jamiengan personal page - To The Moon

jamiengan

jamiengan

No personal profile

440Follow

5Followers

0Topic

0Badge

2021-06-29

Wow

Sorry, the original content has been removed

2021-07-07

Wow

Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot

2021-07-03

Wow

Suze Orman worries about a market crash — here's what you should do

2021-07-02

Wow..........

Apple, Intel become first to adopt TSMC's latest chip tech - Nikkei

2021-07-01

Wow

S&P 500 notches fifth straight record closing high, fifth straight quarterly gain

2021-09-22

Wow$Palantir Technologies Inc.(PLTR)$

2021-07-15

Wow

XPeng P5: The Next "Sales Rocket"?

2021-07-01

Wow

3 Expensive Tech Stocks to Buy in the Next Market Crash

2021-07-01

Yes........

The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.

2021-06-28

???

Is Another Housing Bubble Building?

2021-07-11

Wow

Sorry, the original content has been removed

2021-08-17

???

Sorry, the original content has been removed

2021-07-24

???

Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music

2021-07-16

Wow

Is the inflection point of lack of "core" coming?

2021-07-16

Wow

Is the inflection point of lack of "core" coming?

2021-07-10

Wow

Thorpe and Simmons: The legendary lives of two godfather investment tycoons

2021-07-08

Wow

IPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%

2021-07-02

Wow

S&P 500 winning streak extends to sixth straight record close

2021-06-27

Wow

Ford Or NIO? The Final Verdict

2021-06-26

Baba go go go...

