local governments, which bear primary responsibility for real estate regulation, are increasing their initiative and enthusiasm for implementing real estate market regulation.</b>。 Since the beginning of this year, the Ministry of Housing and Urban-Rural Development has held multiple talks with local governments and included these cities in the list of key cities for real estate market monitoring. For local governments, the principles of \"housing is for living in, not for speculation\" and \"not using real estate as a short-term means to stimulate the economy\" should always be adhered to.</p><p>The recent meeting of the Political Bureau of the CPC Central Committee emphasized the need to adhere to the principle that houses are for living in, not for speculation, to stabilize land prices, housing prices, and expectations, and to promote the stable and healthy development of the real estate market. Since my country proposed establishing a long-term mechanism for the real estate market, significant progress has been made in stabilizing land prices, housing prices, and expectations, demonstrating that the measures taken are in line with market development laws and are precise and effective. When individual cities show signs of overheating, it is necessary to decisively increase the regulation and supervision of the real estate market. Fortunately,<b>The \"tools\" for real estate market regulation are constantly being enriched, with a series of measures, including land, finance, administrative measures, market rectification, and fiscal and taxation, forming a powerful synergy.</b>。 It is believed that with the establishment and improvement of a long-term mechanism for the real estate market, the real estate market will usher in a healthier and more favorable situation.</p>","source":"lsy1597656426531","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>Economic Daily: Regulatory \"patches\" are being made, and speculators are being denied entry.</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\">\nEconomic Daily: Regulatory \"patches\" are being made, and speculators are being denied entry.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">经济日报</strong><span class=\"h-time small\">2021-08-07 11:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations. This serves as a continuous deterrent to speculators who fantasize about rapid price increases. Real estate market regulation continues to be tightened.<b>On August 5th alone, Hangzhou, Beijing, and Chengdu introduced new real estate regulations.</b>。</p><p><b>Hangzhou further raised the threshold for buying a house</b>。 The new measures clarify that those who have held Hangzhou household registration for less than 5 years and have paid social security for two years can purchase a house in a restricted purchase area. The requirement of \"non-Hangzhou residents + 4 years of social security contributions\" makes it more difficult for non-Hangzhou residents to buy a house. Hangzhou's new regulations, which raise the threshold for home purchases, aim to crack down on short-term investors. In addition, Hangzhou has stipulated that properties with low winning rates in the new home lottery will be ranked in order of the number of months of social security contributions. This move aims to prevent too many homebuyers from rushing to buy.</p><p><img src=\"https://static.tigerbbs.com/98d5061e381a588a0b72f0c700d4c53c\" tg-width=\"1080\" tg-height=\"699\" referrerpolicy=\"no-referrer\"></p><p>At the same time,<b>Chengdu will include donated housing in the total number of housing units in the recipient's family for review of home purchase eligibility.</b>。 In other words, the loophole of circumventing purchase restrictions through gifts has been completely closed.</p><p><img src=\"https://static.tigerbbs.com/251b49b66315bacb1edb0024546db0d8\" tg-width=\"1080\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><b>Beijing's regulations are more targeted, directly focusing on cracking down on obtaining home purchase eligibility through \"fake divorces\".</b>。 The new regulations clarify that if a couple divorces and the number of housing units owned by the original family before the divorce does not meet the requirements of the commercial housing purchase restriction policy, neither party may purchase commercial housing for three years from the date of divorce. In recent years, in some popular cities, due to the continuous tightening of purchase restrictions, some people have racked their brains to obtain the qualification to buy a house. To avoid purchase restrictions, qualify for repurchase, and enjoy low down payments and loan interest rates for first-time homebuyers, some families even choose to divorce and repurchase their homes. Beijing's new regulations make it more difficult to buy a house through \"fake divorces,\" which will help close loopholes for \"fake divorce\" real estate speculation.</p><p><img src=\"https://static.tigerbbs.com/54b84384c49789d1fc5e6ac49f40f066\" tg-width=\"1080\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations.<b>The ongoing regulatory measures serve as a continuous deterrent to speculators who still harbor illusions about rapidly rising housing prices.</b>。</p><p>As long as the fire remains intact, real estate market regulation needs to be maintained under high pressure, and even more so, long-term policies need to be implemented continuously and stably so that homebuyers have more stable expectations about housing price trends and the timing of their purchases.<b>The intensive introduction of regulatory measures indicates that local governments, which bear primary responsibility for real estate regulation, are increasing their initiative and enthusiasm for implementing real estate market regulation.</b>。 Since the beginning of this year, the Ministry of Housing and Urban-Rural Development has held multiple talks with local governments and included these cities in the list of key cities for real estate market monitoring. For local governments, the principles of \"housing is for living in, not for speculation\" and \"not using real estate as a short-term means to stimulate the economy\" should always be adhered to.</p><p>The recent meeting of the Political Bureau of the CPC Central Committee emphasized the need to adhere to the principle that houses are for living in, not for speculation, to stabilize land prices, housing prices, and expectations, and to promote the stable and healthy development of the real estate market. Since my country proposed establishing a long-term mechanism for the real estate market, significant progress has been made in stabilizing land prices, housing prices, and expectations, demonstrating that the measures taken are in line with market development laws and are precise and effective. When individual cities show signs of overheating, it is necessary to decisively increase the regulation and supervision of the real estate market. Fortunately,<b>The \"tools\" for real estate market regulation are constantly being enriched, with a series of measures, including land, finance, administrative measures, market rectification, and fiscal and taxation, forming a powerful synergy.</b>。 It is believed that with the establishment and improvement of a long-term mechanism for the real estate market, the real estate market will usher in a healthier and more favorable situation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/479661\">经济日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{"09979":"绿城管理控股"},"source_url":"https://www.gelonghui.com/p/479661","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109676905","content_text":"各地调控措施还在密集出台，不断“打补丁”“堵漏洞”。其原因在于一些城市依然面临房价和地价增长过快、市场预期不稳的状况。这对幻想房价过快上涨的炒房客们是持续的威慑。\n\n楼市调控持续加码。仅8月5日一天，就有杭州、北京、成都三城推出房地产调控新规。\n杭州进一步抬高了购房门槛。新举措明确，取得杭州户口未满5年，需缴纳两年社保，可在限购区域购买一套住房；“非户籍+4年社保”的要求让非杭州户籍购房者买房难度加大。杭州调控新规抬高购房门槛目的在于打击短期投资客。此外，杭州还规定新房摇号中签率低的房源，按照社保缴纳月数依次排序，此举旨在避免过多购房者扎堆抢购。\n\n与此同时，成都将赠与住房计入受赠人家庭住房总套数审核购房资格。也就是说，通过赠与方式规避限购的漏洞被彻底堵住了。\n\n而北京的规定更具针对性，直接将调控重点放在打击通过“假离婚”获取购房资格上。新规明确，夫妻离异的，原家庭在离异前拥有住房套数不符合商品住房限购政策规定的，自离异之日起3年内，任何一方均不得购买商品住房。近年来，在一些热点城市，由于限购政策不断收紧，一些人为了获取购房资格，可谓绞尽脑汁。为避开限购，获得再购房的资格，以及享受购买首套住房的低首付款和低贷款利率，一些家庭甚至选择离婚再购房。北京新规让通过“假离婚”进行购房的难度加大，有利于封堵“假离婚”炒房漏洞。\n\n各地调控措施还在密集出台，不断“打补丁”“堵漏洞”。其原因在于一些城市依然面临房价和地价增长过快、市场预期不稳的状况。不断出台的调控措施对于那些依然对房价过快上涨抱有幻想的炒房客们是持续的威慑。\n虚火不灭，楼市调控就需保持高压，更需持续且稳定执行的长效政策，以便购房者对房价走势、购房时点有更稳定的预期。密集出台的调控措施表明，对房地产调控负有主体责任的地方政府，实施楼市调控的主动性和积极性都在增加。今年以来，住房和城乡建设部已多次约谈地方政府，并将这些城市纳入房地产市场监测重点城市名单。对于地方政府而言，“房住不炒”及“不将房地产作为短期刺激经济的手段”的定位应始终坚持。\n日前召开的中央政治局会议强调，要坚持房子是用来住的、不是用来炒的定位，稳地价、稳房价、稳预期，促进房地产市场平稳健康发展。我国提出建立房地产长效机制以来，稳地价、稳房价、稳预期取得明显成效，表明采取的措施符合市场发展规律，精准有效。当个别城市出现过热苗头，须果断加大房地产市场调控力度和监管力度。可喜的是，房地产市场调控的“工具”在不断丰富，土地、金融、行政措施、市场整顿、财税等一系列措施，正在形成强大合力。相信随着房地产长效机制建立和完善，房地产市场将迎来更加健康发展的良好局面。","news_type":1,"symbols_score_info":{"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":4605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152958607,"gmtCreate":1625265952809,"gmtModify":1703739508025,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568614602734225","idStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152958607","repostId":"2148808400","repostType":4,"repost":{"id":"2148808400","kind":"news","pubTimestamp":1625238620,"share":"https://ttm.financial/m/news/2148808400?lang=en_US&edition=fundamental","pubTime":"2021-07-02 23:10","market":"us","language":"zh","title":"A glimpse into the true evolution of OTA cars through the Tesla recall incident.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148808400","media":"脑极体","summary":"特斯拉在科技圈中，是个有话题有热点的黑网红，曝出来的永远都是各种控制系统失控出车祸的新闻，这不最近又闯祸了。近日消息，特斯拉召回部分进口和国产Model 3、国产Model Y电动汽车，共计28552","content":"<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>In the tech world, he's a hot topic and a dark internet celebrity, always exposing news of various control systems getting out of control and causing car accidents. Now, he's gotten into trouble again. Recently, Tesla recalled 285,520 imported and domestically produced Model 3 and Model Y electric vehicles. The main reason for the recall is a safety hazard in the active cruise control system, which could cause drivers to mistakenly activate the active cruise function when turning or in D gear, potentially leading to a sudden increase in vehicle speed and, in extreme cases, a collision.</p><p>It looks very frightening, after all, it's a matter of car safety. Tesla's large-scale recall is not a physical way to return the car to the factory for a rebate, but rather through OTA technology for remote car upgrades, allowing users to complete the upgrade online without having to go to the store. Can seemingly serious security vulnerabilities be solved simply by updating the security package via OTA? This recall method, lacking routine safety testing by automakers, is unsettling and may even raise doubts about the safety of OTA technology itself. So, are OTA systems actually safe? To answer this question, let's start by discussing what OTA cars are.</p><p><b>What exactly is an OTA car?</b></p><p>OTA stands for \"Over-The-Air,\" which is a technology that downloads data packets Over a wireless network to update The system and improve terminal functions and services. Our computers and mobile phones also use OTA technology when performing system updates. The purpose of OTA system upgrades is to fix system vulnerabilities, optimize and improve to obtain more functions, performance improvements, or visual effects. These updates involve online detection after connecting to the network, matching versions, downloading new code locally, and then performing installation, verification, and other procedures.</p><p><img src=\"https://static.tigerbbs.com/404652f159ffcb9982e091e353fdade0\" tg-width=\"868\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>The earliest application of OTA technology in cars was in the ModeL S launched by Tesla in 2012. The content updates included modules such as human-computer interaction, autonomous driving, and power battery system. At that time, Tesla could use OTA to fix key card vulnerabilities, improve driving range, increase top speed, and enhance ride comfort.</p><p>Based on the differences in Firmware upgrades, automotive OTA technology can be divided into SOTA (Software OTA) and FOTA (Firmware OTA), i.e., vehicle OTA. Among them, SOTA can only update the vehicle's application layer software, and is limited to software such as in-vehicle infotainment and infotainment. It has almost no hardware scheduling capabilities, making it relatively difficult for automakers to implement. Most of the OTA cars that are often advertised on the market only have SOTA technology. FOTA upgrades the system layer of the vehicle controller, affecting the vehicle's powertrain, battery management, and other systems. For example, it allows for OS-layer software updates to underlying systems such as the chassis, power, and ADAS.</p><p>The main difference between cars equipped with OTA technology and traditional cars is that, in terms of performance, cars equipped with OTA technology offer a wider range of in-vehicle functions. Generally speaking, these functions can be implemented in the following aspects: fixing system bugs, updating drivers, optimizing the UI interface, deleting problematic apps, and upgrading major versions. Most automotive OTAs typically release online system updates for entertainment systems, navigation systems, etc.</p><p>Secondly, when a vehicle encounters a software malfunction or needs to be updated, traditional cars require taking the car to a 4S store for repair using a professional computer, which is time-consuming and energy-intensive. However, cars equipped with OTA technology can complete vehicle upgrades and repairs without leaving home, saving costs and time. For example, OTA cars can update the car's ECU software. The ECU is an automotive electronic controller, or simply put, the brain of a car. When a new car leaves the factory, its power is not fully utilized, usually leaving some room for improvement. ECU flashing involves using technical means to code the ECU within the capacity of the original engine to increase horsepower or torque. Traditional cars need to use the original manufacturer's technology to flash the ECU, and OTA cars can upgrade this capability online.</p><p>As can be seen from the above description, the functionality and convenience of vehicles equipped with OTA technology are attractive and appealing. However, because OTA technology itself involves changes to the vehicle's physical performance, such as ECU changes, battery performance changes, and vehicle software experience functions, some hidden reefs may be touched upon.</p><p><b>OTA cars are a double-edged sword.</b></p><p>From the perspective of traditional automakers' conservative choices, there are reasons why people are not so enthusiastic about installing these wonderful experiences. OTA cars are also a double-edged sword.</p><p><img src=\"https://static.tigerbbs.com/b9e367c30b535b8c2a265e8ccd88751a\" tg-width=\"1000\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Firstly, because of the mature R&D cycle and stable corporate structure of traditional automobiles, realizing OTA requires too many newly matched components, and the cost of changing the production line and corporate structure is too high. These new components all need to undergo high-cost testing. Car manufacturers will not integrate a bunch of untested \"semi-finished products\" and then launch them to the market, thus affecting the safety of life and property.</p><p>From a technical perspective, it is mainly related to the structure of traditional automobiles. Traditional cars are purely mechanical structures with very complex power units. The calibration of parameters such as fuel injection, braking system, gear shift logic, steering ratio, and suspension style requires millions of debugging and tests by engineers to reach the optimal safety state before they can leave the factory. Rebuilding the OTA becomes unstable for power output, disrupting the balanced parameter settings.</p><p>Besides the security vulnerabilities of physical hardware devices, OTA technology is at risk of being hacked during remote upgrades. When a car downloads an upgrade package, hackers can use network means to send the virus-infected upgrade package to the vehicle, thereby modifying the system, remotely controlling it, and extorting money. Extreme weather or unstable network conditions can also cause vulnerabilities in the upgrade package, leading to vehicle upgrade failures.</p><p>We can see that OTA technology requires extensive security testing in the matching, protocol, and design processes of physical device components. There are hidden dangers in any link between software and hardware devices, and the safety of enterprises and vehicles is a matter of life and death, which should not be taken lightly. Taking Tesla's recent recall as an example, ACC adaptive cruise control is typically designed by automakers to use a button or independent lever to activate the adaptive cruise control function. However, Tesla is prone to accidental operation when using the adaptive cruise control function, which is a design logic flaw. Tesla's solution is to raise the threshold for activating active cruise control and add reminders for its activation and deactivation to prevent accidental touches from happening again.</p><p>Even a small mistake in the logic of a function can lead to irreversible consequences. When it comes to security issues, we cannot assume that everyone is cautious without a mental short circuit. If you follow vehicle-related news recalls, it's not uncommon. OTAs can fix some software malfunctions through upgrades, but whether they will bring new problems is also an issue that urgently needs to be addressed. As we can see, OTA technology is a double-edged sword for automakers. Discussing whether it is absolutely safe is meaningless. The path to intelligentization of OTA cars will not be accomplished overnight. Some system flaws require time to be gradually iterated and optimized. After all, no product is perfect from the beginning of its design.</p><p><img src=\"https://static.tigerbbs.com/e094f51a71e4d181f644eb1da3c657c5\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>The current market trend is that automakers are gradually embracing OTA technology and will not throw the baby out with the bathwater because of local restrictions. OTA technology is becoming a standard feature of smart cars, and its technology penetration rate has increased particularly significantly. Data shows that 30% of vehicles sold globally in 2020 had OTA functionality. By 2025, this proportion will rise to 79%. According to data released by the Gaogong Intelligent Vehicle Research Institute, the OTA adoption rate of new cars in the Chinese market reached 22.42% in 2020, and is expected to increase to 35-40% this year.</p><p>Although many automakers are actively marketing OTA upgrade technology at their press conferences, there are still quite a few people swimming naked. Most automakers are still at the SOTA upgrade level, which is the functional upgrade of entertainment and interaction. Very few automakers can carry out OTA upgrades for the whole vehicle. Currently, newcomers such as Tesla, Li Auto, and XPeng have OTA capabilities for complete vehicles. OTA upgrades for the entire vehicle are a very significant difference between intelligent vehicles and traditional vehicles. Looking at the development history of OTA automobiles, the automotive industry's demand for OTAs has gradually evolved from the parts level, vehicle level, and enterprise level to the industry ecosystem level. Traditional automakers such as BMW, Volkswagen, and SAIC-GM are actively reforming and restructuring their electronic architectures in this major transformation to achieve OTA (Online Vehicle Transfer) for their vehicles.</p><p><b>OTA Auto's Future Test Road</b></p><p>Most automakers can now achieve OTA, or SOTA, for in-vehicle infotainment systems, but the real tough nut to crack is FOTA for the entire vehicle. Because it involves the electronic architecture, hardware configuration, and software development capabilities of vehicle manufacturers in new cars. The electronic controller needs to be deeply integrated with the equipment's update mechanism. Under what state the vehicle is flashed, and how to ensure the stability and safety of the update process are all challenges that need to be considered. For example, there are hundreds of ECUs (automotive electronic control components) in the vehicle's internal architecture, connected to different communication networks. Each network has a different data transmission protocol and is quite complex. The more controllers are upgraded, the more difficult it is to consider the network communication topology protocol. OTA suppliers need to have a clear understanding of the characteristics of each communication line in order to efficiently achieve software upgrades.</p><p><img src=\"https://static.tigerbbs.com/5529364f1b506bceb17619a2c75f3112\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>In terms of information security, there is a potential risk of being counterfeited, stolen, or attacked during OTA data transmission. During communication, it can be hijacked and tampered with by malicious hackers, which may lead to abnormal vehicle operation, privacy leaks, and threats to financial or even life safety. Ensuring the safety upgrade path of OTA vehicles is particularly important. OTA car manufacturers need to build a well-designed identification key technology architecture, and the verification mechanism and upgrade conditions require two-way control in order to ensure an integrated edge-to-cloud information security system.</p><p>The realization of OTA vehicle functions relies on the continuous development of gateway protocols, network security, and computing algorithm technologies. Although electronic modules and software technologies are developing in tandem and are being applied in more and more vehicles, the technology has not yet matured to the stage of widespread social recognition. The development of intelligent vehicles is long and arduous, and there is still a lot of room for updates and improvements. The optimization of OTA vehicle functions and the differentiation of services need to evolve in tandem. Fortunately, we will witness the surprises brought by OTA vehicles together.</p>","source":"lsy1577414888172","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>A glimpse into the true evolution of OTA cars through the Tesla recall incident.</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\">\nA glimpse into the true evolution of OTA cars through the Tesla recall incident.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">脑极体</strong><span class=\"h-time small\">2021-07-02 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>In the tech world, he's a hot topic and a dark internet celebrity, always exposing news of various control systems getting out of control and causing car accidents. Now, he's gotten into trouble again. Recently, Tesla recalled 285,520 imported and domestically produced Model 3 and Model Y electric vehicles. The main reason for the recall is a safety hazard in the active cruise control system, which could cause drivers to mistakenly activate the active cruise function when turning or in D gear, potentially leading to a sudden increase in vehicle speed and, in extreme cases, a collision.