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2025-03-07

2022-09-21

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Will U.S. stocks rally sharply after tonight's Fed meeting?

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</a>&nbsp;","text":"$NVIDIA(NVDA)$","images":[{"img":"https://community-static.tradeup.com/news/6bb2bd8ebd3284bffac00eb4c831aa10","width":"1022","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/410890647233104","isVote":1,"tweetType":1,"viewCount":2612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9919818068,"gmtCreate":1663770471654,"gmtModify":1676537333119,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9919818068","repostId":"1187317494","repostType":4,"repost":{"id":"1187317494","kind":"news","weMediaInfo":{"introduction":"港股挖掘机将每天为您推送最具价值的港股、美股、A股投资资讯！第一时间把握全球政策动向，先人一步了解主流资金流向，监测主力行踪，解读公司公告，追踪活跃个股，让您畅享投资财富盛宴!","home_visible":1,"media_name":"智通财经APP","id":"12","head_image":"https://static.tigerbbs.com/361f7f1ca0d64e919035653d64c723ab"},"pubTimestamp":1663763564,"share":"https://ttm.financial/m/news/1187317494?lang=en_US&edition=fundamental","pubTime":"2022-09-21 20:32","market":"us","language":"zh","title":"Will U.S. stocks rally sharply after tonight's Fed meeting?","url":"https://stock-news.laohu8.com/highlight/detail?id=1187317494","media":"智通财经APP","summary":"对于陷入悲观情绪的股票投资者来说，美联储今晚的加息实际上可能会让他们松一口气。由于美联储可能会采取更强硬的立场来对抗灼热的通货膨胀，在美联储会议之前，美国股市已经感受到了压力，标普500指数和纳斯达克","content":"<p><html><head></head><body>For stock investors caught up in pessimism, the Fed's rate hike tonight may actually be a sigh of relief.</p><p>U.S. stocks are already feeling the pinch ahead of the Fed meeting, with the S&P 500 and Nasdaq 100 down 6.2% and 7%, respectively, over the past six days, as the Fed is likely to take a tougher stance to fight scorching inflation.</p><p>Zhitong Finance APP noted that from historical experience, once the interest rate meeting ends, the market may rebound.</p><p><img src=\"https://static.tigerbbs.com/dfbbfcdf5880736eefc8f6afe2773297\" tg-width=\"577\" tg-height=\"322\" referrerpolicy=\"no-referrer\"/></p><p>In the past 18 months, the S&P 500 has risen eight times after the Fed's 10 interest rate decisions. Stocks rose 6% to 9% in the days after the Federal Reserve met in January, March and June.</p><p>Brad McMillan, chief investment officer at the Federal Financial Network, said, \"Market expectations are very tough and the Fed is likely to release results as expected, but still more dovish than expected.\"\"This may limit the market downside from this meeting and may provide some upside going forward.\"</p><p>Tonight will be the Fed's fifth consecutive rate hike this year, and the benchmark borrowing rate may rise to 3.25% after this rate hike. That could push the 10-year U.S. Treasury Bond yield above 3.5% to its highest level since 2011, forcing many investors to dump stocks.</p><p>But such extremely bearish positions could also be a source of support for the stock market.<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The latest monthly survey shows that fund managers have reduced their holdings in stocks to the lowest level ever, while cash levels are at the highest on record.</p><p>Danni Hewson, financial analyst at AJ Bell, said that \"there is too much speculation in the market about the Fed's next move, and finally making a decision should give investors some much-needed relief.\"\"If the Fed rate hike 75 basis points again as originally planned, the market could rebound somewhat, in part because a full percentage point of concern in rate hike didn't happen.\"</p><p>Another metric, the CFTC's S&P 500 net non-commercial futures, also showing an extremely negative view, has reached levels seen during the 2008, 2011, 2015 and 2020 recessions. This pessimism is often viewed as a contrarian indicator that signals a rebound.</p><p><img src=\"https://static.tigerbbs.com/68dbbf9d1d33d436769f38fdfdbbd7dd\" tg-width=\"569\" tg-height=\"333\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Strategist Marko Kolanovic said Monday that \"strong earnings, low investor positions and stable long-term inflation expectations should ease any downside for risky assets.\"</p><p>The technical side of the market could also signal a bottom coming, especially in tech stocks. The tech-heavy Nasdaq 100 is down 27% this year, with about 16% of its constituents now trading just above the 200-day moving average.</p><p>The analysis shows that the technical aspect of this downturn coincides with previous market bottoms-except in 2008.</p><p><img src=\"https://static.tigerbbs.com/1aa0b2bdc23c00457ac3b3845e668f41\" tg-width=\"577\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/></p><p>Not everyone is convinced that the stock market is about to rally, though. U.S. stock market valuations remain at elevated levels compared to historical and previous downturns, making some investors reluctant to increase their exposure as the Federal Reserve continues its rate hike.</p><p><a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Wei Li, global chief investment strategist, said Monday that \"we expect excessive policy tightening to lead to a recession.\" Her strategic stance is to reduce stocks because \"recession risks are still not taken into account.\"</p><p>Yoshitaka, quantitative analyst at Nomura<a href=\"https://laohu8.com/S/SUD.AU\">Suda</a>Said that the dynamics of supply and demand among speculative investors were pushing the US stock market to weaken further, and macro funds took up short positions immediately after the latest US inflation data was released. Suda said in a note that macro funds \"will continue to short the U.S. stock market\" at least until the Oct. 7 jobs data is released.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Will U.S. stocks rally sharply after tonight's Fed meeting?</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\">\nWill U.S. stocks rally sharply after tonight's Fed meeting?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/12\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/361f7f1ca0d64e919035653d64c723ab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">智通财经APP </p>\n<p class=\"h-time smaller\">2022-09-21 20:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>For stock investors caught up in pessimism, the Fed's rate hike tonight may actually be a sigh of relief.</p><p>U.S. stocks are already feeling the pinch ahead of the Fed meeting, with the S&P 500 and Nasdaq 100 down 6.2% and 7%, respectively, over the past six days, as the Fed is likely to take a tougher stance to fight scorching inflation.</p><p>Zhitong Finance APP noted that from historical experience, once the interest rate meeting ends, the market may rebound.</p><p><img src=\"https://static.tigerbbs.com/dfbbfcdf5880736eefc8f6afe2773297\" tg-width=\"577\" tg-height=\"322\" referrerpolicy=\"no-referrer\"/></p><p>In the past 18 months, the S&P 500 has risen eight times after the Fed's 10 interest rate decisions. Stocks rose 6% to 9% in the days after the Federal Reserve met in January, March and June.</p><p>Brad McMillan, chief investment officer at the Federal Financial Network, said, \"Market expectations are very tough and the Fed is likely to release results as expected, but still more dovish than expected.\"\"This may limit the market downside from this meeting and may provide some upside going forward.\"</p><p>Tonight will be the Fed's fifth consecutive rate hike this year, and the benchmark borrowing rate may rise to 3.25% after this rate hike. That could push the 10-year U.S. Treasury Bond yield above 3.5% to its highest level since 2011, forcing many investors to dump stocks.</p><p>But such extremely bearish positions could also be a source of support for the stock market.<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The latest monthly survey shows that fund managers have reduced their holdings in stocks to the lowest level ever, while cash levels are at the highest on record.</p><p>Danni Hewson, financial analyst at AJ Bell, said that \"there is too much speculation in the market about the Fed's next move, and finally making a decision should give investors some much-needed relief.\"\"If the Fed rate hike 75 basis points again as originally planned, the market could rebound somewhat, in part because a full percentage point of concern in rate hike didn't happen.\"</p><p>Another metric, the CFTC's S&P 500 net non-commercial futures, also showing an extremely negative view, has reached levels seen during the 2008, 2011, 2015 and 2020 recessions. This pessimism is often viewed as a contrarian indicator that signals a rebound.</p><p><img src=\"https://static.tigerbbs.com/68dbbf9d1d33d436769f38fdfdbbd7dd\" tg-width=\"569\" tg-height=\"333\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Strategist Marko Kolanovic said Monday that \"strong earnings, low investor positions and stable long-term inflation expectations should ease any downside for risky assets.\"</p><p>The technical side of the market could also signal a bottom coming, especially in tech stocks. The tech-heavy Nasdaq 100 is down 27% this year, with about 16% of its constituents now trading just above the 200-day moving average.</p><p>The analysis shows that the technical aspect of this downturn coincides with previous market bottoms-except in 2008.</p><p><img src=\"https://static.tigerbbs.com/1aa0b2bdc23c00457ac3b3845e668f41\" tg-width=\"577\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/></p><p>Not everyone is convinced that the stock market is about to rally, though. U.S. stock market valuations remain at elevated levels compared to historical and previous downturns, making some investors reluctant to increase their exposure as the Federal Reserve continues its rate hike.</p><p><a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Wei Li, global chief investment strategist, said Monday that \"we expect excessive policy tightening to lead to a recession.\" Her strategic stance is to reduce stocks because \"recession risks are still not taken into account.\"</p><p>Yoshitaka, quantitative analyst at Nomura<a href=\"https://laohu8.com/S/SUD.AU\">Suda</a>Said that the dynamics of supply and demand among speculative investors were pushing the US stock market to weaken further, and macro funds took up short positions immediately after the latest US inflation data was released. Suda said in a note that macro funds \"will continue to short the U.S. stock market\" at least until the Oct. 7 jobs data is released.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/55eb327f580527889cf30bafa92692ae","relate_stocks":{"UDOW":"三倍做多道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SPY":"标普500ETF","SSO":"2倍做多标普500ETF-ProShares","BK4581":"高盛持仓","DJX":"1/100道琼斯","SDOW":"三倍做空道指30ETF-ProShares","OEX":"标普100","BK4534":"瑞士信贷持仓","SDS":"两倍做空标普500 ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","BK4504":"桥水持仓","BK4559":"巴菲特持仓","SPXU":"三倍做空标普500ETF-ProShares",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187317494","content_text":"对于陷入悲观情绪的股票投资者来说，美联储今晚的加息实际上可能会让他们松一口气。由于美联储可能会采取更强硬的立场来对抗灼热的通货膨胀，在美联储会议之前，美国股市已经感受到了压力，标普500指数和纳斯达克100指数在过去6天分别下跌了6.2%和7%。智通财经APP注意到，从历史经验来看，一旦议息会议结束，市场可能会出现反弹。在过去18个月里，美联储10次做出利率决议后，标普500指数有8次上涨。在美联储1月、3月和6月召开会议后的几天里，股市上涨了6%至9%。联邦金融网络的首席投资官Brad McMillan表示，“市场预期非常强硬，美联储可能会像预期的那样公布结果，但仍比预期的更为鸽派。”“这可能限制了此次会议带来的市场下行，并可能为未来提供一些上行空间。”今晚将是美联储今年连续第五次加息，在这次加息后基准借贷利率可能将升至3.25%。这可能推动10年期美国国债收益率突破3.5%，达到2011年以来的最高水平，迫使许多投资者抛售股票。但这种极度看跌的仓位也可能成为支撑股市的一个来源。美国银行最新月度调查显示，基金经理对股票的减持程度达到有史以来的最低水平，而现金水平则处于有记录以来的最高水平。AJ Bell金融分析师Danni Hewson表示，“市场对美联储下一步举措的猜测太多，最终做出决定应该会给投资者带来一些急需的宽慰。”“如果美联储按照原定计划再次加息75个基点，市场可能会有所反弹，部分原因是加息整整一个百分点的担忧并没有发生。”另一个指标CFTC的标准普尔500净非商业性期货，也显示出极为负面的看法，已达到2008年、2011年、2015年和2020年衰退期间的水平。这种悲观情绪通常被视为一个反向指标，预示着反弹。摩根大通策略师 Marko Kolanovic 周一表示，“强劲的收益、低投资者头寸和稳定的长期通胀预期应该会缓解风险资产的任何下行空间。”市场技术面也可能预示着底部即将到来，尤其是在科技股方面。以科技股为主的纳斯达克 100 指数今年下跌了 27%，目前约有 16% 的成分股交易价格略高于 200 天移动平均线。分析显示，这种低迷的技术面与此前的市场底部相吻合——2008年除外。不过，并非所有人都相信股市即将反弹。与历史和以往经济低迷时期相比，美国股市估值仍处于高位，这使得一些投资者在美联储继续加息之际，不愿增加风险敞口。贝莱德全球首席投资策略师Wei Li周一表示，“我们预计政策过度紧缩会导致衰退。”她的策略立场是减持股票，因为“衰退风险仍未被考虑在内”。野村证券的量化分析师Yoshitaka Suda表示，投机投资者之间的供需动态，正促使美国股市进一步走软，宏观基金在美国最新通胀数据出炉后立即建立起空头头寸。Suda在一份报告中表示，至少在10月7日就业数据发布之前，宏观基金“将继续做空美国股市”。","news_type":1,"symbols_score_info":{"QID":0.9,"QLD":0.9,"SPY":0.9,"OEX":0.9,"SDOW":0.9,"DDM":0.9,".DJI":0.9,"UDOW":0.9,".SPX":0.9,"NQmain":0.9,"DXD":0.9,"SPXU":0.9,".IXIC":0.9,"SDS":0.9,"SSO":0.9,"DJX":0.9}},"isVote":1,"tweetType":1,"viewCount":2527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937305248,"gmtCreate":1663367085784,"gmtModify":1676537258165,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937305248","repostId":"9934468580","repostType":1,"repost":{"id":9934468580,"gmtCreate":1663290784441,"gmtModify":1676537244822,"author":{"id":"3558908080415665","authorId":"3558908080415665","name":"Alvin Chow","avatar":"https://static.tigerbbs.com/2abf7014742f3e282e9781e945db75b0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558908080415665","authorIdStr":"3558908080415665"},"themes":[],"title":"No salaries for Sea executives is a signal","htmlText":"Forrest Li, CEO of Sea Ltd, wrote a memo to rally its staff to achieve positive cash flow for the company as fast as possible. The bearish sentiment has made fund raising difficult. To achieve the goal, the management will forgo salaries and rein in expenses. The message was specific to cash-based compensation and that could mean share grants may continue for the executives. That could be limited in scope too considering that Forrest didn't receive any stock options since 2020. About 10,000 stock options were given to the management in 2021. Estimated to cost just US$150,000.In FY21, the directors and executives received US$6.4m in compensation. Compared to the cash flow from operations of US$209m, it is a mere 3% difference. Unlikely to move the needle for Sea. The signalling is more impo","listText":"Forrest Li, CEO of Sea Ltd, wrote a memo to rally its staff to achieve positive cash flow for the company as fast as possible. The bearish sentiment has made fund raising difficult. To achieve the goal, the management will forgo salaries and rein in expenses. The message was specific to cash-based compensation and that could mean share grants may continue for the executives. That could be limited in scope too considering that Forrest didn't receive any stock options since 2020. About 10,000 stock options were given to the management in 2021. Estimated to cost just US$150,000.In FY21, the directors and executives received US$6.4m in compensation. Compared to the cash flow from operations of US$209m, it is a mere 3% difference. Unlikely to move the needle for Sea. The signalling is more impo","text":"Forrest Li, CEO of Sea Ltd, wrote a memo to rally its staff to achieve positive cash flow for the company as fast as possible. The bearish sentiment has made fund raising difficult. To achieve the goal, the management will forgo salaries and rein in expenses. The message was specific to cash-based compensation and that could mean share grants may continue for the executives. That could be limited in scope too considering that Forrest didn't receive any stock options since 2020. About 10,000 stock options were given to the management in 2021. Estimated to cost just US$150,000.In FY21, the directors and executives received US$6.4m in compensation. Compared to the cash flow from operations of US$209m, it is a mere 3% difference. Unlikely to move the needle for Sea. The signalling is more impo","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9934468580","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938764161,"gmtCreate":1662678847553,"gmtModify":1676537113950,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938764161","repostId":"1190604661","repostType":4,"repost":{"id":"1190604661","kind":"news","pubTimestamp":1662658477,"share":"https://ttm.financial/m/news/1190604661?lang=en_US&edition=fundamental","pubTime":"2022-09-09 01:34","market":"hk","language":"zh","title":"Queen Elizabeth II dies aged 96","url":"https://stock-news.laohu8.com/highlight/detail?id=1190604661","media":"央视新闻客户端","summary":"见证英国兴衰的史上最长待机女王当地时间9月8日，英国女王伊丽莎白二世在苏格兰巴尔莫勒尔城堡去世，享年96岁。当天稍早，英国白金汉宫发表声明表示，由于医生担心其身体健康情况，英国女王伊丽莎白二世处于医疗监护状态。皇室的正式讣告英国王室官方账号称，在伊丽莎白二世去世后，查尔斯王子随即成为英国的新君主。同月，英国白金汉宫宣布，英国女王伊丽莎白二世新冠病毒检测阳性，症状轻微。","content":"<p><html><head></head><body><b>》》》</b><a href=\"https://laohu8.com/NW/1193358135\" target=\"_blank\"><b>Elizabeth II! The longest standby queen in history who witnessed the rise and fall of Britain</b></a></p><p>On September 8th, local time, Queen Elizabeth II of England died at Balmoral Castle in Scotland at the age of 96.</p><p><img src=\"https://static.tigerbbs.com/c30b37cc5e316e5c1e37637eca3323cd\" tg-width=\"595\" tg-height=\"682\" referrerpolicy=\"no-referrer\"/></p><p>Earlier in the day, Buckingham Palace issued a statement saying that Queen Elizabeth II was under medical supervision because doctors were worried about her health. The statement said the Queen is currently in good condition and is under medical supervision at Balmoral Castle in Scotland.</p><p>The Queen's closest family then rushed to Balmoral Castle. Since late last year, the Queen has reduced her public appearances due to conditions such as her health. On the 6th, Queen Elizabeth II, 96, accepted Johnson's resignation at Balmoral Castle and officially appointed Truss as the new prime minister.</p><p>Elizabeth II was born in London on April 21, 1926. In 1952, Princess Elizabeth became Queen at the age of 25 when her father, King George VI, died. From Sir Winston Churchill to Liz Truss, the Queen witnessed 15 British Prime Ministers during her reign. In 2015, she became the longest-serving British monarch in history, breaking a record set by her great-great-grandmother, Queen Victoria.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daa6e93ce943bb2e91bf835f5641a16e\" tg-width=\"1080\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/><span>Official obituary of the Royal Family</span></p><p>The official account of the British royal family said that after the death of Elizabeth II, Prince Charles became the new monarch of Britain. The King and Queen will remain in Balmoral tonight and return to London tomorrow.</p><p><img src=\"https://static.tigerbbs.com/dd9972679a6bb7b97091f3604492c912\" tg-width=\"828\" tg-height=\"882\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/0b82f18dd18fe6f971fe56092e5b087c\" tg-width=\"828\" tg-height=\"503\" referrerpolicy=\"no-referrer\"/></p><p>Elizabeth II was born on April 21, 1926, ascended the throne in 1952 and became Britain's longest-serving monarch in September 2015.</p><p><img src=\"https://static.tigerbbs.com/d0a97c7554c4f9811c2d53ec6f6eb176\" tg-width=\"518\" tg-height=\"766\" referrerpolicy=\"no-referrer\"/></p><p>On 16 February, the Queen looked slightly haggard and difficult to move when she met her outgoing defence secretary</p><p>On September 8, Buckingham Palace said the Queen's doctors had expressed \"concern\" about her health and advised her to \"remain under medical supervision\".</p><p>The Queen has been plagued by health issues since October last year. Queen Elizabeth II celebrated her 70th anniversary in February.</p><p>In the same month, Buckingham Palace announced that Queen Elizabeth II had tested positive for the new coronavirus and had mild symptoms.</p><p>Previously, Britain's Crown Prince Charles and his wife Camilla tested positive for the new coronavirus.</p><p>After recovering from Covid, the Queen has not returned to everyone's sight, and it is difficult to stand and walk.</p><p>The Queen's unexpected absence at the Commonwealth Day event on March 14 this year surprised the whole of Britain.</p><p>The queen who \"wants to attend the anniversary at all costs\" is really weak.</p><p><img src=\"https://static.tigerbbs.com/d98fe269af81e6b196ea4ee2db5ea0de\" tg-width=\"1080\" tg-height=\"234\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d80f44187cbf0d3f78089d883ca06fa2\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"/></p><p>The Queen has always been tough, never taking a wheelchair when she can stand, but for the last part of her life, the staff installed an elevator and a safety wheelchair at her residence.</p><p>As you remember, on April 9 last year,<b>The death of Prince Philip, who spent 74 years with the Queen,</b></p><p><img src=\"https://static.tigerbbs.com/6d41ea99bf9b4d18885d045d6af44b01\" tg-width=\"1024\" tg-height=\"759\" referrerpolicy=\"no-referrer\"/></p><p>A minute of silence was observed throughout the UK as 30 royals held a 50-minute funeral for him inside Windsor Castle.</p><p><img src=\"https://static.tigerbbs.com/817cb15c8788101c3c5394f20be3736a\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"/></p><p>The Queen, dressed in black, sat in the car crying silently.</p><p><img src=\"https://static.tigerbbs.com/cf8f9794a86bf4e8f4b9f3fff0464544\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>After that, the Queen's health was frequently exposed to problems.</b></p><p>One month after Philip's death, the royal family returned to full work,</p><p>When the Queen attended the opening ceremony of Parliament, she was so thin that she could be seen in a low mood that she had lost her former smile and spirit.</p><p><img src=\"https://static.tigerbbs.com/ea7bbff6e680751ac6e578566788a1d0\" tg-width=\"1080\" tg-height=\"1350\" referrerpolicy=\"no-referrer\"/></p><p>In September, the Queen refused emergency knee surgery, resulting in difficulty walking,</p><p>She first appeared on crutches on October 12 while attending the Royal British Veterans Centennial ceremony,</p><p>The scene sparked an uproar, prompting speculation about the Queen's health.</p><p><img src=\"https://static.tigerbbs.com/1f1a766c221106dbf3b5e383617baef5\" tg-width=\"1080\" tg-height=\"1171\" referrerpolicy=\"no-referrer\"/></p><p>Although she has two pet dogs at home, the Queen is haggard and has lost her spiritual support.</p><p>On October 20, Buckingham Palace issued a statement,<b>Said the Queen had cancelled a visit to Northern Ireland scheduled for Wednesday and Thursday on the advice of doctors.</b></p><p>The Queen will have a good rest in the coming days, as advised by her doctor, though she is reluctant.</p><p><img src=\"https://static.tigerbbs.com/b3a1d61c0a8142adc1a80738295f5703\" tg-width=\"1080\" tg-height=\"217\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/f87fc8b57d6574fb9642d049c8554b62\" tg-width=\"1080\" tg-height=\"716\" referrerpolicy=\"no-referrer\"/></p><p>That evening, however, the Queen was admitted directly to the hospital,</p><p>This was the first time she had been hospitalized in the past eight years, and the last time she suffered from stomach problems.</p><p><img src=\"https://static.tigerbbs.com/4d382739be0011a9a7385fa46e70fb5f\" tg-width=\"1080\" tg-height=\"157\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/c9c8afcd7359483057de627ffc517cbd\" tg-width=\"931\" tg-height=\"524\" referrerpolicy=\"no-referrer\"/></p><p>When this breaking news came out, even Britons who were gradually departing from the royal family were anxious,</p><p>\"Is the Queen all right?”</p><p>The report revealed that,<b>The Queen's health issues have nothing to do with Covid.</b></p><p>After a string of health accidents, the Queen's doctor reminded her, \"It's time to stop drinking.\"</p><p>The Queen loved drinking and drank Martini every night for decades.</p><p><img src=\"https://static.tigerbbs.com/ad3d5ef8a4270bc76657e20ea04eb947\" tg-width=\"1080\" tg-height=\"105\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/6ce473187a5551cdb7b3d4f38aa86420\" tg-width=\"1080\" tg-height=\"624\" referrerpolicy=\"no-referrer\"/></p><p>Although her health was deteriorating, the Queen was still in good spirits at that time,</p><p>In October, she also turned down a magazine's \"elderly man of the year\" title,</p><p>Because she thinks she's still young.</p><p>Though trapped at home, she insisted on \"lighter official duties,\" according to the Associated Press.</p><p>On November 14, the pain struck again —</p><p><b>The Queen was absent from the Memorial Day service that day due to a sprained back.</b></p><p><img src=\"https://static.tigerbbs.com/072c46829b7b8df7af01648534014275\" tg-width=\"1080\" tg-height=\"228\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/4f46acebbe50e509ea2a532fa12fa52a\" tg-width=\"1080\" tg-height=\"809\" referrerpolicy=\"no-referrer\"/></p><p>A Buckingham Palace spokesman said her health deteriorated further and she was unable to attend.</p><p>The famous British host Pierce Morgan said, \"The real health of the Queen is more serious than Buckingham Palace said.\"</p><p><img src=\"https://static.tigerbbs.com/0966939f0b964f6675f9ad4c4ba5c855\" tg-width=\"1080\" tg-height=\"509\" referrerpolicy=\"no-referrer\"/></p><p><b>Queen Elizabeth II is currently the longest-serving and oldest monarch in the world.</b></p><p><b>It can be described as \"super long standby\".</b></p><p><img src=\"https://static.tigerbbs.com/aa2aa4e15ed67331b08db897080c2e69\" tg-width=\"554\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/></p><p>Since taking the throne in 1952, she has consumed a total of 13 American presidents. From Truman all the way to Trump. He witnessed the assassination of Kennedy, the Watergate scandal, the death of Princess Diana, and a series of historical events.</p><p>Having witnessed the development of almost the entire New China...</p><p><b>It's a walking antique.</b></p><p><img src=\"https://static.tigerbbs.com/67339ced152b73a21c814b5318297538\" tg-width=\"366\" tg-height=\"508\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/7ada706993caad15eb689654f31f230c\" tg-width=\"632\" tg-height=\"99\" referrerpolicy=\"no-referrer\"/></p><p>Her Majesty Queen Elizabeth II, the current Queen of England, Head of the Commonwealth and Supreme Chief of Parliament.</p><p>The full name is \"Elizabeth II, Queen of the United Kingdom of Great Britain and Northern Ireland and other Territories and Dependencies by the grace of God, Head of the Commonwealth, and Defender of the State Church (Anglican Church).</p><p><img src=\"https://static.tigerbbs.com/e418c94537d04a028f77d55f708b2066\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/></p><p><b>She fell in love with her cousin when she was young.</b>Our queen was only twenty-one at that time, innocent, young and ignorant. And so quietly fell in love.</p><p>However, strictly speaking, the Queen's marriage was actually a marriage of relatives. Because she and her husband, Prince Philip, were actually great-grandchildren of Queen Victoria, they had always been regarded as cousins until they were married.</p><p><img src=\"https://static.tigerbbs.com/fa6559dbe9b2b9cee3568816458dd9d7\" tg-width=\"400\" tg-height=\"522\" referrerpolicy=\"no-referrer\"/></p><p><b>In fact, when Philip was not a prince, our Queen had already secretly loved him.</b>At that time Prince Philip was still \"Captain Philip Mountbatten\".</p><p><b>Yes, he was the nephew of the famous Mountbatten General Louis Mountbatten.</b></p><p><img src=\"https://static.tigerbbs.com/8b1c738ec21b8e63735fdcab8698cca5\" tg-width=\"500\" tg-height=\"699\" referrerpolicy=\"no-referrer\"/></p><p>Speaking of which, I simply have to talk about the chaotic blood relationship of the European royal family.</p><p>Because the countries in Europe are very close geographically and have a long history of intermarriage. Therefore, later on, it was almost random to catch one and come out of the same family decades ago. It's hard not to be related.</p><p>At this point, I have to mention the romantic Edward VIII, who is simply the most famous example of loving beauty but not loving country in British history.</p><p><b>However, if Edward VIII had not loved beautiful women back then, Elizabeth II might not have been sitting on the throne now.</b></p><p><img src=\"https://static.tigerbbs.com/8a96f31829e14a74ebd964f794b69ac5\" tg-width=\"363\" tg-height=\"463\" referrerpolicy=\"no-referrer\"/></p><p>Madonna directed a movie called \"W.E.\" about this strange romance. The English title of the movie is an abbreviation of the initials of Mrs Simpson and Prince Edward.</p><p><img src=\"https://static.tigerbbs.com/585cbc5c8c4663cde43bb833347b76b8\" tg-width=\"472\" tg-height=\"564\" referrerpolicy=\"no-referrer\"/></p><p>Edward VIII and Mrs. Simpson, the \"beauty\" who let him give up his country</p><p>It is said that Edward VIII and George VI were the eldest and second sons of George V, respectively.</p><p>Edward succeeded in early 1936, and before he could be crowned, in December 1936, he signed a declaration of abdication for disobeying the Church and the Cabinet and insisting on marrying the divorced Mrs. Simpson, saying in a subsequent national broadcast as Duke of Windsor:</p><p><b>\"I have found it impossible to carry the heavy burden of responsibility and to discharge my duties as king as I would wish to do without the help and support of the woman I love.\"</b></p><p><b>The Edwards then spent most of the rest of their lives in France before returning to England after their deaths.</b></p><p>Of course, there are many opinions about the reasons for Edward VIII's abdication. Some people say that he was biased towards the Nazis, so I won't go into detail here.</p><p>It is said that after Edward VIII abdicated, his younger brother Albert, George VI, had returned to the country to inherit the throne.</p><p>George VI is the prototype of the stuttering king in The King's Speech. He delivered a national broadcast encouraging people to resist the Germans in World War II.</p><p><img src=\"https://static.tigerbbs.com/209f14c516e2d7fbcbbc83ee11a0323a\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p>Stills from The King's Speech</p><p>George VI's real name was Albert, which is a German name. Later, during World War II, he changed his name to George in order to draw a clear relationship with Germany.</p><p>George VI was previously named Albert because Queen Victoria's husband was named Albert. Queen Victoria's love-of-life husband was Prince Albert of Saxe Coburg Gotha, born in Germany.</p><p><img src=\"https://static.tigerbbs.com/db119832a2011a15ffe0bc8647463645\" tg-width=\"580\" tg-height=\"386\" referrerpolicy=\"no-referrer\"/></p><p>George VI.</p><p>And Queen Victoria had asked that among all the monarchs after her, someone must have Albert in their name, once to remember her love for her husband.</p><p>This unwritten rule was waived after Elizabeth II succeeded. Elizabeth II was the great granddaughter of Queen Victoria,<b>That is to say, Elizabeth called Queen Victoria: Grandma Zuta.</b></p><p><b>Therefore, Queen Elizabeth II can be considered as a change of ancestral precepts.</b></p><p><img src=\"https://static.tigerbbs.com/f8ec51d5d1521a424b7860cfae36101b\" tg-width=\"500\" tg-height=\"291\" referrerpolicy=\"no-referrer\"/></p><p>Queen Elizabeth II married Prince Philip, Duke of Edinburgh, in 1947 and began a 74-year journey of showing affection.</p><p><img src=\"https://static.tigerbbs.com/734640b192a9381a18ada9df6362120f\" tg-width=\"634\" tg-height=\"487\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/931734d7126c991f07d910b9c9bfcd80\" tg-width=\"468\" tg-height=\"328\" referrerpolicy=\"no-referrer\"/></p><p>The Queen and Prince Philip, in the two pictures, are almost identical in posture and expression, but the time of shooting is half a century away. Well, you want to show affection for half a century, too?</p><p>The Queen and Prince Philip, Duke of Edinburgh had four children, three sons and one daughter, the eldest son Charles, the second son Andrew, the youngest son Edward and the daughter Anne.</p><p><img src=\"https://static.tigerbbs.com/224ef879b62e5222674bebaac5232a1b\" tg-width=\"635\" tg-height=\"477\" referrerpolicy=\"no-referrer\"/></p><p>Queen Elizabeth II was a devout Christian, so she refused to acknowledge Charles's mistress, Camilla, for many years.</p><p>Yet her son, whose gossip between Prince Charles and his daughter-in-law, Princess Diana, is world-famous, does not value promises as much as she does.</p><p><img src=\"https://static.tigerbbs.com/83f8dd6d0d48c4b494558244ea79f0d1\" tg-width=\"399\" tg-height=\"448\" referrerpolicy=\"no-referrer\"/>Princess Diana, the daughter-in-law who gave the royal family quite a \"headache\"</p><p>Prince Andrew, the queen's favourite son, was also far from a fuel-efficient lamp. After being deeply involved in a sexual assault scandal, he was stripped of his military rank and royal patron status.</p><p>However, the Queen's grandchildren are still low-key, except for Princess Diana's youngest son, Prince Harry, who is plagued by all kinds of scandals.</p><p><img src=\"https://static.tigerbbs.com/ef3f7600a8afa7645a9b64e3f207a644\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"/></p><p>Prince Harry</p><p>The Queen's birthday was on April 21st, but on April 20th, the Queen visited the Royal Mail and received a series of stamps.</p><p>Which stage of the Queen's life the above legend belongs to, please correspond to it yourself.</p><p><img src=\"https://static.tigerbbs.com/8ff3e3715fff3a16a4104cc760e47ead\" tg-width=\"637\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/8acea7ea1c709f3da485a4a8953078db\" tg-width=\"788\" tg-height=\"102\" referrerpolicy=\"no-referrer\"/></p><p><b>Of the thirteen American presidents whom Elizabeth II took away, they are:</b></p><p><img src=\"https://static.tigerbbs.com/43db9874d9df2a1d1405ef6373fc93a4\" tg-width=\"500\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>33 Harry S. Truman 1945-1953</p><p>34 Dwight D Eisenhower Dwight David Eisenhower 1953-1961</p><p>35 John F Kennedy John F. Kennedy 1961-1963</p><p><img src=\"https://static.tigerbbs.com/a384c4865d841bc4e217c64cd1164f6d\" tg-width=\"640\" tg-height=\"505\" referrerpolicy=\"no-referrer\"/></p><p>36 Lyndon Johnson Lyndon Johnson 1963-1969</p><p>37 Richard Nixon Richard Nixon 1969-1974</p><p><img src=\"https://static.tigerbbs.com/42e0b0d12e101ad1eb5eb5067e8f0ed8\" tg-width=\"500\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>38 Gerald Ford Gerald Ford 1974-1977</p><p>39 Jimmy Carter Jimmy Carter 1977-1981</p><p>40 Ronald Reagan Ronald Reagan 1981-1989</p><p><img src=\"https://static.tigerbbs.com/cc1b642bba6dc8afece372959f65ff40\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>41 George H W Bush George Herbert Walker Bush 1989-1993</p><p>42 Bill Clinton Bill Clinton 1993-2001<img src=\"https://static.tigerbbs.com/8c5457af4dfb6b92539779f8c74a24c0\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p>43 George W Bush George Walker Bush 2001-2009</p><p>44 Barack Obama Barack Obama 2009-2017</p><p>And the 45th President of the United States, Donald Trump Donald Trump 2017-2021.<img src=\"https://static.tigerbbs.com/2bb80971ac82c0002bb4886ec201c4d2\" tg-width=\"637\" tg-height=\"106\" referrerpolicy=\"no-referrer\"/></p><p>According to tradition throughout British history, as a crowned monarch, the Queen does not abdicate while she is alive.</p><p>However, the aftermath of her death had actually been arranged and rehearsed a long time ago, and this plan was codenamed<b>\"London Bridge\"</b>。</p><p>The death of the King of England, unlike other countries, must first set a secret code.</p><p>George VI died with the password \"Hyde Park Corner” and Elizabeth II with the password\" London Bridge is down”, which has existed since the Queen's ascension to the throne, just as ancient emperors built mausoleums in advance.</p><p><b>According to the plan, if the Queen died, flags would be flown at half-mast across Britain and the nation would enter a 12-day day day of mourning.</b></p><p><img src=\"https://static.tigerbbs.com/7e68487f4f3e4d0d8303545cc0ee21a8\" tg-width=\"602\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p>The next to receive the report was the British Foreign Office, which is responsible for communicating the message to the Commonwealth countries.</p><p>The media working with the royal family will also receive the news at the first time, but not by telephone or text message, but by hanging above the studio<b>A blue light</b>。</p><p>This blue light was designed during the Cold War, and its original purpose was to report the Soviet Union's nuclear war as soon as possible, and to race against time to get people into the asylum process.</p><p>But in peaceful times, when the blue lights come on, meaning nothing else but the death of the Queen, the television stations should quickly prepare themselves, stop all entertainment and play mourning music.</p><p>The black mourning clothes prepared for the reading of the obituary are also ready at the office.</p><p><img src=\"https://static.tigerbbs.com/f00f9f2c03753eceb5457b6ebbb2c93e\" tg-width=\"469\" tg-height=\"264\" referrerpolicy=\"no-referrer\"/></p><p>Theoretically speaking, the British throne can't have a vacuum period, so once the Queen dies, Prince Charles, the \"longest standby\" in history, will automatically become the new British king as the crown prince.</p><p>However, his official succession would require a series of official procedures, with his public oath of loyalty in Parliament and the Church of England before St James's Palace would officially proclaim him king.</p><p>When Prince Charles became king, the lyrics of Britain's national anthem \"God Bless Me Queen\" had to change accordingly.</p><p><img src=\"https://static.tigerbbs.com/e22da8ed08c9c815af0d2adafb0a0a18\" tg-width=\"629\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/></p><p>Britons are already so familiar with the royal funeral process that even the Queen herself attends the rehearsals to point out the shortcomings.</p><p>However, she herself was not indifferent.</p><p>A few years ago, the queen, who loves to keep corgis, announced that she would no longer keep any pets. Foreign media reported that the Queen of England is slowly saying goodbye to her parents, childhood and memories.</p><p><img src=\"https://static.tigerbbs.com/c206b0a1f195ce48824124518e3e43fb\" tg-width=\"625\" tg-height=\"356\" referrerpolicy=\"no-referrer\"/></p><p>Of course, it was the Queen's family who felt the worst.</p><p><img src=\"https://static.tigerbbs.com/b185e0dd3b0b2fd630e2a2501ddf5104\" tg-width=\"631\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/></p><p>Her legendary life has come to an end. Right and wrong can only be left to future generations to comment on.