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3569299384564621","uuid":"3569299384564621","gmtCreate":1608955555401,"gmtModify":1624352004281,"name":"jamiengan","pinyin":"jamiengan","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":5,"headSize":440,"tweetSize":51,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.02.04","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":869599925,"gmtCreate":1632300000067,"gmtModify":1676530746555,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","listText":"Wow<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","text":"Wow$Palantir Technologies Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/869599925","isVote":1,"tweetType":1,"viewCount":2815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816153367,"gmtCreate":1630481022960,"gmtModify":1676530315223,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816153367","isVote":1,"tweetType":1,"viewCount":2363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838324219,"gmtCreate":1629376524131,"gmtModify":1676530020166,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838324219","repostId":"2160763716","repostType":2,"repost":{"id":"2160763716","kind":"news","pubTimestamp":1629364980,"share":"https://ttm.financial/m/news/2160763716?lang=en_US&edition=fundamental","pubTime":"2021-08-19 17:23","market":"hk","language":"zh","title":"Hengrui Medicine: Achieved net profit of 2.668 billion yuan in the first half of the year, a year-on-year increase of 0.21%","url":"https://stock-news.laohu8.com/highlight/detail?id=2160763716","media":"新浪财经","summary":"投资研报\n【主力资金】总龙头霸气打出8+1板！重磅利好盘后来袭，这类个股值得关注（附受益股）\n牛市旗手爆发涨停潮：财富管理赛道三大投资机遇受益股曝光！3股上涨目标价明确（名单）\n揭秘：1个月暴涨60%！为什么东方证券能成为龙一？\n【机构调研】袁芳、杨瑨、归凯等大佬齐出手调研1股！这一类股投资机会值得重视（受益股）\n　　8月19日消息，恒瑞医药：上半年实现净利润26.68亿元，同比增长0.21%。\n \n\n股民福利！金牛、茅台、手机……任务“豪”礼，等你来拿>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张熠","content":"<p><html><body><div>Investment research report</p><p>[Main funds] The overall leader hit 8 +1 boards domineering! Heavy good news hits later, and such stocks deserve attention (with beneficiary stocks)</p><p>The flag bearer of the bull market broke out in the daily limit tide: the beneficiary stocks of three major investment opportunities in the wealth management track were exposed! 3 rising shares have clear target prices (list)</p><p>Revealed: 60% soared in 1 month! Why<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Can you become Dragon One?</p><p>[Institutional Research] Yuan Fang, Yang Yan, Gui Kai and other big guys joined forces to investigate 1 share! This type of stock investment opportunity deserves attention (beneficiary stocks)</p><p>News on August 19,<span><a href=\"https://laohu8.com/S/600276\">Hengrui Medicine</a></span><span></span>: Net profit in the first half of the year was 2.668 billion yuan, a year-on-year increase of 0.21%.</p><p><div></div><div><span>Shareholder welfare! Taurus, Maotai, mobile phones... task \"luxurious\" gifts, waiting for you to get them > ></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in<a href=\"https://laohu8.com/S/SINA\">SINA</a>Finance APP</div></div>Editor in charge: Zhang Yi</p><p></div></body></html></p>","source":"sina","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>Hengrui Medicine: Achieved net profit of 2.668 billion yuan in the first half of the year, a year-on-year increase of 0.21%</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\">\nHengrui Medicine: Achieved net profit of 2.668 billion yuan in the first half of the year, a year-on-year increase of 0.21%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-08-19 17:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Investment research report</p><p>[Main funds] The overall leader hit 8 +1 boards domineering! Heavy good news hits later, and such stocks deserve attention (with beneficiary stocks)</p><p>The flag bearer of the bull market broke out in the daily limit tide: the beneficiary stocks of three major investment opportunities in the wealth management track were exposed! 3 rising shares have clear target prices (list)</p><p>Revealed: 60% soared in 1 month! Why<a href=\"https://laohu8.com/S/600958\">Orient Securities</a>Can you become Dragon One?</p><p>[Institutional Research] Yuan Fang, Yang Yan, Gui Kai and other big guys joined forces to investigate 1 share! This type of stock investment opportunity deserves attention (beneficiary stocks)</p><p>News on August 19,<span><a href=\"https://laohu8.com/S/600276\">Hengrui Medicine</a></span><span></span>: Net profit in the first half of the year was 2.668 billion yuan, a year-on-year increase of 0.21%.</p><p><div></div><div><span>Shareholder welfare! Taurus, Maotai, mobile phones... task \"luxurious\" gifts, waiting for you to get them > ></span><img src=\"\"/></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in<a href=\"https://laohu8.com/S/SINA\">SINA</a>Finance APP</div></div>Editor in charge: Zhang Yi</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/s/2021-08-19/doc-ikqcfncc3815076.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600276":"恒瑞医药"},"source_url":"https://finance.sina.com.cn/stock/s/2021-08-19/doc-ikqcfncc3815076.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2160763716","content_text":"投资研报\n【主力资金】总龙头霸气打出8+1板！重磅利好盘后来袭，这类个股值得关注（附受益股）\n牛市旗手爆发涨停潮：财富管理赛道三大投资机遇受益股曝光！3股上涨目标价明确（名单）\n揭秘：1个月暴涨60%！为什么东方证券能成为龙一？\n【机构调研】袁芳、杨瑨、归凯等大佬齐出手调研1股！这一类股投资机会值得重视（受益股）\n　　8月19日消息，恒瑞医药：上半年实现净利润26.68亿元，同比增长0.21%。\n \n\n股民福利！金牛、茅台、手机……任务“豪”礼，等你来拿>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张熠","news_type":1,"symbols_score_info":{"600276":1}},"isVote":1,"tweetType":1,"viewCount":1752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831926848,"gmtCreate":1629281413884,"gmtModify":1676529989822,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/831926848","repostId":"2160787920","repostType":2,"repost":{"id":"2160787920","kind":"news","pubTimestamp":1629270616,"share":"https://ttm.financial/m/news/2160787920?lang=en_US&edition=fundamental","pubTime":"2021-08-18 15:10","market":"hk","language":"zh","title":"Changes in Hong Kong stocks | Jiangnan Buyi (3306. HK) rose more than 9%, and its stock price is expected to challenge historical highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2160787920","media":"格隆汇","summary":"格隆汇8月18日丨江南布衣(3306.HK)大涨超9%，报18.5港元，成交额为2045万港元，总市值96亿港元。江南布衣将于8月31日举行董事会会议审批业绩。此前发盈喜称，预计截至今年6月30日止年度净利润较上年度净利润增加超过80%。花旗研报指，江南布衣复苏步伐理想，公司对品牌及会员制度持续投入，预期6月底止全财年收入将按年升30%。因发布盈喜影响，此前股价4日累计大涨50%并创下历史新高价，市值一度冲上百亿港元，近期股价高位震荡徘徊有望伺机再冲高价。","content":"<p><html><body>Gelonghui August 18th<a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(3306. HK) rose more than 9% to HK $18.5, with a turnover of HK $20.45 million and a total market value of HK $9.6 billion.</p><p><div><br/></div><div><br/></div><div>Jiangnan Buyi will hold a board meeting on August 31 to approve the performance. Previously, Fa Yingxi said that it is expected that the net profit for the year ending June 30 this year will increase by more than 80% compared with the net profit of the previous year.<a href=\"https://laohu8.com/S/C\">Citigroup</a>According to the research report, Jiangnan Buyi's recovery pace is ideal, and the company continues to invest in the brand and membership system. It is expected that the revenue for the full fiscal year ending the end of June will increase by 30% year-on-year.</div><div><br/></div><div>Due to the impact of the release of profit news, the stock price rose by 50% on the 4th and hit a record high price. The market value once reached tens of billions of Hong Kong dollars. Recently, the stock price has fluctuated at a high level and is expected to wait for an opportunity to hit a high price again.<img src=\"https://img3.gelonghui.com/ad0eb-77d70b28-fc44-471b-813f-28c9de154003.png\"/></p><p></div></body></html></p>","source":"stock_gelonghui","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>Changes in Hong Kong stocks | Jiangnan Buyi (3306. HK) rose more than 9%, and its stock price is expected to challenge historical highs</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\">\nChanges in Hong Kong stocks | Jiangnan Buyi (3306. HK) rose more than 9%, and its stock price is expected to challenge historical highs\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-18 15:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Gelonghui August 18th<a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(3306. HK) rose more than 9% to HK $18.5, with a turnover of HK $20.45 million and a total market value of HK $9.6 billion.</p><p><div><br/></div><div><br/></div><div>Jiangnan Buyi will hold a board meeting on August 31 to approve the performance. Previously, Fa Yingxi said that it is expected that the net profit for the year ending June 30 this year will increase by more than 80% compared with the net profit of the previous year.<a href=\"https://laohu8.com/S/C\">Citigroup</a>According to the research report, Jiangnan Buyi's recovery pace is ideal, and the company continues to invest in the brand and membership system. It is expected that the revenue for the full fiscal year ending the end of June will increase by 30% year-on-year.</div><div><br/></div><div>Due to the impact of the release of profit news, the stock price rose by 50% on the 4th and hit a record high price. The market value once reached tens of billions of Hong Kong dollars. Recently, the stock price has fluctuated at a high level and is expected to wait for an opportunity to hit a high price again.<img src=\"https://img3.gelonghui.com/ad0eb-77d70b28-fc44-471b-813f-28c9de154003.png\"/></p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/news/detail.html?id=601533\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"03306":"江南布衣"},"source_url":"https://www.gelonghui.com/news/detail.html?id=601533","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160787920","content_text":"格隆汇8月18日丨江南布衣(3306.HK)大涨超9%，报18.5港元，成交额为2045万港元，总市值96亿港元。江南布衣将于8月31日举行董事会会议审批业绩。此前发盈喜称，预计截至今年6月30日止年度净利润较上年度净利润增加超过80%。花旗研报指，江南布衣复苏步伐理想，公司对品牌及会员制度持续投入，预期6月底止全财年收入将按年升30%。因发布盈喜影响，此前股价4日累计大涨50%并创下历史新高价，市值一度冲上百亿港元，近期股价高位震荡徘徊有望伺机再冲高价。","news_type":1,"symbols_score_info":{"03306":1}},"isVote":1,"tweetType":1,"viewCount":2206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833901749,"gmtCreate":1629193706981,"gmtModify":1676529961209,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833901749","repostId":"1110577100","repostType":4,"isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833072960,"gmtCreate":1629193163150,"gmtModify":1676529961003,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833072960","repostId":"2160018277","repostType":2,"repost":{"id":"2160018277","kind":"news","pubTimestamp":1629187491,"share":"https://ttm.financial/m/news/2160018277?lang=en_US&edition=fundamental","pubTime":"2021-08-17 16:04","market":"hk","language":"zh","title":"Big Bank Ratings | CMB International: Regulatory risks have not been eliminated, and the stock price of Tencent (0700. HK) is expected to be at a low level of about HK $402","url":"https://stock-news.laohu8.com/highlight/detail?id=2160018277","media":"格隆汇","summary":"格隆汇8月17日丨腾讯 将于明天公布中期业绩，招银国际发研报称，：估计第二季收入/盈利同比增18%/8%，较市场预期略低2%/1%，其中增值服务/广告/其他收入料同比升11%/21%/32%，相信游戏增长放缓和利润率下跌已被市场充份预期，目前忧虑集中于监管的不明朗，包括防止未成年人沉迷网络游戏、税率改变和反垄断。短期内监管风险令行业气氛疲弱，或将令股价受压。若以过往估值低位24倍预测市盈率推算，腾讯的股价低位料约于402港元。","content":"<p><html><body>Gelonghui August 17th<a href=\"https://laohu8.com/S/00700\">Tencent</a>(0700. HK) will announce its interim results tomorrow. According to the CMB International Development and Research Report, it is estimated that the revenue/profit in the second quarter will increase by 18%/8% year-on-year, which is slightly lower than the market expectation by 2%/1%. Among them, value-added services/advertising/other revenue is expected to increase by 11%/21%/32% year-on-year. It is believed that the slowdown of game growth and the decline of profit margin have been fully expected by the market. In the short term, regulatory risks have weakened industry sentiment and may put pressure on stock prices. If P/E is predicted based on the past valuation low of 24 times, Tencent's stock price is expected to be at a low of about HK $402. The profit forecast for 21-23 years is lowered by 8%-11% to reflect the increase in investment and the possible increase in tax rate. The target price is lowered to HK $640, and the \"buy\" rating is maintained. It is still optimistic about its long-term growth prospects and profit visibility. Note: Tencent is now down more than 4% to HK $435.4, with a market value of HK $4.17 trillion.</p><p></body></html></p>","source":"stock_gelonghui","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>Big Bank Ratings | CMB International: Regulatory risks have not been eliminated, and the stock price of Tencent (0700. HK) is expected to be at a low level of about HK $402</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\">\nBig Bank Ratings | CMB International: Regulatory risks have not been eliminated, and the stock price of Tencent (0700. HK) is expected to be at a low level of about HK $402\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-17 16:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Gelonghui August 17th<a href=\"https://laohu8.com/S/00700\">Tencent</a>(0700. HK) will announce its interim results tomorrow. According to the CMB International Development and Research Report, it is estimated that the revenue/profit in the second quarter will increase by 18%/8% year-on-year, which is slightly lower than the market expectation by 2%/1%. Among them, value-added services/advertising/other revenue is expected to increase by 11%/21%/32% year-on-year. It is believed that the slowdown of game growth and the decline of profit margin have been fully expected by the market. In the short term, regulatory risks have weakened industry sentiment and may put pressure on stock prices. If P/E is predicted based on the past valuation low of 24 times, Tencent's stock price is expected to be at a low of about HK $402. The profit forecast for 21-23 years is lowered by 8%-11% to reflect the increase in investment and the possible increase in tax rate. The target price is lowered to HK $640, and the \"buy\" rating is maintained. It is still optimistic about its long-term growth prospects and profit visibility. Note: Tencent is now down more than 4% to HK $435.4, with a market value of HK $4.17 trillion.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/news/detail.html?id=600827\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed7ef7d1b9da30ca68a0ddeac63f4a0e","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"source_url":"https://www.gelonghui.com/news/detail.html?id=600827","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160018277","content_text":"格隆汇8月17日丨腾讯(0700.HK)将于明天公布中期业绩，招银国际发研报称，：估计第二季收入/盈利同比增18%/8%，较市场预期略低2%/1%，其中增值服务/广告/其他收入料同比升11%/21%/32%，相信游戏增长放缓和利润率下跌已被市场充份预期，目前忧虑集中于监管的不明朗，包括防止未成年人沉迷网络游戏、税率改变和反垄断。短期内监管风险令行业气氛疲弱，或将令股价受压。若以过往估值低位24倍预测市盈率推算，腾讯的股价低位料约于402港元。下调21-23年盈利预测8%-11%，以反映投资增加和税率可能上调，目标价下调至640港元，维持“买入”评级，仍看好其长线增长前景和盈利能见度。注：腾讯现跌超4%报435.4港元，市值4.17万亿港元。","news_type":1,"symbols_score_info":{"TCEHY":1,"00700":1}},"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833076645,"gmtCreate":1629193132787,"gmtModify":1676529960986,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833076645","repostId":"2160527000","repostType":2,"repost":{"id":"2160527000","kind":"news","pubTimestamp":1629190252,"share":"https://ttm.financial/m/news/2160527000?lang=en_US&edition=fundamental","pubTime":"2021-08-17 16:50","market":"us","language":"zh","title":"Jiangnan Buyi (03306. HK) held a board meeting on August 31 to approve interim results","url":"https://stock-news.laohu8.com/highlight/detail?id=2160527000","media":"格隆汇","summary":"格隆汇8月17日丨江南布衣(03306.HK)宣布，公司将于2021年8月31日（星期二）举行董事会会议，藉以（其中包括）考虑及批准公司及其附属公司截至2021年6月30日止年度的全年业绩及其发布，并考虑派发末期股息和特别股息。","content":"<p><html><body>Gelonghui August 17th<span><a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(03306. HK) announced that the company will hold a board meeting on August 31, 2021 (Tuesday) to, among other things, consider and approve the annual results of the company and its subsidiaries for the year ended June 30, 2021 and its release, and consider the distribution of final Dividend and special Dividend.</span></p><p></body></html></p>","source":"stock_gelonghui","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>Jiangnan Buyi (03306. HK) held a board meeting on August 31 to approve interim results</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\">\nJiangnan Buyi (03306. HK) held a board meeting on August 31 to approve interim results\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-08-17 16:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>Gelonghui August 17th<span><a href=\"https://laohu8.com/S/03306\">Jiangnan Buyi</a>(03306. HK) announced that the company will hold a board meeting on August 31, 2021 (Tuesday) to, among other things, consider and approve the annual results of the company and its subsidiaries for the year ended June 30, 2021 and its release, and consider the distribution of final Dividend and special Dividend.</span></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/news/detail.html?id=600927\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b8906c2117cf409a3cc5087f96741bce","relate_stocks":{"03306":"江南布衣"},"source_url":"https://www.gelonghui.com/news/detail.html?id=600927","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160527000","content_text":"格隆汇8月17日丨江南布衣(03306.HK)宣布，公司将于2021年8月31日（星期二）举行董事会会议，藉以（其中包括）考虑及批准公司及其附属公司截至2021年6月30日止年度的全年业绩及其发布，并考虑派发末期股息和特别股息。","news_type":1,"symbols_score_info":{"03306":1}},"isVote":1,"tweetType":1,"viewCount":2041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892208557,"gmtCreate":1628660587479,"gmtModify":1676529812573,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892208557","repostId":"896638890","repostType":1,"repost":{"id":896638890,"gmtCreate":1628575784410,"gmtModify":1703508401476,"author":{"id":"3516096698306373","authorId":"3516096698306373","name":"石头Stone","avatar":"https://static.tigerbbs.com/242aa40803bef9293cb83c26e2fd02cc","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3516096698306373","idStr":"3516096698306373"},"themes":[],"title":"2021Q2財報 | 英特爾老了嗎，股價還能翻盤嗎？","htmlText":"起初我並沒準備寫<a target=\"_blank\" href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a>&nbsp;公司的財報解讀，原因有2點；1是這是一家巨頭公司，分析起來非常耗時耗精力，2是因爲這種公司有不少機構或者專業投資人會進行分析併發布財報解讀的，他們發佈的資訊足夠詳細，足夠說明問題。但自從英特爾在7月23日發佈財報後，我發現了個問題——絕大多數的分析都在唱空英特爾，不少報告都用英特爾對比<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;、<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英偉達(NVDA)$</a>&nbsp;、甚至<a target=\"_blank\" href=\"https://laohu8.com/S/TSM\">$臺積電(TSM)$</a>&nbsp;，而且得出結論，是因爲英特爾老了，沒什麼潛力，因此股價出現了下跌。那麼真的是這樣嗎？還是有什麼其他問題引起的因特爾股價下跌呢？在開始之前，我們簡單的梳理下英特爾、英偉達、AMD和臺積電這幾家公司的關係。評估英特爾到底是跟其自身比較，還是要找對標公司呢？簡單來說，在之前如果裝一臺電腦的話，CPU是英特爾，顯卡是英偉達，要是預算不夠多，咱們就AMD和ATI，代工就是臺積電，後面隨着時間演變，AMD和ATI合併成爲了AMD，但是在顯卡和CPU的爭端上AMD也越來越中流化，這三家公司曾經三分天下，大家互爲競爭，又各守一方，具體的三方大戰，錯綜複雜，誰都想把對方弄死，但是又弄不死，三方僵持很長時間都未能一決生死。臺積電呢，就在後面代工，就好像如今的某個國家，你們打你們的，你們誰要武器，我就賣給誰，故事的精彩程度不比","listText":"起初我並沒準備寫<a target=\"_blank\" href=\"https://laohu8.com/S/INTC\">$英特爾(INTC)$</a>&nbsp;公司的財報解讀，原因有2點；1是這是一家巨頭公司，分析起來非常耗時耗精力，2是因爲這種公司有不少機構或者專業投資人會進行分析併發布財報解讀的，他們發佈的資訊足夠詳細，足夠說明問題。但自從英特爾在7月23日發佈財報後，我發現了個問題——絕大多數的分析都在唱空英特爾，不少報告都用英特爾對比<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;、<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英偉達(NVDA)$</a>&nbsp;、甚至<a target=\"_blank\" href=\"https://laohu8.com/S/TSM\">$臺積電(TSM)$</a>&nbsp;，而且得出結論，是因爲英特爾老了，沒什麼潛力，因此股價出現了下跌。那麼真的是這樣嗎？還是有什麼其他問題引起的因特爾股價下跌呢？在開始之前，我們簡單的梳理下英特爾、英偉達、AMD和臺積電這幾家公司的關係。評估英特爾到底是跟其自身比較，還是要找對標公司呢？簡單來說，在之前如果裝一臺電腦的話，CPU是英特爾，顯卡是英偉達，要是預算不夠多，咱們就AMD和ATI，代工就是臺積電，後面隨着時間演變，AMD和ATI合併成爲了AMD，但是在顯卡和CPU的爭端上AMD也越來越中流化，這三家公司曾經三分天下，大家互爲競爭，又各守一方，具體的三方大戰，錯綜複雜，誰都想把對方弄死，但是又弄不死，三方僵持很長時間都未能一決生死。臺積電呢，就在後面代工，就好像如今的某個國家，你們打你們的，你們誰要武器，我就賣給誰，故事的精彩程度不比","text":"起初我並沒準備寫$英特爾(INTC)$ 公司的財報解讀，原因有2點；1是這是一家巨頭公司，分析起來非常耗時耗精力，2是因爲這種公司有不少機構或者專業投資人會進行分析併發布財報解讀的，他們發佈的資訊足夠詳細，足夠說明問題。但自從英特爾在7月23日發佈財報後，我發現了個問題——絕大多數的分析都在唱空英特爾，不少報告都用英特爾對比$AMD(AMD)$ 、$英偉達(NVDA)$ 、甚至$臺積電(TSM)$ ，而且得出結論，是因爲英特爾老了，沒什麼潛力，因此股價出現了下跌。那麼真的是這樣嗎？還是有什麼其他問題引起的因特爾股價下跌呢？在開始之前，我們簡單的梳理下英特爾、英偉達、AMD和臺積電這幾家公司的關係。評估英特爾到底是跟其自身比較，還是要找對標公司呢？簡單來說，在之前如果裝一臺電腦的話，CPU是英特爾，顯卡是英偉達，要是預算不夠多，咱們就AMD和ATI，代工就是臺積電，後面隨着時間演變，AMD和ATI合併成爲了AMD，但是在顯卡和CPU的爭端上AMD也越來越中流化，這三家公司曾經三分天下，大家互爲競爭，又各守一方，具體的三方大戰，錯綜複雜，誰都想把對方弄死，但是又弄不死，三方僵持很長時間都未能一決生死。臺積電呢，就在後面代工，就好像如今的某個國家，你們打你們的，你們誰要武器，我就賣給誰，故事的精彩程度不比","images":[{"img":"https://static.tigerbbs.com/78380f844c5ae7dcd4264120daa341b8","width":"636","height":"321"},{"img":"https://static.tigerbbs.com/d831ae6462a89654e9617c55716d9f4d","width":"367","height":"276"},{"img":"https://static.tigerbbs.com/32cb22133e502050b9545f72000a310c","width":"688","height":"310"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896638890","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":20,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898771020,"gmtCreate":1628525110660,"gmtModify":1703507644260,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898771020","repostId":"805151775","repostType":1,"repost":{"id":805151775,"gmtCreate":1627866792297,"gmtModify":1703496764618,"author":{"id":"3521199454361115","authorId":"3521199454361115","name":"美股指南针","avatar":"https://static.tigerbbs.com/ccd1af51d377a6091f715591c5b1088d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3521199454361115","idStr":"3521199454361115"},"themes":[],"title":"不到一年將本金翻8倍，我是如何做到的","htmlText":"大學開始到畢業期間1年有餘在模擬盤操作到後面用自己攢的小金庫實盤操作，在18年bilibili上市10塊all in bilibili 賺到第一桶金至今我陸陸續續炒股已有4年。疫情股市崩盤促使我回到股市抄底，當時的目標很明確，撿石油，撿航空！當時沙特打價格戰，石油暴跌瀕臨破產夕陽行業，但是石油畢竟還是有需求的，當時沒有可以全面替代石油的。奔着這個邏輯我接了瀕臨破產的石油行業的飛刀，逢低加倉堅持拿了幾個月nbr反向拆股50合1， 我在45的價位清倉了。航空行業的佼佼者達美有雄厚的資金儲備加上他們的擴展業務（我是他們的忠實顧客），我當時認爲疫情過後人們出門旅遊的需求會有一個爆發的階段。加上在沒有任何收入來源的情況下，航空的飛機和其擴展的業務還能值點錢。於是在黃金坑20塊附近開始建倉，加倉達美航空，共買了1w美金。隨後在33塊清倉。在石油和航空之後我開始尋找下一個目標，當時國家在宣傳環保。我發現了新能源賽道的nio，符合國家的規劃，去調查了一番nio的情況，對比它和當初的ofo小黃車的迅速發展到消失的區別，最終促使我買入的理由是創始人，政策的方向，加上和zf的對賭協議。（圖片太多了，我就隨便挑了幾個）我從11塊開始買入nio的正股，隨後發現了nio的上升趨勢的走勢規律，我開始每次突破新高後清倉，回落時逢低建倉期權和正股 當時幾乎每次操作都是滿倉。nio漲到57的時候我已經賺了20多w美金。11月回調的時候我在黃金坑40附近再次握着nio的期權看好1月份的nio day大日子，這是因爲近一年來nio被資本看好，賽道明朗 銷量明顯增長。我買到了1月底的看漲期權，在64附近開盤清倉。收益擴大至30w美金。最後一次操作nio因爲這時的nio走勢很像茶杯柄，於是我在54附近開始建倉nio的看漲70的期權，但是當時沒有注意大環境的趨勢趕上了科技股泡沫破滅 nio並沒有突破茶杯柄的走勢，跌破支","listText":"大學開始到畢業期間1年有餘在模擬盤操作到後面用自己攢的小金庫實盤操作，在18年bilibili上市10塊all in bilibili 賺到第一桶金至今我陸陸續續炒股已有4年。疫情股市崩盤促使我回到股市抄底，當時的目標很明確，撿石油，撿航空！當時沙特打價格戰，石油暴跌瀕臨破產夕陽行業，但是石油畢竟還是有需求的，當時沒有可以全面替代石油的。奔着這個邏輯我接了瀕臨破產的石油行業的飛刀，逢低加倉堅持拿了幾個月nbr反向拆股50合1， 我在45的價位清倉了。航空行業的佼佼者達美有雄厚的資金儲備加上他們的擴展業務（我是他們的忠實顧客），我當時認爲疫情過後人們出門旅遊的需求會有一個爆發的階段。加上在沒有任何收入來源的情況下，航空的飛機和其擴展的業務還能值點錢。於是在黃金坑20塊附近開始建倉，加倉達美航空，共買了1w美金。隨後在33塊清倉。在石油和航空之後我開始尋找下一個目標，當時國家在宣傳環保。我發現了新能源賽道的nio，符合國家的規劃，去調查了一番nio的情況，對比它和當初的ofo小黃車的迅速發展到消失的區別，最終促使我買入的理由是創始人，政策的方向，加上和zf的對賭協議。（圖片太多了，我就隨便挑了幾個）我從11塊開始買入nio的正股，隨後發現了nio的上升趨勢的走勢規律，我開始每次突破新高後清倉，回落時逢低建倉期權和正股 當時幾乎每次操作都是滿倉。nio漲到57的時候我已經賺了20多w美金。11月回調的時候我在黃金坑40附近再次握着nio的期權看好1月份的nio day大日子，這是因爲近一年來nio被資本看好，賽道明朗 銷量明顯增長。我買到了1月底的看漲期權，在64附近開盤清倉。收益擴大至30w美金。最後一次操作nio因爲這時的nio走勢很像茶杯柄，於是我在54附近開始建倉nio的看漲70的期權，但是當時沒有注意大環境的趨勢趕上了科技股泡沫破滅 nio並沒有突破茶杯柄的走勢，跌破支","text":"大學開始到畢業期間1年有餘在模擬盤操作到後面用自己攢的小金庫實盤操作，在18年bilibili上市10塊all in bilibili 賺到第一桶金至今我陸陸續續炒股已有4年。疫情股市崩盤促使我回到股市抄底，當時的目標很明確，撿石油，撿航空！當時沙特打價格戰，石油暴跌瀕臨破產夕陽行業，但是石油畢竟還是有需求的，當時沒有可以全面替代石油的。奔着這個邏輯我接了瀕臨破產的石油行業的飛刀，逢低加倉堅持拿了幾個月nbr反向拆股50合1， 我在45的價位清倉了。航空行業的佼佼者達美有雄厚的資金儲備加上他們的擴展業務（我是他們的忠實顧客），我當時認爲疫情過後人們出門旅遊的需求會有一個爆發的階段。加上在沒有任何收入來源的情況下，航空的飛機和其擴展的業務還能值點錢。於是在黃金坑20塊附近開始建倉，加倉達美航空，共買了1w美金。隨後在33塊清倉。在石油和航空之後我開始尋找下一個目標，當時國家在宣傳環保。我發現了新能源賽道的nio，符合國家的規劃，去調查了一番nio的情況，對比它和當初的ofo小黃車的迅速發展到消失的區別，最終促使我買入的理由是創始人，政策的方向，加上和zf的對賭協議。（圖片太多了，我就隨便挑了幾個）我從11塊開始買入nio的正股，隨後發現了nio的上升趨勢的走勢規律，我開始每次突破新高後清倉，回落時逢低建倉期權和正股 當時幾乎每次操作都是滿倉。nio漲到57的時候我已經賺了20多w美金。11月回調的時候我在黃金坑40附近再次握着nio的期權看好1月份的nio day大日子，這是因爲近一年來nio被資本看好，賽道明朗 銷量明顯增長。我買到了1月底的看漲期權，在64附近開盤清倉。收益擴大至30w美金。最後一次操作nio因爲這時的nio走勢很像茶杯柄，於是我在54附近開始建倉nio的看漲70的期權，但是當時沒有注意大環境的趨勢趕上了科技股泡沫破滅 nio並沒有突破茶杯柄的走勢，跌破支","images":[{"img":"https://static.tigerbbs.com/c54dddcb485e0e85571fa71af686d9d5","width":"688","height":"405"},{"img":"https://static.tigerbbs.com/e10f949d91cb08c5dd152794b49fb661","width":"688","height":"397"},{"img":"https://static.tigerbbs.com/f17623c99c383857433f34d5b5d946eb","width":"688","height":"402"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805151775","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":23,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174402739,"gmtCreate":1627119420721,"gmtModify":1703484537222,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174402739","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"sh","language":"zh","title":"Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to being ordered to lift the exclusive copyright of online music: the company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly fulfill social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate corrective measures plans with affiliated companies such as Tencent Music within the prescribed time limit, and complete them to the letter in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to cancel exclusive music copyrights within 30 days, stop paying copyright fees such as high prepayments, and not require upstream copyright owners to give them conditions that are superior to competitors without justifiable reasons. and other measures to restore market competition. In January 2021, according to the report, the State Administration for Market Regulation launched an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) 's acquisition of equity in China Music Group in July 2016 for suspected illegal concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation found out the fact that this transaction illegally implemented concentration, and fully evaluated factors such as the share, control, concentration of the operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, it extensively solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements many times.</p><p>The investigation shows that the relevant market in this case is the online music playback platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group had about 30% and 40% in the relevant market shares, respectively. Tencent gained a higher market share by merging with its main competitors in the market. After concentration, the entity occupied more than 80% of the exclusive music library resources, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than their competitors, or raise market entry barriers by paying high advance payment and other copyright payment modes, which has or may have the effect of excluding and restricting competition in the relevant market.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Examination of Concentration of Business Enterprises, and in accordance with the principle of paying equal attention to development and standardization, the State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as canceling exclusive music copyright within 30 days, stopping payment methods of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of China's Anti-Monopoly Law in which necessary measures have been taken to restore market competition against the illegal concentration of business operators. Measures such as ordering Tencent to lift exclusive copyright will reshape the competition order in relevant markets, lower barriers to market entry, and give competitors a fair opportunity to reach upstream copyright resources, which will help return the focus of competition from using capital advantages to grab copyright resources to innovative service level and improve the rational track of user experience; It is conducive to promoting a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, protecting consumers' right to choose, ultimately benefiting consumers, and promoting the standardized, innovative and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on administrative penalty</p><p>Guo Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Place, Huggins Avenue, Cayman Islands</p><p>In accordance with the \"Anti-Monopoly Law of the People's Republic of China\" (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Examination of Concentration of Business Enterprises\", on January 25, 2021, this agency investigated the acquisition of China Music Group's equity by Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) for suspected illegal implementation of concentration of business operators.</p><p>After investigation, the case constitutes an illegal concentration of business operators, which has or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ serves the Notice of Administrative Punishment to Tencent, informing it of the content, facts, reasons and basis of the proposed administrative punishment, and informing it of its legal rights to make statements, defend and request a hearing. Tencent did not make a statement, defense or request a hearing within the prescribed time limit. The investigation and trial of this case have been concluded.</p><p><ul><li>Basic information</li></ul><b>(1) Transaction parties.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, listed on the Hong Kong Stock Exchange in June 2004, and controlled Shenzhen Tencent Computer Systems Co., Ltd., the main domestic operating entity, through an agreement. The main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was 102.863 billion yuan (the same currency below), and the domestic turnover in China was 96.251 billion yuan.</p><p><b>Acquired party: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, the global and domestic turnover in China were (omitted).</p><p><b>(2) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with its valued (omitted) business (mainly QQ music business), acquired 61.64% equity of China Music Group, and obtained sole control of China Music Group. In December 2016, the integrated China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the registration procedures for equity change.</p><p>II. Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"concentration of operators refers to the following situations: (1) merger of operators; (2) Operators obtain control over other operators by acquiring equity or assets; (3) Operators obtain control over other operators through contracts or other means or can exert decisive influence on other operators\". Before this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent acquired 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and its domestic turnover in China was 96.251 billion yuan. China Music Group's global and domestic turnover in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the Regulations of the State Council on the Declaration Standards for Concentration of Business Operators, which is a situation that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the reporting standards prescribed by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not reported\". On December 6, 2017, Tencent completed the registration of equity change. Before that, it failed to report to this authority, which violated the provisions of Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Anti-monopoly Examination of Concentration of Business Operators, Tencent's annual report, Written Explanation of Tencent's Relevant Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Committee of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, based on economic analysis and questionnaire survey, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>It refers to a platform that provides consumers with complete copyrighted music recording playback services through online playback or download through programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyright is restricted by the copyright laws of various countries, and there are obvious regional differences, the scope of music copyright dissemination authorized by online music playing platforms in China is generally within China, and it is mainly for users within China, so the relevant geographical market is defined as within China.</p><p>After in-depth research, this concentration has or may have the effect of eliminating and restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market shares are 45.77% and 39.65% respectively. Both parties in the concentration rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant market was (omitted), accounting for about 70% of the total revenue of the relevant market. Calculated by the share of music copyright core resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which 3.14 million and 1.3 million are exclusive music libraries, and the market share of music libraries and exclusive resources exceeds 80%.</p><p>From the analysis of the Herfindahl-Hirschman Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transaction has further increased the concentration of the relevant market and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in relevant markets.</b></li></ol>According to the survey, before the transaction, the concentrated parties ranked the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of QQ Music owned by Tencent have flowed to Kugou Music and Kuwo Music owned by China Music Group, indicating that if QQ Music raises prices or lowers service levels, 73.6% of users may flow to the platforms owned by China Music Group, and the two sides are relatively close competitors with each other. Focus on reducing major competitors in relevant markets and further weakening market competition.</p><p><ol><li><b>Concentration may further increase barriers to entry in relevant markets.</b></li></ol><b>First, it is possible to raise barriers to copyright resources.</b>When the entity locks in more exclusive copyright resources after concentration, new entrants have to rely on their sub-licensing, which makes it difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright owners by paying high non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Second, it may increase user conversion costs.</b>Focus on bringing Tencent more abundant music library resources, a larger user scale and sufficient usage data. Compared with new platforms, it can recommend songs that meet consumers' preferences better, resulting in a reduction in users' willingness to switch platforms, thereby further expanding the user scale, which may prevent other competitors from reaching or maintaining critical scale.</p><p><b>Third, after concentration, the market entry activity is not high.</b>The data shows that the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity dropped significantly.</p><p>To sum up, Tencent has a high market share in the online music playing platform market in China through this item, which may enable it to urge the upstream copyright owner to grant it exclusive copyright authorization, or provide it with conditions superior to competitors, or may enable Tencent to raise market entry barriers by paying high advance payments, etc., which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playback platform market has developed rapidly, and the market share of Tencent's main competitors (omitted) has also shown a rapid growth, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competitive constraints. In addition, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms in recent years. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain a sufficient number of music copyright resources.</p><p>The above facts are proved by statistical data and industry analysis reports of third-party organizations, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sub-Authorization Agreement provided by Tencent and related parties, and replies from relevant parties such as industry authorities.</p><p>III. Basis and decision of administrative punishment</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator violates the provisions of this Law to implement concentration, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the pre-concentration state, and may be fined not more than 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall consider the nature, degree and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusion, this authority has made the following decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliated companies to take the following measures to restore competition in relevant markets:</b></p><p>1. An exclusive copyright agreement (the copyright scope includes the information network dissemination right of all music works and sound recordings) or other exclusive agreements shall not be reached or reached in disguised form with the upstream copyright owner. If it has been reached, it shall be terminated within 30 days from the date of promulgation of this decision, except for the exclusive cooperation with independent musicians (natural persons who have authorized the copyright with the music platform in their own name and have never signed an agreement with any record company or brokerage company) or new songs. The exclusive cooperation period with independent musicians shall not exceed three years, and the exclusive cooperation period with new songs shall not exceed thirty days.</p><p>2. Without justifiable reasons, the upstream copyright owner shall not be required or disguised to give the parties conditions that are superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the period of authorization, etc., or any agreement or agreement terms related to it. If it has been reached, it shall be cancelled within 30 days from the date of promulgation of this decision.</p><p>3. Quote the upstream copyright owner based on factors such as the actual use of the copyright, user payment, unit price of the song, application scenarios, contract period, etc., and do not increase the cost of competitors in disguised form through high prepayments, etc., and exclude or restrict competition.</p><p><b>(2) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(3) Declaring concentration of business operators in accordance with the law.</b></p><p>1. If the concentration of business operators meets the reporting standards stipulated by the State Council, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>2. If the concentration of business operators does not meet the reporting standards, but the concentration of business operators has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>3. If the transaction does not constitute a concentration of operators, except for matters stipulated by law to protect the rights and interests of minority shareholders, it shall not participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>(4) Operate in compliance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize its own competitive behavior, conduct comprehensive and in-depth self-examination according to the Anti-Monopoly Law, and examine and standardize its own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the internal compliance control system of enterprises, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect consumers' rights, reasonably set charging prices, and protect consumers' privacy.</p><p>5. Actively maintain fair competition and promote industry innovation and development.</p><p>The period of the above measures starts from the date of issuance of the \"Administrative Punishment Decision\". Tencent and its affiliated companies must formulate a rectification plan based on the above measures within ten days and submit it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect the performance of the above obligations by Tencent and its affiliated companies through supervising the trustee or self-supervision within three years. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Punishment Law stipulates that \"the administrative organ that makes the fine decision shall be separated from the institution that collects the fine. Except for the fine collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the administrative punishment decision and its law enforcement officers shall not collect the fine by themselves. The party concerned shall pay the fine at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative punishment decision. The bank shall accept the fine and turn it over directly to the state treasury. \"</p><p>Within fifteen days from the date of receipt of this administrative penalty decision, the party concerned shall, in accordance with this administrative penalty decision, bring the payment code to any of the 12 central fiscal non-tax revenue collection agent banks (Industry, Agriculture, China, Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An, Industrial) or online banking to pay the fine. Payment code: * * *.</p><p>If the party concerned is dissatisfied with the above-mentioned administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative punishment decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music</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\">\nBeing subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to being ordered to lift the exclusive copyright of online music: the company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly fulfill social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate corrective measures plans with affiliated companies such as Tencent Music within the prescribed time limit, and complete them to the letter in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to cancel exclusive music copyrights within 30 days, stop paying copyright fees such as high prepayments, and not require upstream copyright owners to give them conditions that are superior to competitors without justifiable reasons. and other measures to restore market competition. In January 2021, according to the report, the State Administration for Market Regulation launched an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) 's acquisition of equity in China Music Group in July 2016 for suspected illegal concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation found out the fact that this transaction illegally implemented concentration, and fully evaluated factors such as the share, control, concentration of the operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, it extensively solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements many times.</p><p>The investigation shows that the relevant market in this case is the online music playback platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group had about 30% and 40% in the relevant market shares, respectively. Tencent gained a higher market share by merging with its main competitors in the market. After concentration, the entity occupied more than 80% of the exclusive music library resources, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than their competitors, or raise market entry barriers by paying high advance payment and other copyright payment modes, which has or may have the effect of excluding and restricting competition in the relevant market.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Examination of Concentration of Business Enterprises, and in accordance with the principle of paying equal attention to development and standardization, the State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as canceling exclusive music copyright within 30 days, stopping payment methods of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of China's Anti-Monopoly Law in which necessary measures have been taken to restore market competition against the illegal concentration of business operators. Measures such as ordering Tencent to lift exclusive copyright will reshape the competition order in relevant markets, lower barriers to market entry, and give competitors a fair opportunity to reach upstream copyright resources, which will help return the focus of competition from using capital advantages to grab copyright resources to innovative service level and improve the rational track of user experience; It is conducive to promoting a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, protecting consumers' right to choose, ultimately benefiting consumers, and promoting the standardized, innovative and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on administrative penalty</p><p>Guo Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Place, Huggins Avenue, Cayman Islands</p><p>In accordance with the \"Anti-Monopoly Law of the People's Republic of China\" (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Examination of Concentration of Business Enterprises\", on January 25, 2021, this agency investigated the acquisition of China Music Group's equity by Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) for suspected illegal implementation of concentration of business operators.</p><p>After investigation, the case constitutes an illegal concentration of business operators, which has or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ serves the Notice of Administrative Punishment to Tencent, informing it of the content, facts, reasons and basis of the proposed administrative punishment, and informing it of its legal rights to make statements, defend and request a hearing. Tencent did not make a statement, defense or request a hearing within the prescribed time limit. The investigation and trial of this case have been concluded.</p><p><ul><li>Basic information</li></ul><b>(1) Transaction parties.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, listed on the Hong Kong Stock Exchange in June 2004, and controlled Shenzhen Tencent Computer Systems Co., Ltd., the main domestic operating entity, through an agreement. The main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was 102.863 billion yuan (the same currency below), and the domestic turnover in China was 96.251 billion yuan.</p><p><b>Acquired party: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, the global and domestic turnover in China were (omitted).</p><p><b>(2) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with its valued (omitted) business (mainly QQ music business), acquired 61.64% equity of China Music Group, and obtained sole control of China Music Group. In December 2016, the integrated China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the registration procedures for equity change.</p><p>II. Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"concentration of operators refers to the following situations: (1) merger of operators; (2) Operators obtain control over other operators by acquiring equity or assets; (3) Operators obtain control over other operators through contracts or other means or can exert decisive influence on other operators\". Before this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent acquired 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and its domestic turnover in China was 96.251 billion yuan. China Music Group's global and domestic turnover in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the Regulations of the State Council on the Declaration Standards for Concentration of Business Operators, which is a situation that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the reporting standards prescribed by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not reported\". On December 6, 2017, Tencent completed the registration of equity change. Before that, it failed to report to this authority, which violated the provisions of Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Anti-monopoly Examination of Concentration of Business Operators, Tencent's annual report, Written Explanation of Tencent's Relevant Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Committee of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, based on economic analysis and questionnaire survey, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>It refers to a platform that provides consumers with complete copyrighted music recording playback services through online playback or download through programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyright is restricted by the copyright laws of various countries, and there are obvious regional differences, the scope of music copyright dissemination authorized by online music playing platforms in China is generally within China, and it is mainly for users within China, so the relevant geographical market is defined as within China.</p><p>After in-depth research, this concentration has or may have the effect of eliminating and restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market shares are 45.77% and 39.65% respectively. Both parties in the concentration rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant market was (omitted), accounting for about 70% of the total revenue of the relevant market. Calculated by the share of music copyright core resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which 3.14 million and 1.3 million are exclusive music libraries, and the market share of music libraries and exclusive resources exceeds 80%.</p><p>From the analysis of the Herfindahl-Hirschman Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transaction has further increased the concentration of the relevant market and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in relevant markets.</b></li></ol>According to the survey, before the transaction, the concentrated parties ranked the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of QQ Music owned by Tencent have flowed to Kugou Music and Kuwo Music owned by China Music Group, indicating that if QQ Music raises prices or lowers service levels, 73.6% of users may flow to the platforms owned by China Music Group, and the two sides are relatively close competitors with each other. Focus on reducing major competitors in relevant markets and further weakening market competition.</p><p><ol><li><b>Concentration may further increase barriers to entry in relevant markets.</b></li></ol><b>First, it is possible to raise barriers to copyright resources.</b>When the entity locks in more exclusive copyright resources after concentration, new entrants have to rely on their sub-licensing, which makes it difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright owners by paying high non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Second, it may increase user conversion costs.</b>Focus on bringing Tencent more abundant music library resources, a larger user scale and sufficient usage data. Compared with new platforms, it can recommend songs that meet consumers' preferences better, resulting in a reduction in users' willingness to switch platforms, thereby further expanding the user scale, which may prevent other competitors from reaching or maintaining critical scale.</p><p><b>Third, after concentration, the market entry activity is not high.</b>The data shows that the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity dropped significantly.</p><p>To sum up, Tencent has a high market share in the online music playing platform market in China through this item, which may enable it to urge the upstream copyright owner to grant it exclusive copyright authorization, or provide it with conditions superior to competitors, or may enable Tencent to raise market entry barriers by paying high advance payments, etc., which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playback platform market has developed rapidly, and the market share of Tencent's main competitors (omitted) has also shown a rapid growth, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competitive constraints. In addition, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms in recent years. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain a sufficient number of music copyright resources.</p><p>The above facts are proved by statistical data and industry analysis reports of third-party organizations, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sub-Authorization Agreement provided by Tencent and related parties, and replies from relevant parties such as industry authorities.</p><p>III. Basis and decision of administrative punishment</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator violates the provisions of this Law to implement concentration, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the pre-concentration state, and may be fined not more than 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall consider the nature, degree and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusion, this authority has made the following decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliated companies to take the following measures to restore competition in relevant markets:</b></p><p>1. An exclusive copyright agreement (the copyright scope includes the information network dissemination right of all music works and sound recordings) or other exclusive agreements shall not be reached or reached in disguised form with the upstream copyright owner. If it has been reached, it shall be terminated within 30 days from the date of promulgation of this decision, except for the exclusive cooperation with independent musicians (natural persons who have authorized the copyright with the music platform in their own name and have never signed an agreement with any record company or brokerage company) or new songs. The exclusive cooperation period with independent musicians shall not exceed three years, and the exclusive cooperation period with new songs shall not exceed thirty days.</p><p>2. Without justifiable reasons, the upstream copyright owner shall not be required or disguised to give the parties conditions that are superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the period of authorization, etc., or any agreement or agreement terms related to it. If it has been reached, it shall be cancelled within 30 days from the date of promulgation of this decision.</p><p>3. Quote the upstream copyright owner based on factors such as the actual use of the copyright, user payment, unit price of the song, application scenarios, contract period, etc., and do not increase the cost of competitors in disguised form through high prepayments, etc., and exclude or restrict competition.</p><p><b>(2) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(3) Declaring concentration of business operators in accordance with the law.</b></p><p>1. If the concentration of business operators meets the reporting standards stipulated by the State Council, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>2. If the concentration of business operators does not meet the reporting standards, but the concentration of business operators has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>3. If the transaction does not constitute a concentration of operators, except for matters stipulated by law to protect the rights and interests of minority shareholders, it shall not participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>(4) Operate in compliance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize its own competitive behavior, conduct comprehensive and in-depth self-examination according to the Anti-Monopoly Law, and examine and standardize its own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the internal compliance control system of enterprises, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect consumers' rights, reasonably set charging prices, and protect consumers' privacy.</p><p>5. Actively maintain fair competition and promote industry innovation and development.</p><p>The period of the above measures starts from the date of issuance of the \"Administrative Punishment Decision\". Tencent and its affiliated companies must formulate a rectification plan based on the above measures within ten days and submit it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect the performance of the above obligations by Tencent and its affiliated companies through supervising the trustee or self-supervision within three years. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Punishment Law stipulates that \"the administrative organ that makes the fine decision shall be separated from the institution that collects the fine. Except for the fine collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the administrative punishment decision and its law enforcement officers shall not collect the fine by themselves. The party concerned shall pay the fine at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative punishment decision. The bank shall accept the fine and turn it over directly to the state treasury. \"</p><p>Within fifteen days from the date of receipt of this administrative penalty decision, the party concerned shall, in accordance with this administrative penalty decision, bring the payment code to any of the 12 central fiscal non-tax revenue collection agent banks (Industry, Agriculture, China, Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An, Industrial) or online banking to pay the fine. Payment code: * * *.</p><p>If the party concerned is dissatisfied with the above-mentioned administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative punishment decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"QNETCN":0.9,"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170198995,"gmtCreate":1626410014717,"gmtModify":1703759628058,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/170198995","repostId":"2151261135","repostType":2,"repost":{"id":"2151261135","kind":"highlight","pubTimestamp":1626409687,"share":"https://ttm.financial/m/news/2151261135?lang=en_US&edition=fundamental","pubTime":"2021-07-16 12:28","market":"hk","language":"zh","title":"Is the inflection point of lack of \"core\" coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151261135","media":"华尔街见闻","summary":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气","content":"<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the inflection point of lack of \"core\" coming?</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\">\nIs the inflection point of lack of \"core\" coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-16 12:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635357\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"00981":"中芯国际","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3635357","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151261135","content_text":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气度的拐点。\n华尔街见闻·见智研究所通过分析半导体的周期来解答以下问题：缺芯何时缓解？当下是国产替代的机遇？预示危机的指标又是什么？\n一、从供需错配到再平衡\n1、为什么缺芯？\n缺芯缺产能的底层逻辑就是芯片的供给小于需求。从2021年开始全球半导体的供给进入瓶颈期，而伴随着下游需求的爆发式增长，导致半导体行业出现严重缺货的现象。\n国际半导体产业协会SEMI预测，今年是由于云端服务器笔记本电脑、游戏及医疗科技需求成长，5G、物联网汽车及人工智能快速发展，带动了产业的景气度。这其中新能源车和物联网市场是两个增长最快速的变量，新能源车行业五年的复合增速高达41.53%，而手机和电脑依旧是半导体需求端体量最大的，但预期近五年增速较新兴行业低很多。\n\n2、2022年缺芯将缓解?\nGartner预测：全球半导体供应短缺将持续整个2021年，并在2022年第二季度恢复至正常水平，而基板产能限制可能会延长到2022年第四季度。也就是说在此之前，半导体还会伴随着长时间的芯片短缺，涨价函依旧会接踵而至。\n从半导体的供需周期来看，在2021年下半年伴随着晶圆厂的设备安装，龙头厂商预期最快2022年开始才能够释放出新产能，这其中包括联电、格芯、中芯国际等晶圆代工厂，而台积电的大批量产能预期在2023年后才能逐步落地，所以半导体行业还需要一个较长的时间周期才重新达到供需平衡。\n3、产业链延续涨价？\n因为供需的错配，产能的紧缺以及扩产带来的成本增加都会相继增加产品的溢价。而涨价直接的好处是给了厂商定价权，出厂价格高了，企业的盈利能力会很大程度提高。但是有一点不能忽略：厂商处于产业链什么位置很关键。如果是处于生产加工的下游，那么原材料成本的提价也要考虑进去。在21年全球大多数晶圆厂、材料以及封测都相继提高了两成左右的价格，龙头厂的订单都排至了2022年。从今年6月份开始10多家厂商陆续发布下半年涨价函，消息指出预计涨价将持续到2022年。\n台媒《经济日报》6月24日报道称，IC设计业者透露，明年初晶圆代工价格已经敲定，不仅联电8英寸和12英寸的晶圆代工价格续涨，晶圆代工龙头台积电也涨价，部分8英寸和12英寸制程价格上涨一到两成，且12英寸制程涨幅高于8英寸。\n二、全球扩张下的国产替代机遇\n世界半导体贸易统计组织（WSTS）预测，2021年全球半导体市场增速将达19.7%， 2022年半导体市场将增长8.8%，连续两年创历史新高。\nGartner预测：中国半导体企业到2025年市场的市场份额将从当下的15%提升至30%，近五年中国半导体将会快速渗透。\n全球晶圆厂最新扩建计划，中国是首位？今年6月份国际半导体产业协会SEMI发布报告称2021-2022年全球半导体制造商新增29座晶圆厂，分别于2021年建设19座，2022年再增加10座。\n从SEMI给出的数据来看，中国大陆和台湾地区两年间增加的晶圆厂数量是全球首位，共计16座，其次是美国4座，欧洲和中东一共增加3座，日本和韩国各两座。全部投产后，每月可生产260万片等效200mm晶圆。考虑到新增的晶圆厂建设周期较长，预计从2023年开始新增晶圆厂开始大幅采购半导体设备。\n\n那么国内半导体行业有存在怎样的机遇呢？华尔街见闻·见智研究所对四大行业的格局进行了分析。\n1、晶圆厂格局\n三星是全球市占率最大的晶圆厂，达到14.7%，折算约310万片/月的产能；其次是台积电市占率为13.1%，约270万片/月产能。美光和SK海力士位居第三、第四，市占率在9%左右，每家产能约为190万片/月。中芯国际的产能约为54万片/月，在全球排名前十二。（产能按8英寸折算）\n行业内5家最大的纯晶圆代工厂——台积电、联电、格芯、中芯国际和力晶（包括Nexchip）约占全球晶圆代工厂总产能的24％，行业集中度非常高。国内晶圆厂预计21年新增的产能75万片/月（按 8 英寸折算），其中新增产能的前三位分别是长江存储、华虹半导体和中芯国际。\n2、设备厂格局\n从设备类型的市场占比情况来看，前道晶圆制造设备占主要比重，高达80%，这其中主要包括刻蚀机、薄膜沉积设备和光刻机；其次封装和测试设备的占比比较小，分别为10%和8%。前道晶圆设备龙头包括泛林半导体、TEL、应用材料、ASML几乎是垄断了全球九成的份额。\n在国内的公司中，刻蚀机设备主要是北方华创和中微半导体。两个公司目前是差异化的布局，不存在直接竞争关系。北方华创的优势在于长硅刻蚀和金属刻蚀，而中微公司的优势在于长介质刻蚀。\n沉积设备：主要是北方华创和沈阳拓荆，两者在ALD和PVD方面存在一定程度的竞争，而在化学气相沉积方面只有沈阳拓荆在做，在今年7月12日沈阳拓荆在科创板IPO申请也已经获受理了。\n光刻设备：上海微电子已经突破了光刻机90/65的技术节点；沈阳芯源突破涂胶显影机90/65的技术节点。\n3、封测厂格局\n全球封测市场中CR3占比约六成，集中度很高，日月光占比就达到三成以上，其次是安靠和长电科技约一成以上，通富微电位居第五，市占率约4.4%。长电科技背靠中芯国际，通富微电背靠AMD。\n4、光刻胶格局\n半导体光刻胶主要分为四种类型，g线、i线、KrF线和ArF线。就占比情况来看ArF线占比最大，约四成，其次是KrF线两成，g线和i线共计两成。\n光刻胶九成份额被外国龙头垄断，今年由于日本信越化学的KrF光刻胶无限期断供，给国内公司很大的发展机遇，哪些厂商率先进入晶圆代工厂的生产线中，未来成长空间会非常大。\nArF线：北京科华（现被彤程新材收购）、晶瑞股份正在研发中；南大光电通过客户认证。\nKrF线：北京科华、上海新阳已经实现量产，晶瑞股份已完成测试。\ng线/i线：容大感光产能扩建中，北京科华可供应。\n三、产能过剩后的危机\n随着未来五年内半导体产能的大量投放，而需求增速的逐渐放缓，伴随而来的是半导体产能过剩，高库存的情况，必然会导致半导体市场价格的下跌。观测这一重要转折点要看什么？通过复盘半导体的历史周期，华尔街见闻·见智研究所观察到资本开支可作为预测拐点的领先指标。\n从历史规律来看，在资本开支大幅增长的一到两年后将会伴随半导体市场的大幅下跌。如1984年全球半导体行业资本开支增长106%，而后的第二年半导体市场下跌了17%。此后的四个周期也是出现相同的规律。直到2008年的下跌是由金融危机导致的，而后2010年资本开支出现大幅回升，达到107%，第二年半导体市场同样出现了暴跌。\n通过复盘历史得到非常重要的指标，那就是资本开始危险临界线。当资本开支增长超过40%的时候，通常预测未来会出现产能过剩和半导体增速下跌的情况。\n\n危机来临了吗？\n根据IC Insights的预测来看，2021年半导体资本开支的增速预计在16%-23%之间。总体上看半导体市场还处于景气周期中，目前没有达到产能过剩的临界点。但需要特别注意的是，台积电21年的资本开支增速同比达到74%，英特尔资本开支同比增速达到37%，已经达到高水位线，而三星的资本开支几乎与去年齐平。","news_type":1,"symbols_score_info":{"TSM":0.9,"00981":0.9}},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170193924,"gmtCreate":1626409839768,"gmtModify":1703759623748,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/170193924","repostId":"2151261135","repostType":4,"repost":{"id":"2151261135","kind":"highlight","pubTimestamp":1626409687,"share":"https://ttm.financial/m/news/2151261135?lang=en_US&edition=fundamental","pubTime":"2021-07-16 12:28","market":"hk","language":"zh","title":"Is the inflection point of lack of \"core\" coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151261135","media":"华尔街见闻","summary":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气","content":"<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the inflection point of lack of \"core\" coming?</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\">\nIs the inflection point of lack of \"core\" coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-16 12:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635357\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"00981":"中芯国际","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3635357","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151261135","content_text":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气度的拐点。\n华尔街见闻·见智研究所通过分析半导体的周期来解答以下问题：缺芯何时缓解？当下是国产替代的机遇？预示危机的指标又是什么？\n一、从供需错配到再平衡\n1、为什么缺芯？\n缺芯缺产能的底层逻辑就是芯片的供给小于需求。从2021年开始全球半导体的供给进入瓶颈期，而伴随着下游需求的爆发式增长，导致半导体行业出现严重缺货的现象。\n国际半导体产业协会SEMI预测，今年是由于云端服务器笔记本电脑、游戏及医疗科技需求成长，5G、物联网汽车及人工智能快速发展，带动了产业的景气度。这其中新能源车和物联网市场是两个增长最快速的变量，新能源车行业五年的复合增速高达41.53%，而手机和电脑依旧是半导体需求端体量最大的，但预期近五年增速较新兴行业低很多。\n\n2、2022年缺芯将缓解?\nGartner预测：全球半导体供应短缺将持续整个2021年，并在2022年第二季度恢复至正常水平，而基板产能限制可能会延长到2022年第四季度。也就是说在此之前，半导体还会伴随着长时间的芯片短缺，涨价函依旧会接踵而至。\n从半导体的供需周期来看，在2021年下半年伴随着晶圆厂的设备安装，龙头厂商预期最快2022年开始才能够释放出新产能，这其中包括联电、格芯、中芯国际等晶圆代工厂，而台积电的大批量产能预期在2023年后才能逐步落地，所以半导体行业还需要一个较长的时间周期才重新达到供需平衡。\n3、产业链延续涨价？\n因为供需的错配，产能的紧缺以及扩产带来的成本增加都会相继增加产品的溢价。而涨价直接的好处是给了厂商定价权，出厂价格高了，企业的盈利能力会很大程度提高。但是有一点不能忽略：厂商处于产业链什么位置很关键。如果是处于生产加工的下游，那么原材料成本的提价也要考虑进去。在21年全球大多数晶圆厂、材料以及封测都相继提高了两成左右的价格，龙头厂的订单都排至了2022年。从今年6月份开始10多家厂商陆续发布下半年涨价函，消息指出预计涨价将持续到2022年。\n台媒《经济日报》6月24日报道称，IC设计业者透露，明年初晶圆代工价格已经敲定，不仅联电8英寸和12英寸的晶圆代工价格续涨，晶圆代工龙头台积电也涨价，部分8英寸和12英寸制程价格上涨一到两成，且12英寸制程涨幅高于8英寸。\n二、全球扩张下的国产替代机遇\n世界半导体贸易统计组织（WSTS）预测，2021年全球半导体市场增速将达19.7%， 2022年半导体市场将增长8.8%，连续两年创历史新高。\nGartner预测：中国半导体企业到2025年市场的市场份额将从当下的15%提升至30%，近五年中国半导体将会快速渗透。\n全球晶圆厂最新扩建计划，中国是首位？今年6月份国际半导体产业协会SEMI发布报告称2021-2022年全球半导体制造商新增29座晶圆厂，分别于2021年建设19座，2022年再增加10座。\n从SEMI给出的数据来看，中国大陆和台湾地区两年间增加的晶圆厂数量是全球首位，共计16座，其次是美国4座，欧洲和中东一共增加3座，日本和韩国各两座。全部投产后，每月可生产260万片等效200mm晶圆。考虑到新增的晶圆厂建设周期较长，预计从2023年开始新增晶圆厂开始大幅采购半导体设备。\n\n那么国内半导体行业有存在怎样的机遇呢？华尔街见闻·见智研究所对四大行业的格局进行了分析。\n1、晶圆厂格局\n三星是全球市占率最大的晶圆厂，达到14.7%，折算约310万片/月的产能；其次是台积电市占率为13.1%，约270万片/月产能。美光和SK海力士位居第三、第四，市占率在9%左右，每家产能约为190万片/月。中芯国际的产能约为54万片/月，在全球排名前十二。（产能按8英寸折算）\n行业内5家最大的纯晶圆代工厂——台积电、联电、格芯、中芯国际和力晶（包括Nexchip）约占全球晶圆代工厂总产能的24％，行业集中度非常高。国内晶圆厂预计21年新增的产能75万片/月（按 8 英寸折算），其中新增产能的前三位分别是长江存储、华虹半导体和中芯国际。\n2、设备厂格局\n从设备类型的市场占比情况来看，前道晶圆制造设备占主要比重，高达80%，这其中主要包括刻蚀机、薄膜沉积设备和光刻机；其次封装和测试设备的占比比较小，分别为10%和8%。前道晶圆设备龙头包括泛林半导体、TEL、应用材料、ASML几乎是垄断了全球九成的份额。\n在国内的公司中，刻蚀机设备主要是北方华创和中微半导体。两个公司目前是差异化的布局，不存在直接竞争关系。北方华创的优势在于长硅刻蚀和金属刻蚀，而中微公司的优势在于长介质刻蚀。\n沉积设备：主要是北方华创和沈阳拓荆，两者在ALD和PVD方面存在一定程度的竞争，而在化学气相沉积方面只有沈阳拓荆在做，在今年7月12日沈阳拓荆在科创板IPO申请也已经获受理了。\n光刻设备：上海微电子已经突破了光刻机90/65的技术节点；沈阳芯源突破涂胶显影机90/65的技术节点。\n3、封测厂格局\n全球封测市场中CR3占比约六成，集中度很高，日月光占比就达到三成以上，其次是安靠和长电科技约一成以上，通富微电位居第五，市占率约4.4%。长电科技背靠中芯国际，通富微电背靠AMD。\n4、光刻胶格局\n半导体光刻胶主要分为四种类型，g线、i线、KrF线和ArF线。就占比情况来看ArF线占比最大，约四成，其次是KrF线两成，g线和i线共计两成。\n光刻胶九成份额被外国龙头垄断，今年由于日本信越化学的KrF光刻胶无限期断供，给国内公司很大的发展机遇，哪些厂商率先进入晶圆代工厂的生产线中，未来成长空间会非常大。\nArF线：北京科华（现被彤程新材收购）、晶瑞股份正在研发中；南大光电通过客户认证。\nKrF线：北京科华、上海新阳已经实现量产，晶瑞股份已完成测试。\ng线/i线：容大感光产能扩建中，北京科华可供应。\n三、产能过剩后的危机\n随着未来五年内半导体产能的大量投放，而需求增速的逐渐放缓，伴随而来的是半导体产能过剩，高库存的情况，必然会导致半导体市场价格的下跌。观测这一重要转折点要看什么？通过复盘半导体的历史周期，华尔街见闻·见智研究所观察到资本开支可作为预测拐点的领先指标。\n从历史规律来看，在资本开支大幅增长的一到两年后将会伴随半导体市场的大幅下跌。如1984年全球半导体行业资本开支增长106%，而后的第二年半导体市场下跌了17%。此后的四个周期也是出现相同的规律。直到2008年的下跌是由金融危机导致的，而后2010年资本开支出现大幅回升，达到107%，第二年半导体市场同样出现了暴跌。\n通过复盘历史得到非常重要的指标，那就是资本开始危险临界线。当资本开支增长超过40%的时候，通常预测未来会出现产能过剩和半导体增速下跌的情况。\n\n危机来临了吗？\n根据IC Insights的预测来看，2021年半导体资本开支的增速预计在16%-23%之间。总体上看半导体市场还处于景气周期中，目前没有达到产能过剩的临界点。但需要特别注意的是，台积电21年的资本开支增速同比达到74%，英特尔资本开支同比增速达到37%，已经达到高水位线，而三星的资本开支几乎与去年齐平。","news_type":1,"symbols_score_info":{"TSM":0.9,"00981":0.9}},"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147392987,"gmtCreate":1626332933349,"gmtModify":1703758071793,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147392987","repostId":"1188379078","repostType":4,"repost":{"id":"1188379078","kind":"news","pubTimestamp":1626332901,"share":"https://ttm.financial/m/news/1188379078?lang=en_US&edition=fundamental","pubTime":"2021-07-15 15:08","market":"us","language":"zh","title":"XPeng P5: The Next \"Sales Rocket\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1188379078","media":"亿欧汽车","summary":"中国智能电动汽车市场一片欣欣向荣。\n近日，中汽协公布了2021年上半年中国新能源汽车销量，后者同比增长近2倍，达到120.6万辆，接近同期汽车总销量1289.1万辆的10%，涨势十分迅猛。\n可以说，智","content":"<p>China's smart electric vehicle market is booming.</p><p>Recently, the China Association of Automobile Manufacturers announced the sales of new energy vehicles in China in the first half of 2021. The latter nearly doubled year-on-year to 1.206 million vehicles, close to 10% of the total vehicle sales of 12.891 million vehicles in the same period, and the increase was very rapid.</p><p>It can be said that smart electric vehicles are shaking the market dominance of fuel vehicles.</p><p><img src=\"https://static.tigerbbs.com/6eae735e2db4d5d0cefd600305ca9962\" tg-width=\"1080\" tg-height=\"687\" referrerpolicy=\"no-referrer\"></p><p>On the occasion of this change, mainstream car companies have launched the latest smart electric vehicle products one after another, hoping to seize market share and user minds, and gain a preemptive advantage.</p><p>XPeng Motor's upcoming high-performance smart car P5 is undoubtedly a very competitive model.</p><p>It is reported that XPeng P5 is equipped with cutting-edge technology hardware including lidar, and its product capabilities such as battery life and space are very balanced. The sales price is expected to exceed 200,000 yuan. Following the P7's foothold in the mid-to high-end smart electric vehicle market, the P5 may become a powerful weapon for XPeng to seize the mainstream price car market.</p><p>However, the outside world is still full of curiosity about XPeng P5. What are the core competencies of XPeng P5? Based on the selling price of more than 200,000 yuan, what is the sales prospect of new cars? Can it lead the new trend in China's smart electric vehicle market?</p><p><b>01</b></p><p><b>From urban NGP to intelligent third space</b></p><p>With the continuous advancement of intelligent electrification of automobiles, the level of intelligent functions of automobiles, especially the level of autonomous driving, is becoming a new parameter to measure the strength of automobile products.</p><p>For the XPeng P5, the leading autonomous driving capability of the same class is undoubtedly the core highlight.</p><p>XPeng P5 is equipped with the latest XPILOT 3.5 automatic driving assistance system, which integrates 32 sensors including 2 lidars and a set of high-precision positioning unit to form a 360 ° dual perception of vision + radar, which not only improves the detection ability of pedestrians, static obstacles and small objects, but also achieves full coverage of difficult scenes such as dark night, low light, backlight, and alternating light and dark tunnels, greatly improving safety redundancy.</p><p><img src=\"https://static.tigerbbs.com/f3acd9bd8fa596a69d4057857826005e\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>Based on its excellent perception ability, XPeng P5 expands the applicable scenarios of NGP from high-speed road conditions to urban road conditions, which can cover typical urban scenarios such as traffic light intersection traffic (including traffic light recognition, going straight, right turn and unprotected left turn), overtaking in urban road conditions, customized car following in urban road conditions, automatic speed limit adjustment (unlike high-speed, it can be dynamically adjusted according to ground/road conditions), roundabout capacity and other typical urban scenarios.</p><p>In addition, the parking lot memory parking function of XPeng P5 has also been enhanced.</p><p>It can be said that the realization of urban NGP function has further consolidated the leading position of XPeng vehicles in autonomous driving. Because it involves complex traffic signs, road participants, road intersections, traffic rules, etc., the road conditions of general urban roads are the most complex and are recognized as the most difficult autonomous driving landing scenario to overcome.</p><p>As the world's first smart car with urban NGP function, XPeng P5 reflects XPeng Automobile's leading autonomous driving technology and solid R&D and manufacturing system.</p><p><img src=\"https://static.tigerbbs.com/fb48499ef45bd2274408f1f7f3c68c84\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p>With the help of XPILOT 3.5 automatic driving assistance system, XPeng P5 users have a more comfortable driving experience on complex urban roads.</p><p>Combined with the intelligent car software and hardware system provided by the new generation of intelligent digital cockpit, the new generation of central domain design concept, full-scenario voice, etc., the interaction between XPeng P5 users and the vehicle is smoother and unimpeded.</p><p>In addition, the XPeng P5 has a body length of 4808mm and an effective leg space of 991mm in the second row, as well as up to 26 full-car storage spaces and a trunk space that can easily store five 20-inch suitcases, giving users the space enjoyment that surpasses the same-class cars.</p><p>From all aspects, the product strength of XPeng P5 is very balanced, and it can be called the \"hexagonal warrior\" among the 200,000-yuan smart electric vehicles.</p><p>In addition to the usage scenarios of existing vehicles, XPeng P5 also breaks through the original functional definition of vehicle space, and builds the intelligent interactive cockpit into a three-dimensional intelligent space in addition to the living space (first space) and workspace (second space). The third space provides new solutions for users, their families and friends.</p><p><img src=\"https://static.tigerbbs.com/b7898d78e21969f26e5cc17ea1df4e1b\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Starting from serving users' usage scenarios, XPeng P5 Smart Third Space provides five major scene functions: X-Paly entertainment scene, X-Sleep sleep scene, X-GO outdoor scene, X-Life life scene, and X-DIY scene. Users can Watch movies, watch football, sing karaoke, and rest in the car.</p><p>XPeng P5 is not only a means of transportation to help users move from point A to point B, but also a practitioner of the concept of intelligent space for automobile mobile in the future.</p><p><b>02</b></p><p><b>High-performance smart car at unusually affordable prices</b></p><p>The price of over 200,000 yuan is of great significance to XPeng P5.</p><p>At present, China's pure electric passenger car market is mainly dominated by three levels of models: A00 class, A class, and B class. In the first half of 2021, the combined market share of China's A-class and B-class pure electric passenger vehicles exceeded 52%, accounting for half of the pure electric passenger vehicles.</p><p>Judging from the mature experience of fuel vehicles, A-class and B-class models have dominant market share advantages. In the first half of 2021, the market share of A-class and B-class passenger vehicles in China exceeded 79%.</p><p>In other words, with the continuous improvement of technical level, market share and user awareness, the market share of pure electric passenger vehicles still has a growth rate of about 27 percentage points.</p><p><img src=\"https://static.tigerbbs.com/4e8bcb6c134e61d050c99722101e1246\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>For XPeng vehicles, the XPeng P7, which is positioned as a medium-sized pure electric coupe, can be classified as the B-class, and the XPeng P5, which is slightly smaller than the P7, can be classified as the A-class. Together, the two form the model matrix of XPeng vehicles in the mainstream sales range.</p><p>Just as Model 3 ignited Tesla's \"sales rocket\", the 200,000-yuan XPeng P5 may become XPeng's next \"sales engine\".</p><p>In fact, the development trend of the smart electric vehicle industry is getting hotter and hotter, and the sales prospects of new forces represented by XPeng Automobile are quite bright.</p><p>According to the observation of Yiou think tank, China's smart electric vehicle market is far from reaching the ceiling. It is expected that market sales will continue to grow in the future and will reach annual sales of nearly 6 million vehicles in 2025.</p><p>As one of the leading new car-making forces, if XPeng Motors wants to perform well in the smart electric vehicle market, it must rely on the outstanding performance of XPeng P5.</p><p><img src=\"https://static.tigerbbs.com/a5c51a2a1c131d1cb42737c287fedc25\" tg-width=\"980\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In the first half of 2021, XPeng's vehicle sales were 31,000 units, surpassing last year's sales of 27,000 units. Among them, the delivery volume of XPeng vehicles in June reached 6,565 units, a year-on-year increase of 617%, and the trend of sales blowout is gradually emerging. If this trend continues until the end of the year, XPeng vehicle sales this year are expected to approach 100,000 vehicles.</p><p>In the vehicle manufacturing industry, 100,000 vehicles is a critical point for economies of scale.</p><p>Relying on more affordable prices and more advanced technology, XPeng P5 has become an excellent carrier for XPeng Automobile to promote the \"AI + internet plus Automobile\" smart car concept, and it is expected to be officially launched in the third quarter.</p><p>XPeng Motors aims to lead the future of travel through the transformation of data-driven smart electric vehicles. With the delivery of the P5 in the third quarter, it is one step closer to its development goal.</p><p><b>03</b></p><p><b>epilogue</b></p><p>Recently, XPeng vehicles have made frequent moves. In addition to the XPeng P5, the mid-term facelift of the XPeng G3 G3i will also be launched in the near future. So far, XPeng Automobile has basically completed its product layout from 150,000 yuan to 400,000 yuan, from cars to SUVs, and it is more confident to win the battle for Chinese smart electric vehicles.</p><p>Of course, the automobile market is a market where sales only determines success or failure, and the advantages of XPeng P5 still need to be tested by the market. However, with the development of XPeng and the entry of P5, the form of smart electric vehicles worth more than 200,000 yuan has undoubtedly received a new definition.</p>","source":"lsy1582080587274","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng P5: The Next \"Sales Rocket\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng P5: The Next \"Sales Rocket\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧汽车</strong><span class=\"h-time small\">2021-07-15 15:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's smart electric vehicle market is booming.</p><p>Recently, the China Association of Automobile Manufacturers announced the sales of new energy vehicles in China in the first half of 2021. The latter nearly doubled year-on-year to 1.206 million vehicles, close to 10% of the total vehicle sales of 12.891 million vehicles in the same period, and the increase was very rapid.</p><p>It can be said that smart electric vehicles are shaking the market dominance of fuel vehicles.</p><p><img src=\"https://static.tigerbbs.com/6eae735e2db4d5d0cefd600305ca9962\" tg-width=\"1080\" tg-height=\"687\" referrerpolicy=\"no-referrer\"></p><p>On the occasion of this change, mainstream car companies have launched the latest smart electric vehicle products one after another, hoping to seize market share and user minds, and gain a preemptive advantage.</p><p>XPeng Motor's upcoming high-performance smart car P5 is undoubtedly a very competitive model.</p><p>It is reported that XPeng P5 is equipped with cutting-edge technology hardware including lidar, and its product capabilities such as battery life and space are very balanced. The sales price is expected to exceed 200,000 yuan. Following the P7's foothold in the mid-to high-end smart electric vehicle market, the P5 may become a powerful weapon for XPeng to seize the mainstream price car market.</p><p>However, the outside world is still full of curiosity about XPeng P5. What are the core competencies of XPeng P5? Based on the selling price of more than 200,000 yuan, what is the sales prospect of new cars? Can it lead the new trend in China's smart electric vehicle market?</p><p><b>01</b></p><p><b>From urban NGP to intelligent third space</b></p><p>With the continuous advancement of intelligent electrification of automobiles, the level of intelligent functions of automobiles, especially the level of autonomous driving, is becoming a new parameter to measure the strength of automobile products.</p><p>For the XPeng P5, the leading autonomous driving capability of the same class is undoubtedly the core highlight.</p><p>XPeng P5 is equipped with the latest XPILOT 3.5 automatic driving assistance system, which integrates 32 sensors including 2 lidars and a set of high-precision positioning unit to form a 360 ° dual perception of vision + radar, which not only improves the detection ability of pedestrians, static obstacles and small objects, but also achieves full coverage of difficult scenes such as dark night, low light, backlight, and alternating light and dark tunnels, greatly improving safety redundancy.</p><p><img src=\"https://static.tigerbbs.com/f3acd9bd8fa596a69d4057857826005e\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>Based on its excellent perception ability, XPeng P5 expands the applicable scenarios of NGP from high-speed road conditions to urban road conditions, which can cover typical urban scenarios such as traffic light intersection traffic (including traffic light recognition, going straight, right turn and unprotected left turn), overtaking in urban road conditions, customized car following in urban road conditions, automatic speed limit adjustment (unlike high-speed, it can be dynamically adjusted according to ground/road conditions), roundabout capacity and other typical urban scenarios.</p><p>In addition, the parking lot memory parking function of XPeng P5 has also been enhanced.</p><p>It can be said that the realization of urban NGP function has further consolidated the leading position of XPeng vehicles in autonomous driving. Because it involves complex traffic signs, road participants, road intersections, traffic rules, etc., the road conditions of general urban roads are the most complex and are recognized as the most difficult autonomous driving landing scenario to overcome.</p><p>As the world's first smart car with urban NGP function, XPeng P5 reflects XPeng Automobile's leading autonomous driving technology and solid R&D and manufacturing system.</p><p><img src=\"https://static.tigerbbs.com/fb48499ef45bd2274408f1f7f3c68c84\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p>With the help of XPILOT 3.5 automatic driving assistance system, XPeng P5 users have a more comfortable driving experience on complex urban roads.</p><p>Combined with the intelligent car software and hardware system provided by the new generation of intelligent digital cockpit, the new generation of central domain design concept, full-scenario voice, etc., the interaction between XPeng P5 users and the vehicle is smoother and unimpeded.</p><p>In addition, the XPeng P5 has a body length of 4808mm and an effective leg space of 991mm in the second row, as well as up to 26 full-car storage spaces and a trunk space that can easily store five 20-inch suitcases, giving users the space enjoyment that surpasses the same-class cars.</p><p>From all aspects, the product strength of XPeng P5 is very balanced, and it can be called the \"hexagonal warrior\" among the 200,000-yuan smart electric vehicles.</p><p>In addition to the usage scenarios of existing vehicles, XPeng P5 also breaks through the original functional definition of vehicle space, and builds the intelligent interactive cockpit into a three-dimensional intelligent space in addition to the living space (first space) and workspace (second space). The third space provides new solutions for users, their families and friends.</p><p><img src=\"https://static.tigerbbs.com/b7898d78e21969f26e5cc17ea1df4e1b\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Starting from serving users' usage scenarios, XPeng P5 Smart Third Space provides five major scene functions: X-Paly entertainment scene, X-Sleep sleep scene, X-GO outdoor scene, X-Life life scene, and X-DIY scene. Users can Watch movies, watch football, sing karaoke, and rest in the car.</p><p>XPeng P5 is not only a means of transportation to help users move from point A to point B, but also a practitioner of the concept of intelligent space for automobile mobile in the future.</p><p><b>02</b></p><p><b>High-performance smart car at unusually affordable prices</b></p><p>The price of over 200,000 yuan is of great significance to XPeng P5.</p><p>At present, China's pure electric passenger car market is mainly dominated by three levels of models: A00 class, A class, and B class. In the first half of 2021, the combined market share of China's A-class and B-class pure electric passenger vehicles exceeded 52%, accounting for half of the pure electric passenger vehicles.</p><p>Judging from the mature experience of fuel vehicles, A-class and B-class models have dominant market share advantages. In the first half of 2021, the market share of A-class and B-class passenger vehicles in China exceeded 79%.</p><p>In other words, with the continuous improvement of technical level, market share and user awareness, the market share of pure electric passenger vehicles still has a growth rate of about 27 percentage points.</p><p><img src=\"https://static.tigerbbs.com/4e8bcb6c134e61d050c99722101e1246\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>For XPeng vehicles, the XPeng P7, which is positioned as a medium-sized pure electric coupe, can be classified as the B-class, and the XPeng P5, which is slightly smaller than the P7, can be classified as the A-class. Together, the two form the model matrix of XPeng vehicles in the mainstream sales range.</p><p>Just as Model 3 ignited Tesla's \"sales rocket\", the 200,000-yuan XPeng P5 may become XPeng's next \"sales engine\".</p><p>In fact, the development trend of the smart electric vehicle industry is getting hotter and hotter, and the sales prospects of new forces represented by XPeng Automobile are quite bright.</p><p>According to the observation of Yiou think tank, China's smart electric vehicle market is far from reaching the ceiling. It is expected that market sales will continue to grow in the future and will reach annual sales of nearly 6 million vehicles in 2025.</p><p>As one of the leading new car-making forces, if XPeng Motors wants to perform well in the smart electric vehicle market, it must rely on the outstanding performance of XPeng P5.</p><p><img src=\"https://static.tigerbbs.com/a5c51a2a1c131d1cb42737c287fedc25\" tg-width=\"980\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In the first half of 2021, XPeng's vehicle sales were 31,000 units, surpassing last year's sales of 27,000 units. Among them, the delivery volume of XPeng vehicles in June reached 6,565 units, a year-on-year increase of 617%, and the trend of sales blowout is gradually emerging. If this trend continues until the end of the year, XPeng vehicle sales this year are expected to approach 100,000 vehicles.</p><p>In the vehicle manufacturing industry, 100,000 vehicles is a critical point for economies of scale.</p><p>Relying on more affordable prices and more advanced technology, XPeng P5 has become an excellent carrier for XPeng Automobile to promote the \"AI + internet plus Automobile\" smart car concept, and it is expected to be officially launched in the third quarter.</p><p>XPeng Motors aims to lead the future of travel through the transformation of data-driven smart electric vehicles. With the delivery of the P5 in the third quarter, it is one step closer to its development goal.</p><p><b>03</b></p><p><b>epilogue</b></p><p>Recently, XPeng vehicles have made frequent moves. In addition to the XPeng P5, the mid-term facelift of the XPeng G3 G3i will also be launched in the near future. So far, XPeng Automobile has basically completed its product layout from 150,000 yuan to 400,000 yuan, from cars to SUVs, and it is more confident to win the battle for Chinese smart electric vehicles.</p><p>Of course, the automobile market is a market where sales only determines success or failure, and the advantages of XPeng P5 still need to be tested by the market. However, with the development of XPeng and the entry of P5, the form of smart electric vehicles worth more than 200,000 yuan has undoubtedly received a new definition.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/M8cxP3DCbVLfLl0bQDXMYw\">亿欧汽车</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/42655a31418f10ba8b36b20684267bda","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/M8cxP3DCbVLfLl0bQDXMYw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188379078","content_text":"中国智能电动汽车市场一片欣欣向荣。\n近日，中汽协公布了2021年上半年中国新能源汽车销量，后者同比增长近2倍，达到120.6万辆，接近同期汽车总销量1289.1万辆的10%，涨势十分迅猛。\n可以说，智能电动汽车正在动摇燃油车的市场主导地位。\n\n值此变革之际，主流车企纷纷推出最新的智能电动汽车产品，意欲抢占市场份额与用户心智，获得先发制人的优势。\n小鹏汽车近期即将推出的高性能智能轿车P5无疑是一款极具竞争力的车型。\n据悉，小鹏P5搭载包括激光雷达在内的前沿科技硬件，续航、空间等产品力表现十分均衡，预计销售价格将突破20万元。继P7立足中高级智能电动汽车市场后，P5或将成为小鹏汽车抢夺主流价位轿车市场的利器。\n不过，外界对于小鹏P5仍然充满好奇。小鹏P5的核心竞争力是什么？基于20万元以上的售价，新车销售前景如何？其能否引领中国智能电动汽车市场新潮流？\n\n\n\n01\n\n\n\n\n从城市NGP到智能第三空间\n\n\n\n随着汽车智能电动化进程的不断推进，汽车智能化功能水平、特别是自动驾驶水平，正在成为衡量汽车产品力高低的新参数。\n之于小鹏P5，领先同级的自动驾驶能力无疑是核心亮点。\n小鹏P5搭载最新XPILOT 3.5自动驾驶辅助系统，后者融合了包括2个激光雷达在内的32个传感器与1套高精定位单元，形成了视觉+雷达360°双重感知，不仅提升了对行人、静态障碍物、细小物体的检测能力，也实现了对黑夜、弱光、逆光、隧道明暗交替等疑难场景的全覆盖，大大提升了安全冗余。\n\n基于出色的感知能力，小鹏P5将NGP的适用场景从高速路况拓展到城市路况，可覆盖红绿灯路口通行（包括红绿灯识别、直行、右转及无保护的左转），城市路况超车、城市路况定制化跟车，自动限速调节（与高速不同的是，可以根据地面/道路路况进行动态调节），环岛通行能力等典型城市场景。\n此外，小鹏P5的停车场记忆泊车功能也得到了性能强化。\n可以说，城市NGP功能的实现进一步巩固了小鹏汽车的自动驾驶领先地位。因为涉及到复杂的交通标识、道路参与者、道路交叉口、交通规则等，城市一般道路的路况最为复杂，被公认是最难攻克的自动驾驶落地场景。\n作为全球首款具备城市NGP功能的智能汽车，小鹏P5反映的是小鹏汽车领先的自动驾驶技术与坚实的研发制造体系。\n\n借助XPILOT 3.5自动驾驶辅助系统，小鹏P5用户在复杂城市道路的驾驶体验更加游刃有余。\n结合全新一代智能数字座舱提供的智能车机软硬件系统、新一代中央域设计理念、全场景语音等，小鹏P5用户与车辆之间的交互更加顺畅无阻。\n此外，小鹏P5长达4808mm的车身长度与991mm第二排腿部有效空间，以及多达26处的全车储物空间及可以轻松存放5个20寸行李箱的后备箱空间，给到了用户超越同级车的空间享受。\n从各方面来看，小鹏P5的各项产品力十分均衡，堪称20万元级别智能电动汽车中的“六边形战士”。\n除了现有车辆的使用场景外，小鹏P5还突破了对车辆空间原有的功能定义，将智能交互座舱立体打造成为除居住空间（第一空间）、工作空间（第二空间）之外的智能第三空间，为用户及其家人、朋友提供了新的解决方案。\n\n从服务用户使用场景出发，小鹏P5智能第三空间提供了X-Paly娱乐场景、X-Sleep睡眠场景、X-GO户外场景、X-Life生活场景、X-DIY场景的5大场景功能，用户可以在车内观影、看球、唱K、休息。\n小鹏P5不止是一款帮助用户从A点移动到B点的交通工具，更是未来汽车移动智能空间理念的践行者。\n\n\n\n02\n\n\n\n\n平价不平常的高性能智能轿车\n\n\n\n超20万元的定价对于小鹏P5颇具意义。\n目前，中国纯电动乘用车市场主要由三个级别的车型主导：A00级、A级、B级。2021年上半年，中国A级与B级纯电动乘用车的市场份额总和超过52%，占据了纯电动乘用车半壁江山。\n从燃油车的成熟经验来看，A级与B级车型拥有统治性的市场份额优势。2021年上半年，中国A级与B级乘用车的市场份额超过79%。\n换言之，随着技术水平、市场份额与用户认知的不断提升，纯电动乘用车的市场份额仍有大约27个百分点的增长幅度。\n\n对于小鹏汽车而言，定位为中型纯电动轿跑的小鹏P7可以归属到B级别，车型尺寸比P7稍小的小鹏P5可以归属到A级别，二者共同组成了小鹏汽车在主流销量区间的车型矩阵。\n如同Model 3点燃了特斯拉的“销量火箭”一般，20万元级别的小鹏P5或将成为小鹏汽车下一个“销量引擎”。\n实际上，智能电动汽车行业的发展态势愈加火热，以小鹏汽车为代表的新势力销量前景颇为光明。\n根据亿欧智库的观察，中国智能电动汽车市场远未到天花板，预计未来市场销量将持续增长，并将于2025年达到接近600万辆年销量。\n作为头部造车新势力之一，小鹏汽车若想在智能电动汽车市场中发挥不俗，势必要倚仗小鹏P5的出色表现。\n\n2021年上半年，小鹏汽车销量为3.1万辆，超越去年全年的2.7万辆销量。其中，小鹏汽车6月交付量达到6565台，同比增长高达617%，销量井喷之势渐显。若按此趋势延续到年底，小鹏汽车今年销量有望逼近10万辆。\n在整车生产制造行业中，10万辆是产生规模效应的一大临界点。\n依靠更亲民的价格与更先进的科技，小鹏P5成为小鹏汽车推广“AI+互联网+汽车”智能汽车理念的出色载体，预计第三季度将正式上市。\n小鹏汽车志在通过数据驱动智能电动汽车的变革，引领未来出行方式，随着P5在第三季度交付，其距离发展目标又近了一步。\n\n\n\n03\n\n\n\n\n结语\n\n\n\n近日，小鹏汽车“动作频频”，除了小鹏P5外，小鹏G3中期改款G3i也将于近期上市。至此，小鹏汽车基本完成了从15万元到40万元、从轿车到SUV的产品布局，打赢中国智能电动汽车抢滩战的底气更足。\n当然，汽车市场是一个唯销量论成败的市场，小鹏P5的种种优势仍然有待市场检验。但随着小鹏发力、P5入场，20万元以上智能电动汽车的形态，无疑得到了新的定义。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145459404,"gmtCreate":1626239860508,"gmtModify":1703756154420,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145459404","repostId":"1126251044","repostType":4,"repost":{"id":"1126251044","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626218657,"share":"https://ttm.financial/m/news/1126251044?lang=en_US&edition=fundamental","pubTime":"2021-07-14 07:24","market":"hk","language":"zh","title":"Yimaitong has a winning rate of 5% for one lot, and 90 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1126251044","media":"老虎资讯综合","summary":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位","content":"<p>July 14th,<a href=\"https://laohu8.com/S/02192\">Yimaitong</a>Announced that the company sold approximately 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $27.20 per Offer Share in board lots of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>(b)<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As Joint Sponsors, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 5%. If you subscribe for 90 lots, you will secure one lot.</p><p>The head of Group B is 200,000 shares (400 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly oversubscribed, representing approximately 31.2 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were substantially oversubscribed. The company received a total of 626,195 valid applications to subscribe for a total of 9.188 billion Hong Kong Public Offer Shares, equivalent to approximately 592.41 times the total number of Hong Kong Public Offer Shares initially available for subscription in the Hong Kong Public Offering.</p><p>According to the Offer Price of HK $27.20 per share and the Cornerstone Investment Agreement, the Cornerstone Investors subscribed for a total of 62,784,500 Offer Shares, equivalent to approximately 9.10% of the issued share capital after the completion of the Global Offering (assuming that the over-allotment option is not exercised and the possibility of any shares issued upon the exercise of the share options granted or to be granted under the Share Option Scheme); And approximately 40.48% of the number of Offer Shares in the Global Offering (assuming that the Over-allotment Option is not exercised).</p><p>Based on the offer price of HK $27.20 per offer share, the company estimates that the net proceeds from the global offering will be approximately HK $4.001 billion. Among them, approximately 40% of the net proceeds are intended to be used to expand business in the next three to five years; About 30% is planned to be used to invest in technology and improve R&D capabilities in the next three to five years; Approximately 20% is intended for carefully selected strategic investment or acquisition opportunities; And approximately 10% is intended to be used for general supplementary working capital and other general corporate purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yimaitong has a winning rate of 5% for one lot, and 90 lots are subscribed to secure one lot</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\">\nYimaitong has a winning rate of 5% for one lot, and 90 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-14 07:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 14th,<a href=\"https://laohu8.com/S/02192\">Yimaitong</a>Announced that the company sold approximately 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $27.20 per Offer Share in board lots of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>(b)<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As Joint Sponsors, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, and the winning rate of one lot is 5%. If you subscribe for 90 lots, you will secure one lot.