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追高风

追高风

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2025-03-18

Share price go against result 😀

UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit

2021-08-13

Good

Opening: Hang Seng Index open low 0.84%, Li Ning opened up more than 4% after results

2021-07-21

Yes la

Sorry, the original content has been removed

2021-07-19

?

CICC Overseas: US Stocks Earnings in the Second Quarter are Expected to Further Accelerate Growth

2021-07-13

$Sundial Growers Inc.(SNDL)$yo....

2021-07-13

$Coinbase Global, Inc.(COIN)$up

2021-07-13

Okay

For the chips! Just now, 1.7 trillion US missions also took action!

2021-07-02

$Coinbase Global, Inc.(COIN)$up

2021-07-01

$Coinbase Global, Inc.(COIN)$up

2021-06-27

$Coinbase Global, Inc.(COIN)$hold

2021-06-26

$Coinbase Global, Inc.(COIN)$up

2021-06-20

$Coinbase Global, Inc.(COIN)$up

2021-06-17

$Coinbase Global, Inc.(COIN)$up

2021-06-15

$Coinbase Global, Inc.(COIN)$up

2021-06-14

$Coinbase Global, Inc.(COIN)$up

2021-06-13

$Coinbase Global, Inc.(COIN)$up

2021-06-12

$Sundial Growers Inc.(SNDL)$up

2021-06-03

$Sundial Growers Inc.(SNDL)$up please

2021-06-02

Yes

Sorry, the original content has been removed

2021-06-01

$SINGAPORE POST LIMITED(S08.SI)$huat ah

Go to Tiger App to see more news

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price go against result 😀&nbsp;","listText":"Share price go against result 😀&nbsp;","text":"Share price go against result 😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/414782522597808","repostId":"1125580361","repostType":2,"repost":{"id":"1125580361","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":1742285103,"share":"https://ttm.financial/m/news/1125580361?lang=en_US&edition=fundamental","pubTime":"2025-03-18 16:05","market":"us","language":"en","title":"UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580361","media":"Tiger Newspress","summary":"New York, March 18, 2025 — UP Fintech Holding Limited (NASDAQ: TIGR) (\"UP Fintech\" or the \"Company\"), today announced its unaudited financial results for the fourth quarter and full year ended Decembe","content":"<html><head></head><body><p><strong>New York, March 18, 2025</strong> — UP Fintech Holding Limited (NASDAQ: TIGR) (&#34;UP Fintech&#34; or the &#34;Company&#34;), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.</p><p>During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.</p><p><strong>Driving global expansion with dual focus on retail and institutional growth</strong></p><p><strong>Strengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family Offices</strong></p><p><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success.&#34;</p><p>&#34;2024 marked the Company’s 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group&#39;s headquarters, remains our largest market in terms of both new and existing clients. Hong Kong&#39;s client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group’s total client assets. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform.&#34;</p><p><strong>Singapore strengthens leading position with record-high annual trading volume and commission</strong></p><p><strong>Hong Kong full-year account openings up 48%, Obtained virtual asset exchange license</strong></p><p>In 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company&#39;s headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore&#39;s first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in Singapore, helping them achieve efficient asset allocation and long-term wealth growth.</p><p>The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. Hong Kong stock trading activity increased significantly during the quarter, with trading orders and volume increasing by 62% and 90% YoY, respectively; US stock options trading volume increased by 80% QoQ. Entering 2025, driven by the recovery of the Hong Kong stock market, total client assets in Hong Kong had already achieved double-digit growth by the end of February compared to the end of 2024. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold. Recently, the Company&#39;s wholly-owned subsidiary, YAX (Hong Kong) Limited, received Type 1 (dealing in securities) and Type 7 (automated trading service) licenses from the Hong Kong Securities and Futures Commission (SFC). As an officially licensed virtual asset trading platform operator in Hong Kong, YAX now offers local clients with a seamless, one-stop asset management experience, providing both custody and trading services for cryptocurrencies. In addition, the Company won multiple prestigious industry accolades in Hong Kong during the fourth quarter. In particular, the Chicago Mercantile Exchange Group recognized the Company as both &#34;Key Broker Partner 2024&#34; and &#34;Futures and Options Nurturer 2024&#34;. Tiger&#39;s industry leadership was further highlighted at the SGX-Phillip Nova Appreciation and SGX Derivatives Awards, where it was named one of the &#34;Top 5 Chinese Futures Brokers for SGX China Index Derivatives&#34; and one of the &#34;Top 3 Chinese Futures Brokers for SGX Nikkei 225 Index Derivatives.&#34;</p><p>In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In the fourth quarter, supported by an exceptional trading experience, stock trading activity continued to climb, with trading volume from local clients up 38% QoQ. Options trading showed explosive growth, with trading volume and the number of contracts traded increasing by 384% and 215% respectively QoQ, highlighting TradeUP&#39;s competitiveness and strong brand recognition in the options markets. Additionally, through its professional services and a solid market foundation, TradeUP saw a 15% QoQ growth in local customer assets, steadily expanding its market share. Moreover, TradeUP won the &#34;Best Brokerage for Day Trading&#34; at the Benzinga Global Fintech Awards for the second consecutive year, reaffirming its industry-leading position in efficient trading, outstanding execution, and superior user experience.