</p><p>It looks very frightening, after all, it's a matter of car safety. Tesla's large-scale recall is not a physical way to return the car to the factory for a rebate, but rather through OTA technology for remote car upgrades, allowing users to complete the upgrade online without having to go to the store. Can seemingly serious security vulnerabilities be solved simply by updating the security package via OTA? This recall method, lacking routine safety testing by automakers, is unsettling and may even raise doubts about the safety of OTA technology itself. So, are OTA systems actually safe? To answer this question, let's start by discussing what OTA cars are.</p><p><b>What exactly is an OTA car?</b></p><p>OTA stands for \"Over-The-Air,\" which is a technology that downloads data packets Over a wireless network to update The system and improve terminal functions and services. Our computers and mobile phones also use OTA technology when performing system updates. The purpose of OTA system upgrades is to fix system vulnerabilities, optimize and improve to obtain more functions, performance improvements, or visual effects. These updates involve online detection after connecting to the network, matching versions, downloading new code locally, and then performing installation, verification, and other procedures.</p><p><img src=\"https://static.tigerbbs.com/404652f159ffcb9982e091e353fdade0\" tg-width=\"868\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>The earliest application of OTA technology in cars was in the ModeL S launched by Tesla in 2012. The content updates included modules such as human-computer interaction, autonomous driving, and power battery system. At that time, Tesla could use OTA to fix key card vulnerabilities, improve driving range, increase top speed, and enhance ride comfort.</p><p>Based on the differences in Firmware upgrades, automotive OTA technology can be divided into SOTA (Software OTA) and FOTA (Firmware OTA), i.e., vehicle OTA. Among them, SOTA can only update the vehicle's application layer software, and is limited to software such as in-vehicle infotainment and infotainment. It has almost no hardware scheduling capabilities, making it relatively difficult for automakers to implement. Most of the OTA cars that are often advertised on the market only have SOTA technology. FOTA upgrades the system layer of the vehicle controller, affecting the vehicle's powertrain, battery management, and other systems. For example, it allows for OS-layer software updates to underlying systems such as the chassis, power, and ADAS.</p><p>The main difference between cars equipped with OTA technology and traditional cars is that, in terms of performance, cars equipped with OTA technology offer a wider range of in-vehicle functions. Generally speaking, these functions can be implemented in the following aspects: fixing system bugs, updating drivers, optimizing the UI interface, deleting problematic apps, and upgrading major versions. Most automotive OTAs typically release online system updates for entertainment systems, navigation systems, etc.</p><p>Secondly, when a vehicle encounters a software malfunction or needs to be updated, traditional cars require taking the car to a 4S store for repair using a professional computer, which is time-consuming and energy-intensive. However, cars equipped with OTA technology can complete vehicle upgrades and repairs without leaving home, saving costs and time. For example, OTA cars can update the car's ECU software. The ECU is an automotive electronic controller, or simply put, the brain of a car. When a new car leaves the factory, its power is not fully utilized, usually leaving some room for improvement. ECU flashing involves using technical means to code the ECU within the capacity of the original engine to increase horsepower or torque. Traditional cars need to use the original manufacturer's technology to flash the ECU, and OTA cars can upgrade this capability online.</p><p>As can be seen from the above description, the functionality and convenience of vehicles equipped with OTA technology are attractive and appealing. However, because OTA technology itself involves changes to the vehicle's physical performance, such as ECU changes, battery performance changes, and vehicle software experience functions, some hidden reefs may be touched upon.</p><p><b>OTA cars are a double-edged sword.</b></p><p>From the perspective of traditional automakers' conservative choices, there are reasons why people are not so enthusiastic about installing these wonderful experiences. OTA cars are also a double-edged sword.</p><p><img src=\"https://static.tigerbbs.com/b9e367c30b535b8c2a265e8ccd88751a\" tg-width=\"1000\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Firstly, because of the mature R&D cycle and stable corporate structure of traditional automobiles, realizing OTA requires too many newly matched components, and the cost of changing the production line and corporate structure is too high. These new components all need to undergo high-cost testing. Car manufacturers will not integrate a bunch of untested \"semi-finished products\" and then launch them to the market, thus affecting the safety of life and property.</p><p>From a technical perspective, it is mainly related to the structure of traditional automobiles. Traditional cars are purely mechanical structures with very complex power units. The calibration of parameters such as fuel injection, braking system, gear shift logic, steering ratio, and suspension style requires millions of debugging and tests by engineers to reach the optimal safety state before they can leave the factory. Rebuilding the OTA becomes unstable for power output, disrupting the balanced parameter settings.</p><p>Besides the security vulnerabilities of physical hardware devices, OTA technology is at risk of being hacked during remote upgrades. When a car downloads an upgrade package, hackers can use network means to send the virus-infected upgrade package to the vehicle, thereby modifying the system, remotely controlling it, and extorting money. Extreme weather or unstable network conditions can also cause vulnerabilities in the upgrade package, leading to vehicle upgrade failures.</p><p>We can see that OTA technology requires extensive security testing in the matching, protocol, and design processes of physical device components. There are hidden dangers in any link between software and hardware devices, and the safety of enterprises and vehicles is a matter of life and death, which should not be taken lightly. Taking Tesla's recent recall as an example, ACC adaptive cruise control is typically designed by automakers to use a button or independent lever to activate the adaptive cruise control function. However, Tesla is prone to accidental operation when using the adaptive cruise control function, which is a design logic flaw. Tesla's solution is to raise the threshold for activating active cruise control and add reminders for its activation and deactivation to prevent accidental touches from happening again.</p><p>Even a small mistake in the logic of a function can lead to irreversible consequences. When it comes to security issues, we cannot assume that everyone is cautious without a mental short circuit. If you follow vehicle-related news recalls, it's not uncommon. OTAs can fix some software malfunctions through upgrades, but whether they will bring new problems is also an issue that urgently needs to be addressed. As we can see, OTA technology is a double-edged sword for automakers. Discussing whether it is absolutely safe is meaningless. The path to intelligentization of OTA cars will not be accomplished overnight. Some system flaws require time to be gradually iterated and optimized. After all, no product is perfect from the beginning of its design.</p><p><img src=\"https://static.tigerbbs.com/e094f51a71e4d181f644eb1da3c657c5\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>The current market trend is that automakers are gradually embracing OTA technology and will not throw the baby out with the bathwater because of local restrictions. OTA technology is becoming a standard feature of smart cars, and its technology penetration rate has increased particularly significantly. Data shows that 30% of vehicles sold globally in 2020 had OTA functionality. By 2025, this proportion will rise to 79%. According to data released by the Gaogong Intelligent Vehicle Research Institute, the OTA adoption rate of new cars in the Chinese market reached 22.42% in 2020, and is expected to increase to 35-40% this year.</p><p>Although many automakers are actively marketing OTA upgrade technology at their press conferences, there are still quite a few people swimming naked. Most automakers are still at the SOTA upgrade level, which is the functional upgrade of entertainment and interaction. Very few automakers can carry out OTA upgrades for the whole vehicle. Currently, newcomers such as Tesla, Li Auto, and XPeng have OTA capabilities for complete vehicles. OTA upgrades for the entire vehicle are a very significant difference between intelligent vehicles and traditional vehicles. Looking at the development history of OTA automobiles, the automotive industry's demand for OTAs has gradually evolved from the parts level, vehicle level, and enterprise level to the industry ecosystem level. Traditional automakers such as BMW, Volkswagen, and SAIC-GM are actively reforming and restructuring their electronic architectures in this major transformation to achieve OTA (Online Vehicle Transfer) for their vehicles.</p><p><b>OTA Auto's Future Test Road</b></p><p>Most automakers can now achieve OTA, or SOTA, for in-vehicle infotainment systems, but the real tough nut to crack is FOTA for the entire vehicle. Because it involves the electronic architecture, hardware configuration, and software development capabilities of vehicle manufacturers in new cars. The electronic controller needs to be deeply integrated with the equipment's update mechanism. Under what state the vehicle is flashed, and how to ensure the stability and safety of the update process are all challenges that need to be considered. For example, there are hundreds of ECUs (automotive electronic control components) in the vehicle's internal architecture, connected to different communication networks. Each network has a different data transmission protocol and is quite complex. The more controllers are upgraded, the more difficult it is to consider the network communication topology protocol. OTA suppliers need to have a clear understanding of the characteristics of each communication line in order to efficiently achieve software upgrades.</p><p><img src=\"https://static.tigerbbs.com/5529364f1b506bceb17619a2c75f3112\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>In terms of information security, there is a potential risk of being counterfeited, stolen, or attacked during OTA data transmission. During communication, it can be hijacked and tampered with by malicious hackers, which may lead to abnormal vehicle operation, privacy leaks, and threats to financial or even life safety. Ensuring the safety upgrade path of OTA vehicles is particularly important. OTA car manufacturers need to build a well-designed identification key technology architecture, and the verification mechanism and upgrade conditions require two-way control in order to ensure an integrated edge-to-cloud information security system.</p><p>The realization of OTA vehicle functions relies on the continuous development of gateway protocols, network security, and computing algorithm technologies. Although electronic modules and software technologies are developing in tandem and are being applied in more and more vehicles, the technology has not yet matured to the stage of widespread social recognition. The development of intelligent vehicles is long and arduous, and there is still a lot of room for updates and improvements. The optimization of OTA vehicle functions and the differentiation of services need to evolve in tandem. Fortunately, we will witness the surprises brought by OTA vehicles together.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/A_39xXiiqsAP9SDbQjbWLA\">脑极体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/404652f159ffcb9982e091e353fdade0","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/A_39xXiiqsAP9SDbQjbWLA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148808400","content_text":"特斯拉在科技圈中，是个有话题有热点的黑网红，曝出来的永远都是各种控制系统失控出车祸的新闻，这不最近又闯祸了。近日消息，特斯拉召回部分进口和国产Model 3、国产Model Y电动汽车，共计285520辆，召回的主要原因是车辆存在主动巡航控制系统安全隐患，易造成驾驶员在转弯或者在D挡位情形误激活主动巡航功能，可能出现车辆速度突增情形，极端情况下可能导致车辆发生碰撞。\n看起来非常吓人，毕竟是关系到用车安全的问题。特斯拉此次的大规模召回不是物理上将车返厂返点的方式，而是通过汽车远程升级OTA的技术，用户无需到店即可完成在线升级。看似很严重的安全隐患仅仅通过OTA升级安全包的更新就可以解决问题吗？这种召回方式，没有车厂后续的常规安全测试，总觉得让人不安，甚至也会让人对OTA技术本身是否安全有疑虑。那么OTA系统到底安全吗？想要回答这个问题，先从什么是OTA汽车聊起。\nOTA汽车到底是什么？\nOTA的全称“Over-The-Air”，即空中下载技术（远程升级技术），通过无线网络下载数据包从而对系统更新进而改善终端功能和服务的技术。我们的电脑和手机进行系统更新的时候也是用的这个OTA技术。OTA进行系统升级的目的就是修复系统漏洞、优化改善以获得更多的功能、性能提升，又或者是视觉效果的改善，且这种更新是通过联网后在线检测、匹配版本、下载新的代码到本地进而执行安装、校验等程序。\n\nOTA技术最早应用于的汽车就是在2012年特斯拉推出的ModeL S上，内容更新范围包括人机交互、自动驾驶、动力电池系统等模块，当时特斯拉可以通过OTA完成钥匙卡漏洞、提升续航里程、提高最高速度、提升乘坐舒适度等。\n汽车OTA技术根据升级固件的差异，可以分为SOTA（Software OTA，软件空中升级）和FOTA（Firmware OTA，固件空中升级），即整车OTA。其中，SOTA只能对车辆应用层软件更新，仅限车机、信息娱乐等软件，几乎没有硬件调度的能力，车企实现难度较小，市面上经常看到宣传的OTA汽车大多数都是仅具有SOTA技术。而FOTA是对车辆控制器的系统层进行升级，影响的是车的动力系统、电池管理等系统，比如可以对底盘、动力、ADAS等底层系统进行OS层的软件更新。\n搭载OTA技术的汽车跟传统的汽车主要的区别是：在性能方面，搭载OTA技术的汽车车载实现的功能更丰富，总的来说是从这几方面实现功能：可以修复系统bug，更新驱动，优化UI界面，删除问题APP，大版本升级等。大多数车用OTA一般是针对娱乐系统、导航等推出在线系统更新。\n其次是车辆遇到软件故障或是需要更新时，传统汽车需要将车开到4S店利用专业电脑修复，耗费的时间精力，而搭载OTA技术的汽车可以足不出户就完成车辆升级，修复问题，节省成本与时间。比如OTA汽车可以对汽车的ECU软件进行更新。ECU是汽车电子控制器，通俗的来说就是汽车的大脑，新车出厂时动力不会完全发挥出来，通常会留下一部分可提升的空间，刷ECU就是通过一些技术手段，在原厂发动机能承受的基础上对ECU进行编码，达到提升马力或扭矩的目的，传统汽车想要刷ECU需要借助原厂的技术，OTA汽车可以在线升级这种能力。\n从上述的描述可以看出搭载OTA技术的车辆实现的功能以及便捷性让人心动与青睐，但是因为OTA技术本身涉及到对车辆物理性能比如ECU改变、电池性能改变、以及车辆软件体验功能的改变，在这其中，也有一些暗礁可能被触及。\nOTA汽车是把双刃剑\n从传统车企的保守选择来看，大家没有照单全收这些美好的体验，没有那么热衷搭载也是有原因的，OTA汽车也是把双刃剑。\n\n首先是因为传统汽车成熟的研发周期和稳定的企业架构，想要实现OTA需要新匹配的元器件太多，产线与企业结构的改变成本太大，这些新的元器件都需要经过高成本的测试，汽车厂商不会将一堆未经测试考验的“半成品”集成后推向市场，影响生命财产安全。\n从技术原因分析来看，主要是跟传统汽车的结构有关。传统的汽车都是纯机械结构，动力单元非常复杂，喷油量、刹车系统、换挡逻辑、转向比、悬挂风格等参数关系标定，需要被工程师千万次调试测试到最佳安全状态才能出厂。而重新搭建OTA对于动力输出来说变得不稳定，破坏平衡的参数设定。\n除了因为物理硬件设备的安全隐患外，OTA技术在远程升级过程中，有被黑客攻击的风险。汽车在下载升级包的过程中，黑客可以利用网络手段将被病毒升级包发送给车辆，进而修改系统、远程控制、勒索钱财。如果遇到一些极端天气或者环境网络不稳定的情况，也会导致升级包出现漏洞，进而使得车辆升级失败。\n我们可以看到OTA技术在物理设备元器件本身的匹配以及协议和设计过程需要经过大量的安全测试，软硬件设备之间的链接耦合无论是哪个环节存在隐患，对于企业和车辆的安全都是生死存亡的问题，不能儿戏。拿特斯拉汽车此次召回事件来说，ACC自适应巡航控制的操作,常规的车企设计方案是采用按键式或者独立拨杆的操作开启自适应巡航功能，但是特斯拉在使用自适应巡航控制功能的时候容易有误操作，这是一个设计逻辑上的缺陷，特斯拉的解决方案是提升激活主动巡航的阈值，加入了其激活和退出的提醒，避免误触的可能再发生。\n小小的一个功能逻辑设定有误的话，也会带来万劫不复的结果，对于安全问题，不能假设所有人都是小心谨慎没有大脑短路的时候。如果关注车辆相关的的新闻召回事件屡见不鲜，对于软件故障，OTA可以通过升级可以解决部分故障，但是是否还会带来新的问题，也会是个亟待解决的问题。可以看到OTA技术对于车企而言，是把双刃剑，讨论其是否绝对安全也没有意义，OTA汽车的智能化之路，不会一蹴而就，一些系统的瑕疵需要时间去逐渐迭代优化，毕竟没有任何产品在设计之初就是完美的。\n\n目前整个市场发展的趋势就是车企逐渐在拥抱OTA技术，不会因为局部的限制因噎废食。OTA技术正成为智能汽车标配， 其技术渗透率提升尤为明显。有数据显示，在2020年全球售出的车辆中，有30％具有OTA功能。到2025年，该比例将上升至79％。而根据高工智能汽车研究院发布的数据，2020年中国市场新车OTA搭载率已经达到22.42%，预计今年将提升至35-40%。\n尽管不少车企在发布会卖力营销OTA升级技术，但裸泳的人也不少，大多数车企还是停留在SOTA升级层面，也就是娱乐互动层面的功能升级，能够进行整车OTA升级的车企屈指可数。目前有着整车OTA能力的是特斯拉、理想、小鹏、等新贵。而面向于整车OTA升级，才是智能汽车区别于传统汽车的一个非常显著的标志。从OTA汽车的发展历程上来看，汽车行业对于OTA的需求是逐步由零部件级、整车级、企业级发展到行业生态级。宝马、大众、上汽通用等传统车企在这个大的变革中积极改革进行电子架构重构，以实现整车OTA。\nOTA汽车未来的大考之路\n现在大部分车企都能做到车机娱乐系统的OTA，也就是 SOTA，但真正难啃的硬骨头是整车FOTA。因为其涉及整车制造商在新车上的电子架构、硬件配置以及软件自研能力。电子控制器需要与设备的更新机制进行深度整合，车辆在什么状态下进行刷写，如何确保确保更新过程的稳定性与安全性，这些实现上的难点都是要考虑的。比如汽车内部件的ECU（汽车电子控制元器件），它们在整车的架构中数量为几百个，连接在不同的通讯网络中，每条网络的数据传输协议不同，比较复杂，升级的控制器越多考量的网络通讯拓扑结构协议翻番难度上升，需要OTA供应商对每条通讯线路的特点有清晰的认知才能高效地实现软件升级。\n\n在信息安全方面，OTA数据传输的过程中，有被仿冒、窃取、攻击的潜在风险，在通讯过程中会被不怀好意的黑客挟持与篡改，可能导致车辆运行异常、隐私泄露、财务甚至是生命安全受到威胁。保障OTA汽车的安全升级之路尤为重要。OTA汽车厂商需要搭建设计完善的标识秘钥技术架构，验证机制与升级条件的限定需要双向把控，才能保障端云一体的信息安全体系。\nOTA汽车功能的实现背后依托网关协议、网络安全、算力算法技术持续开发等多方面能力发展，虽然电子模块与软件技术协同发展，在整车上应用的越来越多，但技术还是没有成熟到社会广泛认同的阶段，智能汽车的发展之路长途漫漫，更新和改善的空间还是很大，OTA汽车功能上的优化，服务的差异化需要同步进化，幸运的是我们会一起见证OTA汽车带来的惊喜。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":5123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150517724,"gmtCreate":1624921505068,"gmtModify":1703847769587,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568614602734225","idStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150517724","repostId":"2146002531","repostType":4,"isVote":1,"tweetType":1,"viewCount":5346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128080212,"gmtCreate":1624495318936,"gmtModify":1703838254342,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568614602734225","idStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Thanks.","listText":"Thanks.","text":"Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128080212","repostId":"2145086880","repostType":4,"repost":{"id":"2145086880","kind":"news","pubTimestamp":1624415733,"share":"https://ttm.financial/m/news/2145086880?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:35","market":"sh","language":"zh","title":"\"Inflation trading\" can take a break.","url":"https://stock-news.laohu8.com/highlight/detail?id=2145086880","media":"首席经济学家论坛","summary":"当分析师和媒体同志们还在讨论“通胀”和“滞胀”的时候，市场已经开始在交易通缩了：\n1、近期10年期美债收益率明显下行，而且30年期的下行更多，市场收益率平坦化了，弄得美股的金融股开始下跌，因为平坦化的","content":"<p>While analysts and media colleagues were still discussing \"inflation\" and \"stagflation,\" the market had already begun trading deflation:</p><p><b>1. Recently, the yield on 10-year US Treasury bonds has declined significantly, and the decline on 30-year bonds has been even greater. Market yields have flattened, causing US financial stocks to begin to decline, because a flattened yield curve is obviously not conducive to financial stocks.</b></p><p><img src=\"https://static.tigerbbs.com/f41e5ab0e766c9ad9f0ba20a3b94394e\" tg-width=\"595\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>2. Inflation expectations, adjusted for the difference between the nominal and real interest rates of 10-year US Treasury bonds, also declined significantly after the interest rate meeting, falling by about 20 basis points from a high of nearly 2.5% in June.</b>；</p><p><img src=\"https://static.tigerbbs.com/09b9efa46c7de85be5df95df824a853b\" tg-width=\"593\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>3. The real interest rate is equal to the nominal interest rate minus inflation expectations. When the nominal interest rate falls, gold continues to fall, and gold prices have historically been inversely related to the real interest rate in Treasury Bond, USA.</b>In other words, the fact that real interest rates rose when nominal interest rates fell only indicates that deflationary expectations are indeed quite strong.</p><p><b>4. The expectation of a one-sided rise in commodities seems to have disappeared.</b>Taking copper as an example, copper inventories on the London Metal Exchange increased by 24,925 tons, a surge of 17%. After conducting some research, it was said that the supply and demand of copper were not so good. The strength of copper prices largely relied on the support of loose liquidity. Under the expectation of price increases, the supply chain bought when prices rose rather than when prices fell, and inventory became implicit. However, now that the Federal Reserve's rate hike expectations have been brought forward, the National Reserve has also sold inventory directly to downstream companies. After the expectation of price increases disappeared, the implicit inventory of hoarding became directly explicit, and the expectation of price increases has been shaken.</p><p><b>5. Judging from the recent performance of the US stock market, market style preferences have also changed significantly, with the Nasdaq clearly outperforming the Dow Jones Industrial Average.</b>Growth performance significantly outperforms cycle and value.</p><p>So the question arises: what exactly happened that caused market expectations to change so rapidly?</p><p>To answer this question, let's first briefly analyze how inflation comes about.</p><p><b>I. The Origin of Inflation</b></p><p>This round of quantitative easing in the United States is fundamentally different from the 2008 financial crisis.</p><p>This time, the United States directly distributed the money issued by the Federal Reserve to residents through fiscal stimulus, while quantitative easing during the 2008 financial crisis gave the money to financial institutions to help them deal with bad debts and illiquid assets.</p><p>Giving money to residents can directly create aggregate demand, but giving it to financial institutions can only create aggregate demand when the real economy has financing needs.</p><p>Because the demand stimulation model of helicopter money-spending deviates from traditional historical experience, the speed of production adjustment is slower than the speed of demand expansion, which leads to supply chain bottlenecks and a shortage of goods on the production side.</p><p>Looking at the US inventory-to-sales ratio data can illustrate some points. The seasonally adjusted retailer inventory-to-sales ratio is the lowest at only 1.07, while wholesaler inventory is also relatively low at 1.22, while the manufacturer inventory-to-sales ratio is as high as 1.48, which is still high.</p><p><img src=\"https://static.tigerbbs.com/48ebb5dc27d1a4d9b56b06e650782960\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What does this mean?</p><p>This shows that after the United States introduced welfare benefits, the consumer demand of the American people was too strong, causing retailers to run out of stock. However, because the workforce was still receiving unemployment benefits and was unwilling to return to work, and those who returned to work were mainly in the service industry rather than manufacturing. In addition, raw materials were expensive and transportation capacity was tight, so production did not recover much.</p><p>The US retail sales figure for May was $620.2 billion, while the US retail sales figure for 2019 was just over $500 billion. Looking at the industrial production index, it was less than 100 in May, but around 102 in 2019.</p><p>In other words, consumption is well above pre-pandemic levels, but production has not yet recovered to pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/acd06a9419c601db0a7cd0d4b4b66049\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Originally, American import suppliers had more options, such as forcing China's industrial chain to relocate to places with lower labor costs (India, Southeast Asia) by attacking China's textile industry and driving up upstream costs. Since consumer demand is strong but production is insufficient, how should the supply-demand gap be met? We can only rely on imports.</p><p>Unexpectedly, the outbreak of the COVID-19 pandemic in India in April disrupted this plan. The epidemic not only appeared in India, but also spread rapidly to Southeast Asian countries, Taiwan and Japan, which are also many of the world's production bases. As a result, China's industrial chain not only did not relocate abroad, but instead further concentrated production resources domestically, and FDI has been flowing into China at an accelerated pace recently.</p><p><img src=\"https://static.tigerbbs.com/453c45b93dd234e782b6886c74a10046\" tg-width=\"589\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p>Because the retail inventory gap in the United States is rigid, and countries and regions with production capacity have also been shut down due to the new round of the pandemic, the gap in US consumption and inventory can basically only be balanced by imports from China.</p><p><img src=\"https://static.tigerbbs.com/d0f6894c423cdb48c2a83c6b2eb33a26\" tg-width=\"588\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p><p><b>II. Orders that cannot be accepted</b></p><p>Now let's come back and take a look at China.</p><p>Because China took the lead in controlling the epidemic and subsidized enterprises through credit during the pandemic, thus preserving enterprises and production capacity, China has been a mainstay in stabilizing global inflation since last year. The global supply system is highly dependent on Chinese production, and shipping costs have increased by more than 4-5 times compared to before the pandemic. Stocks related to shipping have also increased several times.