</p><p>The head of Group B is 200,000 shares (400 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly oversubscribed, representing approximately 31.2 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were substantially oversubscribed. The company received a total of 626,195 valid applications to subscribe for a total of 9.188 billion Hong Kong Public Offer Shares, equivalent to approximately 592.41 times the total number of Hong Kong Public Offer Shares initially available for subscription in the Hong Kong Public Offering.</p><p>According to the Offer Price of HK $27.20 per share and the Cornerstone Investment Agreement, the Cornerstone Investors subscribed for a total of 62,784,500 Offer Shares, equivalent to approximately 9.10% of the issued share capital after the completion of the Global Offering (assuming that the over-allotment option is not exercised and the possibility of any shares issued upon the exercise of the share options granted or to be granted under the Share Option Scheme); And approximately 40.48% of the number of Offer Shares in the Global Offering (assuming that the Over-allotment Option is not exercised).</p><p>Based on the offer price of HK $27.20 per offer share, the company estimates that the net proceeds from the global offering will be approximately HK $4.001 billion. Among them, approximately 40% of the net proceeds are intended to be used to expand business in the next three to five years; About 30% is planned to be used to invest in technology and improve R&D capabilities in the next three to five years; Approximately 20% is intended for carefully selected strategic investment or acquisition opportunities; And approximately 10% is intended to be used for general supplementary working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02192":"医脉通"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126251044","content_text":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位500股；高盛及海通国际为联席保荐人，预期股份将于2021年7月15日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5%，认购90手稳中一手。\n乙组头为20万股（400手），获配1000股（2手）。\n\n国际发售初步提呈发售的发售股份获大幅超额认购，相当于国际发售初步可供认购发售股份总数约31.2倍。根据香港公开发售初步提呈发售的香港公开发售股份获大幅超额认购。公司合共接获626,195份有效申请，认购合共91.88亿股香港公开发售股份，相当于香港公开发售初步可供认购香港公开发售股份总数约592.41倍。\n根据发售价每股27.20港元及基石投资协议，基石投资者认购合共6278.45万股发售股份，相当于全球发售完成后已发行股本约9.10%(假设并无行使超额配股权且并无计及可能因根据购股权计划已授出或将授出的购股权获行使而发行的任何股份)；及全球发售的发售股份数目约40.48%(假设并无行使超额配股权)。\n按发售价每股发售股份27.20港元计算，公司估计自全球发售收取所得款项净额约40.01亿港元。其中，所得款项净额约40%拟用于在未来三至五年内扩展业务；约30%拟用于在未来三至五年内投资技术及提高研发能力；约20%拟用于精心挑选战略投资或收购机会；及约10%拟用作一般补充营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02192":0.9}},"isVote":1,"tweetType":1,"viewCount":805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142470589,"gmtCreate":1626172402441,"gmtModify":1703754766154,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142470589","repostId":"1126789765","repostType":4,"repost":{"id":"1126789765","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1626133747,"share":"https://ttm.financial/m/news/1126789765?lang=en_US&edition=fundamental","pubTime":"2021-07-13 07:49","market":"us","language":"zh","title":"How will the Federal Reserve take its position at its July meeting? Watch Tonight's CPI","url":"https://stock-news.laohu8.com/highlight/detail?id=1126789765","media":"Wind万得","summary":"今晚美国公布的CPI数据至关重要，这个数据在一定程度上将显示近期的价格大幅上涨是一个暂时现象，还是通胀压力会更持久。如果今晚通胀超市场预期，那么美联储提前收紧预期可能又会卷土重来；反之市场对美联储收紧的恐慌会继续减弱。市场预计6月份CPI环比增幅将从5月份的0.6%和4月份的0.8%降至0.5%，并预计CPI年率将从5月份的5%降至4.9%。美联储的通胀目标是基于美国商务部的个人消费支出价格指数，该指数往往略低于CPI。","content":"<p>The CPI data released by the United States tonight is crucial. This data will show to some extent whether the recent sharp price increase is a temporary phenomenon or whether inflationary pressures will last longer. If inflation exceeds market expectations tonight, the Fed's early tightening expectations may come back; On the contrary, the market's panic about Fed tightening will continue to weaken.</p><p>In the past six months, the U.S. consumer price index (CPI) has nearly tripled, rising from 1.7% in January to 5% in May. Core inflation rose from 1.4% to 3.8%. The market expects the month-on-month CPI growth to decrease to 0.5% in June from 0.6% in May and 0.8% in April, and expects the annual CPI rate to decrease to 4.9% from 5% in May.</p><p>Over the past few months, the Federal Reserve has managed to reduce the sensitivity of markets to inflation. The effort began last September when the Federal Reserve adopted an average inflation rate for future policy guidance and insisted that the current surge was temporary. But there is an important and unresolved question, how much inflation will the economic problems caused by the epidemic cause? The answer to this question is perhaps difficult to judge until the base effect completely disappears in the fourth quarter.</p><p>Some economists in the market believe that the strong economic recovery after the epidemic will drive prices up rapidly for some time. They argue that markets should brace for the highest level of inflation in decades. If economists' forecasts are correct, Fed officials may have to raise interest rates earlier or more than they expected to control inflation.</p><p>Some surveys show that economists believe that inflation will grow at an average annual rate of 2.58% from 2021 to 2023, which will reach the level of 1993. \"We are now in a transition phase,\" said Joel Naroff, chief economist at Naroff Economics LLC. \"We are transitioning to a period where inflation and interest rates are higher than in the past 20 years.\"</p><p>\"Expect inflation to surge longer than the Fed previously expected,\" said Diane Swonk, chief economist at Grant Thornton. \"The Fed is now likely to rate hike in the first half of 2023, although some Fed officials will take action as soon as possible.\"</p><p>Some analysts also worry that the Fed may be moving too slowly. \"The danger is that monetary authorities are not keeping up,\" said Kevin Swift, chief economist at the American Chemistry Council. \"I'm not saying hyperinflation is coming, just that a lot has happened last year and overall prices are increasing faster than they have been in the past five or 10 years.\"</p><p>With the economic recovery accelerating, the last released U.S. consumer price index continued to rise rapidly in May, surging 5% from a year earlier, setting the highest annual inflation rate in nearly 13 years, also reflecting surging demand and labor and material shortages.</p><p>The higher prices reflect strong consumer demand as widespread vaccinations, easing business restrictions, a trillion-dollar federal pandemic relief plan and ample household savings drive. U.S. gross domestic product (GDP) grew 6.4% on an annualized basis in the first quarter, adjusted for seasonally factors. Economists expect the U.S. economy to grow at an annualized rate of 8.1% in the second quarter, which will be the best year of economic growth since the early 1980s.</p><p>Policymakers are also paying close attention to recent inflation data. Price pressures were very weak in a year at the height of the pandemic. As the Federal Reserve and some other policymakers continue to take fiscal and monetary policy measures to support the economy, whether the rise in inflation is only temporary is a key question for the U.S. economy and financial markets.</p><p>The Federal Reserve expects inflation to rise temporarily this year. A sustained sharp rise in inflation could force the central bank to tighten its accommodative monetary policy earlier or take a more aggressive response later to meet its average inflation target of 2%.</p><p>The Fed's inflation target is based on the U.S. Department of Commerce's personal consumption expenditures price index, which tends to be slightly below the CPI. The Fed has said it will keep interest rates near zero until personal consumption expenditures (PCE) inflation averages 2% and full employment is achieved.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How will the Federal Reserve take its position at its July meeting? Watch Tonight's CPI</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\">\nHow will the Federal Reserve take its position at its July meeting? Watch Tonight's CPI\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2021-07-13 07:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The CPI data released by the United States tonight is crucial. This data will show to some extent whether the recent sharp price increase is a temporary phenomenon or whether inflationary pressures will last longer. If inflation exceeds market expectations tonight, the Fed's early tightening expectations may come back; On the contrary, the market's panic about Fed tightening will continue to weaken.</p><p>In the past six months, the U.S. consumer price index (CPI) has nearly tripled, rising from 1.7% in January to 5% in May. Core inflation rose from 1.4% to 3.8%. The market expects the month-on-month CPI growth to decrease to 0.5% in June from 0.6% in May and 0.8% in April, and expects the annual CPI rate to decrease to 4.9% from 5% in May.</p><p>Over the past few months, the Federal Reserve has managed to reduce the sensitivity of markets to inflation. The effort began last September when the Federal Reserve adopted an average inflation rate for future policy guidance and insisted that the current surge was temporary. But there is an important and unresolved question, how much inflation will the economic problems caused by the epidemic cause? The answer to this question is perhaps difficult to judge until the base effect completely disappears in the fourth quarter.</p><p>Some economists in the market believe that the strong economic recovery after the epidemic will drive prices up rapidly for some time. They argue that markets should brace for the highest level of inflation in decades. If economists' forecasts are correct, Fed officials may have to raise interest rates earlier or more than they expected to control inflation.</p><p>Some surveys show that economists believe that inflation will grow at an average annual rate of 2.58% from 2021 to 2023, which will reach the level of 1993. \"We are now in a transition phase,\" said Joel Naroff, chief economist at Naroff Economics LLC. \"We are transitioning to a period where inflation and interest rates are higher than in the past 20 years.\"</p><p>\"Expect inflation to surge longer than the Fed previously expected,\" said Diane Swonk, chief economist at Grant Thornton. \"The Fed is now likely to rate hike in the first half of 2023, although some Fed officials will take action as soon as possible.\"</p><p>Some analysts also worry that the Fed may be moving too slowly. \"The danger is that monetary authorities are not keeping up,\" said Kevin Swift, chief economist at the American Chemistry Council. \"I'm not saying hyperinflation is coming, just that a lot has happened last year and overall prices are increasing faster than they have been in the past five or 10 years.\"</p><p>With the economic recovery accelerating, the last released U.S. consumer price index continued to rise rapidly in May, surging 5% from a year earlier, setting the highest annual inflation rate in nearly 13 years, also reflecting surging demand and labor and material shortages.</p><p>The higher prices reflect strong consumer demand as widespread vaccinations, easing business restrictions, a trillion-dollar federal pandemic relief plan and ample household savings drive. U.S. gross domestic product (GDP) grew 6.4% on an annualized basis in the first quarter, adjusted for seasonally factors. Economists expect the U.S. economy to grow at an annualized rate of 8.1% in the second quarter, which will be the best year of economic growth since the early 1980s.</p><p>Policymakers are also paying close attention to recent inflation data. Price pressures were very weak in a year at the height of the pandemic. As the Federal Reserve and some other policymakers continue to take fiscal and monetary policy measures to support the economy, whether the rise in inflation is only temporary is a key question for the U.S. economy and financial markets.</p><p>The Federal Reserve expects inflation to rise temporarily this year. A sustained sharp rise in inflation could force the central bank to tighten its accommodative monetary policy earlier or take a more aggressive response later to meet its average inflation target of 2%.</p><p>The Fed's inflation target is based on the U.S. Department of Commerce's personal consumption expenditures price index, which tends to be slightly below the CPI. The Fed has said it will keep interest rates near zero until personal consumption expenditures (PCE) inflation averages 2% and full employment is achieved.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{"513500":"标普500ETF","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","SPY":"标普500ETF","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite","DXD":"两倍做空道琼30指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","TQQQ":"纳指三倍做多ETF","QQQ":"纳指100ETF","UDOW":"三倍做多道指30ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares",".DJI":"道琼斯","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126789765","content_text":"今晚美国公布的CPI数据至关重要，这个数据在一定程度上将显示近期的价格大幅上涨是一个暂时现象，还是通胀压力会更持久。如果今晚通胀超市场预期，那么美联储提前收紧预期可能又会卷土重来；反之市场对美联储收紧的恐慌会继续减弱。\n在过去的六个月里，美国消费者价格指数(CPI)几乎翻了三倍，从一月份的1.7%上升到五月份的5%。核心通胀从1.4%上升到3.8%。市场预计6月份CPI环比增幅将从5月份的0.6%和4月份的0.8%降至0.5%，并预计CPI年率将从5月份的5%降至4.9%。\n过去几个月，美联储成功地降低了市场对通胀的敏感性。这一努力始于去年9月美联储对未来政策引导采用了平均通胀率，并坚持认为当前的飙升是暂时的。但是有一个重要且尚未解决的问题是，疫情导致的经济问题造成会造成多少通胀?这个问题的答案在第四季度基数效应完全消失之前也许很难判断。\n市场一些经济学家认为疫情后强劲的经济复苏将在一段时间内推动物价快速上涨。他们认为，市场应该做好准备，迎接几十年来最高的通胀水平。如果经济学家的预测是正确的，美联储官员可能不得不提前或超过他们预期的上调利率，以控制通胀。\n一些调查显示经济学家认为从2021年到2023年通胀平均年增长率为2.58%，这个水平将达到1993年的水平。\"我们现在正处于一个过渡阶段，\" Naroff Economics LLC首席经济学家Joel Naroff说，\"我们正过渡到通胀率和利率高于过去20年的时期。\"\nGrant Thornton首席经济学家黛安•斯旺克(Diane Swonk)表示:“预计通胀飙升的时间会比美联储此前预计的更长。”“美联储现在可能会在2023年上半年加息，尽管一些美联储官员会尽快采取行动。”\n一些分析师也担心美联储的行动可能过于缓慢。American Chemistry Council首席经济学家凯文•斯威夫特(KevinSwift)表示:“危险在于，货币当局跟不上形势。”“我并不是说恶性通货膨胀即将到来，只是说去年发生了很多事情，整体价格的增长趋势比过去5年或10年更快。”\n随着经济复苏的加快，上次公布的美国5月份消费者价格指数继续快速上涨，较上年同期飙升5%，创下近13年来的最高年通胀率，也反映出需求激增以及劳动力和材料短缺。\n价格上涨反映出，随着广泛接种疫苗、放宽商业限制、数万亿美元的联邦大流行救援计划和充足的家庭储蓄推动了强劲的消费者需求。经季节性因素调整后，美国第一季度国内生产总值(GDP)按年率计算增长6.4%。经济学家预计，第二季度美国经济折合成年率将增长8.1%，这将是上世纪80年代初以来经济增长最好的一年。\n政策制定者也非常关注最近的通胀数据。在疫情最严重时期的一年里，价格压力非常疲弱。随着美联储和其它一些政策制定者继续采取财政和货币政策措施支持经济后，通胀上升是否只是暂时的，是美国经济和金融市场的一个关键问题。\n美联储预计目前还是预计今年通货膨胀率将暂时上升。通货膨胀率的持续大幅上升可能迫使央行提前收紧其宽松货币政策，或者晚些时候采取更激进的应对措施，以实现2%的平均通货膨胀目标。\n美联储的通胀目标是基于美国商务部的个人消费支出价格指数，该指数往往略低于CPI。美联储曾表示，在个人消费支出(PCE)通胀率达到平均2%并实现充分就业之前，它将把利率维持在接近于零的水平。","news_type":1,"symbols_score_info":{"513500":0.9,"MNQmain":0.9,"QID":0.9,"SPY":0.9,"DXD":0.9,"NQmain":0.9,"OEF":0.9,"DDM":0.9,"SH":0.9,"SSO":0.9,"ESmain":0.9,"UDOW":0.9,"IVV":0.9,"SPXU":0.9,".SPX":0.9,".IXIC":0.9,"SDOW":0.9,"QQQ":0.9,".DJI":0.9,"TQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142447669,"gmtCreate":1626172312951,"gmtModify":1703754763879,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142447669","repostId":"1129606632","repostType":4,"repost":{"id":"1129606632","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626170852,"share":"https://ttm.financial/m/news/1129606632?lang=en_US&edition=fundamental","pubTime":"2021-07-13 18:07","market":"us","language":"zh","title":"PepsiCo's Q2 financial report exceeded expectations, up nearly 2% before the market","url":"https://stock-news.laohu8.com/highlight/detail?id=1129606632","media":"老虎资讯综合","summary":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿","content":"<p>Before the US stock market opened on July 13,<a href=\"https://laohu8.com/S/PEP\">Pepsi Cola</a>Announced its second quarter 2021 financial results. The financial report shows that PepsiCo's Q2 revenue was US $19.22 billion, market expectations were US $17.959 billion, and US $15.945 billion in the same period last year; Net profit was US $2.358 billion, market expectations were US $2.112 billion, and US $1.646 billion in the same period last year; Earnings per share were US $1.7, market expectations were US $1.52, and US $1.18 in the same period last year; Organic revenue is expected to grow 6% in fiscal 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>After the financial report was announced, Pepsi rose nearly 2% before the market opened.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PepsiCo's Q2 financial report exceeded expectations, up nearly 2% before the market</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\">\nPepsiCo's Q2 financial report exceeded expectations, up nearly 2% before the market\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 18:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Before the US stock market opened on July 13,<a href=\"https://laohu8.com/S/PEP\">Pepsi Cola</a>Announced its second quarter 2021 financial results. The financial report shows that PepsiCo's Q2 revenue was US $19.22 billion, market expectations were US $17.959 billion, and US $15.945 billion in the same period last year; Net profit was US $2.358 billion, market expectations were US $2.112 billion, and US $1.646 billion in the same period last year; Earnings per share were US $1.7, market expectations were US $1.52, and US $1.18 in the same period last year; Organic revenue is expected to grow 6% in fiscal 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>After the financial report was announced, Pepsi rose nearly 2% before the market opened.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da6f1eec5f0f1446b3ce577db826367e","relate_stocks":{"PEP":"百事可乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129606632","content_text":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿美元，去年同期16.46亿美元；每股盈利1.7美元，市场预期1.52美元，去年同期1.18美元；预计2021财年有机营收将增长6%。\n\n财报公布后，百事可乐盘前涨近2%。","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148460023,"gmtCreate":1626006077162,"gmtModify":1703751853778,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148460023","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148931389,"gmtCreate":1625912209441,"gmtModify":1703750838781,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148931389","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The legendary lives of two godfather investment tycoons","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is the personal biography of Edward Thorp, the Chinese translation of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and the godfather of quantitative investment, he pioneered the introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including the famous James Simons, whose Renaissance Technology company created the myth of the rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data, including data cleaning, signal mechanism and backtesting. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</b></p>","source":"lsy1625911325017","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>Thorpe and Simmons: The legendary lives of two godfather investment tycoons</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\">\nThorpe and Simmons: The legendary lives of two godfather investment tycoons\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is the personal biography of Edward Thorp, the Chinese translation of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and the godfather of quantitative investment, he pioneered the introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including the famous James Simons, whose Renaissance Technology company created the myth of the rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data, including data cleaning, signal mechanism and backtesting. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149694944,"gmtCreate":1625720329988,"gmtModify":1703747093173,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149694944","repostId":"1155545983","repostType":4,"repost":{"id":"1155545983","kind":"news","pubTimestamp":1625720148,"share":"https://ttm.financial/m/news/1155545983?lang=en_US&edition=fundamental","pubTime":"2021-07-08 12:55","market":"us","language":"zh","title":"IPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%","url":"https://stock-news.laohu8.com/highlight/detail?id=1155545983","media":"亿欧网","summary":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨","content":"<p>320 Chinese-funded enterprises compete in the global capital market. On June 30, Nayuki's tea landed on the Hong Kong stock market with a high profile. It broke on the first day and closed at HK $17.12 that day, down 13.54% from the issue price, causing a \"turmoil\" in the secondary market. Didi Chuxing was listed on the New York Stock Exchange in a low-key manner. It once rose 28.6% intraday that day and finally closed at $14.14, with a market value of $67.8 billion.</p><p>Between one high and one low, the IPO boom of Chinese-funded enterprises in the first half of the year finally came to a perfect end. And the listing performance of these two companies has somewhat become the epitome of this IPO boom-in the capital market, there are always people singing and carnival, while others are disappointed and lonely.</p><p>Against the background of the steady recovery of the global economy, the global IPO market will be active in 2021.</p><p>KPMG recently released a report pointing out that the total fundraising and listing of global capital markets in the first half of the year were US $210 billion and 1,047 respectively, an increase of 196% and 134% respectively over the same period last year.</p><p><b>Among them, China's A-share and Hong Kong markets have contributed key forces.</b>As of June 23, among the top five stock exchanges in terms of total IPO fundraising, Hong Kong Stock Exchange ranked third with US $26 billion, and Shanghai Stock Exchange ranked fourth with US $20.6 billion, second only to Nasdaq and New York Stock Exchange.</p><p>In these top four exchanges, Chinese-funded enterprises can be seen everywhere.<b>According to statistics from EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese-funded companies were successfully listed on A-shares (245 companies), Hong Kong stocks (39 companies), and US stocks (36 companies).</b></p><p><b>A shares: 70% of companies are listed on the Science and Technology Innovation Board and Growth Enterprise Market</b></p><p><b>Overall Overview-Total IPOs Doubled from Last Year</b></p><p>In the first half of 2021, a total of 245 companies were listed on the A-share Shanghai and Shenzhen stock markets, an increase of 126 compared with the same period in 2020, a year-on-year increase of 105.88%. The total amount of initial funds raised reached 210.95 billion yuan, an increase of 51.46% over the same period in 2020.</p><p>Judging from the number of IPOs and financing amount, in the past two and a half years, the performance of the A-share market in the first half of 2021 is second only to the second half of 2020.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the cause of this IPO boom of Chinese-funded enterprises is<b>Steady recovery of the domestic economy and improvement of the capital market system</b>Positive impact.</p><p>Zhao Haizhou, partner of Deloitte China's national A-share market in East China, pointed out that the IPO in the A-share market in the first half of the year was more active than that in the same period last year, mainly due to the implementation of the new securities law and the reform of the GEM registration system.</p><p>Since the registration system review procedure is relatively simple, it can effectively speed up the listing progress of enterprises. At the same time, the listing threshold of enterprises under the registration system is relatively low, and some enterprises with low revenue, low profits or even losses can also be listed on the Science and Technology Innovation Board under other conditions. Therefore, science and technology innovation board and Growth Enterprise Market have also become the first choice for many companies to go public.</p><p>Judging from the distribution sectors of 245 IPO companies in the first half of the year, science and technology innovation board and Growth Enterprise Market played a key role in promoting companies to enter the capital market.<b>There are 86 and 85 companies listed on the Science and Technology Innovation Board and the Growth Enterprise Market respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies; The total amount raised was 123.557 billion yuan, accounting for 58.57%.</b></p><p>It is worth mentioning that among the 245 companies, 6 of the top ten companies in terms of fundraising scale are listed on the Science and Technology Innovation Board and the Growth Enterprise Market.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, science and technology innovation board and Growth Enterprise Market have become the main sectors for corporate A-share IPOs. From Q2020 to Q2 of 2021, the total number of IPOs on the Science and Technology Innovation Board and GEM was 118, 60, 69 and 102. The proportions are 67.05%, 59.41%, 69.00%, and 70.34% respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, science and technology innovation board has performed brilliantly since its official opening on June 13, 2019. By June 30 this year, 301 companies have been listed.</p><p>In 2019, 70 companies landed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, Bloomage Biotech, etc.; 145 companies in 2020, including SMIC, Foxit Software, Cambrian, China Resources Micro, Cathay Bio, etc.; 86 companies in the first half of 2021, including Tianneng Co., Ltd., China Net Software, Shengyi Electronics, etc.</p><p>Since the second quarter of 2020, the number of companies listed on the Science and Technology Innovation Board has accounted for around 30%-40% of the entire A-share market, and has become an important part of my country's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Industry insiders pointed out that the listing conditions of science and technology innovation board are more diversified and inclusive, and the issuance pricing process is more market-oriented, which can well adapt to the differentiated financing needs of science and technology enterprises of different types and stages of development. It is expected that in the second half of the year, science and technology innovation board will continue to maintain its vitality and contribute to the entire A-share market.</p><p>Guosheng Strategy Zhang Qiyao's team believes that as market funds shift from incremental entry to stock games, high growth rates in the second half of 2021 are the key to success, and the Science and Technology Innovation Board is currently the sector with the highest growth rate of A shares.</p><p>According to a Deloitte report, it is estimated that there will be 180-210 new shares issued on the Science and Technology Innovation Board and the Growth Enterprise Market in the second half of the year. Among them, the financing amount of science and technology innovation board may reach 130 billion to 170 billion yuan, and the financing amount of GEM may reach 160 billion to 200 billion yuan.</p><p><b>Industry distribution-food and beverage, medical care and other sectors are in good situation</b></p><p>EqualOcean statistics found that in the first half of 2021, the 245 A-share listed companies were mainly distributed in<b>Capital Goods, Materials II, Technology Hardware & Equipment</b>And other fields.</p><p>Among them, the number of IPOs of capital goods and the amount of funds raised ranked first. This sector mainly covers construction and engineering, industrial machinery, aerospace and national defense, electrical components and equipment and other fields, including 63 companies such as Tianneng, Dongwei Technology, and Kehui. The total IPO fundraising was 36.915 billion yuan, accounting for 17.50% of the total A-share IPO fundraising in the first half of 2021.</p><p>The Materials II sector covers diversified chemicals, industrial gases, building materials and other fields, including a total of 27 companies including Lianke Technology, Jingxue Energy Saving, and Jiangsu Boyun, raising a total of 16.056 billion yuan, accounting for 7.61%.</p><p>The technical hardware and equipment sector covers electronic components, electronic equipment and instruments and other fields, including 27 companies including Hehui Optoelectronics, Shengyi Electronics, and Darui Electronics, raising a total of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share food, beverage and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, durable consumer goods and clothing and other sectors rose gratifying. In particular, the food, beverage and tobacco sectors, and the medical and health care equipment and services sectors saw annual growth rates of 77.01% and 73.93% respectively.</p><p>In the first half of this year, the situation of the above-mentioned related sectors is still good.</p><p><b>A total of 15 companies in the food, beverage and tobacco sectors IPO, raising a total of 14.349 billion yuan, accounting for 6.80%.</b>Among them, the stock prices of Dongpeng Beverage and Ligao Food both rose by more than 400% as of June 30.</p><p><b>Healthcare & Services, Pharmaceuticals, Biotech & Life Sciences</b>, and it is still a track that has attracted much attention from capital. Especially in the context of the global epidemic, more capital has entered to push up the market value of related companies. These two major tracks<b>There are 18 listed companies, raising a total of 14.104 billion yuan, accounting for 6.69% of the total A-share IPO funds raised.</b></p><p><b>Corporate performance-the highest increase was 1356.01%</b></p><p><b>As of June 30, 95% of the 245 companies listed on the A-share market in the first half of 2021 have seen their stock prices rise.</b>Among them, there are 137 companies with an increase of more than 100%, accounting for more than 55.92%; There are 11 companies with an increase of more than 500%, accounting for 4.50%. Only 12 companies saw their stock prices fall.</p><p>Among the 137 companies with an increase of more than 100%, there are 108 companies from GEM and science and technology innovation board, accounting for 78.83%, and 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which landed on the Science and Technology Innovation Board on June 23, has increased by as much as 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life science sectors. In the first half of 2021, 18 companies in this sector were listed, 17 of which were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>The top ten companies whose stock prices have fallen since their listing are mainly distributed on the main boards and GEM of Shanghai and Shenzhen stock markets. Only one company, Jushi Chemicals, is from the Science and Technology Innovation Board.</p><p>It can be seen,<b>The overall performance of listed companies on the Science and Technology Innovation Board and Growth Enterprise Market is stronger than that on the main board.</b></p><p><b>Hong Kong stocks: The boom of secondary listings of Chinese concept stocks continues</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, a year-on-year decrease of 22%; The total amount of funds raised was approximately HK $212.95 billion, a year-on-year increase of 138%, setting a record high.</p><p>Wherein,<b>Thirty-nine Chinese-funded enterprises went public in Hong Kong, raising a total of 209.713 billion Hong Kong dollars, or approximately 181.7063 billion yuan (based on the exchange rate on July 1).</b>Compared with 38 companies and approximately 82.6 billion yuan in the same period in 2020, the number of IPOs was basically the same, and the total amount of funds raised increased by 119.98%.</p><p>Based on the number of IPOs and the total amount of initial funds raised,<b>Pharmaceuticals, Biotechnology & Life Sciences</b>And<b>Software & Services</b>The performance of the two major sectors is relatively outstanding, with 7 and 5 companies successfully IPOs respectively, raising funds of HK $20.271 billion and HK $102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and service track, Kuaishou, Baidu Group, Bilibili, and Autohome rank among the top ten among the 39 Chinese-funded enterprises listed in Hong Kong.<b>Kuaishou, Baidu Group, Bilibili and JD Logistics,</b>It also ranked among the top ten global financing scale in the first half of the year.</p><p>The considerable amount of funds raised by these giant companies has doubled the total financing growth of the Hong Kong stock market in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>The boom in Hong Kong stocks in recent years stems from a series of reform measures that benefit the new economic components. The Hong Kong Stock Exchange revised its listing mechanism in April 2018. After companies that accept the structure of individual shareholders with different rights for the same shares were listed in Hong Kong, new economic companies such as Xiaomi, Meituan, and Alibaba have successively welcomed the settlement.</p><p>In 2020, there was a wave of secondary listings of Chinese concept stocks in the Hong Kong market and continues to this day. Wind statistics show that the IPO scale of Hong Kong stocks in 2020 will reach HK $397.528 billion, ranking third in the world after US stocks and A shares; Among the top ten IPOs, Chinese concept stocks returned to companies occupying 6 seats.</p><p>Nowadays, more and more giant companies choose to go public in Hong Kong for secondary listings, such as China Duty Free, the world's largest travel retail operator and duty-free giant. China CDFG announced on June 28 that the company had submitted a prospectus to the Hong Kong Stock Exchange on June 25.</p><p>KPMG China partner Zhu Yayi predicts that,<b>In the next few quarters, the momentum of new stock listing activities in new economic sectors such as healthcare, life sciences, logistics and supply chain, and financial technology in Hong Kong stocks will remain strong.</b></p><p><b>U.S. stocks: More than 70% of IPO Chinese concept stock prices fell</b></p><p>In the first half of 2021, Chinese-funded enterprises have unprecedented enthusiasm for listing in the United States, and the number of IPOs and the amount of funds raised have increased significantly compared with the same period last year. And this is<b>Since 2019, it has been the year and a half with the largest number of Chinese-funded enterprises IPO in the United States and the largest amount of financing.</b></p><p>As of June 30th, there were 36 Chinese-funded enterprises IPO in the United States in the first half of this year, of which 23 were listed on NASDAQ and 13 were listed on New York Stock Exchange. The total amount of initial funds raised was US $13.662 billion, or approximately 83.31 billion yuan (based on the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies, there are many star companies that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic travel giant that went public on June 30, Manbang Group and TuSimple in the automotive field, fresh food e-commerce platforms Dingdong Maicai and Daily Fresh, and further ahead there are BOSS Zhipin, Shuidi Company, and e-cigarette giant RELX's parent company Wuxin Technology, Zhihu, etc.</p><p>The above-mentioned star companies are among the top ten in terms of fundraising in Chinese concept stocks in the first half of 2021. From the perspective of industry distribution, the top ten financing amounts are mainly concentrated in the software and service industries, with a total of 7 companies; Food, beverage and tobacco, diversified finance, and retail each.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>Judging from the total amount of initial funds raised, the top three industries are<b>Software & Services, Food, Beverage & Tobacco, Retail.</b>It is worth noting that there is only one IPO company in the food, beverage and tobacco industry, Wuxin Technology, but its initial fundraising amount is as high as US $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of the company after listing,<b>As of June 30, the stock prices of 6 of the 36 Chinese concept stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which were listed on June 30, did not record stock price rise and fall data).</b></p><p>There are only 3 companies with an increase of more than 50%. Among them, TuSimple has the largest increase at 78.10%, followed by Dingdong Maicai with 62.84% and Zhihu with 59.53%.</p><p>Sixteen companies fell by more than 30%, including the insurance technology platform Shuidi Company (-33.20%) and the cross-border e-commerce platform Onion Group (-38.14%), which was listed on May 7, and Wuxin Technology (-70.42%), which was listed in January.) etc.</p><p>Although the enthusiasm of Chinese-funded enterprises to raise funds in the United States has not diminished, the current market performance is not satisfactory. At present, the domestic strengthening of the control of data leakage risks of companies listed in the United States has also brought more uncertainties to companies listed in the United States in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese-funded enterprises have shown strong strength in the global capital market.<b>Among the top ten companies in the world in terms of financing amount by listed companies in the first half of 2021, half of them came from Hong Kong and the Mainland.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking forward to the second half of 2021, although there is great uncertainty in the U.S. stock market due to strengthened supervision, the A-share and Hong Kong stock capital markets can still be expected.</p><p>The Ernst & Young report mentioned that as of June 21, there were 633 A-share queuing companies; Among them, science and technology innovation board and Growth Enterprise Market are the main forces of listing, with 55% of queuing companies planning to list on Growth Enterprise Market and 23% of queuing companies planning to list on Science and Technology Innovation Board.</p><p>The Deloitte report also pointed out that in terms of A shares, with the stable issuance of science and technology innovation board and the reform of the registration system of GEM, the number of IPOs will increase greatly, and small and medium-sized manufacturing and technology industries will take the lead in the number of issuances. In terms of Hong Kong stocks, it is expected that the Hong Kong new stock market can raise more than HK $400 billion in 2021, and the upsurge of Chinese concept stocks returning to Hong Kong for secondary listings will continue.</p><p>* Note: Chinese-funded enterprises include A shares + Chinese concept stocks in US stocks + Chinese stocks in Hong Kong stocks; Among them, Chinese stocks in Hong Kong stocks include H shares, red chip stocks and Chinese private stocks.</p>","source":"yow","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>IPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%</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\">\nIPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧网</strong><span class=\"h-time small\">2021-07-08 12:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>320 Chinese-funded enterprises compete in the global capital market. On June 30, Nayuki's tea landed on the Hong Kong stock market with a high profile. It broke on the first day and closed at HK $17.12 that day, down 13.54% from the issue price, causing a \"turmoil\" in the secondary market. Didi Chuxing was listed on the New York Stock Exchange in a low-key manner. It once rose 28.6% intraday that day and finally closed at $14.14, with a market value of $67.8 billion.</p><p>Between one high and one low, the IPO boom of Chinese-funded enterprises in the first half of the year finally came to a perfect end. And the listing performance of these two companies has somewhat become the epitome of this IPO boom-in the capital market, there are always people singing and carnival, while others are disappointed and lonely.</p><p>Against the background of the steady recovery of the global economy, the global IPO market will be active in 2021.</p><p>KPMG recently released a report pointing out that the total fundraising and listing of global capital markets in the first half of the year were US $210 billion and 1,047 respectively, an increase of 196% and 134% respectively over the same period last year.</p><p><b>Among them, China's A-share and Hong Kong markets have contributed key forces.</b>As of June 23, among the top five stock exchanges in terms of total IPO fundraising, Hong Kong Stock Exchange ranked third with US $26 billion, and Shanghai Stock Exchange ranked fourth with US $20.6 billion, second only to Nasdaq and New York Stock Exchange.</p><p>In these top four exchanges, Chinese-funded enterprises can be seen everywhere.<b>According to statistics from EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese-funded companies were successfully listed on A-shares (245 companies), Hong Kong stocks (39 companies), and US stocks (36 companies).</b></p><p><b>A shares: 70% of companies are listed on the Science and Technology Innovation Board and Growth Enterprise Market</b></p><p><b>Overall Overview-Total IPOs Doubled from Last Year</b></p><p>In the first half of 2021, a total of 245 companies were listed on the A-share Shanghai and Shenzhen stock markets, an increase of 126 compared with the same period in 2020, a year-on-year increase of 105.88%. The total amount of initial funds raised reached 210.95 billion yuan, an increase of 51.46% over the same period in 2020.</p><p>Judging from the number of IPOs and financing amount, in the past two and a half years, the performance of the A-share market in the first half of 2021 is second only to the second half of 2020.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the cause of this IPO boom of Chinese-funded enterprises is<b>Steady recovery of the domestic economy and improvement of the capital market system</b>Positive impact.</p><p>Zhao Haizhou, partner of Deloitte China's national A-share market in East China, pointed out that the IPO in the A-share market in the first half of the year was more active than that in the same period last year, mainly due to the implementation of the new securities law and the reform of the GEM registration system.</p><p>Since the registration system review procedure is relatively simple, it can effectively speed up the listing progress of enterprises. At the same time, the listing threshold of enterprises under the registration system is relatively low, and some enterprises with low revenue, low profits or even losses can also be listed on the Science and Technology Innovation Board under other conditions. Therefore, science and technology innovation board and Growth Enterprise Market have also become the first choice for many companies to go public.</p><p>Judging from the distribution sectors of 245 IPO companies in the first half of the year, science and technology innovation board and Growth Enterprise Market played a key role in promoting companies to enter the capital market.<b>There are 86 and 85 companies listed on the Science and Technology Innovation Board and the Growth Enterprise Market respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies; The total amount raised was 123.557 billion yuan, accounting for 58.57%.</b></p><p>It is worth mentioning that among the 245 companies, 6 of the top ten companies in terms of fundraising scale are listed on the Science and Technology Innovation Board and the Growth Enterprise Market.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, science and technology innovation board and Growth Enterprise Market have become the main sectors for corporate A-share IPOs. From Q2020 to Q2 of 2021, the total number of IPOs on the Science and Technology Innovation Board and GEM was 118, 60, 69 and 102. The proportions are 67.05%, 59.41%, 69.00%, and 70.34% respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, science and technology innovation board has performed brilliantly since its official opening on June 13, 2019. By June 30 this year, 301 companies have been listed.</p><p>In 2019, 70 companies landed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, Bloomage Biotech, etc.; 145 companies in 2020, including SMIC, Foxit Software, Cambrian, China Resources Micro, Cathay Bio, etc.; 86 companies in the first half of 2021, including Tianneng Co., Ltd., China Net Software, Shengyi Electronics, etc.</p><p>Since the second quarter of 2020, the number of companies listed on the Science and Technology Innovation Board has accounted for around 30%-40% of the entire A-share market, and has become an important part of my country's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Industry insiders pointed out that the listing conditions of science and technology innovation board are more diversified and inclusive, and the issuance pricing process is more market-oriented, which can well adapt to the differentiated financing needs of science and technology enterprises of different types and stages of development. It is expected that in the second half of the year, science and technology innovation board will continue to maintain its vitality and contribute to the entire A-share market.</p><p>Guosheng Strategy Zhang Qiyao's team believes that as market funds shift from incremental entry to stock games, high growth rates in the second half of 2021 are the key to success, and the Science and Technology Innovation Board is currently the sector with the highest growth rate of A shares.</p><p>According to a Deloitte report, it is estimated that there will be 180-210 new shares issued on the Science and Technology Innovation Board and the Growth Enterprise Market in the second half of the year. Among them, the financing amount of science and technology innovation board may reach 130 billion to 170 billion yuan, and the financing amount of GEM may reach 160 billion to 200 billion yuan.