</p><p>In Australia, UP Fintech achieved significant growth across key business metrics. During the fourth quarter, new account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ. Total first time funding amount also rose by 253.1% YoY and 151.1% QoQ – underscoring Tiger&#39;s growing recognition and strong momentum in the Australian market. On the product side, A-Share Connect trading is now available in Australia, enabling local investors to easily access high-quality mainland Chinese stocks, further lowering the barriers for international investors to participate in the A-share market. Thanks to its outstanding trading experience and continuous innovation in financial services, the Company was also honored with the title of &#34;Best Trading Platform Australia 2024&#34; at the Global Banking &amp; Finance Awards in the fourth quarter.</p><p>In New Zealand, the Company continued to expand its high-quality customer base, achieving strong growth in client assets during the fourth quarter. Total deposits increased by 272.8% YoY and 41.8% QoQ. Meanwhile, trading activity remained buoyant, with the number of trading accounts and total trading volume up by 120.2% and 111% respectively YoY. US stock trading was particularly strong, with orders for US stocks and US stock options up by 188.3% and 153.6% respectively YoY. For the full year 2024, total deposits in the New Zealand market increased 100.3% YoY, while the number of trading accounts and total trading volume grew 102.7% and 108.8% YoY, respectively.</p><p><strong>Wealth AUC nearly doubles YoY, Institutional business widely recognized</strong></p><p><strong>Hong Kong IPO subscriptions up by over six times QoQ</strong></p><p>In the fourth quarter, UP Fintech&#39;s commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. In 2024, the Company recorded US$159 million in commission income, up 71.8% YoY, while interest-related income reached US$203 million, a 25.8% YoY increase. The Company continued to enhance the one-stop global investment experience for clients. On the product side, options trading features were further upgraded, now supporting rollover of multi-leg options position, enabling investors to adjust their strategies flexibly based on market trends while improving the safety and efficiency of their capital usage. Additionally, new tools tailored for options sellers, such as Quota Calculator and Positions Calendar, were launched, along with a Top 0DTE (Zero Days to Expiration) Options leaderboard to help users quickly identify active options on trending stocks. Trading functions also saw improvements. A new &#34;24 hour&#34; trading option was added for US stocks, enabling investors to trade around the clock and better capture market opportunities while managing volatility. In the Wealth Section, our ETF Mall launched a new curated list of beginner-friendly US ETFs across various themes, helping users diversify their portfolios with ease.</p><p>Recently, TigerGPT, the industry&#39;s first AI-powered investment assistant, completed a major upgrade, harnessing world-leading AI technology to deliver more accurate, in-depth market insights and support smarter, more efficient decision-making. After the upgrade, weekly user interactions increased by over 1,000%. As of February 2025, TigerGPT has served over 112,000 users globally, with more than 1.17 million conversations completed.</p><p>In the fourth quarter, the Hong Kong IPO market experienced explosive growth, with the number of subscribers increasing sixfold from the previous quarter, exceeding the total of the first three quarters of the year. The total amount of subscriptions increased by 4,123.9% QoQ, about 5.5 times the total of the first three quarters. Within the industry, we took the lead by introducing &#34;100x leverage for all&#34; for Hong Kong IPO subscribers. In addition, the Company promoted the &#34;0 interest, 0 commission&#34;** Hong Kong IPO subscription offers, truly maximising investors&#39; returns.</p><p>In the fourth quarter, wealth management assets under custody (AUC) from the retail side rose 98.3% YoY, with the non-money market fund assets and client numbers up 113.8% and 47.7% YoY, respectively. Among all newly funded accounts in Q4, the wealth user penetration rate reached 23%, reflecting strong client recognition of Tiger&#39;s wealth management services. Meanwhile, we continue to enhance Tiger Wealth, upgrading the Notes section with new curated lists such as Trending Focus, Concept Portfolio, Asset Class Tracking and Conservative Focus, while expanding its offerings of complex financial products through additional structured products to meet diverse risk profiles and investment needs. Amid growing interest in Greater China investments, Tiger Wealth introduced a high-performing HKD money market fund managed by a leading Hong Kong fund house to the Singapore market, helping local investors optimize cash yields and liquidity management. In addition, we rolled out more FCN products tailored to the trading preferences of Singapore&#39;s high-net-worth clients, further enriching their investment options.</p><p>TradingFront Turnkey Asset Management Platform (TAMP) continues to earn broad recognition from institutional clients through ongoing feature enhancements and high-quality service. The platform focuses on delivering highly customised account solutions, seamless online account opening, and multi-market, multi-asset trading support to help clients diversify their portfolios. In the fourth quarter, TradingFront&#39;s AUC increased 33% QoQ, with the number of fixed investment accounts up 11% QoQ and structured products trading volume rising 66% QoQ. These results further reinforce TradingFront&#39;s strong competitive position in the market.