</p><p><img src=\"https://static.tigerbbs.com/c2d563c458f06a2b983ad41fdf8636d9\" tg-width=\"588\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>However, looking at current economic data, new export orders in the May PMI were only 48.3%, below the boom-bust threshold, a significant decline compared to the previous value of 50.4%. Export growth in May was 27.9%, lower than the previous figure of 32.3%, and there is now more discussion in the market about the peak of external demand.</p><p>Logically and practically speaking, companies should not lack orders, because currently overseas can only rely on China's production capacity.</p><p>We tend to believe that the decline in new export orders is not because companies lack orders, but rather because they are hesitant to accept orders easily.</p><p>Why are companies afraid to accept orders? The main reason is that upstream commodities are available too quickly, and they lose money as soon as they take orders.</p><p>There are three main reasons for the rapid rise in upstream commodity prices:</p><p>1. Demand in the United States can be met by printing money. Most non-ferrous metals are priced in US dollars, and the decline of the US dollar and the expansion of demand are beneficial to upstream commodities.</p><p>2. Upstream supply is unavailable, some of which is due to the lack of vaccines in emerging markets, which prevents work from resuming. The spread of the epidemic in India has exacerbated this trend. For example, the supply of semiconductor supply chains is tight, and the supply of scrap copper and some rare minerals has been disrupted. Some are because unions are strong; Others feel that demand is unsustainable, that good short-term demand is just a product of the United States, and that it is not sustainable. From expanding production capacity to releasing output now, it will be three years from now. However, if there is no such good demand in the future, they will lose money. So it is better to take advantage of the current price increase to maintain the oligopoly and make enough cash flow now.</p><p>3. For commodities with pricing power in China, due to demands such as \"dual carbon\" targets and safe production, there are expectations of production cuts in the market, leading to hidden inventory. Moreover, downstream suppliers also expect future supply shortages and can only panic stockpiling now, which exacerbates expectations of upstream price increases.</p><p>Data shows that the PPI reached a high of 9% year-on-year in May, while the CPI was only 1.3% year-on-year. Both the PMI raw material price minus the finished product price and the PPI raw material price minus the PPI processing price year-on-year hit record highs, indicating that the downstream manufacturing sector is constantly enduring upstream inflation.</p><p><img src=\"https://static.tigerbbs.com/bf605a70afe88045b7636a1a9c9e0b19\" tg-width=\"589\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>However, there must be a limit to everything. When the contradiction between upstream price increases accumulates to a certain extent, companies will naturally hesitate to accept orders if they experience long-term \"increased revenue but not increased profits\" and \"thankless effort,\" because the more orders they accept, the more they will lose money.</p><p><img src=\"https://static.tigerbbs.com/3e11053c2e74d92908dd4a04aa0cfcda\" tg-width=\"587\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><b>III. The Enigmatic Interest Rate Meeting</b></p><p>The most interesting thing about the June interest rate meeting was that the Taper, which the market was paying attention to, was basically not mentioned much. The wording was very vague, only stating that the prerequisite for initiating the Taper was to achieve the goal of \"substantial progress\" in the economy, and the standard for \"substantial progress\" was determined by the Federal Reserve.</p><p>However, what surprised the market most about the June interest rate meeting was that rate hike expected it to rise ahead of schedule, believing that the number of members in rate hike would increase from 4 to 7 in 2022, and the number of members in rate hike would increase from 7 to 13 in 2023.</p><p>In summary, the June interest rate meeting guided rate hike to bring forward expectations and \"kept quiet\" about Taper, which the market is most concerned about.</p><p>The key question is, what is the Federal Reserve's intention in doing this?</p><p>Following the interest rate meeting, the market followed a combination of a sharp rise in the US dollar and a decline in the 10-year US Treasury yield, which is quite puzzling.</p><p>Let's start by guessing why the Federal Reserve is keeping quiet about Taper.</p><p>In the first quarter, because the market had formed optimistic expectations that the US economy would recover quickly after effective vaccination, and the market's expectations for inflation were very high at the time, the yield on 10-year US Treasury bonds rose very quickly in the first quarter. In just a few trading days, the yield rose from less than 1% to a high of 1.78% at the end of March.</p><p>However, the Federal Reserve believes that market expectations have gone too far, constantly emphasizing that inflation is temporary and failing to meet market expectations. The Federal Reserve's balance sheet expansion continued in the second quarter, and against the backdrop of massive fiscal deposit injections, various short-term interest rates were pushed down to around zero.</p><p><img src=\"https://static.tigerbbs.com/f54f3462ee6ddf13338f6b301b11d78b\" tg-width=\"586\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p>There were reasons why the Federal Reserve did this in the second quarter. In the first quarter, although vaccines were being administered rapidly and the US economy benefited from vaccines and was indeed recovering rapidly, neither the number of jobs nor the growth rate of wages were far from reaching the level before the pandemic.</p><p>Exiting easing means reducing fiscal policy, but there is still a high degree of uncertainty as to whether the economic environment in the first quarter can absorb the large number of workers returning due to the withdrawal of welfare benefits.</p><p>However, by the end of the second quarter, it was clear that the economy was showing signs of overheating, and the labor market was beginning to fall short of demand. While wages are rising, the number of job vacancies is also increasing.</p><p>The number of job vacancies in the United States has recently reached 9.29 million, compared to about 7 million in 2019. The job vacancy rate is as high as 6%, while the average level in 2019 was only about 4%.</p><p><img src=\"https://static.tigerbbs.com/f6fb48b1ad455cf8f930a98f6abb2752\" tg-width=\"591\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p>At this point, due to the overheating of the job market, the basis for withdrawing from unemployment benefits was initially in place. What is hindering the job recovery is no longer a weak economic recovery, but rather relief payments that even exceed the wages that many employers can pay, which is causing the labor market to recover slowly. Therefore, starting in June, some states have begun to eliminate the $300 per week unemployment benefit.</p><p>We believe that Taper's \"silence\" suggests that the Federal Reserve's goal of \"substantial progress\" in the economy most likely refers to a significant increase in employment data after the withdrawal of unemployment benefits. This is the only way to verify that the US economy is fully on track.</p><p>This is why the unemployment rate target was not raised at this policy meeting, and the unemployment rate remained at 4.5% after the number of new jobs continued to fall short of expectations, because the Federal Reserve expects the labor force to gradually return to the job market after unemployment benefits are withdrawn.</p><p>In short, the Federal Reserve's target of \"substantial progress\" can only be met when there is a significant improvement in new jobs. Only then will the Federal Reserve seriously consider whether to reduce the size of its quantitative easing.</p><p>Next, let's review how inflation in the United States was formed.</p><p>The first is that money printing machines distribute money to residents, leading consumers to \"buy, buy, buy\"; The second reason is that domestic production has not recovered because the employment force has not returned, logistics costs are rising, and the supply of upstream raw materials is scarce (such as a shortage of automobile chips and timber for building houses). Thirdly, costs such as raw material prices and shipping costs have risen too rapidly, and China is unable to accept new export orders.</p><p>Against the backdrop of rapid demand expansion and relatively tight supply, we have seen US inflation exhibit a characteristic of \"unquantifiable rise\". Because supply simply cannot match the rate of demand expansion, households cannot buy goods even if they want to, so prices can only jump.</p><p>This is very similar to the US housing market. Existing home sales data has been declining since the beginning of this year, but this does not mean that demand has weakened, because the selling prices of existing homes are still rising at an accelerated pace, while US existing home inventory is being depleted.</p><p><img src=\"https://static.tigerbbs.com/95300d19a8a8ee5d831b8f969ae8b639\" tg-width=\"589\" tg-height=\"302\" referrerpolicy=\"no-referrer\"></p><p>To alleviate inflationary pressures, the logic is actually quite simple: either curb demand, such as reducing welfare benefits, or guide employment back to various positions and boost production. When welfare benefits decrease, demand weakens, while production increases, inflationary pressures naturally decrease.</p><p>The key now is whether new job creation can increase in the future, which depends on:</p><p>1、<a href=\"https://laohu8.com/S/QC7.SI\">the whole people</a>After immunization, the strength of the recovery of the US service sector, if oil prices, production and supply are relatively stable, can be used as a high-frequency proxy indicator for the recovery of the service sector.</p><p>2. Have small and medium-sized enterprises and supply chains in the United States suffered medium- to long-term damage due to the pandemic? If so, the supply chain and production links in the United States will not absorb many jobs and will not have the effect of restoring production.</p><p>These macroeconomic variables are still uncertain, at least for now. The answer will only become clear after unemployment benefits are withdrawn and employment can increase.</p><p>Therefore, the Federal Reserve will not rush to discuss Taper before employment increases and gaps are filled, nor will it withdraw from providing welfare to the household sector so quickly. According to data from the U.S. Department of Labor, 70% of unemployment benefits will not be phased out until the end of the third quarter of this year.</p><p>If the United States cannot curb demand or expand production in the short term, then there is only one way to alleviate inflation: reduce upstream costs, devalue the exchange rates of producing countries, and replenish retail inventories by increasing imports to producing countries.</p><p>This is why the Federal Reserve dares not mention Taper, because there is still some uncertainty about whether the job market can recover. However, the Fed is willing to advance the market's rate hike expectations and push up the dollar, because this can not only depreciate the exchange rate of producing countries and thus expand imports, but also suppress the prices of upstream commodities, give the domestic and producing countries some production profits, and facilitate the rebuilding of retail inventory.</p><p><b>IV. Market Meaning</b></p><p>At this point in the story, we believe the logic of the subsequent market becomes very clear.</p><p>At least in the short term, there is no need to pay too much attention to whether the Federal Reserve will Taper, because this will only happen after confirmation of job gap repair before it becomes the focus of market pricing.</p><p>The inflation or stagflation that everyone is talking about now is essentially the result of a sharp mismatch between supply and demand. When the elasticity of supply weakens to a certain extent, inflation appears in the form of \"unlimited increases\".</p><p>Therefore, the main contradiction in the global economy is no longer to continue issuing money to boost aggregate demand and keep prices rising, but to repair fragile supply chains and mitigate inflation expectations through supply recovery.</p><p>In other words, market pricing deflation is not necessarily due to weakening demand in the pricing economy, but more likely to result in a short-term recovery of bottlenecks in the pricing supply chain.</p><p>If the United States cannot rebuild its inventory in the short term by rebalancing demand and production, the problem of supply chain bottlenecks will need to be solved by expanding imports.</p><p>Because rising commodity prices have caused production supply chain costs to climb too rapidly, making it difficult to keep up with orders, suppressing upstream commodity prices will become a consensus between China and the United States at this stage.</p><p>The focus of the power struggle between the two countries will not be on a \"pepper-throwing\" basis at present, but may instead be concentrated in the field of technological innovation that will create a \"technological generation gap\".</p><p>Therefore, it is best not to expect a unilateral rise in commodity prices at this time, as betting on a continued unilateral rise in commodity prices will likely result in losses.</p><p>In fact, the support for rising commodity prices is not entirely due to how strong current demand is; the expectation that demand exceeds supply plays a significant role.</p><p>The low inventory of many commodities is not necessarily due to insufficient supply despite strong current demand, but rather to the expectation that future demand will far exceed supply, leading to panic hoarding by downstream suppliers. Coupled with inventory hoarding by traders, rising prices have made inventory hidden, which in turn has further driven up prices.</p><p>Once the expectation of a unilateral price increase is gone, all the hidden inventory will come out.</p><p>If the United States needs to alleviate the contradiction of insufficient consumer goods inventories through imports and the depreciation of the RMB exchange rate, this means that China's exports will not have much trouble maintaining high levels in the third quarter.</p><p>In this round of domestic investment, real estate and infrastructure are pressing down. Both industrial production and manufacturing investment are basically driven by exports. As long as exports can remain high, it means that the economic fundamentals in the third quarter are at least not weak.</p><p>As long as fundamentals are in place, stock risk appetite can be guaranteed. Moreover, if upstream price increases can be truly controlled, profit margins in the midstream and downstream sectors will emerge. It is worth paying attention to opportunities in growth sectors, especially the policy premiums for independently controllable underlying core components and materials.</p><p>Of course, \"inflation trading\" can be temporarily suspended.</p>","source":"lsy1583127396478","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>\"Inflation trading\" can take a break.</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\">\n\"Inflation trading\" can take a break.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">首席经济学家论坛</strong><span class=\"h-time small\">2021-06-23 10:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While analysts and media colleagues were still discussing \"inflation\" and \"stagflation,\" the market had already begun trading deflation:</p><p><b>1. Recently, the yield on 10-year US Treasury bonds has declined significantly, and the decline on 30-year bonds has been even greater. Market yields have flattened, causing US financial stocks to begin to decline, because a flattened yield curve is obviously not conducive to financial stocks.</b></p><p><img src=\"https://static.tigerbbs.com/f41e5ab0e766c9ad9f0ba20a3b94394e\" tg-width=\"595\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>2. Inflation expectations, adjusted for the difference between the nominal and real interest rates of 10-year US Treasury bonds, also declined significantly after the interest rate meeting, falling by about 20 basis points from a high of nearly 2.5% in June.</b>；</p><p><img src=\"https://static.tigerbbs.com/09b9efa46c7de85be5df95df824a853b\" tg-width=\"593\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>3. The real interest rate is equal to the nominal interest rate minus inflation expectations. When the nominal interest rate falls, gold continues to fall, and gold prices have historically been inversely related to the real interest rate in Treasury Bond, USA.</b>In other words, the fact that real interest rates rose when nominal interest rates fell only indicates that deflationary expectations are indeed quite strong.</p><p><b>4. The expectation of a one-sided rise in commodities seems to have disappeared.</b>Taking copper as an example, copper inventories on the London Metal Exchange increased by 24,925 tons, a surge of 17%. After conducting some research, it was said that the supply and demand of copper were not so good. The strength of copper prices largely relied on the support of loose liquidity. Under the expectation of price increases, the supply chain bought when prices rose rather than when prices fell, and inventory became implicit. However, now that the Federal Reserve's rate hike expectations have been brought forward, the National Reserve has also sold inventory directly to downstream companies. After the expectation of price increases disappeared, the implicit inventory of hoarding became directly explicit, and the expectation of price increases has been shaken.</p><p><b>5. Judging from the recent performance of the US stock market, market style preferences have also changed significantly, with the Nasdaq clearly outperforming the Dow Jones Industrial Average.</b>Growth performance significantly outperforms cycle and value.</p><p>So the question arises: what exactly happened that caused market expectations to change so rapidly?</p><p>To answer this question, let's first briefly analyze how inflation comes about.</p><p><b>I. The Origin of Inflation</b></p><p>This round of quantitative easing in the United States is fundamentally different from the 2008 financial crisis.</p><p>This time, the United States directly distributed the money issued by the Federal Reserve to residents through fiscal stimulus, while quantitative easing during the 2008 financial crisis gave the money to financial institutions to help them deal with bad debts and illiquid assets.</p><p>Giving money to residents can directly create aggregate demand, but giving it to financial institutions can only create aggregate demand when the real economy has financing needs.</p><p>Because the demand stimulation model of helicopter money-spending deviates from traditional historical experience, the speed of production adjustment is slower than the speed of demand expansion, which leads to supply chain bottlenecks and a shortage of goods on the production side.</p><p>Looking at the US inventory-to-sales ratio data can illustrate some points. The seasonally adjusted retailer inventory-to-sales ratio is the lowest at only 1.07, while wholesaler inventory is also relatively low at 1.22, while the manufacturer inventory-to-sales ratio is as high as 1.48, which is still high.</p><p><img src=\"https://static.tigerbbs.com/48ebb5dc27d1a4d9b56b06e650782960\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What does this mean?</p><p>This shows that after the United States introduced welfare benefits, the consumer demand of the American people was too strong, causing retailers to run out of stock. However, because the workforce was still receiving unemployment benefits and was unwilling to return to work, and those who returned to work were mainly in the service industry rather than manufacturing. In addition, raw materials were expensive and transportation capacity was tight, so production did not recover much.</p><p>The US retail sales figure for May was $620.2 billion, while the US retail sales figure for 2019 was just over $500 billion. Looking at the industrial production index, it was less than 100 in May, but around 102 in 2019.</p><p>In other words, consumption is well above pre-pandemic levels, but production has not yet recovered to pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/acd06a9419c601db0a7cd0d4b4b66049\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Originally, American import suppliers had more options, such as forcing China's industrial chain to relocate to places with lower labor costs (India, Southeast Asia) by attacking China's textile industry and driving up upstream costs. Since consumer demand is strong but production is insufficient, how should the supply-demand gap be met? We can only rely on imports.</p><p>Unexpectedly, the outbreak of the COVID-19 pandemic in India in April disrupted this plan. The epidemic not only appeared in India, but also spread rapidly to Southeast Asian countries, Taiwan and Japan, which are also many of the world's production bases. As a result, China's industrial chain not only did not relocate abroad, but instead further concentrated production resources domestically, and FDI has been flowing into China at an accelerated pace recently.</p><p><img src=\"https://static.tigerbbs.com/453c45b93dd234e782b6886c74a10046\" tg-width=\"589\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p>Because the retail inventory gap in the United States is rigid, and countries and regions with production capacity have also been shut down due to the new round of the pandemic, the gap in US consumption and inventory can basically only be balanced by imports from China.</p><p><img src=\"https://static.tigerbbs.com/d0f6894c423cdb48c2a83c6b2eb33a26\" tg-width=\"588\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p><p><b>II. Orders that cannot be accepted</b></p><p>Now let's come back and take a look at China.</p><p>Because China took the lead in controlling the epidemic and subsidized enterprises through credit during the pandemic, thus preserving enterprises and production capacity, China has been a mainstay in stabilizing global inflation since last year. The global supply system is highly dependent on Chinese production, and shipping costs have increased by more than 4-5 times compared to before the pandemic. Stocks related to shipping have also increased several times.</p><p><img src=\"https://static.tigerbbs.com/c2d563c458f06a2b983ad41fdf8636d9\" tg-width=\"588\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>However, looking at current economic data, new export orders in the May PMI were only 48.3%, below the boom-bust threshold, a significant decline compared to the previous value of 50.4%. Export growth in May was 27.9%, lower than the previous figure of 32.3%, and there is now more discussion in the market about the peak of external demand.</p><p>Logically and practically speaking, companies should not lack orders, because currently overseas can only rely on China's production capacity.