</p><p><b>Industry distribution-food and beverage, medical care and other sectors are in good situation</b></p><p>EqualOcean statistics found that in the first half of 2021, the 245 A-share listed companies were mainly distributed in<b>Capital Goods, Materials II, Technology Hardware & Equipment</b>And other fields.</p><p>Among them, the number of IPOs of capital goods and the amount of funds raised ranked first. This sector mainly covers construction and engineering, industrial machinery, aerospace and national defense, electrical components and equipment and other fields, including 63 companies such as Tianneng, Dongwei Technology, and Kehui. The total IPO fundraising was 36.915 billion yuan, accounting for 17.50% of the total A-share IPO fundraising in the first half of 2021.</p><p>The Materials II sector covers diversified chemicals, industrial gases, building materials and other fields, including a total of 27 companies including Lianke Technology, Jingxue Energy Saving, and Jiangsu Boyun, raising a total of 16.056 billion yuan, accounting for 7.61%.</p><p>The technical hardware and equipment sector covers electronic components, electronic equipment and instruments and other fields, including 27 companies including Hehui Optoelectronics, Shengyi Electronics, and Darui Electronics, raising a total of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share food, beverage and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, durable consumer goods and clothing and other sectors rose gratifying. In particular, the food, beverage and tobacco sectors, and the medical and health care equipment and services sectors saw annual growth rates of 77.01% and 73.93% respectively.</p><p>In the first half of this year, the situation of the above-mentioned related sectors is still good.</p><p><b>A total of 15 companies in the food, beverage and tobacco sectors IPO, raising a total of 14.349 billion yuan, accounting for 6.80%.</b>Among them, the stock prices of Dongpeng Beverage and Ligao Food both rose by more than 400% as of June 30.</p><p><b>Healthcare & Services, Pharmaceuticals, Biotech & Life Sciences</b>, and it is still a track that has attracted much attention from capital. Especially in the context of the global epidemic, more capital has entered to push up the market value of related companies. These two major tracks<b>There are 18 listed companies, raising a total of 14.104 billion yuan, accounting for 6.69% of the total A-share IPO funds raised.</b></p><p><b>Corporate performance-the highest increase was 1356.01%</b></p><p><b>As of June 30, 95% of the 245 companies listed on the A-share market in the first half of 2021 have seen their stock prices rise.</b>Among them, there are 137 companies with an increase of more than 100%, accounting for more than 55.92%; There are 11 companies with an increase of more than 500%, accounting for 4.50%. Only 12 companies saw their stock prices fall.</p><p>Among the 137 companies with an increase of more than 100%, there are 108 companies from GEM and science and technology innovation board, accounting for 78.83%, and 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which landed on the Science and Technology Innovation Board on June 23, has increased by as much as 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life science sectors. In the first half of 2021, 18 companies in this sector were listed, 17 of which were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>The top ten companies whose stock prices have fallen since their listing are mainly distributed on the main boards and GEM of Shanghai and Shenzhen stock markets. Only one company, Jushi Chemicals, is from the Science and Technology Innovation Board.</p><p>It can be seen,<b>The overall performance of listed companies on the Science and Technology Innovation Board and Growth Enterprise Market is stronger than that on the main board.</b></p><p><b>Hong Kong stocks: The boom of secondary listings of Chinese concept stocks continues</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, a year-on-year decrease of 22%; The total amount of funds raised was approximately HK $212.95 billion, a year-on-year increase of 138%, setting a record high.</p><p>Wherein,<b>Thirty-nine Chinese-funded enterprises went public in Hong Kong, raising a total of 209.713 billion Hong Kong dollars, or approximately 181.7063 billion yuan (based on the exchange rate on July 1).</b>Compared with 38 companies and approximately 82.6 billion yuan in the same period in 2020, the number of IPOs was basically the same, and the total amount of funds raised increased by 119.98%.</p><p>Based on the number of IPOs and the total amount of initial funds raised,<b>Pharmaceuticals, Biotechnology & Life Sciences</b>And<b>Software & Services</b>The performance of the two major sectors is relatively outstanding, with 7 and 5 companies successfully IPOs respectively, raising funds of HK $20.271 billion and HK $102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and service track, Kuaishou, Baidu Group, Bilibili, and Autohome rank among the top ten among the 39 Chinese-funded enterprises listed in Hong Kong.<b>Kuaishou, Baidu Group, Bilibili and JD Logistics,</b>It also ranked among the top ten global financing scale in the first half of the year.</p><p>The considerable amount of funds raised by these giant companies has doubled the total financing growth of the Hong Kong stock market in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>The boom in Hong Kong stocks in recent years stems from a series of reform measures that benefit the new economic components. The Hong Kong Stock Exchange revised its listing mechanism in April 2018. After companies that accept the structure of individual shareholders with different rights for the same shares were listed in Hong Kong, new economic companies such as Xiaomi, Meituan, and Alibaba have successively welcomed the settlement.</p><p>In 2020, there was a wave of secondary listings of Chinese concept stocks in the Hong Kong market and continues to this day. Wind statistics show that the IPO scale of Hong Kong stocks in 2020 will reach HK $397.528 billion, ranking third in the world after US stocks and A shares; Among the top ten IPOs, Chinese concept stocks returned to companies occupying 6 seats.</p><p>Nowadays, more and more giant companies choose to go public in Hong Kong for secondary listings, such as China Duty Free, the world's largest travel retail operator and duty-free giant. China CDFG announced on June 28 that the company had submitted a prospectus to the Hong Kong Stock Exchange on June 25.</p><p>KPMG China partner Zhu Yayi predicts that,<b>In the next few quarters, the momentum of new stock listing activities in new economic sectors such as healthcare, life sciences, logistics and supply chain, and financial technology in Hong Kong stocks will remain strong.</b></p><p><b>U.S. stocks: More than 70% of IPO Chinese concept stock prices fell</b></p><p>In the first half of 2021, Chinese-funded enterprises have unprecedented enthusiasm for listing in the United States, and the number of IPOs and the amount of funds raised have increased significantly compared with the same period last year. And this is<b>Since 2019, it has been the year and a half with the largest number of Chinese-funded enterprises IPO in the United States and the largest amount of financing.</b></p><p>As of June 30th, there were 36 Chinese-funded enterprises IPO in the United States in the first half of this year, of which 23 were listed on NASDAQ and 13 were listed on New York Stock Exchange. The total amount of initial funds raised was US $13.662 billion, or approximately 83.31 billion yuan (based on the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies, there are many star companies that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic travel giant that went public on June 30, Manbang Group and TuSimple in the automotive field, fresh food e-commerce platforms Dingdong Maicai and Daily Fresh, and further ahead there are BOSS Zhipin, Shuidi Company, and e-cigarette giant RELX's parent company Wuxin Technology, Zhihu, etc.</p><p>The above-mentioned star companies are among the top ten in terms of fundraising in Chinese concept stocks in the first half of 2021. From the perspective of industry distribution, the top ten financing amounts are mainly concentrated in the software and service industries, with a total of 7 companies; Food, beverage and tobacco, diversified finance, and retail each.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>Judging from the total amount of initial funds raised, the top three industries are<b>Software & Services, Food, Beverage & Tobacco, Retail.</b>It is worth noting that there is only one IPO company in the food, beverage and tobacco industry, Wuxin Technology, but its initial fundraising amount is as high as US $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of the company after listing,<b>As of June 30, the stock prices of 6 of the 36 Chinese concept stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which were listed on June 30, did not record stock price rise and fall data).</b></p><p>There are only 3 companies with an increase of more than 50%. Among them, TuSimple has the largest increase at 78.10%, followed by Dingdong Maicai with 62.84% and Zhihu with 59.53%.</p><p>Sixteen companies fell by more than 30%, including the insurance technology platform Shuidi Company (-33.20%) and the cross-border e-commerce platform Onion Group (-38.14%), which was listed on May 7, and Wuxin Technology (-70.42%), which was listed in January.) etc.</p><p>Although the enthusiasm of Chinese-funded enterprises to raise funds in the United States has not diminished, the current market performance is not satisfactory. At present, the domestic strengthening of the control of data leakage risks of companies listed in the United States has also brought more uncertainties to companies listed in the United States in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese-funded enterprises have shown strong strength in the global capital market.<b>Among the top ten companies in the world in terms of financing amount by listed companies in the first half of 2021, half of them came from Hong Kong and the Mainland.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking forward to the second half of 2021, although there is great uncertainty in the U.S. stock market due to strengthened supervision, the A-share and Hong Kong stock capital markets can still be expected.</p><p>The Ernst & Young report mentioned that as of June 21, there were 633 A-share queuing companies; Among them, science and technology innovation board and Growth Enterprise Market are the main forces of listing, with 55% of queuing companies planning to list on Growth Enterprise Market and 23% of queuing companies planning to list on Science and Technology Innovation Board.</p><p>The Deloitte report also pointed out that in terms of A shares, with the stable issuance of science and technology innovation board and the reform of the registration system of GEM, the number of IPOs will increase greatly, and small and medium-sized manufacturing and technology industries will take the lead in the number of issuances. In terms of Hong Kong stocks, it is expected that the Hong Kong new stock market can raise more than HK $400 billion in 2021, and the upsurge of Chinese concept stocks returning to Hong Kong for secondary listings will continue.</p><p>* Note: Chinese-funded enterprises include A shares + Chinese concept stocks in US stocks + Chinese stocks in Hong Kong stocks; Among them, Chinese stocks in Hong Kong stocks include H shares, red chip stocks and Chinese private stocks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg\">亿欧网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/266ab84342c6ca65b538d0b42bc1dc4e","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数",".SPX":"S&P 500 Index","HSI":"恒生指数",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155545983","content_text":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨28.6%，最后收于14.14美元，市值678亿美元。\n一高一低之间，上半年中资企业IPO热潮终于迎来完美收官。而这两家企业的上市表现，也多少成了这次IPO热潮的缩影——在资本市场里，总是有人高歌狂欢，也有人失望落寞。\n在全球经济稳步复苏的大背景之下，2021年全球IPO市场表现活跃。\n毕马威近期发布报告指出，上半年全球资本市场募资总额和上市总数分别为2100亿美元和1047家，较去年同期分别增长196%和134%。\n这其中，中国A股和中国香港市场贡献了关键力量。截至6月23日，在IPO募资总额排名前五的证券交易所中，港交所以260亿美元位列第三，上交所以206亿美元排名第四，仅次于纳斯达克和纽交所。\n在这排名前四的交易所里，随处可见中资企业身影。据亿欧EqualOcean统计，上半年IPO热潮中，共有320家中资企业在A股（245家）、港股（39家）、美股（36家）成功上市。\nA股：七成企业在科创板和创业板上市\n整体概况——IPO总数较去年翻倍\n2021年上半年，A股沪深两市共有245家企业上市，较2020年同期增加了126家，同比增长105.88%。首发募资总额达到2109.50亿元人民币，较2020年同期增长51.46%。\n从IPO数量和融资额度来看，在过去两年半，A股市场2021年上半年的表现仅次于2020年下半年。\n\n对于这场中资企业IPO热潮的成因，市场普遍认为是国内经济稳步复苏以及资本市场制度完善带来的积极影响。\n德勤中国全国A股市场华东区合伙人赵海舟指出，上半年A股市场IPO较去年同期活跃主要是新证券法实施、创业板注册制改革带来的成果。\n由于注册制审核程序相对简单，可以有效加快企业上市进度，同时，注册制之下企业上市门槛相对较低，一些营收少、利润低甚至亏损的企业，也可以在其他条件满足的情况下在科创板完成上市。因而，科创板和创业板也成为了众多企业的上市首选。\n从上半年IPO的245家企业分布板块来看，科创板和创业板在推动企业进入资本市场方面发挥了关键作用。在科创板和创业板上市的企业分别有86家和85家，合计171家，占IPO企业总数近七成（69.80%）；募集总额1235.57亿元，占比58.57%。\n值得一提的是，245家企业中，募资规模前十的企业有6家是在科创板和创业板上市。\n\n\n其实自2020年第三季度以来，科创板和创业板就成为企业A股IPO的主要发力板块。2020年Q3-2021年Q2，科创板和创业板IPO总数为118家，60家，69家和102家。占比分别为67.05%、59.41%、69.00%、70.34%。\n\n其中，科创板更是从2019年6月13日正式开板以来就表现亮眼，至今年6月30日已迎来301家企业上市。\n2019年全年有70家公司登陆科创板，包括金山办公、传音控股、澜起科技、华熙生物等；2020年145家，包括中芯国际、福昕软件、寒武纪、华润微、凯赛生物等；2021年上半年86家，包括天能股份、中网软件、生益电子等。\n2020年第二季度以来，科创板上市企业数量在整个A股市场上市企业数量占比一直维持在30%-40%上下，已然成为我国资本市场的重要组成部分。\n\n业内人士指出，科创板在上市条件更加多样化也更具包容性，发行定价环节也更加市场化，能够很好地适应不同类型、不同发展阶段科创企业的差异化融资需求。预计在下半年，科创板将持续保持活力，为整个A股市场贡献力量。\n国盛策略张启尧团队认为，随着市场资金由增量入场转向存量博弈，2021年下半年高增速是制胜关键，而眼下科创板就是A股增速最高的板块。\n另据德勤报告预计，下半年科创板和创业板均将会有180-210只的新股发行数量。其中，科创板融资额或达1300亿-1700亿元，创业板融资额或达1600亿-2000亿元。\n行业分布——食品饮料、医疗保健等板块态势见好\n亿欧EqualOcean统计发现，2021年上半年A股245家上市企业主要分布在资本货物、材料II、技术硬件与设备等领域。\n其中，资本货物的IPO数量和筹资额均列第一。该板块主要覆盖建筑与工程、工业机械、航天航空与国防、电气部件与设备等领域，包括天能股份、东威科技、科汇股份等共63家企业，IPO募资总额369.15亿元，占2021年上半年A股IPO募资总额17.50%。\n材料II板块覆盖多元化工、工业气体、建材等领域，包括联科科技、晶雪节能、江苏博云等共27家企业，募资总额160.56亿元，占比7.61%。\n技术硬件与设备板块覆盖电子元件、电子设备与仪器等领域，包括和辉光电、生益电子、达瑞电子等27家企业，募资总额267.66亿元，占比12.69%。\n\n\n2020年，A股食品、饮料与烟草，医疗保健设备与服务，制药、生物科技与生命科学，汽车与汽车零部件，耐用消费品服装等板块涨势喜人。尤其是食品、饮料与烟草板块，医疗保健设备与服务板块，年度涨幅分别达到77.01%和73.93%。\n今年上半年，上述相关板块的态势依然见好。\n食品、饮料与烟草板块共有15家企业IPO，募资总额达到143.49亿元，占比6.80%。其中，东鹏饮料和立高食品截至6月30日，股价涨幅均超过400%。\n医疗保健与服务，制药、生物科技与生命科学，也依然是备受资本关注的赛道。特别是在全球疫情肆虐的大背景下，更多资本进入推高相关企业市值。这两大赛道共有18家上市企业，共募集资金141.04亿元，占A股IPO募资总额6.69%。\n企业表现——涨幅最高达1356.01%\n截至6月30日，2021年上半年在A股上市的245家企业中，95%的企业股价上涨。其中，涨幅超100%共有137家，占比超过55.92%；涨幅超500%的企业有11家，占比4.50%。仅有12家企业出现股价下跌。\n在涨幅100%以上的137家企业中，来自创业板和科创板的企业共有108家，占比78.83%，在245家上市企业中占比44.08%。\n其中，6月23日登陆科创板的微纳科技上市以来涨幅高达1356.01%，该企业属于制药、生物科技与生命科学板块。该板块2021上半年有18家企业上市，其中有17家来自科创板，上市以来平均涨幅超281%。\n\n\n而上市以来股价跌幅前十的企业主要分布在沪深两市主板和创业板，仅一家企业聚石化学来自科创板。\n可见，科创板与创业板上市企业整体表现较主板强。\n港股：中概股二次上市热潮持续\n2021年上半年港股市场IPO数量46家，同比下降22%；募资总额约2129.5亿港元，同比增长138%，创下历史新高。\n其中，39家中资企业赴港上市，共募资2097.13亿港元，约合1817.063 亿人民币（按7月1日汇率）。相比2020年同期的38家和约826亿元人民币，IPO数量基本持平，募资总额增长119.98%。\n综合IPO数量和首发募资总额来看，制药、生物科技与生命科学和软件与服务两大板块表现较突出，分别有7家和5家企业成功IPO，募得资金202.71亿港元和1024.84亿港元。\n\n\n在软件与服务赛道，快手、百度集团、哔哩哔哩、汽车之家4家企业募资规模在39家赴港上市中资企业中排名前十。快手、百度集团、哔哩哔哩与京东物流，还位列上半年全球融资规模前十榜单。\n这些巨头企业可观的募资额，推动了港股市场2021年上半年融资总额增长翻倍。\n\n近年来的港股热潮，源于一系列利好新经济成分的改革措施。港交所在2018年4月修改了上市机制，接受个人股东同股不同权架构的公司在港上市之后，陆续迎来了小米、美团、阿里巴巴等新经济公司入驻。\n2020年香港市场出现中概股二次上市浪潮并延续至今。Wind数据统计显示，2020年港股IPO发行规模达到3975.28亿港元，仅次于美股和A股，排名全球第三；前十大IPO中，中概股回归公司占据6席。\n而今，越来越多巨头企业选择赴港二次上市，比如全球最大的旅游零售运营商、免税巨头中国中免。中国中免于6月28日发布公告称，公司已于6月25日向港交所递交招股书。\n毕马威中国合伙人朱雅仪预计，未来几个季度，港股医疗保健、生命科学、物流和供应链、及金融科技等新经济板块，新股上市活动势头将维持强劲。\n美股：超7成IPO中概股股价下跌\n2021年上半年，中资企业赴美上市热情空前，IPO数量和募资额度都较去年同期大幅上涨。这是2019年至今，赴美IPO中资企业数量最多、融资额最大的一个半年度。\n截至6月30日，今年上半年赴美IPO的中资企业共有36家，其中有23家登陆纳斯达克，13家在纽交所登陆。首发募资总额为136.62亿美元，约合833.1亿元人民币（按7月1日汇率）。\n\n这些上市企业中不乏备受资本市场关注的明星企业。比如6月30日上市的国内出行巨头滴滴出行，汽车领域的满帮集团、图森未来等，生鲜电商平台叮咚买菜、每日优鲜，再往前还有BOSS直聘、水滴公司、电子烟巨头悦刻的母公司雾芯科技、知乎等。\n上述明星企业均位列2021年上半年中概股募资额前十。从行业分布来看，融资额前十主要集中在软件与服务行业，共有7家；食品、饮料与烟草，多元金融，零售业各1家。\n\n从首发募资总额来看，排名前三的行业分别为软件与服务，食品、饮料与烟草，零售业。值得注意的是，食品、饮料与烟草行业仅有雾芯科技1家企业IPO，但其首发募资额高达13.98亿美元。\n\n\n从企业上市后股价表现来看，截至6月30日，36家中概股中6家股价上涨、28家下跌（6月30日上市滴滴出行和普普文化未录得股价涨跌数据）。\n涨幅超50%的企业仅有3家，其中图森未来涨幅最大，为78.10%，其次是叮咚买菜62.84%，知乎59.53%。\n有16家企业下跌幅度超30%，包括5月7日上市的保险科技平台水滴公司（-33.20%）和跨境电商平台洋葱集团（-38.14%），1月份上市的雾芯科技（-70.42%）等。\n尽管中资企业赴美融资热情不减，但目前来看市场表现不尽如人意。眼下，国内加强对赴美上市企业存在的数据泄露风险的管控，也给下半年赴美上市的企业带来了更多的不确定因素。\n结语\n回顾上半年IPO热潮，中资企业在全球范围内的资本市场表现出强劲实力。2021年上半年上市企业融资额全球前十的企业中，半数企业来自中国香港和内地。\n\n展望2021年下半年，虽然美股由于监管加强存在较大不确定性，但A股和港股资本市场仍可期待。\n安永报告提到，截至6月21日，A股共有633家排队企业；其中科创板和创业板是上市的主力军，有55%的排队企业计划在创业板上市，23%的排队企业计划在科创板上市。\n德勤报告也指出，A股方面，随着科创板的稳定发行以及创业板的注册制改革， IPO数量会有较大增长，中小规模的制造和科技行业会在发行数量上处于领先。港股方面，预期2021年香港新股市场可融资超过4000亿港元，而中概股回港二次上市热潮仍将持续。\n*注：中资企业包括A股+美股中概股+港股中资股；其中，港股中资股包括H股、红筹股、中资民营股。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9,"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140153677,"gmtCreate":1625640217999,"gmtModify":1703745455893,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569299384564621","idStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140153677","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoa-B</a>Announced that the company sold 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $53.3 per Offer Share in board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 8, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 6.5% for one lot, and 70 subscriptions are secure for one lot.</p><p>The head of Group B is 100,000 shares (200 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially being offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received to subscribe for a total of 2.505 billion Hong Kong Offer Shares, equivalent to approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK $53.3 per offer share, the cornerstone investors have subscribed for a total of 27.6715 million offer shares, accounting for approximately 10.21% of the company's issued share capital immediately after the completion of the global offering; And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK $53.3 per offer share, and assuming that the over-allotment option is not exercised, the net proceeds from the global offering that the company will receive are estimated to be approximately HK $2.942 billion. The company plans to use approximately 60% of the proceeds from the global offering in the next three to five years, which will be mainly used for the research and development and commercialization of the company's core and main products; About 15% will be used for preclinical evaluation and clinical development of the company's other products under development; About 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot</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\">\nConnoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoa-B</a>Announced that the company sold 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $53.3 per Offer Share in board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 8, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 6.5% for one lot, and 70 subscriptions are secure for one lot.</p><p>The head of Group B is 100,000 shares (200 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially being offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received to subscribe for a total of 2.505 billion Hong Kong Offer Shares, equivalent to approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK $53.3 per offer share, the cornerstone investors have subscribed for a total of 27.6715 million offer shares, accounting for approximately 10.21% of the company's issued share capital immediately after the completion of the global offering; And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK $53.3 per offer share, and assuming that the over-allotment option is not exercised, the net proceeds from the global offering that the company will receive are estimated to be approximately HK $2.942 billion. The company plans to use approximately 60% of the proceeds from the global offering in the next three to five years, which will be mainly used for the research and development and commercialization of the company's core and main products; About 15% will be used for preclinical evaluation and clinical development of the company's other products under development; About 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":159714839,"gmtCreate":1624979993021,"gmtModify":1703849462101,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159714839","repostId":"2147343850","repostType":4,"isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140153677,"gmtCreate":1625640217999,"gmtModify":1703745455893,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/140153677","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoa-B</a>Announced that the company sold 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $53.3 per Offer Share in board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 8, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 6.5% for one lot, and 70 subscriptions are secure for one lot.</p><p>The head of Group B is 100,000 shares (200 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially being offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received to subscribe for a total of 2.505 billion Hong Kong Offer Shares, equivalent to approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK $53.3 per offer share, the cornerstone investors have subscribed for a total of 27.6715 million offer shares, accounting for approximately 10.21% of the company's issued share capital immediately after the completion of the global offering; And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK $53.3 per offer share, and assuming that the over-allotment option is not exercised, the net proceeds from the global offering that the company will receive are estimated to be approximately HK $2.942 billion. The company plans to use approximately 60% of the proceeds from the global offering in the next three to five years, which will be mainly used for the research and development and commercialization of the company's core and main products; About 15% will be used for preclinical evaluation and clinical development of the company's other products under development; About 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Connoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot</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\">\nConnoya-B has a winning rate of 6.5% for one lot, and 70 lots are subscribed to secure one lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoa-B</a>Announced that the company sold 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option; The Offer Price has been fixed at HK $53.3 per Offer Share in board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are joint sponsors, and it is expected that the Shares will be listed on the Main Board of the Stock Exchange on July 8, 2021.</p><p><b>The relevant data of Tiger Information Collation is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Distribution result:</b></p><p>Group A has 500 shares per lot, with a winning rate of 6.5% for one lot, and 70 subscriptions are secure for one lot.</p><p>The head of Group B is 100,000 shares (200 lots), and 1,000 shares (2 lots) are allocated.</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been substantially oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially being offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received to subscribe for a total of 2.505 billion Hong Kong Offer Shares, equivalent to approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK $53.3 per offer share, the cornerstone investors have subscribed for a total of 27.6715 million offer shares, accounting for approximately 10.21% of the company's issued share capital immediately after the completion of the global offering; And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK $53.3 per offer share, and assuming that the over-allotment option is not exercised, the net proceeds from the global offering that the company will receive are estimated to be approximately HK $2.942 billion. The company plans to use approximately 60% of the proceeds from the global offering in the next three to five years, which will be mainly used for the research and development and commercialization of the company's core and main products; About 15% will be used for preclinical evaluation and clinical development of the company's other products under development; About 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152597418,"gmtCreate":1625307934234,"gmtModify":1703740287782,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152597418","repostId":"1188153141","repostType":4,"repost":{"id":"1188153141","kind":"news","pubTimestamp":1625276221,"share":"https://ttm.financial/m/news/1188153141?lang=en_US&edition=fundamental","pubTime":"2021-07-03 09:37","market":"us","language":"en","title":"Suze Orman worries about a market crash — here's what you should do","url":"https://stock-news.laohu8.com/highlight/detail?id=1188153141","media":"MoneyWise","summary":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for th","content":"<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.</p>\n<p>That clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.</p>\n<p>And a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.</p>\n<p>Here’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.</p>\n<p><b>What does Suze Orman think?</b></p>\n<p><img src=\"https://static.tigerbbs.com/be8dc3ad363faad96bc575a22235562d\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Mediapunch/Shutterstock</p>\n<p>Suze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.</p>\n<p>“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”</p>\n<p>While investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.</p>\n<p>And even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.</p>\n<p>What's more, she feels it’s just been too long since the last crash to stay this high much longer.</p>\n<p>“This reminds me of 2000 all over again,” Orman says.</p>\n<p><b>The Buffett Indicator</b></p>\n<p><img src=\"https://static.tigerbbs.com/44ada32ecadcc4581fed208f4f4e4d53\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Larry W Smith/EPA/Shutterstock</p>\n<p>One metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.</p>\n<p>But the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.</p>\n<p>And those in the know are wondering if it's a sign that we’re about to see a hard fall.</p>\n<p>How to prepare for a crash<img src=\"https://static.tigerbbs.com/1ad912a6b4611d9e39b46d2851c78c9e\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Freedomz / Shutterstock</p>\n<p>Orman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.</p>\n<p><b>1. Buy low</b></p>\n<p>Part of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.</p>\n<p>“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”</p>\n<p>She points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.</p>\n<p>Because you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.</p>\n<p><b>2. Invest on a schedule</b></p>\n<p><img src=\"https://static.tigerbbs.com/e4102f8a6d5002090743b1cbded32ef9\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">katjen / Shutterstock</p>\n<p>While she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.</p>\n<p>She wants casual investors to not get caught up in the daily ups and downs of the market.</p>\n<p>In fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.</p>\n<p>“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”</p>\n<p>She suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.</p>\n<p>This kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.</p>\n<p>There are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.</p>\n<p><b>3. Diversify with fractional shares</b></p>\n<p>To help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.</p>\n<p>Orman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.</p>\n<p>With the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.</p>\n<p>“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”</p>\n<p>“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”</p>\n<p><b>What else you can do</b></p>\n<p><img src=\"https://static.tigerbbs.com/5e79c6fd1f8fa6e3a7c3a6c94f1e14b5\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">goodluz / Shutterstock</p>\n<p>Whether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.</p>\n<p>First, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.</p>\n<p>Then, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.</p>\n<p>That will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.</p>\n<p>If you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.</p>\n<p>While everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.</p>","source":"lsy1621813427262","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>Suze Orman worries about a market crash — here's what you should do</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSuze Orman worries about a market crash — here's what you should do\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html><strong>MoneyWise</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188153141","content_text":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.\nAnd a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.\nHere’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.\nWhat does Suze Orman think?\nMediapunch/Shutterstock\nSuze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.\n“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”\nWhile investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.\nAnd even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.\nWhat's more, she feels it’s just been too long since the last crash to stay this high much longer.\n“This reminds me of 2000 all over again,” Orman says.\nThe Buffett Indicator\nLarry W Smith/EPA/Shutterstock\nOne metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.\nBut the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.\nAnd those in the know are wondering if it's a sign that we’re about to see a hard fall.\nHow to prepare for a crashFreedomz / Shutterstock\nOrman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.\n1. Buy low\nPart of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.\n“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”\nShe points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.\nBecause you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.\n2. Invest on a schedule\nkatjen / Shutterstock\nWhile she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.\nShe wants casual investors to not get caught up in the daily ups and downs of the market.\nIn fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.\n“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”\nShe suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.\nThis kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.\nThere are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.\n3. Diversify with fractional shares\nTo help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.\nOrman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.\nWith the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.\n“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”\n“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”\nWhat else you can do\ngoodluz / Shutterstock\nWhether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.\nFirst, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.\nThen, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.\nThat will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.\nIf you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.\nWhile everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156344606,"gmtCreate":1625198747705,"gmtModify":1703738200563,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow..........","listText":"Wow..........","text":"Wow..........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156344606","repostId":"2148873174","repostType":4,"repost":{"id":"2148873174","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625197444,"share":"https://ttm.financial/m/news/2148873174?lang=en_US&edition=fundamental","pubTime":"2021-07-02 11:44","market":"us","language":"en","title":"Apple, Intel become first to adopt TSMC's latest chip tech - Nikkei","url":"https://stock-news.laohu8.com/highlight/detail?id=2148873174","media":"Reuters","summary":"July 2 (Reuters) - Apple Inc and Intel Corp will be the first adopters of Taiwan Semiconductor Manuf","content":"<p>July 2 (Reuters) - Apple Inc&nbsp;and Intel Corp&nbsp;will be the first adopters of Taiwan Semiconductor Manufacturing Co's next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.</p>\n<p>Apple and Intel are testing their chip designs with TSMC's 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple, Intel become first to adopt TSMC's latest chip tech - Nikkei</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple, Intel become first to adopt TSMC's latest chip tech - Nikkei\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-02 11:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>July 2 (Reuters) - Apple Inc&nbsp;and Intel Corp&nbsp;will be the first adopters of Taiwan Semiconductor Manufacturing Co's next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.</p>\n<p>Apple and Intel are testing their chip designs with TSMC's 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","03086":"华夏纳指","AAPL":"苹果","09086":"华夏纳指-U"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148873174","content_text":"July 2 (Reuters) - Apple Inc and Intel Corp will be the first adopters of Taiwan Semiconductor Manufacturing Co's next-generation chip production technology ahead of its deployment, possibly next year, Nikkei Asia reported on Friday.\nApple and Intel are testing their chip designs with TSMC's 3-nanometer production technology, the report added, citing several sources briefed on the matter. Commercial output of such chips is expected to start in the second half of next year, Nikkei Asia said.","news_type":1,"symbols_score_info":{"AAPL":0.9,"INTC":0.9,"03086":0.9,"09086":0.9}},"isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158082919,"gmtCreate":1625113825931,"gmtModify":1703736438755,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158082919","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=en_US&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869599925,"gmtCreate":1632300000067,"gmtModify":1676530746555,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","listText":"Wow<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","text":"Wow$Palantir Technologies Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/869599925","isVote":1,"tweetType":1,"viewCount":2815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147392987,"gmtCreate":1626332933349,"gmtModify":1703758071793,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147392987","repostId":"1188379078","repostType":4,"repost":{"id":"1188379078","kind":"news","pubTimestamp":1626332901,"share":"https://ttm.financial/m/news/1188379078?lang=en_US&edition=fundamental","pubTime":"2021-07-15 15:08","market":"us","language":"zh","title":"XPeng P5: The Next \"Sales Rocket\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1188379078","media":"亿欧汽车","summary":"中国智能电动汽车市场一片欣欣向荣。\n近日，中汽协公布了2021年上半年中国新能源汽车销量，后者同比增长近2倍，达到120.6万辆，接近同期汽车总销量1289.1万辆的10%，涨势十分迅猛。\n可以说，智","content":"<p>China's smart electric vehicle market is booming.</p><p>Recently, the China Association of Automobile Manufacturers announced the sales of new energy vehicles in China in the first half of 2021. The latter nearly doubled year-on-year to 1.206 million vehicles, close to 10% of the total vehicle sales of 12.891 million vehicles in the same period, and the increase was very rapid.</p><p>It can be said that smart electric vehicles are shaking the market dominance of fuel vehicles.</p><p><img src=\"https://static.tigerbbs.com/6eae735e2db4d5d0cefd600305ca9962\" tg-width=\"1080\" tg-height=\"687\" referrerpolicy=\"no-referrer\"></p><p>On the occasion of this change, mainstream car companies have launched the latest smart electric vehicle products one after another, hoping to seize market share and user minds, and gain a preemptive advantage.</p><p>XPeng Motor's upcoming high-performance smart car P5 is undoubtedly a very competitive model.</p><p>It is reported that XPeng P5 is equipped with cutting-edge technology hardware including lidar, and its product capabilities such as battery life and space are very balanced. The sales price is expected to exceed 200,000 yuan. Following the P7's foothold in the mid-to high-end smart electric vehicle market, the P5 may become a powerful weapon for XPeng to seize the mainstream price car market.</p><p>However, the outside world is still full of curiosity about XPeng P5. What are the core competencies of XPeng P5? Based on the selling price of more than 200,000 yuan, what is the sales prospect of new cars? Can it lead the new trend in China's smart electric vehicle market?</p><p><b>01</b></p><p><b>From urban NGP to intelligent third space</b></p><p>With the continuous advancement of intelligent electrification of automobiles, the level of intelligent functions of automobiles, especially the level of autonomous driving, is becoming a new parameter to measure the strength of automobile products.</p><p>For the XPeng P5, the leading autonomous driving capability of the same class is undoubtedly the core highlight.</p><p>XPeng P5 is equipped with the latest XPILOT 3.5 automatic driving assistance system, which integrates 32 sensors including 2 lidars and a set of high-precision positioning unit to form a 360 ° dual perception of vision + radar, which not only improves the detection ability of pedestrians, static obstacles and small objects, but also achieves full coverage of difficult scenes such as dark night, low light, backlight, and alternating light and dark tunnels, greatly improving safety redundancy.</p><p><img src=\"https://static.tigerbbs.com/f3acd9bd8fa596a69d4057857826005e\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>Based on its excellent perception ability, XPeng P5 expands the applicable scenarios of NGP from high-speed road conditions to urban road conditions, which can cover typical urban scenarios such as traffic light intersection traffic (including traffic light recognition, going straight, right turn and unprotected left turn), overtaking in urban road conditions, customized car following in urban road conditions, automatic speed limit adjustment (unlike high-speed, it can be dynamically adjusted according to ground/road conditions), roundabout capacity and other typical urban scenarios.</p><p>In addition, the parking lot memory parking function of XPeng P5 has also been enhanced.</p><p>It can be said that the realization of urban NGP function has further consolidated the leading position of XPeng vehicles in autonomous driving. Because it involves complex traffic signs, road participants, road intersections, traffic rules, etc., the road conditions of general urban roads are the most complex and are recognized as the most difficult autonomous driving landing scenario to overcome.</p><p>As the world's first smart car with urban NGP function, XPeng P5 reflects XPeng Automobile's leading autonomous driving technology and solid R&D and manufacturing system.</p><p><img src=\"https://static.tigerbbs.com/fb48499ef45bd2274408f1f7f3c68c84\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p>With the help of XPILOT 3.5 automatic driving assistance system, XPeng P5 users have a more comfortable driving experience on complex urban roads.</p><p>Combined with the intelligent car software and hardware system provided by the new generation of intelligent digital cockpit, the new generation of central domain design concept, full-scenario voice, etc., the interaction between XPeng P5 users and the vehicle is smoother and unimpeded.</p><p>In addition, the XPeng P5 has a body length of 4808mm and an effective leg space of 991mm in the second row, as well as up to 26 full-car storage spaces and a trunk space that can easily store five 20-inch suitcases, giving users the space enjoyment that surpasses the same-class cars.</p><p>From all aspects, the product strength of XPeng P5 is very balanced, and it can be called the \"hexagonal warrior\" among the 200,000-yuan smart electric vehicles.</p><p>In addition to the usage scenarios of existing vehicles, XPeng P5 also breaks through the original functional definition of vehicle space, and builds the intelligent interactive cockpit into a three-dimensional intelligent space in addition to the living space (first space) and workspace (second space). The third space provides new solutions for users, their families and friends.</p><p><img src=\"https://static.tigerbbs.com/b7898d78e21969f26e5cc17ea1df4e1b\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Starting from serving users' usage scenarios, XPeng P5 Smart Third Space provides five major scene functions: X-Paly entertainment scene, X-Sleep sleep scene, X-GO outdoor scene, X-Life life scene, and X-DIY scene. Users can Watch movies, watch football, sing karaoke, and rest in the car.</p><p>XPeng P5 is not only a means of transportation to help users move from point A to point B, but also a practitioner of the concept of intelligent space for automobile mobile in the future.</p><p><b>02</b></p><p><b>High-performance smart car at unusually affordable prices</b></p><p>The price of over 200,000 yuan is of great significance to XPeng P5.</p><p>At present, China's pure electric passenger car market is mainly dominated by three levels of models: A00 class, A class, and B class. In the first half of 2021, the combined market share of China's A-class and B-class pure electric passenger vehicles exceeded 52%, accounting for half of the pure electric passenger vehicles.</p><p>Judging from the mature experience of fuel vehicles, A-class and B-class models have dominant market share advantages. In the first half of 2021, the market share of A-class and B-class passenger vehicles in China exceeded 79%.</p><p>In other words, with the continuous improvement of technical level, market share and user awareness, the market share of pure electric passenger vehicles still has a growth rate of about 27 percentage points.</p><p><img src=\"https://static.tigerbbs.com/4e8bcb6c134e61d050c99722101e1246\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>For XPeng vehicles, the XPeng P7, which is positioned as a medium-sized pure electric coupe, can be classified as the B-class, and the XPeng P5, which is slightly smaller than the P7, can be classified as the A-class. Together, the two form the model matrix of XPeng vehicles in the mainstream sales range.</p><p>Just as Model 3 ignited Tesla's \"sales rocket\", the 200,000-yuan XPeng P5 may become XPeng's next \"sales engine\".</p><p>In fact, the development trend of the smart electric vehicle industry is getting hotter and hotter, and the sales prospects of new forces represented by XPeng Automobile are quite bright.</p><p>According to the observation of Yiou think tank, China's smart electric vehicle market is far from reaching the ceiling. It is expected that market sales will continue to grow in the future and will reach annual sales of nearly 6 million vehicles in 2025.</p><p>As one of the leading new car-making forces, if XPeng Motors wants to perform well in the smart electric vehicle market, it must rely on the outstanding performance of XPeng P5.</p><p><img src=\"https://static.tigerbbs.com/a5c51a2a1c131d1cb42737c287fedc25\" tg-width=\"980\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In the first half of 2021, XPeng's vehicle sales were 31,000 units, surpassing last year's sales of 27,000 units. Among them, the delivery volume of XPeng vehicles in June reached 6,565 units, a year-on-year increase of 617%, and the trend of sales blowout is gradually emerging. If this trend continues until the end of the year, XPeng vehicle sales this year are expected to approach 100,000 vehicles.</p><p>In the vehicle manufacturing industry, 100,000 vehicles is a critical point for economies of scale.</p><p>Relying on more affordable prices and more advanced technology, XPeng P5 has become an excellent carrier for XPeng Automobile to promote the \"AI + internet plus Automobile\" smart car concept, and it is expected to be officially launched in the third quarter.</p><p>XPeng Motors aims to lead the future of travel through the transformation of data-driven smart electric vehicles. With the delivery of the P5 in the third quarter, it is one step closer to its development goal.</p><p><b>03</b></p><p><b>epilogue</b></p><p>Recently, XPeng vehicles have made frequent moves. In addition to the XPeng P5, the mid-term facelift of the XPeng G3 G3i will also be launched in the near future. So far, XPeng Automobile has basically completed its product layout from 150,000 yuan to 400,000 yuan, from cars to SUVs, and it is more confident to win the battle for Chinese smart electric vehicles.</p><p>Of course, the automobile market is a market where sales only determines success or failure, and the advantages of XPeng P5 still need to be tested by the market. However, with the development of XPeng and the entry of P5, the form of smart electric vehicles worth more than 200,000 yuan has undoubtedly received a new definition.</p>","source":"lsy1582080587274","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng P5: The Next \"Sales Rocket\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng P5: The Next \"Sales Rocket\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧汽车</strong><span class=\"h-time small\">2021-07-15 15:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>China's smart electric vehicle market is booming.</p><p>Recently, the China Association of Automobile Manufacturers announced the sales of new energy vehicles in China in the first half of 2021. The latter nearly doubled year-on-year to 1.206 million vehicles, close to 10% of the total vehicle sales of 12.891 million vehicles in the same period, and the increase was very rapid.</p><p>It can be said that smart electric vehicles are shaking the market dominance of fuel vehicles.</p><p><img src=\"https://static.tigerbbs.com/6eae735e2db4d5d0cefd600305ca9962\" tg-width=\"1080\" tg-height=\"687\" referrerpolicy=\"no-referrer\"></p><p>On the occasion of this change, mainstream car companies have launched the latest smart electric vehicle products one after another, hoping to seize market share and user minds, and gain a preemptive advantage.