</p><p></body></html></p>","source":"lsy1568181200495","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>Queen Elizabeth II dies aged 96</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\">\nQueen Elizabeth II dies aged 96\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">央视新闻客户端</strong><span class=\"h-time small\">2022-09-09 01:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>》》》</b><a href=\"https://laohu8.com/NW/1193358135\" target=\"_blank\"><b>Elizabeth II! The longest standby queen in history who witnessed the rise and fall of Britain</b></a></p><p>On September 8th, local time, Queen Elizabeth II of England died at Balmoral Castle in Scotland at the age of 96.</p><p><img src=\"https://static.tigerbbs.com/c30b37cc5e316e5c1e37637eca3323cd\" tg-width=\"595\" tg-height=\"682\" referrerpolicy=\"no-referrer\"/></p><p>Earlier in the day, Buckingham Palace issued a statement saying that Queen Elizabeth II was under medical supervision because doctors were worried about her health. The statement said the Queen is currently in good condition and is under medical supervision at Balmoral Castle in Scotland.</p><p>The Queen's closest family then rushed to Balmoral Castle. Since late last year, the Queen has reduced her public appearances due to conditions such as her health. On the 6th, Queen Elizabeth II, 96, accepted Johnson's resignation at Balmoral Castle and officially appointed Truss as the new prime minister.</p><p>Elizabeth II was born in London on April 21, 1926. In 1952, Princess Elizabeth became Queen at the age of 25 when her father, King George VI, died. From Sir Winston Churchill to Liz Truss, the Queen witnessed 15 British Prime Ministers during her reign. In 2015, she became the longest-serving British monarch in history, breaking a record set by her great-great-grandmother, Queen Victoria.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daa6e93ce943bb2e91bf835f5641a16e\" tg-width=\"1080\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/><span>Official obituary of the Royal Family</span></p><p>The official account of the British royal family said that after the death of Elizabeth II, Prince Charles became the new monarch of Britain. The King and Queen will remain in Balmoral tonight and return to London tomorrow.</p><p><img src=\"https://static.tigerbbs.com/dd9972679a6bb7b97091f3604492c912\" tg-width=\"828\" tg-height=\"882\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/0b82f18dd18fe6f971fe56092e5b087c\" tg-width=\"828\" tg-height=\"503\" referrerpolicy=\"no-referrer\"/></p><p>Elizabeth II was born on April 21, 1926, ascended the throne in 1952 and became Britain's longest-serving monarch in September 2015.</p><p><img src=\"https://static.tigerbbs.com/d0a97c7554c4f9811c2d53ec6f6eb176\" tg-width=\"518\" tg-height=\"766\" referrerpolicy=\"no-referrer\"/></p><p>On 16 February, the Queen looked slightly haggard and difficult to move when she met her outgoing defence secretary</p><p>On September 8, Buckingham Palace said the Queen's doctors had expressed \"concern\" about her health and advised her to \"remain under medical supervision\".</p><p>The Queen has been plagued by health issues since October last year. Queen Elizabeth II celebrated her 70th anniversary in February.</p><p>In the same month, Buckingham Palace announced that Queen Elizabeth II had tested positive for the new coronavirus and had mild symptoms.</p><p>Previously, Britain's Crown Prince Charles and his wife Camilla tested positive for the new coronavirus.</p><p>After recovering from Covid, the Queen has not returned to everyone's sight, and it is difficult to stand and walk.</p><p>The Queen's unexpected absence at the Commonwealth Day event on March 14 this year surprised the whole of Britain.</p><p>The queen who \"wants to attend the anniversary at all costs\" is really weak.</p><p><img src=\"https://static.tigerbbs.com/d98fe269af81e6b196ea4ee2db5ea0de\" tg-width=\"1080\" tg-height=\"234\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/d80f44187cbf0d3f78089d883ca06fa2\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"/></p><p>The Queen has always been tough, never taking a wheelchair when she can stand, but for the last part of her life, the staff installed an elevator and a safety wheelchair at her residence.</p><p>As you remember, on April 9 last year,<b>The death of Prince Philip, who spent 74 years with the Queen,</b></p><p><img src=\"https://static.tigerbbs.com/6d41ea99bf9b4d18885d045d6af44b01\" tg-width=\"1024\" tg-height=\"759\" referrerpolicy=\"no-referrer\"/></p><p>A minute of silence was observed throughout the UK as 30 royals held a 50-minute funeral for him inside Windsor Castle.</p><p><img src=\"https://static.tigerbbs.com/817cb15c8788101c3c5394f20be3736a\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"/></p><p>The Queen, dressed in black, sat in the car crying silently.</p><p><img src=\"https://static.tigerbbs.com/cf8f9794a86bf4e8f4b9f3fff0464544\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p><b>After that, the Queen's health was frequently exposed to problems.</b></p><p>One month after Philip's death, the royal family returned to full work,</p><p>When the Queen attended the opening ceremony of Parliament, she was so thin that she could be seen in a low mood that she had lost her former smile and spirit.</p><p><img src=\"https://static.tigerbbs.com/ea7bbff6e680751ac6e578566788a1d0\" tg-width=\"1080\" tg-height=\"1350\" referrerpolicy=\"no-referrer\"/></p><p>In September, the Queen refused emergency knee surgery, resulting in difficulty walking,</p><p>She first appeared on crutches on October 12 while attending the Royal British Veterans Centennial ceremony,</p><p>The scene sparked an uproar, prompting speculation about the Queen's health.</p><p><img src=\"https://static.tigerbbs.com/1f1a766c221106dbf3b5e383617baef5\" tg-width=\"1080\" tg-height=\"1171\" referrerpolicy=\"no-referrer\"/></p><p>Although she has two pet dogs at home, the Queen is haggard and has lost her spiritual support.</p><p>On October 20, Buckingham Palace issued a statement,<b>Said the Queen had cancelled a visit to Northern Ireland scheduled for Wednesday and Thursday on the advice of doctors.</b></p><p>The Queen will have a good rest in the coming days, as advised by her doctor, though she is reluctant.</p><p><img src=\"https://static.tigerbbs.com/b3a1d61c0a8142adc1a80738295f5703\" tg-width=\"1080\" tg-height=\"217\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/f87fc8b57d6574fb9642d049c8554b62\" tg-width=\"1080\" tg-height=\"716\" referrerpolicy=\"no-referrer\"/></p><p>That evening, however, the Queen was admitted directly to the hospital,</p><p>This was the first time she had been hospitalized in the past eight years, and the last time she suffered from stomach problems.</p><p><img src=\"https://static.tigerbbs.com/4d382739be0011a9a7385fa46e70fb5f\" tg-width=\"1080\" tg-height=\"157\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/c9c8afcd7359483057de627ffc517cbd\" tg-width=\"931\" tg-height=\"524\" referrerpolicy=\"no-referrer\"/></p><p>When this breaking news came out, even Britons who were gradually departing from the royal family were anxious,</p><p>\"Is the Queen all right?”</p><p>The report revealed that,<b>The Queen's health issues have nothing to do with Covid.</b></p><p>After a string of health accidents, the Queen's doctor reminded her, \"It's time to stop drinking.\"</p><p>The Queen loved drinking and drank Martini every night for decades.</p><p><img src=\"https://static.tigerbbs.com/ad3d5ef8a4270bc76657e20ea04eb947\" tg-width=\"1080\" tg-height=\"105\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/6ce473187a5551cdb7b3d4f38aa86420\" tg-width=\"1080\" tg-height=\"624\" referrerpolicy=\"no-referrer\"/></p><p>Although her health was deteriorating, the Queen was still in good spirits at that time,</p><p>In October, she also turned down a magazine's \"elderly man of the year\" title,</p><p>Because she thinks she's still young.</p><p>Though trapped at home, she insisted on \"lighter official duties,\" according to the Associated Press.</p><p>On November 14, the pain struck again —</p><p><b>The Queen was absent from the Memorial Day service that day due to a sprained back.</b></p><p><img src=\"https://static.tigerbbs.com/072c46829b7b8df7af01648534014275\" tg-width=\"1080\" tg-height=\"228\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/4f46acebbe50e509ea2a532fa12fa52a\" tg-width=\"1080\" tg-height=\"809\" referrerpolicy=\"no-referrer\"/></p><p>A Buckingham Palace spokesman said her health deteriorated further and she was unable to attend.</p><p>The famous British host Pierce Morgan said, \"The real health of the Queen is more serious than Buckingham Palace said.\"</p><p><img src=\"https://static.tigerbbs.com/0966939f0b964f6675f9ad4c4ba5c855\" tg-width=\"1080\" tg-height=\"509\" referrerpolicy=\"no-referrer\"/></p><p><b>Queen Elizabeth II is currently the longest-serving and oldest monarch in the world.</b></p><p><b>It can be described as \"super long standby\".</b></p><p><img src=\"https://static.tigerbbs.com/aa2aa4e15ed67331b08db897080c2e69\" tg-width=\"554\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/></p><p>Since taking the throne in 1952, she has consumed a total of 13 American presidents. From Truman all the way to Trump. He witnessed the assassination of Kennedy, the Watergate scandal, the death of Princess Diana, and a series of historical events.</p><p>Having witnessed the development of almost the entire New China...</p><p><b>It's a walking antique.</b></p><p><img src=\"https://static.tigerbbs.com/67339ced152b73a21c814b5318297538\" tg-width=\"366\" tg-height=\"508\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/7ada706993caad15eb689654f31f230c\" tg-width=\"632\" tg-height=\"99\" referrerpolicy=\"no-referrer\"/></p><p>Her Majesty Queen Elizabeth II, the current Queen of England, Head of the Commonwealth and Supreme Chief of Parliament.</p><p>The full name is \"Elizabeth II, Queen of the United Kingdom of Great Britain and Northern Ireland and other Territories and Dependencies by the grace of God, Head of the Commonwealth, and Defender of the State Church (Anglican Church).</p><p><img src=\"https://static.tigerbbs.com/e418c94537d04a028f77d55f708b2066\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/></p><p><b>She fell in love with her cousin when she was young.</b>Our queen was only twenty-one at that time, innocent, young and ignorant. And so quietly fell in love.</p><p>However, strictly speaking, the Queen's marriage was actually a marriage of relatives. Because she and her husband, Prince Philip, were actually great-grandchildren of Queen Victoria, they had always been regarded as cousins until they were married.</p><p><img src=\"https://static.tigerbbs.com/fa6559dbe9b2b9cee3568816458dd9d7\" tg-width=\"400\" tg-height=\"522\" referrerpolicy=\"no-referrer\"/></p><p><b>In fact, when Philip was not a prince, our Queen had already secretly loved him.</b>At that time Prince Philip was still \"Captain Philip Mountbatten\".</p><p><b>Yes, he was the nephew of the famous Mountbatten General Louis Mountbatten.</b></p><p><img src=\"https://static.tigerbbs.com/8b1c738ec21b8e63735fdcab8698cca5\" tg-width=\"500\" tg-height=\"699\" referrerpolicy=\"no-referrer\"/></p><p>Speaking of which, I simply have to talk about the chaotic blood relationship of the European royal family.</p><p>Because the countries in Europe are very close geographically and have a long history of intermarriage. Therefore, later on, it was almost random to catch one and come out of the same family decades ago. It's hard not to be related.</p><p>At this point, I have to mention the romantic Edward VIII, who is simply the most famous example of loving beauty but not loving country in British history.</p><p><b>However, if Edward VIII had not loved beautiful women back then, Elizabeth II might not have been sitting on the throne now.</b></p><p><img src=\"https://static.tigerbbs.com/8a96f31829e14a74ebd964f794b69ac5\" tg-width=\"363\" tg-height=\"463\" referrerpolicy=\"no-referrer\"/></p><p>Madonna directed a movie called \"W.E.\" about this strange romance. The English title of the movie is an abbreviation of the initials of Mrs Simpson and Prince Edward.</p><p><img src=\"https://static.tigerbbs.com/585cbc5c8c4663cde43bb833347b76b8\" tg-width=\"472\" tg-height=\"564\" referrerpolicy=\"no-referrer\"/></p><p>Edward VIII and Mrs. Simpson, the \"beauty\" who let him give up his country</p><p>It is said that Edward VIII and George VI were the eldest and second sons of George V, respectively.</p><p>Edward succeeded in early 1936, and before he could be crowned, in December 1936, he signed a declaration of abdication for disobeying the Church and the Cabinet and insisting on marrying the divorced Mrs. Simpson, saying in a subsequent national broadcast as Duke of Windsor:</p><p><b>\"I have found it impossible to carry the heavy burden of responsibility and to discharge my duties as king as I would wish to do without the help and support of the woman I love.\"</b></p><p><b>The Edwards then spent most of the rest of their lives in France before returning to England after their deaths.</b></p><p>Of course, there are many opinions about the reasons for Edward VIII's abdication. Some people say that he was biased towards the Nazis, so I won't go into detail here.</p><p>It is said that after Edward VIII abdicated, his younger brother Albert, George VI, had returned to the country to inherit the throne.</p><p>George VI is the prototype of the stuttering king in The King's Speech. He delivered a national broadcast encouraging people to resist the Germans in World War II.</p><p><img src=\"https://static.tigerbbs.com/209f14c516e2d7fbcbbc83ee11a0323a\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/></p><p>Stills from The King's Speech</p><p>George VI's real name was Albert, which is a German name. Later, during World War II, he changed his name to George in order to draw a clear relationship with Germany.</p><p>George VI was previously named Albert because Queen Victoria's husband was named Albert. Queen Victoria's love-of-life husband was Prince Albert of Saxe Coburg Gotha, born in Germany.</p><p><img src=\"https://static.tigerbbs.com/db119832a2011a15ffe0bc8647463645\" tg-width=\"580\" tg-height=\"386\" referrerpolicy=\"no-referrer\"/></p><p>George VI.</p><p>And Queen Victoria had asked that among all the monarchs after her, someone must have Albert in their name, once to remember her love for her husband.</p><p>This unwritten rule was waived after Elizabeth II succeeded. Elizabeth II was the great granddaughter of Queen Victoria,<b>That is to say, Elizabeth called Queen Victoria: Grandma Zuta.</b></p><p><b>Therefore, Queen Elizabeth II can be considered as a change of ancestral precepts.</b></p><p><img src=\"https://static.tigerbbs.com/f8ec51d5d1521a424b7860cfae36101b\" tg-width=\"500\" tg-height=\"291\" referrerpolicy=\"no-referrer\"/></p><p>Queen Elizabeth II married Prince Philip, Duke of Edinburgh, in 1947 and began a 74-year journey of showing affection.</p><p><img src=\"https://static.tigerbbs.com/734640b192a9381a18ada9df6362120f\" tg-width=\"634\" tg-height=\"487\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/931734d7126c991f07d910b9c9bfcd80\" tg-width=\"468\" tg-height=\"328\" referrerpolicy=\"no-referrer\"/></p><p>The Queen and Prince Philip, in the two pictures, are almost identical in posture and expression, but the time of shooting is half a century away. Well, you want to show affection for half a century, too?</p><p>The Queen and Prince Philip, Duke of Edinburgh had four children, three sons and one daughter, the eldest son Charles, the second son Andrew, the youngest son Edward and the daughter Anne.</p><p><img src=\"https://static.tigerbbs.com/224ef879b62e5222674bebaac5232a1b\" tg-width=\"635\" tg-height=\"477\" referrerpolicy=\"no-referrer\"/></p><p>Queen Elizabeth II was a devout Christian, so she refused to acknowledge Charles's mistress, Camilla, for many years.</p><p>Yet her son, whose gossip between Prince Charles and his daughter-in-law, Princess Diana, is world-famous, does not value promises as much as she does.</p><p><img src=\"https://static.tigerbbs.com/83f8dd6d0d48c4b494558244ea79f0d1\" tg-width=\"399\" tg-height=\"448\" referrerpolicy=\"no-referrer\"/>Princess Diana, the daughter-in-law who gave the royal family quite a \"headache\"</p><p>Prince Andrew, the queen's favourite son, was also far from a fuel-efficient lamp. After being deeply involved in a sexual assault scandal, he was stripped of his military rank and royal patron status.</p><p>However, the Queen's grandchildren are still low-key, except for Princess Diana's youngest son, Prince Harry, who is plagued by all kinds of scandals.</p><p><img src=\"https://static.tigerbbs.com/ef3f7600a8afa7645a9b64e3f207a644\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"/></p><p>Prince Harry</p><p>The Queen's birthday was on April 21st, but on April 20th, the Queen visited the Royal Mail and received a series of stamps.</p><p>Which stage of the Queen's life the above legend belongs to, please correspond to it yourself.</p><p><img src=\"https://static.tigerbbs.com/8ff3e3715fff3a16a4104cc760e47ead\" tg-width=\"637\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/8acea7ea1c709f3da485a4a8953078db\" tg-width=\"788\" tg-height=\"102\" referrerpolicy=\"no-referrer\"/></p><p><b>Of the thirteen American presidents whom Elizabeth II took away, they are:</b></p><p><img src=\"https://static.tigerbbs.com/43db9874d9df2a1d1405ef6373fc93a4\" tg-width=\"500\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>33 Harry S. Truman 1945-1953</p><p>34 Dwight D Eisenhower Dwight David Eisenhower 1953-1961</p><p>35 John F Kennedy John F. Kennedy 1961-1963</p><p><img src=\"https://static.tigerbbs.com/a384c4865d841bc4e217c64cd1164f6d\" tg-width=\"640\" tg-height=\"505\" referrerpolicy=\"no-referrer\"/></p><p>36 Lyndon Johnson Lyndon Johnson 1963-1969</p><p>37 Richard Nixon Richard Nixon 1969-1974</p><p><img src=\"https://static.tigerbbs.com/42e0b0d12e101ad1eb5eb5067e8f0ed8\" tg-width=\"500\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>38 Gerald Ford Gerald Ford 1974-1977</p><p>39 Jimmy Carter Jimmy Carter 1977-1981</p><p>40 Ronald Reagan Ronald Reagan 1981-1989</p><p><img src=\"https://static.tigerbbs.com/cc1b642bba6dc8afece372959f65ff40\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>41 George H W Bush George Herbert Walker Bush 1989-1993</p><p>42 Bill Clinton Bill Clinton 1993-2001<img src=\"https://static.tigerbbs.com/8c5457af4dfb6b92539779f8c74a24c0\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p>43 George W Bush George Walker Bush 2001-2009</p><p>44 Barack Obama Barack Obama 2009-2017</p><p>And the 45th President of the United States, Donald Trump Donald Trump 2017-2021.<img src=\"https://static.tigerbbs.com/2bb80971ac82c0002bb4886ec201c4d2\" tg-width=\"637\" tg-height=\"106\" referrerpolicy=\"no-referrer\"/></p><p>According to tradition throughout British history, as a crowned monarch, the Queen does not abdicate while she is alive.</p><p>However, the aftermath of her death had actually been arranged and rehearsed a long time ago, and this plan was codenamed<b>\"London Bridge\"</b>。</p><p>The death of the King of England, unlike other countries, must first set a secret code.</p><p>George VI died with the password \"Hyde Park Corner” and Elizabeth II with the password\" London Bridge is down”, which has existed since the Queen's ascension to the throne, just as ancient emperors built mausoleums in advance.</p><p><b>According to the plan, if the Queen died, flags would be flown at half-mast across Britain and the nation would enter a 12-day day day of mourning.</b></p><p><img src=\"https://static.tigerbbs.com/7e68487f4f3e4d0d8303545cc0ee21a8\" tg-width=\"602\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p>The next to receive the report was the British Foreign Office, which is responsible for communicating the message to the Commonwealth countries.</p><p>The media working with the royal family will also receive the news at the first time, but not by telephone or text message, but by hanging above the studio<b>A blue light</b>。</p><p>This blue light was designed during the Cold War, and its original purpose was to report the Soviet Union's nuclear war as soon as possible, and to race against time to get people into the asylum process.</p><p>But in peaceful times, when the blue lights come on, meaning nothing else but the death of the Queen, the television stations should quickly prepare themselves, stop all entertainment and play mourning music.</p><p>The black mourning clothes prepared for the reading of the obituary are also ready at the office.</p><p><img src=\"https://static.tigerbbs.com/f00f9f2c03753eceb5457b6ebbb2c93e\" tg-width=\"469\" tg-height=\"264\" referrerpolicy=\"no-referrer\"/></p><p>Theoretically speaking, the British throne can't have a vacuum period, so once the Queen dies, Prince Charles, the \"longest standby\" in history, will automatically become the new British king as the crown prince.</p><p>However, his official succession would require a series of official procedures, with his public oath of loyalty in Parliament and the Church of England before St James's Palace would officially proclaim him king.</p><p>When Prince Charles became king, the lyrics of Britain's national anthem \"God Bless Me Queen\" had to change accordingly.</p><p><img src=\"https://static.tigerbbs.com/e22da8ed08c9c815af0d2adafb0a0a18\" tg-width=\"629\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/></p><p>Britons are already so familiar with the royal funeral process that even the Queen herself attends the rehearsals to point out the shortcomings.</p><p>However, she herself was not indifferent.</p><p>A few years ago, the queen, who loves to keep corgis, announced that she would no longer keep any pets. Foreign media reported that the Queen of England is slowly saying goodbye to her parents, childhood and memories.</p><p><img src=\"https://static.tigerbbs.com/c206b0a1f195ce48824124518e3e43fb\" tg-width=\"625\" tg-height=\"356\" referrerpolicy=\"no-referrer\"/></p><p>Of course, it was the Queen's family who felt the worst.</p><p><img src=\"https://static.tigerbbs.com/b185e0dd3b0b2fd630e2a2501ddf5104\" tg-width=\"631\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/></p><p>Her legendary life has come to an end. Right and wrong can only be left to future generations to comment on.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://content-static.cctvnews.cctv.com/snow-book/index.html?item_id=15791184010480910310&share_to=copy_url&t=1662658270158&toc_style_id=feeds_default&track_id=BC45B176-442A-40A4-BED7-5731F250FD9F_684351287200\">央视新闻客户端</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f2c32b0f1b76a429c3243349d4088def","relate_stocks":{},"source_url":"https://content-static.cctvnews.cctv.com/snow-book/index.html?item_id=15791184010480910310&share_to=copy_url&t=1662658270158&toc_style_id=feeds_default&track_id=BC45B176-442A-40A4-BED7-5731F250FD9F_684351287200","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190604661","content_text":"》》》伊丽莎白二世！见证英国兴衰的史上最长待机女王当地时间9月8日，英国女王伊丽莎白二世在苏格兰巴尔莫勒尔城堡去世，享年96岁。当天稍早，英国白金汉宫发表声明表示，由于医生担心其身体健康情况，英国女王伊丽莎白二世处于医疗监护状态。声明称，目前女王情况尚好，并在苏格兰巴尔莫勒尔城堡接受医疗监护。随后，女王最亲密的家人都赶往巴尔莫勒尔城堡。自去年年底以来，由于身体健康等情况，英国女王已减少在公开场合露面。6日，96岁的女王伊丽莎白二世在巴尔莫勒尔城堡接受约翰逊的辞职并正式任命特拉斯为新任首相。伊丽莎白二世于1926年4月21日出生于伦敦。1952年，伊丽莎白公主在25岁时成为女王，当时她的父亲乔治六世国王去世。从温斯顿·丘吉尔爵士到利兹·特拉斯，女王在位期间见证了15位英国首相。2015年，她成为历史上在位时间最长的英国君主，打破了她的曾曾祖母维多利亚女王创下的纪录。皇室的正式讣告英国王室官方账号称，在伊丽莎白二世去世后，查尔斯王子随即成为英国的新君主。国王和王后今晚将留在巴尔莫勒尔，明天返回伦敦。伊丽莎白二世于1926年4月21日出生，于1952年登基，2015年9月成为英国在位时间最长的君主。2月16日，女王会见即将离任的国防部长时略显憔悴，行动不便9月8日，白金汉宫表示，英国女王的医生对女王健康状况表示“担忧”，并建议女王“继续接受医学监护”。自去年10月以来，英国女王一直受到健康问题困扰。今年2月，伊丽莎白二世女王迎来了在位70周年庆典。同月，英国白金汉宫宣布，英国女王伊丽莎白二世新冠病毒检测阳性，症状轻微。此前，英国查尔斯王储及妻子卡米拉新冠病毒检测结果呈阳性。新冠康复后，女王没有回归众人的视野，站立和走路都很困难。今年3月14日的英联邦纪念日活动，女王意外缺席，全英惊讶不已。那个”不惜一切也要参加纪念日“的女王，身体着实不行了。女王一向以硬朗示人，能站着就绝不坐轮椅，但在她生命的最后一段时间，工作人员还是在她住所安置了电梯，外加一部安全轮椅。大家还记得，去年4月9日，和女王携手走完74年的菲利普亲王去世，全英国默哀一分钟，30名王室成员在温莎城堡内为他举办了50分钟的葬礼。女王一袭黑衣，坐在车内默默垂泪。之后，女王的健康也频频曝出问题。菲利普去世1个月后，王室全面复工，女王在出席国会开幕仪式时，整个人暴瘦，可以看出心情低沉，失去了昔日的笑容和神采。9月份，女王拒绝了紧急的膝盖手术，导致行走困难，10月12日，她在出席皇家英国退伍军人协会百年纪念仪式时，首次拄着拐杖出现，这一幕引发轩然大波，引发对女王健康状况的猜测。虽然家里养了两只宠物狗，女王还是面容憔悴，失去了精神支柱。10月20日，白金汉宫发表声明，表示女王在医生的建议下，取消了原定与周三、周四的北爱尔兰之访。女王未来几天将遵医嘱好好休息，虽然她不太情愿。然而当天晚上，女王直接住进了医院，这是她过去八年来，第一次住院，上一次还是患胃病。这份爆炸性新闻一出，连逐渐背离皇室的英国人都急了，“女王没事吧？”报道透露，女王的健康问题与新冠无关。一连串健康事故发生后，女王的医生提醒她，“该戒酒了。”女王喜欢饮酒，每晚都喝马天尼，数十年如一日。虽然身体每况愈下，那时候女王的精神状况还是很好，10月份，她还拒绝了某杂志要赋予她的“年度最佳老人”称号，因为她认为自己还很年轻。根据《英国报联社》的报道，虽然被困在家，她仍坚持办一些“轻松的公务”。11月14日，病痛再次袭来——女王因背部扭伤，缺席当天的国殇纪念日仪式。白金汉宫发言人说，她的健康状况进一步恶化，无法出席。而英国著名主持人皮尔斯摩根则表示，“女王的真实健康状况，比白金汉宫所说的更严重。”女王伊丽莎白二世是目前全世界在位时间最久、年纪最长的君主。可谓“超长待机”。自1952年继位以来，她一共耗走了13位美国总统。从杜鲁门一路经历到特朗普。见证了肯尼迪遇刺，水门事件，王妃戴安娜之死，等一系列历史大事。几乎见证了整个新中国的发展历程……简直就是个会走路的古董。伊丽莎白二世（Her Majesty Queen Elizabeth II），即现任英国女王，英联邦元首、国会最高首领。全称是“承上帝洪恩的大不列颠及北爱尔兰联合王国及其他领土和属地女王，英联邦元首，国教（圣公会）的捍卫者伊丽莎白二世。她在年轻的时候爱上了自己的表哥。那个时候咱们的女王才21岁，天真纯良年少无知。就这样悄悄地陷入了爱情。但严格说起来，女王大人的婚姻实际上算是亲族联姻。因为她和她的丈夫菲利普亲王其实都是维多利亚女王的玄孙，所以他们在结婚以前一直是以表兄妹相称。而实际上，当年早在菲利普还不是亲王的时候，咱们的女王大人就早已经对他芳心暗动。那时候菲利普亲王还是 “菲利普·蒙巴顿上尉”。没错，他就是著名的蒙巴顿将军路易斯·蒙巴顿的外甥。说到这里，简直不得不说一下欧洲皇室混乱的血缘关系。因为在欧洲各国在地理上非常相近，又有长期通婚的历史。因此到了后来，简直随便抓一个出来就是几十年前同一家。想不沾亲带故都难。说到这里就不得不提一下千古浪漫的爱德华八世，他简直是英国史上最著名的爱美人不爱江山的典范。不过话说如果当年爱德华八世爱的不是美人的话，现在坐在王位上的或许就不会是伊丽莎白二世了。关于这段旷世奇恋，麦当娜曾导过一部电影叫“《倾国之恋》（W.E.）”。 电影的英文名就是辛普森夫人与爱德华王子名字首字母的缩写。爱德华八世和让他放弃了江山的“美人”辛普森夫人话说爱德华八世和乔治六世分别是乔治五世（George V）的长子与次子。爱德华于1936年初继位，还没来得及加冕，就在1936年12月因为违抗教会和内阁，执意要娶离异的辛普森夫人为妻而签署了退位声明，并以温莎公爵的身份在之后的全国广播中说到：“I have found it impossible to carry the heavy burden of responsibility and to discharge my duties as king as I would wish to do without the help and support of the woman I love.”此后爱德华夫妻在法国度过了他们余生大部分时光，直至死后才回到英国。当然对于爱德华八世退位的原因众说纷纭，有人说因为他偏向纳粹，这里就不一一细说了。话说在爱德华八世退位以后，他的弟弟艾伯特，就是乔治六世，本来顺理成章地回国继承王位。乔治六世就是《国王的演讲》里面带有口吃的国王的原型。他曾发表全国广播鼓励民众在二战中抵抗德军。《国王的演讲》剧照乔治六世本名叫Albert，这是一个德国名字。后来在二战期间为了与德国划清关系改名为George。乔治六世之前之所以取名为 Albert ，是因为维多利亚女王的丈夫叫 Albert。维多利亚女王的一生挚爱的丈夫是萨克森•科堡•哥达的阿尔伯特王子，出生在德国。乔治六世而维多利亚女王曾经要求，在她之后的历代君主中，必须有人的名字中带有 Albert，一次来缅怀她对自己丈夫的爱。这个不成文的规定在伊丽莎白二世继位后被免除。伊丽莎白二世是维多利亚女王的重重孙女，也就是说，伊丽莎白喊维多利亚女王叫：祖太奶奶。所以伊丽莎白二世女王也算得上是改了祖训。伊丽莎白女王二世于1947年结婚，丈夫是爱丁堡公爵菲利普亲王，从此开始了一段长达74年的秀恩爱旅程。女王和菲利普亲王，两张照片中的两人姿态神情几乎一致，而拍摄时间却差距整整半个世纪。恩，你也想秀恩爱半个世纪？女王和爱丁堡公爵菲利普亲王育有四个孩子，其中三个是儿子，一个是女儿，分别是长子查尔斯、次子安德鲁、小儿子爱德华以及女儿安妮。伊丽莎白二世女王是一位恪守教律的虔诚的基督教徒，因此她对于查尔斯的情妇卡米拉多年以来都不肯承认。然而她的儿子却并不像她一样重视诺言，她的儿子查尔斯王子与儿媳妇戴安娜王妃之间的八卦简直举世闻名。让皇室颇为“头疼”的儿媳戴安娜王妃女王最宠爱的儿子安德鲁王子也绝非省油的灯，深陷性侵丑闻之后被女王剥夺了军衔和王室赞助人身份。不过话说女王的孙子们还算得上低调，除了戴安娜王妃的小儿子哈利王子各种绯闻缠身。哈利王子女王的生日是在4月21日，但是在4月20日的时候，女王走访了英国皇家邮政局，收到了一系列邮票。以上传奇属于女王大人一生的哪个阶段，就请大家自行对应吧。关于被伊丽莎白二世耗走的13位美国总统，他们是：33 Harry S. Truman哈里·S·杜鲁门 1945-195334 Dwight D Eisenhower德怀特·戴维·艾森豪威尔 1953-196135 John F Kennedy约翰·肯尼迪 1961-196336 Lyndon Johnson林登·约翰逊 1963-196937 Richard Nixon理查德·尼克松 1969-197438 Gerald Ford杰拉尔德·福特 1974-197739 Jimmy Carter吉米·卡特 1977-198140 Ronald Reagan罗纳德·里根 1981-198941 George H W Bush乔治·赫伯特·沃克·布什 1989-199342 Bill Clinton比尔·克林顿 1993-200143 George W Bush乔治·沃克·布什 2001-200944 Barack Obama贝拉克·奥巴马 2009-2017以及美国第45任总统，Donald Trump唐纳德·特朗普 2017-2021 。根据英国历史上的传统，作为加冕君主，女王不会生前退位。但是，关于她的身后事其实很久以前就有过安排和预演了，这个方案代号为“伦敦桥”（London Bridge）。英国国王的驾崩，与别国不同，首先要定一个暗号。先代英王乔治六世，去世时的暗号就是“海德公园一角（Hyde Park Corner）”，相应的，伊丽莎白二世的暗号则是“London Bridge is down（伦敦大桥垮下来）”，这个暗号从女王登基后就已存在，正如古代帝王提前修建陵墓一般。根据这个计划，女王一旦去世，英国上下将会降半旗致哀，全国进入12天的哀悼日。紧接着收到报告的是英国外交部，他们负责向英联邦国家传达消息。与王室合作的媒体也会在第一时间收到消息，但不是通过电话或者简讯，而是悬于演播厅上方的一盏蓝灯。这顶蓝灯设计于冷战期间，原本的目的是第一时间报道苏联发动核战争，争分夺秒让民众进入避难程序。但是在和平年代，一旦蓝灯亮起，不意味着别的，意味着女王驾崩，电视台要迅速准备好，停止一切娱乐节目，播放哀悼音乐。为宣读讣闻的准备的黑色丧服也随时准备在办公室。理论上来说，英国的王位不能有真空期，所以一旦女王去世，史上“最长待机”的查尔斯王子作为王储将自动成为新一任英国国王。但是，他正式继位还需要一系列官方程序，他将在议会和英格兰教堂当众宣誓忠诚，圣詹姆斯宫才会正式宣布他为国王。查尔斯王储成为国王后，英国的国歌《上帝佑我女王》的歌词也得发生相应的改变。英国人对王室的葬礼流程已经非常熟悉，甚至英女王本人也参加预演，指出不足之处。但是，她本人也并不是毫不在乎。前几年，十分喜欢养柯基的女王宣布不再饲养任何宠物。外媒报道，英国女王正在和自己的父母、童年、回忆慢慢告别。当然，这其中最难受的还是女王的家人。她传奇的一生已经落幕，是是非非，也只能留给后世评说。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931512969,"gmtCreate":1662478577851,"gmtModify":1676537069871,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931512969","repostId":"1158392309","repostType":4,"repost":{"id":"1158392309","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1662477451,"share":"https://ttm.financial/m/news/1158392309?lang=en_US&edition=fundamental","pubTime":"2022-09-06 23:17","market":"us","language":"zh","title":"British Female Prime Minister \"First Fire\": Smashing 130 billion pounds of energy subsidies","url":"https://stock-news.laohu8.com/highlight/detail?id=1158392309","media":"华尔街见闻","summary":"德国砸了650亿欧元之后，英国也按捺不住了。新官上任三把火。对刚刚就任英国首相的利兹·特拉斯（Liz Truss）而言，其第一把火烧到了折磨英国家庭已久的能源价格。据媒体当地时间周二报道，特拉斯将于当","content":"<p><html><head></head><body>After Germany spent 65 billion euros, Britain couldn't hold back. A new official takes office with three fires. For Liz Truss, the newly inaugurated prime minister, the first fire hit energy prices that have been afflicting British households for a long time.</p><p>According to media reports on Tuesday local time,<b>Truss to finalise a £100bn package on the same day</b>, subsidizing the wholesale cost of natural gas as a way to lower the bills of UK households and businesses.</p><p>Placing limits on wholesale gas prices means that wholesale electricity prices will also be controlled. It is reported that natural gas power generation in the UK accounts for about 40% of the total power generation, accounting for more than wind energy,<a href=\"https://laohu8.com/S/000591\">Solar energy</a>, nuclear power, and coal, so wholesale electricity prices are often determined by gas-fired power plants, even when other technologies such as wind are cheaper to generate electricity.</p><p>Truss's team says the package will help businesses and households cope with the worst energy shock in decades, prevent mass bankruptcies for businesses and lift millions of households out of fuel poverty. It is unclear whether the cap will be set at the same level for households and businesses.</p><p>There are also media reports that they have seen policy documents,<b>The documents show Truss plans to provide up to £130bn in funding to bail out businesses and households over the next 18 months.</b></p><p>In terms of household relief, the UK government plans to limit the annual electricity and gas bill of an average British household to £1,971 or less. According to the documents, energy providers will charge households for lower electricity bills, while the government will make up the difference through utilities.</p><p>Recently, UK energy regulator Ofgem said that the cost of energy for UK consumers will rise by 80% from October, bringing the average annual household energy bill to £3,549. According to Cornwall Insight's forecasts, hard times are yet to come, with energy bills set to rise by more than £6,600 in 2023.</p><p>In terms of corporate bailouts, the Government will spend between £21bn and £42bn on protecting businesses over the next six months, and over the next year or so, the Government expects to spend between £28bn and £67bn on businesses, depending on the cap set.</p><p>The outlet said the subsidy measure would be announced as early as late September and implemented in October.</p><p>A source said Truss was considering giving small businesses up to £40bn in financial support on top of the £130bn above.<b>Together, the two funding backs amount to about £170bn, equivalent to the annual NHS budget and more than 5pc of GDP.</b></p><p>It is understood that Truss will begin appointing cabinet members after delivering his first speech to the nation as prime minister in Downing Street at around 4pm on Tuesday.</p><p>On Monday, Jacob Rees-Mogg, soon-to-be business secretary, met with executives from energy companies to discuss Truss's new plans. One participant said executives were more open to the scheme than being taxed on windfall profits.</p><p>European countries are now rolling out aid packages to combat soaring energy prices as the energy crisis intensifies.</p><p>The German government announced last Sunday that it would impose a windfall tax on energy producers and use the proceeds to fund a 65 billion euro aid package. On the same day, the Finnish government announced that it would provide loans and credit guarantees of 10 billion euros to the country's power companies to ensure their adequacy of cash and resources. Sweden on Saturday announced $23 billion in emergency aid for its utilities to avoid a financial crisis. In addition, this Friday, the European Union will hold an energy emergency meeting to discuss how to deal with soaring gas and electricity prices.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>British Female Prime Minister \"First Fire\": Smashing 130 billion pounds of energy subsidies</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\">\nBritish Female Prime Minister \"First Fire\": Smashing 130 billion pounds of energy subsidies\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-09-06 23:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>After Germany spent 65 billion euros, Britain couldn't hold back. A new official takes office with three fires. For Liz Truss, the newly inaugurated prime minister, the first fire hit energy prices that have been afflicting British households for a long time.</p><p>According to media reports on Tuesday local time,<b>Truss to finalise a £100bn package on the same day</b>, subsidizing the wholesale cost of natural gas as a way to lower the bills of UK households and businesses.</p><p>Placing limits on wholesale gas prices means that wholesale electricity prices will also be controlled. It is reported that natural gas power generation in the UK accounts for about 40% of the total power generation, accounting for more than wind energy,<a href=\"https://laohu8.com/S/000591\">Solar energy</a>, nuclear power, and coal, so wholesale electricity prices are often determined by gas-fired power plants, even when other technologies such as wind are cheaper to generate electricity.</p><p>Truss's team says the package will help businesses and households cope with the worst energy shock in decades, prevent mass bankruptcies for businesses and lift millions of households out of fuel poverty. It is unclear whether the cap will be set at the same level for households and businesses.</p><p>There are also media reports that they have seen policy documents,<b>The documents show Truss plans to provide up to £130bn in funding to bail out businesses and households over the next 18 months.</b></p><p>In terms of household relief, the UK government plans to limit the annual electricity and gas bill of an average British household to £1,971 or less. According to the documents, energy providers will charge households for lower electricity bills, while the government will make up the difference through utilities.</p><p>Recently, UK energy regulator Ofgem said that the cost of energy for UK consumers will rise by 80% from October, bringing the average annual household energy bill to £3,549. According to Cornwall Insight's forecasts, hard times are yet to come, with energy bills set to rise by more than £6,600 in 2023.</p><p>In terms of corporate bailouts, the Government will spend between £21bn and £42bn on protecting businesses over the next six months, and over the next year or so, the Government expects to spend between £28bn and £67bn on businesses, depending on the cap set.</p><p>The outlet said the subsidy measure would be announced as early as late September and implemented in October.</p><p>A source said Truss was considering giving small businesses up to £40bn in financial support on top of the £130bn above.<b>Together, the two funding backs amount to about £170bn, equivalent to the annual NHS budget and more than 5pc of GDP.</b></p><p>It is understood that Truss will begin appointing cabinet members after delivering his first speech to the nation as prime minister in Downing Street at around 4pm on Tuesday.</p><p>On Monday, Jacob Rees-Mogg, soon-to-be business secretary, met with executives from energy companies to discuss Truss's new plans. One participant said executives were more open to the scheme than being taxed on windfall profits.</p><p>European countries are now rolling out aid packages to combat soaring energy prices as the energy crisis intensifies.</p><p>The German government announced last Sunday that it would impose a windfall tax on energy producers and use the proceeds to fund a 65 billion euro aid package. On the same day, the Finnish government announced that it would provide loans and credit guarantees of 10 billion euros to the country's power companies to ensure their adequacy of cash and resources. Sweden on Saturday announced $23 billion in emergency aid for its utilities to avoid a financial crisis. In addition, this Friday, the European Union will hold an energy emergency meeting to discuss how to deal with soaring gas and electricity prices.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703b63293bde39448a32b32e36c37fea","relate_stocks":{"159945":"能源"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158392309","content_text":"德国砸了650亿欧元之后，英国也按捺不住了。新官上任三把火。对刚刚就任英国首相的利兹·特拉斯（Liz Truss）而言，其第一把火烧到了折磨英国家庭已久的能源价格。据媒体当地时间周二报道，特拉斯将于当天敲定一项价值1000亿英镑的一揽子计划，对天然气的批发成本进行补贴，以此降低英国家庭和企业的账单。对天然气批发价格进行限制意味着批发电价也将得到控制。据悉，英国天然气发电占总发电量约40%，占比超过风能、太阳能、核电以及煤炭发电，因此批发电价往往由燃气发电厂决定，即使在风能等其他技术发电成本更低的情况下也是如此。特拉斯的团队表示，该一揽子计划将帮助企业和家庭应对数十年来最严重的能源冲击，防止企业出现大规模破产，并使数百万家庭摆脱燃料匮乏的局面。目前尚不清楚家庭和企业的上限是否会设置在同一水平。也有媒体报告称看到了政策文件，文件显示特拉斯计划在未来18个月内将提供高达1300亿英镑的资金为企业和家庭纾困。在家庭纾困方面，英国政府计划将一个普通英国家庭的年度电费及天然气费用控制在1971英镑或以下。根据文件，能源供应商将以较低的电费向家庭收取费用，而政府将通过公用事业公司弥补差额。近期，英国能源监管机构Ofgem表示，英国消费者的能源成本将从10月起上涨80%，使家庭年平均能源账单达到3549英镑。根据Cornwall Insight的预测，苦日子还在后面，2023年能源费用将上升超过6600英镑。在企业纾困方面，未来六个月，政府用于保护企业的资金将在210亿英镑到420亿英镑不等，未来一年多，政府预计用于企业的资金将在280亿英镑到670亿英镑不等，具体取决于上限设定。该媒体称，该补贴措施最早将于9月下旬公布，并于10月开始实施。一位消息人士表示，除了以上的1300亿英镑之外，特拉斯正在考虑向小企业提供给高达400亿英镑的资金支持。两项资金支持合计约1700亿英镑，相当于英国国民健康服务体系(NHS)的年度预算，占GDP的5%以上。据悉，特拉斯将在周二下午4点左右在唐宁街首次以首相身份向全国发表演讲，之后开始任命内阁成员。周一，即将出任商务大臣的雅各布·里斯-莫格(Jacob Rees-Mogg)会见了能源公司的高管，讨论了特拉斯的新计划。一位与会人士表示，高管们对这一计划的态度比被征收暴利税更为开放。在能源危机愈演愈烈之际，目前欧洲各国正在出台援助计划，以应对能源价格飙升。德国政府上周日宣布将对能源生产商征收暴利税，并将所得收入用于资助650亿欧元的一揽子援助计划。同日，芬兰政府宣布将向该国的电力公司提供100亿欧元的贷款和信贷担保，以确保其现金和资源充足。瑞典则在周六宣布向其公用事业提供230亿美元的紧急援助，以避免爆发金融危机。