</p><p>We tend to believe that the decline in new export orders is not because companies lack orders, but rather because they are hesitant to accept orders easily.</p><p>Why are companies afraid to accept orders? The main reason is that upstream commodities are available too quickly, and they lose money as soon as they take orders.</p><p>There are three main reasons for the rapid rise in upstream commodity prices:</p><p>1. Demand in the United States can be met by printing money. Most non-ferrous metals are priced in US dollars, and the decline of the US dollar and the expansion of demand are beneficial to upstream commodities.</p><p>2. Upstream supply is unavailable, some of which is due to the lack of vaccines in emerging markets, which prevents work from resuming. The spread of the epidemic in India has exacerbated this trend. For example, the supply of semiconductor supply chains is tight, and the supply of scrap copper and some rare minerals has been disrupted. Some are because unions are strong; Others feel that demand is unsustainable, that good short-term demand is just a product of the United States, and that it is not sustainable. From expanding production capacity to releasing output now, it will be three years from now. However, if there is no such good demand in the future, they will lose money. So it is better to take advantage of the current price increase to maintain the oligopoly and make enough cash flow now.</p><p>3. For commodities with pricing power in China, due to demands such as \"dual carbon\" targets and safe production, there are expectations of production cuts in the market, leading to hidden inventory. Moreover, downstream suppliers also expect future supply shortages and can only panic stockpiling now, which exacerbates expectations of upstream price increases.</p><p>Data shows that the PPI reached a high of 9% year-on-year in May, while the CPI was only 1.3% year-on-year. Both the PMI raw material price minus the finished product price and the PPI raw material price minus the PPI processing price year-on-year hit record highs, indicating that the downstream manufacturing sector is constantly enduring upstream inflation.</p><p><img src=\"https://static.tigerbbs.com/bf605a70afe88045b7636a1a9c9e0b19\" tg-width=\"589\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>However, there must be a limit to everything. When the contradiction between upstream price increases accumulates to a certain extent, companies will naturally hesitate to accept orders if they experience long-term \"increased revenue but not increased profits\" and \"thankless effort,\" because the more orders they accept, the more they will lose money.</p><p><img src=\"https://static.tigerbbs.com/3e11053c2e74d92908dd4a04aa0cfcda\" tg-width=\"587\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><b>III. The Enigmatic Interest Rate Meeting</b></p><p>The most interesting thing about the June interest rate meeting was that the Taper, which the market was paying attention to, was basically not mentioned much. The wording was very vague, only stating that the prerequisite for initiating the Taper was to achieve the goal of \"substantial progress\" in the economy, and the standard for \"substantial progress\" was determined by the Federal Reserve.</p><p>However, what surprised the market most about the June interest rate meeting was that rate hike expected it to rise ahead of schedule, believing that the number of members in rate hike would increase from 4 to 7 in 2022, and the number of members in rate hike would increase from 7 to 13 in 2023.</p><p>In summary, the June interest rate meeting guided rate hike to bring forward expectations and \"kept quiet\" about Taper, which the market is most concerned about.</p><p>The key question is, what is the Federal Reserve's intention in doing this?</p><p>Following the interest rate meeting, the market followed a combination of a sharp rise in the US dollar and a decline in the 10-year US Treasury yield, which is quite puzzling.</p><p>Let's start by guessing why the Federal Reserve is keeping quiet about Taper.</p><p>In the first quarter, because the market had formed optimistic expectations that the US economy would recover quickly after effective vaccination, and the market's expectations for inflation were very high at the time, the yield on 10-year US Treasury bonds rose very quickly in the first quarter. In just a few trading days, the yield rose from less than 1% to a high of 1.78% at the end of March.</p><p>However, the Federal Reserve believes that market expectations have gone too far, constantly emphasizing that inflation is temporary and failing to meet market expectations. The Federal Reserve's balance sheet expansion continued in the second quarter, and against the backdrop of massive fiscal deposit injections, various short-term interest rates were pushed down to around zero.</p><p><img src=\"https://static.tigerbbs.com/f54f3462ee6ddf13338f6b301b11d78b\" tg-width=\"586\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p>There were reasons why the Federal Reserve did this in the second quarter. In the first quarter, although vaccines were being administered rapidly and the US economy benefited from vaccines and was indeed recovering rapidly, neither the number of jobs nor the growth rate of wages were far from reaching the level before the pandemic.</p><p>Exiting easing means reducing fiscal policy, but there is still a high degree of uncertainty as to whether the economic environment in the first quarter can absorb the large number of workers returning due to the withdrawal of welfare benefits.</p><p>However, by the end of the second quarter, it was clear that the economy was showing signs of overheating, and the labor market was beginning to fall short of demand. While wages are rising, the number of job vacancies is also increasing.</p><p>The number of job vacancies in the United States has recently reached 9.29 million, compared to about 7 million in 2019. The job vacancy rate is as high as 6%, while the average level in 2019 was only about 4%.</p><p><img src=\"https://static.tigerbbs.com/f6fb48b1ad455cf8f930a98f6abb2752\" tg-width=\"591\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p>At this point, due to the overheating of the job market, the basis for withdrawing from unemployment benefits was initially in place. What is hindering the job recovery is no longer a weak economic recovery, but rather relief payments that even exceed the wages that many employers can pay, which is causing the labor market to recover slowly. Therefore, starting in June, some states have begun to eliminate the $300 per week unemployment benefit.</p><p>We believe that Taper's \"silence\" suggests that the Federal Reserve's goal of \"substantial progress\" in the economy most likely refers to a significant increase in employment data after the withdrawal of unemployment benefits. This is the only way to verify that the US economy is fully on track.</p><p>This is why the unemployment rate target was not raised at this policy meeting, and the unemployment rate remained at 4.5% after the number of new jobs continued to fall short of expectations, because the Federal Reserve expects the labor force to gradually return to the job market after unemployment benefits are withdrawn.</p><p>In short, the Federal Reserve's target of \"substantial progress\" can only be met when there is a significant improvement in new jobs. Only then will the Federal Reserve seriously consider whether to reduce the size of its quantitative easing.</p><p>Next, let's review how inflation in the United States was formed.</p><p>The first is that money printing machines distribute money to residents, leading consumers to \"buy, buy, buy\"; The second reason is that domestic production has not recovered because the employment force has not returned, logistics costs are rising, and the supply of upstream raw materials is scarce (such as a shortage of automobile chips and timber for building houses). Thirdly, costs such as raw material prices and shipping costs have risen too rapidly, and China is unable to accept new export orders.</p><p>Against the backdrop of rapid demand expansion and relatively tight supply, we have seen US inflation exhibit a characteristic of \"unquantifiable rise\". Because supply simply cannot match the rate of demand expansion, households cannot buy goods even if they want to, so prices can only jump.</p><p>This is very similar to the US housing market. Existing home sales data has been declining since the beginning of this year, but this does not mean that demand has weakened, because the selling prices of existing homes are still rising at an accelerated pace, while US existing home inventory is being depleted.</p><p><img src=\"https://static.tigerbbs.com/95300d19a8a8ee5d831b8f969ae8b639\" tg-width=\"589\" tg-height=\"302\" referrerpolicy=\"no-referrer\"></p><p>To alleviate inflationary pressures, the logic is actually quite simple: either curb demand, such as reducing welfare benefits, or guide employment back to various positions and boost production. When welfare benefits decrease, demand weakens, while production increases, inflationary pressures naturally decrease.</p><p>The key now is whether new job creation can increase in the future, which depends on:</p><p>1、<a href=\"https://laohu8.com/S/QC7.SI\">the whole people</a>After immunization, the strength of the recovery of the US service sector, if oil prices, production and supply are relatively stable, can be used as a high-frequency proxy indicator for the recovery of the service sector.</p><p>2. Have small and medium-sized enterprises and supply chains in the United States suffered medium- to long-term damage due to the pandemic? If so, the supply chain and production links in the United States will not absorb many jobs and will not have the effect of restoring production.</p><p>These macroeconomic variables are still uncertain, at least for now. The answer will only become clear after unemployment benefits are withdrawn and employment can increase.</p><p>Therefore, the Federal Reserve will not rush to discuss Taper before employment increases and gaps are filled, nor will it withdraw from providing welfare to the household sector so quickly. According to data from the U.S. Department of Labor, 70% of unemployment benefits will not be phased out until the end of the third quarter of this year.</p><p>If the United States cannot curb demand or expand production in the short term, then there is only one way to alleviate inflation: reduce upstream costs, devalue the exchange rates of producing countries, and replenish retail inventories by increasing imports to producing countries.</p><p>This is why the Federal Reserve dares not mention Taper, because there is still some uncertainty about whether the job market can recover. However, the Fed is willing to advance the market's rate hike expectations and push up the dollar, because this can not only depreciate the exchange rate of producing countries and thus expand imports, but also suppress the prices of upstream commodities, give the domestic and producing countries some production profits, and facilitate the rebuilding of retail inventory.</p><p><b>IV. Market Meaning</b></p><p>At this point in the story, we believe the logic of the subsequent market becomes very clear.</p><p>At least in the short term, there is no need to pay too much attention to whether the Federal Reserve will Taper, because this will only happen after confirmation of job gap repair before it becomes the focus of market pricing.</p><p>The inflation or stagflation that everyone is talking about now is essentially the result of a sharp mismatch between supply and demand. When the elasticity of supply weakens to a certain extent, inflation appears in the form of \"unlimited increases\".</p><p>Therefore, the main contradiction in the global economy is no longer to continue issuing money to boost aggregate demand and keep prices rising, but to repair fragile supply chains and mitigate inflation expectations through supply recovery.</p><p>In other words, market pricing deflation is not necessarily due to weakening demand in the pricing economy, but more likely to result in a short-term recovery of bottlenecks in the pricing supply chain.</p><p>If the United States cannot rebuild its inventory in the short term by rebalancing demand and production, the problem of supply chain bottlenecks will need to be solved by expanding imports.</p><p>Because rising commodity prices have caused production supply chain costs to climb too rapidly, making it difficult to keep up with orders, suppressing upstream commodity prices will become a consensus between China and the United States at this stage.</p><p>The focus of the power struggle between the two countries will not be on a \"pepper-throwing\" basis at present, but may instead be concentrated in the field of technological innovation that will create a \"technological generation gap\".</p><p>Therefore, it is best not to expect a unilateral rise in commodity prices at this time, as betting on a continued unilateral rise in commodity prices will likely result in losses.</p><p>In fact, the support for rising commodity prices is not entirely due to how strong current demand is; the expectation that demand exceeds supply plays a significant role.</p><p>The low inventory of many commodities is not necessarily due to insufficient supply despite strong current demand, but rather to the expectation that future demand will far exceed supply, leading to panic hoarding by downstream suppliers. Coupled with inventory hoarding by traders, rising prices have made inventory hidden, which in turn has further driven up prices.</p><p>Once the expectation of a unilateral price increase is gone, all the hidden inventory will come out.</p><p>If the United States needs to alleviate the contradiction of insufficient consumer goods inventories through imports and the depreciation of the RMB exchange rate, this means that China's exports will not have much trouble maintaining high levels in the third quarter.</p><p>In this round of domestic investment, real estate and infrastructure are pressing down. Both industrial production and manufacturing investment are basically driven by exports. As long as exports can remain high, it means that the economic fundamentals in the third quarter are at least not weak.</p><p>As long as fundamentals are in place, stock risk appetite can be guaranteed. Moreover, if upstream price increases can be truly controlled, profit margins in the midstream and downstream sectors will emerge. It is worth paying attention to opportunities in growth sectors, especially the policy premiums for independently controllable underlying core components and materials.</p><p>Of course, \"inflation trading\" can be temporarily suspended.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.cls.cn/depth/773257\">首席经济学家论坛</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":{"161125":"标普500","513500":"标普500ETF博时","DJX":"1/100道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DOG":"道指ETF-ProShares做空","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","OEX":"标普100","TQQQ":"纳指三倍做多ETF"},"source_url":"https://m.cls.cn/depth/773257","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145086880","content_text":"当分析师和媒体同志们还在讨论“通胀”和“滞胀”的时候，市场已经开始在交易通缩了：\n1、近期10年期美债收益率明显下行，而且30年期的下行更多，市场收益率平坦化了，弄得美股的金融股开始下跌，因为平坦化的收益率曲线显然不利于金融股；\n\n2、通过10年期美债的名义利率和实际利率差值拟合的通胀预期在议息会议后也明显下行，从6月近2.5%的高点到现在下降了大概20多个BP；\n\n3、实际利率等于名义利率减去通胀预期，当名义利率下降的时候，黄金仍然在继续下跌，而黄金价格历来与美国国债的实际利率有反向关系，也就是说，实际利率在名义利率下降的时候竟然是上升的，这只能说明通缩预期确实比较强；\n4、大宗商品单边上涨预期似乎已不存在了，以铜为例，伦敦金属交易所的铜库存增加了24925吨，猛增17％。调研了一圈下来，说是因为铜的供需本身没那么好，铜价之所以强势很大程度上依赖的是宽松的流动性支撑，在涨价预期下，产业链买涨不买跌，库存都隐性化了，但现在美联储加息预期提前了，国储也抛售库存直接给下游企业了，当涨价预期没有了之后，囤货的隐性库存直接显性化了，涨价预期已经被动摇了。\n5、从近期美股市场的表现来看，美股的市场风格偏好也发生了明显的变化，纳指明显跑赢道指，成长的表现要显著强于周期和价值。\n那么，问题来了，究竟发生了什么让市场的预期转变得如此迅速？\n为了解答这一问题，先简要分析一下通胀是怎么来的。\n一、通胀的由来\n这一轮美国的量化宽松和2008年金融危机是有本质区别的。\n这一次美国直接通过财政刺激，把美联储放出去的票子发到了居民手里，而2008年金融危机的量化宽松是把钞票给到金融机构那，帮助金融机构处理坏账和非流动性资产。\n把钞票给到居民手里，直接可以创造总需求，而给到金融机构手里，还要等实体有融资需求了，才能创造总需求。\n由于直升机撒钱的需求刺激模式脱离了传统的历史经验，生产调整的速度慢于需求扩张的速度，这就导致生产端有供应链瓶颈和商品的供不应求。\n看美国库销比的数据就可以说明一些问题。经季调的零售商库销比是最低的，只有1.07，批发商库存也比较低，有1.22，然而制造商库销比却高达1.48，还处于高位。\n\n这说明什么呢？\n这说明美国发了福利后，美国人民买买买的消费需求太旺盛了，导致零售商那都被买得没货了，但由于劳动力还在领失业救济，不愿意回来工作，回来工作的也主要在服务业，而不是制造业，再加上原材料贵、运力紧张，所以生产是没有怎么恢复的。\n美国5月单月的零售数据是6202亿美元，而2019年美国单月的零售数据也就5000亿美元出头，再看工业生产指数，5月不到100，但2019年有102左右。\n换句话说，消费已远在疫情前以上，但生产还没有恢复到疫情前。\n\n本来美国的进口供应商有更多的选择，比如通过对中国的纺织业发难和推高上游成本，倒逼中国产业链外迁到人力成本更低的地方（印度、东南亚）。既然消费需求好，生产又不足，那供需缺口应该怎么满足呢？也只能靠进口了。\n没想到的是，4月印度出现的疫情搅乱了这一计划。疫情不仅出现在了印度，还快速扩散到了东南亚国家、台湾地区和日本，这些地方也多为世界的生产基地，结果导致中国产业链不仅没有外迁，反而使生产资源进一步向国内集聚， FDI近期是加速往国内流入的。\n\n由于美国的零售品库存的缺口是刚性的，拥有生产能力的国家和地区也因新一轮疫情停摆，美国消费和库存的缺口基本上只能靠中国的进口来平衡了。\n\n二、接不动的订单\n现在回来看看国内。\n由于中国率先控制了疫情，疫情期间通过信贷补贴了企业，保住了企业和生产能力，所以从去年到现在，中国一直都是稳定全球通胀的中坚力量，全球的供应体系高度依赖于中国的生产，海运费用比疫情前涨了4-5倍都不止，和海运相关的个股涨幅也有好几倍。\n\n但看现在的经济数据，5月PMI新出口订单只有48.3%，到了枯荣线的下面，相比前值50.4%，有较为明显的下行。5月的出口增速为27.9%，也不如前值的32.3%，现在市场关于外需的见顶讨论开始多了起来。\n从逻辑和事实上来讲，企业应该是不会缺订单的，因为当下海外只能依赖中国的产能。\n我们倾向于认为出口新订单的下降不是因为企业没有订单，而是企业不敢轻易接订单了。\n企业为什么不敢接订单呢？主要原因是上游大宗商品上得太快了，接单就亏钱。\n上游大宗商品价格涨得快的原因主要有三个：\n1、美国的需求可以靠印钞票印出来，大多数有色金属是美元定价，美元下行和需求扩张本身就利好上游大宗商品。\n2、上游供给打不开，有的是因为新兴市场缺少疫苗导致无法复工，印度疫情扩散加剧了这一趋势，比如半导体供应链紧张、废铜还有一些稀有矿的供给都受到了扰动；有的是因为工会强势；还有的是觉得需求没有持续性，短期需求好只是美国印出来的，没有可持续性，现在扩产能到产出释放都是未来三年以后的事了，但未来如果没有这么好的需求，就会赔钱，所以不如趁现在价格涨维持寡头垄断，当下赚足现金流就好。\n3、国内有定价权的大宗商品，因“双碳”目标、安全生产等诉求，市场有减产预期，导致库存隐性化，而且下游也会预期未来供应会紧缺，只能当下恐慌性备货，使得上游价格上涨预期加剧。\n从数据来看，5月PPI同比高达9%，而CPI同比仅为1.3%，无论是PMI原材料价格减去产成品价格还是PPI原材料价格同比减去PPI加工价格同比都创下了历史新高，这说明下游生产制造环节在不断忍受着上游的通胀。\n\n但凡事都得有个度，当上游上涨的矛盾积累到了一定程度后，企业长期“增收不增利”、“吃力不讨好”，自然就不敢接订单了，因为订单接得越多，反而会越赔钱。\n\n三、谜一样的议息会议\n6月议息会议最有趣的一点就是市场关注的Taper基本上没怎么提，表述很模糊，只说Taper开启的前提是达到经济取得“实质性进展”的目标，而“实质性进展”的标准是由美联储决定的。\n但6月议息会议最让市场意外的一点是加息预期提前了，认为2022年应当加息的成员从4人上升到了7人，2023年应当加息的成员从7人上升到了13人。\n综合来看，6月议息会议是引导加息预期提前，并且对市场最关注的Taper“闭口不提”。\n关键是，美联储这么做的意图是什么？\n议息会议后，市场走的是美元大幅上涨而10年美债收益率下行的组合，这种走势组合让人很疑惑。\n先来猜测一下，美联储为什么对Taper闭口不提。\n一季度的时候，因为市场形成了疫苗有效接种后美国经济会快速复苏的乐观预期，当时市场对通胀的预期很靠前，所以一季度10年期美债收益率上升的速度非常快，没几个交易日就从不到1%的收益率上行到了3月末1.78%的高点。\n但美联储认为市场预期走得太前了，不断在强调通胀是暂时的，没有去迎合市场预期。二季度美联储的扩表也在继续，在财政存款巨量投放的背景下，各类短端利率都压到了0附近。\n\n二季度美联储这么做也是有原因的。一季度的时候，疫苗虽然在快速接种，美国经济受益于疫苗，确实是在快速修复，但无论是就业数量还是薪资增速，都远没有达到疫情前的水平。\n退出宽松就意味着财政要退坡，但一季度的经济环境是否能吸纳因福利退出而回流的劳动力大军，还是有很高的不确定性的。\n但到了二季度末，很明显可以看到经济已经有了过热的倾向，劳动力市场开始供不应求。工资上涨的同时职位空缺人数也在不断上升。\n近期美国就业职位空缺人数已高达929万人，而2019年差不多就700万人左右，职位空缺率高达6%，而2019年的平均水平也就在4%左右的水平。\n\n到了这个时候，由于就业市场过热，已初步具备失业救济退出的基础。阻碍就业复苏的不再是经济复苏不给力，而是救济金甚至超过了许多雇主可以支付的工资，才导致劳动力市场复苏缓慢。所以从6月开始，已经有部分州开始取消每周300美元的失业救济金。\n我们认为Taper“闭口不提”，美联储要的经济“实质性进展”的目标，大概率指的是失业救济退出以后，就业数据要出现明显的新增，这才能验证美国经济已经彻底走上正轨。\n这也是为什么此次议息会议并没有上调失业率目标，在持续的新增就业低于预期之后还维持在4.5%的失业水平，因为美联储预期失业救济退出之后，劳动力就会逐步回归到就业市场。\n简而言之，只有等到就业新增真的有明显改善后，才能达到美联储要的“实质性进展”的目标条件。也只有等到那个时候，美联储才会认真考虑量化宽松规模是不是要缩减。\n下面我们再来回顾一下美国的通胀是怎么形成的。\n第一个是印钞机给居民发钱导致消费者“买买买”；第二个是本土生产没有修复，因为就业大军没有回归的、物流成本上升和上游原材料供给稀缺（比如汽车缺芯、盖房子缺木材）；第三个是原材料价格、运费等各类成本涨得太快，中国也接不动出口新订单。\n在需求扩张较快和供应相对紧缺的背景下，我们看到美国通胀呈现出了“无量上涨”的特征。由于供给根本匹配不上需求的扩张的速度，居民部门想买都买不到货，价格就只能跳涨了。\n这跟美国房地产市场很像，成屋销售数据从今年年初就开始下降了，但这并不是需求减弱了，因为成屋销售的售价还在加速上行，与此同时，美国成屋库存在被消耗。\n\n要想缓解通胀压力，其实逻辑也很简单，要么抑制需求，比如少发点福利，要么引导就业回归到各个岗位上去，把生产弄起来。福利下去了，需求弱了，而生产变多了，通胀压力自然就下去了。\n现在的关键就是后续就业新增能不能上去，这又取决于：\n1、全民免疫后，美国服务业复苏的强度，如果油价生产供应比较稳定，油价涨跌可以作为服务业修复高频代理指标；\n2、美国的中小企业和供应链是不是因为疫情受到了中长期损害，如果是的话，美国的供应链和生产环节吸纳不了多少就业，也就起不到修复生产的效果。\n这些宏观经济变量，至少从现在来看，还是有不确定性的，要等到失业救济退出后，就业能否放量，答案才能逐渐明晰。\n所以，在就业放量补缺口前，美联储是不会忙着提Taper的，给居民部门发福利也不会那么快退出。从美国劳工部的数据来看，70%的失业救济到了今年三季度末才会陆续退出。\n如果美国短期既做不到抑制需求，也无法扩大生产规模，那缓解通胀就只有一个办法，降上游成本，让生产国的汇率贬值，通过扩大对生产国的进口来补充零售的库存。\n这就是为什么美联储不敢提Taper,因为就业市场能不能修复还有一定的不确定，但美联储愿意把市场的加息预期提前，把美元拉上去，因为这样既可以让生产国的汇率贬值进而扩大进口，也可以打压一下上游大宗的价格，给本国和生产国一些生产的利润，方便重建零售库存。\n四、市场含义\n故事讲到这里，我们认为后续市场的逻辑就非常清晰了。\n至少在短期，没有过于关注美联储是否会Taper的必要，因为这个需要就业缺口修复的确认后才会发生，然后才会成为市场定价的焦点。\n现在大家都热炒的通胀或滞胀，本质上都是供需急剧错配的结果，当供给的弹性弱到一定程度以后，通胀是以“无量上涨”的形式出现的。\n所以，现在全球经济的主要矛盾不再是要继续发钞票去拉高总需求，让物价继续往上走，而是修复脆弱的供应链，通过供给修复来缓和通胀的预期。\n换言之，市场定价通缩的背后不一定是在定价经济需求的走弱，更有可能是在定价供应链瓶颈的短期修复。\n如果美国短期无法通过需求生产的再平衡重建自身的库存，解决供应链瓶颈的问题就需要通过扩大进口来解决。\n由于大宗商品价格上涨使得生产供应链的成本攀升太快，接不动订单，从这个角度来看，打压上游大宗商品的价格在现阶段会成为中美两国的共识。\n两国角力的重点，在当下也不会是“撒胡椒面”式的，而是有可能集中在会形成“技术代差”的科技创新领域。\n所以，当下最好别有大宗商品价格单边上涨的预期，赌大宗商品价格继续单边上涨大概率是会吃亏的。\n其实大宗商品涨价的支撑也不完全是因为当前的需求有多强，求大于供的预期起到了很大的作用。\n很多大宗商品的低库存并一定是因为当下需求旺盛而供应不足导致的，而是因为存在未来需求会远大于供给的预期，导致下游恐慌性囤货，叠加贸易商库存囤积，价格上涨导致库存隐性化，而库存隐性化又进一步驱动了价格上涨。\n一旦价格单边上涨的预期没了，隐藏的库存就都跑出来了。\n如果说美国需要通过进口和人民币汇率贬值来缓解消费品库存不足的矛盾，这意味着中国三季度出口维持高位的问题不大。\n这一轮国内压着房地产和基建，无论是工业生产还是制造业投资，基本上是靠出口驱动的，只要出口还能维持高位，那就意味着三季度经济基本面至少是不弱的。\n只要有基本面搭台，股票的风险偏好就能有保障，而且上游价格涨幅如果真能控制，中下游的盈利空间也就出来了，可以关注成长板块的机会，尤其要关注底层核心零部件和材料自主可控的政策溢价。\n当然，“通胀交易”可以暂歇了。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".SPX":0.9,"QQQ":0.9,"QID":0.9,"UBmain":0.9,"QLD":0.9,"DOG":0.9,"DJX":0.9,"NQmain":0.9,"DXD":0.9,".IXIC":0.9,"SPY":0.9,"TQQQ":0.9,"ZTmain":0.9,"SSO":0.9,"ZBmain":0.9,"SPXU":0.9,"DDM":0.9,"OEX":0.9,"SDS":0.9,"MNQmain":0.9,"ESmain":0.9,"SDOW":0.9,"UDOW":0.9,"PSQ":0.9,"SH":0.9,"IVV":0.9,"SQQQ":0.9,"OEF":0.9,"ZNmain":0.9,"UPRO":0.9,"ZFmain":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":891905053,"gmtCreate":1628313286272,"gmtModify":1703504978278,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568614602734225","authorIdStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Look","listText":"Look","text":"Look","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891905053","repostId":"1109676905","repostType":4,"repost":{"id":"1109676905","kind":"news","pubTimestamp":1628306900,"share":"https://ttm.financial/m/news/1109676905?lang=en_US&edition=fundamental","pubTime":"2021-08-07 11:28","market":"hk","language":"zh","title":"Economic Daily: Regulatory \"patches\" are being made, and speculators are being denied entry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1109676905","media":"经济日报","summary":"各地调控措施还在密集出台，不断“打补丁”“堵漏洞”。其原因在于一些城市依然面临房价和地价增长过快、市场预期不稳的状况。这对幻想房价过快上涨的炒房客们是持续的威慑。\n\n楼市调控持续加码。仅8月5日一天，","content":"<p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations. This serves as a continuous deterrent to speculators who fantasize about rapid price increases. Real estate market regulation continues to be tightened.<b>On August 5th alone, Hangzhou, Beijing, and Chengdu introduced new real estate regulations.</b>。</p><p><b>Hangzhou further raised the threshold for buying a house</b>。 The new measures clarify that those who have held Hangzhou household registration for less than 5 years and have paid social security for two years can purchase a house in a restricted purchase area. The requirement of \"non-Hangzhou residents + 4 years of social security contributions\" makes it more difficult for non-Hangzhou residents to buy a house. Hangzhou's new regulations, which raise the threshold for home purchases, aim to crack down on short-term investors. In addition, Hangzhou has stipulated that properties with low winning rates in the new home lottery will be ranked in order of the number of months of social security contributions. This move aims to prevent too many homebuyers from rushing to buy.</p><p><img src=\"https://static.tigerbbs.com/98d5061e381a588a0b72f0c700d4c53c\" tg-width=\"1080\" tg-height=\"699\" referrerpolicy=\"no-referrer\"></p><p>At the same time,<b>Chengdu will include donated housing in the total number of housing units in the recipient's family for review of home purchase eligibility.</b>。 In other words, the loophole of circumventing purchase restrictions through gifts has been completely closed.</p><p><img src=\"https://static.tigerbbs.com/251b49b66315bacb1edb0024546db0d8\" tg-width=\"1080\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><b>Beijing's regulations are more targeted, directly focusing on cracking down on obtaining home purchase eligibility through \"fake divorces\".