</p><p>XPeng Motor's upcoming high-performance smart car P5 is undoubtedly a very competitive model.</p><p>It is reported that XPeng P5 is equipped with cutting-edge technology hardware including lidar, and its product capabilities such as battery life and space are very balanced. The sales price is expected to exceed 200,000 yuan. Following the P7's foothold in the mid-to high-end smart electric vehicle market, the P5 may become a powerful weapon for XPeng to seize the mainstream price car market.</p><p>However, the outside world is still full of curiosity about XPeng P5. What are the core competencies of XPeng P5? Based on the selling price of more than 200,000 yuan, what is the sales prospect of new cars? Can it lead the new trend in China's smart electric vehicle market?</p><p><b>01</b></p><p><b>From urban NGP to intelligent third space</b></p><p>With the continuous advancement of intelligent electrification of automobiles, the level of intelligent functions of automobiles, especially the level of autonomous driving, is becoming a new parameter to measure the strength of automobile products.</p><p>For the XPeng P5, the leading autonomous driving capability of the same class is undoubtedly the core highlight.</p><p>XPeng P5 is equipped with the latest XPILOT 3.5 automatic driving assistance system, which integrates 32 sensors including 2 lidars and a set of high-precision positioning unit to form a 360 ° dual perception of vision + radar, which not only improves the detection ability of pedestrians, static obstacles and small objects, but also achieves full coverage of difficult scenes such as dark night, low light, backlight, and alternating light and dark tunnels, greatly improving safety redundancy.</p><p><img src=\"https://static.tigerbbs.com/f3acd9bd8fa596a69d4057857826005e\" tg-width=\"1080\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>Based on its excellent perception ability, XPeng P5 expands the applicable scenarios of NGP from high-speed road conditions to urban road conditions, which can cover typical urban scenarios such as traffic light intersection traffic (including traffic light recognition, going straight, right turn and unprotected left turn), overtaking in urban road conditions, customized car following in urban road conditions, automatic speed limit adjustment (unlike high-speed, it can be dynamically adjusted according to ground/road conditions), roundabout capacity and other typical urban scenarios.</p><p>In addition, the parking lot memory parking function of XPeng P5 has also been enhanced.</p><p>It can be said that the realization of urban NGP function has further consolidated the leading position of XPeng vehicles in autonomous driving. Because it involves complex traffic signs, road participants, road intersections, traffic rules, etc., the road conditions of general urban roads are the most complex and are recognized as the most difficult autonomous driving landing scenario to overcome.</p><p>As the world's first smart car with urban NGP function, XPeng P5 reflects XPeng Automobile's leading autonomous driving technology and solid R&D and manufacturing system.</p><p><img src=\"https://static.tigerbbs.com/fb48499ef45bd2274408f1f7f3c68c84\" tg-width=\"1080\" tg-height=\"593\" referrerpolicy=\"no-referrer\"></p><p>With the help of XPILOT 3.5 automatic driving assistance system, XPeng P5 users have a more comfortable driving experience on complex urban roads.</p><p>Combined with the intelligent car software and hardware system provided by the new generation of intelligent digital cockpit, the new generation of central domain design concept, full-scenario voice, etc., the interaction between XPeng P5 users and the vehicle is smoother and unimpeded.</p><p>In addition, the XPeng P5 has a body length of 4808mm and an effective leg space of 991mm in the second row, as well as up to 26 full-car storage spaces and a trunk space that can easily store five 20-inch suitcases, giving users the space enjoyment that surpasses the same-class cars.</p><p>From all aspects, the product strength of XPeng P5 is very balanced, and it can be called the \"hexagonal warrior\" among the 200,000-yuan smart electric vehicles.</p><p>In addition to the usage scenarios of existing vehicles, XPeng P5 also breaks through the original functional definition of vehicle space, and builds the intelligent interactive cockpit into a three-dimensional intelligent space in addition to the living space (first space) and workspace (second space). The third space provides new solutions for users, their families and friends.</p><p><img src=\"https://static.tigerbbs.com/b7898d78e21969f26e5cc17ea1df4e1b\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>Starting from serving users' usage scenarios, XPeng P5 Smart Third Space provides five major scene functions: X-Paly entertainment scene, X-Sleep sleep scene, X-GO outdoor scene, X-Life life scene, and X-DIY scene. Users can Watch movies, watch football, sing karaoke, and rest in the car.</p><p>XPeng P5 is not only a means of transportation to help users move from point A to point B, but also a practitioner of the concept of intelligent space for automobile mobile in the future.</p><p><b>02</b></p><p><b>High-performance smart car at unusually affordable prices</b></p><p>The price of over 200,000 yuan is of great significance to XPeng P5.</p><p>At present, China's pure electric passenger car market is mainly dominated by three levels of models: A00 class, A class, and B class. In the first half of 2021, the combined market share of China's A-class and B-class pure electric passenger vehicles exceeded 52%, accounting for half of the pure electric passenger vehicles.</p><p>Judging from the mature experience of fuel vehicles, A-class and B-class models have dominant market share advantages. In the first half of 2021, the market share of A-class and B-class passenger vehicles in China exceeded 79%.</p><p>In other words, with the continuous improvement of technical level, market share and user awareness, the market share of pure electric passenger vehicles still has a growth rate of about 27 percentage points.</p><p><img src=\"https://static.tigerbbs.com/4e8bcb6c134e61d050c99722101e1246\" tg-width=\"1080\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p>For XPeng vehicles, the XPeng P7, which is positioned as a medium-sized pure electric coupe, can be classified as the B-class, and the XPeng P5, which is slightly smaller than the P7, can be classified as the A-class. Together, the two form the model matrix of XPeng vehicles in the mainstream sales range.</p><p>Just as Model 3 ignited Tesla's \"sales rocket\", the 200,000-yuan XPeng P5 may become XPeng's next \"sales engine\".</p><p>In fact, the development trend of the smart electric vehicle industry is getting hotter and hotter, and the sales prospects of new forces represented by XPeng Automobile are quite bright.</p><p>According to the observation of Yiou think tank, China's smart electric vehicle market is far from reaching the ceiling. It is expected that market sales will continue to grow in the future and will reach annual sales of nearly 6 million vehicles in 2025.</p><p>As one of the leading new car-making forces, if XPeng Motors wants to perform well in the smart electric vehicle market, it must rely on the outstanding performance of XPeng P5.</p><p><img src=\"https://static.tigerbbs.com/a5c51a2a1c131d1cb42737c287fedc25\" tg-width=\"980\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In the first half of 2021, XPeng's vehicle sales were 31,000 units, surpassing last year's sales of 27,000 units. Among them, the delivery volume of XPeng vehicles in June reached 6,565 units, a year-on-year increase of 617%, and the trend of sales blowout is gradually emerging. If this trend continues until the end of the year, XPeng vehicle sales this year are expected to approach 100,000 vehicles.</p><p>In the vehicle manufacturing industry, 100,000 vehicles is a critical point for economies of scale.</p><p>Relying on more affordable prices and more advanced technology, XPeng P5 has become an excellent carrier for XPeng Automobile to promote the \"AI + internet plus Automobile\" smart car concept, and it is expected to be officially launched in the third quarter.</p><p>XPeng Motors aims to lead the future of travel through the transformation of data-driven smart electric vehicles. With the delivery of the P5 in the third quarter, it is one step closer to its development goal.</p><p><b>03</b></p><p><b>epilogue</b></p><p>Recently, XPeng vehicles have made frequent moves. In addition to the XPeng P5, the mid-term facelift of the XPeng G3 G3i will also be launched in the near future. So far, XPeng Automobile has basically completed its product layout from 150,000 yuan to 400,000 yuan, from cars to SUVs, and it is more confident to win the battle for Chinese smart electric vehicles.</p><p>Of course, the automobile market is a market where sales only determines success or failure, and the advantages of XPeng P5 still need to be tested by the market. However, with the development of XPeng and the entry of P5, the form of smart electric vehicles worth more than 200,000 yuan has undoubtedly received a new definition.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/M8cxP3DCbVLfLl0bQDXMYw\">亿欧汽车</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/42655a31418f10ba8b36b20684267bda","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/M8cxP3DCbVLfLl0bQDXMYw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188379078","content_text":"中国智能电动汽车市场一片欣欣向荣。\n近日，中汽协公布了2021年上半年中国新能源汽车销量，后者同比增长近2倍，达到120.6万辆，接近同期汽车总销量1289.1万辆的10%，涨势十分迅猛。\n可以说，智能电动汽车正在动摇燃油车的市场主导地位。\n\n值此变革之际，主流车企纷纷推出最新的智能电动汽车产品，意欲抢占市场份额与用户心智，获得先发制人的优势。\n小鹏汽车近期即将推出的高性能智能轿车P5无疑是一款极具竞争力的车型。\n据悉，小鹏P5搭载包括激光雷达在内的前沿科技硬件，续航、空间等产品力表现十分均衡，预计销售价格将突破20万元。继P7立足中高级智能电动汽车市场后，P5或将成为小鹏汽车抢夺主流价位轿车市场的利器。\n不过，外界对于小鹏P5仍然充满好奇。小鹏P5的核心竞争力是什么？基于20万元以上的售价，新车销售前景如何？其能否引领中国智能电动汽车市场新潮流？\n\n\n\n01\n\n\n\n\n从城市NGP到智能第三空间\n\n\n\n随着汽车智能电动化进程的不断推进，汽车智能化功能水平、特别是自动驾驶水平，正在成为衡量汽车产品力高低的新参数。\n之于小鹏P5，领先同级的自动驾驶能力无疑是核心亮点。\n小鹏P5搭载最新XPILOT 3.5自动驾驶辅助系统，后者融合了包括2个激光雷达在内的32个传感器与1套高精定位单元，形成了视觉+雷达360°双重感知，不仅提升了对行人、静态障碍物、细小物体的检测能力，也实现了对黑夜、弱光、逆光、隧道明暗交替等疑难场景的全覆盖，大大提升了安全冗余。\n\n基于出色的感知能力，小鹏P5将NGP的适用场景从高速路况拓展到城市路况，可覆盖红绿灯路口通行（包括红绿灯识别、直行、右转及无保护的左转），城市路况超车、城市路况定制化跟车，自动限速调节（与高速不同的是，可以根据地面/道路路况进行动态调节），环岛通行能力等典型城市场景。\n此外，小鹏P5的停车场记忆泊车功能也得到了性能强化。\n可以说，城市NGP功能的实现进一步巩固了小鹏汽车的自动驾驶领先地位。因为涉及到复杂的交通标识、道路参与者、道路交叉口、交通规则等，城市一般道路的路况最为复杂，被公认是最难攻克的自动驾驶落地场景。\n作为全球首款具备城市NGP功能的智能汽车，小鹏P5反映的是小鹏汽车领先的自动驾驶技术与坚实的研发制造体系。\n\n借助XPILOT 3.5自动驾驶辅助系统，小鹏P5用户在复杂城市道路的驾驶体验更加游刃有余。\n结合全新一代智能数字座舱提供的智能车机软硬件系统、新一代中央域设计理念、全场景语音等，小鹏P5用户与车辆之间的交互更加顺畅无阻。\n此外，小鹏P5长达4808mm的车身长度与991mm第二排腿部有效空间，以及多达26处的全车储物空间及可以轻松存放5个20寸行李箱的后备箱空间，给到了用户超越同级车的空间享受。\n从各方面来看，小鹏P5的各项产品力十分均衡，堪称20万元级别智能电动汽车中的“六边形战士”。\n除了现有车辆的使用场景外，小鹏P5还突破了对车辆空间原有的功能定义，将智能交互座舱立体打造成为除居住空间（第一空间）、工作空间（第二空间）之外的智能第三空间，为用户及其家人、朋友提供了新的解决方案。\n\n从服务用户使用场景出发，小鹏P5智能第三空间提供了X-Paly娱乐场景、X-Sleep睡眠场景、X-GO户外场景、X-Life生活场景、X-DIY场景的5大场景功能，用户可以在车内观影、看球、唱K、休息。\n小鹏P5不止是一款帮助用户从A点移动到B点的交通工具，更是未来汽车移动智能空间理念的践行者。\n\n\n\n02\n\n\n\n\n平价不平常的高性能智能轿车\n\n\n\n超20万元的定价对于小鹏P5颇具意义。\n目前，中国纯电动乘用车市场主要由三个级别的车型主导：A00级、A级、B级。2021年上半年，中国A级与B级纯电动乘用车的市场份额总和超过52%，占据了纯电动乘用车半壁江山。\n从燃油车的成熟经验来看，A级与B级车型拥有统治性的市场份额优势。2021年上半年，中国A级与B级乘用车的市场份额超过79%。\n换言之，随着技术水平、市场份额与用户认知的不断提升，纯电动乘用车的市场份额仍有大约27个百分点的增长幅度。\n\n对于小鹏汽车而言，定位为中型纯电动轿跑的小鹏P7可以归属到B级别，车型尺寸比P7稍小的小鹏P5可以归属到A级别，二者共同组成了小鹏汽车在主流销量区间的车型矩阵。\n如同Model 3点燃了特斯拉的“销量火箭”一般，20万元级别的小鹏P5或将成为小鹏汽车下一个“销量引擎”。\n实际上，智能电动汽车行业的发展态势愈加火热，以小鹏汽车为代表的新势力销量前景颇为光明。\n根据亿欧智库的观察，中国智能电动汽车市场远未到天花板，预计未来市场销量将持续增长，并将于2025年达到接近600万辆年销量。\n作为头部造车新势力之一，小鹏汽车若想在智能电动汽车市场中发挥不俗，势必要倚仗小鹏P5的出色表现。\n\n2021年上半年，小鹏汽车销量为3.1万辆，超越去年全年的2.7万辆销量。其中，小鹏汽车6月交付量达到6565台，同比增长高达617%，销量井喷之势渐显。若按此趋势延续到年底，小鹏汽车今年销量有望逼近10万辆。\n在整车生产制造行业中，10万辆是产生规模效应的一大临界点。\n依靠更亲民的价格与更先进的科技，小鹏P5成为小鹏汽车推广“AI+互联网+汽车”智能汽车理念的出色载体，预计第三季度将正式上市。\n小鹏汽车志在通过数据驱动智能电动汽车的变革，引领未来出行方式，随着P5在第三季度交付，其距离发展目标又近了一步。\n\n\n\n03\n\n\n\n\n结语\n\n\n\n近日，小鹏汽车“动作频频”，除了小鹏P5外，小鹏G3中期改款G3i也将于近期上市。至此，小鹏汽车基本完成了从15万元到40万元、从轿车到SUV的产品布局，打赢中国智能电动汽车抢滩战的底气更足。\n当然，汽车市场是一个唯销量论成败的市场，小鹏P5的种种优势仍然有待市场检验。但随着小鹏发力、P5入场，20万元以上智能电动汽车的形态，无疑得到了新的定义。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158277023,"gmtCreate":1625153287062,"gmtModify":1703737368955,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158277023","repostId":"1199212665","repostType":4,"repost":{"id":"1199212665","kind":"news","pubTimestamp":1625146084,"share":"https://ttm.financial/m/news/1199212665?lang=en_US&edition=fundamental","pubTime":"2021-07-01 21:28","market":"us","language":"en","title":"3 Expensive Tech Stocks to Buy in the Next Market Crash","url":"https://stock-news.laohu8.com/highlight/detail?id=1199212665","media":"Motley Fool","summary":"Get ready to buy Snowflake and two other hot tech stocks if this frothy market collapses.","content":"<p>Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.</p>\n<p>That sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.</p>\n<p>That's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:<b>Snowflake</b>(NYSE:SNOW),<b>Twilio</b>(NYSE:TWLO), and&nbsp;<b>CrowdStrike</b>(NASDAQ:CRWD).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fde232ce39d9cd52a01fd6ec018cae53\" tg-width=\"700\" tg-height=\"466\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>1. Snowflake</b></p>\n<p>Snowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from&nbsp;<b>Berkshire Hathaway</b>&nbsp;and&nbsp;<b>salesforce.com</b>.</p>\n<p>Snowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.</p>\n<p>Snowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.</p>\n<p>That growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.</p>\n<p>But Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, and<i>more than doubled</i>from $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.</p>\n<p>Analysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.</p>\n<p><b>2. Twilio</b></p>\n<p>Twilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps&nbsp;<b>Lyft</b>'s passengers contact their drivers, and&nbsp;<b>Airbnb</b>'s guests reach their hosts.</p>\n<p>In the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.</p>\n<p>Twilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.</p>\n<p>Twilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.</p>\n<p>Analysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.</p>\n<p>That near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.</p>\n<p><b>3. CrowdStrike</b></p>\n<p>CrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.</p>\n<p>CrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.</p>\n<p>In the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.</p>\n<p>CrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.</p>\n<p>Those&nbsp;numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Expensive Tech Stocks to Buy in the Next Market Crash</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Expensive Tech Stocks to Buy in the Next Market Crash\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 21:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRWD":"CrowdStrike Holdings, Inc.","TWLO":"Twilio Inc","SNOW":"Snowflake"},"source_url":"https://www.fool.com/investing/2021/07/01/expensive-tech-stocks-to-buy-in-next-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199212665","content_text":"Many high-growth tech stocks have seen price pullbacks over the past few months, due to concerns about higher bond yields, inflation, and decelerating growth for companies that benefited from the pandemic.\nThat sell-off created some buying opportunities -- but some of the sector's pricier names merely pulled back slightly, held onto their gains, or even rallied. That relative strength is admirable, but it's a bit frustrating for investors who don't want to pay the wrong price for the right company.\nThat's why I'm making a shopping list of expensive tech stocks which I'd eagerly buy during the next market crash. Let's take a look at three of those companies:Snowflake(NYSE:SNOW),Twilio(NYSE:TWLO), and CrowdStrike(NASDAQ:CRWD).\nIMAGE SOURCE: GETTY IMAGES.\n1. Snowflake\nSnowflake was one of the hottest tech IPOs of 2020, thanks to its jaw-dropping growth rates and big investments from Berkshire Hathaway and salesforce.com.\nSnowflake'scloud-baseddata warehouse pulls all of a company's data onto a single platform, where it can then be fed into third-party data visualization apps. Its service breaks down the silos between different departments and computing platforms, which makes it easier for large companies to make data-driven decisions.\nSnowflake's number of customers jumped 73% to 4,139 in fiscal 2021 (which ended this January), including 186 of the Fortune 500 companies. Its revenue surged 124% to $592 million, as its net retention rate -- which gauges its year-over-year revenue growth per existing customer -- hit 165%.\nThat growth continued in the first quarter of 2022. Its revenue rose 110% year over year to $228.9 million, its number of customers increased 67% to 4,532, and it achieved a net retention rate of 168%.\nBut Snowflake isn't profitable yet. ItsGAAPnet loss widened from $348.5 million in fiscal 2020 to $539.1 million in fiscal 2021, andmore than doubledfrom $93.6 million to $203.2 million in the first quarter of 2022. It's also unprofitable on a non-GAAP basis, which excludes its stock-based compensation expenses.\nAnalysts expect Snowflake's revenue to rise 88% this year, with a narrower loss. However, its stock still trades at 65 times this year's sales -- which indicates there's still far too much growth baked into the stock. But if Snowflake gets cut in half in a crash, I'd considerstarting a big position.\n2. Twilio\nTwilio's cloud platform processes text messages, calls, and videos within apps. For example, it helps Lyft's passengers contact their drivers, and Airbnb's guests reach their hosts.\nIn the past, developers built those tools from scratch, which was generally time-consuming, buggy, and difficult to scale. However, developers can now outsource those features to Twilio's cloud service by simply adding a few lines of code to their apps.\nTwilio's revenue rose 55% to $1.76 billion in 2020. Its net expansion rate, which is comparable to Snowflake's net retention rate, reached 137%. In the first quarter of 2021, its revenue jumped 62% year over year to $590 million as it integrated its recent purchase of the customer data firm Segment.\nTwilio remains unprofitable on a GAAP basis, but its non-GAAP net income rose 62% to $35.9 million in 2020. In the first quarter of 2021, its non-GAAP net income rose another 15% to $9.6 million.\nAnalysts expect its revenue to rise 44% this year, but for its non-GAAP earnings to dip into the red again amid higher investments and rising A2P (application-to-person) fees, which are now charged by carriers whenever an app accesses an SMS network.\nThat near-term outlook doesn't look great for a stock that trades at nearly 30 times this year's sales. However, I still think Twilio has great growth potential, and I'd definitely buy its stock at a lower price.\n3. CrowdStrike\nCrowdStrike is a cybersecurity company that differs from its industry peers in one major way. Most cybersecurity companies install on-site appliances to support their services, which can be expensive to maintain and difficult to scale as an organization expands. CrowdStrike eliminates those appliances by offering its end-to-end security platform as a cloud-based service.\nCrowdStrike's growth clearly reflects its disruptive potential. Its revenue rose 82% to $874.4 million in fiscal 2021 (which ended this January), its number of subscription customers increased 82% to 9,896, and its net retention rate stayed above 120%.\nIn the first quarter of fiscal 2022, its revenue rose 70% year over year to $302.8 million, its subscriber base expanded 82% year over year to 11,420, and it kept its retention rate above 120%.\nCrowdStrike also turned profitable on a non-GAAP basis in 2021, with a net profit of $62.6 million. Its non-GAAP net income rose more than fivefold year over year to $23.3 million in the first quarter of 2022.\nThose numbers are impressive, but CrowdStrike still trades at about 350 times forward earnings and more than 40 times this year's sales. Therefore, this is another stock I won't buy unless the market crashes.","news_type":1,"symbols_score_info":{"TWLO":0.9,"CRWD":0.9,"SNOW":0.9}},"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158139633,"gmtCreate":1625134801522,"gmtModify":1703736837301,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Yes........","listText":"Yes........","text":"Yes........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158139633","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://ttm.financial/m/news/1106223449?lang=en_US&edition=fundamental","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p>\n<p>The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p>\n<p>With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p>\n<p>The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p>\n<p>The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p>\n<p>For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p>\n<p>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p>\n<p>Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p>\n<p>The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p>\n<p>Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p>\n<p>That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p>\n<p>For now, at least, the path of least resistance is higher.</p>\n<p><img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 14:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127431135,"gmtCreate":1624861819727,"gmtModify":1703846451085,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127431135","repostId":"1163833569","repostType":4,"repost":{"id":"1163833569","kind":"news","pubTimestamp":1624860588,"share":"https://ttm.financial/m/news/1163833569?lang=en_US&edition=fundamental","pubTime":"2021-06-28 14:09","market":"us","language":"en","title":"Is Another Housing Bubble Building?","url":"https://stock-news.laohu8.com/highlight/detail?id=1163833569","media":"thestreet","summary":"The price of housing has dominated financial news recently. For renters, the price of an average apa","content":"<p>The price of housing has dominated financial news recently. For renters, the price of an average apartment takes up an ever-greater share of personal income every year. This is particularly true in big cities, where a one-bedroom apartment can often cost between $2,500 and $3,000.</p>\n<p>But the real headlines have been in the market for single-family housing. In many communities home prices have increased by between 30% and 50% in just the past two years. This has led median prices for a starter home over $280,000 nationwide, and to nearly $500,000 in the towns and suburbs near major cities.</p>\n<p>OnReal Money, contributor Doug Kass takes a quick aim at spiraling home prices. “We need more lower cost homes to ease the intense upward price pressures but we know how difficult it is right now to deliver enough of them. More than 10 years of underinvestment because of the Fed-induced housing boom and bust means we need a lot more homes,” he writes.</p>\n<p>“I have been warning that much higher home prices (and reduced affordability) would create a cyclical peak in residential real estate (homebuilder stocks have begun to roll over recently),” Kass says.</p>\n<p>Is another bubble building?</p>\n<p>While there’s no way of knowing, one warning sign is the ratio of house prices to incomes. Credit standards have remained tight, and banks haven’t weakened their standards on down payments. That isn’t necessarily a good thing though.</p>\n<p>One of the biggest causes behind the housing crash of 2008 was the growing degree to which people struggled to keep up with their own mortgages in a highly overheated market that had sent prices climbing.</p>\n<p>As Kass points out in his diary, today prices aren’t just climbing, they’re soaring. Compared to 2008, buyers now have to spend more of their income keeping up with the minimum mortgage it takes to buy even a small house. They have to lay out more of their savings on the down payment.</p>\n<p>The ratio of house prices-to-household income is higher than it was going into the Great Recession. That isn’t necessarily a warning sign. But it isn’t good, either.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Another Housing Bubble Building?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Another Housing Bubble Building?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 14:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/is-another-housing-bubble-building><strong>thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The price of housing has dominated financial news recently. For renters, the price of an average apartment takes up an ever-greater share of personal income every year. This is particularly true in ...</p>\n\n<a href=\"https://www.thestreet.com/investing/is-another-housing-bubble-building\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.thestreet.com/investing/is-another-housing-bubble-building","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163833569","content_text":"The price of housing has dominated financial news recently. For renters, the price of an average apartment takes up an ever-greater share of personal income every year. This is particularly true in big cities, where a one-bedroom apartment can often cost between $2,500 and $3,000.\nBut the real headlines have been in the market for single-family housing. In many communities home prices have increased by between 30% and 50% in just the past two years. This has led median prices for a starter home over $280,000 nationwide, and to nearly $500,000 in the towns and suburbs near major cities.\nOnReal Money, contributor Doug Kass takes a quick aim at spiraling home prices. “We need more lower cost homes to ease the intense upward price pressures but we know how difficult it is right now to deliver enough of them. More than 10 years of underinvestment because of the Fed-induced housing boom and bust means we need a lot more homes,” he writes.\n“I have been warning that much higher home prices (and reduced affordability) would create a cyclical peak in residential real estate (homebuilder stocks have begun to roll over recently),” Kass says.\nIs another bubble building?\nWhile there’s no way of knowing, one warning sign is the ratio of house prices to incomes. Credit standards have remained tight, and banks haven’t weakened their standards on down payments. That isn’t necessarily a good thing though.\nOne of the biggest causes behind the housing crash of 2008 was the growing degree to which people struggled to keep up with their own mortgages in a highly overheated market that had sent prices climbing.\nAs Kass points out in his diary, today prices aren’t just climbing, they’re soaring. Compared to 2008, buyers now have to spend more of their income keeping up with the minimum mortgage it takes to buy even a small house. They have to lay out more of their savings on the down payment.\nThe ratio of house prices-to-household income is higher than it was going into the Great Recession. That isn’t necessarily a warning sign. But it isn’t good, either.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148460023,"gmtCreate":1626006077162,"gmtModify":1703751853778,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148460023","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":978,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833901749,"gmtCreate":1629193706981,"gmtModify":1676529961209,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833901749","repostId":"1110577100","repostType":4,"isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174402739,"gmtCreate":1627119420721,"gmtModify":1703484537222,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174402739","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"sh","language":"zh","title":"Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to being ordered to lift the exclusive copyright of online music: the company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly fulfill social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate corrective measures plans with affiliated companies such as Tencent Music within the prescribed time limit, and complete them to the letter in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to cancel exclusive music copyrights within 30 days, stop paying copyright fees such as high prepayments, and not require upstream copyright owners to give them conditions that are superior to competitors without justifiable reasons. and other measures to restore market competition. In January 2021, according to the report, the State Administration for Market Regulation launched an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) 's acquisition of equity in China Music Group in July 2016 for suspected illegal concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation found out the fact that this transaction illegally implemented concentration, and fully evaluated factors such as the share, control, concentration of the operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, it extensively solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements many times.</p><p>The investigation shows that the relevant market in this case is the online music playback platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group had about 30% and 40% in the relevant market shares, respectively. Tencent gained a higher market share by merging with its main competitors in the market. After concentration, the entity occupied more than 80% of the exclusive music library resources, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than their competitors, or raise market entry barriers by paying high advance payment and other copyright payment modes, which has or may have the effect of excluding and restricting competition in the relevant market.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Examination of Concentration of Business Enterprises, and in accordance with the principle of paying equal attention to development and standardization, the State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as canceling exclusive music copyright within 30 days, stopping payment methods of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of China's Anti-Monopoly Law in which necessary measures have been taken to restore market competition against the illegal concentration of business operators. Measures such as ordering Tencent to lift exclusive copyright will reshape the competition order in relevant markets, lower barriers to market entry, and give competitors a fair opportunity to reach upstream copyright resources, which will help return the focus of competition from using capital advantages to grab copyright resources to innovative service level and improve the rational track of user experience; It is conducive to promoting a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, protecting consumers' right to choose, ultimately benefiting consumers, and promoting the standardized, innovative and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on administrative penalty</p><p>Guo Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Place, Huggins Avenue, Cayman Islands</p><p>In accordance with the \"Anti-Monopoly Law of the People's Republic of China\" (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Examination of Concentration of Business Enterprises\", on January 25, 2021, this agency investigated the acquisition of China Music Group's equity by Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) for suspected illegal implementation of concentration of business operators.</p><p>After investigation, the case constitutes an illegal concentration of business operators, which has or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ serves the Notice of Administrative Punishment to Tencent, informing it of the content, facts, reasons and basis of the proposed administrative punishment, and informing it of its legal rights to make statements, defend and request a hearing. Tencent did not make a statement, defense or request a hearing within the prescribed time limit. The investigation and trial of this case have been concluded.</p><p><ul><li>Basic information</li></ul><b>(1) Transaction parties.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, listed on the Hong Kong Stock Exchange in June 2004, and controlled Shenzhen Tencent Computer Systems Co., Ltd., the main domestic operating entity, through an agreement. The main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was 102.863 billion yuan (the same currency below), and the domestic turnover in China was 96.251 billion yuan.</p><p><b>Acquired party: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, the global and domestic turnover in China were (omitted).</p><p><b>(2) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with its valued (omitted) business (mainly QQ music business), acquired 61.64% equity of China Music Group, and obtained sole control of China Music Group. In December 2016, the integrated China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the registration procedures for equity change.</p><p>II. Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"concentration of operators refers to the following situations: (1) merger of operators; (2) Operators obtain control over other operators by acquiring equity or assets; (3) Operators obtain control over other operators through contracts or other means or can exert decisive influence on other operators\". Before this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent acquired 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and its domestic turnover in China was 96.251 billion yuan. China Music Group's global and domestic turnover in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the Regulations of the State Council on the Declaration Standards for Concentration of Business Operators, which is a situation that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the reporting standards prescribed by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not reported\". On December 6, 2017, Tencent completed the registration of equity change. Before that, it failed to report to this authority, which violated the provisions of Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Anti-monopoly Examination of Concentration of Business Operators, Tencent's annual report, Written Explanation of Tencent's Relevant Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Committee of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, based on economic analysis and questionnaire survey, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>It refers to a platform that provides consumers with complete copyrighted music recording playback services through online playback or download through programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyright is restricted by the copyright laws of various countries, and there are obvious regional differences, the scope of music copyright dissemination authorized by online music playing platforms in China is generally within China, and it is mainly for users within China, so the relevant geographical market is defined as within China.</p><p>After in-depth research, this concentration has or may have the effect of eliminating and restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market shares are 45.77% and 39.65% respectively. Both parties in the concentration rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant market was (omitted), accounting for about 70% of the total revenue of the relevant market. Calculated by the share of music copyright core resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which 3.14 million and 1.3 million are exclusive music libraries, and the market share of music libraries and exclusive resources exceeds 80%.</p><p>From the analysis of the Herfindahl-Hirschman Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transaction has further increased the concentration of the relevant market and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in relevant markets.</b></li></ol>According to the survey, before the transaction, the concentrated parties ranked the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of QQ Music owned by Tencent have flowed to Kugou Music and Kuwo Music owned by China Music Group, indicating that if QQ Music raises prices or lowers service levels, 73.6% of users may flow to the platforms owned by China Music Group, and the two sides are relatively close competitors with each other. Focus on reducing major competitors in relevant markets and further weakening market competition.</p><p><ol><li><b>Concentration may further increase barriers to entry in relevant markets.</b></li></ol><b>First, it is possible to raise barriers to copyright resources.</b>When the entity locks in more exclusive copyright resources after concentration, new entrants have to rely on their sub-licensing, which makes it difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright owners by paying high non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Second, it may increase user conversion costs.</b>Focus on bringing Tencent more abundant music library resources, a larger user scale and sufficient usage data. Compared with new platforms, it can recommend songs that meet consumers' preferences better, resulting in a reduction in users' willingness to switch platforms, thereby further expanding the user scale, which may prevent other competitors from reaching or maintaining critical scale.</p><p><b>Third, after concentration, the market entry activity is not high.</b>The data shows that the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity dropped significantly.</p><p>To sum up, Tencent has a high market share in the online music playing platform market in China through this item, which may enable it to urge the upstream copyright owner to grant it exclusive copyright authorization, or provide it with conditions superior to competitors, or may enable Tencent to raise market entry barriers by paying high advance payments, etc., which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playback platform market has developed rapidly, and the market share of Tencent's main competitors (omitted) has also shown a rapid growth, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competitive constraints. In addition, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms in recent years. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain a sufficient number of music copyright resources.</p><p>The above facts are proved by statistical data and industry analysis reports of third-party organizations, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sub-Authorization Agreement provided by Tencent and related parties, and replies from relevant parties such as industry authorities.</p><p>III. Basis and decision of administrative punishment</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator violates the provisions of this Law to implement concentration, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the pre-concentration state, and may be fined not more than 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall consider the nature, degree and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusion, this authority has made the following decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliated companies to take the following measures to restore competition in relevant markets:</b></p><p>1. An exclusive copyright agreement (the copyright scope includes the information network dissemination right of all music works and sound recordings) or other exclusive agreements shall not be reached or reached in disguised form with the upstream copyright owner. If it has been reached, it shall be terminated within 30 days from the date of promulgation of this decision, except for the exclusive cooperation with independent musicians (natural persons who have authorized the copyright with the music platform in their own name and have never signed an agreement with any record company or brokerage company) or new songs. The exclusive cooperation period with independent musicians shall not exceed three years, and the exclusive cooperation period with new songs shall not exceed thirty days.</p><p>2. Without justifiable reasons, the upstream copyright owner shall not be required or disguised to give the parties conditions that are superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the period of authorization, etc., or any agreement or agreement terms related to it. If it has been reached, it shall be cancelled within 30 days from the date of promulgation of this decision.</p><p>3. Quote the upstream copyright owner based on factors such as the actual use of the copyright, user payment, unit price of the song, application scenarios, contract period, etc., and do not increase the cost of competitors in disguised form through high prepayments, etc., and exclude or restrict competition.</p><p><b>(2) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(3) Declaring concentration of business operators in accordance with the law.</b></p><p>1. If the concentration of business operators meets the reporting standards stipulated by the State Council, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>2. If the concentration of business operators does not meet the reporting standards, but the concentration of business operators has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>3. If the transaction does not constitute a concentration of operators, except for matters stipulated by law to protect the rights and interests of minority shareholders, it shall not participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>(4) Operate in compliance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize its own competitive behavior, conduct comprehensive and in-depth self-examination according to the Anti-Monopoly Law, and examine and standardize its own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the internal compliance control system of enterprises, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect consumers' rights, reasonably set charging prices, and protect consumers' privacy.</p><p>5. Actively maintain fair competition and promote industry innovation and development.</p><p>The period of the above measures starts from the date of issuance of the \"Administrative Punishment Decision\". Tencent and its affiliated companies must formulate a rectification plan based on the above measures within ten days and submit it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect the performance of the above obligations by Tencent and its affiliated companies through supervising the trustee or self-supervision within three years. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Punishment Law stipulates that \"the administrative organ that makes the fine decision shall be separated from the institution that collects the fine. Except for the fine collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the administrative punishment decision and its law enforcement officers shall not collect the fine by themselves. The party concerned shall pay the fine at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative punishment decision. The bank shall accept the fine and turn it over directly to the state treasury. \"</p><p>Within fifteen days from the date of receipt of this administrative penalty decision, the party concerned shall, in accordance with this administrative penalty decision, bring the payment code to any of the 12 central fiscal non-tax revenue collection agent banks (Industry, Agriculture, China, Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An, Industrial) or online banking to pay the fine. Payment code: * * *.</p><p>If the party concerned is dissatisfied with the above-mentioned administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative punishment decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music</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\">\nBeing subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to being ordered to lift the exclusive copyright of online music: the company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly fulfill social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate corrective measures plans with affiliated companies such as Tencent Music within the prescribed time limit, and complete them to the letter in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to cancel exclusive music copyrights within 30 days, stop paying copyright fees such as high prepayments, and not require upstream copyright owners to give them conditions that are superior to competitors without justifiable reasons. and other measures to restore market competition. In January 2021, according to the report, the State Administration for Market Regulation launched an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) 's acquisition of equity in China Music Group in July 2016 for suspected illegal concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation found out the fact that this transaction illegally implemented concentration, and fully evaluated factors such as the share, control, concentration of the operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, it extensively solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements many times.</p><p>The investigation shows that the relevant market in this case is the online music playback platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group had about 30% and 40% in the relevant market shares, respectively. Tencent gained a higher market share by merging with its main competitors in the market. After concentration, the entity occupied more than 80% of the exclusive music library resources, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than their competitors, or raise market entry barriers by paying high advance payment and other copyright payment modes, which has or may have the effect of excluding and restricting competition in the relevant market.