此外，本周五，欧盟将召开能源紧急会议，商讨如何应对天然气和电力价格飙升。","news_type":1,"symbols_score_info":{"159945":0.9}},"isVote":1,"tweetType":1,"viewCount":2854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933804465,"gmtCreate":1662256979657,"gmtModify":1676537025397,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9933804465","repostId":"1110881032","repostType":2,"isVote":1,"tweetType":1,"viewCount":3401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9939327209,"gmtCreate":1662072757103,"gmtModify":1676536798520,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9939327209","repostId":"2264223010","repostType":4,"isVote":1,"tweetType":1,"viewCount":3228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9997854352,"gmtCreate":1661784011977,"gmtModify":1676536578120,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9997854352","repostId":"2263145120","repostType":4,"isVote":1,"tweetType":1,"viewCount":4010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994691832,"gmtCreate":1661615329528,"gmtModify":1676536549995,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994691832","repostId":"1133824414","repostType":4,"repost":{"id":"1133824414","kind":"news","weMediaInfo":{"introduction":"图文并茂讲解中金深度研究报告","home_visible":1,"media_name":"中金点睛","id":"1012212489","head_image":"https://static.tigerbbs.com/6b16ed39660b4e0c835afdaf1c94aa75"},"pubTimestamp":1661574905,"share":"https://ttm.financial/m/news/1133824414?lang=en_US&edition=fundamental","pubTime":"2022-08-27 12:35","market":"sh","language":"zh","title":"CICC: China and the United States signed an audit supervision cooperation agreement, how to interpret the follow-up impact","url":"https://stock-news.laohu8.com/highlight/detail?id=1133824414","media":"中金点睛","summary":"如果取得实质性进展，或将有助于缓解多数公司退市的尾部风险和市场短期压力。","content":"<p><html><head></head><body>Author: Liu Gang, Kou Yue, Zhang Weihan, etc.</p><p>On the evening of August 26th, Beijing time, the website of China Securities Regulatory Commission announced that China Securities Regulatory Commission, Ministry of Finance and US regulatory agencies signed an audit cooperation agreement [1]. According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and makes a clear agreement on the cooperation between the two parties in regulatory inspection and investigation activities of relevant accounting firms in accordance with the principle of reciprocity and mutual benefit, forming a cooperation framework that meets the laws and regulations and regulatory requirements of both parties. Accordingly, the U.S. Public Company Accounting Oversight Board (PCAOB) and the U.S. Securities and Exchange Commission (SEC) also issued relevant statements [2] [3].</p><p>On the whole, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese stock companies listed in the United States in the \"delisting risk list\" in early March this year according to the rules of the Foreign Company Accountability Act, which caused a series of fluctuations.<b>Is the first step to solve the long-standing regulatory risks plaguing China concept stocks</b>To lay the foundation for further cooperation in supervision between China and the United States. Looking ahead, how to make specific progress by the follow-up regulatory agencies of the two countries will be the key point. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help to alleviate the tail risk and short-term market pressure of most companies' delisting.</b>The medium-term trend of subsequent Chinese stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path and the prospects of the Chinese concept stock market.</p><p><b>The Ins and Outs of China Stock Issue: Long-standing, Widespread Influence and Continuous Negotiation</b></p><p>The problem of Chinese stocks has a long history. This round of Chinese stock turmoil can be traced back to the signing of the Foreign Company Accountability Act by then-President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further introduced the implementation rules of the Act, and in March this year, it began to officially add companies that do not meet its requirements to the so-called \"preliminary identification list\" gradually, entering the actual implementation stage. Up to now, a total of more than 150 Chinese stock companies have been listed [4].</p><p>A core element of the bill is to require accounting firms of foreign companies to submit audit papers. If they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and to prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors that suppress the performance of Chinese stocks and Hong Kong listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have also been ongoing. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10th, the China Securities Regulatory Commission issued an announcement in the early morning of March 11th, stating that it was \"willing to solve related problems through regulatory cooperation\" [5]. On March 16, Liu He, Vice Premier of the State Council, chaired the meeting of the Financial Committee, and said that the regulatory agencies of China and the United States had maintained good communication [6], made positive progress, and were working to form specific cooperation plans. China continued to support various enterprises to list overseas. Not only that, but China is also pushing ahead with the amendment of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the CSRC successively solicited opinions on the drafting of the Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment) and the revision of the Regulations on Strengthening the Management of Confidentiality and Archives Related to Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment), increasing the coverage of domestic enterprises listed in Hong Kong, China and the United States, and providing institutional guarantee for cross-border regulatory cooperation, which also left some room for cooperation between China and the United States. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Market Performance and Major Events of Overseas Chinese Stocks Since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, China Securities Regulatory Commission, U.S. Securities Regulatory Commission, HKEx, CICC Research</p><p>Chart: Since 2020, the uncertainty of external regulatory environment faced by Chinese concept stocks has continued to increase</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, U.S. Securities Regulatory Commission, HKEx, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: Determining the operating process and methods, providing procedures for handling sensitive information</b></p><p>This cooperation agreement mainly makes specific arrangements for the audit draft and regulatory cooperation issues that plague whether Chinese stocks can continue to be listed in the United States. Referring to the announcement of the CSRC:</p><p>1) Main content: the two parties have made specific arrangements for the daily inspection and law enforcement investigation of relevant accounting firms, and agreed on important matters such as the purpose, scope, form of cooperation, information use and specific data protection of cooperation;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspection and investigation of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks and whose audit papers are deposited in the Mainland;</p><p>3) Cooperation mode: The two sides will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of accounting firms with the participation and assistance of the Chinese side.</p><p>In addition, the cooperation agreement also points out the following issues that the market is more concerned about or may be confused about the content of audit papers, regulatory forms and sensitive information:</p><p>1) Content of the draft: The main function of the audit working draft is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with the audit standards, so it generally does not include sensitive information such as state secrets, personal privacy or underlying data of the enterprise.</p><p>2) Supervision object: the direct object of audit supervision is the accounting firm, not the listed company audited by it;</p><p>3) Form of supervision: the regulatory agency of the listing place selects some accounting firms for inspection every year, and it is not necessary to inspect all audit projects of listed companies in the United States every year;</p><p>4) Sensitive information processing: A clear agreement has been made on the processing and use of sensitive information, and special processing procedures have been set up for specific data such as personal information, which provides a feasible path for both parties to perform their statutory supervision duties while protecting the security of relevant information.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operation. At the same time, there are special ways to handle some sensitive information that may be involved. Therefore, although it remains to be seen whether the follow-up specific progress will be smooth, this cooperation agreement at least provides the operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>Significance of Sino-US Cooperation Agreement: Taking the First Step in Regulatory Cooperation; Or alleviate market pressure and the risk of delisting of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific contents of the agreement, we believe that this cooperation agreement is of great significance to solve the long-standing regulatory risks plaguing Chinese stocks, and lay the foundation for further regulatory cooperation in the future. If substantial progress is finally made, it will help alleviate the market pressure and the tail risk of delisting of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help to maintain the smooth cross-border financing channels of Chinese enterprises and promote overseas financing of innovative enterprises. In fact, cross-border supervision cooperation is also in line with international practice. PCAOB in the United States has signed similar audit supervision cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation and finally solving the supervision problems of Chinese stocks, especially the special handling methods involving sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies delisting. As analyzed in \"Tracking China Concept Stocks: Future Outlet and Possible Evolution\", although the final deadline required by the Foreign Company Accountability Law is the financial reporting season of 2024 (concentrated from March to May), considering the many processes involved in the actual implementation process, the actual time may be much earlier, for example, it is advanced to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is finally made, can at least alleviate the market worries and the tail risk of a considerable number of companies delisting to a large extent.</p><p>► Thirdly, keeping Chinese stocks listed in the United States through regulatory cooperation is of positive significance to protect the interests of investors and maintain cross-border financing channels for Chinese enterprises, especially overseas financing for innovative enterprises. In fact, the US stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese stocks have been listed in the United States, with an initial fund-raising amount of 76.4 billion US dollars. Even this year, there are still 13 Chinese stocks listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the United States and China; The extent and extent to which the manuscript is available is key</b></p><p>On the basis of signing this cooperation agreement, how to promote audit cooperation by the regulatory agencies of the two countries will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the criteria for determining the methods and scope of review by the United States are consistent with the methods acceptable to China.</p><p>In fact, in its latest statement, PCAOB said that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the U.S. side needs to decide on its own the company and content it wants to review. Previously, both PCAOB and SEC officials in the United States also said that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the final extent and scope to which the audit papers can be provided will still be the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Statements of cooperation agreement between China Securities Regulatory Commission and PCAOB of the United States</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, U.S. Securities and Exchange Commission, PCAOB, CICC Research</p><p><b>The future choice of Chinese stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Return to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may not be able to meet the requirements in the end, the promotion of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese stocks. Therefore, the main outlets for Chinese stocks in the future are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: according to the requirements of the Foreign Company Accountability Law, foreign companies need to disclose their relationship with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the launch of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of China Stock Concept: The Meaning and Impact of Delisting of State-owned Enterprises in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: if an agreement is finally reached, most enterprises can open access to audit papers to PCAOB on the premise of complying with the new confidentiality regulations, so they can maintain their listing in the United States. However, it is not ruled out that some enterprises will not be able to meet some regulatory requirements due to sensitive information involved, and then choose to retire. The follow-up regulatory progress and details deserve attention.</p><p>However, whether it is finally delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese stocks to hedge external risks. At present, 26 companies have returned to Hong Kong stocks through secondary listings or dual primary listings (17 of them are secondary listings and 9 are primary listings). Looking ahead, we expect more eligible Chinese stock companies to return to Hong Kong stocks under the circumstances that the external environment is still facing large variables.</p><p><b>In terms of regression mode, adopting or converting to major listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listed entities, choosing the dual main listing method to return to Hong Kong can make the listing status in Hong Kong unaffected by the overseas listing status, and at the same time, it can be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to convert into a main listing?\"). In fact, we have noticed that more and more companies (XPeng Automobile and Shell) have chosen to return to Hong Kong stocks with dual primary listings, and companies such as Zai Lab, Bilibili and Alibaba's have also applied for or completed the conversion of secondary listings to primary listing status. We estimate that if the above-mentioned companies turn into major listings and are included in Shanghai-Hong Kong Stock Connect, they are expected to bring in a capital inflow of HK$45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese stocks may have liquidity disturbance to Hong Kong stocks in the short term, but it will help to optimize the structure of Hong Kong stocks and strengthen their attractiveness in the long term. We expect that the return of a large number of Chinese stocks and the transfer of shares to Hong Kong stocks will indeed have a certain impact on the liquidity of Hong Kong's equity capital, which is not very abundant. At present, the average proportion of major Chinese stocks that have returned in Hong Kong has reached about 20% (such as Alibaba's 20%). We estimate that the new financing and share conversion transactions of 27 potential returning companies may bring liquidity absorption of HK$27.7 billion per year (equivalent to 9.1% of the IPO fund raised on the main board of Hong Kong stocks in 2021). Of course, adopting an introductory listing method (without new financing, such as Nio and Shell) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese stock companies will help to further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback of high-quality companies and funds, further consolidating the position of the Hong Kong stock market as a regional financial center and China's \"new economic bridgehead\".</p><p>Chart: Number of Chinese stocks listed in the United States and amount of fundraising</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Size of U.S. China Stock Market</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Since the reform of the listing system in 2018, 26 U.S. Chinese conceptual stocks have returned to Hong Kong stocks through secondary listing and dual primary listing</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are still in the United States</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At present, the average proportion of major Chinese stock companies that have returned to Hong Kong is about 20%, of which Alibaba is 20% and JD.COM is 21%</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring HK$27.7 billion in annual liquidity absorption</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within the historically reasonable range</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Calculation of potential passive funds that may be brought by secondary listed companies if they are included in the qualifying targets of Hong Kong stocks</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEx, Wind, CICC Research</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and makes a clear agreement on the cooperation between the two parties in regulatory inspection and investigation activities of relevant accounting firms in accordance with the principle of reciprocity and mutual benefit, forming a cooperation framework that meets the laws and regulations and regulatory requirements of both parties. Accordingly, the U.S. Public Company Accounting Oversight Board (PCAOB) and the U.S. Securities and Exchange Commission (SEC) also issued relevant statements [2] [3].</p><p>On the whole, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese stock companies listed in the United States in the \"delisting risk list\" in early March this year according to the rules of the Foreign Company Accountability Act, which caused a series of fluctuations.<b>Is the first step to solve the long-standing regulatory risks plaguing China concept stocks</b>To lay the foundation for further cooperation in supervision between China and the United States. Looking ahead, how to make specific progress by the follow-up regulatory agencies of the two countries will be the key point. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help to alleviate the tail risk and short-term market pressure of most companies' delisting.</b>The medium-term trend of subsequent Chinese stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path and the prospects of the Chinese concept stock market.</p><p><b>The Ins and Outs of China Stock Issue: Long-standing, Widespread Influence and Continuous Negotiation</b></p><p>The problem of Chinese stocks has a long history. This round of Chinese stock turmoil can be traced back to the signing of the Foreign Company Accountability Act by then-President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further introduced the implementation rules of the Act, and in March this year, it began to officially add companies that do not meet its requirements to the so-called \"preliminary identification list\" gradually, entering the actual implementation stage. Up to now, a total of more than 150 Chinese stock companies have been listed [4].</p><p>A core element of the bill is to require accounting firms of foreign companies to submit audit papers. If they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and to prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors that suppress the performance of Chinese stocks and Hong Kong listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have also been ongoing. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10th, the China Securities Regulatory Commission issued an announcement in the early morning of March 11th, stating that it was \"willing to solve related problems through regulatory cooperation\" [5]. On March 16, Liu He, Vice Premier of the State Council, chaired the meeting of the Financial Committee, and said that the regulatory agencies of China and the United States had maintained good communication [6], made positive progress, and were working to form specific cooperation plans. China continued to support various enterprises to list overseas. Not only that, but China is also pushing ahead with the amendment of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the CSRC successively solicited opinions on the drafting of the Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment) and the revision of the Regulations on Strengthening the Management of Confidentiality and Archives Related to Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment), increasing the coverage of domestic enterprises listed in Hong Kong, China and the United States, and providing institutional guarantee for cross-border regulatory cooperation, which also left some room for cooperation between China and the United States. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Market Performance and Major Events of Overseas Chinese Stocks Since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, China Securities Regulatory Commission, U.S. Securities Regulatory Commission, HKEx, CICC Research</p><p>Chart: Since 2020, the uncertainty of external regulatory environment faced by Chinese concept stocks has continued to increase</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, U.S. Securities Regulatory Commission, HKEx, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: Determining the operating process and methods, providing procedures for handling sensitive information</b></p><p>This cooperation agreement mainly makes specific arrangements for the audit draft and regulatory cooperation issues that plague whether Chinese stocks can continue to be listed in the United States. Referring to the announcement of the CSRC:</p><p>1) Main content: the two parties have made specific arrangements for the daily inspection and law enforcement investigation of relevant accounting firms, and agreed on important matters such as the purpose, scope, form of cooperation, information use and specific data protection of cooperation;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspection and investigation of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks and whose audit papers are deposited in the Mainland;</p><p>3) Cooperation mode: The two sides will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of accounting firms with the participation and assistance of the Chinese side.</p><p>In addition, the cooperation agreement also points out the following issues that the market is more concerned about or may be confused about the content of audit papers, regulatory forms and sensitive information:</p><p>1) Content of the draft: The main function of the audit working draft is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with the audit standards, so it generally does not include sensitive information such as state secrets, personal privacy or underlying data of the enterprise.</p><p>2) Supervision object: the direct object of audit supervision is the accounting firm, not the listed company audited by it;</p><p>3) Form of supervision: the regulatory agency of the listing place selects some accounting firms for inspection every year, and it is not necessary to inspect all audit projects of listed companies in the United States every year;</p><p>4) Sensitive information processing: A clear agreement has been made on the processing and use of sensitive information, and special processing procedures have been set up for specific data such as personal information, which provides a feasible path for both parties to perform their statutory supervision duties while protecting the security of relevant information.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operation. At the same time, there are special ways to handle some sensitive information that may be involved. Therefore, although it remains to be seen whether the follow-up specific progress will be smooth, this cooperation agreement at least provides the operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>Significance of Sino-US Cooperation Agreement: Taking the First Step in Regulatory Cooperation; Or alleviate market pressure and the risk of delisting of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific contents of the agreement, we believe that this cooperation agreement is of great significance to solve the long-standing regulatory risks plaguing Chinese stocks, and lay the foundation for further regulatory cooperation in the future. If substantial progress is finally made, it will help alleviate the market pressure and the tail risk of delisting of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help to maintain the smooth cross-border financing channels of Chinese enterprises and promote overseas financing of innovative enterprises. In fact, cross-border supervision cooperation is also in line with international practice. PCAOB in the United States has signed similar audit supervision cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation and finally solving the supervision problems of Chinese stocks, especially the special handling methods involving sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies delisting. As analyzed in \"Tracking China Concept Stocks: Future Outlet and Possible Evolution\", although the final deadline required by the Foreign Company Accountability Law is the financial reporting season of 2024 (concentrated from March to May), considering the many processes involved in the actual implementation process, the actual time may be much earlier, for example, it is advanced to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is finally made, can at least alleviate the market worries and the tail risk of a considerable number of companies delisting to a large extent.</p><p>► Thirdly, keeping Chinese stocks listed in the United States through regulatory cooperation is of positive significance to protect the interests of investors and maintain cross-border financing channels for Chinese enterprises, especially overseas financing for innovative enterprises. In fact, the US stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese stocks have been listed in the United States, with an initial fund-raising amount of 76.4 billion US dollars. Even this year, there are still 13 Chinese stocks listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the United States and China; The extent and extent to which the manuscript is available is key</b></p><p>On the basis of signing this cooperation agreement, how to promote audit cooperation by the regulatory agencies of the two countries will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the criteria for determining the methods and scope of review by the United States are consistent with the methods acceptable to China.</p><p>In fact, in its latest statement, PCAOB said that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the U.S. side needs to decide on its own the company and content it wants to review. Previously, both PCAOB and SEC officials in the United States also said that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the final extent and scope to which the audit papers can be provided will still be the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Statements of cooperation agreement between China Securities Regulatory Commission and PCAOB of the United States</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, U.S. Securities and Exchange Commission, PCAOB, CICC Research</p><p><b>The future choice of Chinese stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Return to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may not be able to meet the requirements in the end, the promotion of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese stocks. Therefore, the main outlets for Chinese stocks in the future are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: according to the requirements of the Foreign Company Accountability Law, foreign companies need to disclose their relationship with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the launch of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of China Stock Concept: The Meaning and Impact of Delisting of State-owned Enterprises in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: if an agreement is finally reached, most enterprises can open access to audit papers to PCAOB on the premise of complying with the new confidentiality regulations, so they can maintain their listing in the United States. However, it is not ruled out that some enterprises will not be able to meet some regulatory requirements due to sensitive information involved, and then choose to retire. The follow-up regulatory progress and details deserve attention.</p><p>However, whether it is finally delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese stocks to hedge external risks. At present, 26 companies have returned to Hong Kong stocks through secondary listings or dual primary listings (17 of them are secondary listings and 9 are primary listings). Looking ahead, we expect more eligible Chinese stock companies to return to Hong Kong stocks under the circumstances that the external environment is still facing large variables.</p><p><b>In terms of regression mode, adopting or converting to major listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listed entities, choosing the dual main listing method to return to Hong Kong can make the listing status in Hong Kong unaffected by the overseas listing status, and at the same time, it can be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to convert into a main listing?\"). In fact, we have noticed that more and more companies (XPeng Automobile and Shell) have chosen to return to Hong Kong stocks with dual primary listings, and companies such as Zai Lab, Bilibili and Alibaba's have also applied for or completed the conversion of secondary listings to primary listing status. We estimate that if the above-mentioned companies turn into major listings and are included in Shanghai-Hong Kong Stock Connect, they are expected to bring in a capital inflow of HK$45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese stocks may have liquidity disturbance to Hong Kong stocks in the short term, but it will help to optimize the structure of Hong Kong stocks and strengthen their attractiveness in the long term. We expect that the return of a large number of Chinese stocks and the transfer of shares to Hong Kong stocks will indeed have a certain impact on the liquidity of Hong Kong's equity capital, which is not very abundant. At present, the average proportion of major Chinese stocks that have returned in Hong Kong has reached about 20% (such as Alibaba's 20%). We estimate that the new financing and share conversion transactions of 27 potential returning companies may bring liquidity absorption of HK$27.7 billion per year (equivalent to 9.1% of the IPO fund raised on the main board of Hong Kong stocks in 2021). Of course, adopting an introductory listing method (without new financing, such as Nio and Shell) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese stock companies will help to further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback of high-quality companies and funds, further consolidating the position of the Hong Kong stock market as a regional financial center and China's \"new economic bridgehead\".</p><p>Chart: Number of Chinese stocks listed in the United States and amount of fundraising</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Size of U.S. China Stock Market</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research</p><p>Chart: Since the reform of the listing system in 2018, 26 U.S. Chinese conceptual stocks have returned to Hong Kong stocks through secondary listing and dual primary listing</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are still in the United States</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: At present, the average proportion of major Chinese stock companies that have returned to Hong Kong is about 20%, of which Alibaba is 20% and JD.COM is 21%</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring HK$27.7 billion in annual liquidity absorption</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within the historically reasonable range</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research</p><p>Chart: Calculation of potential passive funds that may be brought by secondary listed companies if they are included in the qualifying targets of Hong Kong stocks</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEx, Wind, CICC Research</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c16c8e006d32178191cb5241b3224fc","relate_stocks":{"CQQQ":"中国科技指数ETF-Guggenheim","KWEB":"中国海外互联网ETF-KraneShares"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133824414","content_text":"作者：刘刚 寇玥 张巍瀚等北京时间8月26日晚，中国证监会网站发布公告，中国证监会、财政部与美国监管机构签署审计合作协议[1]。公告表示，合作协议依据两国法律法规，尊重国际通行做法，按照对等互利原则，就双方对相关会计师事务所合作开展监管检查和调查活动做出了明确约定，形成符合双方法规和监管要求的合作框架。相应的，美国公众公司会计监督委员会(PCAOB)和美国证监会(SEC)也发表了相关声明[2][3]。整体来看，我们认为中美签署审计监管合作协议，是继今年3月初SEC依据《外国公司问责法》细则将在美上市中概股公司纳入“退市风险名单”引发一系列波动以来取得的首个突破性进展，是解决困扰中概股由来已久监管风险的第一步，为接下来中美双方监管开展进一步合作打下基础。往前看，后续两国监管机构如何具体推进将是重点，这一过程中仍需要关注中美双方要求的一致性。如果取得实质性进展，或将有助于缓解多数公司退市的尾部风险和市场短期压力，而后续中概股和港股市场的中期走势仍将更多取决于基本面的修复情况。基于最新的监管动向，我们进一步对此次协议签署的可能影响、未来的演变路径、中概股市场的前景做出分析。中概股问题的来龙去脉：由来已久、影响广泛、持续协商中概股问题由来已久。此轮中概股风波最早可以追溯到2020年底时任总统特朗普签署《外国公司问责法》。2021年底，美国证监会SEC进一步出台了该法案的实施细则，并于今年3月开始正式将不符合其要求的公司逐步列入所谓“初步识别名单”，进入实际执行阶段。截至目前，已经有总计超过150家中概股公司上榜[4]。该法案的一个核心内容，是要求外国公司的会计事务所提交审计底稿，若连续三年无法提供，或将面临退市风险。此外，该法案还要求外国公司披露其与外国政府之间的关系并证明没有被外国政府所有或控制。因此这一法案实施以来，监管不确定性就成为压制中概股和港股上市科技股表现的重要因素之一。不过针对这一外部不确定性，中美双方协商也一直在进行。例如，3月10日SEC将首批中概股列入“初步识别名单”后，中国证监会3月11日凌晨发布公告表示“愿通过监管合作解决相关问题”[5]。3月16日，国务院副总理刘鹤主持金融委会议表示，中美双方监管机构保持了良好沟通[6]，已取得积极进展，正在致力于形成具体合作方案，中方继续支持各类企业到境外上市。不仅如此，中方也在推进修改一些配套政策法规以适应新的外部环境。例如2021年12月和2022年4月，国务院和证监会先后对起草《国务院关于境内企业境外发行证券和上市的管理规定(征求意见稿)》与修订《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定(征求意见稿)》征求意见，增加对赴中国香港和美国上市的境内企业的覆盖，为跨境监管合作提供制度保障，这也为中美监管双方合作留出了一定空间。因此可以看出，中美监管合作也是大方向。图表：2020年以来海外中资股市场表现及主要事件梳理资料来源：Bloomberg，中国证监会，美国证监会，港交所，中金公司研究部图表：2020年以来，中概股面临的外部监管环境不确定性持续增加资料来源：中国证监会，美国证监会，港交所，中金公司研究部中美审计监管合作协议的主要内容：确定操作流程与方式，提供敏感信息处理程序此次合作协议主要针对困扰中概股能否继续在美上市的审计底稿和监管合作问题做出了具体安排。参照证监会公告：1) 主要内容：就双方对相关会计师事务所合作开展日常检查与执法调查做出了具体安排，约定了合作目的、合作范围、合作形式、信息使用、特定数据保护等重要事项;2) 合作范围：包括协助对方开展对相关事务所的检查和调查。其中，中方提供协助的范围也涉及部分为中概股提供审计服务、且审计底稿存放在内地的香港事务所;3) 协作方式：双方将提前就检查和调查活动计划进行沟通协调，美方须通过中方监管部门获取审计底稿等文件，在中方参与和协助下对会计师事务所相关人员开展访谈和问询。此外，此次合作协议还指出了以下关于审计底稿内容、监管形式和敏感信息等市场较为关注或者可能混淆的问题：1) 底稿内容：审计工作底稿的主要功能是记载审计师是否依照审计准则尽职尽责地验证企业收入支出等财务信息准确性，因此一般并不包括国家秘密、个人隐私或企业底层数据等敏感信息。2) 监管对象：审计监管的直接对象是会计师事务所，而非其审计的上市公司;3) 监管形式：上市地监管机构每年抽选部分会计师事务所进行检查，无须每年检查全部在美上市公司审计项目;4) 敏感信息处理：对可能涉及敏感信息的处理和使用做出了明确约定，针对个人信息等特定数据设置了专门处理程序，为双方履行法定监管职责的同时保护相关信息安全提供了可行路径。不难看出，此次合作协议在涉及审计监管操作的各个方面和环节都做了相关安排。同时，对于可能涉及到的一些敏感信息有专门处理的方式。因此，虽然后续具体进展是否顺利还有待观察，但这一合作协议至少为后续双方监管合作提供了操作基础、迈出了第一步。中美签署合作协议的意义：迈出监管合作的第一步;或缓解市场压力和多数公司退市风险、维持跨境融资渠道畅通结合当前的市场环境和协议具体内容，我们认为，此次合作协议对于解决困扰中概股由来已久的监管风险具有重要意义，为后续进一步开展监管合作打下基础。如果最终取得实质性进展，将有助于缓解市场压力和部分公司的退市尾部风险，有助于保护投资者权益;中长期有助于维持中国企业跨境融资渠道畅通、促进创新企业海外融资。实际上，跨境监管合作也符合国际惯例，美国PCAOB与法国、比利时、德国等多个国家也都签署了类似的审计监管合作协议。具体来看，► 首先，合作协议的签署为后续开展进一步合作并最终解决中概股监管问题提供了可能，尤其是涉及到敏感信息的专门处理方式。► 其次，或缓解短期市场压力和部分公司退市的尾部风险。如我们在《中概股追踪：未来出路与可能演变》分析，尽管《外国公司问责法》要求的最终截止日是2024年的财报季(集中在3~5月)，但考虑到实际执行过程所涉及到的很多流程，实际时间可能要早很多，例如提前到2023年11月前后，因此时间并不充裕。此次合作协议的签署，如果最终取得实质性进展，至少可以在很大程度上缓解市场的担忧情绪和相当一部分公司退市的尾部风险。► 再次，通过监管合作保留中概股在美上市，对保护投资者利益、维持中国企业跨境融资渠道，特别是创新类企业海外融资都有积极意义。实际上，美股市场一直是中资企业、尤其是创新类企业的重要融资渠道，2010年以来累计345家中概股赴美上市，首发募资金额764亿美元。即便今年以来仍有13家中概股赴美上市。后续进展：仍需关注美方与中方要求的一致性;多大程度和范围内能够提供底稿是关键在签署这一合作协议的基础上，后续两国监管机构如何就具体推进审计合作将是重点。在这一过程中，仍需要关注中美双方要求的一致性，例如，美方对于审查方式和审查范围的认定标准，是否与中方可以接受的方式一致。实际上，在最新声明中，PCAOB表示中美签署合作协议固然重要、但只是监管合作的第一步。在具体执行过程中，美方需要自行决定希望审查的公司和内容。此前，美方不论是PCAOB还是SEC官员也都表示，需要全面底稿权限而不接受部分删节的版本[7]。因此，最终在多大程度和范围内能够提供审计底稿，仍将是后续双方监管合作的关键。图表：中国证监会与美国PCAOB对于合作协议的相关表述资料来源：中国证监会，美国证监会，PCAOB，中金公司研究部中概股的未来选择：国企退市、多数中资民营股将有选择空间；回归港股仍是大势所趋除了国企和个别可能最终无法满足要求的企业，中美监管合作的推进，对于缓解多数中概股的退市风险将起到积极作用，因此未来中概股的出路主要有以下几种：1) 国企退市是基准情形：根据《外国公司问责法》要求，外国公司需披露其与外国政府之间的关系并证明其没有被政府所有或控制，因此国企基本都将选择退市。实际上，中国石化、中国石油等5家国企于8月12日宣布启动美国退市，也正是出于此项考虑，基本符合预期(《中概股追踪：国企在美退市的含义与影响》)。2) 多数中资民营股有望降低甚至或避免退市风险：若最终达成一致，多数企业可在符合保密新规的前提下向PCAOB开放审计底稿访问权限，因此可以维持在美上市。但是，仍不排除部分企业会由于涉及敏感信息而无法满足一些监管要求，继而选择退，后续监管进展和细节值得关注。但无论最终在美退市与否，选择赴港上市都将是中概股对冲外部风险的主要选择。目前已有26家公司通过二次上市或双重主要上市回归港股(其中17家为二次上市，9家为主要上市)。往前看，在外部环境依然面临较大变数情况下，我们预计更多符合条件的中概股公司回归港股。回归方式上，采用或转为主要上市将成为主流。相比作为海外上市主体“投影”的二次上市，选择双重主要上市方式回港可以使在港上市地位不受海外上市状况影响，同时还可纳入港股通范围(《中概股追踪：转成主要上市意味着什么?》)。实际上，我们注意到越来越多的公司(小鹏汽车、贝壳)选择双重主要上市回归港股，且再鼎医药、哔哩哔哩和阿里巴巴等公司也已经申请或完成了二次上市向主要上市地位的转换。我们测算，上述公司如果转为主要上市并纳入沪港通后，有望带来450亿港元的资金流入。对港股而言，中概股回港和退市或对港股短期有流动性扰动，但长期有助于优化港股结构并强化吸引力。我们预计大量中概股回归和股份转到港股交易，的确将会对港股本就不非常充裕的流动性造成一定影响，目前已经回归的主要中概股公司在港交易的比例平均已达20%左右(如阿里巴巴20%)。我们测算，27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收(相当于2021年全年港股主板IPO募资金额的9.1%)。当然，采用介绍上市方式(不新增融资，例如蔚来和贝壳)可以减轻上述压力。中长期看，我们认为更多中概股公司的回归有助于进一步优化港股市场结构，吸引资金沉淀，进而形成优质公司和资金的正反馈，进一步巩固港股市场作为区域金融中心以及中国“新经济桥头堡”的地位。图表：中概股赴美上市数量及募资金额资料来源：Wind，中金公司研究部图表：美国中概股市场规模资料来源：Wind，中金公司研究部图表：2018年上市制度改革以来，已有26支美国中概股通过二次上市和双重主要上市回归港股资料来源：Bloomberg，Wind，中金公司研究部注：数据截止至2022年8月25日;估值基于Bloomberg一致预期图表：赴港上市中概股在香港部分的占比呈现上升趋势，但主要成交仍还在美国资料来源：Bloomberg，Wind，中金公司研究部图表：目前已经回归的主要中概股公司在港交易的比例平均在20%左右，其中阿里巴巴20%、京东为21%资料来源：Bloomberg，Wind，中金公司研究部图表：27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收资料来源：Bloomberg，Wind，中金公司研究部图表：即便27家中概股集中在2022年和2023年赴港上市，新增融资规模也仍在历史较合理的范围内资料来源：Bloomberg，Wind，中金公司研究部图表：若二次上市公司被纳入港股通合资格标的，可能带来的潜在被动资金测算注：数据截止至2022年8月25日资料来源：港交所，Wind，中金公司研究部","news_type":1,"symbols_score_info":{"CQQQ":0.9,"KWEB":0.9}},"isVote":1,"tweetType":1,"viewCount":3671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9995729142,"gmtCreate":1661521373988,"gmtModify":1676536534242,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9995729142","repostId":"1180411900","repostType":4,"repost":{"id":"1180411900","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":1661520667,"share":"https://ttm.financial/m/news/1180411900?lang=en_US&edition=fundamental","pubTime":"2022-08-26 21:31","market":"us","language":"zh","title":"Opening | Alibaba up more than 5%, Affirm Holdings down nearly 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1180411900","media":"老虎资讯综合","summary":"8月26日，美股三大指数几乎平开，道指上涨0.11%，纳指跌0.07%，标普500指数涨0.05%。中概股普遍走强，拼多多、阿里巴巴涨约5%，京东涨约3%。此前中美监管机构签署合作协议，依法推进跨境审","content":"<p><html><head></head><body>On August 26th, the three major U.S. stock indexes almost opened flat, with the Dow rising by 0.11%, the Nasdaq falling by 0.07% and the S&P 500 rising by 0.05%.</p><p><img src=\"https://static.tigerbbs.com/6de54532b1a70109d7da87a588f8326b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Chinese stocks are generally strong,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Rise by about 5%,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Up about 3%. Previously, Chinese and US regulators signed a cooperation agreement to promote cross-border audit supervision cooperation according to law.