</b>。 The new regulations clarify that if a couple divorces and the number of housing units owned by the original family before the divorce does not meet the requirements of the commercial housing purchase restriction policy, neither party may purchase commercial housing for three years from the date of divorce. In recent years, in some popular cities, due to the continuous tightening of purchase restrictions, some people have racked their brains to obtain the qualification to buy a house. To avoid purchase restrictions, qualify for repurchase, and enjoy low down payments and loan interest rates for first-time homebuyers, some families even choose to divorce and repurchase their homes. Beijing's new regulations make it more difficult to buy a house through \"fake divorces,\" which will help close loopholes for \"fake divorce\" real estate speculation.</p><p><img src=\"https://static.tigerbbs.com/54b84384c49789d1fc5e6ac49f40f066\" tg-width=\"1080\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations.<b>The ongoing regulatory measures serve as a continuous deterrent to speculators who still harbor illusions about rapidly rising housing prices.</b>。</p><p>As long as the fire remains intact, real estate market regulation needs to be maintained under high pressure, and even more so, long-term policies need to be implemented continuously and stably so that homebuyers have more stable expectations about housing price trends and the timing of their purchases.<b>The intensive introduction of regulatory measures indicates that local governments, which bear primary responsibility for real estate regulation, are increasing their initiative and enthusiasm for implementing real estate market regulation.</b>。 Since the beginning of this year, the Ministry of Housing and Urban-Rural Development has held multiple talks with local governments and included these cities in the list of key cities for real estate market monitoring. For local governments, the principles of \"housing is for living in, not for speculation\" and \"not using real estate as a short-term means to stimulate the economy\" should always be adhered to.</p><p>The recent meeting of the Political Bureau of the CPC Central Committee emphasized the need to adhere to the principle that houses are for living in, not for speculation, to stabilize land prices, housing prices, and expectations, and to promote the stable and healthy development of the real estate market. Since my country proposed establishing a long-term mechanism for the real estate market, significant progress has been made in stabilizing land prices, housing prices, and expectations, demonstrating that the measures taken are in line with market development laws and are precise and effective. When individual cities show signs of overheating, it is necessary to decisively increase the regulation and supervision of the real estate market. Fortunately,<b>The \"tools\" for real estate market regulation are constantly being enriched, with a series of measures, including land, finance, administrative measures, market rectification, and fiscal and taxation, forming a powerful synergy.</b>。 It is believed that with the establishment and improvement of a long-term mechanism for the real estate market, the real estate market will usher in a healthier and more favorable situation.</p>","source":"lsy1597656426531","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>Economic Daily: Regulatory \"patches\" are being made, and speculators are being denied entry.</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\">\nEconomic Daily: Regulatory \"patches\" are being made, and speculators are being denied entry.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">经济日报</strong><span class=\"h-time small\">2021-08-07 11:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations. This serves as a continuous deterrent to speculators who fantasize about rapid price increases. Real estate market regulation continues to be tightened.<b>On August 5th alone, Hangzhou, Beijing, and Chengdu introduced new real estate regulations.</b>。</p><p><b>Hangzhou further raised the threshold for buying a house</b>。 The new measures clarify that those who have held Hangzhou household registration for less than 5 years and have paid social security for two years can purchase a house in a restricted purchase area. The requirement of \"non-Hangzhou residents + 4 years of social security contributions\" makes it more difficult for non-Hangzhou residents to buy a house. Hangzhou's new regulations, which raise the threshold for home purchases, aim to crack down on short-term investors. In addition, Hangzhou has stipulated that properties with low winning rates in the new home lottery will be ranked in order of the number of months of social security contributions. This move aims to prevent too many homebuyers from rushing to buy.</p><p><img src=\"https://static.tigerbbs.com/98d5061e381a588a0b72f0c700d4c53c\" tg-width=\"1080\" tg-height=\"699\" referrerpolicy=\"no-referrer\"></p><p>At the same time,<b>Chengdu will include donated housing in the total number of housing units in the recipient's family for review of home purchase eligibility.</b>。 In other words, the loophole of circumventing purchase restrictions through gifts has been completely closed.</p><p><img src=\"https://static.tigerbbs.com/251b49b66315bacb1edb0024546db0d8\" tg-width=\"1080\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><b>Beijing's regulations are more targeted, directly focusing on cracking down on obtaining home purchase eligibility through \"fake divorces\".</b>。 The new regulations clarify that if a couple divorces and the number of housing units owned by the original family before the divorce does not meet the requirements of the commercial housing purchase restriction policy, neither party may purchase commercial housing for three years from the date of divorce. In recent years, in some popular cities, due to the continuous tightening of purchase restrictions, some people have racked their brains to obtain the qualification to buy a house. To avoid purchase restrictions, qualify for repurchase, and enjoy low down payments and loan interest rates for first-time homebuyers, some families even choose to divorce and repurchase their homes. Beijing's new regulations make it more difficult to buy a house through \"fake divorces,\" which will help close loopholes for \"fake divorce\" real estate speculation.</p><p><img src=\"https://static.tigerbbs.com/54b84384c49789d1fc5e6ac49f40f066\" tg-width=\"1080\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p>Regulatory measures are still being introduced intensively across various regions, constantly \"patching\" and \"plugging loopholes\". The reason is that some cities still face rapid growth in housing and land prices and unstable market expectations.<b>The ongoing regulatory measures serve as a continuous deterrent to speculators who still harbor illusions about rapidly rising housing prices.</b>。</p><p>As long as the fire remains intact, real estate market regulation needs to be maintained under high pressure, and even more so, long-term policies need to be implemented continuously and stably so that homebuyers have more stable expectations about housing price trends and the timing of their purchases.<b>The intensive introduction of regulatory measures indicates that local governments, which bear primary responsibility for real estate regulation, are increasing their initiative and enthusiasm for implementing real estate market regulation.</b>。 Since the beginning of this year, the Ministry of Housing and Urban-Rural Development has held multiple talks with local governments and included these cities in the list of key cities for real estate market monitoring. For local governments, the principles of \"housing is for living in, not for speculation\" and \"not using real estate as a short-term means to stimulate the economy\" should always be adhered to.</p><p>The recent meeting of the Political Bureau of the CPC Central Committee emphasized the need to adhere to the principle that houses are for living in, not for speculation, to stabilize land prices, housing prices, and expectations, and to promote the stable and healthy development of the real estate market. Since my country proposed establishing a long-term mechanism for the real estate market, significant progress has been made in stabilizing land prices, housing prices, and expectations, demonstrating that the measures taken are in line with market development laws and are precise and effective. When individual cities show signs of overheating, it is necessary to decisively increase the regulation and supervision of the real estate market. Fortunately,<b>The \"tools\" for real estate market regulation are constantly being enriched, with a series of measures, including land, finance, administrative measures, market rectification, and fiscal and taxation, forming a powerful synergy.</b>。 It is believed that with the establishment and improvement of a long-term mechanism for the real estate market, the real estate market will usher in a healthier and more favorable situation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/479661\">经济日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{"09979":"绿城管理控股"},"source_url":"https://www.gelonghui.com/p/479661","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109676905","content_text":"各地调控措施还在密集出台，不断“打补丁”“堵漏洞”。其原因在于一些城市依然面临房价和地价增长过快、市场预期不稳的状况。这对幻想房价过快上涨的炒房客们是持续的威慑。\n\n楼市调控持续加码。仅8月5日一天，就有杭州、北京、成都三城推出房地产调控新规。\n杭州进一步抬高了购房门槛。新举措明确，取得杭州户口未满5年，需缴纳两年社保，可在限购区域购买一套住房；“非户籍+4年社保”的要求让非杭州户籍购房者买房难度加大。杭州调控新规抬高购房门槛目的在于打击短期投资客。此外，杭州还规定新房摇号中签率低的房源，按照社保缴纳月数依次排序，此举旨在避免过多购房者扎堆抢购。\n\n与此同时，成都将赠与住房计入受赠人家庭住房总套数审核购房资格。也就是说，通过赠与方式规避限购的漏洞被彻底堵住了。\n\n而北京的规定更具针对性，直接将调控重点放在打击通过“假离婚”获取购房资格上。新规明确，夫妻离异的，原家庭在离异前拥有住房套数不符合商品住房限购政策规定的，自离异之日起3年内，任何一方均不得购买商品住房。近年来，在一些热点城市，由于限购政策不断收紧，一些人为了获取购房资格，可谓绞尽脑汁。为避开限购，获得再购房的资格，以及享受购买首套住房的低首付款和低贷款利率，一些家庭甚至选择离婚再购房。北京新规让通过“假离婚”进行购房的难度加大，有利于封堵“假离婚”炒房漏洞。\n\n各地调控措施还在密集出台，不断“打补丁”“堵漏洞”。其原因在于一些城市依然面临房价和地价增长过快、市场预期不稳的状况。不断出台的调控措施对于那些依然对房价过快上涨抱有幻想的炒房客们是持续的威慑。\n虚火不灭，楼市调控就需保持高压，更需持续且稳定执行的长效政策，以便购房者对房价走势、购房时点有更稳定的预期。密集出台的调控措施表明，对房地产调控负有主体责任的地方政府，实施楼市调控的主动性和积极性都在增加。今年以来，住房和城乡建设部已多次约谈地方政府，并将这些城市纳入房地产市场监测重点城市名单。对于地方政府而言，“房住不炒”及“不将房地产作为短期刺激经济的手段”的定位应始终坚持。\n日前召开的中央政治局会议强调，要坚持房子是用来住的、不是用来炒的定位，稳地价、稳房价、稳预期，促进房地产市场平稳健康发展。我国提出建立房地产长效机制以来，稳地价、稳房价、稳预期取得明显成效，表明采取的措施符合市场发展规律，精准有效。当个别城市出现过热苗头，须果断加大房地产市场调控力度和监管力度。可喜的是，房地产市场调控的“工具”在不断丰富，土地、金融、行政措施、市场整顿、财税等一系列措施，正在形成强大合力。相信随着房地产长效机制建立和完善，房地产市场将迎来更加健康发展的良好局面。","news_type":1,"symbols_score_info":{"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":4605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152958607,"gmtCreate":1625265952809,"gmtModify":1703739508025,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568614602734225","authorIdStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152958607","repostId":"2148808400","repostType":4,"repost":{"id":"2148808400","kind":"news","pubTimestamp":1625238620,"share":"https://ttm.financial/m/news/2148808400?lang=en_US&edition=fundamental","pubTime":"2021-07-02 23:10","market":"us","language":"zh","title":"A glimpse into the true evolution of OTA cars through the Tesla recall incident.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148808400","media":"脑极体","summary":"特斯拉在科技圈中，是个有话题有热点的黑网红，曝出来的永远都是各种控制系统失控出车祸的新闻，这不最近又闯祸了。近日消息，特斯拉召回部分进口和国产Model 3、国产Model Y电动汽车，共计28552","content":"<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>In the tech world, he's a hot topic and a dark internet celebrity, always exposing news of various control systems getting out of control and causing car accidents. Now, he's gotten into trouble again. Recently, Tesla recalled 285,520 imported and domestically produced Model 3 and Model Y electric vehicles. The main reason for the recall is a safety hazard in the active cruise control system, which could cause drivers to mistakenly activate the active cruise function when turning or in D gear, potentially leading to a sudden increase in vehicle speed and, in extreme cases, a collision.</p><p>It looks very frightening, after all, it's a matter of car safety. Tesla's large-scale recall is not a physical way to return the car to the factory for a rebate, but rather through OTA technology for remote car upgrades, allowing users to complete the upgrade online without having to go to the store. Can seemingly serious security vulnerabilities be solved simply by updating the security package via OTA? This recall method, lacking routine safety testing by automakers, is unsettling and may even raise doubts about the safety of OTA technology itself. So, are OTA systems actually safe? To answer this question, let's start by discussing what OTA cars are.</p><p><b>What exactly is an OTA car?</b></p><p>OTA stands for \"Over-The-Air,\" which is a technology that downloads data packets Over a wireless network to update The system and improve terminal functions and services. Our computers and mobile phones also use OTA technology when performing system updates. The purpose of OTA system upgrades is to fix system vulnerabilities, optimize and improve to obtain more functions, performance improvements, or visual effects. These updates involve online detection after connecting to the network, matching versions, downloading new code locally, and then performing installation, verification, and other procedures.</p><p><img src=\"https://static.tigerbbs.com/404652f159ffcb9982e091e353fdade0\" tg-width=\"868\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>The earliest application of OTA technology in cars was in the ModeL S launched by Tesla in 2012. The content updates included modules such as human-computer interaction, autonomous driving, and power battery system. At that time, Tesla could use OTA to fix key card vulnerabilities, improve driving range, increase top speed, and enhance ride comfort.</p><p>Based on the differences in Firmware upgrades, automotive OTA technology can be divided into SOTA (Software OTA) and FOTA (Firmware OTA), i.e., vehicle OTA. Among them, SOTA can only update the vehicle's application layer software, and is limited to software such as in-vehicle infotainment and infotainment. It has almost no hardware scheduling capabilities, making it relatively difficult for automakers to implement. Most of the OTA cars that are often advertised on the market only have SOTA technology. FOTA upgrades the system layer of the vehicle controller, affecting the vehicle's powertrain, battery management, and other systems. For example, it allows for OS-layer software updates to underlying systems such as the chassis, power, and ADAS.</p><p>The main difference between cars equipped with OTA technology and traditional cars is that, in terms of performance, cars equipped with OTA technology offer a wider range of in-vehicle functions. Generally speaking, these functions can be implemented in the following aspects: fixing system bugs, updating drivers, optimizing the UI interface, deleting problematic apps, and upgrading major versions. Most automotive OTAs typically release online system updates for entertainment systems, navigation systems, etc.</p><p>Secondly, when a vehicle encounters a software malfunction or needs to be updated, traditional cars require taking the car to a 4S store for repair using a professional computer, which is time-consuming and energy-intensive. However, cars equipped with OTA technology can complete vehicle upgrades and repairs without leaving home, saving costs and time. For example, OTA cars can update the car's ECU software. The ECU is an automotive electronic controller, or simply put, the brain of a car. When a new car leaves the factory, its power is not fully utilized, usually leaving some room for improvement. ECU flashing involves using technical means to code the ECU within the capacity of the original engine to increase horsepower or torque. Traditional cars need to use the original manufacturer's technology to flash the ECU, and OTA cars can upgrade this capability online.</p><p>As can be seen from the above description, the functionality and convenience of vehicles equipped with OTA technology are attractive and appealing. However, because OTA technology itself involves changes to the vehicle's physical performance, such as ECU changes, battery performance changes, and vehicle software experience functions, some hidden reefs may be touched upon.</p><p><b>OTA cars are a double-edged sword.</b></p><p>From the perspective of traditional automakers' conservative choices, there are reasons why people are not so enthusiastic about installing these wonderful experiences. OTA cars are also a double-edged sword.</p><p><img src=\"https://static.tigerbbs.com/b9e367c30b535b8c2a265e8ccd88751a\" tg-width=\"1000\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Firstly, because of the mature R&D cycle and stable corporate structure of traditional automobiles, realizing OTA requires too many newly matched components, and the cost of changing the production line and corporate structure is too high. These new components all need to undergo high-cost testing. Car manufacturers will not integrate a bunch of untested \"semi-finished products\" and then launch them to the market, thus affecting the safety of life and property.</p><p>From a technical perspective, it is mainly related to the structure of traditional automobiles. Traditional cars are purely mechanical structures with very complex power units. The calibration of parameters such as fuel injection, braking system, gear shift logic, steering ratio, and suspension style requires millions of debugging and tests by engineers to reach the optimal safety state before they can leave the factory. Rebuilding the OTA becomes unstable for power output, disrupting the balanced parameter settings.</p><p>Besides the security vulnerabilities of physical hardware devices, OTA technology is at risk of being hacked during remote upgrades. When a car downloads an upgrade package, hackers can use network means to send the virus-infected upgrade package to the vehicle, thereby modifying the system, remotely controlling it, and extorting money. Extreme weather or unstable network conditions can also cause vulnerabilities in the upgrade package, leading to vehicle upgrade failures.</p><p>We can see that OTA technology requires extensive security testing in the matching, protocol, and design processes of physical device components. There are hidden dangers in any link between software and hardware devices, and the safety of enterprises and vehicles is a matter of life and death, which should not be taken lightly. Taking Tesla's recent recall as an example, ACC adaptive cruise control is typically designed by automakers to use a button or independent lever to activate the adaptive cruise control function. However, Tesla is prone to accidental operation when using the adaptive cruise control function, which is a design logic flaw. Tesla's solution is to raise the threshold for activating active cruise control and add reminders for its activation and deactivation to prevent accidental touches from happening again.</p><p>Even a small mistake in the logic of a function can lead to irreversible consequences. When it comes to security issues, we cannot assume that everyone is cautious without a mental short circuit. If you follow vehicle-related news recalls, it's not uncommon. OTAs can fix some software malfunctions through upgrades, but whether they will bring new problems is also an issue that urgently needs to be addressed. As we can see, OTA technology is a double-edged sword for automakers. Discussing whether it is absolutely safe is meaningless. The path to intelligentization of OTA cars will not be accomplished overnight. Some system flaws require time to be gradually iterated and optimized. After all, no product is perfect from the beginning of its design.</p><p><img src=\"https://static.tigerbbs.com/e094f51a71e4d181f644eb1da3c657c5\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>The current market trend is that automakers are gradually embracing OTA technology and will not throw the baby out with the bathwater because of local restrictions. OTA technology is becoming a standard feature of smart cars, and its technology penetration rate has increased particularly significantly. Data shows that 30% of vehicles sold globally in 2020 had OTA functionality. By 2025, this proportion will rise to 79%. According to data released by the Gaogong Intelligent Vehicle Research Institute, the OTA adoption rate of new cars in the Chinese market reached 22.42% in 2020, and is expected to increase to 35-40% this year.</p><p>Although many automakers are actively marketing OTA upgrade technology at their press conferences, there are still quite a few people swimming naked. Most automakers are still at the SOTA upgrade level, which is the functional upgrade of entertainment and interaction. Very few automakers can carry out OTA upgrades for the whole vehicle. Currently, newcomers such as Tesla, Li Auto, and XPeng have OTA capabilities for complete vehicles. OTA upgrades for the entire vehicle are a very significant difference between intelligent vehicles and traditional vehicles. Looking at the development history of OTA automobiles, the automotive industry's demand for OTAs has gradually evolved from the parts level, vehicle level, and enterprise level to the industry ecosystem level. Traditional automakers such as BMW, Volkswagen, and SAIC-GM are actively reforming and restructuring their electronic architectures in this major transformation to achieve OTA (Online Vehicle Transfer) for their vehicles.</p><p><b>OTA Auto's Future Test Road</b></p><p>Most automakers can now achieve OTA, or SOTA, for in-vehicle infotainment systems, but the real tough nut to crack is FOTA for the entire vehicle. Because it involves the electronic architecture, hardware configuration, and software development capabilities of vehicle manufacturers in new cars. The electronic controller needs to be deeply integrated with the equipment's update mechanism. Under what state the vehicle is flashed, and how to ensure the stability and safety of the update process are all challenges that need to be considered. For example, there are hundreds of ECUs (automotive electronic control components) in the vehicle's internal architecture, connected to different communication networks. Each network has a different data transmission protocol and is quite complex. The more controllers are upgraded, the more difficult it is to consider the network communication topology protocol. OTA suppliers need to have a clear understanding of the characteristics of each communication line in order to efficiently achieve software upgrades.</p><p><img src=\"https://static.tigerbbs.com/5529364f1b506bceb17619a2c75f3112\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>In terms of information security, there is a potential risk of being counterfeited, stolen, or attacked during OTA data transmission. During communication, it can be hijacked and tampered with by malicious hackers, which may lead to abnormal vehicle operation, privacy leaks, and threats to financial or even life safety. Ensuring the safety upgrade path of OTA vehicles is particularly important. OTA car manufacturers need to build a well-designed identification key technology architecture, and the verification mechanism and upgrade conditions require two-way control in order to ensure an integrated edge-to-cloud information security system.