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Examination of Concentration of Business Enterprises, and in accordance with the principle of paying equal attention to development and standardization, the State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as canceling exclusive music copyright within 30 days, stopping payment methods of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of China's Anti-Monopoly Law in which necessary measures have been taken to restore market competition against the illegal concentration of business operators. Measures such as ordering Tencent to lift exclusive copyright will reshape the competition order in relevant markets, lower barriers to market entry, and give competitors a fair opportunity to reach upstream copyright resources, which will help return the focus of competition from using capital advantages to grab copyright resources to innovative service level and improve the rational track of user experience; It is conducive to promoting a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, protecting consumers' right to choose, ultimately benefiting consumers, and promoting the standardized, innovative and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on administrative penalty</p><p>Guo Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Place, Huggins Avenue, Cayman Islands</p><p>In accordance with the \"Anti-Monopoly Law of the People's Republic of China\" (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Examination of Concentration of Business Enterprises\", on January 25, 2021, this agency investigated the acquisition of China Music Group's equity by Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) for suspected illegal implementation of concentration of business operators.</p><p>After investigation, the case constitutes an illegal concentration of business operators, which has or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ serves the Notice of Administrative Punishment to Tencent, informing it of the content, facts, reasons and basis of the proposed administrative punishment, and informing it of its legal rights to make statements, defend and request a hearing. Tencent did not make a statement, defense or request a hearing within the prescribed time limit. The investigation and trial of this case have been concluded.</p><p><ul><li>Basic information</li></ul><b>(1) Transaction parties.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, listed on the Hong Kong Stock Exchange in June 2004, and controlled Shenzhen Tencent Computer Systems Co., Ltd., the main domestic operating entity, through an agreement. The main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was 102.863 billion yuan (the same currency below), and the domestic turnover in China was 96.251 billion yuan.</p><p><b>Acquired party: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, the global and domestic turnover in China were (omitted).</p><p><b>(2) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with its valued (omitted) business (mainly QQ music business), acquired 61.64% equity of China Music Group, and obtained sole control of China Music Group. In December 2016, the integrated China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the registration procedures for equity change.</p><p>II. Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"concentration of operators refers to the following situations: (1) merger of operators; (2) Operators obtain control over other operators by acquiring equity or assets; (3) Operators obtain control over other operators through contracts or other means or can exert decisive influence on other operators\". Before this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent acquired 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and its domestic turnover in China was 96.251 billion yuan. China Music Group's global and domestic turnover in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the Regulations of the State Council on the Declaration Standards for Concentration of Business Operators, which is a situation that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the reporting standards prescribed by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not reported\". On December 6, 2017, Tencent completed the registration of equity change. Before that, it failed to report to this authority, which violated the provisions of Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Anti-monopoly Examination of Concentration of Business Operators, Tencent's annual report, Written Explanation of Tencent's Relevant Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Committee of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, based on economic analysis and questionnaire survey, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>It refers to a platform that provides consumers with complete copyrighted music recording playback services through online playback or download through programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyright is restricted by the copyright laws of various countries, and there are obvious regional differences, the scope of music copyright dissemination authorized by online music playing platforms in China is generally within China, and it is mainly for users within China, so the relevant geographical market is defined as within China.</p><p>After in-depth research, this concentration has or may have the effect of eliminating and restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market shares are 45.77% and 39.65% respectively. Both parties in the concentration rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant market was (omitted), accounting for about 70% of the total revenue of the relevant market. Calculated by the share of music copyright core resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which 3.14 million and 1.3 million are exclusive music libraries, and the market share of music libraries and exclusive resources exceeds 80%.</p><p>From the analysis of the Herfindahl-Hirschman Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transaction has further increased the concentration of the relevant market and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in relevant markets.</b></li></ol>According to the survey, before the transaction, the concentrated parties ranked the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of QQ Music owned by Tencent have flowed to Kugou Music and Kuwo Music owned by China Music Group, indicating that if QQ Music raises prices or lowers service levels, 73.6% of users may flow to the platforms owned by China Music Group, and the two sides are relatively close competitors with each other. Focus on reducing major competitors in relevant markets and further weakening market competition.</p><p><ol><li><b>Concentration may further increase barriers to entry in relevant markets.</b></li></ol><b>First, it is possible to raise barriers to copyright resources.</b>When the entity locks in more exclusive copyright resources after concentration, new entrants have to rely on their sub-licensing, which makes it difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright owners by paying high non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Second, it may increase user conversion costs.</b>Focus on bringing Tencent more abundant music library resources, a larger user scale and sufficient usage data. Compared with new platforms, it can recommend songs that meet consumers' preferences better, resulting in a reduction in users' willingness to switch platforms, thereby further expanding the user scale, which may prevent other competitors from reaching or maintaining critical scale.</p><p><b>Third, after concentration, the market entry activity is not high.</b>The data shows that the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity dropped significantly.</p><p>To sum up, Tencent has a high market share in the online music playing platform market in China through this item, which may enable it to urge the upstream copyright owner to grant it exclusive copyright authorization, or provide it with conditions superior to competitors, or may enable Tencent to raise market entry barriers by paying high advance payments, etc., which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playback platform market has developed rapidly, and the market share of Tencent's main competitors (omitted) has also shown a rapid growth, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competitive constraints. In addition, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms in recent years. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain a sufficient number of music copyright resources.</p><p>The above facts are proved by statistical data and industry analysis reports of third-party organizations, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sub-Authorization Agreement provided by Tencent and related parties, and replies from relevant parties such as industry authorities.</p><p>III. Basis and decision of administrative punishment</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator violates the provisions of this Law to implement concentration, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the pre-concentration state, and may be fined not more than 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall consider the nature, degree and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusion, this authority has made the following decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliated companies to take the following measures to restore competition in relevant markets:</b></p><p>1. An exclusive copyright agreement (the copyright scope includes the information network dissemination right of all music works and sound recordings) or other exclusive agreements shall not be reached or reached in disguised form with the upstream copyright owner. If it has been reached, it shall be terminated within 30 days from the date of promulgation of this decision, except for the exclusive cooperation with independent musicians (natural persons who have authorized the copyright with the music platform in their own name and have never signed an agreement with any record company or brokerage company) or new songs. The exclusive cooperation period with independent musicians shall not exceed three years, and the exclusive cooperation period with new songs shall not exceed thirty days.</p><p>2. Without justifiable reasons, the upstream copyright owner shall not be required or disguised to give the parties conditions that are superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the period of authorization, etc., or any agreement or agreement terms related to it. If it has been reached, it shall be cancelled within 30 days from the date of promulgation of this decision.</p><p>3. Quote the upstream copyright owner based on factors such as the actual use of the copyright, user payment, unit price of the song, application scenarios, contract period, etc., and do not increase the cost of competitors in disguised form through high prepayments, etc., and exclude or restrict competition.</p><p><b>(2) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(3) Declaring concentration of business operators in accordance with the law.</b></p><p>1. If the concentration of business operators meets the reporting standards stipulated by the State Council, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>2. If the concentration of business operators does not meet the reporting standards, but the concentration of business operators has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>3. If the transaction does not constitute a concentration of operators, except for matters stipulated by law to protect the rights and interests of minority shareholders, it shall not participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>(4) Operate in compliance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize its own competitive behavior, conduct comprehensive and in-depth self-examination according to the Anti-Monopoly Law, and examine and standardize its own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the internal compliance control system of enterprises, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect consumers' rights, reasonably set charging prices, and protect consumers' privacy.</p><p>5. Actively maintain fair competition and promote industry innovation and development.</p><p>The period of the above measures starts from the date of issuance of the \"Administrative Punishment Decision\". Tencent and its affiliated companies must formulate a rectification plan based on the above measures within ten days and submit it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect the performance of the above obligations by Tencent and its affiliated companies through supervising the trustee or self-supervision within three years. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Punishment Law stipulates that \"the administrative organ that makes the fine decision shall be separated from the institution that collects the fine. Except for the fine collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the administrative punishment decision and its law enforcement officers shall not collect the fine by themselves. The party concerned shall pay the fine at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative punishment decision. The bank shall accept the fine and turn it over directly to the state treasury. \"</p><p>Within fifteen days from the date of receipt of this administrative penalty decision, the party concerned shall, in accordance with this administrative penalty decision, bring the payment code to any of the 12 central fiscal non-tax revenue collection agent banks (Industry, Agriculture, China, Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An, Industrial) or online banking to pay the fine. Payment code: * * *.</p><p>If the party concerned is dissatisfied with the above-mentioned administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative punishment decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"QNETCN":0.9,"00700":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170198995,"gmtCreate":1626410014717,"gmtModify":1703759628058,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/170198995","repostId":"2151261135","repostType":2,"repost":{"id":"2151261135","kind":"highlight","pubTimestamp":1626409687,"share":"https://ttm.financial/m/news/2151261135?lang=en_US&edition=fundamental","pubTime":"2021-07-16 12:28","market":"hk","language":"zh","title":"Is the inflection point of lack of \"core\" coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151261135","media":"华尔街见闻","summary":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气","content":"<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the inflection point of lack of \"core\" coming?</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\">\nIs the inflection point of lack of \"core\" coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-16 12:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635357\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"00981":"中芯国际","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3635357","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151261135","content_text":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气度的拐点。\n华尔街见闻·见智研究所通过分析半导体的周期来解答以下问题：缺芯何时缓解？当下是国产替代的机遇？预示危机的指标又是什么？\n一、从供需错配到再平衡\n1、为什么缺芯？\n缺芯缺产能的底层逻辑就是芯片的供给小于需求。从2021年开始全球半导体的供给进入瓶颈期，而伴随着下游需求的爆发式增长，导致半导体行业出现严重缺货的现象。\n国际半导体产业协会SEMI预测，今年是由于云端服务器笔记本电脑、游戏及医疗科技需求成长，5G、物联网汽车及人工智能快速发展，带动了产业的景气度。这其中新能源车和物联网市场是两个增长最快速的变量，新能源车行业五年的复合增速高达41.53%，而手机和电脑依旧是半导体需求端体量最大的，但预期近五年增速较新兴行业低很多。\n\n2、2022年缺芯将缓解?\nGartner预测：全球半导体供应短缺将持续整个2021年，并在2022年第二季度恢复至正常水平，而基板产能限制可能会延长到2022年第四季度。也就是说在此之前，半导体还会伴随着长时间的芯片短缺，涨价函依旧会接踵而至。\n从半导体的供需周期来看，在2021年下半年伴随着晶圆厂的设备安装，龙头厂商预期最快2022年开始才能够释放出新产能，这其中包括联电、格芯、中芯国际等晶圆代工厂，而台积电的大批量产能预期在2023年后才能逐步落地，所以半导体行业还需要一个较长的时间周期才重新达到供需平衡。\n3、产业链延续涨价？\n因为供需的错配，产能的紧缺以及扩产带来的成本增加都会相继增加产品的溢价。而涨价直接的好处是给了厂商定价权，出厂价格高了，企业的盈利能力会很大程度提高。但是有一点不能忽略：厂商处于产业链什么位置很关键。如果是处于生产加工的下游，那么原材料成本的提价也要考虑进去。在21年全球大多数晶圆厂、材料以及封测都相继提高了两成左右的价格，龙头厂的订单都排至了2022年。从今年6月份开始10多家厂商陆续发布下半年涨价函，消息指出预计涨价将持续到2022年。\n台媒《经济日报》6月24日报道称，IC设计业者透露，明年初晶圆代工价格已经敲定，不仅联电8英寸和12英寸的晶圆代工价格续涨，晶圆代工龙头台积电也涨价，部分8英寸和12英寸制程价格上涨一到两成，且12英寸制程涨幅高于8英寸。\n二、全球扩张下的国产替代机遇\n世界半导体贸易统计组织（WSTS）预测，2021年全球半导体市场增速将达19.7%， 2022年半导体市场将增长8.8%，连续两年创历史新高。\nGartner预测：中国半导体企业到2025年市场的市场份额将从当下的15%提升至30%，近五年中国半导体将会快速渗透。\n全球晶圆厂最新扩建计划，中国是首位？今年6月份国际半导体产业协会SEMI发布报告称2021-2022年全球半导体制造商新增29座晶圆厂，分别于2021年建设19座，2022年再增加10座。\n从SEMI给出的数据来看，中国大陆和台湾地区两年间增加的晶圆厂数量是全球首位，共计16座，其次是美国4座，欧洲和中东一共增加3座，日本和韩国各两座。全部投产后，每月可生产260万片等效200mm晶圆。考虑到新增的晶圆厂建设周期较长，预计从2023年开始新增晶圆厂开始大幅采购半导体设备。\n\n那么国内半导体行业有存在怎样的机遇呢？华尔街见闻·见智研究所对四大行业的格局进行了分析。\n1、晶圆厂格局\n三星是全球市占率最大的晶圆厂，达到14.7%，折算约310万片/月的产能；其次是台积电市占率为13.1%，约270万片/月产能。美光和SK海力士位居第三、第四，市占率在9%左右，每家产能约为190万片/月。中芯国际的产能约为54万片/月，在全球排名前十二。（产能按8英寸折算）\n行业内5家最大的纯晶圆代工厂——台积电、联电、格芯、中芯国际和力晶（包括Nexchip）约占全球晶圆代工厂总产能的24％，行业集中度非常高。国内晶圆厂预计21年新增的产能75万片/月（按 8 英寸折算），其中新增产能的前三位分别是长江存储、华虹半导体和中芯国际。\n2、设备厂格局\n从设备类型的市场占比情况来看，前道晶圆制造设备占主要比重，高达80%，这其中主要包括刻蚀机、薄膜沉积设备和光刻机；其次封装和测试设备的占比比较小，分别为10%和8%。前道晶圆设备龙头包括泛林半导体、TEL、应用材料、ASML几乎是垄断了全球九成的份额。\n在国内的公司中，刻蚀机设备主要是北方华创和中微半导体。两个公司目前是差异化的布局，不存在直接竞争关系。北方华创的优势在于长硅刻蚀和金属刻蚀，而中微公司的优势在于长介质刻蚀。\n沉积设备：主要是北方华创和沈阳拓荆，两者在ALD和PVD方面存在一定程度的竞争，而在化学气相沉积方面只有沈阳拓荆在做，在今年7月12日沈阳拓荆在科创板IPO申请也已经获受理了。\n光刻设备：上海微电子已经突破了光刻机90/65的技术节点；沈阳芯源突破涂胶显影机90/65的技术节点。\n3、封测厂格局\n全球封测市场中CR3占比约六成，集中度很高，日月光占比就达到三成以上，其次是安靠和长电科技约一成以上，通富微电位居第五，市占率约4.4%。长电科技背靠中芯国际，通富微电背靠AMD。\n4、光刻胶格局\n半导体光刻胶主要分为四种类型，g线、i线、KrF线和ArF线。就占比情况来看ArF线占比最大，约四成，其次是KrF线两成，g线和i线共计两成。\n光刻胶九成份额被外国龙头垄断，今年由于日本信越化学的KrF光刻胶无限期断供，给国内公司很大的发展机遇，哪些厂商率先进入晶圆代工厂的生产线中，未来成长空间会非常大。\nArF线：北京科华（现被彤程新材收购）、晶瑞股份正在研发中；南大光电通过客户认证。\nKrF线：北京科华、上海新阳已经实现量产，晶瑞股份已完成测试。\ng线/i线：容大感光产能扩建中，北京科华可供应。\n三、产能过剩后的危机\n随着未来五年内半导体产能的大量投放，而需求增速的逐渐放缓，伴随而来的是半导体产能过剩，高库存的情况，必然会导致半导体市场价格的下跌。观测这一重要转折点要看什么？通过复盘半导体的历史周期，华尔街见闻·见智研究所观察到资本开支可作为预测拐点的领先指标。\n从历史规律来看，在资本开支大幅增长的一到两年后将会伴随半导体市场的大幅下跌。如1984年全球半导体行业资本开支增长106%，而后的第二年半导体市场下跌了17%。此后的四个周期也是出现相同的规律。直到2008年的下跌是由金融危机导致的，而后2010年资本开支出现大幅回升，达到107%，第二年半导体市场同样出现了暴跌。\n通过复盘历史得到非常重要的指标，那就是资本开始危险临界线。当资本开支增长超过40%的时候，通常预测未来会出现产能过剩和半导体增速下跌的情况。\n\n危机来临了吗？\n根据IC Insights的预测来看，2021年半导体资本开支的增速预计在16%-23%之间。总体上看半导体市场还处于景气周期中，目前没有达到产能过剩的临界点。但需要特别注意的是，台积电21年的资本开支增速同比达到74%，英特尔资本开支同比增速达到37%，已经达到高水位线，而三星的资本开支几乎与去年齐平。","news_type":1,"symbols_score_info":{"TSM":0.9,"00981":0.9}},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170193924,"gmtCreate":1626409839768,"gmtModify":1703759623748,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/170193924","repostId":"2151261135","repostType":4,"repost":{"id":"2151261135","kind":"highlight","pubTimestamp":1626409687,"share":"https://ttm.financial/m/news/2151261135?lang=en_US&edition=fundamental","pubTime":"2021-07-16 12:28","market":"hk","language":"zh","title":"Is the inflection point of lack of \"core\" coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151261135","media":"华尔街见闻","summary":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气","content":"<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the inflection point of lack of \"core\" coming?</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\">\nIs the inflection point of lack of \"core\" coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-16 12:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New energy vehicles with skyrocketing sales are almost facing the crisis of shutdown due to lack of cores. Recently, it has been repeatedly reported that automobile manufacturers have the idea of building their own fabs. Analysts around the world are paying attention to the balance between semiconductor supply and demand and inventory correction. When will it happen, there is an indicator that accurately predicts the inflection point of semiconductor prosperity seven times in history.</p><p><b>The Wall Street Insights and Wisdom Institute answers the following questions by analyzing the cycle of semiconductors: When will the core shortage be alleviated? Is it an opportunity for domestic substitution now? What are the indicators that indicate the crisis?</b></p><p><h2>1. From supply and demand mismatch to rebalancing</h2><b>1. Why is there a lack of core?</b></p><p>The underlying logic of lack of cores and production capacity is that the supply of chips is less than the demand. Starting from 2021, the global supply of semiconductors has entered a bottleneck period, and with the explosive growth of downstream demand, the semiconductor industry has experienced serious shortages.</p><p>SEMI, the International Semiconductor Industry Association, predicts that this year, due to the growth in demand for cloud servers, laptops, games and medical technology, the rapid development of 5G, Internet of Things cars and artificial intelligence has driven the prosperity of the industry.<b>Among them, the new energy vehicle and Internet of Things markets are the two fastest growing variables. The five-year compound growth rate of the new energy vehicle industry is as high as 41.53%.</b>Mobile phones and computers still have the largest demand for semiconductors, but the growth rate in the past five years is expected to be much lower than that of emerging industries.</p><p><img src=\"https://static.tigerbbs.com/4b0897af5cb718219f5e303f10173b62\" tg-width=\"376\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><b>2. Will the core shortage be alleviated in 2022?</b></p><p><b>Gartner predicts that the global semiconductor supply shortage will continue throughout 2021 and return to normal levels in the second quarter of 2022, while substrate production capacity constraints may be extended into the fourth quarter of 2022.</b>That is to say, before this, semiconductors will be accompanied by a long-term chip shortage, and price increase letters will still follow.</p><p>From the perspective of the supply and demand cycle of semiconductors, in the second half of 2021, with the equipment installation of wafer fabs, leading manufacturers are not expected to release new production capacity until 2022 at the earliest, including<a href=\"https://laohu8.com/S/UMC\">UMC</a>GlobalFoundries,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>And other wafer foundries, while<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The mass production capacity of the semiconductor industry is expected to be gradually implemented after 2023, so it will take a long period of time for the semiconductor industry to regain the balance between supply and demand.</p><p><b>3. Will the industrial chain continue to rise in price?</b></p><p><b>Because of the mismatch between supply and demand, the shortage of production capacity and the increase in costs brought about by production expansion will successively increase the premium of products.</b>The direct advantage of price increase is that it gives manufacturers pricing power. If the ex-factory price is high, the profitability of enterprises will be greatly improved. But one thing cannot be ignored: where the manufacturer is in the industrial chain is crucial. If it is in the downstream of production and processing, then the price increase of raw material costs should also be taken into account. In 21 years, most fabs, materials, and packaging and testing in the world have successively increased their prices by about 20%, and orders from leading factories have been scheduled until 2022. Since June this year, more than 10 manufacturers have successively issued price increase letters for the second half of the year.<b>The news pointed out that the price increase is expected to continue until 2022.</b></p><p>Taiwan media \"Economic Daily\" reported on June 24 that IC designers revealed that wafer foundry prices have been finalized early next year. Not only does UMC's 8-inch and 12-inch wafer foundry prices continue to rise, but wafer foundry leader TSMC has also increased prices, with the prices of some 8-inch and 12-inch processes rising by 10% to 20%.<b>And the increase in the 12-inch process is higher than that of 8 inches.</b></p><p><h2>2. Domestic substitution opportunities under global expansion</h2>The World Organization for Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will grow by 19.7% in 2021, and the semiconductor market will grow by 8.8% in 2022, hitting a record high for two consecutive years.</p><p><b>Gartner predicts that the market share of Chinese semiconductor companies will increase from the current 15% to 30% by 2025, and Chinese semiconductors will penetrate rapidly in the past five years.</b></p><p><b>The latest expansion plan of global wafer fabs, China is the first?</b>In June this year, the International Semiconductor Industry Association SEMI released a report stating that global semiconductor manufacturers will add 29 new fabs in 2021-2022.<b>19 will be built in 2021, and another 10 will be added in 2022.</b></p><p>Judging from the data given by SEMI,<b>Mainland China and Taiwan have increased the number of fabs in the world in the past two years, with a total of 16 fabs.</b>Followed by the United States with 4 seats, Europe and the Middle East with 3 seats, and Japan and South Korea with two seats each. Once fully put into production, it can produce 2.6 million equivalent 200mm wafers per month.<b>Considering the long construction period of new fabs, it is expected that new fabs will start to purchase semiconductor equipment on a large scale from 2023.</b></p><p><img src=\"https://static.tigerbbs.com/228b84b60813b81b51450594568779e2\" tg-width=\"724\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p>So what opportunities exist in the domestic semiconductor industry? The Wall Street Insights and Wisdom Institute analyzed the pattern of the four major industries.</p><p><b>1. Fab layout</b></p><p><a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It is the wafer fab with the largest market share in the world, reaching 14.7%, equivalent to a production capacity of approximately 3.1 million pieces/month; Followed by TSMC with a market share of 13.1% and a monthly production capacity of approximately 2.7 million pieces. Micron and SK Hynix rank third and fourth, with a market share of about 9%, and each company has a production capacity of about 1.9 million pieces/month.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The production capacity is approximately 540,000 pieces/month, ranking among the top twelve in the world. (Production capacity is converted according to 8 inches)</p><p>The five largest pure wafer foundries in the industry-TSMC, UMC, GF,<a href=\"https://laohu8.com/S/00981\">SMIC</a>And Powerchip (including Nexchip) account for approximately 24% of the total global foundry capacity, and the industry concentration is very high.<b>Domestic wafer fabs are expected to add 750,000 pieces/month (converted at 8 inches) in 2021. Among them, the top three new production capacity are Yangtze Storage,<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>And SMIC.</b></p><p><b>2. Equipment factory layout</b></p><p>Judging from the market share of equipment types,<b>Front-end wafer manufacturing equipment accounts for the main proportion, up to 80%, which mainly includes etching machines, thin film deposition equipment and lithography; Secondly, the proportion of packaging and testing equipment is relatively small, 10% and 8% respectively.</b>Front-end wafer equipment leaders include Lam Semiconductor, TEL,<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>, ASML almost monopolizes 90% of the world's share.</p><p>Among domestic companies,<b>Etching machine equipment</b>Mainly<a href=\"https://laohu8.com/S/002371\">North Huachuang</a>And China Micro Semiconductor. The two companies currently have differentiated layouts and there is no direct competition. The advantages of North Huachuang lie in long silicon etching and metal etching, while<a href=\"https://laohu8.com/S/688012\">China Micro Corporation</a>The advantage lies in long dielectric etching.</p><p><b>Deposition Equipment:</b>Mainly North Huachuang and Shenyang Tuojing. There is a certain degree of competition between the two in ALD and PVD, while only Shenyang Tuojing is doing chemical vapor deposition. On July 12 this year, Shenyang Tuojing was listed on the Science and Technology Innovation Board. IPO applications have also been accepted.</p><p><b>Lithographic apparatus:</b>Shanghai Microelectronics has broken through the technology node of 90/65 in lithography; Shenyang Xinyuan broke through the technical node of 90/65 glue coating and developing machine.</p><p><b>3. Packaging and testing factory layout</b></p><p>CR3 accounts for about 60% of the global packaging and testing market, which is highly concentrated. ASE accounts for more than 30%, followed by Amkor and<a href=\"https://laohu8.com/S/600584\">Changdian Technology</a>About 10% or more,<a href=\"https://laohu8.com/S/002156\">Tongfu Microelectronics</a>Ranked fifth, with a market share of about 4.4%. Changdian Technology is backed by SMIC and Tongfu Microelectronics is backed by<a href=\"https://laohu8.com/S/AMD\">AMD</a>。</p><p><b>4. Photoresist pattern</b></p><p>Semiconductor photoresists are mainly divided into four types, g-line, i-line, KrF line and ArF line.<b>In terms of proportion, ArF lines account for the largest proportion, about 40%, followed by KrF lines with 20%, and g lines and i lines with a total of 20%.</b></p><p>90% of the photoresist share is monopolized by foreign leaders.<b>This year, due to the indefinite cut-off of KrF photoresist from Japan's Shin-Etsu Chemical, domestic companies have great development opportunities. Which manufacturers take the lead in entering the production line of wafer foundries will have a lot of room for future growth.</b></p><p>ArF line: Beijing Kehua (now<a href=\"https://laohu8.com/S/603650\">Tongcheng New Materials</a>Acquisition),<a href=\"https://laohu8.com/S/300655\">Jingrui shares</a>Under development;<a href=\"https://laohu8.com/S/300346\">Nanda Optoelectronics</a>Passed customer certification.</p><p>KrF line: Beijing Kehua,<a href=\"https://laohu8.com/S/300236\">Shanghai Xinyang</a>Mass production has been achieved, and Jingrui Co., Ltd. has completed testing.</p><p>g-line/i-line:<a href=\"https://laohu8.com/S/300576\">Rongda Photosensitive</a>In the process of capacity expansion, Beijing Kehua can supply it.</p><p><h2>3. Crisis after overcapacity</h2>With the large-scale launch of semiconductor production capacity in the next five years, and the gradual slowdown of demand growth, accompanied by semiconductor overcapacity and high inventory, it will inevitably lead to a decline in semiconductor market prices.<b>What should we look at to observe this important turning point?</b>Through the historical cycle of review's semiconductors, the Wall Street Insights and Wisdom Institute observed<b>Capital expenditure can be used as a leading indicator to predict inflection points.</b></p><p>From a historical perspective, one to two years after a substantial increase in capital expenditure, it will be accompanied by a sharp decline in the semiconductor market. For example, in 1984, the capital expenditure of the global semiconductor industry increased by 106%, and the semiconductor market fell by 17% the following year. The same pattern appeared in the following four cycles. The decline until 2008 was caused by the financial crisis, and then capital expenditure rebounded sharply in 2010, reaching 107%. The semiconductor market also plummeted the following year.</p><p><b>Through the history of review, we can get a very important indicator, that is, the critical line of capital beginning to be dangerous. When capital expenditure increases by more than 40%, it is usually predicted that there will be overcapacity and a decline in semiconductor growth in the future.</b></p><p><img src=\"https://static.tigerbbs.com/f918d3c3c08f3fdc0888508005f63b8d\" tg-width=\"674\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p><p><b>Is Crisis Coming?</b></p><p>According to the forecast of IC Insights, the growth rate of semiconductor capital expenditure in 2021 is expected to be between 16% and 23%.<b>Generally speaking, the semiconductor market is still in a boom cycle and has not yet reached the critical point of overcapacity. However, it should be noted that TSMC's capital expenditure growth rate in 21 years reached 74% year-on-year.<a href=\"https://laohu8.com/S/INTC\">Intel</a>The year-on-year growth rate of capital expenditure reached 37%, which has reached a high water mark, while Samsung's capital expenditure is almost the same as last year.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635357\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"00981":"中芯国际","TSM":"台积电"},"source_url":"https://wallstreetcn.com/articles/3635357","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151261135","content_text":"销量暴涨的新能源车因为缺芯几乎要面临停工停产的危机，最近屡屡传出汽车厂商都有自己建设晶圆厂了念头了，全球的分析师都在关注半导体供需平衡与库存修正将在何时发生，更有一个指标历史上7次准确预言了半导体景气度的拐点。\n华尔街见闻·见智研究所通过分析半导体的周期来解答以下问题：缺芯何时缓解？当下是国产替代的机遇？预示危机的指标又是什么？\n一、从供需错配到再平衡\n1、为什么缺芯？\n缺芯缺产能的底层逻辑就是芯片的供给小于需求。从2021年开始全球半导体的供给进入瓶颈期，而伴随着下游需求的爆发式增长，导致半导体行业出现严重缺货的现象。\n国际半导体产业协会SEMI预测，今年是由于云端服务器笔记本电脑、游戏及医疗科技需求成长，5G、物联网汽车及人工智能快速发展，带动了产业的景气度。这其中新能源车和物联网市场是两个增长最快速的变量，新能源车行业五年的复合增速高达41.53%，而手机和电脑依旧是半导体需求端体量最大的，但预期近五年增速较新兴行业低很多。\n\n2、2022年缺芯将缓解?\nGartner预测：全球半导体供应短缺将持续整个2021年，并在2022年第二季度恢复至正常水平，而基板产能限制可能会延长到2022年第四季度。也就是说在此之前，半导体还会伴随着长时间的芯片短缺，涨价函依旧会接踵而至。\n从半导体的供需周期来看，在2021年下半年伴随着晶圆厂的设备安装，龙头厂商预期最快2022年开始才能够释放出新产能，这其中包括联电、格芯、中芯国际等晶圆代工厂，而台积电的大批量产能预期在2023年后才能逐步落地，所以半导体行业还需要一个较长的时间周期才重新达到供需平衡。\n3、产业链延续涨价？\n因为供需的错配，产能的紧缺以及扩产带来的成本增加都会相继增加产品的溢价。而涨价直接的好处是给了厂商定价权，出厂价格高了，企业的盈利能力会很大程度提高。但是有一点不能忽略：厂商处于产业链什么位置很关键。如果是处于生产加工的下游，那么原材料成本的提价也要考虑进去。在21年全球大多数晶圆厂、材料以及封测都相继提高了两成左右的价格，龙头厂的订单都排至了2022年。从今年6月份开始10多家厂商陆续发布下半年涨价函，消息指出预计涨价将持续到2022年。\n台媒《经济日报》6月24日报道称，IC设计业者透露，明年初晶圆代工价格已经敲定，不仅联电8英寸和12英寸的晶圆代工价格续涨，晶圆代工龙头台积电也涨价，部分8英寸和12英寸制程价格上涨一到两成，且12英寸制程涨幅高于8英寸。\n二、全球扩张下的国产替代机遇\n世界半导体贸易统计组织（WSTS）预测，2021年全球半导体市场增速将达19.7%， 2022年半导体市场将增长8.8%，连续两年创历史新高。\nGartner预测：中国半导体企业到2025年市场的市场份额将从当下的15%提升至30%，近五年中国半导体将会快速渗透。\n全球晶圆厂最新扩建计划，中国是首位？今年6月份国际半导体产业协会SEMI发布报告称2021-2022年全球半导体制造商新增29座晶圆厂，分别于2021年建设19座，2022年再增加10座。\n从SEMI给出的数据来看，中国大陆和台湾地区两年间增加的晶圆厂数量是全球首位，共计16座，其次是美国4座，欧洲和中东一共增加3座，日本和韩国各两座。全部投产后，每月可生产260万片等效200mm晶圆。考虑到新增的晶圆厂建设周期较长，预计从2023年开始新增晶圆厂开始大幅采购半导体设备。\n\n那么国内半导体行业有存在怎样的机遇呢？华尔街见闻·见智研究所对四大行业的格局进行了分析。\n1、晶圆厂格局\n三星是全球市占率最大的晶圆厂，达到14.7%，折算约310万片/月的产能；其次是台积电市占率为13.1%，约270万片/月产能。美光和SK海力士位居第三、第四，市占率在9%左右，每家产能约为190万片/月。中芯国际的产能约为54万片/月，在全球排名前十二。（产能按8英寸折算）\n行业内5家最大的纯晶圆代工厂——台积电、联电、格芯、中芯国际和力晶（包括Nexchip）约占全球晶圆代工厂总产能的24％，行业集中度非常高。国内晶圆厂预计21年新增的产能75万片/月（按 8 英寸折算），其中新增产能的前三位分别是长江存储、华虹半导体和中芯国际。\n2、设备厂格局\n从设备类型的市场占比情况来看，前道晶圆制造设备占主要比重，高达80%，这其中主要包括刻蚀机、薄膜沉积设备和光刻机；其次封装和测试设备的占比比较小，分别为10%和8%。前道晶圆设备龙头包括泛林半导体、TEL、应用材料、ASML几乎是垄断了全球九成的份额。\n在国内的公司中，刻蚀机设备主要是北方华创和中微半导体。两个公司目前是差异化的布局，不存在直接竞争关系。北方华创的优势在于长硅刻蚀和金属刻蚀，而中微公司的优势在于长介质刻蚀。\n沉积设备：主要是北方华创和沈阳拓荆，两者在ALD和PVD方面存在一定程度的竞争，而在化学气相沉积方面只有沈阳拓荆在做，在今年7月12日沈阳拓荆在科创板IPO申请也已经获受理了。\n光刻设备：上海微电子已经突破了光刻机90/65的技术节点；沈阳芯源突破涂胶显影机90/65的技术节点。\n3、封测厂格局\n全球封测市场中CR3占比约六成，集中度很高，日月光占比就达到三成以上，其次是安靠和长电科技约一成以上，通富微电位居第五，市占率约4.4%。长电科技背靠中芯国际，通富微电背靠AMD。\n4、光刻胶格局\n半导体光刻胶主要分为四种类型，g线、i线、KrF线和ArF线。就占比情况来看ArF线占比最大，约四成，其次是KrF线两成，g线和i线共计两成。\n光刻胶九成份额被外国龙头垄断，今年由于日本信越化学的KrF光刻胶无限期断供，给国内公司很大的发展机遇，哪些厂商率先进入晶圆代工厂的生产线中，未来成长空间会非常大。\nArF线：北京科华（现被彤程新材收购）、晶瑞股份正在研发中；南大光电通过客户认证。\nKrF线：北京科华、上海新阳已经实现量产，晶瑞股份已完成测试。\ng线/i线：容大感光产能扩建中，北京科华可供应。\n三、产能过剩后的危机\n随着未来五年内半导体产能的大量投放，而需求增速的逐渐放缓，伴随而来的是半导体产能过剩，高库存的情况，必然会导致半导体市场价格的下跌。观测这一重要转折点要看什么？通过复盘半导体的历史周期，华尔街见闻·见智研究所观察到资本开支可作为预测拐点的领先指标。\n从历史规律来看，在资本开支大幅增长的一到两年后将会伴随半导体市场的大幅下跌。如1984年全球半导体行业资本开支增长106%，而后的第二年半导体市场下跌了17%。此后的四个周期也是出现相同的规律。直到2008年的下跌是由金融危机导致的，而后2010年资本开支出现大幅回升，达到107%，第二年半导体市场同样出现了暴跌。\n通过复盘历史得到非常重要的指标，那就是资本开始危险临界线。当资本开支增长超过40%的时候，通常预测未来会出现产能过剩和半导体增速下跌的情况。\n\n危机来临了吗？\n根据IC Insights的预测来看，2021年半导体资本开支的增速预计在16%-23%之间。总体上看半导体市场还处于景气周期中，目前没有达到产能过剩的临界点。但需要特别注意的是，台积电21年的资本开支增速同比达到74%，英特尔资本开支同比增速达到37%，已经达到高水位线，而三星的资本开支几乎与去年齐平。","news_type":1,"symbols_score_info":{"TSM":0.9,"00981":0.9}},"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148931389,"gmtCreate":1625912209441,"gmtModify":1703750838781,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148931389","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The legendary lives of two godfather investment tycoons","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is the personal biography of Edward Thorp, the Chinese translation of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and the godfather of quantitative investment, he pioneered the introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including the famous James Simons, whose Renaissance Technology company created the myth of the rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data, including data cleaning, signal mechanism and backtesting. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</b></p>","source":"lsy1625911325017","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>Thorpe and Simmons: The legendary lives of two godfather investment tycoons</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\">\nThorpe and Simmons: The legendary lives of two godfather investment tycoons\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is the personal biography of Edward Thorp, the Chinese translation of \"The Man Who Beat All Markets\". Judging from Thorp's experience, from defeating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives, all Dabbled in, worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and the godfather of quantitative investment, he pioneered the introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including the famous James Simons, whose Renaissance Technology company created the myth of the rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market records in detail the ups and downs of his and his team's conquest of the financial market.</p><p><b>Academic origin</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Huxiang School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In the academic circle, there is a similar phenomenon. If you study the backgrounds of the two bosses carefully, you will find a lot in common. They were both born in the 1930s. They were gifted since childhood, in the academic circle, but they were all dedicated to money. They have two common alma maters: the University of California, Berkeley and MIT. The academics of both universities reached their peak after the war. One of the main reasons was the large-scale military scientific research activities (the famous Manhattan Project, cryptography, information theory and modern computers) spawned by World War II. Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp was obsessed with studying roulette with Shannon, while Simons was still immersed in theoretical mathematics, which also made his academic achievements higher (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The popular story nowadays is that Thorp defeated the casino by using the law of large numbers and Kelly's formula, and he became the first person in history to be \"blacked out\" by Las Vegas casinos. By contrast, the hedge fund he founded, PNP (Princeton Newport Partners), has a dim profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1% respectively, while the average annual growth rate of the S&P index during the same period was 10.2%. In the past 19 years, after two oil crises in the 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is unparalleled, and its investment model is 20 years ahead of the wide customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to close because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons established the Medallion Fund. He is over 500 years old and can be described as a late bloomer. Before that, he had been groping for 10 years to find a successful investment model, and had been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and shape the company's corporate culture as a spiritual leader. As a world-class mathematician + excellent sales, he can deal with different people well, which is a rare ability.</p><p><b>The road to quantification</b></p><p>As a pioneer in quantitative trading, Thorp is good at hedging and arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and market sense, he discovered new blue oceans: Statistical Arbitrage and factor models-early quant prototypes. The risk under this model is theoretically infinite, especially the upper limit of losses for shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM has adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by the black swan. In order to improve investment efficiency, Thorp turned investment strategies into programs and once again became a pioneer in programmatic trading (Algorithm Trading).</p><p>Simons, in contrast, was less lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data, including data cleaning, signal mechanism and backtesting. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, it was changed to only a single model (key breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model has gone through a long process of iterative improvement. In the end, the important core competence of the model was developed: identifying the \"value of transactions\", including: the certainty of price trends, the weight trade-off between trading signals, and the judgment of the impact of trading based on signals on the market. This capability is particularly important for high-frequency full-variety trading.</p><p><b>Winning System: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investment are games based on probability statistics, and the bet amount is allocated according to the winning percentage (fund management based on Kelly's law). The first major breakthrough of Medallion Fund also comes from the application of Kelly's law and shortening the trading frequency to make its trading more reflective of the law of large numbers. Medallion's system can make money as long as the winning rate is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the omissions and mistakes of other traders (market ineffectiveness). Humans are highly predictable in their behavior under high pressure, and they instinctively show panic. The premise of modeling is that humans will constantly repeat past behaviors. Soros once modeled human behavior with the philosophical theory of reflexivity, while Simons's team used data and algorithms to model human behavior to confirm the theory of behavioral finance.</p><p>Unlike traditional value investing, which simplifies the market into a market gentleman, the experience of quantitative investing is that there are far more factors and variables that affect financial markets and investments than most people realize, and the factors that lead to market ineffectiveness can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors try to find the most basic driving factors, but what they are missing may be an entire dimension of information. Medallion Fund can't explain the logic behind every profit law, just as human beings can't understand Alpha Go, perhaps it exists at a higher latitude.</p><p>Models are abstractions and simplifications of the world, but models are not omnipotent. When data and desire conflict, even rational scientists cannot be completely rational. Simons' original intention was to create an algorithm-driven automatic trading system, which completely shielded human subjective judgment. However, in every crisis, he still couldn't help but intervene manually to reduce his dependence on signals and actively reduce his trading position. The results of the intervention were not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of LTCMs is to believe that the model is the truth. We never believe that our model can reflect the whole fact, it only reflects some of it</b>。”</p><p><b>Wide guest student</b></p><p>In fact, the intersection of many big guys is far beyond our imagination. For example, Thorp and Buffett played at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, they decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of schools. However, Thorp has practiced the way of thinking of applying abstract thinking to real life, which truly explains that \"a tough life doesn't need to be explained\". Academics, wealth and family are perfect, and he realized early that life itself is higher than making money. Compared with Thorp's splendid life, Simons's life has too many twists and turns. He is divorced, his two sons have suffered misfortune and betrayal by his partners. But in the end, I chose to make peace with life and devote myself to charity. From academic career to lenient students, I explored the true meaning of destiny in the ups and downs, and experience itself was the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the finish line is often not so important, but the journey itself and the experience along the way are more precious.<b>You have dance.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149694944,"gmtCreate":1625720329988,"gmtModify":1703747093173,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149694944","repostId":"1155545983","repostType":4,"repost":{"id":"1155545983","kind":"news","pubTimestamp":1625720148,"share":"https://ttm.financial/m/news/1155545983?lang=en_US&edition=fundamental","pubTime":"2021-07-08 12:55","market":"us","language":"zh","title":"IPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%","url":"https://stock-news.laohu8.com/highlight/detail?id=1155545983","media":"亿欧网","summary":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨","content":"<p>320 Chinese-funded enterprises compete in the global capital market. On June 30, Nayuki's tea landed on the Hong Kong stock market with a high profile. It broke on the first day and closed at HK $17.12 that day, down 13.54% from the issue price, causing a \"turmoil\" in the secondary market. Didi Chuxing was listed on the New York Stock Exchange in a low-key manner. It once rose 28.6% intraday that day and finally closed at $14.14, with a market value of $67.8 billion.</p><p>Between one high and one low, the IPO boom of Chinese-funded enterprises in the first half of the year finally came to a perfect end. And the listing performance of these two companies has somewhat become the epitome of this IPO boom-in the capital market, there are always people singing and carnival, while others are disappointed and lonely.</p><p>Against the background of the steady recovery of the global economy, the global IPO market will be active in 2021.