</p><p>Anti-cancer drug maker Seagen fell nearly 8%,<a href=\"https://laohu8.com/S/MRK\">Merck</a>(MRK.N) Talks to buy Seagen are reported to be deadlocked with no agreement on a price.</p><p>Affirm Holdings fell nearly 12% and its Q1 and full-year fiscal 2023 guidance missed expectations.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening | Alibaba up more than 5%, Affirm Holdings down nearly 12%</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\">\nOpening | Alibaba up more than 5%, Affirm Holdings down nearly 12%\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\">2022-08-26 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On August 26th, the three major U.S. stock indexes almost opened flat, with the Dow rising by 0.11%, the Nasdaq falling by 0.07% and the S&P 500 rising by 0.05%.</p><p><img src=\"https://static.tigerbbs.com/6de54532b1a70109d7da87a588f8326b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Chinese stocks are generally strong,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Rise by about 5%,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Up about 3%. Previously, Chinese and US regulators signed a cooperation agreement to promote cross-border audit supervision cooperation according to law.</p><p>Anti-cancer drug maker Seagen fell nearly 8%,<a href=\"https://laohu8.com/S/MRK\">Merck</a>(MRK.N) Talks to buy Seagen are reported to be deadlocked with no agreement on a price.</p><p>Affirm Holdings fell nearly 12% and its Q1 and full-year fiscal 2023 guidance missed expectations.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"BK4535":"淡马锡持仓","BABA":"阿里巴巴","BK4504":"桥水持仓","BK4548":"巴美列捷福持仓","09988":"阿里巴巴-W","BK4565":"NFT概念","AFRM":"Affirm Holdings, Inc.","QNETCN":"纳斯达克中美互联网老虎指数","BK4524":"宅经济概念","BK4581":"高盛持仓",".DJI":"道琼斯","BK4531":"中概回港概念",".IXIC":"NASDAQ Composite","BK4534":"瑞士信贷持仓","BK4505":"高瓴资本持仓",".SPX":"S&P 500 Index","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4122":"互联网与直销零售","BK4575":"芯片概念","BK4502":"阿里概念","BK4558":"双十一","BK4106":"数据处理与外包服务"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180411900","content_text":"8月26日，美股三大指数几乎平开，道指上涨0.11%，纳指跌0.07%，标普500指数涨0.05%。中概股普遍走强，拼多多、阿里巴巴涨约5%，京东涨约3%。此前中美监管机构签署合作协议，依法推进跨境审计监管合作。抗癌药生产商Seagen跌近8%，默沙东(MRK.N)收购Seagen的谈判据悉陷入僵局，仍未就价格达成一致。Affirm Holdings跌近12%，2023财年Q1及全年业绩指引不及预期。","news_type":1,"symbols_score_info":{"AFRM":0.9,"09988":0.9,".IXIC":0.9,".SPX":0.9,"BABA":0.9,"QNETCN":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9995149198,"gmtCreate":1661434825216,"gmtModify":1676536517772,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9995149198","repostId":"1143062864","repostType":4,"repost":{"id":"1143062864","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":1661434264,"share":"https://ttm.financial/m/news/1143062864?lang=en_US&edition=fundamental","pubTime":"2022-08-25 21:31","market":"us","language":"zh","title":"Opening | Snowflake up 19%, Peloton down 14%","url":"https://stock-news.laohu8.com/highlight/detail?id=1143062864","media":"老虎资讯综合","summary":"8月25日，美股三大指数集体高开，道指上涨0.18%，纳指涨0.60%，标普500指数涨0.40%。中概股集体上涨，拼多多涨8%，哔哩哔哩涨6%，阿里巴巴涨4%。特斯拉拆股后首日交易价报约302美元，","content":"<p><html><head></head><body>On August 25th, the three major U.S. stock indexes opened higher collectively, with the Dow rising by 0.18%, the Nasdaq rising by 0.60% and the S&P 500 rising by 0.40%.</p><p><img src=\"https://static.tigerbbs.com/e8ad41a5d60fcb02e2ccf2fd2e069e04\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Chinese stocks rose collectively,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 8%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up 6%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up 4%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The trading price on the first day after the split was about $302, an increase of about 2%.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>Up 19%, Q2 revenue in fiscal 2023 increased 83% year-on-year to $497 million, and the full-year performance guidance was better than expected.</p><p>Peloton fell 14%, posting a net loss of $1.244 billion in Q4 FY22, an expansion of about 300% year-on-year, well below market expectations.</p><p><a href=\"https://laohu8.com/S/PLUG\">Pragg Energy</a>up 14%, which is related to<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Signing a Green Hydrogen Agreement, which is expected to help Pragg Energy meet its 2025 revenue target of $3 billion.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening | Snowflake up 19%, Peloton down 14%</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\">\nOpening | Snowflake up 19%, Peloton down 14%\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\">2022-08-25 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On August 25th, the three major U.S. stock indexes opened higher collectively, with the Dow rising by 0.18%, the Nasdaq rising by 0.60% and the S&P 500 rising by 0.40%.</p><p><img src=\"https://static.tigerbbs.com/e8ad41a5d60fcb02e2ccf2fd2e069e04\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Chinese stocks rose collectively,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 8%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up 6%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Up 4%.</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The trading price on the first day after the split was about $302, an increase of about 2%.</p><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>Up 19%, Q2 revenue in fiscal 2023 increased 83% year-on-year to $497 million, and the full-year performance guidance was better than expected.</p><p>Peloton fell 14%, posting a net loss of $1.244 billion in Q4 FY22, an expansion of about 300% year-on-year, well below market expectations.</p><p><a href=\"https://laohu8.com/S/PLUG\">Pragg Energy</a>up 14%, which is related to<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Signing a Green Hydrogen Agreement, which is expected to help Pragg Energy meet its 2025 revenue target of $3 billion.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"BK4116":"互联网服务与基础架构",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","BK4505":"高瓴资本持仓","BK4548":"巴美列捷福持仓","BK4535":"淡马锡持仓","BK4581":"高盛持仓","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","SNOW":"Snowflake",".SPX":"S&P 500 Index","BK4503":"景林资产持仓","BK4559":"巴菲特持仓","BK4551":"寇图资本持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143062864","content_text":"8月25日，美股三大指数集体高开，道指上涨0.18%，纳指涨0.60%，标普500指数涨0.40%。中概股集体上涨，拼多多涨8%，哔哩哔哩涨6%，阿里巴巴涨4%。特斯拉拆股后首日交易价报约302美元，涨幅约2%。Snowflake涨19%，2023财年Q2营收同比增83%至4.97亿美元，全年业绩指引好于预期。Peloton跌14%，2022财年Q4净亏损12.44亿美元，同比扩大约300%，远低于市场预期。普拉格能源涨14%，其与亚马逊签署绿色氢气协议，该协议预计帮助普拉格能源实现2025年30亿美元的收入目标。","news_type":1,"symbols_score_info":{"SNOW":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992490714,"gmtCreate":1661350284342,"gmtModify":1676536501302,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992490714","repostId":"2261642018","repostType":4,"repost":{"id":"2261642018","kind":"highlight","pubTimestamp":1661347026,"share":"https://ttm.financial/m/news/2261642018?lang=en_US&edition=fundamental","pubTime":"2022-08-24 21:17","market":"hk","language":"zh","title":"Ren Zhengfei's cold air doesn't want to blow you","url":"https://stock-news.laohu8.com/highlight/detail?id=2261642018","media":"虎嗅","summary":"别自作多情","content":"<p><html><head></head><body>On August 23rd, Ren Zhengfei's \"cold\" internal speech made Huawei and Ren Zhengfei, who were deliberately low-key, stand at the forefront again.</p><p>The next decade should be a \"very painful historical period\" for Huawei, Ren Zhengfei said in his speech entitled \"The whole company's business policy should shift from pursuing scale to pursuing profit and cash flow.\" He predicted a sustained global recession.</p><p>Ren Zhengfei said that due to the impact of the war and the continued blockade and suppression of the United States, the world's economy is unlikely to improve in the next three to five years. Coupled with the impact of the epidemic, \"there should be no region in the world that is a bright spot. Then the consumption power will drop greatly, which will put not only supply pressure on us, but also market pressure\".</p><p>\"In 2023 or even 2025, we must take 'surviving' as the most important program. Survive and survive with quality.\" Ren Zhengfei said, \"If you survive, you will have a future.\"</p><p>He stressed that \"(Huawei's) survival basis should be adjusted to focus on cash flow and real profits, and it can no longer only target sales revenue.\"</p><p>Huawei is a highly global and international enterprise among Chinese enterprises. It is normal for Ren Zhengfei to predict that the global economic recession will inevitably have a negative impact on the financial report of Huawei, which does global business. Even if domestic enterprises feel the crisis, it is not the same type as Ren Zhengfei.</p><p>\"The 2023 budget should keep a reasonable pace, blindly expand, and blindly invested businesses should contract or close.\"</p><p>\"Focus on value market value customers, and use the main force for the middle section of the normal distribution curve. In some countries, we have completely given up in the market. We also have a fat market, and we transfer the people who used to gnaw bones to gnaw fat.\"</p><p>\"Now we should narrow the front line, concentrate our forces to fight the war of annihilation and improve our profits.\"</p><p>\"This year, the bonuses of various businesses must widen the gap, and we will never allow everyone to achieve the short-term goal of grabbing food on average. In the past, the company's policy was basically settled, and everyone didn't feel the cold of winter. Everyone covered with quilts, just a little thicker and thinner. At the end of this year, businesses with more profits and cash flows will have more bonuses, while businesses that can't create value will have very low bonuses, or even none, forcing this business to commit suicide and pass on the cold.\"</p><p>……</p><p>When these words came out of Ren Zhengfei's mouth, it did make people feel a chill under the high temperature, and it made people feel the strong sense of crisis of Huawei's helm, especially when Yu Liang, chairman of Vanke's board of directors, shouted that Vanke wanted to \"live\" a few years ago-although Shenzhen enterprises live in tropical areas, their feelings about the cold winter are more keen and bone-deep.</p><p>In this way, Ren Zhengfei's speech, which was originally internal and not external, quickly spread all over the streets and alleys of the Internet, becoming the most powerful evidence of the economic downturn, especially the phrase \"will let the cold air pass to everyone\", which inevitably makes people feel pessimistic.</p><p>Today, this cold air has spread all over A shares.</p><p>According to statistics, on August 24th, Huawei's related concept index and concept leading stocks generally fell. As of the close of the 24th, Huawei concept reported 1928.355 points, down 4.09%; Huawei HiSilicon concept stocks reported 2016.284 points, down 5.21%; Huawei Automobile reported 1819.001 points, down 5.31%; Huawei Euler reported 866.830 points, down 4.40%; Huawei Kunpeng reported 826.322 points, down 3.98%; Hongmeng Concept reported 971.434 points, down 4.38%.</p><p>In terms of other related concept stocks,<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>It was reported to 7.38 yuan, down 5.14%, with a turnover rate of 1.58%;<a href=\"https://laohu8.com/S/601127\">Cyrus</a>It was reported to 61.99 yuan, down 5.52%, with a turnover rate of 1.65%;<a href=\"https://laohu8.com/S/600552\">Triumph Technology</a>It was reported at 11.18 yuan, down 6.99%, and the turnover rate was 6.8%.</p><p>Some netizens commented: \"Not only is it cold, but it also forces A (shares).\"</p><p>Chinese people like to make gods, but in fact, there is no need to worship Ren Zhengfei as a god. He is just an old man in his 70s who founded a high-tech enterprise worthy of the pride of Chinese people. Apart from frequent media interviews for his daughter and Huawei in 2019, he is almost synonymous with \"low-key\" among entrepreneurs.</p><p>As a result, what he said at Huawei's Roman Square \"Heart Community\" became a holy place in Mecca to peek into the entrepreneur's thoughts at close range. In the voice community, some of his speeches are public and can be browsed as a visitor at will, and some are only internal, such as Ren Zhengfei's speech above.</p><p>Obviously, Ren Zhengfei didn't want his \"chill\" to be passed on to everyone outside Huawei, but he accidentally passed it on to everyone who saw the content of his speech. But to put it bluntly, this belongs to self-affectionate to put on oneself, in fact, it is also self-trouble. Ren Zhengfei said this with a background. Huawei's business in Europe and America was blocked due to sanctions by the United States, and its mobile phone business declined in an avalanche due to the cut-off of chip supply and Android system supply. It fell from the first place in the world in a single quarter to the ranking that it could not be found with a flashlight.</p><p>According to Huawei's operating results for the first half of 2022 released on August 12, in the first half of this year, Huawei's sales revenue totaled 301.6 billion yuan, a year-on-year decrease of 5.87%, and its net profit was 15.08 billion yuan, a year-on-year decrease of 51.97%. Among them, the operator business income is 142.7 billion yuan, the enterprise business income is 54.7 billion yuan, and the terminal business income is 101.3 billion yuan. Operator business and enterprise business increased by 4.2% and 27.5% compared with the same period last year, while terminal business declined by 25% year-on-year.</p><p>For comparison —</p><p>In the first half of 2021, Huawei achieved sales revenue of 320.4 billion yuan. Among them, the business income of operators is 136.9 billion yuan, the business income of enterprises is 42.9 billion yuan, and the business income of consumers is 135.7 billion yuan.</p><p>In the first half of 2020, Huawei achieved sales revenue of 454 billion yuan. Among them, the business income of operators is 159.6 billion yuan, the business income of enterprises is 36.3 billion yuan, and the business income of consumers is 255.8 billion yuan.</p><p>It can be seen at a glance that the most important reason for the decline of Huawei's revenue is the sharp contraction of consumer business, from 255.8 billion yuan in the first half of 2020 to 125.7 billion yuan in the same period of last year, and the revenue was halved; By 101.3 billion yuan in the same period of this year, Huawei's cash cow is no longer brilliant, and Huawei and Ren Zhengfei have reason to be full of crisis about Huawei's future.</p><p>Ren Zhengfei said that the whole company's business policy should shift from the pursuit of scale to the pursuit of profit and cash flow. This view is not Ren Zhengfei's original creation. As long as anyone who knows a little about economics knows this truth, those who have done business management are of course more familiar with this concept. It is also the only choice for enterprises preparing for winter at present. You see Ali, who once conquered cities and bought everywhere,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Which of these Internet giants, Meituan and ByteDance, is not cutting edge business and sending talents to society? In the past two years, housing enterprises have given us expensive courses. But just because this was said by Ren Zhengfei, it became a golden rule? This is a typical blind worship, a disease of the times, and a sign of the impetuousness of the current society.</p><p>Ren Zhengfei has called for so much artillery, and even the name of the book approved by Huawei is \"Will Huawei be the next to fall?\" Why did Ren Zhengfei's cold speech cause such a sensation today?</p><p>At the end of the day, development is the last word.</p><p></body></html></p>","source":"highlight_huxiu","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>Ren Zhengfei's cold air doesn't want to blow you</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\">\nRen Zhengfei's cold air doesn't want to blow you\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2022-08-24 21:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On August 23rd, Ren Zhengfei's \"cold\" internal speech made Huawei and Ren Zhengfei, who were deliberately low-key, stand at the forefront again.</p><p>The next decade should be a \"very painful historical period\" for Huawei, Ren Zhengfei said in his speech entitled \"The whole company's business policy should shift from pursuing scale to pursuing profit and cash flow.\" He predicted a sustained global recession.</p><p>Ren Zhengfei said that due to the impact of the war and the continued blockade and suppression of the United States, the world's economy is unlikely to improve in the next three to five years. Coupled with the impact of the epidemic, \"there should be no region in the world that is a bright spot. Then the consumption power will drop greatly, which will put not only supply pressure on us, but also market pressure\".</p><p>\"In 2023 or even 2025, we must take 'surviving' as the most important program. Survive and survive with quality.\" Ren Zhengfei said, \"If you survive, you will have a future.\"</p><p>He stressed that \"(Huawei's) survival basis should be adjusted to focus on cash flow and real profits, and it can no longer only target sales revenue.\"</p><p>Huawei is a highly global and international enterprise among Chinese enterprises. It is normal for Ren Zhengfei to predict that the global economic recession will inevitably have a negative impact on the financial report of Huawei, which does global business. Even if domestic enterprises feel the crisis, it is not the same type as Ren Zhengfei.</p><p>\"The 2023 budget should keep a reasonable pace, blindly expand, and blindly invested businesses should contract or close.\"</p><p>\"Focus on value market value customers, and use the main force for the middle section of the normal distribution curve. In some countries, we have completely given up in the market. We also have a fat market, and we transfer the people who used to gnaw bones to gnaw fat.\"</p><p>\"Now we should narrow the front line, concentrate our forces to fight the war of annihilation and improve our profits.\"</p><p>\"This year, the bonuses of various businesses must widen the gap, and we will never allow everyone to achieve the short-term goal of grabbing food on average. In the past, the company's policy was basically settled, and everyone didn't feel the cold of winter. Everyone covered with quilts, just a little thicker and thinner. At the end of this year, businesses with more profits and cash flows will have more bonuses, while businesses that can't create value will have very low bonuses, or even none, forcing this business to commit suicide and pass on the cold.\"</p><p>……</p><p>When these words came out of Ren Zhengfei's mouth, it did make people feel a chill under the high temperature, and it made people feel the strong sense of crisis of Huawei's helm, especially when Yu Liang, chairman of Vanke's board of directors, shouted that Vanke wanted to \"live\" a few years ago-although Shenzhen enterprises live in tropical areas, their feelings about the cold winter are more keen and bone-deep.</p><p>In this way, Ren Zhengfei's speech, which was originally internal and not external, quickly spread all over the streets and alleys of the Internet, becoming the most powerful evidence of the economic downturn, especially the phrase \"will let the cold air pass to everyone\", which inevitably makes people feel pessimistic.</p><p>Today, this cold air has spread all over A shares.</p><p>According to statistics, on August 24th, Huawei's related concept index and concept leading stocks generally fell. As of the close of the 24th, Huawei concept reported 1928.355 points, down 4.09%; Huawei HiSilicon concept stocks reported 2016.284 points, down 5.21%; Huawei Automobile reported 1819.001 points, down 5.31%; Huawei Euler reported 866.830 points, down 4.40%; Huawei Kunpeng reported 826.322 points, down 3.98%; Hongmeng Concept reported 971.434 points, down 4.38%.</p><p>In terms of other related concept stocks,<a href=\"https://laohu8.com/S/600733\">BAIC Blue Valley</a>It was reported to 7.38 yuan, down 5.14%, with a turnover rate of 1.58%;<a href=\"https://laohu8.com/S/601127\">Cyrus</a>It was reported to 61.99 yuan, down 5.52%, with a turnover rate of 1.65%;<a href=\"https://laohu8.com/S/600552\">Triumph Technology</a>It was reported at 11.18 yuan, down 6.99%, and the turnover rate was 6.8%.</p><p>Some netizens commented: \"Not only is it cold, but it also forces A (shares).\"</p><p>Chinese people like to make gods, but in fact, there is no need to worship Ren Zhengfei as a god. He is just an old man in his 70s who founded a high-tech enterprise worthy of the pride of Chinese people. Apart from frequent media interviews for his daughter and Huawei in 2019, he is almost synonymous with \"low-key\" among entrepreneurs.</p><p>As a result, what he said at Huawei's Roman Square \"Heart Community\" became a holy place in Mecca to peek into the entrepreneur's thoughts at close range. In the voice community, some of his speeches are public and can be browsed as a visitor at will, and some are only internal, such as Ren Zhengfei's speech above.</p><p>Obviously, Ren Zhengfei didn't want his \"chill\" to be passed on to everyone outside Huawei, but he accidentally passed it on to everyone who saw the content of his speech. But to put it bluntly, this belongs to self-affectionate to put on oneself, in fact, it is also self-trouble. Ren Zhengfei said this with a background. Huawei's business in Europe and America was blocked due to sanctions by the United States, and its mobile phone business declined in an avalanche due to the cut-off of chip supply and Android system supply. It fell from the first place in the world in a single quarter to the ranking that it could not be found with a flashlight.</p><p>According to Huawei's operating results for the first half of 2022 released on August 12, in the first half of this year, Huawei's sales revenue totaled 301.6 billion yuan, a year-on-year decrease of 5.87%, and its net profit was 15.08 billion yuan, a year-on-year decrease of 51.97%. Among them, the operator business income is 142.7 billion yuan, the enterprise business income is 54.7 billion yuan, and the terminal business income is 101.3 billion yuan. Operator business and enterprise business increased by 4.2% and 27.5% compared with the same period last year, while terminal business declined by 25% year-on-year.</p><p>For comparison —</p><p>In the first half of 2021, Huawei achieved sales revenue of 320.4 billion yuan. Among them, the business income of operators is 136.9 billion yuan, the business income of enterprises is 42.9 billion yuan, and the business income of consumers is 135.7 billion yuan.</p><p>In the first half of 2020, Huawei achieved sales revenue of 454 billion yuan. Among them, the business income of operators is 159.6 billion yuan, the business income of enterprises is 36.3 billion yuan, and the business income of consumers is 255.8 billion yuan.</p><p>It can be seen at a glance that the most important reason for the decline of Huawei's revenue is the sharp contraction of consumer business, from 255.8 billion yuan in the first half of 2020 to 125.7 billion yuan in the same period of last year, and the revenue was halved; By 101.3 billion yuan in the same period of this year, Huawei's cash cow is no longer brilliant, and Huawei and Ren Zhengfei have reason to be full of crisis about Huawei's future.</p><p>Ren Zhengfei said that the whole company's business policy should shift from the pursuit of scale to the pursuit of profit and cash flow. This view is not Ren Zhengfei's original creation. As long as anyone who knows a little about economics knows this truth, those who have done business management are of course more familiar with this concept. It is also the only choice for enterprises preparing for winter at present. You see Ali, who once conquered cities and bought everywhere,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Which of these Internet giants, Meituan and ByteDance, is not cutting edge business and sending talents to society? In the past two years, housing enterprises have given us expensive courses. But just because this was said by Ren Zhengfei, it became a golden rule? This is a typical blind worship, a disease of the times, and a sign of the impetuousness of the current society.</p><p>Ren Zhengfei has called for so much artillery, and even the name of the book approved by Huawei is \"Will Huawei be the next to fall?\" Why did Ren Zhengfei's cold speech cause such a sensation today?</p><p>At the end of the day, development is the last word.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.huxiu.com/article/644100.html\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1f6fbfb7857aae595f5ec745896dc1a","relate_stocks":{},"source_url":"https://www.huxiu.com/article/644100.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2261642018","content_text":"8月23日，任正非一个“寒气逼人”的内部讲话让刻意低调的华为和任正非再次站在了风口浪尖。任正非在这个题为《整个公司的经营方针要从追求规模转向追求利润和现金流》的讲话中说，未来十年对华为来说应该是一个“非常痛苦的历史时期”。他预判全球经济会持续衰退。任正非表示，现在由于战争的影响以及美国继续封锁打压的原因，全世界的经济在未来3到5年内都不可能转好，加上疫情影响，“全球应该没有一个地区是亮点。那么消费能力会有很大幅度下降，对我们产生不仅是供应的压力，还有市场的压力”。“2023年甚至到2025年，一定要把‘活下来’作为最主要的纲领。活下来，有质量地活下来。”任正非说，“活下来就有未来。”他强调，“（华为的）生存基点要调整到以现金流和真实利润为中心，不能再仅以销售收入为目标。”华为是中国企业中高度全球化、国际化的一家企业，任正非预测全球经济衰退必然会给做全球生意的华为带来财报上的负面影响，这是再正常不过的了。就算国内的企业也都从中感受到了危机，那也跟任正非感受到的不是同一个类型的。“2023年预算要保持合理节奏，盲目扩张，盲目投资的业务要收缩或关闭。”“聚焦价值市场价值客户，把主要力量用于正态分布曲线中间的一段，一部分国家我们在市场上就彻底放弃了。我们也有肥肉市场，把原来啃骨头的人员调去啃肥肉。”“现在要缩小战线，集中兵力打歼灭战，提升盈利。”“今年各个业务的奖金一定要拉开差距，绝不允许平均逼迫大家实现抢粮食的短期目标。过去公司的政策是基本摆平，大家没有感觉到冬天的寒冷，每个人都盖被子，只是厚一点薄一点而已。今年年底利润和现金流多的业务，奖金就多发一些，不能创造价值的业务就是很低的奖金，甚至没有，逼这个业务自杀，把寒气传递下去。”……当这些话从任正非嘴里吐出来的时候，的确让人感受到高温下的不寒而栗，让人感受到这位华为掌舵者的强烈危机感，尤其联想到万科董事局主席郁亮几年前也曾喊出万科要“活下去”——深圳企业虽然生活在热带地区，但他们对寒冬的感受更加敏锐和彻骨。就这样，任正非这段本来对内不对外的讲话很快就传遍了互联网的大街小巷，成为经济不景气最有力的佐证，尤其那句“将让寒气传递到每个人”，难免让人心生悲观。而今天，这股寒气则传遍了A股。根据统计，8月24日，华为相关概念指数和概念龙头股普跌。截至24日收盘，华为概念报1928.355点，跌4.09%；华为海思概念股报2016.284点，跌5.21%；华为汽车报1819.001点，跌5.31%；华为欧拉报866.830点，跌4.40%；华为鲲鹏报826.322点，跌3.98%；鸿蒙概念报971.434点，跌4.38%。其他关联概念股方面，北汽蓝谷报7.38元，跌5.14%，换手率1.58%；赛力斯报61.99元，跌幅5.52%，换手率1.65%；凯盛科技报11.18元，跌幅6.99%，换手率6.8%。有网友评论道：“不仅寒气逼人，还寒气逼A（股）。”中国人喜欢造神，但其实大可不必把任正非奉若神明，他不过是个70多岁的老头，创办了一家值得国人骄傲的高科技企业，除了为了女儿和华为在2019年频繁接受过媒体采访外，他几乎是企业家群体里“低调”的代名词。于是，他在华为的罗马广场“心声社区”上说的话，就成了近距离窥探这位企业家思想的麦加圣地。在心声社区，他的有些讲话是公开的，作为游客就可以随意闯入浏览，有些是仅对内的，比如上面这个任正非的讲话。显然任正非并不想让他的“寒气”传递给华为之外的每一个人，但却意外传递给了每一个看到他讲话内容的人。但说句难听的，这属于自作多情式地往自己身上套，其实也是自寻烦恼。任正非说这话是有背景的，华为由于受美国制裁，在欧美的业务受阻，手机业务因遭遇芯片断供、安卓系统断供而雪崩式下滑，从一度单季度全球第一跌到打着手电筒找不到它的排行。根据华为8月12日发布的2022年上半年经营业绩，今年上半年，华为销售收入共计3016亿元，同比减少5.87%，净利润150.8亿元，同比下滑51.97%。其中，运营商业务收入1427亿元，企业业务收入547亿元，终端业务收入1013亿元。运营商业务和企业业务相较去年同期增长了4.2%和27.5%，而终端业务同比下滑25%。作为对比——2021年上半年，华为实现销售收入3204亿元。其中，运营商业务收入1369亿元、企业业务收入429亿元、消费者业务收入1357亿元。2020年上半年，华为实现销售收入4540亿元。其中，运营商业务收入1596亿元，企业业务收入363亿元，消费者业务收入2558亿元。可以一目了然地看到，华为营收下滑最重要原因就是消费者业务的急剧收缩，从2020年上半年的2558亿元跌到去年同期的1257亿，营收腰斩；再到今年同期的1013亿元，曾经华为的现金牛辉煌不再，华为和任正非有理由对华为的未来充满危机感。任正非说，整个公司的经营方针要从追求规模转向追求利润和现金流。这个观点也不是任正非的独创，只要略懂经济学的都懂这个道理，做过企业管理的当然更加熟稔这个概念，也是当下准备过冬的企业不二的选择，你看曾经攻城略地、到处买买买的阿里、腾讯、百度、京东、美团、字节跳动这些互联网巨头，哪个不是在砍边缘业务、往社会输送人才？而这两年的房企更是给我们上了一堂堂昂贵的课程。但就因为这是任正非说出来的，就变成了金科玉律？这属于典型的盲目崇拜，是一种时代病，也是当下社会浮躁的一个表征。任正非呼唤过那么多炮火，甚至连华为认可的书籍的名字就叫《下一个倒下的会不会是华为》，任正非这个寒气逼人的讲话为何在今天引发如此的轰动？归根结底，发展才是硬道理。","news_type":1,"symbols_score_info":{"830799":1,"830832":1,"830839":1,"830946":1,"830964":1,"834021":1,"834415":1,"834475":1,"834599":1,"834682":1,"834765":1,"838030":1,"838163":1,"838275":1,"838924":1}},"isVote":1,"tweetType":1,"viewCount":1297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9996402213,"gmtCreate":1661208998134,"gmtModify":1676536471973,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9996402213","repostId":"1141162633","repostType":4,"repost":{"id":"1141162633","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":1661153226,"share":"https://ttm.financial/m/news/1141162633?lang=en_US&edition=fundamental","pubTime":"2022-08-22 15:27","market":"us","language":"zh","title":"What will Powell say on Friday? Wall Street's speculation is \"anti-inflation first, supporting the economy second\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1141162633","media":"Wind万得","summary":"市场对美联储减小加息幅度抱有很高的期待。","content":"<p><html><head></head><body>On Friday, Federal Reserve Chairman Powell will speak at the annual meeting of global central banks. Recently, the commodity rate hike has declined, the inflation data in the United States has eased, and the market has high expectations for the Federal Reserve to reduce its rate hike. However, the Federal Reserve officials have constantly corrected the market expectations. The guiding significance of Powell's speech is self-evident, and the market is waiting with bated breath.</p><p>Lou Crandall, chief economist at Wrightson ICAP, said: \"The central message of Powell's speech at Jackson Hole will be that the Fed is firmly determined to bring down inflation, even though they know that the short-term economic growth outlook will be weaker than they had hoped.\"</p><p>Lou Crandall added that the previously released minutes of the Fed's July meeting indicated this, but it was ignored in other headlines about the pace of interest rate hikes finally slowing. According to the minutes, Fed officials \"recognize that policy tightening may slow the pace of economic growth, but they see inflation returning to 2% as key to sustained maximum employment.\"</p><p>Lou Crandall believes that Powell's speech at the central bank's annual meeting is a better occasion to express his views than the minutes of the Federal Reserve meeting. In a weak economy and a weak labor market, the determination to hold your ground will be \"paramount\" because \"inflation has reached a level where the Fed has no choice but to risk rate hike\".</p><p>With July's strong jobs report and relatively strong consumption data, markets' fears of an impending recession eased. Since March, the Fed has pushed its Federal Funds rate to 2.25%-2.5%. Fed watchers are debating whether the Fed will rate hike 0.75 basis points for the third consecutive time at its next meeting on Sept. 20-21.</p><p>Economists are divided on whether Powell will provide any guidance on the size of Jackson Hole's forecast rate hike in September.</p><p>Some economists believe that Powell does not expect to give a clear signal about the key unknown, namely how much interest rates must rise in order to bring inflation down.</p><p>Carl Tannenbaum, chief economist at Northern Trust, said Powell would try to get 75 basis points in rate hike in September, \"I think Powell would say it with passion and prove with the facts that really tough now is good for jobs, markets and growth in the long run.\"</p><p>Stephen Stanley, chief economist at Amherst Pierpoint, said Powell is expected to take a broader perspective rather than focus on the next policy meeting, \"If I were him, I wouldn't focus my speech on whether rate hike is 50 basis points or 75 basis points in September.\"</p><p>Stephen Stanley expects Powell's emphasis on the idea of \"pausing and leaving rates unchanged\" and, more precisely, giving clues that there will be a long time gap between the last rate hike and the first rate cut.</p><p>While economists are divided on what Powell is going to do, the view of what Powell won't do is clearer.</p><p>Stephen Stanley believes Powell will not send a \"message that inflation will last longer than you think.\" Stephen Stanley said: \"I don't think it's a wise thing for any Fed official to stand in front of people and say that inflation will last longer than you think. Because the central bank wants to lower the public's long-term inflation expectations.\"</p><p>Lou Crandall believes stocks will have a \"hell of a cold day\" before Powell speaks.</p><p>Tim Duy, chief U.S. economist at SGH Macro Advisors, said, \"The market is increasingly suspicious that the Fed will declare victory when inflation hits 3.5%, so, in a sense, Powell's message will aim to dispel that doubt.\"</p><p>According to Avery Shenfeld, chief economist at CIBC World Markets, there is a path to a soft landing of significantly lower inflation in 2023 without a recession.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What will Powell say on Friday? Wall Street's speculation is \"anti-inflation first, supporting the economy second\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat will Powell say on Friday? Wall Street's speculation is \"anti-inflation first, supporting the economy second\"\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\">2022-08-22 15:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Friday, Federal Reserve Chairman Powell will speak at the annual meeting of global central banks. Recently, the commodity rate hike has declined, the inflation data in the United States has eased, and the market has high expectations for the Federal Reserve to reduce its rate hike. However, the Federal Reserve officials have constantly corrected the market expectations. The guiding significance of Powell's speech is self-evident, and the market is waiting with bated breath.</p><p>Lou Crandall, chief economist at Wrightson ICAP, said: \"The central message of Powell's speech at Jackson Hole will be that the Fed is firmly determined to bring down inflation, even though they know that the short-term economic growth outlook will be weaker than they had hoped.\"</p><p>Lou Crandall added that the previously released minutes of the Fed's July meeting indicated this, but it was ignored in other headlines about the pace of interest rate hikes finally slowing. According to the minutes, Fed officials \"recognize that policy tightening may slow the pace of economic growth, but they see inflation returning to 2% as key to sustained maximum employment.\"</p><p>Lou Crandall believes that Powell's speech at the central bank's annual meeting is a better occasion to express his views than the minutes of the Federal Reserve meeting. In a weak economy and a weak labor market, the determination to hold your ground will be \"paramount\" because \"inflation has reached a level where the Fed has no choice but to risk rate hike\".</p><p>With July's strong jobs report and relatively strong consumption data, markets' fears of an impending recession eased. Since March, the Fed has pushed its Federal Funds rate to 2.25%-2.5%. Fed watchers are debating whether the Fed will rate hike 0.75 basis points for the third consecutive time at its next meeting on Sept. 20-21.</p><p>Economists are divided on whether Powell will provide any guidance on the size of Jackson Hole's forecast rate hike in September.</p><p>Some economists believe that Powell does not expect to give a clear signal about the key unknown, namely how much interest rates must rise in order to bring inflation down.</p><p>Carl Tannenbaum, chief economist at Northern Trust, said Powell would try to get 75 basis points in rate hike in September, \"I think Powell would say it with passion and prove with the facts that really tough now is good for jobs, markets and growth in the long run.\"</p><p>Stephen Stanley, chief economist at Amherst Pierpoint, said Powell is expected to take a broader perspective rather than focus on the next policy meeting, \"If I were him, I wouldn't focus my speech on whether rate hike is 50 basis points or 75 basis points in September.\"</p><p>Stephen Stanley expects Powell's emphasis on the idea of \"pausing and leaving rates unchanged\" and, more precisely, giving clues that there will be a long time gap between the last rate hike and the first rate cut.</p><p>While economists are divided on what Powell is going to do, the view of what Powell won't do is clearer.</p><p>Stephen Stanley believes Powell will not send a \"message that inflation will last longer than you think.\" Stephen Stanley said: \"I don't think it's a wise thing for any Fed official to stand in front of people and say that inflation will last longer than you think. Because the central bank wants to lower the public's long-term inflation expectations.\"</p><p>Lou Crandall believes stocks will have a \"hell of a cold day\" before Powell speaks.</p><p>Tim Duy, chief U.S. economist at SGH Macro Advisors, said, \"The market is increasingly suspicious that the Fed will declare victory when inflation hits 3.5%, so, in a sense, Powell's message will aim to dispel that doubt.\"</p><p>According to Avery Shenfeld, chief economist at CIBC World Markets, there is a path to a soft landing of significantly lower inflation in 2023 without a recession.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/62dafa537afba542bdc43da1b85df8b4","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141162633","content_text":"本周五，美联储主席鲍威尔将在全球央行年会上发表讲话。近期，大宗商品加息下滑，美国的通胀数据缓和，市场对美联储减小加息幅度抱有很高的期待，但美联储官员不断纠正市场预期，鲍威尔讲话的指引意义不言而喻，市场屏息以待。Wrightson ICAP首席经济学家Lou Crandall表示：“鲍威尔在杰克逊霍尔讲话的核心信息，将是美联储坚定地决心降低通胀，尽管他们知道短期经济增长前景会比他们所希望的更为疲弱。”Lou Crandall 补充称，此前公布的美联储7月会议纪要表明了这一点，但在其他关于利率上调步伐最终放缓的头条新闻中，这一点被忽略了。根据会议纪要，美联储官员“认识到政策收紧可能会减缓经济增长速度，但他们认为通胀率恢复到2%，是持续实现最大就业的关键。”Lou Crandall 认为，鲍威尔在央行年会上的讲话是比美联储会议纪要，更适合表达观点的场合。在经济疲软和劳动力市场疲软的情况下，坚持立场的决心将是“最重要的”，因为“通胀已经到达了一个美联储除了冒险加息没有别的选择的水平”。随着7月强劲的就业报告和相对强劲的消费数据，市场对即将到来的衰退的担忧有所缓解。自3月以来，美联储将其联邦基金利率推高至2.25%-2.5%。 美联储观察家正在辩论美联储是否会在9月20日至21日的下次会议，上连续第三次加息0.75个基点。对于鲍威尔是否就杰克逊霍尔预计9月份加息的规模提供任何指导，经济学家们意见分歧。一部分经济学家认为，鲍威尔预计不会对关键的未知数，即为了降低通胀，利率必须提高多少，给出明确的信号。Northern Trust的首席经济学家Carl Tannenbaum表示，鲍威尔将试图在9月份在加息75个基点，“我认为鲍威尔会满怀激情地说，并用事实证明，从长远来看，现在真正强硬对就业、市场和增长都有好处。“Amherst Pierpoint 的首席经济学家Stephen Stanley 表示，预计鲍威尔将采取更广阔的视角，而不是专注于下一次政策会议，“如果我是他，我不会把演讲的重点放在9月份加息50个基点还是75个基点。”Stephen Stanley 期待鲍威尔强调“暂停并保持利率不变”的想法，更确切的说，是对上次加息和首次降息之间会有很长的时间间隔给出线索。尽管经济学家们对鲍威尔要做什么有分歧，但对于鲍威尔不会做什么的看法却更加清晰。Stephen Stanley 认为，鲍威尔不会发出”通胀会比想象中更持久的信息“。Stephen Stanley 说：“我不认为，任何一位美联储官员站在人们面前说通胀将比你想象的时间更长，是一件明智的事情。因为央行希望降低公众的长期通胀预期。”Lou Crandall 认为，在鲍威尔讲话之前，股市将经历”地狱般寒冷的一天“。SGH Macro Advisors 的美国首席经济学家Tim Duy 表示，“市场越来越怀疑美联储将在通胀达到3.5%的时候宣布胜利，因此，从某种意义上说，鲍威尔的信息将旨在消除这种怀疑。”CIBC World Markets 的首席经济学家Avery Shenfeld 表示，有一条实现软着陆的道路，即在2023年大幅降低通胀，而不会出现衰退。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998329112,"gmtCreate":1660949576738,"gmtModify":1676536426689,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998329112","repostId":"1172869300","repostType":4,"repost":{"id":"1172869300","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":1660921730,"share":"https://ttm.financial/m/news/1172869300?lang=en_US&edition=fundamental","pubTime":"2022-08-19 23:08","market":"us","language":"zh","title":"Star Tech Stocks Broadly Lower as Nasdaq Drops 2%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172869300","media":"老虎资讯综合","summary":"8月19日，美股持续走低，纳指跌2%，明星科技股普遍走低，英伟达跌超4%，奈飞、Paypal跌超3%，特斯拉跌近3%。","content":"<p><html><head></head><body>On August 19th, U.S. stocks continued to fall, with the Nasdaq falling 2%, and star technology stocks generally fell.