</p><p>The realization of OTA vehicle functions relies on the continuous development of gateway protocols, network security, and computing algorithm technologies. Although electronic modules and software technologies are developing in tandem and are being applied in more and more vehicles, the technology has not yet matured to the stage of widespread social recognition. The development of intelligent vehicles is long and arduous, and there is still a lot of room for updates and improvements. The optimization of OTA vehicle functions and the differentiation of services need to evolve in tandem. Fortunately, we will witness the surprises brought by OTA vehicles together.</p>","source":"lsy1577414888172","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>A glimpse into the true evolution of OTA cars through the Tesla recall incident.</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\">\nA glimpse into the true evolution of OTA cars through the Tesla recall incident.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">脑极体</strong><span class=\"h-time small\">2021-07-02 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>In the tech world, he's a hot topic and a dark internet celebrity, always exposing news of various control systems getting out of control and causing car accidents. Now, he's gotten into trouble again. Recently, Tesla recalled 285,520 imported and domestically produced Model 3 and Model Y electric vehicles. The main reason for the recall is a safety hazard in the active cruise control system, which could cause drivers to mistakenly activate the active cruise function when turning or in D gear, potentially leading to a sudden increase in vehicle speed and, in extreme cases, a collision.</p><p>It looks very frightening, after all, it's a matter of car safety. Tesla's large-scale recall is not a physical way to return the car to the factory for a rebate, but rather through OTA technology for remote car upgrades, allowing users to complete the upgrade online without having to go to the store. Can seemingly serious security vulnerabilities be solved simply by updating the security package via OTA? This recall method, lacking routine safety testing by automakers, is unsettling and may even raise doubts about the safety of OTA technology itself. So, are OTA systems actually safe? To answer this question, let's start by discussing what OTA cars are.</p><p><b>What exactly is an OTA car?</b></p><p>OTA stands for \"Over-The-Air,\" which is a technology that downloads data packets Over a wireless network to update The system and improve terminal functions and services. Our computers and mobile phones also use OTA technology when performing system updates. The purpose of OTA system upgrades is to fix system vulnerabilities, optimize and improve to obtain more functions, performance improvements, or visual effects. These updates involve online detection after connecting to the network, matching versions, downloading new code locally, and then performing installation, verification, and other procedures.</p><p><img src=\"https://static.tigerbbs.com/404652f159ffcb9982e091e353fdade0\" tg-width=\"868\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>The earliest application of OTA technology in cars was in the ModeL S launched by Tesla in 2012. The content updates included modules such as human-computer interaction, autonomous driving, and power battery system. At that time, Tesla could use OTA to fix key card vulnerabilities, improve driving range, increase top speed, and enhance ride comfort.</p><p>Based on the differences in Firmware upgrades, automotive OTA technology can be divided into SOTA (Software OTA) and FOTA (Firmware OTA), i.e., vehicle OTA. Among them, SOTA can only update the vehicle's application layer software, and is limited to software such as in-vehicle infotainment and infotainment. It has almost no hardware scheduling capabilities, making it relatively difficult for automakers to implement. Most of the OTA cars that are often advertised on the market only have SOTA technology. FOTA upgrades the system layer of the vehicle controller, affecting the vehicle's powertrain, battery management, and other systems. For example, it allows for OS-layer software updates to underlying systems such as the chassis, power, and ADAS.</p><p>The main difference between cars equipped with OTA technology and traditional cars is that, in terms of performance, cars equipped with OTA technology offer a wider range of in-vehicle functions. Generally speaking, these functions can be implemented in the following aspects: fixing system bugs, updating drivers, optimizing the UI interface, deleting problematic apps, and upgrading major versions. Most automotive OTAs typically release online system updates for entertainment systems, navigation systems, etc.</p><p>Secondly, when a vehicle encounters a software malfunction or needs to be updated, traditional cars require taking the car to a 4S store for repair using a professional computer, which is time-consuming and energy-intensive. However, cars equipped with OTA technology can complete vehicle upgrades and repairs without leaving home, saving costs and time. For example, OTA cars can update the car's ECU software. The ECU is an automotive electronic controller, or simply put, the brain of a car. When a new car leaves the factory, its power is not fully utilized, usually leaving some room for improvement. ECU flashing involves using technical means to code the ECU within the capacity of the original engine to increase horsepower or torque. Traditional cars need to use the original manufacturer's technology to flash the ECU, and OTA cars can upgrade this capability online.</p><p>As can be seen from the above description, the functionality and convenience of vehicles equipped with OTA technology are attractive and appealing. However, because OTA technology itself involves changes to the vehicle's physical performance, such as ECU changes, battery performance changes, and vehicle software experience functions, some hidden reefs may be touched upon.</p><p><b>OTA cars are a double-edged sword.</b></p><p>From the perspective of traditional automakers' conservative choices, there are reasons why people are not so enthusiastic about installing these wonderful experiences. OTA cars are also a double-edged sword.</p><p><img src=\"https://static.tigerbbs.com/b9e367c30b535b8c2a265e8ccd88751a\" tg-width=\"1000\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p>Firstly, because of the mature R&D cycle and stable corporate structure of traditional automobiles, realizing OTA requires too many newly matched components, and the cost of changing the production line and corporate structure is too high. These new components all need to undergo high-cost testing. Car manufacturers will not integrate a bunch of untested \"semi-finished products\" and then launch them to the market, thus affecting the safety of life and property.</p><p>From a technical perspective, it is mainly related to the structure of traditional automobiles. Traditional cars are purely mechanical structures with very complex power units. The calibration of parameters such as fuel injection, braking system, gear shift logic, steering ratio, and suspension style requires millions of debugging and tests by engineers to reach the optimal safety state before they can leave the factory. Rebuilding the OTA becomes unstable for power output, disrupting the balanced parameter settings.</p><p>Besides the security vulnerabilities of physical hardware devices, OTA technology is at risk of being hacked during remote upgrades. When a car downloads an upgrade package, hackers can use network means to send the virus-infected upgrade package to the vehicle, thereby modifying the system, remotely controlling it, and extorting money. Extreme weather or unstable network conditions can also cause vulnerabilities in the upgrade package, leading to vehicle upgrade failures.</p><p>We can see that OTA technology requires extensive security testing in the matching, protocol, and design processes of physical device components. There are hidden dangers in any link between software and hardware devices, and the safety of enterprises and vehicles is a matter of life and death, which should not be taken lightly. Taking Tesla's recent recall as an example, ACC adaptive cruise control is typically designed by automakers to use a button or independent lever to activate the adaptive cruise control function. However, Tesla is prone to accidental operation when using the adaptive cruise control function, which is a design logic flaw. Tesla's solution is to raise the threshold for activating active cruise control and add reminders for its activation and deactivation to prevent accidental touches from happening again.</p><p>Even a small mistake in the logic of a function can lead to irreversible consequences. When it comes to security issues, we cannot assume that everyone is cautious without a mental short circuit. If you follow vehicle-related news recalls, it's not uncommon. OTAs can fix some software malfunctions through upgrades, but whether they will bring new problems is also an issue that urgently needs to be addressed. As we can see, OTA technology is a double-edged sword for automakers. Discussing whether it is absolutely safe is meaningless. The path to intelligentization of OTA cars will not be accomplished overnight. Some system flaws require time to be gradually iterated and optimized. After all, no product is perfect from the beginning of its design.</p><p><img src=\"https://static.tigerbbs.com/e094f51a71e4d181f644eb1da3c657c5\" tg-width=\"1080\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p>The current market trend is that automakers are gradually embracing OTA technology and will not throw the baby out with the bathwater because of local restrictions. OTA technology is becoming a standard feature of smart cars, and its technology penetration rate has increased particularly significantly. Data shows that 30% of vehicles sold globally in 2020 had OTA functionality. By 2025, this proportion will rise to 79%. According to data released by the Gaogong Intelligent Vehicle Research Institute, the OTA adoption rate of new cars in the Chinese market reached 22.42% in 2020, and is expected to increase to 35-40% this year.</p><p>Although many automakers are actively marketing OTA upgrade technology at their press conferences, there are still quite a few people swimming naked. Most automakers are still at the SOTA upgrade level, which is the functional upgrade of entertainment and interaction. Very few automakers can carry out OTA upgrades for the whole vehicle. Currently, newcomers such as Tesla, Li Auto, and XPeng have OTA capabilities for complete vehicles. OTA upgrades for the entire vehicle are a very significant difference between intelligent vehicles and traditional vehicles. Looking at the development history of OTA automobiles, the automotive industry's demand for OTAs has gradually evolved from the parts level, vehicle level, and enterprise level to the industry ecosystem level. Traditional automakers such as BMW, Volkswagen, and SAIC-GM are actively reforming and restructuring their electronic architectures in this major transformation to achieve OTA (Online Vehicle Transfer) for their vehicles.</p><p><b>OTA Auto's Future Test Road</b></p><p>Most automakers can now achieve OTA, or SOTA, for in-vehicle infotainment systems, but the real tough nut to crack is FOTA for the entire vehicle. Because it involves the electronic architecture, hardware configuration, and software development capabilities of vehicle manufacturers in new cars. The electronic controller needs to be deeply integrated with the equipment's update mechanism. Under what state the vehicle is flashed, and how to ensure the stability and safety of the update process are all challenges that need to be considered. For example, there are hundreds of ECUs (automotive electronic control components) in the vehicle's internal architecture, connected to different communication networks. Each network has a different data transmission protocol and is quite complex. The more controllers are upgraded, the more difficult it is to consider the network communication topology protocol. OTA suppliers need to have a clear understanding of the characteristics of each communication line in order to efficiently achieve software upgrades.</p><p><img src=\"https://static.tigerbbs.com/5529364f1b506bceb17619a2c75f3112\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>In terms of information security, there is a potential risk of being counterfeited, stolen, or attacked during OTA data transmission. During communication, it can be hijacked and tampered with by malicious hackers, which may lead to abnormal vehicle operation, privacy leaks, and threats to financial or even life safety. Ensuring the safety upgrade path of OTA vehicles is particularly important. OTA car manufacturers need to build a well-designed identification key technology architecture, and the verification mechanism and upgrade conditions require two-way control in order to ensure an integrated edge-to-cloud information security system.</p><p>The realization of OTA vehicle functions relies on the continuous development of gateway protocols, network security, and computing algorithm technologies. Although electronic modules and software technologies are developing in tandem and are being applied in more and more vehicles, the technology has not yet matured to the stage of widespread social recognition. The development of intelligent vehicles is long and arduous, and there is still a lot of room for updates and improvements. The optimization of OTA vehicle functions and the differentiation of services need to evolve in tandem. Fortunately, we will witness the surprises brought by OTA vehicles together.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/A_39xXiiqsAP9SDbQjbWLA\">脑极体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/404652f159ffcb9982e091e353fdade0","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/A_39xXiiqsAP9SDbQjbWLA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148808400","content_text":"特斯拉在科技圈中，是个有话题有热点的黑网红，曝出来的永远都是各种控制系统失控出车祸的新闻，这不最近又闯祸了。近日消息，特斯拉召回部分进口和国产Model 3、国产Model Y电动汽车，共计285520辆，召回的主要原因是车辆存在主动巡航控制系统安全隐患，易造成驾驶员在转弯或者在D挡位情形误激活主动巡航功能，可能出现车辆速度突增情形，极端情况下可能导致车辆发生碰撞。\n看起来非常吓人，毕竟是关系到用车安全的问题。特斯拉此次的大规模召回不是物理上将车返厂返点的方式，而是通过汽车远程升级OTA的技术，用户无需到店即可完成在线升级。看似很严重的安全隐患仅仅通过OTA升级安全包的更新就可以解决问题吗？这种召回方式，没有车厂后续的常规安全测试，总觉得让人不安，甚至也会让人对OTA技术本身是否安全有疑虑。那么OTA系统到底安全吗？想要回答这个问题，先从什么是OTA汽车聊起。\nOTA汽车到底是什么？\nOTA的全称“Over-The-Air”，即空中下载技术（远程升级技术），通过无线网络下载数据包从而对系统更新进而改善终端功能和服务的技术。我们的电脑和手机进行系统更新的时候也是用的这个OTA技术。OTA进行系统升级的目的就是修复系统漏洞、优化改善以获得更多的功能、性能提升，又或者是视觉效果的改善，且这种更新是通过联网后在线检测、匹配版本、下载新的代码到本地进而执行安装、校验等程序。\n\nOTA技术最早应用于的汽车就是在2012年特斯拉推出的ModeL S上，内容更新范围包括人机交互、自动驾驶、动力电池系统等模块，当时特斯拉可以通过OTA完成钥匙卡漏洞、提升续航里程、提高最高速度、提升乘坐舒适度等。\n汽车OTA技术根据升级固件的差异，可以分为SOTA（Software OTA，软件空中升级）和FOTA（Firmware OTA，固件空中升级），即整车OTA。其中，SOTA只能对车辆应用层软件更新，仅限车机、信息娱乐等软件，几乎没有硬件调度的能力，车企实现难度较小，市面上经常看到宣传的OTA汽车大多数都是仅具有SOTA技术。而FOTA是对车辆控制器的系统层进行升级，影响的是车的动力系统、电池管理等系统，比如可以对底盘、动力、ADAS等底层系统进行OS层的软件更新。\n搭载OTA技术的汽车跟传统的汽车主要的区别是：在性能方面，搭载OTA技术的汽车车载实现的功能更丰富，总的来说是从这几方面实现功能：可以修复系统bug，更新驱动，优化UI界面，删除问题APP，大版本升级等。大多数车用OTA一般是针对娱乐系统、导航等推出在线系统更新。\n其次是车辆遇到软件故障或是需要更新时，传统汽车需要将车开到4S店利用专业电脑修复，耗费的时间精力，而搭载OTA技术的汽车可以足不出户就完成车辆升级，修复问题，节省成本与时间。比如OTA汽车可以对汽车的ECU软件进行更新。ECU是汽车电子控制器，通俗的来说就是汽车的大脑，新车出厂时动力不会完全发挥出来，通常会留下一部分可提升的空间，刷ECU就是通过一些技术手段，在原厂发动机能承受的基础上对ECU进行编码，达到提升马力或扭矩的目的，传统汽车想要刷ECU需要借助原厂的技术，OTA汽车可以在线升级这种能力。\n从上述的描述可以看出搭载OTA技术的车辆实现的功能以及便捷性让人心动与青睐，但是因为OTA技术本身涉及到对车辆物理性能比如ECU改变、电池性能改变、以及车辆软件体验功能的改变，在这其中，也有一些暗礁可能被触及。\nOTA汽车是把双刃剑\n从传统车企的保守选择来看，大家没有照单全收这些美好的体验，没有那么热衷搭载也是有原因的，OTA汽车也是把双刃剑。\n\n首先是因为传统汽车成熟的研发周期和稳定的企业架构，想要实现OTA需要新匹配的元器件太多，产线与企业结构的改变成本太大，这些新的元器件都需要经过高成本的测试，汽车厂商不会将一堆未经测试考验的“半成品”集成后推向市场，影响生命财产安全。\n从技术原因分析来看，主要是跟传统汽车的结构有关。传统的汽车都是纯机械结构，动力单元非常复杂，喷油量、刹车系统、换挡逻辑、转向比、悬挂风格等参数关系标定，需要被工程师千万次调试测试到最佳安全状态才能出厂。而重新搭建OTA对于动力输出来说变得不稳定，破坏平衡的参数设定。\n除了因为物理硬件设备的安全隐患外，OTA技术在远程升级过程中，有被黑客攻击的风险。汽车在下载升级包的过程中，黑客可以利用网络手段将被病毒升级包发送给车辆，进而修改系统、远程控制、勒索钱财。如果遇到一些极端天气或者环境网络不稳定的情况，也会导致升级包出现漏洞，进而使得车辆升级失败。\n我们可以看到OTA技术在物理设备元器件本身的匹配以及协议和设计过程需要经过大量的安全测试，软硬件设备之间的链接耦合无论是哪个环节存在隐患，对于企业和车辆的安全都是生死存亡的问题，不能儿戏。拿特斯拉汽车此次召回事件来说，ACC自适应巡航控制的操作,常规的车企设计方案是采用按键式或者独立拨杆的操作开启自适应巡航功能，但是特斯拉在使用自适应巡航控制功能的时候容易有误操作，这是一个设计逻辑上的缺陷，特斯拉的解决方案是提升激活主动巡航的阈值，加入了其激活和退出的提醒，避免误触的可能再发生。\n小小的一个功能逻辑设定有误的话，也会带来万劫不复的结果，对于安全问题，不能假设所有人都是小心谨慎没有大脑短路的时候。如果关注车辆相关的的新闻召回事件屡见不鲜，对于软件故障，OTA可以通过升级可以解决部分故障，但是是否还会带来新的问题，也会是个亟待解决的问题。可以看到OTA技术对于车企而言，是把双刃剑，讨论其是否绝对安全也没有意义，OTA汽车的智能化之路，不会一蹴而就，一些系统的瑕疵需要时间去逐渐迭代优化，毕竟没有任何产品在设计之初就是完美的。\n\n目前整个市场发展的趋势就是车企逐渐在拥抱OTA技术，不会因为局部的限制因噎废食。OTA技术正成为智能汽车标配， 其技术渗透率提升尤为明显。有数据显示，在2020年全球售出的车辆中，有30％具有OTA功能。到2025年，该比例将上升至79％。而根据高工智能汽车研究院发布的数据，2020年中国市场新车OTA搭载率已经达到22.42%，预计今年将提升至35-40%。\n尽管不少车企在发布会卖力营销OTA升级技术，但裸泳的人也不少，大多数车企还是停留在SOTA升级层面，也就是娱乐互动层面的功能升级，能够进行整车OTA升级的车企屈指可数。目前有着整车OTA能力的是特斯拉、理想、小鹏、等新贵。而面向于整车OTA升级，才是智能汽车区别于传统汽车的一个非常显著的标志。从OTA汽车的发展历程上来看，汽车行业对于OTA的需求是逐步由零部件级、整车级、企业级发展到行业生态级。宝马、大众、上汽通用等传统车企在这个大的变革中积极改革进行电子架构重构，以实现整车OTA。\nOTA汽车未来的大考之路\n现在大部分车企都能做到车机娱乐系统的OTA，也就是 SOTA，但真正难啃的硬骨头是整车FOTA。因为其涉及整车制造商在新车上的电子架构、硬件配置以及软件自研能力。电子控制器需要与设备的更新机制进行深度整合，车辆在什么状态下进行刷写，如何确保确保更新过程的稳定性与安全性，这些实现上的难点都是要考虑的。比如汽车内部件的ECU（汽车电子控制元器件），它们在整车的架构中数量为几百个，连接在不同的通讯网络中，每条网络的数据传输协议不同，比较复杂，升级的控制器越多考量的网络通讯拓扑结构协议翻番难度上升，需要OTA供应商对每条通讯线路的特点有清晰的认知才能高效地实现软件升级。\n\n在信息安全方面，OTA数据传输的过程中，有被仿冒、窃取、攻击的潜在风险，在通讯过程中会被不怀好意的黑客挟持与篡改，可能导致车辆运行异常、隐私泄露、财务甚至是生命安全受到威胁。保障OTA汽车的安全升级之路尤为重要。OTA汽车厂商需要搭建设计完善的标识秘钥技术架构，验证机制与升级条件的限定需要双向把控，才能保障端云一体的信息安全体系。\nOTA汽车功能的实现背后依托网关协议、网络安全、算力算法技术持续开发等多方面能力发展，虽然电子模块与软件技术协同发展，在整车上应用的越来越多，但技术还是没有成熟到社会广泛认同的阶段，智能汽车的发展之路长途漫漫，更新和改善的空间还是很大，OTA汽车功能上的优化，服务的差异化需要同步进化，幸运的是我们会一起见证OTA汽车带来的惊喜。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":5123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":437597964378304,"gmtCreate":1747809439877,"gmtModify":1747809441879,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568614602734225","authorIdStr":"3568614602734225"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/VOO\">$Vanguard标普500ETF(VOO)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","listText":"<a href=\"https://ttm.financial/S/VOO\">$Vanguard标普500ETF(VOO)$&nbsp;</a><v-v data-views=\"0\"></v-v>&nbsp;","text":"$Vanguard标普500ETF(VOO)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/437597964378304","isVote":1,"tweetType":1,"viewCount":3581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150517724,"gmtCreate":1624921505068,"gmtModify":1703847769587,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568614602734225","authorIdStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150517724","repostId":"2146002531","repostType":4,"isVote":1,"tweetType":1,"viewCount":5346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128080212,"gmtCreate":1624495318936,"gmtModify":1703838254342,"author":{"id":"3568614602734225","authorId":"3568614602734225","name":"洞幽烛远","avatar":"https://static.tigerbbs.com/0e72968722642d797ced5fcb63f2fec1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568614602734225","authorIdStr":"3568614602734225"},"themes":[],"title":"","htmlText":"Thanks.","listText":"Thanks.","text":"Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128080212","repostId":"2145086880","repostType":4,"repost":{"id":"2145086880","kind":"news","pubTimestamp":1624415733,"share":"https://ttm.financial/m/news/2145086880?lang=en_US&edition=fundamental","pubTime":"2021-06-23 10:35","market":"sh","language":"zh","title":"\"Inflation trading\" can take a break.","url":"https://stock-news.laohu8.com/highlight/detail?id=2145086880","media":"首席经济学家论坛","summary":"当分析师和媒体同志们还在讨论“通胀”和“滞胀”的时候，市场已经开始在交易通缩了：\n1、近期10年期美债收益率明显下行，而且30年期的下行更多，市场收益率平坦化了，弄得美股的金融股开始下跌，因为平坦化的","content":"<p>While analysts and media colleagues were still discussing \"inflation\" and \"stagflation,\" the market had already begun trading deflation:</p><p><b>1. Recently, the yield on 10-year US Treasury bonds has declined significantly, and the decline on 30-year bonds has been even greater. Market yields have flattened, causing US financial stocks to begin to decline, because a flattened yield curve is obviously not conducive to financial stocks.</b></p><p><img src=\"https://static.tigerbbs.com/f41e5ab0e766c9ad9f0ba20a3b94394e\" tg-width=\"595\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>2. Inflation expectations, adjusted for the difference between the nominal and real interest rates of 10-year US Treasury bonds, also declined significantly after the interest rate meeting, falling by about 20 basis points from a high of nearly 2.5% in June.</b>；</p><p><img src=\"https://static.tigerbbs.com/09b9efa46c7de85be5df95df824a853b\" tg-width=\"593\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>3. The real interest rate is equal to the nominal interest rate minus inflation expectations. When the nominal interest rate falls, gold continues to fall, and gold prices have historically been inversely related to the real interest rate in Treasury Bond, USA.</b>In other words, the fact that real interest rates rose when nominal interest rates fell only indicates that deflationary expectations are indeed quite strong.</p><p><b>4. The expectation of a one-sided rise in commodities seems to have disappeared.</b>Taking copper as an example, copper inventories on the London Metal Exchange increased by 24,925 tons, a surge of 17%. After conducting some research, it was said that the supply and demand of copper were not so good. The strength of copper prices largely relied on the support of loose liquidity. Under the expectation of price increases, the supply chain bought when prices rose rather than when prices fell, and inventory became implicit. However, now that the Federal Reserve's rate hike expectations have been brought forward, the National Reserve has also sold inventory directly to downstream companies. After the expectation of price increases disappeared, the implicit inventory of hoarding became directly explicit, and the expectation of price increases has been shaken.</p><p><b>5. Judging from the recent performance of the US stock market, market style preferences have also changed significantly, with the Nasdaq clearly outperforming the Dow Jones Industrial Average.</b>Growth performance significantly outperforms cycle and value.</p><p>So the question arises: what exactly happened that caused market expectations to change so rapidly?</p><p>To answer this question, let's first briefly analyze how inflation comes about.</p><p><b>I. The Origin of Inflation</b></p><p>This round of quantitative easing in the United States is fundamentally different from the 2008 financial crisis.</p><p>This time, the United States directly distributed the money issued by the Federal Reserve to residents through fiscal stimulus, while quantitative easing during the 2008 financial crisis gave the money to financial institutions to help them deal with bad debts and illiquid assets.</p><p>Giving money to residents can directly create aggregate demand, but giving it to financial institutions can only create aggregate demand when the real economy has financing needs.</p><p>Because the demand stimulation model of helicopter money-spending deviates from traditional historical experience, the speed of production adjustment is slower than the speed of demand expansion, which leads to supply chain bottlenecks and a shortage of goods on the production side.</p><p>Looking at the US inventory-to-sales ratio data can illustrate some points. The seasonally adjusted retailer inventory-to-sales ratio is the lowest at only 1.07, while wholesaler inventory is also relatively low at 1.22, while the manufacturer inventory-to-sales ratio is as high as 1.48, which is still high.</p><p><img src=\"https://static.tigerbbs.com/48ebb5dc27d1a4d9b56b06e650782960\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What does this mean?