</p><p>KPMG recently released a report pointing out that the total fundraising and listing of global capital markets in the first half of the year were US $210 billion and 1,047 respectively, an increase of 196% and 134% respectively over the same period last year.</p><p><b>Among them, China's A-share and Hong Kong markets have contributed key forces.</b>As of June 23, among the top five stock exchanges in terms of total IPO fundraising, Hong Kong Stock Exchange ranked third with US $26 billion, and Shanghai Stock Exchange ranked fourth with US $20.6 billion, second only to Nasdaq and New York Stock Exchange.</p><p>In these top four exchanges, Chinese-funded enterprises can be seen everywhere.<b>According to statistics from EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese-funded companies were successfully listed on A-shares (245 companies), Hong Kong stocks (39 companies), and US stocks (36 companies).</b></p><p><b>A shares: 70% of companies are listed on the Science and Technology Innovation Board and Growth Enterprise Market</b></p><p><b>Overall Overview-Total IPOs Doubled from Last Year</b></p><p>In the first half of 2021, a total of 245 companies were listed on the A-share Shanghai and Shenzhen stock markets, an increase of 126 compared with the same period in 2020, a year-on-year increase of 105.88%. The total amount of initial funds raised reached 210.95 billion yuan, an increase of 51.46% over the same period in 2020.</p><p>Judging from the number of IPOs and financing amount, in the past two and a half years, the performance of the A-share market in the first half of 2021 is second only to the second half of 2020.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the cause of this IPO boom of Chinese-funded enterprises is<b>Steady recovery of the domestic economy and improvement of the capital market system</b>Positive impact.</p><p>Zhao Haizhou, partner of Deloitte China's national A-share market in East China, pointed out that the IPO in the A-share market in the first half of the year was more active than that in the same period last year, mainly due to the implementation of the new securities law and the reform of the GEM registration system.</p><p>Since the registration system review procedure is relatively simple, it can effectively speed up the listing progress of enterprises. At the same time, the listing threshold of enterprises under the registration system is relatively low, and some enterprises with low revenue, low profits or even losses can also be listed on the Science and Technology Innovation Board under other conditions. Therefore, science and technology innovation board and Growth Enterprise Market have also become the first choice for many companies to go public.</p><p>Judging from the distribution sectors of 245 IPO companies in the first half of the year, science and technology innovation board and Growth Enterprise Market played a key role in promoting companies to enter the capital market.<b>There are 86 and 85 companies listed on the Science and Technology Innovation Board and the Growth Enterprise Market respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies; The total amount raised was 123.557 billion yuan, accounting for 58.57%.</b></p><p>It is worth mentioning that among the 245 companies, 6 of the top ten companies in terms of fundraising scale are listed on the Science and Technology Innovation Board and the Growth Enterprise Market.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, science and technology innovation board and Growth Enterprise Market have become the main sectors for corporate A-share IPOs. From Q2020 to Q2 of 2021, the total number of IPOs on the Science and Technology Innovation Board and GEM was 118, 60, 69 and 102. The proportions are 67.05%, 59.41%, 69.00%, and 70.34% respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, science and technology innovation board has performed brilliantly since its official opening on June 13, 2019. By June 30 this year, 301 companies have been listed.</p><p>In 2019, 70 companies landed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, Bloomage Biotech, etc.; 145 companies in 2020, including SMIC, Foxit Software, Cambrian, China Resources Micro, Cathay Bio, etc.; 86 companies in the first half of 2021, including Tianneng Co., Ltd., China Net Software, Shengyi Electronics, etc.</p><p>Since the second quarter of 2020, the number of companies listed on the Science and Technology Innovation Board has accounted for around 30%-40% of the entire A-share market, and has become an important part of my country's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Industry insiders pointed out that the listing conditions of science and technology innovation board are more diversified and inclusive, and the issuance pricing process is more market-oriented, which can well adapt to the differentiated financing needs of science and technology enterprises of different types and stages of development. It is expected that in the second half of the year, science and technology innovation board will continue to maintain its vitality and contribute to the entire A-share market.</p><p>Guosheng Strategy Zhang Qiyao's team believes that as market funds shift from incremental entry to stock games, high growth rates in the second half of 2021 are the key to success, and the Science and Technology Innovation Board is currently the sector with the highest growth rate of A shares.</p><p>According to a Deloitte report, it is estimated that there will be 180-210 new shares issued on the Science and Technology Innovation Board and the Growth Enterprise Market in the second half of the year. Among them, the financing amount of science and technology innovation board may reach 130 billion to 170 billion yuan, and the financing amount of GEM may reach 160 billion to 200 billion yuan.</p><p><b>Industry distribution-food and beverage, medical care and other sectors are in good situation</b></p><p>EqualOcean statistics found that in the first half of 2021, the 245 A-share listed companies were mainly distributed in<b>Capital Goods, Materials II, Technology Hardware & Equipment</b>And other fields.</p><p>Among them, the number of IPOs of capital goods and the amount of funds raised ranked first. This sector mainly covers construction and engineering, industrial machinery, aerospace and national defense, electrical components and equipment and other fields, including 63 companies such as Tianneng, Dongwei Technology, and Kehui. The total IPO fundraising was 36.915 billion yuan, accounting for 17.50% of the total A-share IPO fundraising in the first half of 2021.</p><p>The Materials II sector covers diversified chemicals, industrial gases, building materials and other fields, including a total of 27 companies including Lianke Technology, Jingxue Energy Saving, and Jiangsu Boyun, raising a total of 16.056 billion yuan, accounting for 7.61%.</p><p>The technical hardware and equipment sector covers electronic components, electronic equipment and instruments and other fields, including 27 companies including Hehui Optoelectronics, Shengyi Electronics, and Darui Electronics, raising a total of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share food, beverage and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, durable consumer goods and clothing and other sectors rose gratifying. In particular, the food, beverage and tobacco sectors, and the medical and health care equipment and services sectors saw annual growth rates of 77.01% and 73.93% respectively.</p><p>In the first half of this year, the situation of the above-mentioned related sectors is still good.</p><p><b>A total of 15 companies in the food, beverage and tobacco sectors IPO, raising a total of 14.349 billion yuan, accounting for 6.80%.</b>Among them, the stock prices of Dongpeng Beverage and Ligao Food both rose by more than 400% as of June 30.</p><p><b>Healthcare & Services, Pharmaceuticals, Biotech & Life Sciences</b>, and it is still a track that has attracted much attention from capital. Especially in the context of the global epidemic, more capital has entered to push up the market value of related companies. These two major tracks<b>There are 18 listed companies, raising a total of 14.104 billion yuan, accounting for 6.69% of the total A-share IPO funds raised.</b></p><p><b>Corporate performance-the highest increase was 1356.01%</b></p><p><b>As of June 30, 95% of the 245 companies listed on the A-share market in the first half of 2021 have seen their stock prices rise.</b>Among them, there are 137 companies with an increase of more than 100%, accounting for more than 55.92%; There are 11 companies with an increase of more than 500%, accounting for 4.50%. Only 12 companies saw their stock prices fall.</p><p>Among the 137 companies with an increase of more than 100%, there are 108 companies from GEM and science and technology innovation board, accounting for 78.83%, and 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which landed on the Science and Technology Innovation Board on June 23, has increased by as much as 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life science sectors. In the first half of 2021, 18 companies in this sector were listed, 17 of which were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>The top ten companies whose stock prices have fallen since their listing are mainly distributed on the main boards and GEM of Shanghai and Shenzhen stock markets. Only one company, Jushi Chemicals, is from the Science and Technology Innovation Board.</p><p>It can be seen,<b>The overall performance of listed companies on the Science and Technology Innovation Board and Growth Enterprise Market is stronger than that on the main board.</b></p><p><b>Hong Kong stocks: The boom of secondary listings of Chinese concept stocks continues</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, a year-on-year decrease of 22%; The total amount of funds raised was approximately HK $212.95 billion, a year-on-year increase of 138%, setting a record high.</p><p>Wherein,<b>Thirty-nine Chinese-funded enterprises went public in Hong Kong, raising a total of 209.713 billion Hong Kong dollars, or approximately 181.7063 billion yuan (based on the exchange rate on July 1).</b>Compared with 38 companies and approximately 82.6 billion yuan in the same period in 2020, the number of IPOs was basically the same, and the total amount of funds raised increased by 119.98%.</p><p>Based on the number of IPOs and the total amount of initial funds raised,<b>Pharmaceuticals, Biotechnology & Life Sciences</b>And<b>Software & Services</b>The performance of the two major sectors is relatively outstanding, with 7 and 5 companies successfully IPOs respectively, raising funds of HK $20.271 billion and HK $102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and service track, Kuaishou, Baidu Group, Bilibili, and Autohome rank among the top ten among the 39 Chinese-funded enterprises listed in Hong Kong.<b>Kuaishou, Baidu Group, Bilibili and JD Logistics,</b>It also ranked among the top ten global financing scale in the first half of the year.</p><p>The considerable amount of funds raised by these giant companies has doubled the total financing growth of the Hong Kong stock market in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>The boom in Hong Kong stocks in recent years stems from a series of reform measures that benefit the new economic components. The Hong Kong Stock Exchange revised its listing mechanism in April 2018. After companies that accept the structure of individual shareholders with different rights for the same shares were listed in Hong Kong, new economic companies such as Xiaomi, Meituan, and Alibaba have successively welcomed the settlement.</p><p>In 2020, there was a wave of secondary listings of Chinese concept stocks in the Hong Kong market and continues to this day. Wind statistics show that the IPO scale of Hong Kong stocks in 2020 will reach HK $397.528 billion, ranking third in the world after US stocks and A shares; Among the top ten IPOs, Chinese concept stocks returned to companies occupying 6 seats.</p><p>Nowadays, more and more giant companies choose to go public in Hong Kong for secondary listings, such as China Duty Free, the world's largest travel retail operator and duty-free giant. China CDFG announced on June 28 that the company had submitted a prospectus to the Hong Kong Stock Exchange on June 25.</p><p>KPMG China partner Zhu Yayi predicts that,<b>In the next few quarters, the momentum of new stock listing activities in new economic sectors such as healthcare, life sciences, logistics and supply chain, and financial technology in Hong Kong stocks will remain strong.</b></p><p><b>U.S. stocks: More than 70% of IPO Chinese concept stock prices fell</b></p><p>In the first half of 2021, Chinese-funded enterprises have unprecedented enthusiasm for listing in the United States, and the number of IPOs and the amount of funds raised have increased significantly compared with the same period last year. And this is<b>Since 2019, it has been the year and a half with the largest number of Chinese-funded enterprises IPO in the United States and the largest amount of financing.</b></p><p>As of June 30th, there were 36 Chinese-funded enterprises IPO in the United States in the first half of this year, of which 23 were listed on NASDAQ and 13 were listed on New York Stock Exchange. The total amount of initial funds raised was US $13.662 billion, or approximately 83.31 billion yuan (based on the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies, there are many star companies that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic travel giant that went public on June 30, Manbang Group and TuSimple in the automotive field, fresh food e-commerce platforms Dingdong Maicai and Daily Fresh, and further ahead there are BOSS Zhipin, Shuidi Company, and e-cigarette giant RELX's parent company Wuxin Technology, Zhihu, etc.</p><p>The above-mentioned star companies are among the top ten in terms of fundraising in Chinese concept stocks in the first half of 2021. From the perspective of industry distribution, the top ten financing amounts are mainly concentrated in the software and service industries, with a total of 7 companies; Food, beverage and tobacco, diversified finance, and retail each.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>Judging from the total amount of initial funds raised, the top three industries are<b>Software & Services, Food, Beverage & Tobacco, Retail.</b>It is worth noting that there is only one IPO company in the food, beverage and tobacco industry, Wuxin Technology, but its initial fundraising amount is as high as US $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of the company after listing,<b>As of June 30, the stock prices of 6 of the 36 Chinese concept stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which were listed on June 30, did not record stock price rise and fall data).</b></p><p>There are only 3 companies with an increase of more than 50%. Among them, TuSimple has the largest increase at 78.10%, followed by Dingdong Maicai with 62.84% and Zhihu with 59.53%.</p><p>Sixteen companies fell by more than 30%, including the insurance technology platform Shuidi Company (-33.20%) and the cross-border e-commerce platform Onion Group (-38.14%), which was listed on May 7, and Wuxin Technology (-70.42%), which was listed in January.) etc.</p><p>Although the enthusiasm of Chinese-funded enterprises to raise funds in the United States has not diminished, the current market performance is not satisfactory. At present, the domestic strengthening of the control of data leakage risks of companies listed in the United States has also brought more uncertainties to companies listed in the United States in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese-funded enterprises have shown strong strength in the global capital market.<b>Among the top ten companies in the world in terms of financing amount by listed companies in the first half of 2021, half of them came from Hong Kong and the Mainland.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking forward to the second half of 2021, although there is great uncertainty in the U.S. stock market due to strengthened supervision, the A-share and Hong Kong stock capital markets can still be expected.</p><p>The Ernst & Young report mentioned that as of June 21, there were 633 A-share queuing companies; Among them, science and technology innovation board and Growth Enterprise Market are the main forces of listing, with 55% of queuing companies planning to list on Growth Enterprise Market and 23% of queuing companies planning to list on Science and Technology Innovation Board.</p><p>The Deloitte report also pointed out that in terms of A shares, with the stable issuance of science and technology innovation board and the reform of the registration system of GEM, the number of IPOs will increase greatly, and small and medium-sized manufacturing and technology industries will take the lead in the number of issuances. In terms of Hong Kong stocks, it is expected that the Hong Kong new stock market can raise more than HK $400 billion in 2021, and the upsurge of Chinese concept stocks returning to Hong Kong for secondary listings will continue.</p><p>* Note: Chinese-funded enterprises include A shares + Chinese concept stocks in US stocks + Chinese stocks in Hong Kong stocks; Among them, Chinese stocks in Hong Kong stocks include H shares, red chip stocks and Chinese private stocks.</p>","source":"yow","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>IPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%</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\">\nIPO inventory in the first half of the year: A-shares rose 95%, Hong Kong stock fundraising doubled, and US stocks fell by more than 70%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧网</strong><span class=\"h-time small\">2021-07-08 12:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>320 Chinese-funded enterprises compete in the global capital market. On June 30, Nayuki's tea landed on the Hong Kong stock market with a high profile. It broke on the first day and closed at HK $17.12 that day, down 13.54% from the issue price, causing a \"turmoil\" in the secondary market. Didi Chuxing was listed on the New York Stock Exchange in a low-key manner. It once rose 28.6% intraday that day and finally closed at $14.14, with a market value of $67.8 billion.</p><p>Between one high and one low, the IPO boom of Chinese-funded enterprises in the first half of the year finally came to a perfect end. And the listing performance of these two companies has somewhat become the epitome of this IPO boom-in the capital market, there are always people singing and carnival, while others are disappointed and lonely.</p><p>Against the background of the steady recovery of the global economy, the global IPO market will be active in 2021.</p><p>KPMG recently released a report pointing out that the total fundraising and listing of global capital markets in the first half of the year were US $210 billion and 1,047 respectively, an increase of 196% and 134% respectively over the same period last year.</p><p><b>Among them, China's A-share and Hong Kong markets have contributed key forces.</b>As of June 23, among the top five stock exchanges in terms of total IPO fundraising, Hong Kong Stock Exchange ranked third with US $26 billion, and Shanghai Stock Exchange ranked fourth with US $20.6 billion, second only to Nasdaq and New York Stock Exchange.</p><p>In these top four exchanges, Chinese-funded enterprises can be seen everywhere.<b>According to statistics from EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese-funded companies were successfully listed on A-shares (245 companies), Hong Kong stocks (39 companies), and US stocks (36 companies).</b></p><p><b>A shares: 70% of companies are listed on the Science and Technology Innovation Board and Growth Enterprise Market</b></p><p><b>Overall Overview-Total IPOs Doubled from Last Year</b></p><p>In the first half of 2021, a total of 245 companies were listed on the A-share Shanghai and Shenzhen stock markets, an increase of 126 compared with the same period in 2020, a year-on-year increase of 105.88%. The total amount of initial funds raised reached 210.95 billion yuan, an increase of 51.46% over the same period in 2020.</p><p>Judging from the number of IPOs and financing amount, in the past two and a half years, the performance of the A-share market in the first half of 2021 is second only to the second half of 2020.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the cause of this IPO boom of Chinese-funded enterprises is<b>Steady recovery of the domestic economy and improvement of the capital market system</b>Positive impact.</p><p>Zhao Haizhou, partner of Deloitte China's national A-share market in East China, pointed out that the IPO in the A-share market in the first half of the year was more active than that in the same period last year, mainly due to the implementation of the new securities law and the reform of the GEM registration system.</p><p>Since the registration system review procedure is relatively simple, it can effectively speed up the listing progress of enterprises. At the same time, the listing threshold of enterprises under the registration system is relatively low, and some enterprises with low revenue, low profits or even losses can also be listed on the Science and Technology Innovation Board under other conditions. Therefore, science and technology innovation board and Growth Enterprise Market have also become the first choice for many companies to go public.</p><p>Judging from the distribution sectors of 245 IPO companies in the first half of the year, science and technology innovation board and Growth Enterprise Market played a key role in promoting companies to enter the capital market.<b>There are 86 and 85 companies listed on the Science and Technology Innovation Board and the Growth Enterprise Market respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies; The total amount raised was 123.557 billion yuan, accounting for 58.57%.</b></p><p>It is worth mentioning that among the 245 companies, 6 of the top ten companies in terms of fundraising scale are listed on the Science and Technology Innovation Board and the Growth Enterprise Market.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, science and technology innovation board and Growth Enterprise Market have become the main sectors for corporate A-share IPOs. From Q2020 to Q2 of 2021, the total number of IPOs on the Science and Technology Innovation Board and GEM was 118, 60, 69 and 102. The proportions are 67.05%, 59.41%, 69.00%, and 70.34% respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, science and technology innovation board has performed brilliantly since its official opening on June 13, 2019. By June 30 this year, 301 companies have been listed.</p><p>In 2019, 70 companies landed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, Bloomage Biotech, etc.; 145 companies in 2020, including SMIC, Foxit Software, Cambrian, China Resources Micro, Cathay Bio, etc.; 86 companies in the first half of 2021, including Tianneng Co., Ltd., China Net Software, Shengyi Electronics, etc.</p><p>Since the second quarter of 2020, the number of companies listed on the Science and Technology Innovation Board has accounted for around 30%-40% of the entire A-share market, and has become an important part of my country's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Industry insiders pointed out that the listing conditions of science and technology innovation board are more diversified and inclusive, and the issuance pricing process is more market-oriented, which can well adapt to the differentiated financing needs of science and technology enterprises of different types and stages of development. It is expected that in the second half of the year, science and technology innovation board will continue to maintain its vitality and contribute to the entire A-share market.</p><p>Guosheng Strategy Zhang Qiyao's team believes that as market funds shift from incremental entry to stock games, high growth rates in the second half of 2021 are the key to success, and the Science and Technology Innovation Board is currently the sector with the highest growth rate of A shares.</p><p>According to a Deloitte report, it is estimated that there will be 180-210 new shares issued on the Science and Technology Innovation Board and the Growth Enterprise Market in the second half of the year. Among them, the financing amount of science and technology innovation board may reach 130 billion to 170 billion yuan, and the financing amount of GEM may reach 160 billion to 200 billion yuan.</p><p><b>Industry distribution-food and beverage, medical care and other sectors are in good situation</b></p><p>EqualOcean statistics found that in the first half of 2021, the 245 A-share listed companies were mainly distributed in<b>Capital Goods, Materials II, Technology Hardware & Equipment</b>And other fields.</p><p>Among them, the number of IPOs of capital goods and the amount of funds raised ranked first. This sector mainly covers construction and engineering, industrial machinery, aerospace and national defense, electrical components and equipment and other fields, including 63 companies such as Tianneng, Dongwei Technology, and Kehui. The total IPO fundraising was 36.915 billion yuan, accounting for 17.50% of the total A-share IPO fundraising in the first half of 2021.</p><p>The Materials II sector covers diversified chemicals, industrial gases, building materials and other fields, including a total of 27 companies including Lianke Technology, Jingxue Energy Saving, and Jiangsu Boyun, raising a total of 16.056 billion yuan, accounting for 7.61%.</p><p>The technical hardware and equipment sector covers electronic components, electronic equipment and instruments and other fields, including 27 companies including Hehui Optoelectronics, Shengyi Electronics, and Darui Electronics, raising a total of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share food, beverage and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, durable consumer goods and clothing and other sectors rose gratifying. In particular, the food, beverage and tobacco sectors, and the medical and health care equipment and services sectors saw annual growth rates of 77.01% and 73.93% respectively.</p><p>In the first half of this year, the situation of the above-mentioned related sectors is still good.</p><p><b>A total of 15 companies in the food, beverage and tobacco sectors IPO, raising a total of 14.349 billion yuan, accounting for 6.80%.</b>Among them, the stock prices of Dongpeng Beverage and Ligao Food both rose by more than 400% as of June 30.</p><p><b>Healthcare & Services, Pharmaceuticals, Biotech & Life Sciences</b>, and it is still a track that has attracted much attention from capital. Especially in the context of the global epidemic, more capital has entered to push up the market value of related companies. These two major tracks<b>There are 18 listed companies, raising a total of 14.104 billion yuan, accounting for 6.69% of the total A-share IPO funds raised.</b></p><p><b>Corporate performance-the highest increase was 1356.01%</b></p><p><b>As of June 30, 95% of the 245 companies listed on the A-share market in the first half of 2021 have seen their stock prices rise.</b>Among them, there are 137 companies with an increase of more than 100%, accounting for more than 55.92%; There are 11 companies with an increase of more than 500%, accounting for 4.50%. Only 12 companies saw their stock prices fall.</p><p>Among the 137 companies with an increase of more than 100%, there are 108 companies from GEM and science and technology innovation board, accounting for 78.83%, and 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which landed on the Science and Technology Innovation Board on June 23, has increased by as much as 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life science sectors. In the first half of 2021, 18 companies in this sector were listed, 17 of which were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>The top ten companies whose stock prices have fallen since their listing are mainly distributed on the main boards and GEM of Shanghai and Shenzhen stock markets. Only one company, Jushi Chemicals, is from the Science and Technology Innovation Board.</p><p>It can be seen,<b>The overall performance of listed companies on the Science and Technology Innovation Board and Growth Enterprise Market is stronger than that on the main board.</b></p><p><b>Hong Kong stocks: The boom of secondary listings of Chinese concept stocks continues</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, a year-on-year decrease of 22%; The total amount of funds raised was approximately HK $212.95 billion, a year-on-year increase of 138%, setting a record high.</p><p>Wherein,<b>Thirty-nine Chinese-funded enterprises went public in Hong Kong, raising a total of 209.713 billion Hong Kong dollars, or approximately 181.7063 billion yuan (based on the exchange rate on July 1).</b>Compared with 38 companies and approximately 82.6 billion yuan in the same period in 2020, the number of IPOs was basically the same, and the total amount of funds raised increased by 119.98%.</p><p>Based on the number of IPOs and the total amount of initial funds raised,<b>Pharmaceuticals, Biotechnology & Life Sciences</b>And<b>Software & Services</b>The performance of the two major sectors is relatively outstanding, with 7 and 5 companies successfully IPOs respectively, raising funds of HK $20.271 billion and HK $102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and service track, Kuaishou, Baidu Group, Bilibili, and Autohome rank among the top ten among the 39 Chinese-funded enterprises listed in Hong Kong.<b>Kuaishou, Baidu Group, Bilibili and JD Logistics,</b>It also ranked among the top ten global financing scale in the first half of the year.</p><p>The considerable amount of funds raised by these giant companies has doubled the total financing growth of the Hong Kong stock market in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>The boom in Hong Kong stocks in recent years stems from a series of reform measures that benefit the new economic components. The Hong Kong Stock Exchange revised its listing mechanism in April 2018. After companies that accept the structure of individual shareholders with different rights for the same shares were listed in Hong Kong, new economic companies such as Xiaomi, Meituan, and Alibaba have successively welcomed the settlement.</p><p>In 2020, there was a wave of secondary listings of Chinese concept stocks in the Hong Kong market and continues to this day. Wind statistics show that the IPO scale of Hong Kong stocks in 2020 will reach HK $397.528 billion, ranking third in the world after US stocks and A shares; Among the top ten IPOs, Chinese concept stocks returned to companies occupying 6 seats.</p><p>Nowadays, more and more giant companies choose to go public in Hong Kong for secondary listings, such as China Duty Free, the world's largest travel retail operator and duty-free giant. China CDFG announced on June 28 that the company had submitted a prospectus to the Hong Kong Stock Exchange on June 25.</p><p>KPMG China partner Zhu Yayi predicts that,<b>In the next few quarters, the momentum of new stock listing activities in new economic sectors such as healthcare, life sciences, logistics and supply chain, and financial technology in Hong Kong stocks will remain strong.</b></p><p><b>U.S. stocks: More than 70% of IPO Chinese concept stock prices fell</b></p><p>In the first half of 2021, Chinese-funded enterprises have unprecedented enthusiasm for listing in the United States, and the number of IPOs and the amount of funds raised have increased significantly compared with the same period last year. And this is<b>Since 2019, it has been the year and a half with the largest number of Chinese-funded enterprises IPO in the United States and the largest amount of financing.</b></p><p>As of June 30th, there were 36 Chinese-funded enterprises IPO in the United States in the first half of this year, of which 23 were listed on NASDAQ and 13 were listed on New York Stock Exchange. The total amount of initial funds raised was US $13.662 billion, or approximately 83.31 billion yuan (based on the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies, there are many star companies that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic travel giant that went public on June 30, Manbang Group and TuSimple in the automotive field, fresh food e-commerce platforms Dingdong Maicai and Daily Fresh, and further ahead there are BOSS Zhipin, Shuidi Company, and e-cigarette giant RELX's parent company Wuxin Technology, Zhihu, etc.</p><p>The above-mentioned star companies are among the top ten in terms of fundraising in Chinese concept stocks in the first half of 2021. From the perspective of industry distribution, the top ten financing amounts are mainly concentrated in the software and service industries, with a total of 7 companies; Food, beverage and tobacco, diversified finance, and retail each.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>Judging from the total amount of initial funds raised, the top three industries are<b>Software & Services, Food, Beverage & Tobacco, Retail.</b>It is worth noting that there is only one IPO company in the food, beverage and tobacco industry, Wuxin Technology, but its initial fundraising amount is as high as US $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of the company after listing,<b>As of June 30, the stock prices of 6 of the 36 Chinese concept stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which were listed on June 30, did not record stock price rise and fall data).</b></p><p>There are only 3 companies with an increase of more than 50%. Among them, TuSimple has the largest increase at 78.10%, followed by Dingdong Maicai with 62.84% and Zhihu with 59.53%.</p><p>Sixteen companies fell by more than 30%, including the insurance technology platform Shuidi Company (-33.20%) and the cross-border e-commerce platform Onion Group (-38.14%), which was listed on May 7, and Wuxin Technology (-70.42%), which was listed in January.) etc.</p><p>Although the enthusiasm of Chinese-funded enterprises to raise funds in the United States has not diminished, the current market performance is not satisfactory. At present, the domestic strengthening of the control of data leakage risks of companies listed in the United States has also brought more uncertainties to companies listed in the United States in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese-funded enterprises have shown strong strength in the global capital market.<b>Among the top ten companies in the world in terms of financing amount by listed companies in the first half of 2021, half of them came from Hong Kong and the Mainland.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking forward to the second half of 2021, although there is great uncertainty in the U.S. stock market due to strengthened supervision, the A-share and Hong Kong stock capital markets can still be expected.</p><p>The Ernst & Young report mentioned that as of June 21, there were 633 A-share queuing companies; Among them, science and technology innovation board and Growth Enterprise Market are the main forces of listing, with 55% of queuing companies planning to list on Growth Enterprise Market and 23% of queuing companies planning to list on Science and Technology Innovation Board.</p><p>The Deloitte report also pointed out that in terms of A shares, with the stable issuance of science and technology innovation board and the reform of the registration system of GEM, the number of IPOs will increase greatly, and small and medium-sized manufacturing and technology industries will take the lead in the number of issuances. In terms of Hong Kong stocks, it is expected that the Hong Kong new stock market can raise more than HK $400 billion in 2021, and the upsurge of Chinese concept stocks returning to Hong Kong for secondary listings will continue.</p><p>* Note: Chinese-funded enterprises include A shares + Chinese concept stocks in US stocks + Chinese stocks in Hong Kong stocks; Among them, Chinese stocks in Hong Kong stocks include H shares, red chip stocks and Chinese private stocks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg\">亿欧网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/266ab84342c6ca65b538d0b42bc1dc4e","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数",".SPX":"S&P 500 Index","HSI":"恒生指数",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155545983","content_text":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨28.6%，最后收于14.14美元，市值678亿美元。\n一高一低之间，上半年中资企业IPO热潮终于迎来完美收官。而这两家企业的上市表现，也多少成了这次IPO热潮的缩影——在资本市场里，总是有人高歌狂欢，也有人失望落寞。\n在全球经济稳步复苏的大背景之下，2021年全球IPO市场表现活跃。\n毕马威近期发布报告指出，上半年全球资本市场募资总额和上市总数分别为2100亿美元和1047家，较去年同期分别增长196%和134%。\n这其中，中国A股和中国香港市场贡献了关键力量。截至6月23日，在IPO募资总额排名前五的证券交易所中，港交所以260亿美元位列第三，上交所以206亿美元排名第四，仅次于纳斯达克和纽交所。\n在这排名前四的交易所里，随处可见中资企业身影。据亿欧EqualOcean统计，上半年IPO热潮中，共有320家中资企业在A股（245家）、港股（39家）、美股（36家）成功上市。\nA股：七成企业在科创板和创业板上市\n整体概况——IPO总数较去年翻倍\n2021年上半年，A股沪深两市共有245家企业上市，较2020年同期增加了126家，同比增长105.88%。首发募资总额达到2109.50亿元人民币，较2020年同期增长51.46%。\n从IPO数量和融资额度来看，在过去两年半，A股市场2021年上半年的表现仅次于2020年下半年。\n\n对于这场中资企业IPO热潮的成因，市场普遍认为是国内经济稳步复苏以及资本市场制度完善带来的积极影响。\n德勤中国全国A股市场华东区合伙人赵海舟指出，上半年A股市场IPO较去年同期活跃主要是新证券法实施、创业板注册制改革带来的成果。\n由于注册制审核程序相对简单，可以有效加快企业上市进度，同时，注册制之下企业上市门槛相对较低，一些营收少、利润低甚至亏损的企业，也可以在其他条件满足的情况下在科创板完成上市。因而，科创板和创业板也成为了众多企业的上市首选。\n从上半年IPO的245家企业分布板块来看，科创板和创业板在推动企业进入资本市场方面发挥了关键作用。在科创板和创业板上市的企业分别有86家和85家，合计171家，占IPO企业总数近七成（69.80%）；募集总额1235.57亿元，占比58.57%。\n值得一提的是，245家企业中，募资规模前十的企业有6家是在科创板和创业板上市。\n\n\n其实自2020年第三季度以来，科创板和创业板就成为企业A股IPO的主要发力板块。2020年Q3-2021年Q2，科创板和创业板IPO总数为118家，60家，69家和102家。占比分别为67.05%、59.41%、69.00%、70.34%。\n\n其中，科创板更是从2019年6月13日正式开板以来就表现亮眼，至今年6月30日已迎来301家企业上市。\n2019年全年有70家公司登陆科创板，包括金山办公、传音控股、澜起科技、华熙生物等；2020年145家，包括中芯国际、福昕软件、寒武纪、华润微、凯赛生物等；2021年上半年86家，包括天能股份、中网软件、生益电子等。\n2020年第二季度以来，科创板上市企业数量在整个A股市场上市企业数量占比一直维持在30%-40%上下，已然成为我国资本市场的重要组成部分。\n\n业内人士指出，科创板在上市条件更加多样化也更具包容性，发行定价环节也更加市场化，能够很好地适应不同类型、不同发展阶段科创企业的差异化融资需求。预计在下半年，科创板将持续保持活力，为整个A股市场贡献力量。\n国盛策略张启尧团队认为，随着市场资金由增量入场转向存量博弈，2021年下半年高增速是制胜关键，而眼下科创板就是A股增速最高的板块。\n另据德勤报告预计，下半年科创板和创业板均将会有180-210只的新股发行数量。其中，科创板融资额或达1300亿-1700亿元，创业板融资额或达1600亿-2000亿元。\n行业分布——食品饮料、医疗保健等板块态势见好\n亿欧EqualOcean统计发现，2021年上半年A股245家上市企业主要分布在资本货物、材料II、技术硬件与设备等领域。\n其中，资本货物的IPO数量和筹资额均列第一。该板块主要覆盖建筑与工程、工业机械、航天航空与国防、电气部件与设备等领域，包括天能股份、东威科技、科汇股份等共63家企业，IPO募资总额369.15亿元，占2021年上半年A股IPO募资总额17.50%。\n材料II板块覆盖多元化工、工业气体、建材等领域，包括联科科技、晶雪节能、江苏博云等共27家企业，募资总额160.56亿元，占比7.61%。\n技术硬件与设备板块覆盖电子元件、电子设备与仪器等领域，包括和辉光电、生益电子、达瑞电子等27家企业，募资总额267.66亿元，占比12.69%。\n\n\n2020年，A股食品、饮料与烟草，医疗保健设备与服务，制药、生物科技与生命科学，汽车与汽车零部件，耐用消费品服装等板块涨势喜人。尤其是食品、饮料与烟草板块，医疗保健设备与服务板块，年度涨幅分别达到77.01%和73.93%。\n今年上半年，上述相关板块的态势依然见好。\n食品、饮料与烟草板块共有15家企业IPO，募资总额达到143.49亿元，占比6.80%。其中，东鹏饮料和立高食品截至6月30日，股价涨幅均超过400%。\n医疗保健与服务，制药、生物科技与生命科学，也依然是备受资本关注的赛道。特别是在全球疫情肆虐的大背景下，更多资本进入推高相关企业市值。这两大赛道共有18家上市企业，共募集资金141.04亿元，占A股IPO募资总额6.69%。\n企业表现——涨幅最高达1356.01%\n截至6月30日，2021年上半年在A股上市的245家企业中，95%的企业股价上涨。其中，涨幅超100%共有137家，占比超过55.92%；涨幅超500%的企业有11家，占比4.50%。仅有12家企业出现股价下跌。\n在涨幅100%以上的137家企业中，来自创业板和科创板的企业共有108家，占比78.83%，在245家上市企业中占比44.08%。\n其中，6月23日登陆科创板的微纳科技上市以来涨幅高达1356.01%，该企业属于制药、生物科技与生命科学板块。该板块2021上半年有18家企业上市，其中有17家来自科创板，上市以来平均涨幅超281%。\n\n\n而上市以来股价跌幅前十的企业主要分布在沪深两市主板和创业板，仅一家企业聚石化学来自科创板。\n可见，科创板与创业板上市企业整体表现较主板强。\n港股：中概股二次上市热潮持续\n2021年上半年港股市场IPO数量46家，同比下降22%；募资总额约2129.5亿港元，同比增长138%，创下历史新高。\n其中，39家中资企业赴港上市，共募资2097.13亿港元，约合1817.063 亿人民币（按7月1日汇率）。相比2020年同期的38家和约826亿元人民币，IPO数量基本持平，募资总额增长119.98%。\n综合IPO数量和首发募资总额来看，制药、生物科技与生命科学和软件与服务两大板块表现较突出，分别有7家和5家企业成功IPO，募得资金202.71亿港元和1024.84亿港元。\n\n\n在软件与服务赛道，快手、百度集团、哔哩哔哩、汽车之家4家企业募资规模在39家赴港上市中资企业中排名前十。快手、百度集团、哔哩哔哩与京东物流，还位列上半年全球融资规模前十榜单。\n这些巨头企业可观的募资额，推动了港股市场2021年上半年融资总额增长翻倍。\n\n近年来的港股热潮，源于一系列利好新经济成分的改革措施。港交所在2018年4月修改了上市机制，接受个人股东同股不同权架构的公司在港上市之后，陆续迎来了小米、美团、阿里巴巴等新经济公司入驻。\n2020年香港市场出现中概股二次上市浪潮并延续至今。Wind数据统计显示，2020年港股IPO发行规模达到3975.28亿港元，仅次于美股和A股，排名全球第三；前十大IPO中，中概股回归公司占据6席。\n而今，越来越多巨头企业选择赴港二次上市，比如全球最大的旅游零售运营商、免税巨头中国中免。中国中免于6月28日发布公告称，公司已于6月25日向港交所递交招股书。\n毕马威中国合伙人朱雅仪预计，未来几个季度，港股医疗保健、生命科学、物流和供应链、及金融科技等新经济板块，新股上市活动势头将维持强劲。\n美股：超7成IPO中概股股价下跌\n2021年上半年，中资企业赴美上市热情空前，IPO数量和募资额度都较去年同期大幅上涨。这是2019年至今，赴美IPO中资企业数量最多、融资额最大的一个半年度。\n截至6月30日，今年上半年赴美IPO的中资企业共有36家，其中有23家登陆纳斯达克，13家在纽交所登陆。首发募资总额为136.62亿美元，约合833.1亿元人民币（按7月1日汇率）。\n\n这些上市企业中不乏备受资本市场关注的明星企业。比如6月30日上市的国内出行巨头滴滴出行，汽车领域的满帮集团、图森未来等，生鲜电商平台叮咚买菜、每日优鲜，再往前还有BOSS直聘、水滴公司、电子烟巨头悦刻的母公司雾芯科技、知乎等。\n上述明星企业均位列2021年上半年中概股募资额前十。从行业分布来看，融资额前十主要集中在软件与服务行业，共有7家；食品、饮料与烟草，多元金融，零售业各1家。\n\n从首发募资总额来看，排名前三的行业分别为软件与服务，食品、饮料与烟草，零售业。值得注意的是，食品、饮料与烟草行业仅有雾芯科技1家企业IPO，但其首发募资额高达13.98亿美元。\n\n\n从企业上市后股价表现来看，截至6月30日，36家中概股中6家股价上涨、28家下跌（6月30日上市滴滴出行和普普文化未录得股价涨跌数据）。\n涨幅超50%的企业仅有3家，其中图森未来涨幅最大，为78.10%，其次是叮咚买菜62.84%，知乎59.53%。\n有16家企业下跌幅度超30%，包括5月7日上市的保险科技平台水滴公司（-33.20%）和跨境电商平台洋葱集团（-38.14%），1月份上市的雾芯科技（-70.42%）等。\n尽管中资企业赴美融资热情不减，但目前来看市场表现不尽如人意。眼下，国内加强对赴美上市企业存在的数据泄露风险的管控，也给下半年赴美上市的企业带来了更多的不确定因素。\n结语\n回顾上半年IPO热潮，中资企业在全球范围内的资本市场表现出强劲实力。2021年上半年上市企业融资额全球前十的企业中，半数企业来自中国香港和内地。\n\n展望2021年下半年，虽然美股由于监管加强存在较大不确定性，但A股和港股资本市场仍可期待。\n安永报告提到，截至6月21日，A股共有633家排队企业；其中科创板和创业板是上市的主力军，有55%的排队企业计划在创业板上市，23%的排队企业计划在科创板上市。\n德勤报告也指出，A股方面，随着科创板的稳定发行以及创业板的注册制改革， IPO数量会有较大增长，中小规模的制造和科技行业会在发行数量上处于领先。港股方面，预期2021年香港新股市场可融资超过4000亿港元，而中概股回港二次上市热潮仍将持续。\n*注：中资企业包括A股+美股中概股+港股中资股；其中，港股中资股包括H股、红筹股、中资民营股。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9,"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156344949,"gmtCreate":1625198691581,"gmtModify":1703738199915,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156344949","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","kind":"news","pubTimestamp":1625180880,"share":"https://ttm.financial/m/news/1175817125?lang=en_US&edition=fundamental","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p>\n<p>Investors now eye Friday’s much-anticipated employment report.</p>\n<p>The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p>\n<p>“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p>\n<p>All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p>\n<p>The Philadelphia SE Semiconductor index slid 1.5%</p>\n<p>“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p>\n<p>“It feels like investors left for the Fourth of July weekend about three months ago.”</p>\n<p>The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p>\n<p>Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p>\n<p>Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p>\n<p>“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p>\n<p>Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p>\n<p>“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p>\n<p>The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p>\n<p>Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p>\n<p>Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p>\n<p>Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p>\n<p>Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 winning streak extends to sixth straight record close</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 winning streak extends to sixth straight record close\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124732722,"gmtCreate":1624790532566,"gmtModify":1703845190762,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124732722","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://ttm.financial/m/news/1137119316?lang=en_US&edition=fundamental","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p>\n<ul>\n <li>I am comparing Ford against NIO in different categories.</li>\n <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>\n <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p>\n<p>With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p>\n<p><b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p>\n<p>Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p>\n<p><b>Market opportunity</b></p>\n<p>In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p>\n<p>China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p>\n<p>Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p>\n<p>Turning to growth projections.</p>\n<p>With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p>\n<p>Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p>\n<p><b>Scale and manufacturing competence</b></p>\n<p>Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p>\n<p>Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p>\n<p>Winner here: Ford.</p>\n<p><b>Differentiation and BaaS revenue model</b></p>\n<p>Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p>\n<p>Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p>\n<p>The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p>\n<p>The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p>\n<p>Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p>\n<p>Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p>\n<p>The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p>\n<p><b>Sales growth and valuation</b></p>\n<p>Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p>\n<p>Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p>\n<p>Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p>\n<p><b>NIO has larger risks...</b></p>\n<p>NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p>\n<p><b>Final verdict</b></p>\n<p>NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p>\n<p>Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p>\n<p>If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ford Or NIO? The Final Verdict</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFord Or NIO? The Final Verdict\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","F":"福特汽车"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1,"symbols_score_info":{"F":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125624878,"gmtCreate":1624672467394,"gmtModify":1703843270668,"author":{"id":"3569299384564621","authorId":"3569299384564621","name":"jamiengan","avatar":"https://static.tigerbbs.com/889f4395dbbcc2004e91811498c78b43","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569299384564621","authorIdStr":"3569299384564621"},"themes":[],"htmlText":"Baba go go go...","listText":"Baba go go go...","text":"Baba go go go...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125624878","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}