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>It fell by more than 4%,<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/PYPL\">Paypal</a>It fell by more than 3%,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell nearly 3%.</p><p><img src=\"https://static.tigerbbs.com/3c0b625edcbe1df7aea79d1104d04b22\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nStar Tech Stocks Broadly Lower as Nasdaq Drops 2%\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\">2022-08-19 23:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On August 19th, U.S. stocks continued to fall, with the Nasdaq falling 2%, and star technology stocks generally fell.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>It fell by more than 4%,<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/PYPL\">Paypal</a>It fell by more than 3%,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell nearly 3%.</p><p><img src=\"https://static.tigerbbs.com/3c0b625edcbe1df7aea79d1104d04b22\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{"BK4534":"瑞士信贷持仓","BK4561":"索罗斯持仓","QQQ":"纳指100ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","03086":"华夏纳指",".IXIC":"NASDAQ Composite","TQQQ":"纳指三倍做多ETF","QNETCN":"纳斯达克中美互联网老虎指数","BK4581":"高盛持仓","QID":"两倍做空纳斯达克指数ETF-ProShares","TTTN":"老虎中美互联网巨头ETF","PYPL":"PayPal","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172869300","content_text":"8月19日，美股持续走低，纳指跌2%，明星科技股普遍走低，英伟达跌超4%，奈飞、Paypal跌超3%，特斯拉跌近3%。","news_type":1,"symbols_score_info":{"QID":0.9,"QQQ":0.9,"MNQmain":0.9,"SQQQ":0.9,"TTTN":0.9,"03086":0.9,".IXIC":0.9,"PSQ":0.9,"PYPL":0.9,"QLD":0.9,"QNETCN":0.9,"TQQQ":0.9,"NQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9991674651,"gmtCreate":1660833899975,"gmtModify":1676536407722,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9991674651","repostId":"1175805318","repostType":4,"isVote":1,"tweetType":1,"viewCount":1219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993687276,"gmtCreate":1660689941297,"gmtModify":1676536377211,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993687276","repostId":"1187867519","repostType":4,"repost":{"id":"1187867519","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1660656382,"share":"https://ttm.financial/m/news/1187867519?lang=en_US&edition=fundamental","pubTime":"2022-08-16 21:26","market":"us","language":"zh","title":"Night Reading | The Hunting Way of Wall Street Condor","url":"https://stock-news.laohu8.com/highlight/detail?id=1187867519","media":"秦朔朋友圈","summary":"当光鲜的白日梦变成了噩梦，市场秃鹰才悄悄开始肆意猎食。霍华德·马克斯，1946年人。美国沃顿商学院毕业，1968年末开始投身于花旗银行的股票分析行业，师从西格尔教授，谨遵“漂亮50”投资法，投资50家","content":"<p><html><head></head><body>When the glossy daydream turned into a nightmare, the market bald eagle quietly began to hunt wildly.</p><p>Howard Marks, 1946 man. He graduated from Wharton Business School in the United States, and began to devote himself to Citibank's stock analysis industry at the end of 1968. He studied under Professor Siegel, followed the \"Pretty 50\" investment method, and invested in 50 of the best and fastest-growing companies in the United States. \"Any price is fine, it doesn't matter\". But after 10 years of hard work, Citibank's \"Nifty 50\" lost 90% of its net worth.</p><p>It was a long decade of hope and disappointment. It wasn't just the \"Pretty 50\" who was stung, but also the young Howard Marks.</p><p><ul><li>\"Experience is what you get when you don't get what you want\".</p><p></li><li>\"Investing is not a matter of what you buy, it's a matter of what price you pay\".</p><p></li><li>\"Investing isn't about buying good things, it's about buying well\".</p><p></li></ul>What a painful realization... And the profound thinking triggered by this bumpy period has instead created Howard Marks' special investment road, a generation of \"Wall Street Condor\", a great contrarian investment master, and the king of Wall Street's cycle control.</p><p><img src=\"https://static.tigerbbs.com/bd687f6d806c07ae4d6cf4722f9769da\" tg-width=\"890\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p><b>The power to dare to be different</b></p><p>The \"Pretty 50\" of the ankle cut made Howard Marks later choose to leave the much-loved stock market. Influenced by Michael Milken, the king of junk bonds, Max turned to the junk bond market in the United States. This was a niche market that few people cared about at that time, but it was people's fear of junk bonds and ignorance of the market that made Max see a huge opportunity.</p><p>\"It was in 1978 that my career really began, and for the last 40 years I have basically been buying unwanted assets because when you buy assets that no one else wants, you can buy something cheaper\".</p><p>\"If you buy 3A bonds, there will be no excess returns, but if you buy B-grade bonds without default, the returns will be very lucrative\".</p><p>From 1994, Howard Marks and partner Bruce Cash founded<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Focus on investment in the junk bond market. Between 1995 and 1998, the Internet industry thrived, but Oaktree Capital waited patiently like a bald eagle. Until the rabbit, he will never let the hawk go. It wasn't until around the burst of the millennium bubble that Max launched an official \"home run\".</p><p>The most representative is the bankruptcy and reorganization of Regal Cinemas, a cinema chain at that time.</p><p>With the prosperity of the American cinema market, Regal Cinemas borrowed and expanded aggressively in the mid-to-late 1990s. In 1998, as the Federal Reserve raised the borrowing rate and the market turned into a recession, the company began to fall into a debt crisis and once hovered on the verge of bankruptcy. Investors are afraid of the bleak future market prospects, and they have avoided it. But Max, a Wall Street bald eagle and contrarian guru, smelled big opportunities.</p><p>Although Regal Cinemas is a company on the verge of bankruptcy, due to its good accumulation in the early years, it owns many high-quality commercial real estate projects. If it is revalued by bankruptcy, the value of the company's commercial real estate projects will far exceed the current market price of the company that no one cares about.</p><p>So, when others panic, Max is rational and greedy. Oaktree Capital took down the company's debt for $800 million cheaply, quickly pushed the company into bankruptcy and reorganization, and made a big profit in the deal.</p><p><img src=\"https://static.tigerbbs.com/0bfb231ab26e1db3d3db1f3cf0358704\" tg-width=\"640\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/>| Figure: Oaktree Capital's assets under management</p><p>This is the power to be different, the success of Howard Marks' investment, and the business of Oaktree Capital's asset scale to rise a step after every crisis. In 2008, when the United States suffered from the financial crisis, the MBS subordinated debt market was wailing, while Oaktree Capital, which had sufficient ammunition, bought all positions. In 2008 alone, Oaktree made a huge profit of $6 billion. Every future crisis seems to have become the sweetest batting zone for Oak Capital.</p><p><b>Perspectives for understanding cycles</b></p><p>Bald eagles have sharp eyesight, sharp claws and hooked mouths. So what is Howard Marks' big vision?</p><p>In Howard Marks's basic investment philosophy, there are several clear main lines:</p><p><ul><li>Investment must be cyclical;</p><p></li><li>The cycle must be inescapable;</p><p></li><li>Macro timing is unreliable;</p><p></li><li>Contrarian investment and second-level thinking are the methods.</p><p></li></ul>Max likes to quote Mark Twain, \"History doesn't repeat itself, but it rhymes\". People have joys and sorrows, the moon rises and falls, and the sun rises in the east and sets in the west, all of which are cycles. Enterprises have a life cycle of growth, maturity and decline, industries have a cycle of germination, prosperity and replacement, and macroeconomy has a cycle of recovery and depression. It is not difficult to understand the existence of cycles. The key is to understand the principle and necessity of cycles-why can't people always escape the spell of cycles?</p><p>Max's memo in 2004<i><b>The Happy Medium</b></i>Li asked a classic question: \"In the 65 years since 1957, the average annual return of the S&P 500 index was 10%. But during this period, why did only six years have an annual return of around 10%, while in the rest of 90% of the time, the actual return was far from the average return? Why is the market not evenly presented in the form of 10% annual return?\"</p><p><b>Max's explanation is – excessive and corrective.</b></p><p>If the stock market is a physical machine, it is possible to keep the same rhyme for a period of time, but in fact, the main participants in the stock market are people, and the greed and fear of human nature determine that this is an inescapable market cycle.</p><p>When the market is optimistic, people will think that all asset prices will rise forever, and there will always be someone else who will relay; When the bubble bursts and is extremely pessimistic, people hurry to stop losses and leave the market, hide in the corner and heal themselves lonely, and no longer pity the value everywhere in the market.</p><p>Looking back at the history of the financial market, it is always a history of alternating greed and fear, and it is also a history of extreme optimism and pessimism. This is the economic law, this is the psychological law, and this is also the law of social groups. This is the pendulum of the market cycle, which starts again and again, and is an \"inescapable cycle\".</p><p><img src=\"https://static.tigerbbs.com/67285e48328a8b43e2b2b396b1be1acb\" tg-width=\"1080\" tg-height=\"1639\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The method of controlling the cycle</b></p><p>\"Cycle\" is the big vision that Max is regarded as the \"Wall Street Condor\", so what is Max's hook mouth? Under the inescapable cycle, where is the long-term winning way of Max's investment?</p><p>The \"philosophy of uncertainty\" in Japanese culture is the core idea that Max studied and internalized when he was young. Nassim Nicholas Taleb is Musk's most admired financial scientist. Perhaps it is this accumulation and resonance that makes Max make two very important and firm conclusions in coping with the cycle:</p><p>First, macro forecasts are unreliable;</p><p>Second, the timing of the market is unreliable.</p><p>\"It's not that macro expectations are unimportant, but that major macro turns are difficult to maintain correct forecasts for a long time, and it is difficult to generate sustained value,\" Marks said. There is no denying that there are always wise economists who can successfully predict the inflection point at some point in time, but so far, no macroeconomist can be permanently correct, whether domestic or foreign. Just like in the long history of asset management, no one can escape the crisis and successfully bargain-hunting every time, the profit obtained by timing is not long-term sustainable.</p><p>So how to grasp this cyclical nature of the market based on human nature?</p><p>\"You can't predict, but you can be prepared\". According to Howard Marks, contrarian investing and second-level thinking are the ways to overcome psychological cycles:</p><p><ul><li>Different, to win. (To think differently and feel differently.)</p><p></li><li>Without ignorance and prejudice, where does bargaining power come from? If there is no ignorance there is no prejudice where the bargain comes from?</p><p></li><li>If you're afraid, you'll lose. (Scared money never wins.)</p><p></li><li>The risk belongs to the person who cuts the meat at the bottom and leaves the field. Risk is the likelihood of being forced out at the bottom.</p><p></li><li>Catching a flying knife is the source of profit, so you should be careful to control risks. It's our job to catch falling knives. That's how you get bargains. But you have to do it carefully.</p><p></li><li>The opposite is the movement of the Tao, and the weak is the use of the Tao. (Aggressive when people are depressive and defensive when people are excited.)</p><p></li><li>Are you ready to wake up from daydreams? Pipe dreams turn nightmares, and the vultures are ready for the hunt.</p><p></li></ul>Take time back to the current market, the dark clouds of war, the repetition of COVID-19, the contraction of liquidity, the troubles of real estate... Every era always has piles and pieces that disturb the people's mood and distract confidence. Whenever the public sold off assets and reluctantly left the market in panic, Howard Marks, a generation of bald eagles, silently started the usual, long-premeditated and prepared \"aggression\".</p><p><ul><li>\"Now it's time to bargain-hunting.\"</p><p></li><li>\"The time is ripe for a bargain.\"</p><p></li></ul>Howard Marks, who worked hard and slim down in the era of flying bubbles, finally waited for a good time to snap up \"bargains\".</p><p><ul><li>\"I think waiting for the bottom is a terrible idea. We can't say when the market will bottom out, but when we think we can buy assets at a discount and get value at a cheap price, we can buy them. The assets we see so far may be cheaper than the intrinsic value. In this case, we will buy more.\"</p><p></li></ul>Daydream is awake, Max is ready, how about you?</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Night Reading | The Hunting Way of Wall Street Condor</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\">\nNight Reading | The Hunting Way of Wall Street Condor\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2022-08-16 21:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>When the glossy daydream turned into a nightmare, the market bald eagle quietly began to hunt wildly.</p><p>Howard Marks, 1946 man. He graduated from Wharton Business School in the United States, and began to devote himself to Citibank's stock analysis industry at the end of 1968. He studied under Professor Siegel, followed the \"Pretty 50\" investment method, and invested in 50 of the best and fastest-growing companies in the United States. \"Any price is fine, it doesn't matter\". But after 10 years of hard work, Citibank's \"Nifty 50\" lost 90% of its net worth.</p><p>It was a long decade of hope and disappointment. It wasn't just the \"Pretty 50\" who was stung, but also the young Howard Marks.</p><p><ul><li>\"Experience is what you get when you don't get what you want\".</p><p></li><li>\"Investing is not a matter of what you buy, it's a matter of what price you pay\".</p><p></li><li>\"Investing isn't about buying good things, it's about buying well\".</p><p></li></ul>What a painful realization... And the profound thinking triggered by this bumpy period has instead created Howard Marks' special investment road, a generation of \"Wall Street Condor\", a great contrarian investment master, and the king of Wall Street's cycle control.</p><p><img src=\"https://static.tigerbbs.com/bd687f6d806c07ae4d6cf4722f9769da\" tg-width=\"890\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p><b>The power to dare to be different</b></p><p>The \"Pretty 50\" of the ankle cut made Howard Marks later choose to leave the much-loved stock market. Influenced by Michael Milken, the king of junk bonds, Max turned to the junk bond market in the United States. This was a niche market that few people cared about at that time, but it was people's fear of junk bonds and ignorance of the market that made Max see a huge opportunity.</p><p>\"It was in 1978 that my career really began, and for the last 40 years I have basically been buying unwanted assets because when you buy assets that no one else wants, you can buy something cheaper\".</p><p>\"If you buy 3A bonds, there will be no excess returns, but if you buy B-grade bonds without default, the returns will be very lucrative\".</p><p>From 1994, Howard Marks and partner Bruce Cash founded<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Focus on investment in the junk bond market. Between 1995 and 1998, the Internet industry thrived, but Oaktree Capital waited patiently like a bald eagle. Until the rabbit, he will never let the hawk go. It wasn't until around the burst of the millennium bubble that Max launched an official \"home run\".</p><p>The most representative is the bankruptcy and reorganization of Regal Cinemas, a cinema chain at that time.</p><p>With the prosperity of the American cinema market, Regal Cinemas borrowed and expanded aggressively in the mid-to-late 1990s. In 1998, as the Federal Reserve raised the borrowing rate and the market turned into a recession, the company began to fall into a debt crisis and once hovered on the verge of bankruptcy. Investors are afraid of the bleak future market prospects, and they have avoided it. But Max, a Wall Street bald eagle and contrarian guru, smelled big opportunities.</p><p>Although Regal Cinemas is a company on the verge of bankruptcy, due to its good accumulation in the early years, it owns many high-quality commercial real estate projects. If it is revalued by bankruptcy, the value of the company's commercial real estate projects will far exceed the current market price of the company that no one cares about.</p><p>So, when others panic, Max is rational and greedy. Oaktree Capital took down the company's debt for $800 million cheaply, quickly pushed the company into bankruptcy and reorganization, and made a big profit in the deal.</p><p><img src=\"https://static.tigerbbs.com/0bfb231ab26e1db3d3db1f3cf0358704\" tg-width=\"640\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/>| Figure: Oaktree Capital's assets under management</p><p>This is the power to be different, the success of Howard Marks' investment, and the business of Oaktree Capital's asset scale to rise a step after every crisis. In 2008, when the United States suffered from the financial crisis, the MBS subordinated debt market was wailing, while Oaktree Capital, which had sufficient ammunition, bought all positions. In 2008 alone, Oaktree made a huge profit of $6 billion. Every future crisis seems to have become the sweetest batting zone for Oak Capital.</p><p><b>Perspectives for understanding cycles</b></p><p>Bald eagles have sharp eyesight, sharp claws and hooked mouths. So what is Howard Marks' big vision?</p><p>In Howard Marks's basic investment philosophy, there are several clear main lines:</p><p><ul><li>Investment must be cyclical;</p><p></li><li>The cycle must be inescapable;</p><p></li><li>Macro timing is unreliable;</p><p></li><li>Contrarian investment and second-level thinking are the methods.</p><p></li></ul>Max likes to quote Mark Twain, \"History doesn't repeat itself, but it rhymes\". People have joys and sorrows, the moon rises and falls, and the sun rises in the east and sets in the west, all of which are cycles. Enterprises have a life cycle of growth, maturity and decline, industries have a cycle of germination, prosperity and replacement, and macroeconomy has a cycle of recovery and depression. It is not difficult to understand the existence of cycles. The key is to understand the principle and necessity of cycles-why can't people always escape the spell of cycles?</p><p>Max's memo in 2004<i><b>The Happy Medium</b></i>Li asked a classic question: \"In the 65 years since 1957, the average annual return of the S&P 500 index was 10%. But during this period, why did only six years have an annual return of around 10%, while in the rest of 90% of the time, the actual return was far from the average return? Why is the market not evenly presented in the form of 10% annual return?\"</p><p><b>Max's explanation is – excessive and corrective.</b></p><p>If the stock market is a physical machine, it is possible to keep the same rhyme for a period of time, but in fact, the main participants in the stock market are people, and the greed and fear of human nature determine that this is an inescapable market cycle.</p><p>When the market is optimistic, people will think that all asset prices will rise forever, and there will always be someone else who will relay; When the bubble bursts and is extremely pessimistic, people hurry to stop losses and leave the market, hide in the corner and heal themselves lonely, and no longer pity the value everywhere in the market.</p><p>Looking back at the history of the financial market, it is always a history of alternating greed and fear, and it is also a history of extreme optimism and pessimism. This is the economic law, this is the psychological law, and this is also the law of social groups. This is the pendulum of the market cycle, which starts again and again, and is an \"inescapable cycle\".</p><p><img src=\"https://static.tigerbbs.com/67285e48328a8b43e2b2b396b1be1acb\" tg-width=\"1080\" tg-height=\"1639\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The method of controlling the cycle</b></p><p>\"Cycle\" is the big vision that Max is regarded as the \"Wall Street Condor\", so what is Max's hook mouth? Under the inescapable cycle, where is the long-term winning way of Max's investment?</p><p>The \"philosophy of uncertainty\" in Japanese culture is the core idea that Max studied and internalized when he was young. Nassim Nicholas Taleb is Musk's most admired financial scientist. Perhaps it is this accumulation and resonance that makes Max make two very important and firm conclusions in coping with the cycle:</p><p>First, macro forecasts are unreliable;</p><p>Second, the timing of the market is unreliable.</p><p>\"It's not that macro expectations are unimportant, but that major macro turns are difficult to maintain correct forecasts for a long time, and it is difficult to generate sustained value,\" Marks said. There is no denying that there are always wise economists who can successfully predict the inflection point at some point in time, but so far, no macroeconomist can be permanently correct, whether domestic or foreign. Just like in the long history of asset management, no one can escape the crisis and successfully bargain-hunting every time, the profit obtained by timing is not long-term sustainable.</p><p>So how to grasp this cyclical nature of the market based on human nature?</p><p>\"You can't predict, but you can be prepared\". According to Howard Marks, contrarian investing and second-level thinking are the ways to overcome psychological cycles:</p><p><ul><li>Different, to win. (To think differently and feel differently.)</p><p></li><li>Without ignorance and prejudice, where does bargaining power come from? If there is no ignorance there is no prejudice where the bargain comes from?</p><p></li><li>If you're afraid, you'll lose. (Scared money never wins.)</p><p></li><li>The risk belongs to the person who cuts the meat at the bottom and leaves the field. Risk is the likelihood of being forced out at the bottom.</p><p></li><li>Catching a flying knife is the source of profit, so you should be careful to control risks. It's our job to catch falling knives. That's how you get bargains. But you have to do it carefully.</p><p></li><li>The opposite is the movement of the Tao, and the weak is the use of the Tao. (Aggressive when people are depressive and defensive when people are excited.)</p><p></li><li>Are you ready to wake up from daydreams? Pipe dreams turn nightmares, and the vultures are ready for the hunt.</p><p></li></ul>Take time back to the current market, the dark clouds of war, the repetition of COVID-19, the contraction of liquidity, the troubles of real estate... Every era always has piles and pieces that disturb the people's mood and distract confidence. Whenever the public sold off assets and reluctantly left the market in panic, Howard Marks, a generation of bald eagles, silently started the usual, long-premeditated and prepared \"aggression\".</p><p><ul><li>\"Now it's time to bargain-hunting.\"</p><p></li><li>\"The time is ripe for a bargain.\"</p><p></li></ul>Howard Marks, who worked hard and slim down in the era of flying bubbles, finally waited for a good time to snap up \"bargains\".</p><p><ul><li>\"I think waiting for the bottom is a terrible idea. We can't say when the market will bottom out, but when we think we can buy assets at a discount and get value at a cheap price, we can buy them. The assets we see so far may be cheaper than the intrinsic value. In this case, we will buy more.\"</p><p></li></ul>Daydream is awake, Max is ready, how about you?</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1a1ad69d0f22cf17bf15da18df75402","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187867519","content_text":"当光鲜的白日梦变成了噩梦，市场秃鹰才悄悄开始肆意猎食。霍华德·马克斯，1946年人。美国沃顿商学院毕业，1968年末开始投身于花旗银行的股票分析行业，师从西格尔教授，谨遵“漂亮50”投资法，投资50家美国最好、发展最快的公司，“任何价格都可以，没关系”。可苦苦挨了10年，花旗银行的“漂亮50”跌去了90%的净值。这是希望与失望的漫漫十年。被刺痛的也不止是“漂亮50”，更是年轻的霍华德·马克斯。“所谓经验就是当你没有得到你想要东西的时候你所能得到的”。“投资不是你买什么的问题，而是你付出什么价格的问题”。“投资不是买好东西，而是买得好”。多么痛彻的领悟……而这段坎坷引发的深刻思考反倒是造就了霍华德·马克斯特别的投资之路，成就了一代“华尔街秃鹰”、伟大的逆向投资大师、华尔街驾驭周期的王。敢于与众不同的力量脚踝斩的“漂亮50”让霍华德·马克斯后来选择离开了备受万千宠爱的股票市场。辗转间，马克斯受垃圾债大王迈克尔·米尔肯的影响，转向了美国的垃圾债市场。这是个在当时少有人问津的小众市场，但是正是人们对垃圾债的畏惧心理和市场的无视，让马克斯看到了巨大的机会。“1978年，我的职业生涯才真正开始，在过去的40年里，我基本上都是在买那些不受欢迎的资产，因为当你买别人都不想要的资产时，才能买到更便宜的东西”。“如果你买3A债，没有任何超额收益，但买B级债如果没有违约，收益会非常丰厚”。从1994年起，霍华德·马克斯与合伙人布鲁斯·卡什创立了橡树资本，专注于垃圾债市场的投资。1995年到1998年间，互联网行业欣欣向荣，但橡树资本一直像秃鹰一样耐心守候。没等到兔子，便绝不撒鹰。直到千禧泡沫破裂的前后，马克斯才展开了正式的“本垒打”。最有代表性的是当时影院连锁企业Regal Cinemas的破产重组。伴随着美国影院市场的繁荣，Regal Cinemas在90年代中后期大肆借贷扩张，1998年随着联储提高借贷利率和市场转入不景气，公司开始陷入债务危机，一度徘徊于破产边缘。投资人忌惮于未来市场前景的黯淡，纷纷避之而不及。但华尔街秃鹰、逆向投资大师马克斯却嗅到了大机会。Regal Cinemas虽是一家濒临破产的公司，但由于早年的良好积累，其旗下拥有很多优质的商业地产项目，如果进行破产重估，公司的商业地产项目价值会远超公司当前无人问津的市场价格。于是，别人恐慌的时候，马克斯理性而贪婪。橡树资本以8亿美金的价格便宜地拿下了公司的债务，快速推动公司破产重组，并在这笔交易中大赚了一笔。| 图：橡树资本的在管资产规模这是敢于与众不同的力量，是霍华德·马克斯投资的成功之道，也是橡树资本的资产规模在每一次危机后都能大上一个台阶的商业之道。2008年美国遭遇金融危机，MBS次级债市场一片哀嚎，而弹药充足的橡树资本全仓买入。2008年一年，橡树资本便大赚了60亿美金。以后的每一次危机，似乎都成为了橡树资本最甜蜜的击球区。理解周期的视野秃鹰有的是敏锐的视力，也有利爪和钩嘴。那么霍华德·马克斯的大视野是什么呢？在霍华德·马克斯的基本投资理念里，有几条清晰的主线：投资一定是有周期的；周期一定是逃不开的；宏观择时是不靠谱的；逆向投资、第二层次思维是法门。马克斯喜欢引用马克·吐温的一句话，“历史不会重演，但会押韵”。人有悲欢离合，月有阴晴圆缺，太阳东升西落，都是周期。企业有成长、成熟、衰退的生命周期，行业有萌芽、繁荣、更替的周期，宏观经济有复苏、萧条的周期。理解周期的存在不难，关键是理解周期的原理和必然——为什么人们总是逃不开周期的魔咒？马克斯在2004年备忘录The Happy Medium里提出了一个经典的问题：“自1957年以来的65年，标普500指数的年均回报率是10%，但这期间，为什么只有6年的年回报率在10%上下，而在其余在90%的时间里，实际回报率与平均回报率相差甚远？为什么市场不是以每年10%回报的形式均匀呈现呢？”马克斯的解释是——过度和修正。如果股市是台物理机器，那么是有可能在一段时间内保持相同的韵脚，但实际上股市的参与主体是人，人本性的贪婪与恐惧决定了这是逃不开的市场周期。当市场乐观的时候，人们会认为所有资产价格会永远上涨，总有其他人会接力；而当泡沫破灭极度悲观的时候，人们又匆匆忙忙地想要止损离场，躲在角落里落寞地自我疗愈，不再垂怜市场上那遍地的价值。回首金融市场的历史，总是贪婪与恐惧交替的历史，也总是极度乐观与悲观的周期史，这是经济规律，这是心理规律，这也是社会群体规律。这是市场周期的钟摆，周而复始，生生不息，是“逃不开的周期”。驾驭周期的法门“周期”是马克斯被奉之为“华尔街秃鹰”的大视野，那么马克斯的钩嘴又是什么呢？逃不开的周期下，马克斯投资的长赢之道在哪里？日本文化中的“不确定性哲学”是马克斯年少时就研习并内化的核心思想，纳西姆·尼古拉斯·塔勒布是马斯克最推崇的金融学家。或许正是这样的积淀和共鸣，让马克斯在应对周期上，有两个非常重要而笃定的论断：第一，宏观预测不靠谱；第二，市场择时不靠谱。“并非宏观预期不重要，而是重大的宏观转折很难长期保持正确预测，也就很难产生持续价值”，马克斯如是说。无可否定，总有睿智的经济学家可以在某些时点阶段性地成功预测拐点，但是，至今为止，还没有宏观经济学家可以永久正确，无论中外。就像在漫长的资管史上，没有人可以每次都躲过危机并抄底成功一样，靠择时获得的盈利也并不具有长期的可持续性。那么市场的这种基于人性的周期性究竟如何来把握呢？“你不能预测，但可以做好准备”。霍华德·马克斯认为，逆向投资、第二层次思维是克服心理周期的法门：不一样，才能赢。(To think differently and to feel differently.)没有无知与偏见，哪来的议价能力？（If there is no ignorance there is no prejudice where the bargain comes from?）怕，你就输了。（Scared money never wins.）风险属于底部割肉离场的人。（Risk is the likelihood of being forced out at the bottom.）接飞刀是利润之源，控制风险要小心行事。（It’s our job to catch falling knives. That’s how you get bargains. But you have to do it carefully.）反者道之动，弱者道之用。(Aggressive when people are depressive and defensive when people are excited.)白日梦终醒，你准备好了么？(Pipe dreams turn nightmares, and the vultures are ready for the hunt. )把时间来拉回到当下的市场，战争的乌云、新冠的反复、流动性的收缩、房地产的烦扰…… 每个时代总是有扰动大众心绪和涣散信心的一桩桩、一件件。而每当大众在恐慌情绪下纷纷抛售资产、忍痛离场的时候，一代秃鹰霍华德·马克斯却又默默开始了惯常的、预谋已久的、有备而来的“咄咄逼人”。“现在是时候抄底了。”“捡便宜货的时机已成熟。”卧薪尝胆、修身克已于泡沫飞扬年代的霍华德·马克斯终于又等到了抢购“便宜货”的好时候。“我认为等待底部是一个可怕的想法，我们没法断言市场何时触底，但当我们认为能够以折扣价格买入资产、以廉价获得价值时，就可以买了，我们目前所见到的资产可能要比内在价值更便宜，在这种情况下，我们会买更多。”白日梦已醒，马克斯准备好了，你呢？","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993819630,"gmtCreate":1660659899822,"gmtModify":1676536373822,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993819630","repostId":"1146690881","repostType":4,"isVote":1,"tweetType":1,"viewCount":1382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999453461,"gmtCreate":1660574552955,"gmtModify":1676535535937,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999453461","repostId":"1123133990","repostType":4,"repost":{"id":"1123133990","kind":"news","pubTimestamp":1660547328,"share":"https://ttm.financial/m/news/1123133990?lang=en_US&edition=fundamental","pubTime":"2022-08-15 15:08","market":"us","language":"zh","title":"Surviving the crisis: People who believe in Coke more than Buffett","url":"https://stock-news.laohu8.com/highlight/detail?id=1123133990","media":"远川投资评论","summary":"佛罗里达位于美国东南海岸，毒品交易繁荣。早年为了争夺可卡因的垄断权，汇聚着意大利黑手党、墨西哥黑帮以及哥伦比亚毒枭。一个不算冷的知识点——可卡因不仅是当地毒贩必争的暴利代表，也是可口可乐最初的原料，两","content":"<p><html><head></head><body>Florida is located on the southeast coast of the United States and has a booming drug trade. In the early years, in order to compete for the monopoly of cocaine, there were Italian mafia, Mexican gangs and Colombian drug lords. A not-so-cold point of knowledge-cocaine is not only a profiteering representative for local drug dealers, but also<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>The original ingredients, both are Florida versions of rustic Get Rich.</p><p>The most typical one is the small town of Quincy.</p><p>Located in the town of Quincy, Florida at 30°35′N, the climate is pleasant and extremely conducive to tobacco cultivation. But this agricultural town with a population of just over 7,000 people achieves common prosperity not by reselling addictive cocaine and tobacco, but by buying shares in Coca-Cola. Since 1922, villagers have bought Coca-Cola for generations, and 70% of them have become \"Coca-Cola millionaires\".</p><p>They're better than real Old Money<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway bought Coca-Cola 66 years earlier.</p><p><img src=\"https://static.tigerbbs.com/7ad108993aa9a6398e4609df4f38ccbe\" tg-width=\"1080\" tg-height=\"540\" referrerpolicy=\"no-referrer\"/></p><p>Coca-Cola's prominent Quincy town</p><p>In fact, Coca-Cola has experienced a hundred years of ups and downs. Although it has suffered from various bear markets, it still gave birth to the richest man in stock gods, revitalized the rural economy, and completed the capitalism of getting rich first and getting rich later. As of August 3rd this year, Nasdaq fell by 14.45% during the year (the largest decline was 33.52%), Oriental Shenshui, the backbone of A shares, fell by 7.07%, and Coca-Cola rose by 9.10% against the market.</p><p>Coca-Cola, which kept the people of Quincy Town safe and sound in the magic 2022, is also the \"alpha\" of a century-old crisis in a sense, and has saved the town from the Great Depression and inflation more than once.</p><p><b>5 Cent Savior</b></p><p>No crisis seems to shake Coca-Cola's position as a hard currency.</p><p>In October, 1929, the U.S. stock market fell at a rate that couldn't even catch up with Lushan Waterfall. In just two weeks, $30 billion evaporated, which was equivalent to the total expenditure of the United States in World War I. Then the United States entered the Great Depression, with more than 80,000 businesses bankrupted, more than 5,000 banks collapsed, and more than 16 million people lost their jobs. One by one, Gatsby's assets went to zero, and they could no longer afford an island or a villa,<b>But they always spend the last nickel on Coke</b>。</p><p>One of the first people to see this was Pat Monroe, a banker in the small town of Quincy. He himself understood that every time a disaster encountered, it was nothing more than sugar and carbohydrate that sustained him to live.</p><p>Julia Monroe, Monroe's daughter, described: \"Dad loved the taste. He knew what a five-cent bottle of cold Coca-Cola meant to people.\" When Coca-Cola went public in 1919, its stock price was $40. The carbohydrate + sugar moat did not form a market-wide consensus, and it fell in half to $19 within a year. Despite the volatility of A-share sub-new shares, it is a classic cigarette butt stock in Monroe's mind-stable demand and undervalued share price convinced Monroe that buying Coca-Cola is a perfect long-term investment.</p><p>So as early as 100 years ago, Monroe started the business philosophy of Wenzhou Gang \"Do business in partnership, everyone earns money\", and shared the code of getting rich with Quincy residents.</p><p>Whenever his neighbors came to his bank for loans, he explained why Coca-Cola was worth investing in, encouraged them to use the extra cash saved to buy shares of Coca-Cola, and even loaned farmers and widows out of pocket to invest in shares to help them accumulate future wealth. State legislator<a href=\"https://laohu8.com/S/WWD\">Woodward</a>Applying for a $2,000 farm loan from Monroe, Monroe was determined to lend him $4,000 and let him buy half of it into Coca-Cola stock.</p><p><b>By 1922, Monroe's investor education had been fruitful, and the town of Quincy ushered in a bumper tobacco harvest this year, and the residents of the town immediately exchanged the cash flow from tobacco for a large number of Coca-Cola stocks.</b></p><p>In contrast to the circumstances of the Great Depression, Coca-Cola thrived in those years.<a href=\"https://laohu8.com/S/NYT\">The New York Times</a>Every year, Coca-Cola grew its sales by 5% in 1924, and its net profit rose by 25.4% in 1929, to its eighth consecutive year of sales growth in 1930.</p><p><img src=\"https://static.tigerbbs.com/53e0720908471f21a7755e17aae7491b\" tg-width=\"930\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"/></p><p>People smiling on Coca-Cola posters during the Great Depression</p><p>From $19 halved in 1919, Coca-Cola had soared to $200 by 1927. At this time, Coca-Cola CEO Woodruff himself played an \"annoying short\"-first split Coca-Cola 1:2, and then shorted 4,600 shares of his own company when the stock market plunged in October 1929.</p><p>As the saying goes, the secretary of the board of directors loses half, and the CEO loses all.</p><p>Residents of Quincy, who are fighting against the CEO, still chose to take advantage of Coca-Cola after Black Thursday. Although its share price fell slightly from $137 to $128, it recovered to $134 at the end of the year, and then the share price rose all the way. State Assemblyman Woodward, who listened to Monroe's vote, said:<b>\"Coca-Cola stock is like gold, keeping my family from suffering from depression.</b>Woodruff, however, lost $400,000 by shorting Coca-Cola.</p><p>During the Great Depression, many banks experienced a run that forced President Roosevelt to order a holiday for all banks. Monroe's Quincy State Bank refused to close its doors, and Roosevelt was even rumored to be furious and send federal agents to arrest it. But Monroe's confidence is that perhaps it was the small-town people's Coca-Cola stock gains that his bank didn't have a terrible run.</p><p><b>During this period, the biggest crisis encountered by Coca-Cola was not the economic downturn, but the policy change.</b></p><p>In 1931, the destruction of Prohibition caused Coca-Cola to plummet. But Coke soon proved with revenue that it was not an alternative relationship with alcohol, and the impact was minimal, and the stock price broke a new high again in 1935.</p><p>In the decades since, Coca-Cola gradually established itself as an unparalleled world brand, as Monroe said,<b>\"No matter the circumstances, people will leave five cents to buy Coca-Cola,\" but the category of \"people\" has changed from \"all America\" to \"all the world\".</b></p><p><b>Drinkable \"Crisis Alpha\"</b></p><p>Since buying shares in Coca-Cola, Quincy residents have hardly let go of their holdings, even during the most brutal war in human history.</p><p>Throughout World War II, 64 complete bottling plants realized large-scale transportation and operation, distributing more than 5 billion bottles of Coca-Cola to the front line, which translated to the average annual consumption of more than 1 billion bottles by soldiers. Eisenhower said,<b>I wanted every soldier to have a bottle of Coca-Cola at any moment, something reminiscent of home.</b>General Barton regarded a cellar of Coke as a necessity, and technical observers followed him wherever he moved to relocate the bottling plant.</p><p>Even in foreign countries, Marshal Zhukov of the Soviet Union begged Coca-Cola to customize a colorless vodka-like carbonated drink with a red star on the cap.<b>Even the representatives of the Axis of Evil countries had to work overtime copy fanta in order not to affect the situation of the war because of the embargo on Coca-Cola syrup.</b></p><p>And this persistence has also brought rewards for the small town of Quincy. In the late 1960s, the small-town Quincy tobacco industry declined, and the unemployment rate soared to 38%. Coca-Cola millionaire from his hometown, who paid for college tuition for local students.</p><p>And the small town of Quincy is far more than the only one indirectly assisted by Coca-Cola. In a sense, shareholders of Coca-Cola are reassured that even when U.S. stocks are in crisis, it usually outperforms the index.</p><p><img src=\"https://static.tigerbbs.com/27cfdd76e36c67fdbeeaa4fd228be8c7\" tg-width=\"1080\" tg-height=\"907\" referrerpolicy=\"no-referrer\"/></p><p>Data as of August 8, 2022</p><p>The only underperformer was in the first oil crisis, during which the whole US stock market fell pretty 50.</p><p>However, during the whole oil crisis period from 1973 to 1979, Coca-Cola kept the recycling rate of glass bottles of 90%-95% and the recycling rate of cans of 80-85%, maintaining the brand image.<b>Except for the short-term negative growth of net profit due to stagflation from 1974 to 1975, the rest of the time maintained a growth of more than 10%, but the valuation dropped from 48 times to 15 times.</b></p><p>Even when the stock price looks miserable and the strategy looks ESG, Coca-Cola maintains profit growth to keep the payout going.</p><p>For example, in the financial crisis of 2008, Coca-Cola's strong international demand offset the 2.5% decline in sales in North America. From 2008 to 2009, Coca-Cola's revenue increased from $28.9 billion to $31 billion, and its diluted earnings per share rose from $2.57 to $2.93 [13].</p><p>But in the face of the biggest financial tsunami after the Great Depression, such performance can only fall less than the index.