</p><p>This shows that after the United States introduced welfare benefits, the consumer demand of the American people was too strong, causing retailers to run out of stock. However, because the workforce was still receiving unemployment benefits and was unwilling to return to work, and those who returned to work were mainly in the service industry rather than manufacturing. In addition, raw materials were expensive and transportation capacity was tight, so production did not recover much.</p><p>The US retail sales figure for May was $620.2 billion, while the US retail sales figure for 2019 was just over $500 billion. Looking at the industrial production index, it was less than 100 in May, but around 102 in 2019.</p><p>In other words, consumption is well above pre-pandemic levels, but production has not yet recovered to pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/acd06a9419c601db0a7cd0d4b4b66049\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Originally, American import suppliers had more options, such as forcing China's industrial chain to relocate to places with lower labor costs (India, Southeast Asia) by attacking China's textile industry and driving up upstream costs. Since consumer demand is strong but production is insufficient, how should the supply-demand gap be met? We can only rely on imports.</p><p>Unexpectedly, the outbreak of the COVID-19 pandemic in India in April disrupted this plan. The epidemic not only appeared in India, but also spread rapidly to Southeast Asian countries, Taiwan and Japan, which are also many of the world's production bases. As a result, China's industrial chain not only did not relocate abroad, but instead further concentrated production resources domestically, and FDI has been flowing into China at an accelerated pace recently.</p><p><img src=\"https://static.tigerbbs.com/453c45b93dd234e782b6886c74a10046\" tg-width=\"589\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p>Because the retail inventory gap in the United States is rigid, and countries and regions with production capacity have also been shut down due to the new round of the pandemic, the gap in US consumption and inventory can basically only be balanced by imports from China.</p><p><img src=\"https://static.tigerbbs.com/d0f6894c423cdb48c2a83c6b2eb33a26\" tg-width=\"588\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p><p><b>II. Orders that cannot be accepted</b></p><p>Now let's come back and take a look at China.</p><p>Because China took the lead in controlling the epidemic and subsidized enterprises through credit during the pandemic, thus preserving enterprises and production capacity, China has been a mainstay in stabilizing global inflation since last year. The global supply system is highly dependent on Chinese production, and shipping costs have increased by more than 4-5 times compared to before the pandemic. Stocks related to shipping have also increased several times.</p><p><img src=\"https://static.tigerbbs.com/c2d563c458f06a2b983ad41fdf8636d9\" tg-width=\"588\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>However, looking at current economic data, new export orders in the May PMI were only 48.3%, below the boom-bust threshold, a significant decline compared to the previous value of 50.4%. Export growth in May was 27.9%, lower than the previous figure of 32.3%, and there is now more discussion in the market about the peak of external demand.</p><p>Logically and practically speaking, companies should not lack orders, because currently overseas can only rely on China's production capacity.</p><p>We tend to believe that the decline in new export orders is not because companies lack orders, but rather because they are hesitant to accept orders easily.</p><p>Why are companies afraid to accept orders? The main reason is that upstream commodities are available too quickly, and they lose money as soon as they take orders.</p><p>There are three main reasons for the rapid rise in upstream commodity prices:</p><p>1. Demand in the United States can be met by printing money. Most non-ferrous metals are priced in US dollars, and the decline of the US dollar and the expansion of demand are beneficial to upstream commodities.</p><p>2. Upstream supply is unavailable, some of which is due to the lack of vaccines in emerging markets, which prevents work from resuming. The spread of the epidemic in India has exacerbated this trend. For example, the supply of semiconductor supply chains is tight, and the supply of scrap copper and some rare minerals has been disrupted. Some are because unions are strong; Others feel that demand is unsustainable, that good short-term demand is just a product of the United States, and that it is not sustainable. From expanding production capacity to releasing output now, it will be three years from now. However, if there is no such good demand in the future, they will lose money. So it is better to take advantage of the current price increase to maintain the oligopoly and make enough cash flow now.</p><p>3. For commodities with pricing power in China, due to demands such as \"dual carbon\" targets and safe production, there are expectations of production cuts in the market, leading to hidden inventory. Moreover, downstream suppliers also expect future supply shortages and can only panic stockpiling now, which exacerbates expectations of upstream price increases.</p><p>Data shows that the PPI reached a high of 9% year-on-year in May, while the CPI was only 1.3% year-on-year. Both the PMI raw material price minus the finished product price and the PPI raw material price minus the PPI processing price year-on-year hit record highs, indicating that the downstream manufacturing sector is constantly enduring upstream inflation.</p><p><img src=\"https://static.tigerbbs.com/bf605a70afe88045b7636a1a9c9e0b19\" tg-width=\"589\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>However, there must be a limit to everything. When the contradiction between upstream price increases accumulates to a certain extent, companies will naturally hesitate to accept orders if they experience long-term \"increased revenue but not increased profits\" and \"thankless effort,\" because the more orders they accept, the more they will lose money.</p><p><img src=\"https://static.tigerbbs.com/3e11053c2e74d92908dd4a04aa0cfcda\" tg-width=\"587\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><b>III. The Enigmatic Interest Rate Meeting</b></p><p>The most interesting thing about the June interest rate meeting was that the Taper, which the market was paying attention to, was basically not mentioned much. The wording was very vague, only stating that the prerequisite for initiating the Taper was to achieve the goal of \"substantial progress\" in the economy, and the standard for \"substantial progress\" was determined by the Federal Reserve.</p><p>However, what surprised the market most about the June interest rate meeting was that rate hike expected it to rise ahead of schedule, believing that the number of members in rate hike would increase from 4 to 7 in 2022, and the number of members in rate hike would increase from 7 to 13 in 2023.</p><p>In summary, the June interest rate meeting guided rate hike to bring forward expectations and \"kept quiet\" about Taper, which the market is most concerned about.</p><p>The key question is, what is the Federal Reserve's intention in doing this?</p><p>Following the interest rate meeting, the market followed a combination of a sharp rise in the US dollar and a decline in the 10-year US Treasury yield, which is quite puzzling.</p><p>Let's start by guessing why the Federal Reserve is keeping quiet about Taper.</p><p>In the first quarter, because the market had formed optimistic expectations that the US economy would recover quickly after effective vaccination, and the market's expectations for inflation were very high at the time, the yield on 10-year US Treasury bonds rose very quickly in the first quarter. In just a few trading days, the yield rose from less than 1% to a high of 1.78% at the end of March.</p><p>However, the Federal Reserve believes that market expectations have gone too far, constantly emphasizing that inflation is temporary and failing to meet market expectations. The Federal Reserve's balance sheet expansion continued in the second quarter, and against the backdrop of massive fiscal deposit injections, various short-term interest rates were pushed down to around zero.</p><p><img src=\"https://static.tigerbbs.com/f54f3462ee6ddf13338f6b301b11d78b\" tg-width=\"586\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p>There were reasons why the Federal Reserve did this in the second quarter. In the first quarter, although vaccines were being administered rapidly and the US economy benefited from vaccines and was indeed recovering rapidly, neither the number of jobs nor the growth rate of wages were far from reaching the level before the pandemic.</p><p>Exiting easing means reducing fiscal policy, but there is still a high degree of uncertainty as to whether the economic environment in the first quarter can absorb the large number of workers returning due to the withdrawal of welfare benefits.</p><p>However, by the end of the second quarter, it was clear that the economy was showing signs of overheating, and the labor market was beginning to fall short of demand. While wages are rising, the number of job vacancies is also increasing.</p><p>The number of job vacancies in the United States has recently reached 9.29 million, compared to about 7 million in 2019. The job vacancy rate is as high as 6%, while the average level in 2019 was only about 4%.</p><p><img src=\"https://static.tigerbbs.com/f6fb48b1ad455cf8f930a98f6abb2752\" tg-width=\"591\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p>At this point, due to the overheating of the job market, the basis for withdrawing from unemployment benefits was initially in place. What is hindering the job recovery is no longer a weak economic recovery, but rather relief payments that even exceed the wages that many employers can pay, which is causing the labor market to recover slowly. Therefore, starting in June, some states have begun to eliminate the $300 per week unemployment benefit.</p><p>We believe that Taper's \"silence\" suggests that the Federal Reserve's goal of \"substantial progress\" in the economy most likely refers to a significant increase in employment data after the withdrawal of unemployment benefits. This is the only way to verify that the US economy is fully on track.</p><p>This is why the unemployment rate target was not raised at this policy meeting, and the unemployment rate remained at 4.5% after the number of new jobs continued to fall short of expectations, because the Federal Reserve expects the labor force to gradually return to the job market after unemployment benefits are withdrawn.</p><p>In short, the Federal Reserve's target of \"substantial progress\" can only be met when there is a significant improvement in new jobs. Only then will the Federal Reserve seriously consider whether to reduce the size of its quantitative easing.</p><p>Next, let's review how inflation in the United States was formed.</p><p>The first is that money printing machines distribute money to residents, leading consumers to \"buy, buy, buy\"; The second reason is that domestic production has not recovered because the employment force has not returned, logistics costs are rising, and the supply of upstream raw materials is scarce (such as a shortage of automobile chips and timber for building houses). Thirdly, costs such as raw material prices and shipping costs have risen too rapidly, and China is unable to accept new export orders.</p><p>Against the backdrop of rapid demand expansion and relatively tight supply, we have seen US inflation exhibit a characteristic of \"unquantifiable rise\". Because supply simply cannot match the rate of demand expansion, households cannot buy goods even if they want to, so prices can only jump.</p><p>This is very similar to the US housing market. Existing home sales data has been declining since the beginning of this year, but this does not mean that demand has weakened, because the selling prices of existing homes are still rising at an accelerated pace, while US existing home inventory is being depleted.</p><p><img src=\"https://static.tigerbbs.com/95300d19a8a8ee5d831b8f969ae8b639\" tg-width=\"589\" tg-height=\"302\" referrerpolicy=\"no-referrer\"></p><p>To alleviate inflationary pressures, the logic is actually quite simple: either curb demand, such as reducing welfare benefits, or guide employment back to various positions and boost production. When welfare benefits decrease, demand weakens, while production increases, inflationary pressures naturally decrease.</p><p>The key now is whether new job creation can increase in the future, which depends on:</p><p>1、<a href=\"https://laohu8.com/S/QC7.SI\">the whole people</a>After immunization, the strength of the recovery of the US service sector, if oil prices, production and supply are relatively stable, can be used as a high-frequency proxy indicator for the recovery of the service sector.</p><p>2. Have small and medium-sized enterprises and supply chains in the United States suffered medium- to long-term damage due to the pandemic? If so, the supply chain and production links in the United States will not absorb many jobs and will not have the effect of restoring production.</p><p>These macroeconomic variables are still uncertain, at least for now. The answer will only become clear after unemployment benefits are withdrawn and employment can increase.</p><p>Therefore, the Federal Reserve will not rush to discuss Taper before employment increases and gaps are filled, nor will it withdraw from providing welfare to the household sector so quickly. According to data from the U.S. Department of Labor, 70% of unemployment benefits will not be phased out until the end of the third quarter of this year.</p><p>If the United States cannot curb demand or expand production in the short term, then there is only one way to alleviate inflation: reduce upstream costs, devalue the exchange rates of producing countries, and replenish retail inventories by increasing imports to producing countries.</p><p>This is why the Federal Reserve dares not mention Taper, because there is still some uncertainty about whether the job market can recover. However, the Fed is willing to advance the market's rate hike expectations and push up the dollar, because this can not only depreciate the exchange rate of producing countries and thus expand imports, but also suppress the prices of upstream commodities, give the domestic and producing countries some production profits, and facilitate the rebuilding of retail inventory.</p><p><b>IV. Market Meaning</b></p><p>At this point in the story, we believe the logic of the subsequent market becomes very clear.</p><p>At least in the short term, there is no need to pay too much attention to whether the Federal Reserve will Taper, because this will only happen after confirmation of job gap repair before it becomes the focus of market pricing.</p><p>The inflation or stagflation that everyone is talking about now is essentially the result of a sharp mismatch between supply and demand. When the elasticity of supply weakens to a certain extent, inflation appears in the form of \"unlimited increases\".</p><p>Therefore, the main contradiction in the global economy is no longer to continue issuing money to boost aggregate demand and keep prices rising, but to repair fragile supply chains and mitigate inflation expectations through supply recovery.</p><p>In other words, market pricing deflation is not necessarily due to weakening demand in the pricing economy, but more likely to result in a short-term recovery of bottlenecks in the pricing supply chain.</p><p>If the United States cannot rebuild its inventory in the short term by rebalancing demand and production, the problem of supply chain bottlenecks will need to be solved by expanding imports.</p><p>Because rising commodity prices have caused production supply chain costs to climb too rapidly, making it difficult to keep up with orders, suppressing upstream commodity prices will become a consensus between China and the United States at this stage.</p><p>The focus of the power struggle between the two countries will not be on a \"pepper-throwing\" basis at present, but may instead be concentrated in the field of technological innovation that will create a \"technological generation gap\".</p><p>Therefore, it is best not to expect a unilateral rise in commodity prices at this time, as betting on a continued unilateral rise in commodity prices will likely result in losses.</p><p>In fact, the support for rising commodity prices is not entirely due to how strong current demand is; the expectation that demand exceeds supply plays a significant role.</p><p>The low inventory of many commodities is not necessarily due to insufficient supply despite strong current demand, but rather to the expectation that future demand will far exceed supply, leading to panic hoarding by downstream suppliers. Coupled with inventory hoarding by traders, rising prices have made inventory hidden, which in turn has further driven up prices.</p><p>Once the expectation of a unilateral price increase is gone, all the hidden inventory will come out.</p><p>If the United States needs to alleviate the contradiction of insufficient consumer goods inventories through imports and the depreciation of the RMB exchange rate, this means that China's exports will not have much trouble maintaining high levels in the third quarter.</p><p>In this round of domestic investment, real estate and infrastructure are pressing down. Both industrial production and manufacturing investment are basically driven by exports. As long as exports can remain high, it means that the economic fundamentals in the third quarter are at least not weak.</p><p>As long as fundamentals are in place, stock risk appetite can be guaranteed. Moreover, if upstream price increases can be truly controlled, profit margins in the midstream and downstream sectors will emerge. It is worth paying attention to opportunities in growth sectors, especially the policy premiums for independently controllable underlying core components and materials.</p><p>Of course, \"inflation trading\" can be temporarily suspended.</p>","source":"lsy1583127396478","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>\"Inflation trading\" can take a break.</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\">\n\"Inflation trading\" can take a break.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">首席经济学家论坛</strong><span class=\"h-time small\">2021-06-23 10:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While analysts and media colleagues were still discussing \"inflation\" and \"stagflation,\" the market had already begun trading deflation:</p><p><b>1. Recently, the yield on 10-year US Treasury bonds has declined significantly, and the decline on 30-year bonds has been even greater. Market yields have flattened, causing US financial stocks to begin to decline, because a flattened yield curve is obviously not conducive to financial stocks.</b></p><p><img src=\"https://static.tigerbbs.com/f41e5ab0e766c9ad9f0ba20a3b94394e\" tg-width=\"595\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>2. Inflation expectations, adjusted for the difference between the nominal and real interest rates of 10-year US Treasury bonds, also declined significantly after the interest rate meeting, falling by about 20 basis points from a high of nearly 2.5% in June.</b>；</p><p><img src=\"https://static.tigerbbs.com/09b9efa46c7de85be5df95df824a853b\" tg-width=\"593\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><b>3. The real interest rate is equal to the nominal interest rate minus inflation expectations. When the nominal interest rate falls, gold continues to fall, and gold prices have historically been inversely related to the real interest rate in Treasury Bond, USA.</b>In other words, the fact that real interest rates rose when nominal interest rates fell only indicates that deflationary expectations are indeed quite strong.</p><p><b>4. The expectation of a one-sided rise in commodities seems to have disappeared.</b>Taking copper as an example, copper inventories on the London Metal Exchange increased by 24,925 tons, a surge of 17%. After conducting some research, it was said that the supply and demand of copper were not so good. The strength of copper prices largely relied on the support of loose liquidity. Under the expectation of price increases, the supply chain bought when prices rose rather than when prices fell, and inventory became implicit. However, now that the Federal Reserve's rate hike expectations have been brought forward, the National Reserve has also sold inventory directly to downstream companies. After the expectation of price increases disappeared, the implicit inventory of hoarding became directly explicit, and the expectation of price increases has been shaken.</p><p><b>5. Judging from the recent performance of the US stock market, market style preferences have also changed significantly, with the Nasdaq clearly outperforming the Dow Jones Industrial Average.</b>Growth performance significantly outperforms cycle and value.</p><p>So the question arises: what exactly happened that caused market expectations to change so rapidly?</p><p>To answer this question, let's first briefly analyze how inflation comes about.</p><p><b>I. The Origin of Inflation</b></p><p>This round of quantitative easing in the United States is fundamentally different from the 2008 financial crisis.</p><p>This time, the United States directly distributed the money issued by the Federal Reserve to residents through fiscal stimulus, while quantitative easing during the 2008 financial crisis gave the money to financial institutions to help them deal with bad debts and illiquid assets.</p><p>Giving money to residents can directly create aggregate demand, but giving it to financial institutions can only create aggregate demand when the real economy has financing needs.</p><p>Because the demand stimulation model of helicopter money-spending deviates from traditional historical experience, the speed of production adjustment is slower than the speed of demand expansion, which leads to supply chain bottlenecks and a shortage of goods on the production side.</p><p>Looking at the US inventory-to-sales ratio data can illustrate some points. The seasonally adjusted retailer inventory-to-sales ratio is the lowest at only 1.07, while wholesaler inventory is also relatively low at 1.22, while the manufacturer inventory-to-sales ratio is as high as 1.48, which is still high.</p><p><img src=\"https://static.tigerbbs.com/48ebb5dc27d1a4d9b56b06e650782960\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>What does this mean?</p><p>This shows that after the United States introduced welfare benefits, the consumer demand of the American people was too strong, causing retailers to run out of stock. However, because the workforce was still receiving unemployment benefits and was unwilling to return to work, and those who returned to work were mainly in the service industry rather than manufacturing. In addition, raw materials were expensive and transportation capacity was tight, so production did not recover much.</p><p>The US retail sales figure for May was $620.2 billion, while the US retail sales figure for 2019 was just over $500 billion. Looking at the industrial production index, it was less than 100 in May, but around 102 in 2019.</p><p>In other words, consumption is well above pre-pandemic levels, but production has not yet recovered to pre-pandemic levels.</p><p><img src=\"https://static.tigerbbs.com/acd06a9419c601db0a7cd0d4b4b66049\" tg-width=\"590\" tg-height=\"375\" referrerpolicy=\"no-referrer\"></p><p>Originally, American import suppliers had more options, such as forcing China's industrial chain to relocate to places with lower labor costs (India, Southeast Asia) by attacking China's textile industry and driving up upstream costs. Since consumer demand is strong but production is insufficient, how should the supply-demand gap be met? We can only rely on imports.</p><p>Unexpectedly, the outbreak of the COVID-19 pandemic in India in April disrupted this plan. The epidemic not only appeared in India, but also spread rapidly to Southeast Asian countries, Taiwan and Japan, which are also many of the world's production bases. As a result, China's industrial chain not only did not relocate abroad, but instead further concentrated production resources domestically, and FDI has been flowing into China at an accelerated pace recently.</p><p><img src=\"https://static.tigerbbs.com/453c45b93dd234e782b6886c74a10046\" tg-width=\"589\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p>Because the retail inventory gap in the United States is rigid, and countries and regions with production capacity have also been shut down due to the new round of the pandemic, the gap in US consumption and inventory can basically only be balanced by imports from China.</p><p><img src=\"https://static.tigerbbs.com/d0f6894c423cdb48c2a83c6b2eb33a26\" tg-width=\"588\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p><p><b>II. Orders that cannot be accepted</b></p><p>Now let's come back and take a look at China.</p><p>Because China took the lead in controlling the epidemic and subsidized enterprises through credit during the pandemic, thus preserving enterprises and production capacity, China has been a mainstay in stabilizing global inflation since last year. The global supply system is highly dependent on Chinese production, and shipping costs have increased by more than 4-5 times compared to before the pandemic. Stocks related to shipping have also increased several times.</p><p><img src=\"https://static.tigerbbs.com/c2d563c458f06a2b983ad41fdf8636d9\" tg-width=\"588\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p>However, looking at current economic data, new export orders in the May PMI were only 48.3%, below the boom-bust threshold, a significant decline compared to the previous value of 50.4%. Export growth in May was 27.9%, lower than the previous figure of 32.3%, and there is now more discussion in the market about the peak of external demand.</p><p>Logically and practically speaking, companies should not lack orders, because currently overseas can only rely on China's production capacity.</p><p>We tend to believe that the decline in new export orders is not because companies lack orders, but rather because they are hesitant to accept orders easily.</p><p>Why are companies afraid to accept orders? The main reason is that upstream commodities are available too quickly, and they lose money as soon as they take orders.</p><p>There are three main reasons for the rapid rise in upstream commodity prices:</p><p>1. Demand in the United States can be met by printing money. Most non-ferrous metals are priced in US dollars, and the decline of the US dollar and the expansion of demand are beneficial to upstream commodities.</p><p>2. Upstream supply is unavailable, some of which is due to the lack of vaccines in emerging markets, which prevents work from resuming. The spread of the epidemic in India has exacerbated this trend. For example, the supply of semiconductor supply chains is tight, and the supply of scrap copper and some rare minerals has been disrupted. Some are because unions are strong; Others feel that demand is unsustainable, that good short-term demand is just a product of the United States, and that it is not sustainable. From expanding production capacity to releasing output now, it will be three years from now. However, if there is no such good demand in the future, they will lose money. So it is better to take advantage of the current price increase to maintain the oligopoly and make enough cash flow now.</p><p>3. For commodities with pricing power in China, due to demands such as \"dual carbon\" targets and safe production, there are expectations of production cuts in the market, leading to hidden inventory. Moreover, downstream suppliers also expect future supply shortages and can only panic stockpiling now, which exacerbates expectations of upstream price increases.</p><p>Data shows that the PPI reached a high of 9% year-on-year in May, while the CPI was only 1.3% year-on-year. Both the PMI raw material price minus the finished product price and the PPI raw material price minus the PPI processing price year-on-year hit record highs, indicating that the downstream manufacturing sector is constantly enduring upstream inflation.</p><p><img src=\"https://static.tigerbbs.com/bf605a70afe88045b7636a1a9c9e0b19\" tg-width=\"589\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p>However, there must be a limit to everything. When the contradiction between upstream price increases accumulates to a certain extent, companies will naturally hesitate to accept orders if they experience long-term \"increased revenue but not increased profits\" and \"thankless effort,\" because the more orders they accept, the more they will lose money.</p><p><img src=\"https://static.tigerbbs.com/3e11053c2e74d92908dd4a04aa0cfcda\" tg-width=\"587\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><b>III. The Enigmatic Interest Rate Meeting</b></p><p>The most interesting thing about the June interest rate meeting was that the Taper, which the market was paying attention to, was basically not mentioned much. The wording was very vague, only stating that the prerequisite for initiating the Taper was to achieve the goal of \"substantial progress\" in the economy, and the standard for \"substantial progress\" was determined by the Federal Reserve.</p><p>However, what surprised the market most about the June interest rate meeting was that rate hike expected it to rise ahead of schedule, believing that the number of members in rate hike would increase from 4 to 7 in 2022, and the number of members in rate hike would increase from 7 to 13 in 2023.</p><p>In summary, the June interest rate meeting guided rate hike to bring forward expectations and \"kept quiet\" about Taper, which the market is most concerned about.</p><p>The key question is, what is the Federal Reserve's intention in doing this?</p><p>Following the interest rate meeting, the market followed a combination of a sharp rise in the US dollar and a decline in the 10-year US Treasury yield, which is quite puzzling.</p><p>Let's start by guessing why the Federal Reserve is keeping quiet about Taper.</p><p>In the first quarter, because the market had formed optimistic expectations that the US economy would recover quickly after effective vaccination, and the market's expectations for inflation were very high at the time, the yield on 10-year US Treasury bonds rose very quickly in the first quarter. In just a few trading days, the yield rose from less than 1% to a high of 1.78% at the end of March.</p><p>However, the Federal Reserve believes that market expectations have gone too far, constantly emphasizing that inflation is temporary and failing to meet market expectations. The Federal Reserve's balance sheet expansion continued in the second quarter, and against the backdrop of massive fiscal deposit injections, various short-term interest rates were pushed down to around zero.</p><p><img src=\"https://static.tigerbbs.com/f54f3462ee6ddf13338f6b301b11d78b\" tg-width=\"586\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p>There were reasons why the Federal Reserve did this in the second quarter. In the first quarter, although vaccines were being administered rapidly and the US economy benefited from vaccines and was indeed recovering rapidly, neither the number of jobs nor the growth rate of wages were far from reaching the level before the pandemic.</p><p>Exiting easing means reducing fiscal policy, but there is still a high degree of uncertainty as to whether the economic environment in the first quarter can absorb the large number of workers returning due to the withdrawal of welfare benefits.</p><p>However, by the end of the second quarter, it was clear that the economy was showing signs of overheating, and the labor market was beginning to fall short of demand. While wages are rising, the number of job vacancies is also increasing.</p><p>The number of job vacancies in the United States has recently reached 9.29 million, compared to about 7 million in 2019. The job vacancy rate is as high as 6%, while the average level in 2019 was only about 4%.</p><p><img src=\"https://static.tigerbbs.com/f6fb48b1ad455cf8f930a98f6abb2752\" tg-width=\"591\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p>At this point, due to the overheating of the job market, the basis for withdrawing from unemployment benefits was initially in place. What is hindering the job recovery is no longer a weak economic recovery, but rather relief payments that even exceed the wages that many employers can pay, which is causing the labor market to recover slowly. Therefore, starting in June, some states have begun to eliminate the $300 per week unemployment benefit.</p><p>We believe that Taper's \"silence\" suggests that the Federal Reserve's goal of \"substantial progress\" in the economy most likely refers to a significant increase in employment data after the withdrawal of unemployment benefits. This is the only way to verify that the US economy is fully on track.</p><p>This is why the unemployment rate target was not raised at this policy meeting, and the unemployment rate remained at 4.5% after the number of new jobs continued to fall short of expectations, because the Federal Reserve expects the labor force to gradually return to the job market after unemployment benefits are withdrawn.</p><p>In short, the Federal Reserve's target of \"substantial progress\" can only be met when there is a significant improvement in new jobs. Only then will the Federal Reserve seriously consider whether to reduce the size of its quantitative easing.</p><p>Next, let's review how inflation in the United States was formed.</p><p>The first is that money printing machines distribute money to residents, leading consumers to \"buy, buy, buy\"; The second reason is that domestic production has not recovered because the employment force has not returned, logistics costs are rising, and the supply of upstream raw materials is scarce (such as a shortage of automobile chips and timber for building houses). Thirdly, costs such as raw material prices and shipping costs have risen too rapidly, and China is unable to accept new export orders.</p><p>Against the backdrop of rapid demand expansion and relatively tight supply, we have seen US inflation exhibit a characteristic of \"unquantifiable rise\". Because supply simply cannot match the rate of demand expansion, households cannot buy goods even if they want to, so prices can only jump.</p><p>This is very similar to the US housing market. Existing home sales data has been declining since the beginning of this year, but this does not mean that demand has weakened, because the selling prices of existing homes are still rising at an accelerated pace, while US existing home inventory is being depleted.</p><p><img src=\"https://static.tigerbbs.com/95300d19a8a8ee5d831b8f969ae8b639\" tg-width=\"589\" tg-height=\"302\" referrerpolicy=\"no-referrer\"></p><p>To alleviate inflationary pressures, the logic is actually quite simple: either curb demand, such as reducing welfare benefits, or guide employment back to various positions and boost production. When welfare benefits decrease, demand weakens, while production increases, inflationary pressures naturally decrease.</p><p>The key now is whether new job creation can increase in the future, which depends on:</p><p>1、<a href=\"https://laohu8.com/S/QC7.SI\">the whole people</a>After immunization, the strength of the recovery of the US service sector, if oil prices, production and supply are relatively stable, can be used as a high-frequency proxy indicator for the recovery of the service sector.</p><p>2. Have small and medium-sized enterprises and supply chains in the United States suffered medium- to long-term damage due to the pandemic? If so, the supply chain and production links in the United States will not absorb many jobs and will not have the effect of restoring production.</p><p>These macroeconomic variables are still uncertain, at least for now. The answer will only become clear after unemployment benefits are withdrawn and employment can increase.</p><p>Therefore, the Federal Reserve will not rush to discuss Taper before employment increases and gaps are filled, nor will it withdraw from providing welfare to the household sector so quickly. According to data from the U.S. Department of Labor, 70% of unemployment benefits will not be phased out until the end of the third quarter of this year.</p><p>If the United States cannot curb demand or expand production in the short term, then there is only one way to alleviate inflation: reduce upstream costs, devalue the exchange rates of producing countries, and replenish retail inventories by increasing imports to producing countries.</p><p>This is why the Federal Reserve dares not mention Taper, because there is still some uncertainty about whether the job market can recover. However, the Fed is willing to advance the market's rate hike expectations and push up the dollar, because this can not only depreciate the exchange rate of producing countries and thus expand imports, but also suppress the prices of upstream commodities, give the domestic and producing countries some production profits, and facilitate the rebuilding of retail inventory.</p><p><b>IV. Market Meaning</b></p><p>At this point in the story, we believe the logic of the subsequent market becomes very clear.</p><p>At least in the short term, there is no need to pay too much attention to whether the Federal Reserve will Taper, because this will only happen after confirmation of job gap repair before it becomes the focus of market pricing.</p><p>The inflation or stagflation that everyone is talking about now is essentially the result of a sharp mismatch between supply and demand. When the elasticity of supply weakens to a certain extent, inflation appears in the form of \"unlimited increases\".</p><p>Therefore, the main contradiction in the global economy is no longer to continue issuing money to boost aggregate demand and keep prices rising, but to repair fragile supply chains and mitigate inflation expectations through supply recovery.</p><p>In other words, market pricing deflation is not necessarily due to weakening demand in the pricing economy, but more likely to result in a short-term recovery of bottlenecks in the pricing supply chain.</p><p>If the United States cannot rebuild its inventory in the short term by rebalancing demand and production, the problem of supply chain bottlenecks will need to be solved by expanding imports.</p><p>Because rising commodity prices have caused production supply chain costs to climb too rapidly, making it difficult to keep up with orders, suppressing upstream commodity prices will become a consensus between China and the United States at this stage.</p><p>The focus of the power struggle between the two countries will not be on a \"pepper-throwing\" basis at present, but may instead be concentrated in the field of technological innovation that will create a \"technological generation gap\".</p><p>Therefore, it is best not to expect a unilateral rise in commodity prices at this time, as betting on a continued unilateral rise in commodity prices will likely result in losses.</p><p>In fact, the support for rising commodity prices is not entirely due to how strong current demand is; the expectation that demand exceeds supply plays a significant role.</p><p>The low inventory of many commodities is not necessarily due to insufficient supply despite strong current demand, but rather to the expectation that future demand will far exceed supply, leading to panic hoarding by downstream suppliers. Coupled with inventory hoarding by traders, rising prices have made inventory hidden, which in turn has further driven up prices.</p><p>Once the expectation of a unilateral price increase is gone, all the hidden inventory will come out.</p><p>If the United States needs to alleviate the contradiction of insufficient consumer goods inventories through imports and the depreciation of the RMB exchange rate, this means that China's exports will not have much trouble maintaining high levels in the third quarter.</p><p>In this round of domestic investment, real estate and infrastructure are pressing down. Both industrial production and manufacturing investment are basically driven by exports. As long as exports can remain high, it means that the economic fundamentals in the third quarter are at least not weak.</p><p>As long as fundamentals are in place, stock risk appetite can be guaranteed. Moreover, if upstream price increases can be truly controlled, profit margins in the midstream and downstream sectors will emerge. It is worth paying attention to opportunities in growth sectors, especially the policy premiums for independently controllable underlying core components and materials.</p><p>Of course, \"inflation trading\" can be temporarily suspended.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://m.cls.cn/depth/773257\">首席经济学家论坛</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":{"161125":"标普500","513500":"标普500ETF博时","DJX":"1/100道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DOG":"道指ETF-ProShares做空","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","OEX":"标普100","TQQQ":"纳指三倍做多ETF"},"source_url":"https://m.cls.cn/depth/773257","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145086880","content_text":"当分析师和媒体同志们还在讨论“通胀”和“滞胀”的时候，市场已经开始在交易通缩了：\n1、近期10年期美债收益率明显下行，而且30年期的下行更多，市场收益率平坦化了，弄得美股的金融股开始下跌，因为平坦化的收益率曲线显然不利于金融股；\n\n2、通过10年期美债的名义利率和实际利率差值拟合的通胀预期在议息会议后也明显下行，从6月近2.5%的高点到现在下降了大概20多个BP；\n\n3、实际利率等于名义利率减去通胀预期，当名义利率下降的时候，黄金仍然在继续下跌，而黄金价格历来与美国国债的实际利率有反向关系，也就是说，实际利率在名义利率下降的时候竟然是上升的，这只能说明通缩预期确实比较强；\n4、大宗商品单边上涨预期似乎已不存在了，以铜为例，伦敦金属交易所的铜库存增加了24925吨，猛增17％。调研了一圈下来，说是因为铜的供需本身没那么好，铜价之所以强势很大程度上依赖的是宽松的流动性支撑，在涨价预期下，产业链买涨不买跌，库存都隐性化了，但现在美联储加息预期提前了，国储也抛售库存直接给下游企业了，当涨价预期没有了之后，囤货的隐性库存直接显性化了，涨价预期已经被动摇了。\n5、从近期美股市场的表现来看，美股的市场风格偏好也发生了明显的变化，纳指明显跑赢道指，成长的表现要显著强于周期和价值。\n那么，问题来了，究竟发生了什么让市场的预期转变得如此迅速？\n为了解答这一问题，先简要分析一下通胀是怎么来的。\n一、通胀的由来\n这一轮美国的量化宽松和2008年金融危机是有本质区别的。\n这一次美国直接通过财政刺激，把美联储放出去的票子发到了居民手里，而2008年金融危机的量化宽松是把钞票给到金融机构那，帮助金融机构处理坏账和非流动性资产。\n把钞票给到居民手里，直接可以创造总需求，而给到金融机构手里，还要等实体有融资需求了，才能创造总需求。\n由于直升机撒钱的需求刺激模式脱离了传统的历史经验，生产调整的速度慢于需求扩张的速度，这就导致生产端有供应链瓶颈和商品的供不应求。\n看美国库销比的数据就可以说明一些问题。经季调的零售商库销比是最低的，只有1.07，批发商库存也比较低，有1.22，然而制造商库销比却高达1.48，还处于高位。\n\n这说明什么呢？\n这说明美国发了福利后，美国人民买买买的消费需求太旺盛了，导致零售商那都被买得没货了，但由于劳动力还在领失业救济，不愿意回来工作，回来工作的也主要在服务业，而不是制造业，再加上原材料贵、运力紧张，所以生产是没有怎么恢复的。\n美国5月单月的零售数据是6202亿美元，而2019年美国单月的零售数据也就5000亿美元出头，再看工业生产指数，5月不到100，但2019年有102左右。\n换句话说，消费已远在疫情前以上，但生产还没有恢复到疫情前。\n\n本来美国的进口供应商有更多的选择，比如通过对中国的纺织业发难和推高上游成本，倒逼中国产业链外迁到人力成本更低的地方（印度、东南亚）。既然消费需求好，生产又不足，那供需缺口应该怎么满足呢？也只能靠进口了。\n没想到的是，4月印度出现的疫情搅乱了这一计划。疫情不仅出现在了印度，还快速扩散到了东南亚国家、台湾地区和日本，这些地方也多为世界的生产基地，结果导致中国产业链不仅没有外迁，反而使生产资源进一步向国内集聚， FDI近期是加速往国内流入的。\n\n由于美国的零售品库存的缺口是刚性的，拥有生产能力的国家和地区也因新一轮疫情停摆，美国消费和库存的缺口基本上只能靠中国的进口来平衡了。\n\n二、接不动的订单\n现在回来看看国内。\n由于中国率先控制了疫情，疫情期间通过信贷补贴了企业，保住了企业和生产能力，所以从去年到现在，中国一直都是稳定全球通胀的中坚力量，全球的供应体系高度依赖于中国的生产，海运费用比疫情前涨了4-5倍都不止，和海运相关的个股涨幅也有好几倍。\n\n但看现在的经济数据，5月PMI新出口订单只有48.3%，到了枯荣线的下面，相比前值50.4%，有较为明显的下行。5月的出口增速为27.9%，也不如前值的32.3%，现在市场关于外需的见顶讨论开始多了起来。\n从逻辑和事实上来讲，企业应该是不会缺订单的，因为当下海外只能依赖中国的产能。\n我们倾向于认为出口新订单的下降不是因为企业没有订单，而是企业不敢轻易接订单了。\n企业为什么不敢接订单呢？主要原因是上游大宗商品上得太快了，接单就亏钱。\n上游大宗商品价格涨得快的原因主要有三个：\n1、美国的需求可以靠印钞票印出来，大多数有色金属是美元定价，美元下行和需求扩张本身就利好上游大宗商品。\n2、上游供给打不开，有的是因为新兴市场缺少疫苗导致无法复工，印度疫情扩散加剧了这一趋势，比如半导体供应链紧张、废铜还有一些稀有矿的供给都受到了扰动；有的是因为工会强势；还有的是觉得需求没有持续性，短期需求好只是美国印出来的，没有可持续性，现在扩产能到产出释放都是未来三年以后的事了，但未来如果没有这么好的需求，就会赔钱，所以不如趁现在价格涨维持寡头垄断，当下赚足现金流就好。\n3、国内有定价权的大宗商品，因“双碳”目标、安全生产等诉求，市场有减产预期，导致库存隐性化，而且下游也会预期未来供应会紧缺，只能当下恐慌性备货，使得上游价格上涨预期加剧。\n从数据来看，5月PPI同比高达9%，而CPI同比仅为1.3%，无论是PMI原材料价格减去产成品价格还是PPI原材料价格同比减去PPI加工价格同比都创下了历史新高，这说明下游生产制造环节在不断忍受着上游的通胀。\n\n但凡事都得有个度，当上游上涨的矛盾积累到了一定程度后，企业长期“增收不增利”、“吃力不讨好”，自然就不敢接订单了，因为订单接得越多，反而会越赔钱。\n\n三、谜一样的议息会议\n6月议息会议最有趣的一点就是市场关注的Taper基本上没怎么提，表述很模糊，只说Taper开启的前提是达到经济取得“实质性进展”的目标，而“实质性进展”的标准是由美联储决定的。\n但6月议息会议最让市场意外的一点是加息预期提前了，认为2022年应当加息的成员从4人上升到了7人，2023年应当加息的成员从7人上升到了13人。\n综合来看，6月议息会议是引导加息预期提前，并且对市场最关注的Taper“闭口不提”。\n关键是，美联储这么做的意图是什么？\n议息会议后，市场走的是美元大幅上涨而10年美债收益率下行的组合，这种走势组合让人很疑惑。\n先来猜测一下，美联储为什么对Taper闭口不提。\n一季度的时候，因为市场形成了疫苗有效接种后美国经济会快速复苏的乐观预期，当时市场对通胀的预期很靠前，所以一季度10年期美债收益率上升的速度非常快，没几个交易日就从不到1%的收益率上行到了3月末1.78%的高点。\n但美联储认为市场预期走得太前了，不断在强调通胀是暂时的，没有去迎合市场预期。二季度美联储的扩表也在继续，在财政存款巨量投放的背景下，各类短端利率都压到了0附近。\n\n二季度美联储这么做也是有原因的。一季度的时候，疫苗虽然在快速接种，美国经济受益于疫苗，确实是在快速修复，但无论是就业数量还是薪资增速，都远没有达到疫情前的水平。\n退出宽松就意味着财政要退坡，但一季度的经济环境是否能吸纳因福利退出而回流的劳动力大军，还是有很高的不确定性的。\n但到了二季度末，很明显可以看到经济已经有了过热的倾向，劳动力市场开始供不应求。工资上涨的同时职位空缺人数也在不断上升。\n近期美国就业职位空缺人数已高达929万人，而2019年差不多就700万人左右，职位空缺率高达6%，而2019年的平均水平也就在4%左右的水平。\n\n到了这个时候，由于就业市场过热，已初步具备失业救济退出的基础。阻碍就业复苏的不再是经济复苏不给力，而是救济金甚至超过了许多雇主可以支付的工资，才导致劳动力市场复苏缓慢。所以从6月开始，已经有部分州开始取消每周300美元的失业救济金。\n我们认为Taper“闭口不提”，美联储要的经济“实质性进展”的目标，大概率指的是失业救济退出以后，就业数据要出现明显的新增，这才能验证美国经济已经彻底走上正轨。\n这也是为什么此次议息会议并没有上调失业率目标，在持续的新增就业低于预期之后还维持在4.5%的失业水平，因为美联储预期失业救济退出之后，劳动力就会逐步回归到就业市场。\n简而言之，只有等到就业新增真的有明显改善后，才能达到美联储要的“实质性进展”的目标条件。也只有等到那个时候，美联储才会认真考虑量化宽松规模是不是要缩减。\n下面我们再来回顾一下美国的通胀是怎么形成的。\n第一个是印钞机给居民发钱导致消费者“买买买”；第二个是本土生产没有修复，因为就业大军没有回归的、物流成本上升和上游原材料供给稀缺（比如汽车缺芯、盖房子缺木材）；第三个是原材料价格、运费等各类成本涨得太快，中国也接不动出口新订单。\n在需求扩张较快和供应相对紧缺的背景下，我们看到美国通胀呈现出了“无量上涨”的特征。由于供给根本匹配不上需求的扩张的速度，居民部门想买都买不到货，价格就只能跳涨了。\n这跟美国房地产市场很像，成屋销售数据从今年年初就开始下降了，但这并不是需求减弱了，因为成屋销售的售价还在加速上行，与此同时，美国成屋库存在被消耗。\n\n要想缓解通胀压力，其实逻辑也很简单，要么抑制需求，比如少发点福利，要么引导就业回归到各个岗位上去，把生产弄起来。福利下去了，需求弱了，而生产变多了，通胀压力自然就下去了。\n现在的关键就是后续就业新增能不能上去，这又取决于：\n1、全民免疫后，美国服务业复苏的强度，如果油价生产供应比较稳定，油价涨跌可以作为服务业修复高频代理指标；\n2、美国的中小企业和供应链是不是因为疫情受到了中长期损害，如果是的话，美国的供应链和生产环节吸纳不了多少就业，也就起不到修复生产的效果。\n这些宏观经济变量，至少从现在来看，还是有不确定性的，要等到失业救济退出后，就业能否放量，答案才能逐渐明晰。\n所以，在就业放量补缺口前，美联储是不会忙着提Taper的，给居民部门发福利也不会那么快退出。从美国劳工部的数据来看，70%的失业救济到了今年三季度末才会陆续退出。\n如果美国短期既做不到抑制需求，也无法扩大生产规模，那缓解通胀就只有一个办法，降上游成本，让生产国的汇率贬值，通过扩大对生产国的进口来补充零售的库存。\n这就是为什么美联储不敢提Taper,因为就业市场能不能修复还有一定的不确定，但美联储愿意把市场的加息预期提前，把美元拉上去，因为这样既可以让生产国的汇率贬值进而扩大进口，也可以打压一下上游大宗的价格，给本国和生产国一些生产的利润，方便重建零售库存。\n四、市场含义\n故事讲到这里，我们认为后续市场的逻辑就非常清晰了。\n至少在短期，没有过于关注美联储是否会Taper的必要，因为这个需要就业缺口修复的确认后才会发生，然后才会成为市场定价的焦点。\n现在大家都热炒的通胀或滞胀，本质上都是供需急剧错配的结果，当供给的弹性弱到一定程度以后，通胀是以“无量上涨”的形式出现的。\n所以，现在全球经济的主要矛盾不再是要继续发钞票去拉高总需求，让物价继续往上走，而是修复脆弱的供应链，通过供给修复来缓和通胀的预期。\n换言之，市场定价通缩的背后不一定是在定价经济需求的走弱，更有可能是在定价供应链瓶颈的短期修复。\n如果美国短期无法通过需求生产的再平衡重建自身的库存，解决供应链瓶颈的问题就需要通过扩大进口来解决。\n由于大宗商品价格上涨使得生产供应链的成本攀升太快，接不动订单，从这个角度来看，打压上游大宗商品的价格在现阶段会成为中美两国的共识。\n两国角力的重点，在当下也不会是“撒胡椒面”式的，而是有可能集中在会形成“技术代差”的科技创新领域。\n所以，当下最好别有大宗商品价格单边上涨的预期，赌大宗商品价格继续单边上涨大概率是会吃亏的。\n其实大宗商品涨价的支撑也不完全是因为当前的需求有多强，求大于供的预期起到了很大的作用。\n很多大宗商品的低库存并一定是因为当下需求旺盛而供应不足导致的，而是因为存在未来需求会远大于供给的预期，导致下游恐慌性囤货，叠加贸易商库存囤积，价格上涨导致库存隐性化，而库存隐性化又进一步驱动了价格上涨。\n一旦价格单边上涨的预期没了，隐藏的库存就都跑出来了。\n如果说美国需要通过进口和人民币汇率贬值来缓解消费品库存不足的矛盾，这意味着中国三季度出口维持高位的问题不大。\n这一轮国内压着房地产和基建，无论是工业生产还是制造业投资，基本上是靠出口驱动的，只要出口还能维持高位，那就意味着三季度经济基本面至少是不弱的。\n只要有基本面搭台，股票的风险偏好就能有保障，而且上游价格涨幅如果真能控制，中下游的盈利空间也就出来了，可以关注成长板块的机会，尤其要关注底层核心零部件和材料自主可控的政策溢价。\n当然，“通胀交易”可以暂歇了。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,".SPX":0.9,"QQQ":0.9,"QID":0.9,"UBmain":0.9,"QLD":0.9,"DOG":0.9,"DJX":0.9,"NQmain":0.9,"DXD":0.9,".IXIC":0.9,"SPY":0.9,"TQQQ":0.9,"ZTmain":0.9,"SSO":0.9,"ZBmain":0.9,"SPXU":0.9,"DDM":0.9,"OEX":0.9,"SDS":0.9,"MNQmain":0.9,"ESmain":0.9,"SDOW":0.9,"UDOW":0.9,"PSQ":0.9,"SH":0.9,"IVV":0.9,"SQQQ":0.9,"OEF":0.9,"ZNmain":0.9,"UPRO":0.9,"ZFmain":0.9,"TNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}