</p><p>During this period,<a href=\"https://laohu8.com/S/STI\">Sun Trust Bank</a>Relying on Coca-Cola stock to successfully save itself, 48 million shares in his hand sold for $1.9 billion. You know, this bank helped the Coca-Cola Company go public in 1919,<b>Choose the latter of $110,000 in cash compensation and holding the company's shares</b>Even if the inflation adjustment is ignored, the value is much higher than that year's $110,000.</p><p><img src=\"https://static.tigerbbs.com/0a45a228622291489e91afb0585f5a78\" tg-width=\"831\" tg-height=\"476\" referrerpolicy=\"no-referrer\"/></p><p>Sun Trust, which successfully survived on Coca-ColaSource: Fintech Time</p><p>Of course, no financial crisis in human history has prevented Coca-Cola from hitting new highs in the future, and it has a good hedge effect most of the time. As Buffett said,<b>This is a business that can be run by \"one burger\"</b>。 It seems that as long as you don't change Dr. Pemberton's intimate \"carbohydrate + syrup + caffeine\" formula, there will be no problem.</p><p><b>In fact, when a product is great enough, a \"burger\" that can't do anything may indeed be better than a \"person\" who always wants to do something.</b></p><p>Throughout the company's history, Coca-Cola has indeed committed its own death once.</p><p><a href=\"https://laohu8.com/S/PEP\">Pepsi</a>The \"Pepsi Challenge\" held in 1975 challenged Coca-Cola's leading position in the hearts of the people for the first time: in this blindfolded \"blind box\" experiment, more people chose the taste of Pepsi. Seeing that Pepsi was about to steal its market share, in 1985, Coca-Cola changed its recipe for nearly 100 years and decided to add sugar to cater to the public's taste, but it attracted a lot of colour: many fans took a walk in * and dumped the new version of Coca-Cola on the spot.</p><p><img src=\"https://static.tigerbbs.com/5172b13c0b297d5a53573de2840c40ab\" tg-width=\"831\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/></p><p>People took to the streets to protest the new version of Coca-ColaSource: DaisyAfford</p><p>Consumer pressure forced Coca-Cola to change the formula in three months. After stealing the chicken this time, Coca-Cola told its investors,<b>Instead of imitating others, they are focused on expanding their beverage business.</b></p><p>In 1988, Buffett saw an annual report from Coca-Cola that 95% of the company's revenue came from drinks. At this time, a large number of Pepsi's snack businesses, such as Quaker cereal and Frito-Lay, were under pressure from rising cereal and cooking oil costs, while Coca-Cola's beverage portfolio, including vitamin water, Fuze, diet, etc., were only affected by minor inflation.</p><p>However, after the U.S. stock market experienced \"Black Monday\", the Dow Jones Industrial Average fell by 20%, and Coke was not completely immune. At this time,<b>Buffett spends $1 billion on 6.2% Coca-Cola stock</b>, held to date. Even in the midst of the COVID-19 pandemic, Buffett, the stock god, insisted on drinking five bottles of Coke a day, still at once<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>\"The doctor said I was better and Coke helped me avoid the pandemic,\" he joked in the interview.</p><p><b>Epilogue: The Triumph of Minimalism</b></p><p>From Pat Monroe in the small town of Quincy to Buffett, who entered the market half a century later, they kept testing that drinking Coca-Cola is the lowest-cost solution to cure internal friction and gain happiness in times of economic uncertainty.</p><p>The great formula of Carb + Sugar makes for a super big piece with a lifecycle of over a century, largely a triumph of minimalism.</p><p>Jiang Cheng, the fund manager of Zhongtai Asset Management, once questioned: \"Fools must not be able to manage Coca-Cola well, and Coca-Cola once had a CEO that Buffett didn't like.<b>The' 80s coke flavor change wasn't like a fool's mistake, because no matter how good people are, they make mistakes</b>。”</p><p>This is true, but it is this storm that proves that Coca-Cola is almost a consumer product favored by God-people like the same taste of Coca-Cola, people only need the same taste of Coca-Cola. It does not need management very much, because Coke can't make mistakes, but management does after all.</p><p>Now, nearly half a century later, Oriental Shenshui is echoing each other, stepping into the ice cream track in the hustle and bustle of new consumer goods. Duan Yongping, who is praised by the people as \"China's Buffett,\" expressed his views bluntly-\"<b>Intuitively, I think this product is not a good product... Maotai has the strength to make any attempt, but I hope that once I find something wrong, I can stop it as soon as possible.</b>”</p><p><img src=\"https://static.tigerbbs.com/3df3c30099cc0c7073a29dd37a7dd1f1\" tg-width=\"1080\" tg-height=\"874\" referrerpolicy=\"no-referrer\"/></p><p>Quincy villagers who experienced the Coke storm in the 1980s, when they saw this kind of product innovation, I am afraid they will also express the emotion of \"I urge Maotai to cheer up and make wine wholeheartedly\".</p><p></body></html></p>","source":"lsy1583835599575","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>Surviving the crisis: People who believe in Coke more than Buffett</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\">\nSurviving the crisis: People who believe in Coke more than Buffett\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川投资评论</strong><span class=\"h-time small\">2022-08-15 15:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Florida is located on the southeast coast of the United States and has a booming drug trade. In the early years, in order to compete for the monopoly of cocaine, there were Italian mafia, Mexican gangs and Colombian drug lords. A not-so-cold point of knowledge-cocaine is not only a profiteering representative for local drug dealers, but also<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>The original ingredients, both are Florida versions of rustic Get Rich.</p><p>The most typical one is the small town of Quincy.</p><p>Located in the town of Quincy, Florida at 30°35′N, the climate is pleasant and extremely conducive to tobacco cultivation. But this agricultural town with a population of just over 7,000 people achieves common prosperity not by reselling addictive cocaine and tobacco, but by buying shares in Coca-Cola. Since 1922, villagers have bought Coca-Cola for generations, and 70% of them have become \"Coca-Cola millionaires\".</p><p>They're better than real Old Money<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway bought Coca-Cola 66 years earlier.</p><p><img src=\"https://static.tigerbbs.com/7ad108993aa9a6398e4609df4f38ccbe\" tg-width=\"1080\" tg-height=\"540\" referrerpolicy=\"no-referrer\"/></p><p>Coca-Cola's prominent Quincy town</p><p>In fact, Coca-Cola has experienced a hundred years of ups and downs. Although it has suffered from various bear markets, it still gave birth to the richest man in stock gods, revitalized the rural economy, and completed the capitalism of getting rich first and getting rich later. As of August 3rd this year, Nasdaq fell by 14.45% during the year (the largest decline was 33.52%), Oriental Shenshui, the backbone of A shares, fell by 7.07%, and Coca-Cola rose by 9.10% against the market.</p><p>Coca-Cola, which kept the people of Quincy Town safe and sound in the magic 2022, is also the \"alpha\" of a century-old crisis in a sense, and has saved the town from the Great Depression and inflation more than once.</p><p><b>5 Cent Savior</b></p><p>No crisis seems to shake Coca-Cola's position as a hard currency.</p><p>In October, 1929, the U.S. stock market fell at a rate that couldn't even catch up with Lushan Waterfall. In just two weeks, $30 billion evaporated, which was equivalent to the total expenditure of the United States in World War I. Then the United States entered the Great Depression, with more than 80,000 businesses bankrupted, more than 5,000 banks collapsed, and more than 16 million people lost their jobs. One by one, Gatsby's assets went to zero, and they could no longer afford an island or a villa,<b>But they always spend the last nickel on Coke</b>。</p><p>One of the first people to see this was Pat Monroe, a banker in the small town of Quincy. He himself understood that every time a disaster encountered, it was nothing more than sugar and carbohydrate that sustained him to live.</p><p>Julia Monroe, Monroe's daughter, described: \"Dad loved the taste. He knew what a five-cent bottle of cold Coca-Cola meant to people.\" When Coca-Cola went public in 1919, its stock price was $40. The carbohydrate + sugar moat did not form a market-wide consensus, and it fell in half to $19 within a year. Despite the volatility of A-share sub-new shares, it is a classic cigarette butt stock in Monroe's mind-stable demand and undervalued share price convinced Monroe that buying Coca-Cola is a perfect long-term investment.</p><p>So as early as 100 years ago, Monroe started the business philosophy of Wenzhou Gang \"Do business in partnership, everyone earns money\", and shared the code of getting rich with Quincy residents.</p><p>Whenever his neighbors came to his bank for loans, he explained why Coca-Cola was worth investing in, encouraged them to use the extra cash saved to buy shares of Coca-Cola, and even loaned farmers and widows out of pocket to invest in shares to help them accumulate future wealth. State legislator<a href=\"https://laohu8.com/S/WWD\">Woodward</a>Applying for a $2,000 farm loan from Monroe, Monroe was determined to lend him $4,000 and let him buy half of it into Coca-Cola stock.</p><p><b>By 1922, Monroe's investor education had been fruitful, and the town of Quincy ushered in a bumper tobacco harvest this year, and the residents of the town immediately exchanged the cash flow from tobacco for a large number of Coca-Cola stocks.</b></p><p>In contrast to the circumstances of the Great Depression, Coca-Cola thrived in those years.<a href=\"https://laohu8.com/S/NYT\">The New York Times</a>Every year, Coca-Cola grew its sales by 5% in 1924, and its net profit rose by 25.4% in 1929, to its eighth consecutive year of sales growth in 1930.</p><p><img src=\"https://static.tigerbbs.com/53e0720908471f21a7755e17aae7491b\" tg-width=\"930\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"/></p><p>People smiling on Coca-Cola posters during the Great Depression</p><p>From $19 halved in 1919, Coca-Cola had soared to $200 by 1927. At this time, Coca-Cola CEO Woodruff himself played an \"annoying short\"-first split Coca-Cola 1:2, and then shorted 4,600 shares of his own company when the stock market plunged in October 1929.</p><p>As the saying goes, the secretary of the board of directors loses half, and the CEO loses all.</p><p>Residents of Quincy, who are fighting against the CEO, still chose to take advantage of Coca-Cola after Black Thursday. Although its share price fell slightly from $137 to $128, it recovered to $134 at the end of the year, and then the share price rose all the way. State Assemblyman Woodward, who listened to Monroe's vote, said:<b>\"Coca-Cola stock is like gold, keeping my family from suffering from depression.</b>Woodruff, however, lost $400,000 by shorting Coca-Cola.</p><p>During the Great Depression, many banks experienced a run that forced President Roosevelt to order a holiday for all banks. Monroe's Quincy State Bank refused to close its doors, and Roosevelt was even rumored to be furious and send federal agents to arrest it. But Monroe's confidence is that perhaps it was the small-town people's Coca-Cola stock gains that his bank didn't have a terrible run.</p><p><b>During this period, the biggest crisis encountered by Coca-Cola was not the economic downturn, but the policy change.</b></p><p>In 1931, the destruction of Prohibition caused Coca-Cola to plummet. But Coke soon proved with revenue that it was not an alternative relationship with alcohol, and the impact was minimal, and the stock price broke a new high again in 1935.</p><p>In the decades since, Coca-Cola gradually established itself as an unparalleled world brand, as Monroe said,<b>\"No matter the circumstances, people will leave five cents to buy Coca-Cola,\" but the category of \"people\" has changed from \"all America\" to \"all the world\".</b></p><p><b>Drinkable \"Crisis Alpha\"</b></p><p>Since buying shares in Coca-Cola, Quincy residents have hardly let go of their holdings, even during the most brutal war in human history.</p><p>Throughout World War II, 64 complete bottling plants realized large-scale transportation and operation, distributing more than 5 billion bottles of Coca-Cola to the front line, which translated to the average annual consumption of more than 1 billion bottles by soldiers. Eisenhower said,<b>I wanted every soldier to have a bottle of Coca-Cola at any moment, something reminiscent of home.</b>General Barton regarded a cellar of Coke as a necessity, and technical observers followed him wherever he moved to relocate the bottling plant.</p><p>Even in foreign countries, Marshal Zhukov of the Soviet Union begged Coca-Cola to customize a colorless vodka-like carbonated drink with a red star on the cap.<b>Even the representatives of the Axis of Evil countries had to work overtime copy fanta in order not to affect the situation of the war because of the embargo on Coca-Cola syrup.</b></p><p>And this persistence has also brought rewards for the small town of Quincy. In the late 1960s, the small-town Quincy tobacco industry declined, and the unemployment rate soared to 38%. Coca-Cola millionaire from his hometown, who paid for college tuition for local students.</p><p>And the small town of Quincy is far more than the only one indirectly assisted by Coca-Cola. In a sense, shareholders of Coca-Cola are reassured that even when U.S. stocks are in crisis, it usually outperforms the index.</p><p><img src=\"https://static.tigerbbs.com/27cfdd76e36c67fdbeeaa4fd228be8c7\" tg-width=\"1080\" tg-height=\"907\" referrerpolicy=\"no-referrer\"/></p><p>Data as of August 8, 2022</p><p>The only underperformer was in the first oil crisis, during which the whole US stock market fell pretty 50.</p><p>However, during the whole oil crisis period from 1973 to 1979, Coca-Cola kept the recycling rate of glass bottles of 90%-95% and the recycling rate of cans of 80-85%, maintaining the brand image.<b>Except for the short-term negative growth of net profit due to stagflation from 1974 to 1975, the rest of the time maintained a growth of more than 10%, but the valuation dropped from 48 times to 15 times.</b></p><p>Even when the stock price looks miserable and the strategy looks ESG, Coca-Cola maintains profit growth to keep the payout going.</p><p>For example, in the financial crisis of 2008, Coca-Cola's strong international demand offset the 2.5% decline in sales in North America. From 2008 to 2009, Coca-Cola's revenue increased from $28.9 billion to $31 billion, and its diluted earnings per share rose from $2.57 to $2.93 [13].</p><p>But in the face of the biggest financial tsunami after the Great Depression, such performance can only fall less than the index.</p><p>During this period,<a href=\"https://laohu8.com/S/STI\">Sun Trust Bank</a>Relying on Coca-Cola stock to successfully save itself, 48 million shares in his hand sold for $1.9 billion. You know, this bank helped the Coca-Cola Company go public in 1919,<b>Choose the latter of $110,000 in cash compensation and holding the company's shares</b>Even if the inflation adjustment is ignored, the value is much higher than that year's $110,000.</p><p><img src=\"https://static.tigerbbs.com/0a45a228622291489e91afb0585f5a78\" tg-width=\"831\" tg-height=\"476\" referrerpolicy=\"no-referrer\"/></p><p>Sun Trust, which successfully survived on Coca-ColaSource: Fintech Time</p><p>Of course, no financial crisis in human history has prevented Coca-Cola from hitting new highs in the future, and it has a good hedge effect most of the time. As Buffett said,<b>This is a business that can be run by \"one burger\"</b>。 It seems that as long as you don't change Dr. Pemberton's intimate \"carbohydrate + syrup + caffeine\" formula, there will be no problem.</p><p><b>In fact, when a product is great enough, a \"burger\" that can't do anything may indeed be better than a \"person\" who always wants to do something.</b></p><p>Throughout the company's history, Coca-Cola has indeed committed its own death once.</p><p><a href=\"https://laohu8.com/S/PEP\">Pepsi</a>The \"Pepsi Challenge\" held in 1975 challenged Coca-Cola's leading position in the hearts of the people for the first time: in this blindfolded \"blind box\" experiment, more people chose the taste of Pepsi. Seeing that Pepsi was about to steal its market share, in 1985, Coca-Cola changed its recipe for nearly 100 years and decided to add sugar to cater to the public's taste, but it attracted a lot of colour: many fans took a walk in * and dumped the new version of Coca-Cola on the spot.</p><p><img src=\"https://static.tigerbbs.com/5172b13c0b297d5a53573de2840c40ab\" tg-width=\"831\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/></p><p>People took to the streets to protest the new version of Coca-ColaSource: DaisyAfford</p><p>Consumer pressure forced Coca-Cola to change the formula in three months. After stealing the chicken this time, Coca-Cola told its investors,<b>Instead of imitating others, they are focused on expanding their beverage business.</b></p><p>In 1988, Buffett saw an annual report from Coca-Cola that 95% of the company's revenue came from drinks. At this time, a large number of Pepsi's snack businesses, such as Quaker cereal and Frito-Lay, were under pressure from rising cereal and cooking oil costs, while Coca-Cola's beverage portfolio, including vitamin water, Fuze, diet, etc., were only affected by minor inflation.</p><p>However, after the U.S. stock market experienced \"Black Monday\", the Dow Jones Industrial Average fell by 20%, and Coke was not completely immune. At this time,<b>Buffett spends $1 billion on 6.2% Coca-Cola stock</b>, held to date. Even in the midst of the COVID-19 pandemic, Buffett, the stock god, insisted on drinking five bottles of Coke a day, still at once<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>\"The doctor said I was better and Coke helped me avoid the pandemic,\" he joked in the interview.</p><p><b>Epilogue: The Triumph of Minimalism</b></p><p>From Pat Monroe in the small town of Quincy to Buffett, who entered the market half a century later, they kept testing that drinking Coca-Cola is the lowest-cost solution to cure internal friction and gain happiness in times of economic uncertainty.</p><p>The great formula of Carb + Sugar makes for a super big piece with a lifecycle of over a century, largely a triumph of minimalism.</p><p>Jiang Cheng, the fund manager of Zhongtai Asset Management, once questioned: \"Fools must not be able to manage Coca-Cola well, and Coca-Cola once had a CEO that Buffett didn't like.<b>The' 80s coke flavor change wasn't like a fool's mistake, because no matter how good people are, they make mistakes</b>。”</p><p>This is true, but it is this storm that proves that Coca-Cola is almost a consumer product favored by God-people like the same taste of Coca-Cola, people only need the same taste of Coca-Cola. It does not need management very much, because Coke can't make mistakes, but management does after all.</p><p>Now, nearly half a century later, Oriental Shenshui is echoing each other, stepping into the ice cream track in the hustle and bustle of new consumer goods. Duan Yongping, who is praised by the people as \"China's Buffett,\" expressed his views bluntly-\"<b>Intuitively, I think this product is not a good product... Maotai has the strength to make any attempt, but I hope that once I find something wrong, I can stop it as soon as possible.</b>”</p><p><img src=\"https://static.tigerbbs.com/3df3c30099cc0c7073a29dd37a7dd1f1\" tg-width=\"1080\" tg-height=\"874\" referrerpolicy=\"no-referrer\"/></p><p>Quincy villagers who experienced the Coke storm in the 1980s, when they saw this kind of product innovation, I am afraid they will also express the emotion of \"I urge Maotai to cheer up and make wine wholeheartedly\".</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/90LW164nNMJxMvjkA_59Uw\">远川投资评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7ad108993aa9a6398e4609df4f38ccbe","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","BK4550":"红杉资本持仓","BK4504":"桥水持仓","BRK.B":"伯克希尔B","BK4176":"多领域控股","KO":"可口可乐","BK4534":"瑞士信贷持仓","BK4177":"软饮料","BK4559":"巴菲特持仓","BRK.A":"伯克希尔","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓"},"source_url":"https://mp.weixin.qq.com/s/90LW164nNMJxMvjkA_59Uw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123133990","content_text":"佛罗里达位于美国东南海岸，毒品交易繁荣。早年为了争夺可卡因的垄断权，汇聚着意大利黑手党、墨西哥黑帮以及哥伦比亚毒枭。一个不算冷的知识点——可卡因不仅是当地毒贩必争的暴利代表，也是可口可乐最初的原料，两者都是佛罗里达版本的乡村《致富经》。最典型的一个就是，昆西小镇。地处北纬30°35′N佛罗里达昆西镇，气候宜人，极其有利于烟草种植。不过，这一座人口仅7000余人的农业小镇，实现共同富裕的方式，不是倒卖强成瘾性的可卡因和烟草，而是买可口可乐的股票。从1922年开始，村民们世世代代买入可口可乐，70%的人成为了「可口可乐百万富翁」。他们比真正的 Old Money 伯克希尔哈撒韦买入可口可乐的时间，还整整早了66年。可口可乐标识显著的昆西小镇实际上，可口可乐历经百年浮沉，虽然饱经各式熊市的打击，仍然孕育了股神首富，振兴了乡村经济，完成了资本主义的先富带后富。截至今年8月3日，纳斯达克年内跌去14.45%（最大跌幅33.52%），A股脊梁东方神水跌去7.07%，可口可乐反而逆市上涨9.10%。让昆西小镇人民在魔幻2022年安然无恙的可口可乐，某种意义上也是百年危机「阿尔法」，不止一次的救小镇于大萧条、大通胀的水火之中。5美分救世主任何危机，似乎都撼动不了可口可乐硬通货的地位。1929年10月的美股，下跌速度连庐山瀑布都追不上，短短两周蒸发300亿美元，相当于美国在一战的总开支。随后美国进入大萧条，80000多家企业破产，5000多家银行倒闭，1600多万人失业。一个个「盖茨比」资产归零后，再也买不起海岛或是别墅，但他们总是用最后的五分钱买可乐。最早看到这一幕的人之一是昆西小镇的银行家帕特·门罗。他自己也心领神会，每当遭遇灾难，支撑自己活下去的也无非是糖和碳水。门罗女儿茱莉亚·门罗形容：“爸爸很喜欢这种味道，他知道5分钱一瓶冰凉的可口可乐对于人们意味着什么。”可口可乐1919年上市时股价40美元，碳水+糖的护城河并没有形成全市场的共识，并在一年内腰斩跌到19美元。尽管波动大如A股次新股，但在门罗心里却是经典烟蒂股——稳定的需求、低估的股价，让门罗相信买可口可乐是一笔完美的长期投资。于是早在100年前，门罗就搞起了温州帮「生意合伙做，有钱大家赚」的经商哲学，把致富代码分享给昆西的居民。每当邻居们到他的银行贷款时，他都会讲解为何可口可乐值得投资，并鼓励他们用额外省下的现金购买可口可乐股票，甚至自掏腰包为农民和寡妇投资股票提供贷款，来帮助他们积攒未来财富[7]。州议员伍德沃德向门罗申请2000美元农场贷款，门罗执意贷给他4000美元，并让他将其中的一半买入可口可乐股票。到1922年时，门罗的投资者教育已经卓有成效，这一年昆西小镇迎来了烟草大丰收，小镇居民立马把烟草带来的现金流换成了大量的可口可乐股票。与大萧条的境遇截然相反，可口可乐在那些年里却欣欣向荣。纽约时报年年吹票可口可乐，从1924年的销售额增长5%，1929年的净利润同期上升25.4%，再到1930年连续第八年实现销售增长。大萧条时期，可口可乐海报上的人们洋溢着笑容从1919年上市后腰斩的19美元，可口可乐到1927年时已经飙升至200美元。就在这个时候，可口可乐CEO伍德拉夫自己却扮演了一个「令人讨厌的空头」——先将可口可乐1:2拆股，然后在1929年10月股市暴跌时，做空4600股自家公司股票。俗话说，信董秘的亏一半，信CEO的亏光光。和CEO对着干的昆西小镇居民们，在黑色星期四之后仍然选择在可口可乐里避险，它的股价尽管曾从137美元微跌至128美元，但年末又恢复至134美元，接下来股价一路上扬。前面听门罗推票的州议员伍德沃德说：“可口可乐股票就像是黄金，使我的家人们没患上抑郁症。”而伍德拉夫却因为做空可口可乐损失了40万美元。大萧条期间，许多银行经历挤兑潮，迫使罗斯福总统下令所有银行放假。门罗经营的昆西州立银行拒绝关门，甚至传言罗斯福为之大怒，派出联邦特工将其逮捕。但门罗的底气在于，或许正是小镇人民的可口可乐股票收益，他的银行并没有发生可怕的挤兑。这段时间里，可口可乐遭遇的最大危机，不是经济下行，而是政策变化。1931年，禁酒令的销毁让可口可乐一度大跌。但可乐很快就用营收证明了自己和酒精之间并不是互为替代的关系，影响微乎其微，股价在1935年再次突破新高。此后数十年，可口可乐逐渐奠定了自己无以伦比的世界品牌地位，还是门罗的那句话，“无论在什么境遇下，人们都会留下5美分买可口可乐”，只是「人们」的范畴从「全美国」变成了「全世界」。能喝的「危机阿尔法」从买入可口可乐的股票之后，昆西居民们的持股几乎再未放手，即便是在人类历史上最残酷的战争中。整个二战期间，有64家完整装瓶厂实现了大规模的运输和运营，向前线发放超过50亿瓶可口可乐，折算下来大兵们年均消耗10亿多瓶。艾森豪威尔说：“我希望每个士兵随时都能喝上一瓶可口可乐，这是能令人想起家乡的东西。”巴顿将军把一地窖可乐当作必需品，无论转战何处，都要技术观察员跟着搬迁装瓶厂。即便是在异国他乡，苏联朱可夫元帅都曾恳请可口可乐定制一款无色像伏特加一样的碳酸饮料，瓶盖印上红星。就连邪恶轴心国的代表因为可口可乐糖浆被禁运，为了不影响战局，都不得不加班加点仿制了芬达。而这种坚持，也为昆西小镇带来了回报。上世纪60年代末，昆西小镇烟草业衰微，失业率飙升至38%。同乡的可口可乐百万富翁，为当地学生们支付了大学学费。而被可口可乐间接援助的，远不止昆西小镇。从某种意义上说，当可口可乐的股东是放心的，因为即便美股遇到危机，它通常也能跑赢指数。数据截至2022年8月8日唯一跑输的是在第一次石油危机，期间整个美股漂亮50覆灭。不过在1973至1979年整个石油危机阶段，可口可乐一直保持90%-95%的玻璃瓶回收率和80-85%的易拉罐回收率，维持着品牌形象。除了1974-1975年因为滞胀，有过短暂的净利润负增长，其余时间均保持着10%以上的增长，估值却从48倍跌至15倍。即使股价看起来很惨，战略看起来很ESG，可口可乐还是维持着利润增长来保持派息。再比如08年金融危机，可口可乐强劲的国际需求抵消了了北美市场2.5%的销售下滑，2008-2009年，可口可乐收入从 289 亿美元增至 310 亿美元，摊薄后每股收益从 2.57 美元升至 2.93 美元[13]。但是面对大萧条后最大的金融海啸，这样的业绩也只能跌的比指数少一些。在此期间，太阳信托银行依靠可口可乐股票成功自救，手中4800万股卖出了19亿美元。要知道这家银行1919年时协助可口可乐公司上市，在收获11万美元现金报酬和持有公司股票两个选项中毅然选择了后者，即使忽略通胀的调整，价值也远高于当年的11万美金。成功靠可口可乐苟下来的太阳信托 Source: Fintech Time当然，人类历史上再大的金融危机都没阻止可口可乐在日后创下新高，且大部分时间有很好的避险作用。正如巴菲特所言，这是 「一个汉堡」都能经营的企业。似乎只要不改彭伯顿医生「碳水+糖浆+咖啡因」的私密配方，就不会有什么问题。事实上，当一个产品足够伟大之后，一个什么都做不了的「汉堡」可能确实会比一个总想做点什么的「人」更好。纵观公司史，可口可乐确实也自己作过一次死。百事可乐在1975年举办的“百事挑战”第一次挑战了可口可乐在国民心中的龙头地位：在此次蒙眼「盲盒」实验中，更多人选择了百事可乐的味道。眼见要被百事可乐抢走市场份额，1985年可口可乐改变了近100年的配方，决定加糖迎合大众口味，却引来了一片倒彩：不少粉丝上街游行散步，并将新版可口可乐现场倾倒。人民上街抗议新版可口可乐 Source: DaisyAfford消费者们施加的压力，迫使可口可乐三个月就把配方改了回来。这次偷鸡不成反蚀把米后，可口可乐告诉它的投资者，他们不会再去模仿他人，而是一心扩大自己的饮料业务。1988年，巴菲特看到可口可乐一份年报所述，公司 95% 的营收来自饮料。此时百事可乐大量的零食业务，比如桂格麦片和菲多利，都受到谷物和食用油成本上涨的压力，而可口可乐的饮料产品组合，包括维他命水、Fuze、健怡等，都只受到较小通胀影响。但美股在经历了「黑色星期一」后，道指跌去了两成，可乐也未能完全幸免。此时，巴菲特斥资10亿美元购入6.2%可口可乐股票，持有至今。甚至在新冠疫情中，股神巴菲特也坚持每天喝五瓶可乐，还在一次雅虎的采访中开玩笑说，“医生说我的身体更好了，可乐帮助我避开了疫情。”尾声：极简的胜利从昆西小镇的帕特门罗到半个世纪后进场的巴菲特，他们不断去验证一个道理：在经济不确定的时期，喝可口可乐是一个治愈内耗、获得快乐的最低成本解决方案。碳水+糖的伟大配方造就了一个生命周期超过一个世纪的超级大单品，很大程度上是一种极简主义的胜利。中泰资管基金经理姜诚曾提出过质疑：“傻瓜一定管不好可口可乐，可口可乐也曾有让巴菲特不喜欢的CEO。80年代可乐换口味风波不像是傻瓜犯的错，因为再优秀的人都会犯错。”此话虽然不假，但也正是这样的风波，证明了可口可乐几乎是被上帝偏爱的消费品——人们喜欢可口可乐一成不变的味道，人们只需要可口可乐一成不变。它的确不太需要管理层，因为可乐不会犯错，但管理层终究会犯错。近半个世纪后的当下，东方神水遥相呼应般地，在新消费品此消彼长的喧嚣中，踏进冰淇淋的赛道。被民间誉为「中国巴菲特」的段永平，直白地表达了自己的看法——“直觉上觉得这个产品不是好产品……茅台有实力做任何尝试，但希望一旦发现不对要能尽快收手。”亲历了80年代可乐风波的昆西村民们，看到这种产品创新，恐怕也会发出一句「我劝茅台重抖擞，一心一意就做酒」的感慨吧。","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9,"KO":0.9}},"isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999091943,"gmtCreate":1660438151084,"gmtModify":1676533469264,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999091943","repostId":"1156260562","repostType":4,"isVote":1,"tweetType":1,"viewCount":1173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990417954,"gmtCreate":1660393623679,"gmtModify":1676533463893,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Y","listText":"Y","text":"Y","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990417954","repostId":"1119741216","repostType":4,"repost":{"id":"1119741216","kind":"news","pubTimestamp":1660350626,"share":"https://ttm.financial/m/news/1119741216?lang=en_US&edition=fundamental","pubTime":"2022-08-13 08:30","market":"us","language":"zh","title":"Billions of Jinglin assets \"bargain hunting\" retail real estate? Shell Becomes Its Top Position in U.S. Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1119741216","media":"资事堂","summary":"昨夜今晨，景林资产披露美股最新持仓明细。资事堂发现，截至2022年二季度末，这家千亿私募巨头的美股持仓达22.4亿美元，合人民币151亿元。截至二季度末，景林美股前十大持仓标的合计市值达到17.36亿美元，占总持仓比例高达78%。","content":"<p><html><head></head><body>Last night and this morning, Jinglin Assets disclosed the latest position details of US stocks.</p><p>Zishitang found that as of the end of the second quarter of 2022, the 100 billion private equity giant's U.S. stock holdings amounted to $2.24 billion, or RMB 15.1 billion.</p><p>This figure is still the forefront of overseas investment by domestic institutions, but it is slightly lower than the scale of $2.32 billion in the first quarter.</p><p>Inventory found that the seats of Jinglin Assets' Awkwardness changed again,<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Holding was promoted to the first heavy position, followed by<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Group and<a href=\"https://laohu8.com/S/NTES\">Netease</a>Mainland companies are still the most important assets of Jinglin in U.S. stocks.</p><p><b>Highly concentrated shareholding</b></p><p>It is worth reminding that Jinglin Assets invests in US stocks through its Hong Kong subsidiary, and the above shareholding does not include its US stock positions of other Chinese mainland entities and its products.</p><p>By the end of the second quarter, the total market value of the top ten positions in Jinglin US stocks reached USD 1.736 billion, accounting for 78% of the total positions.</p><p>The concentration is much higher than that of mainland public offering of funds and QDII products, which is also a habit that Jinglin has developed for many years.</p><p><img src=\"https://static.tigerbbs.com/ef2519c3ce998824f5b851bb52a9ee53\" tg-width=\"865\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/></p><p><b>02. \"Like\" real estate agents</b></p><p>Shell became the listed company with the heaviest position in Jinglin in the second quarter.</p><p>At present, the company is the leading consulting company for second-hand housing, new housing and housing rental in China, and its main body includes well-known real estate agency brands such as Chain Home in the industry.</p><p><b>In the current period, Jinglin held 20.43 million shares of ADS (American Depositary Receipts) of Shell Holdings, equivalent to a market value of US$365 million.</b></p><p>In the current period, the shell oscillated at the bottom, and the current share price has dropped by about 90% compared with the highest price at the beginning of listing.</p><p><img src=\"https://static.tigerbbs.com/f4e6b1b7410fea663002d6e3f86101db\" tg-width=\"865\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/></p><p><b>03. Many Chinese concept stocks are back in view</b></p><p>Jinglin's top five holdings also include JD.COM Group, Netease, Jinrui Fund and<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>。</p><p>Among them,<b>Jinglin has significantly lightened its positions in both JD.COM and Netease.</b></p><p>The position of the former decreased from 4.35 million shares in the previous quarter to 3.21 million shares, and the position of the latter decreased from 3.6 million shares to 2.2 million shares.</p><p>Another bright spot of Jinglin's position this time is<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Return to the top ten heavyweight camp.</b></p><p>The latest data shows that Jinglin holds 1.24 million shares of Alibaba ADS, equivalent to a market value of $141 million.</p><p>Coincidentally.</p><p>The \"exposure\" of two other Chinese stocks also rose in the Jinglin position report in the second quarter of this year.</p><p>They are respectively<b><a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>And<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group</b>Become the new face of the top ten heavyweight stocks in the second quarter. The former is the head company of social e-commerce, holding 2.01 million shares, while the latter is the operator of intercity vehicle logistics and vehicle-goods matching information platform, holding 12.83 million shares.</p><p><b>04. Heavy investment in \"peers\"</b></p><p>There was a Chinese saying that \"peers are enemies\", but in the eyes of the asset management circle, the investment value seems to outweigh everything else.</p><p>Since the last quarter,<b>Jinglin Assets began to invest continuously in its peer institution-KraneShares of the United States.</b></p><p>Zishitang found that Jinrui Fund has several ETFs, which belong to an asset management platform for developing index investment tools, similar to international index giants<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Pioneering, providing investors with low-cost passive investment services.</p><p>It is also understood that this institution, headquartered in New York, specializes in helping global investors better understand the Chinese market and enhance its importance in asset allocation.</p><p>In other words, Jinglin Assets has invested in a peer who is bullish on Chinese assets.</p><p><b>Focus on \"competitive investment\" in the future</b></p><p>For the position layout, Jinglin Assets revealed the following directions in its latest report to holders:</p><p><b>1. Interactive entertainment</b></p><p>China's top gaming companies have the opportunity to gain more market share globally. Whether it is the current online games or the virtual reality combination of the metaverse in the future, these progress require the long-term technical investment of game manufacturers and multi-person and multi-team cooperation. The re-issuance of game version numbers indicates that the bottom of the policy has appeared.</p><p><b>New retail and new service platforms</b></p><p>The online trend of retail and life services continues to strengthen, and platform companies have become the infrastructure in the field of commercial services and circulation. At present, Internet platform companies are in a three-bottom superposition state of performance bottom + policy bottom + valuation bottom. The low base effect that started in the second half of last year will make most companies return to the right track of growth.</p><p><b>3. Application under the new energy structure</b></p><p>All countries are firmly on the path of changing their energy mix. Chinese enterprises have huge first-mover and industrial chain advantages: in<a href=\"https://laohu8.com/S/000591\">Solar energy</a>A number of world-class companies have emerged in the fields of wind energy, power batteries and energy storage batteries. As a big manufacturing country, although facing the pressure of some industrial chain transfer, China's advantageous industrial chain is likely to become the winner in the big wave of energy transformation.</p><p><b>4. Deep digitization of software and hardware</b></p><p>We are going through the process of deep digitalization, and data center business and many forms of cloud services will generate strong stickiness. Once used, the migration cost is high. Both China and the United States have leading enterprises in this field with investment value.</p><p><b>5. Development and application of artificial intelligence</b></p><p>Judging from the current progress of enterprise research and development, the most likely project is the realization of autonomous driving. A revolutionary breakthrough in this field will disrupt the existing automobile industry and transportation services. This is also another revolutionary product that has changed our lifestyle after smartphones. There should be these exciting changes in the business we hold.</p><p><b>6. Consumer goods with social attributes</b></p><p>This kind of business model is simple, stable and has an extremely high moat. The deep social need of human nature — the need to embody \"defining oneself as distinct from others\" in the crowd — remains unchanged. There is a kind of commodity that meets people's needs because of its historical origin and quality characteristics that are difficult to replicate. It is a reward for people's own life and a carrier of respect for others in social interaction.</p><p></body></html></p>","source":"lsy1568174316590","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>Billions of Jinglin assets \"bargain hunting\" retail real estate? Shell Becomes Its Top Position in U.S. Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBillions of Jinglin assets \"bargain hunting\" retail real estate? Shell Becomes Its Top Position in U.S. Stocks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资事堂</strong><span class=\"h-time small\">2022-08-13 08:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Last night and this morning, Jinglin Assets disclosed the latest position details of US stocks.</p><p>Zishitang found that as of the end of the second quarter of 2022, the 100 billion private equity giant's U.S. stock holdings amounted to $2.24 billion, or RMB 15.1 billion.</p><p>This figure is still the forefront of overseas investment by domestic institutions, but it is slightly lower than the scale of $2.32 billion in the first quarter.</p><p>Inventory found that the seats of Jinglin Assets' Awkwardness changed again,<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Holding was promoted to the first heavy position, followed by<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Group and<a href=\"https://laohu8.com/S/NTES\">Netease</a>Mainland companies are still the most important assets of Jinglin in U.S. stocks.</p><p><b>Highly concentrated shareholding</b></p><p>It is worth reminding that Jinglin Assets invests in US stocks through its Hong Kong subsidiary, and the above shareholding does not include its US stock positions of other Chinese mainland entities and its products.</p><p>By the end of the second quarter, the total market value of the top ten positions in Jinglin US stocks reached USD 1.736 billion, accounting for 78% of the total positions.</p><p>The concentration is much higher than that of mainland public offering of funds and QDII products, which is also a habit that Jinglin has developed for many years.</p><p><img src=\"https://static.tigerbbs.com/ef2519c3ce998824f5b851bb52a9ee53\" tg-width=\"865\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/></p><p><b>02. \"Like\" real estate agents</b></p><p>Shell became the listed company with the heaviest position in Jinglin in the second quarter.</p><p>At present, the company is the leading consulting company for second-hand housing, new housing and housing rental in China, and its main body includes well-known real estate agency brands such as Chain Home in the industry.</p><p><b>In the current period, Jinglin held 20.43 million shares of ADS (American Depositary Receipts) of Shell Holdings, equivalent to a market value of US$365 million.</b></p><p>In the current period, the shell oscillated at the bottom, and the current share price has dropped by about 90% compared with the highest price at the beginning of listing.</p><p><img src=\"https://static.tigerbbs.com/f4e6b1b7410fea663002d6e3f86101db\" tg-width=\"865\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/></p><p><b>03. Many Chinese concept stocks are back in view</b></p><p>Jinglin's top five holdings also include JD.COM Group, Netease, Jinrui Fund and<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>。</p><p>Among them,<b>Jinglin has significantly lightened its positions in both JD.COM and Netease.</b></p><p>The position of the former decreased from 4.35 million shares in the previous quarter to 3.21 million shares, and the position of the latter decreased from 3.6 million shares to 2.2 million shares.</p><p>Another bright spot of Jinglin's position this time is<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Return to the top ten heavyweight camp.</b></p><p>The latest data shows that Jinglin holds 1.24 million shares of Alibaba ADS, equivalent to a market value of $141 million.</p><p>Coincidentally.</p><p>The \"exposure\" of two other Chinese stocks also rose in the Jinglin position report in the second quarter of this year.</p><p>They are respectively<b><a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>And<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group</b>Become the new face of the top ten heavyweight stocks in the second quarter. The former is the head company of social e-commerce, holding 2.01 million shares, while the latter is the operator of intercity vehicle logistics and vehicle-goods matching information platform, holding 12.83 million shares.</p><p><b>04. Heavy investment in \"peers\"</b></p><p>There was a Chinese saying that \"peers are enemies\", but in the eyes of the asset management circle, the investment value seems to outweigh everything else.</p><p>Since the last quarter,<b>Jinglin Assets began to invest continuously in its peer institution-KraneShares of the United States.</b></p><p>Zishitang found that Jinrui Fund has several ETFs, which belong to an asset management platform for developing index investment tools, similar to international index giants<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Pioneering, providing investors with low-cost passive investment services.</p><p>It is also understood that this institution, headquartered in New York, specializes in helping global investors better understand the Chinese market and enhance its importance in asset allocation.</p><p>In other words, Jinglin Assets has invested in a peer who is bullish on Chinese assets.</p><p><b>Focus on \"competitive investment\" in the future</b></p><p>For the position layout, Jinglin Assets revealed the following directions in its latest report to holders:</p><p><b>1. Interactive entertainment</b></p><p>China's top gaming companies have the opportunity to gain more market share globally. Whether it is the current online games or the virtual reality combination of the metaverse in the future, these progress require the long-term technical investment of game manufacturers and multi-person and multi-team cooperation. The re-issuance of game version numbers indicates that the bottom of the policy has appeared.</p><p><b>New retail and new service platforms</b></p><p>The online trend of retail and life services continues to strengthen, and platform companies have become the infrastructure in the field of commercial services and circulation. At present, Internet platform companies are in a three-bottom superposition state of performance bottom + policy bottom + valuation bottom. The low base effect that started in the second half of last year will make most companies return to the right track of growth.</p><p><b>3. Application under the new energy structure</b></p><p>All countries are firmly on the path of changing their energy mix. Chinese enterprises have huge first-mover and industrial chain advantages: in<a href=\"https://laohu8.com/S/000591\">Solar energy</a>A number of world-class companies have emerged in the fields of wind energy, power batteries and energy storage batteries. As a big manufacturing country, although facing the pressure of some industrial chain transfer, China's advantageous industrial chain is likely to become the winner in the big wave of energy transformation.</p><p><b>4. Deep digitization of software and hardware</b></p><p>We are going through the process of deep digitalization, and data center business and many forms of cloud services will generate strong stickiness. Once used, the migration cost is high. Both China and the United States have leading enterprises in this field with investment value.</p><p><b>5. Development and application of artificial intelligence</b></p><p>Judging from the current progress of enterprise research and development, the most likely project is the realization of autonomous driving. A revolutionary breakthrough in this field will disrupt the existing automobile industry and transportation services. This is also another revolutionary product that has changed our lifestyle after smartphones. There should be these exciting changes in the business we hold.</p><p><b>6. Consumer goods with social attributes</b></p><p>This kind of business model is simple, stable and has an extremely high moat. The deep social need of human nature — the need to embody \"defining oneself as distinct from others\" in the crowd — remains unchanged. There is a kind of commodity that meets people's needs because of its historical origin and quality characteristics that are difficult to replicate. It is a reward for people's own life and a carrier of respect for others in social interaction.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/prasQgM2-tOxmJagIjpKvg\">资事堂</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"BK4503":"景林资产持仓","BK4535":"淡马锡持仓","BK4504":"桥水持仓","BEKE":"贝壳","BK4505":"高瓴资本持仓","BK4122":"互联网与直销零售","BK4509":"腾讯概念","BK4501":"段永平概念","BK4558":"双十一","BK4079":"房地产服务","BK4526":"热门中概股","BK4553":"喜马拉雅资本持仓","BK4548":"巴美列捷福持仓","BK4531":"中概回港概念","PDD":"拼多多"},"source_url":"https://mp.weixin.qq.com/s/prasQgM2-tOxmJagIjpKvg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119741216","content_text":"昨夜今晨，景林资产披露美股最新持仓明细。资事堂发现，截至2022年二季度末，这家千亿私募巨头的美股持仓达22.4亿美元，合人民币151亿元。这个数字依然是国内机构海外投资的最前列，但相比一季度的23.2亿美元规模小幅下降。盘点发现：景林资产的重仓股座次再次发生变化，贝壳控股晋升为第一大重仓，其次是京东集团和网易，内地公司依然是景林在美股中最重要的资产。01、高集中度持股值得提示的是，景林资产是通过香港子公司进行美股投资的，上述持股不包含其中国其他内地主体及旗下产品的美股头寸。截至二季度末，景林美股前十大持仓标的合计市值达到17.36亿美元，占总持仓比例高达78%。集中度远高于内地公募基金和QDII产品，这亦是景林多年炼成的习惯。02、“看中”地产中介贝壳在二季度成为景林持有仓位最重的上市公司。该公司是目前国内领先的二手房、新房和房屋出租咨询公司，其主体包括业内知名的链家等房产中介品牌。景林当期持有2043万股贝壳控股的ADS（美国存托凭证），折合市值3.65亿美元。当期，贝壳在底部震荡，目前股价相比当年上市初时最高价，已跌去90%左右。03、多只中概股重回视野景林的前五大重仓股还包括京东集团、网易、金瑞基金和中通快递。其中，景林对京东和网易均进行了显著减仓。对前者持仓量由上一季度435万股减至321万股，对后者持仓量由360万股降至220万股。此次景林持仓的另一个亮点，就是阿里巴巴重新回到十大重仓股阵营。最新数据显示，景林持有124万股阿里巴巴ADS，折合市值1.41亿美元。无独有偶。另有两只中概股的重仓股“显露度”，也在今年二季度的景林持仓报告中上升。他们分别是拼多多和满帮集团，成为二季度十大重仓股的新面孔。前者是社交电商的头部企业，持股量201万股，后者是城际整车物流与车货匹配信息平台运营企业，持股量达到1283万股。04、重金投资“同行”中文曾有“同行是冤家”的说法，但在资管圈看来，投资价值似乎胜于一切。自上一个季度开始，景林资产开始持续投资同行机构——美国金瑞基金（KRANESHARES）。资事堂发现，金瑞基金旗下有多只ETF，属于开发指数投资工具的资管平台，类似于国际指数巨头贝莱德、先锋领航，为投资者提供低成本的被动投资服务。另据了解，这家机构总部位于纽约，专门帮助全球投资者更加了解中国市场并提升其在资产配置中的重要性。换言之，景林资产投资了一家看多中国资产的同行。05、未来聚焦“竞争力投资”对于持仓布局，景林资产对持有人最新汇报中透露如下方向：1、互动娱乐中国的顶级游戏公司具备在全球获取更多市场份额的机会。无论是现在的网游，还是以后元宇宙的虚拟现实结合，这些进步背后需要游戏大厂的长期技术投入和多人多团队协作，游戏版号的重新发放标志着政策底部已经出现。2、新零售和新服务平台零售、生活服务的线上化趋势继续加强，平台公司成为了商业服务和流通领域的基础设施。目前互联网平台公司处于业绩底+政策底+估值底的三底叠加状态，去年下半年开始的低基数效应会让大部分公司重回增长正轨。3、新能源结构下的应用各国都在坚定的走改变能源结构的道路。中国企业具有巨大的先发和产业链优势：在太阳能、风能、动力电池、储能电池等领域都出现一批世界级的公司。作为制造业大国，虽然面临部分产业链转移的压力，中国有优势的产业链很可能在能源转型的大浪潮中成为赢家。4、深度数字化软硬件我们正在经历深度数字化的过程，数据中心业务、多种形式的云服务都会产生很强的粘性，一旦使用，迁移成本很高。中美都有这方面的龙头企业具有投资价值。5、人工智能的发展和应用从目前企业研发的进度看，最可能落地的项目就是自动驾驶的实现。这个领域的革命性突破将会颠覆现有的汽车工业、交通服务领域。这也是继智能手机之后，又一个改变我们生活方式的革命性产品。我们持有的生意里面，应该有这些激动人心的改变。6、社交属性的消费品这一类生意模式简单、稳定，且有极高护城河。人性深处的社交需求——在人群中体现“定义自我区别于其他人”的需求依然没有改变。有一类商品由于历史渊源和难以复制的品质特点满足了人们这一类需求，这是人们对自己生活的犒赏，也是在社交中对他人尊敬的载体。","news_type":1,"symbols_score_info":{"BEKE":0.9,"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":1518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":141598449,"gmtCreate":1625879040481,"gmtModify":1703750254564,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Pls like n comment&nbsp;","listText":"Pls like n comment&nbsp;","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/141598449","repostId":"2150030193","repostType":4,"isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370491314,"gmtCreate":1618617809738,"gmtModify":1704713405003,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":9,"repostSize":0,"link":"https://ttm.financial/post/370491314","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://ttm.financial/m/news/1175692875?lang=en_US&edition=fundamental","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</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>$544 Billion In Options Expire Today: Here's What Will Move</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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579053062900901","authorId":"3579053062900901","name":"Kelvinphan","avatar":"https://static.tigerbbs.com/dd87884547b7d5f0157a229e9ea4e890","crmLevel":11,"crmLevelSwitch":0,"idStr":"3579053062900901","authorIdStr":"3579053062900901"},"content":"Done, pls Help response back","text":"Done, pls Help response back","html":"Done, pls Help response back"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008591218,"gmtCreate":1641479106564,"gmtModify":1676533619179,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SKLZ\">$Skillz Inc(SKLZ)$</a>Wait for the rebound in 2022....","listText":"<a href=\"https://ttm.financial/S/SKLZ\">$Skillz Inc(SKLZ)$</a>Wait for the rebound in 2022....","text":"$Skillz Inc(SKLZ)$Wait for the rebound in 2022....","images":[{"img":"https://static.itradeup.com/news/705a263fca300d992003c463dd06b889","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008591218","isVote":1,"tweetType":1,"viewCount":2170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":154139403,"gmtCreate":1625487767402,"gmtModify":1703742557294,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Pls like n comment&nbsp;","listText":"Pls like n comment&nbsp;","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/154139403","repostId":"1166963826","repostType":4,"repost":{"id":"1166963826","kind":"news","pubTimestamp":1625486061,"share":"https://ttm.financial/m/news/1166963826?lang=en_US&edition=fundamental","pubTime":"2021-07-05 19:54","market":"us","language":"en","title":"US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week","url":"https://stock-news.laohu8.com/highlight/detail?id=1166963826","media":"renaissancecap...","summary":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holida","content":"<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.</p>\n<p>While the calendar is quiet at the moment, several companies are primed to launch, including luxury social club&nbsp;<b>Membership Collective Group</b>(MCG), Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV), database provider&nbsp;<b>Couchbase</b>(BASE), and consumer banking platform<b>BlendLabs</b>(BLND).</p>\n<p>Chinese healthcare data company&nbsp;<b>LinkDoc Technology</b>(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.</p>\n<p>OTC-list&nbsp;<b>Minim</b>(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead.&nbsp;Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.</p>\n<p><img src=\"https://static.tigerbbs.com/003a0748043153c660ff267811776609\" tg-width=\"1421\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1619493174116","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>US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week</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\">\nUS IPO This Week: Just 2 IPOs scheduled for the shortened holiday week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 19:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week><strong>renaissancecap...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.\nWhile the calendar is quiet at the ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week\">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.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166963826","content_text":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.\nWhile the calendar is quiet at the moment, several companies are primed to launch, including luxury social club Membership Collective Group(MCG), Wahlberg-backed fitness franchise F45 Training(FXLV), database provider Couchbase(BASE), and consumer banking platformBlendLabs(BLND).\nChinese healthcare data company LinkDoc Technology(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.\nOTC-list Minim(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead. Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.","news_type":1,"symbols_score_info":{"MINM":0.9,"LDOC":0.9}},"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193004857,"gmtCreate":1620738472979,"gmtModify":1704347609124,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/193004857","repostId":"1169464898","repostType":4,"repost":{"id":"1169464898","kind":"news","pubTimestamp":1620737013,"share":"https://ttm.financial/m/news/1169464898?lang=en_US&edition=fundamental","pubTime":"2021-05-11 20:43","market":"us","language":"en","title":"The Psychology of QE is Far More Important Than the Amount of It","url":"https://stock-news.laohu8.com/highlight/detail?id=1169464898","media":"Mish Talk","summary":"Let's discuss what QE really does vs the psychology of QE.","content":"<blockquote>Let's discuss what QE really does vs the psychology of QE.</blockquote><p><img src=\"https://static.tigerbbs.com/23b6b1de7b2a9c1963f7c497986655a2\" tg-width=\"700\" tg-height=\"426\" referrerpolicy=\"no-referrer\">John Hussman has an interesting take on \"<i>Quantitative Easing!</i>\" vs \"Quantitative Easing\" in his latest monthly missiveCounting the Chickens Twice</p><blockquote>After decades of successfully navigating complete market cycles, my greatest investment mistake (particularly between 2012 and 2017) was to underestimate the extent to which the idea of quantitative easing would infect the minds of investors and abolish their discernment.</blockquote><blockquote>As a policy, quantitative easing is very straightforward: the Federal Reserve buys interest-bearing Treasury securities, and pays for them with zero interest base money (currency and bank reserves) that someone has to hold at every moment in time until that base money is retired.</blockquote><blockquote>That’s it. That’s the entire mechanism by which QE has any hope of “supporting” the stock market. Investors become so uncomfortable holding a zero-interest asset that they feel compelled to get rid of it by purchasing some other asset that they imagine will provide them with a better return.</blockquote><blockquote>Quantitative easing does nothing more than replace interest-bearing government liabilities with zero-interest government liabilities. That certainly doesn’t seem to be enough to reliably hold $60 trillion of stock market capitalization at the most extreme valuations in history.</blockquote><blockquote>That’s exactly what I thought.</blockquote><blockquote>My epiphany came in late-2017. I had been so focused on the fact that there’s no reliable mechanism linking the Fed’s balance sheet to the stock market that I had missed one essential fact: investors don’t care. It became clear that there are actually two forms of “quantitative easing,” and the second type of quantitative easing is the powerful one. It’s what my Buddhist teacher Thich Nhat Hanh might describe as a “mental formation.”</blockquote><blockquote>Using the italic notation of my friend Ben Hunt at Epsilon Theory (a must-read), it’s what we might call Quantitative Easing!</blockquote><blockquote>Does anyone think investors care that the total amount of corporate bonds purchased by the Fed during the pandemic amounted to just $14 billion, in a $22 trillion economy, with $11 trillion of nonfinancial corporate debt and $60 trillion of equity securities? No, they do not. Do they care that Fed purchases of unbacked corporate securities were authorized only using CARES funding provided by the Treasury, and that such purchases are otherwise illegal under the Federal Reserve Act? No they do not. Why? Because it isn’t the mechanism of quantitative easing that investors care about. What they care about is Quantitative Easing!</blockquote><blockquote>And because Quantitative Easing! is purely a mental formation, the only thing that alters its effectiveness is investor psychology itself.</blockquote><blockquote>The key to navigating Quantitative Easing! and Fed policy in general is to recognize that their effect on the stock market relies almost entirely on speculative investor psychology. See, as long as investors are inclined to speculate, they treat zero-interest money as an inferior asset, and they will chase any asset with a yield above zero (or a past record of positive returns). Valuation doesn’t matter because investors psychologically rule out the possibility of price declines in the first place.</blockquote><blockquote>But when investors become risk-averse, even briefly as in early-2018, late-2018, and early-2020, they do allow for the possibility of large negative price changes. At that point, a yield above zero isn’t enough. Moreover, if investors are inclined toward risk-aversion, safe liquidity is viewed as a desirable asset rather than an inferior one. As a result, creating more of the stuff may not support the market at all.</blockquote><p><b>Strong Agreement</b></p><p>I have a couple of nitpicks but they are tiny compared to the overall idea expressed above.</p><p>First it is not necessarily true that the Fed buys interest bearing securities. The Fed could buy 0% interest rate bonds or even negative yielding bonds as happens in the EU.</p><p>Second, assuming the Fed wants to peg interest rates at zero, then it must perforce be a supplier of money at zero percent in whatever amount it takes to hold rates to zero.</p><p>Given the current psychology of the market, the Fed merely stating it will hold short-term interest rates at zero indefinitely is all it takes, for now. Any additional amount of short-term QE logically does nothing at all.</p><p>Forcing down longer term interest rates admittedly takes more effort.</p><p><b>What Would Happen to Inflation If the Fed Announced $40 Trillion a Month in QE?</b></p><p>On May 5, I wroteWhat Would Happen to Inflation If the Fed Announced $40 Trillion a Month in QE?</p><p>The ideas I expressed are similar in nature to the ideas of Hussman although at first glance we expressed things very differently.</p><p><b>QE Parameters</b></p><ul><li>$40 trillion a month in QE for 24 months, no matter what, announced upfront.</li><li>3-month bills at 0% rolling everything over each month while adding a new $40 trillion each month.</li><li>Zero percent interest paid to banks on excess reserves.</li></ul><p><b>What Would Happen?</b></p><ol><li>Hyperinflationists and inflationists would come out of the woodwork on the announcement screaming inflation or worse.</li><li>In two years, M1 would rise by $960 trillion dollars, nearly a quadrillion dollars.</li><li>Since M1 is currently about $18.7 trillion, M1 would thus rise by about 5,000 percent.</li></ol><p><b>What About Inflation?</b></p><p>Q: What would a 5,000% increase in M1 over the course of two years under the parameters as outlined above do to inflation?</p><p>A: Not a thing</p><p>There is a stimulus impact of holding down short term rates, but the Fed was already committed to holding rates to zero indefinitely anyway.</p><p>Other than what is needed to hold the short-term interest rates to zero, any additional amount does nothing at all.</p><p>I suppose there could be a temporary knock on psychological effect over the size of the announcement but that would be short-lived.</p><p>In my example, the bonds had no interest rate nor was there any interest paid on excess reserves, which the Fed could easily do.</p><p>Hussman accurately noted that someone must hold every dollar.</p><p>In the case of QE, it is not really a matter of banks attempting to dump those dollars because banks don't lend from reserves.</p><p><b>QE Did Not and Will Not Spur Bank Lending</b></p><p><img src=\"https://static.tigerbbs.com/cef722d4548b9bbec58f682bcd2c40c0\" tg-width=\"700\" tg-height=\"532\" referrerpolicy=\"no-referrer\">Banks lend when they have creditworthy borrowers or believe they have creditworthy borrowers.</p><p>With nearly everyone looking for stronger inflation and higher bond yields please note&nbsp;The Fed Wants to Stimulate Bank Lending, Charts Show the Fed Failed</p><p><b>What About the Hot Potato?</b></p><p>There is a psychological hot potato on customer deposits but none on bank-held QE deposits.</p><p>There is also speculation impact due to interest rate suppression.</p><p>The Fed clearly goosed housing and speculation. Goosing housing did involve the Fed suppressing interest rates by buying interest bearing securities in Hussman's example.</p><p>I made the claim \"Other than what is needed to hold the short-term interest rates to zero, any additional amount does nothing at all.\"</p><p>That is very similar to Hussman's take \"<i>Quantitative Easing!</i>&nbsp;is purely a mental formation, the only thing that alters its effectiveness is investor psychology itself.\"</p><p><b>\"</b><b><i>Quantitative Easing!\"</i></b><b>vs \"Quantitative Easing\"</b></p><p>It's the psychology, stupid.</p><p>As long as investors believe the Fed has their backs and will not let the markets go down, they will continue to speculate in anything and everything including dogecoin.</p><p><b>Greater Fool Mania</b></p><p>RecallDogecoin, Created as a Joke, is the Epitome of Greater Fool Mania</p><p><i>Belief is enough until it changes.</i></p><p>There was a sudden psychological change at the peak of the housing bubble where psychology snapped. The same thing happened to the dotcom bubble in March of 2000.</p><p>No one knows when or why psychology might change.</p><p>Hussman commented \"<i>creating more of the stuff [QE] may not support the market at all.</i>\"</p><p>Contrast Hussman's comment with my comment on Quantitative Easing: \"<i>Any additional amount of QE effectively does nothing at all.</i>\"</p><p>Ah Ha<b>!</b></p><p>My comment was in regards to the logical mechanics of \"Quantitative Easing\" not doing anything.</p><p>In contrast, \"<i>Quantitative Easing!</i>\" psychology suggests we may also reach the point where any amount is sufficient not to support the market, but to collapse it.</p><p>Place your bets on how long the current status quo will last because belief that the Fed will hold up the market is all there is.</p>","source":"lsy1620736834627","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 Psychology of QE is Far More Important Than the Amount of It</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 Psychology of QE is Far More Important Than the Amount of It\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 20:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://mishtalk.com/economics/the-psychology-of-qe-is-far-more-important-than-the-amount-of-it?redir=1><strong>Mish Talk</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Let's discuss what QE really does vs the psychology of QE.John Hussman has an interesting take on \"Quantitative Easing!\" vs \"Quantitative Easing\" in his latest monthly missiveCounting the Chickens ...</p>\n\n<a href=\"https://mishtalk.com/economics/the-psychology-of-qe-is-far-more-important-than-the-amount-of-it?redir=1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://mishtalk.com/economics/the-psychology-of-qe-is-far-more-important-than-the-amount-of-it?redir=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169464898","content_text":"Let's discuss what QE really does vs the psychology of QE.John Hussman has an interesting take on \"Quantitative Easing!\" vs \"Quantitative Easing\" in his latest monthly missiveCounting the Chickens TwiceAfter decades of successfully navigating complete market cycles, my greatest investment mistake (particularly between 2012 and 2017) was to underestimate the extent to which the idea of quantitative easing would infect the minds of investors and abolish their discernment.As a policy, quantitative easing is very straightforward: the Federal Reserve buys interest-bearing Treasury securities, and pays for them with zero interest base money (currency and bank reserves) that someone has to hold at every moment in time until that base money is retired.That’s it. That’s the entire mechanism by which QE has any hope of “supporting” the stock market. Investors become so uncomfortable holding a zero-interest asset that they feel compelled to get rid of it by purchasing some other asset that they imagine will provide them with a better return.Quantitative easing does nothing more than replace interest-bearing government liabilities with zero-interest government liabilities. That certainly doesn’t seem to be enough to reliably hold $60 trillion of stock market capitalization at the most extreme valuations in history.That’s exactly what I thought.My epiphany came in late-2017. I had been so focused on the fact that there’s no reliable mechanism linking the Fed’s balance sheet to the stock market that I had missed one essential fact: investors don’t care. It became clear that there are actually two forms of “quantitative easing,” and the second type of quantitative easing is the powerful one. It’s what my Buddhist teacher Thich Nhat Hanh might describe as a “mental formation.”Using the italic notation of my friend Ben Hunt at Epsilon Theory (a must-read), it’s what we might call Quantitative Easing!Does anyone think investors care that the total amount of corporate bonds purchased by the Fed during the pandemic amounted to just $14 billion, in a $22 trillion economy, with $11 trillion of nonfinancial corporate debt and $60 trillion of equity securities? No, they do not. Do they care that Fed purchases of unbacked corporate securities were authorized only using CARES funding provided by the Treasury, and that such purchases are otherwise illegal under the Federal Reserve Act? No they do not. Why? Because it isn’t the mechanism of quantitative easing that investors care about. What they care about is Quantitative Easing!And because Quantitative Easing! is purely a mental formation, the only thing that alters its effectiveness is investor psychology itself.The key to navigating Quantitative Easing! and Fed policy in general is to recognize that their effect on the stock market relies almost entirely on speculative investor psychology. See, as long as investors are inclined to speculate, they treat zero-interest money as an inferior asset, and they will chase any asset with a yield above zero (or a past record of positive returns). Valuation doesn’t matter because investors psychologically rule out the possibility of price declines in the first place.But when investors become risk-averse, even briefly as in early-2018, late-2018, and early-2020, they do allow for the possibility of large negative price changes. At that point, a yield above zero isn’t enough. Moreover, if investors are inclined toward risk-aversion, safe liquidity is viewed as a desirable asset rather than an inferior one. As a result, creating more of the stuff may not support the market at all.Strong AgreementI have a couple of nitpicks but they are tiny compared to the overall idea expressed above.First it is not necessarily true that the Fed buys interest bearing securities. The Fed could buy 0% interest rate bonds or even negative yielding bonds as happens in the EU.Second, assuming the Fed wants to peg interest rates at zero, then it must perforce be a supplier of money at zero percent in whatever amount it takes to hold rates to zero.Given the current psychology of the market, the Fed merely stating it will hold short-term interest rates at zero indefinitely is all it takes, for now. Any additional amount of short-term QE logically does nothing at all.Forcing down longer term interest rates admittedly takes more effort.What Would Happen to Inflation If the Fed Announced $40 Trillion a Month in QE?On May 5, I wroteWhat Would Happen to Inflation If the Fed Announced $40 Trillion a Month in QE?The ideas I expressed are similar in nature to the ideas of Hussman although at first glance we expressed things very differently.QE Parameters$40 trillion a month in QE for 24 months, no matter what, announced upfront.3-month bills at 0% rolling everything over each month while adding a new $40 trillion each month.Zero percent interest paid to banks on excess reserves.What Would Happen?Hyperinflationists and inflationists would come out of the woodwork on the announcement screaming inflation or worse.In two years, M1 would rise by $960 trillion dollars, nearly a quadrillion dollars.Since M1 is currently about $18.7 trillion, M1 would thus rise by about 5,000 percent.What About Inflation?Q: What would a 5,000% increase in M1 over the course of two years under the parameters as outlined above do to inflation?A: Not a thingThere is a stimulus impact of holding down short term rates, but the Fed was already committed to holding rates to zero indefinitely anyway.Other than what is needed to hold the short-term interest rates to zero, any additional amount does nothing at all.I suppose there could be a temporary knock on psychological effect over the size of the announcement but that would be short-lived.In my example, the bonds had no interest rate nor was there any interest paid on excess reserves, which the Fed could easily do.Hussman accurately noted that someone must hold every dollar.In the case of QE, it is not really a matter of banks attempting to dump those dollars because banks don't lend from reserves.QE Did Not and Will Not Spur Bank LendingBanks lend when they have creditworthy borrowers or believe they have creditworthy borrowers.With nearly everyone looking for stronger inflation and higher bond yields please note The Fed Wants to Stimulate Bank Lending, Charts Show the Fed FailedWhat About the Hot Potato?There is a psychological hot potato on customer deposits but none on bank-held QE deposits.There is also speculation impact due to interest rate suppression.The Fed clearly goosed housing and speculation. Goosing housing did involve the Fed suppressing interest rates by buying interest bearing securities in Hussman's example.I made the claim \"Other than what is needed to hold the short-term interest rates to zero, any additional amount does nothing at all.\"That is very similar to Hussman's take \"Quantitative Easing! is purely a mental formation, the only thing that alters its effectiveness is investor psychology itself.\"\"Quantitative Easing!\"vs \"Quantitative Easing\"It's the psychology, stupid.As long as investors believe the Fed has their backs and will not let the markets go down, they will continue to speculate in anything and everything including dogecoin.Greater Fool ManiaRecallDogecoin, Created as a Joke, is the Epitome of Greater Fool ManiaBelief is enough until it changes.There was a sudden psychological change at the peak of the housing bubble where psychology snapped. The same thing happened to the dotcom bubble in March of 2000.No one knows when or why psychology might change.Hussman commented \"creating more of the stuff [QE] may not support the market at all.\"Contrast Hussman's comment with my comment on Quantitative Easing: \"Any additional amount of QE effectively does nothing at all.\"Ah Ha!My comment was in regards to the logical mechanics of \"Quantitative Easing\" not doing anything.In contrast, \"Quantitative Easing!\" psychology suggests we may also reach the point where any amount is sufficient not to support the market, but to collapse it.Place your bets on how long the current status quo will last because belief that the Fed will hold up the market is all there is.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370511032,"gmtCreate":1618603053826,"gmtModify":1704713295273,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Comment n like","listText":"Comment n like","text":"Comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/370511032","repostId":"1156411249","repostType":4,"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3554872330606703","authorId":"3554872330606703","name":"jizzjie","avatar":"https://static.tigerbbs.com/d1f37878ee6a4cf98b4c972fe8e93024","crmLevel":12,"crmLevelSwitch":0,"idStr":"3554872330606703","authorIdStr":"3554872330606703"},"content":"pls reply to my comment thanks","text":"pls reply to my comment thanks","html":"pls reply to my comment thanks"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143814817,"gmtCreate":1625787571639,"gmtModify":1703748416102,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Like n comment&nbsp;","listText":"Like n comment&nbsp;","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/143814817","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3580942055840541","authorId":"3580942055840541","name":"Jimchanfc","avatar":"https://static.tigerbbs.com/d38914f80f89dfb4ac6b61f5166d33f3","crmLevel":12,"crmLevelSwitch":0,"idStr":"3580942055840541","authorIdStr":"3580942055840541"},"content":"Help me too thanks","text":"Help me too thanks","html":"Help me too thanks"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197626799,"gmtCreate":1621465517611,"gmtModify":1704357896985,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/197626799","repostId":"1126891253","repostType":4,"repost":{"id":"1126891253","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621404438,"share":"https://ttm.financial/m/news/1126891253?lang=en_US&edition=fundamental","pubTime":"2021-05-19 14:07","market":"us","language":"en","title":"Oat Milk Company Oatly to IPO -- Here's What Investors Need to Know","url":"https://stock-news.laohu8.com/highlight/detail?id=1126891253","media":"Tiger Newspress","summary":"The largest oat milk company in the world, Oatly, could be going public this weekon Thursday.The Swedish firm is know for its dairy-alternative products made from oats. The items range from basic oat milk, to even ice cream and yogurt made from oat milk. According to its website, Oatly’s goal is “to make it easy for people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet’s resources in the process.”Oatly confidentially filed for its IPO ba","content":"<p>The largest oat milk company in the world, Oatly, could be going public this weekon Thursday.</p><p>The Swedish firm is know for its dairy-alternative products made from oats. The items range from basic oat milk, to even ice cream and yogurt made from oat milk. According to its website, Oatly’s goal is “to make it easy for people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet’s resources in the process.”</p><p>Oatly confidentially filed for its IPO back in February, then officiallyset terms of the move last week. According to multiple outlets, Oatly will offer about 84.4 million American depositary shares (ADS) at between $15 and $17 per share. In total, the Oatly IPO could reach a $10.1 billion valuation, and the firm hopes to raise $1.1 billion.</p><p>Additionally, Oatly plans to trade on the Nasdaq exchange under the ticker “OTLY” and had nine lead underwriters for its IPO.</p><p><b>The majority shareholder</b></p><p>Oatly was founded in 1994 by Rickard Oste, a professor of food chemistry and nutrition in Sweden, and his brother Bjorn Oste. Working in Malmo, Sweden, they developed a way of processing a slurry of oats and water with enzymes to produce natural sweetness and a milk-like taste and consistency.</p><p>Oatly’s image benefited from a roster of celebrity investors, including Oprah Winfrey, Natalie Portman, Jay-Z’s Roc Nation company, and Howard Schultz, the former chief executive of Starbucks. All have some connection to the plant-based or healthy living movement.</p><p>The majority shareholder is a partnership between an entity owned by the Chinese government and Verlinvest, a Belgian firm that invests some of the wealth of the families that control the Anheuser-Busch InBev beer empire. Blackstone, the giant private equity firm, owns a little less than 8 percent in Oatly.</p><p>The company’s growth went into overdrive after Verlinvest bought a majority stake in 2016 via a joint venture with China Resources, a state-owned conglomerate with vast holdings in cement, power generation, coal mining, beer, retailing and many other industries. The new financing helped Oatly to expand in Europe and begin exporting to the United States and China, where many people cannot tolerate cow’s milk. China Resources’ involvement undoubtedly helped open doors in the Chinese market. Asia, primarily China, accounted for 18 percent of sales in the first quarter of 2021, and is growing at a rate of 450 percent a year, according to Oatly.</p><p>In Europe, there is growing alarm about Chinese investment in strategic industries like autos, batteries and robotics. The European Commission has begun erecting regulatory barriers to companies with financial links to the Chinese government. But so far no one has expressed fear that China will dominate the world’s supply of oat milk.</p><p>Just in case, Oatly’s prospectus gives it the option of listing in Hong Kong if the foreign ownership becomes a problem in the United States.</p><p><b>The Key Markets</b></p><p>Oat milk is part of a larger trend toward food that mimics animal products. So-called food tech companies like Beyond Meat have raised a little more than $18 billion in venture funding, according to PitchBook, which tracks the industry. Plant-based dairy, which in the United States includes brands like Ripple (made from peas) and Mooala (bananas), raised $640 million last year, more than double the amount raised a year earlier.</p><p>According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.</p><p>Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.</p><p>Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow’s milk reduces greenhouse gas emissions, land use and energy consumption.</p><p>Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that “plant-based everything” will be one of the top 10 U.S. trends for this year.</p><p>Oatly’s key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.</p><p>Oatly arrived in the U.S. in 2017. The company says it “focused on targeting coffee’s tastemakers, professional baristas at independent coffee shops” as a way to enter the market.”</p><p>By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.</p><p>Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.</p><p><b>Loss of Warning</b></p><p>In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million “reflecting our continued investment in production, brand awareness, new markets and product development,” the prospectus said.</p><p>Oatly is classified as an “emerging growth company,” which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p>Oatly warns that it has reported losses over the last “several” years and expects operating and capital expenses to rise “substantially.”</p><p>“Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,” the company said in its prospectus.</p><p>“We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.”</p><p><b>The dairy market is highly competitive</b></p><p>Oatly acknowledged in its offering documents that it faces fierce competition, including from “multinational corporations with substantially greater resources and operations than us.”</p><p>That would include British consumer goods maker Unilever, which said last year that it aims to generate revenue of one billion euros, or $1.2 billion, by 2027 from plant-based substitutes for meat and dairy, for example Hellmann’s vegan mayonnaise or Ben &amp; Jerry’s dairy-free ice cream. Unilever has not announced plans for a milk substitute.</p><p>Some industry analysts argue that Oatly’s size gives it an edge over these giants, allowing it to be more innovative than a corporate behemoth. Food start-ups are “younger and faster,” said Patrick Müller-Sarmiento, head of the consumer goods and retail practice at Roland Berger, a German consulting firm.</p><p>The established food giants also have a tougher time than newcomers convincing consumers that they are sincere about saving the planet, an important part of the oat milk sales pitch.</p><p>Mr. Müller-Sarmiento, the former chief executive of Real, a German chain of big box stores, said meat and dairy alternatives are not having trouble competing with Big Food for precious retail shelf space. “Retailers are urgently looking for new products,” he said.</p><p>Time was when Nestlé or Unilever would have simply acquired Oatly, just as they have gobbled up hundreds of other brands. But they would have trouble justifying the audacious $10 billion price that Oatly has set as the benchmark for its stock offering.</p><p>Nestlé’s answer was to develop its own milk substitute, Wunda, which the company unveiled this month and plans to sell initially in France, Portugal and the Netherlands. Made from a variety of yellow peas, Wunda is higher in protein than oat milk. Some nutritionists have said that oat milk and other dairy alternatives are a poor substitute for cow’s milk because they don’t have nearly as much protein.</p><p>Stefan Palzer, the chief technology officer at Nestlé, took issue with those who say a big company can’t move as fast as a bunch of Swedish foodies. A young team at Nestlé developed Wunda in nine months, including three months of market testing in Britain, Mr. Palzer said in an interview.</p><p>Nestlé was able to adapt existing production facilities to make Wunda, rather than building new factories like Oatly must do. The company already had plant scientists who could identify the best kind of pea and food safety experts who could navigate the regulatory approval process, Mr. Palzer said.</p><p>The Wunda developers “could have any expert they wanted to have on the project,” Mr. Palzer said. “That enabled them to move at this speed.”</p><p>Nestlé already has dairy-free versions of Nesquik drinks and Häagen-Dazs ice cream and sells coffee creamers made from a blend of oat and almond milk using the Starbucks brand. The company is in a major push to develop substitutes for almost any kind of animal product. The next frontier: fish. Nestlé has begun selling a tuna substitute called Vuna and is working on scallops.</p><p>“It’s a great opportunity to combine health with sustainability,” Mr. Palzer said of plant-based alternatives to milk and meat. “It’s also a great growth opportunity.”</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>Oat Milk Company Oatly to IPO -- Here's What Investors Need to Know</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\">\nOat Milk Company Oatly to IPO -- Here's What Investors Need to Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-19 14:07</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The largest oat milk company in the world, Oatly, could be going public this weekon Thursday.</p><p>The Swedish firm is know for its dairy-alternative products made from oats. The items range from basic oat milk, to even ice cream and yogurt made from oat milk. According to its website, Oatly’s goal is “to make it easy for people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet’s resources in the process.”</p><p>Oatly confidentially filed for its IPO back in February, then officiallyset terms of the move last week. According to multiple outlets, Oatly will offer about 84.4 million American depositary shares (ADS) at between $15 and $17 per share. In total, the Oatly IPO could reach a $10.1 billion valuation, and the firm hopes to raise $1.1 billion.</p><p>Additionally, Oatly plans to trade on the Nasdaq exchange under the ticker “OTLY” and had nine lead underwriters for its IPO.</p><p><b>The majority shareholder</b></p><p>Oatly was founded in 1994 by Rickard Oste, a professor of food chemistry and nutrition in Sweden, and his brother Bjorn Oste. Working in Malmo, Sweden, they developed a way of processing a slurry of oats and water with enzymes to produce natural sweetness and a milk-like taste and consistency.</p><p>Oatly’s image benefited from a roster of celebrity investors, including Oprah Winfrey, Natalie Portman, Jay-Z’s Roc Nation company, and Howard Schultz, the former chief executive of Starbucks. All have some connection to the plant-based or healthy living movement.</p><p>The majority shareholder is a partnership between an entity owned by the Chinese government and Verlinvest, a Belgian firm that invests some of the wealth of the families that control the Anheuser-Busch InBev beer empire. Blackstone, the giant private equity firm, owns a little less than 8 percent in Oatly.</p><p>The company’s growth went into overdrive after Verlinvest bought a majority stake in 2016 via a joint venture with China Resources, a state-owned conglomerate with vast holdings in cement, power generation, coal mining, beer, retailing and many other industries. The new financing helped Oatly to expand in Europe and begin exporting to the United States and China, where many people cannot tolerate cow’s milk. China Resources’ involvement undoubtedly helped open doors in the Chinese market. Asia, primarily China, accounted for 18 percent of sales in the first quarter of 2021, and is growing at a rate of 450 percent a year, according to Oatly.</p><p>In Europe, there is growing alarm about Chinese investment in strategic industries like autos, batteries and robotics. The European Commission has begun erecting regulatory barriers to companies with financial links to the Chinese government. But so far no one has expressed fear that China will dominate the world’s supply of oat milk.</p><p>Just in case, Oatly’s prospectus gives it the option of listing in Hong Kong if the foreign ownership becomes a problem in the United States.</p><p><b>The Key Markets</b></p><p>Oat milk is part of a larger trend toward food that mimics animal products. So-called food tech companies like Beyond Meat have raised a little more than $18 billion in venture funding, according to PitchBook, which tracks the industry. Plant-based dairy, which in the United States includes brands like Ripple (made from peas) and Mooala (bananas), raised $640 million last year, more than double the amount raised a year earlier.</p><p>According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.</p><p>Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.</p><p>Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow’s milk reduces greenhouse gas emissions, land use and energy consumption.</p><p>Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that “plant-based everything” will be one of the top 10 U.S. trends for this year.</p><p>Oatly’s key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.</p><p>Oatly arrived in the U.S. in 2017. The company says it “focused on targeting coffee’s tastemakers, professional baristas at independent coffee shops” as a way to enter the market.”</p><p>By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.</p><p>Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.</p><p><b>Loss of Warning</b></p><p>In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million “reflecting our continued investment in production, brand awareness, new markets and product development,” the prospectus said.</p><p>Oatly is classified as an “emerging growth company,” which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p>Oatly warns that it has reported losses over the last “several” years and expects operating and capital expenses to rise “substantially.”</p><p>“Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,” the company said in its prospectus.</p><p>“We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.”</p><p><b>The dairy market is highly competitive</b></p><p>Oatly acknowledged in its offering documents that it faces fierce competition, including from “multinational corporations with substantially greater resources and operations than us.”</p><p>That would include British consumer goods maker Unilever, which said last year that it aims to generate revenue of one billion euros, or $1.2 billion, by 2027 from plant-based substitutes for meat and dairy, for example Hellmann’s vegan mayonnaise or Ben &amp; Jerry’s dairy-free ice cream. Unilever has not announced plans for a milk substitute.</p><p>Some industry analysts argue that Oatly’s size gives it an edge over these giants, allowing it to be more innovative than a corporate behemoth. Food start-ups are “younger and faster,” said Patrick Müller-Sarmiento, head of the consumer goods and retail practice at Roland Berger, a German consulting firm.</p><p>The established food giants also have a tougher time than newcomers convincing consumers that they are sincere about saving the planet, an important part of the oat milk sales pitch.</p><p>Mr. Müller-Sarmiento, the former chief executive of Real, a German chain of big box stores, said meat and dairy alternatives are not having trouble competing with Big Food for precious retail shelf space. “Retailers are urgently looking for new products,” he said.</p><p>Time was when Nestlé or Unilever would have simply acquired Oatly, just as they have gobbled up hundreds of other brands. But they would have trouble justifying the audacious $10 billion price that Oatly has set as the benchmark for its stock offering.</p><p>Nestlé’s answer was to develop its own milk substitute, Wunda, which the company unveiled this month and plans to sell initially in France, Portugal and the Netherlands. Made from a variety of yellow peas, Wunda is higher in protein than oat milk. Some nutritionists have said that oat milk and other dairy alternatives are a poor substitute for cow’s milk because they don’t have nearly as much protein.</p><p>Stefan Palzer, the chief technology officer at Nestlé, took issue with those who say a big company can’t move as fast as a bunch of Swedish foodies. A young team at Nestlé developed Wunda in nine months, including three months of market testing in Britain, Mr. Palzer said in an interview.</p><p>Nestlé was able to adapt existing production facilities to make Wunda, rather than building new factories like Oatly must do. The company already had plant scientists who could identify the best kind of pea and food safety experts who could navigate the regulatory approval process, Mr. Palzer said.</p><p>The Wunda developers “could have any expert they wanted to have on the project,” Mr. Palzer said. “That enabled them to move at this speed.”</p><p>Nestlé already has dairy-free versions of Nesquik drinks and Häagen-Dazs ice cream and sells coffee creamers made from a blend of oat and almond milk using the Starbucks brand. The company is in a major push to develop substitutes for almost any kind of animal product. The next frontier: fish. Nestlé has begun selling a tuna substitute called Vuna and is working on scallops.</p><p>“It’s a great opportunity to combine health with sustainability,” Mr. Palzer said of plant-based alternatives to milk and meat. “It’s also a great growth opportunity.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OTLY":"Oatly Group AB"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126891253","content_text":"The largest oat milk company in the world, Oatly, could be going public this weekon Thursday.The Swedish firm is know for its dairy-alternative products made from oats. The items range from basic oat milk, to even ice cream and yogurt made from oat milk. According to its website, Oatly’s goal is “to make it easy for people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet’s resources in the process.”Oatly confidentially filed for its IPO back in February, then officiallyset terms of the move last week. According to multiple outlets, Oatly will offer about 84.4 million American depositary shares (ADS) at between $15 and $17 per share. In total, the Oatly IPO could reach a $10.1 billion valuation, and the firm hopes to raise $1.1 billion.Additionally, Oatly plans to trade on the Nasdaq exchange under the ticker “OTLY” and had nine lead underwriters for its IPO.The majority shareholderOatly was founded in 1994 by Rickard Oste, a professor of food chemistry and nutrition in Sweden, and his brother Bjorn Oste. Working in Malmo, Sweden, they developed a way of processing a slurry of oats and water with enzymes to produce natural sweetness and a milk-like taste and consistency.Oatly’s image benefited from a roster of celebrity investors, including Oprah Winfrey, Natalie Portman, Jay-Z’s Roc Nation company, and Howard Schultz, the former chief executive of Starbucks. All have some connection to the plant-based or healthy living movement.The majority shareholder is a partnership between an entity owned by the Chinese government and Verlinvest, a Belgian firm that invests some of the wealth of the families that control the Anheuser-Busch InBev beer empire. Blackstone, the giant private equity firm, owns a little less than 8 percent in Oatly.The company’s growth went into overdrive after Verlinvest bought a majority stake in 2016 via a joint venture with China Resources, a state-owned conglomerate with vast holdings in cement, power generation, coal mining, beer, retailing and many other industries. The new financing helped Oatly to expand in Europe and begin exporting to the United States and China, where many people cannot tolerate cow’s milk. China Resources’ involvement undoubtedly helped open doors in the Chinese market. Asia, primarily China, accounted for 18 percent of sales in the first quarter of 2021, and is growing at a rate of 450 percent a year, according to Oatly.In Europe, there is growing alarm about Chinese investment in strategic industries like autos, batteries and robotics. The European Commission has begun erecting regulatory barriers to companies with financial links to the Chinese government. But so far no one has expressed fear that China will dominate the world’s supply of oat milk.Just in case, Oatly’s prospectus gives it the option of listing in Hong Kong if the foreign ownership becomes a problem in the United States.The Key MarketsOat milk is part of a larger trend toward food that mimics animal products. So-called food tech companies like Beyond Meat have raised a little more than $18 billion in venture funding, according to PitchBook, which tracks the industry. Plant-based dairy, which in the United States includes brands like Ripple (made from peas) and Mooala (bananas), raised $640 million last year, more than double the amount raised a year earlier.According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow’s milk reduces greenhouse gas emissions, land use and energy consumption.Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that “plant-based everything” will be one of the top 10 U.S. trends for this year.Oatly’s key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.Oatly arrived in the U.S. in 2017. The company says it “focused on targeting coffee’s tastemakers, professional baristas at independent coffee shops” as a way to enter the market.”By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.Loss of WarningIn 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million “reflecting our continued investment in production, brand awareness, new markets and product development,” the prospectus said.Oatly is classified as an “emerging growth company,” which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.Oatly warns that it has reported losses over the last “several” years and expects operating and capital expenses to rise “substantially.”“Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,” the company said in its prospectus.“We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.”The dairy market is highly competitiveOatly acknowledged in its offering documents that it faces fierce competition, including from “multinational corporations with substantially greater resources and operations than us.”That would include British consumer goods maker Unilever, which said last year that it aims to generate revenue of one billion euros, or $1.2 billion, by 2027 from plant-based substitutes for meat and dairy, for example Hellmann’s vegan mayonnaise or Ben & Jerry’s dairy-free ice cream. Unilever has not announced plans for a milk substitute.Some industry analysts argue that Oatly’s size gives it an edge over these giants, allowing it to be more innovative than a corporate behemoth. Food start-ups are “younger and faster,” said Patrick Müller-Sarmiento, head of the consumer goods and retail practice at Roland Berger, a German consulting firm.The established food giants also have a tougher time than newcomers convincing consumers that they are sincere about saving the planet, an important part of the oat milk sales pitch.Mr. Müller-Sarmiento, the former chief executive of Real, a German chain of big box stores, said meat and dairy alternatives are not having trouble competing with Big Food for precious retail shelf space. “Retailers are urgently looking for new products,” he said.Time was when Nestlé or Unilever would have simply acquired Oatly, just as they have gobbled up hundreds of other brands. But they would have trouble justifying the audacious $10 billion price that Oatly has set as the benchmark for its stock offering.Nestlé’s answer was to develop its own milk substitute, Wunda, which the company unveiled this month and plans to sell initially in France, Portugal and the Netherlands. Made from a variety of yellow peas, Wunda is higher in protein than oat milk. Some nutritionists have said that oat milk and other dairy alternatives are a poor substitute for cow’s milk because they don’t have nearly as much protein.Stefan Palzer, the chief technology officer at Nestlé, took issue with those who say a big company can’t move as fast as a bunch of Swedish foodies. A young team at Nestlé developed Wunda in nine months, including three months of market testing in Britain, Mr. Palzer said in an interview.Nestlé was able to adapt existing production facilities to make Wunda, rather than building new factories like Oatly must do. The company already had plant scientists who could identify the best kind of pea and food safety experts who could navigate the regulatory approval process, Mr. Palzer said.The Wunda developers “could have any expert they wanted to have on the project,” Mr. Palzer said. “That enabled them to move at this speed.”Nestlé already has dairy-free versions of Nesquik drinks and Häagen-Dazs ice cream and sells coffee creamers made from a blend of oat and almond milk using the Starbucks brand. The company is in a major push to develop substitutes for almost any kind of animal product. The next frontier: fish. Nestlé has begun selling a tuna substitute called Vuna and is working on scallops.“It’s a great opportunity to combine health with sustainability,” Mr. Palzer said of plant-based alternatives to milk and meat. “It’s also a great growth opportunity.”","news_type":1,"symbols_score_info":{"OTLY":0.9}},"isVote":1,"tweetType":1,"viewCount":1049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102066798,"gmtCreate":1620169215614,"gmtModify":1704339508131,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"Like n comment. Plz","listText":"Like n comment. Plz","text":"Like n comment. Plz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/102066798","repostId":"1191168108","repostType":4,"repost":{"id":"1191168108","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1620139872,"share":"https://ttm.financial/m/news/1191168108?lang=en_US&edition=fundamental","pubTime":"2021-05-04 22:51","market":"us","language":"en","title":"IPO Preview: Honest Company, Chinese Lifestyle Brand Onion Global, Hydroponic iPower Lead Group","url":"https://stock-news.laohu8.com/highlight/detail?id=1191168108","media":"Benzinga","summary":"The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashi","content":"<p>The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashion, banking, vaccines and hydroponics. Here is a look at this week’s top offerings and details investors should know.</p>\n<p><b>Waterdrop:</b>Working with insurance companies,<b>Waterdrop</b>NYSEWDHseeksto have a positive social impact with its technology platform. Waterdrop has over 79.4 million cumulative customers and over 340 million donors to its crowdfunding platform, which is the largest medical crowdfunding platform in China.</p>\n<p>Waterdrop works with 62 insurance carriers and offers over 200 products to help customers and those seeking help with medical bills. The company had revenue of $464.1 million in fiscal 2020. The company plans on offering 30 million American depositary shares at a price point of $10 to $12.</p>\n<p><b>Five Star Bancorp:</b>With branches in California,<b>Five Star Bancorp</b>NASDAQFSBCisa regional bank company focused on the Sacramento market. The company ended 2020 with $1.8 billion in deposits and $1.5 billion in loans.</p>\n<p>From 2016 to 2020, the company saw compounded annual growth of 23.5% for assets, 23.8% for loans and 23.7% for deposits. First quarter preliminary numbers saw deposits grow 11.2% from the fourth quarter and loans grow 2.6% from the fourth quarter. The company plans on selling 5.265 million shares at a price point of $18 to $20.</p>\n<p><b>The Honest Company:</b>Clean lifestyle product company<b>The Honest Company</b>NASDAQHNSTcouldbe the most-watched IPO this week. The company was founded by actress Jessica Alba in 2012 in response to finding clean products and non-allergic reactions from products after giving birth.</p>\n<p>The Honest Company prides itself in being “a conscious living company for today and tomorrow.” The company has grown from being a diapers-and-wipes company to covering every age and every life stage of its customers.</p>\n<p>The Honest Company had revenue of $235.6 million in fiscal 2020, up 27.6% year-over-year. Diapers and wipes made up 63% of 2020 revenue, up 16.4% year-over-year. Skin and personal care product revenue represented 26% of sales in 2020 and were up 55% year-over-year. Household and wellness sales made up 11% of sales and had year-over-year growth of 116.5% in 2020. The Honest Company products can be purchased online from the company or sites like<b>Amazon.com</b>AMZN 1.77%and in physical stores like<b>Costco Wholesale Corporation</b>COST 0.54%and<b>Target Corporation</b>TGT 0.23%.</p>\n<p>Founder Alba will not sell any shares in the IPO and will own an estimated 6.1% of the company after the offering. The company isseekingto sell 25.8 million shares at a price point of $14 to $17.</p>\n<p><b>Bowman Consulting Group:</b>Professional services company<b>Bowman Consulting Group</b>NASDAQBWMNoffersengineering solutions to customers. Bowman Consulting has over 2,200 customers who count on the company for services like planning, engineering, construction management, commissioning, geomatics, survey, land procurement and environmental consulting. The company had revenue of $122 million in the last fiscal year, up from $113.7 million in the prior year. Bowman Consulting plans to offer 3.1 million shares at a price point of $12 to $14.</p>\n<p><b>Valneva:</b>Vaccine company<b>Valneva</b>NASDAQVLAplansto sell 7.1 million ordinary shares (3.55 million ADSs) at a price of $28.24. The company is focused on vaccine development in infectious diseases. Target areas include Lyme disease, the Chikungunya virus and COVID-19. The company’s lead program VLA15 is in Phase 2 trials to treat Lyme disease and is partnered with<b>Pfizer Corporation</b>PFE 0.49%. Other clinical trials include VLA1553 to treat Chikungunya virus and VLA2001 to treat COVID-19. The company’s VLA1553 is the only known Phase 3 trial vaccine to treat Chikungunya, which could put it in the spotlight with spread to over 100 countries. Several of the company’s products have received Fast Track designation by the FDA.</p>\n<p><b>Onion Global:</b>Lifestyle brand company<b>Onion Global</b>NYSEOGplanson selling 12.5 million ADS at a price point of $7.25 to $9.25. The company targets fresh, fashionable and future brands, which it refers to as the 3Fs across China and parts of Asia. The company has over 4,000 brands in 23 categories sold in 43 countries. Onion Global is a top ten global lifestyle company in China. The company uses an omnichannel approach with its self operated ecommerce platform O’Mall, live streaming sales, third party sellers and offline sales. The company has 2.1 million active buyers and 15.5 million registered users.</p>\n<p><b>iPower:</b>Online hydroponic equipment seller<b>iPower Inc</b>NASDAQIPWplansto offer 5&nbsp;million shares at a price point of $9 to $11. The company offers its own brands and partnered brands through its websitewww.zenhydro.com. iPower-owned brands represented 76% of company sales in the six month period ending December 31, 2020. The company had sales of $26.2 million in the six month period ending December 31, 2020. Preliminary first-quarter revenue is expected to be in a range of $11.75 million to $12.75 million compared to $9.4 million in the prior year.</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>IPO Preview: Honest Company, Chinese Lifestyle Brand Onion Global, Hydroponic iPower Lead Group</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\">\nIPO Preview: Honest Company, Chinese Lifestyle Brand Onion Global, Hydroponic iPower Lead Group\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-05-04 22:51</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashion, banking, vaccines and hydroponics. Here is a look at this week’s top offerings and details investors should know.</p>\n<p><b>Waterdrop:</b>Working with insurance companies,<b>Waterdrop</b>NYSEWDHseeksto have a positive social impact with its technology platform. Waterdrop has over 79.4 million cumulative customers and over 340 million donors to its crowdfunding platform, which is the largest medical crowdfunding platform in China.</p>\n<p>Waterdrop works with 62 insurance carriers and offers over 200 products to help customers and those seeking help with medical bills. The company had revenue of $464.1 million in fiscal 2020. The company plans on offering 30 million American depositary shares at a price point of $10 to $12.</p>\n<p><b>Five Star Bancorp:</b>With branches in California,<b>Five Star Bancorp</b>NASDAQFSBCisa regional bank company focused on the Sacramento market. The company ended 2020 with $1.8 billion in deposits and $1.5 billion in loans.</p>\n<p>From 2016 to 2020, the company saw compounded annual growth of 23.5% for assets, 23.8% for loans and 23.7% for deposits. First quarter preliminary numbers saw deposits grow 11.2% from the fourth quarter and loans grow 2.6% from the fourth quarter. The company plans on selling 5.265 million shares at a price point of $18 to $20.</p>\n<p><b>The Honest Company:</b>Clean lifestyle product company<b>The Honest Company</b>NASDAQHNSTcouldbe the most-watched IPO this week. The company was founded by actress Jessica Alba in 2012 in response to finding clean products and non-allergic reactions from products after giving birth.</p>\n<p>The Honest Company prides itself in being “a conscious living company for today and tomorrow.” The company has grown from being a diapers-and-wipes company to covering every age and every life stage of its customers.</p>\n<p>The Honest Company had revenue of $235.6 million in fiscal 2020, up 27.6% year-over-year. Diapers and wipes made up 63% of 2020 revenue, up 16.4% year-over-year. Skin and personal care product revenue represented 26% of sales in 2020 and were up 55% year-over-year. Household and wellness sales made up 11% of sales and had year-over-year growth of 116.5% in 2020. The Honest Company products can be purchased online from the company or sites like<b>Amazon.com</b>AMZN 1.77%and in physical stores like<b>Costco Wholesale Corporation</b>COST 0.54%and<b>Target Corporation</b>TGT 0.23%.</p>\n<p>Founder Alba will not sell any shares in the IPO and will own an estimated 6.1% of the company after the offering. The company isseekingto sell 25.8 million shares at a price point of $14 to $17.</p>\n<p><b>Bowman Consulting Group:</b>Professional services company<b>Bowman Consulting Group</b>NASDAQBWMNoffersengineering solutions to customers. Bowman Consulting has over 2,200 customers who count on the company for services like planning, engineering, construction management, commissioning, geomatics, survey, land procurement and environmental consulting. The company had revenue of $122 million in the last fiscal year, up from $113.7 million in the prior year. Bowman Consulting plans to offer 3.1 million shares at a price point of $12 to $14.</p>\n<p><b>Valneva:</b>Vaccine company<b>Valneva</b>NASDAQVLAplansto sell 7.1 million ordinary shares (3.55 million ADSs) at a price of $28.24. The company is focused on vaccine development in infectious diseases. Target areas include Lyme disease, the Chikungunya virus and COVID-19. The company’s lead program VLA15 is in Phase 2 trials to treat Lyme disease and is partnered with<b>Pfizer Corporation</b>PFE 0.49%. Other clinical trials include VLA1553 to treat Chikungunya virus and VLA2001 to treat COVID-19. The company’s VLA1553 is the only known Phase 3 trial vaccine to treat Chikungunya, which could put it in the spotlight with spread to over 100 countries. Several of the company’s products have received Fast Track designation by the FDA.</p>\n<p><b>Onion Global:</b>Lifestyle brand company<b>Onion Global</b>NYSEOGplanson selling 12.5 million ADS at a price point of $7.25 to $9.25. The company targets fresh, fashionable and future brands, which it refers to as the 3Fs across China and parts of Asia. The company has over 4,000 brands in 23 categories sold in 43 countries. Onion Global is a top ten global lifestyle company in China. The company uses an omnichannel approach with its self operated ecommerce platform O’Mall, live streaming sales, third party sellers and offline sales. The company has 2.1 million active buyers and 15.5 million registered users.</p>\n<p><b>iPower:</b>Online hydroponic equipment seller<b>iPower Inc</b>NASDAQIPWplansto offer 5&nbsp;million shares at a price point of $9 to $11. The company offers its own brands and partnered brands through its websitewww.zenhydro.com. iPower-owned brands represented 76% of company sales in the six month period ending December 31, 2020. The company had sales of $26.2 million in the six month period ending December 31, 2020. Preliminary first-quarter revenue is expected to be in a range of $11.75 million to $12.75 million compared to $9.4 million in the prior year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IPW":"iPower Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191168108","content_text":"The week of May 3 has several IPOs on the docket spread across sectors like consumer products, fashion, banking, vaccines and hydroponics. Here is a look at this week’s top offerings and details investors should know.\nWaterdrop:Working with insurance companies,WaterdropNYSEWDHseeksto have a positive social impact with its technology platform. Waterdrop has over 79.4 million cumulative customers and over 340 million donors to its crowdfunding platform, which is the largest medical crowdfunding platform in China.\nWaterdrop works with 62 insurance carriers and offers over 200 products to help customers and those seeking help with medical bills. The company had revenue of $464.1 million in fiscal 2020. The company plans on offering 30 million American depositary shares at a price point of $10 to $12.\nFive Star Bancorp:With branches in California,Five Star BancorpNASDAQFSBCisa regional bank company focused on the Sacramento market. The company ended 2020 with $1.8 billion in deposits and $1.5 billion in loans.\nFrom 2016 to 2020, the company saw compounded annual growth of 23.5% for assets, 23.8% for loans and 23.7% for deposits. First quarter preliminary numbers saw deposits grow 11.2% from the fourth quarter and loans grow 2.6% from the fourth quarter. The company plans on selling 5.265 million shares at a price point of $18 to $20.\nThe Honest Company:Clean lifestyle product companyThe Honest CompanyNASDAQHNSTcouldbe the most-watched IPO this week. The company was founded by actress Jessica Alba in 2012 in response to finding clean products and non-allergic reactions from products after giving birth.\nThe Honest Company prides itself in being “a conscious living company for today and tomorrow.” The company has grown from being a diapers-and-wipes company to covering every age and every life stage of its customers.\nThe Honest Company had revenue of $235.6 million in fiscal 2020, up 27.6% year-over-year. Diapers and wipes made up 63% of 2020 revenue, up 16.4% year-over-year. Skin and personal care product revenue represented 26% of sales in 2020 and were up 55% year-over-year. Household and wellness sales made up 11% of sales and had year-over-year growth of 116.5% in 2020. The Honest Company products can be purchased online from the company or sites likeAmazon.comAMZN 1.77%and in physical stores likeCostco Wholesale CorporationCOST 0.54%andTarget CorporationTGT 0.23%.\nFounder Alba will not sell any shares in the IPO and will own an estimated 6.1% of the company after the offering. The company isseekingto sell 25.8 million shares at a price point of $14 to $17.\nBowman Consulting Group:Professional services companyBowman Consulting GroupNASDAQBWMNoffersengineering solutions to customers. Bowman Consulting has over 2,200 customers who count on the company for services like planning, engineering, construction management, commissioning, geomatics, survey, land procurement and environmental consulting. The company had revenue of $122 million in the last fiscal year, up from $113.7 million in the prior year. Bowman Consulting plans to offer 3.1 million shares at a price point of $12 to $14.\nValneva:Vaccine companyValnevaNASDAQVLAplansto sell 7.1 million ordinary shares (3.55 million ADSs) at a price of $28.24. The company is focused on vaccine development in infectious diseases. Target areas include Lyme disease, the Chikungunya virus and COVID-19. The company’s lead program VLA15 is in Phase 2 trials to treat Lyme disease and is partnered withPfizer CorporationPFE 0.49%. Other clinical trials include VLA1553 to treat Chikungunya virus and VLA2001 to treat COVID-19. The company’s VLA1553 is the only known Phase 3 trial vaccine to treat Chikungunya, which could put it in the spotlight with spread to over 100 countries. Several of the company’s products have received Fast Track designation by the FDA.\nOnion Global:Lifestyle brand companyOnion GlobalNYSEOGplanson selling 12.5 million ADS at a price point of $7.25 to $9.25. The company targets fresh, fashionable and future brands, which it refers to as the 3Fs across China and parts of Asia. The company has over 4,000 brands in 23 categories sold in 43 countries. Onion Global is a top ten global lifestyle company in China. The company uses an omnichannel approach with its self operated ecommerce platform O’Mall, live streaming sales, third party sellers and offline sales. The company has 2.1 million active buyers and 15.5 million registered users.\niPower:Online hydroponic equipment selleriPower IncNASDAQIPWplansto offer 5 million shares at a price point of $9 to $11. The company offers its own brands and partnered brands through its websitewww.zenhydro.com. iPower-owned brands represented 76% of company sales in the six month period ending December 31, 2020. The company had sales of $26.2 million in the six month period ending December 31, 2020. Preliminary first-quarter revenue is expected to be in a range of $11.75 million to $12.75 million compared to $9.4 million in the prior year.","news_type":1,"symbols_score_info":{"IPW":0.9}},"isVote":1,"tweetType":1,"viewCount":987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145693188,"gmtCreate":1626220129644,"gmtModify":1703755644483,"author":{"id":"3570864790458781","authorId":"3570864790458781","name":"Yeong","avatar":"https://static.tigerbbs.com/93092185d223c6e53fcfd64303836612","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3570864790458781","authorIdStr":"3570864790458781"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/145693188","repostId":"2151560584","repostType":4,"repost":{"id":"2151560584","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":1626207238,"share":"https://ttm.financial/m/news/2151560584?lang=en_US&edition=fundamental","pubTime":"2021-07-14 04:13","market":"us","language":"en","title":"S&P 500 and Nasdaq end down after hitting record highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2151560584","media":"Reuters","summary":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new produc","content":"<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</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 and Nasdaq end down after hitting record 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; 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}\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 and Nasdaq end down after hitting record highs\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\">2021-07-14 04:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","OEF":"标普100指数ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","NDAQ":"纳斯达克OMX交易所","TQQQ":"纳指三倍做多ETF",".DJI":"道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","SPY":"标普500ETF","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","SH":"做空标普500-Proshares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151560584","content_text":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new production problems for 787 Dreamliners\nIndexes: Dow -0.31%, S&P 500 -0.35%, Nasdaq -0.38%\n\n(Updates following end of session)\nJuly 13 (Reuters) - The S&P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.\nThe S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.\nData indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.\nEconomists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.\n\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.\nThe S&P 500 growth index dipped 0.05%, while the value index fell 0.70%.\n\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.\nTen of the 11 major S&P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.\nJPMorgan Chase & Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.\nGoldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.\nCitigroup , Wells Fargo & Co and Bank of America were due to report their quarterly results early on Wednesday.\nPepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.\nJune-quarter earnings per share for S&P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.\nAll eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.\nThe Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21.\nThe Nasdaq Composite dropped 0.38% to 14,677.65.\nConagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.\nBoeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.\nVolume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.\n(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"QQQ":0.9,"SPY":0.9,"UPRO":0.9,"TQQQ":0.9,"QID":0.9,".IXIC":0.9,"OEF":0.9,"IVV":0.9,"SH":0.9,"SPXU":0.9,"NDAQ":0.9,"NQmain":0.9,"OEX":0.9,"QLD":0.9,"ESmain":0.9,"SSO":0.9,".SPX":0.9,"SQQQ":0.9,"MNQmain":0.9,".DJI":0.9,"SDS":0.9}},"isVote":1,"tweetType":1,"viewCount":580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}