</p><p><strong>Ranked fifth in the annual Hong Kong IPO underwriting rankings</strong></p><p><strong>ESOP SaaS platform achieved first full-year profitability</strong></p><p>In the fourth quarter, our investment banking business participated in 8 US IPO projects, including Pony.ai, WeRide, and FlashEx, further demonstrating Tiger&#39;s deep expertise and growing influence in the US IPO market. At the same time, we underwrote 9 Hong Kong IPOs, including InnoScience, MINIEYE, MGP Beauty and Dmall. With its professional underwriting services and extensive market coverage, Tiger ranked fifth in the Hong Kong stock brokerage ranking for margin financing. In 2024, the Company continued expanding its investment banking business, with the number of underwritings increasing 33% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.</p><p>UP Fintech&#39;s Employee Stock Ownership Plan (ESOP) platform, or UponeShare, added 16 new enterprise clients during the fourth quarter, bringing the total number of serviced enterprises to 613. In 2024, revenue from the ESOP SaaS platform grew 42.1% YoY, achieving annual net profit for the first time. Driven by strong client recognition and a high willingness for long-term cooperation, the Company secured 189 signed orders, with repeat orders accounting for 58.2% of the total and repeat order revenue increasing 140% YoY.</p><p>The Company added 11 new enterprise account clients during the quarter, including WeRide and COL, bringing the total number of corporate accounts to 466. During the quarter, the Company also collaborated with Li Auto to broadcast AI Talk, engaging in discussions around AI development to enhance consumer awareness of the brand. Additionally, Tiger partnered with the flagship community program &#34;Real Trading Face to Face&#34;, featuring an in-depth conversation between content creator &#34;Tang Jie&#34; and Cheetah Mobile&#39;s CFO, exploring key highlights of Cheetah Mobile&#39;s AI and robotics business. Furthermore, we organised investor research events for NetEase Youdao and Cheche Technology, providing insights into industry trends, technological innovations, and investment opportunities to support informed decision-making.</p><p><em> *Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p><em>**0 commission for cash subscriptions and subscriptions with 10x leverage or below, and 0 interest on margin financing subscriptions.</em></p><p><strong><u>About UP Fintech</u></strong></p><p>UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p>Founded in 2014, the Company relentlessly offer superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&amp;D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation, which enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p>In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and 2.4 million account holders worldwide on our flagship platform “Tiger Trade”, own 81 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia and Mainland China.</p><p>For more information about UP Fintech as a company, please visit  <a href=\"http://itiger.com\" title=\"itiger.com\" class=\"\">itiger.com</a></p><p>For media inquiries, please contact press@itiger.com</p></body></html>","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>UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit</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\">\nUP Fintech: Record-High Quarterly and Full-Year Revenue and Profit\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\">2025-03-18 16:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>New York, March 18, 2025</strong> — UP Fintech Holding Limited (NASDAQ: TIGR) (&#34;UP Fintech&#34; or the &#34;Company&#34;), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.</p><p>During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.</p><p><strong>Driving global expansion with dual focus on retail and institutional growth</strong></p><p><strong>Strengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family Offices</strong></p><p><strong>UP Fintech&#39;s founder and CEO, Wu Tianhua</strong>, stated, &#34;Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success.&#34;</p><p>&#34;2024 marked the Company’s 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group&#39;s headquarters, remains our largest market in terms of both new and existing clients. Hong Kong&#39;s client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group’s total client assets. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform.&#34;</p><p><strong>Singapore strengthens leading position with record-high annual trading volume and commission</strong></p><p><strong>Hong Kong full-year account openings up 48%, Obtained virtual asset exchange license</strong></p><p>In 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company&#39;s headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore&#39;s first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in Singapore, helping them achieve efficient asset allocation and long-term wealth growth.</p><p>The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. Hong Kong stock trading activity increased significantly during the quarter, with trading orders and volume increasing by 62% and 90% YoY, respectively; US stock options trading volume increased by 80% QoQ. Entering 2025, driven by the recovery of the Hong Kong stock market, total client assets in Hong Kong had already achieved double-digit growth by the end of February compared to the end of 2024. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold. Recently, the Company&#39;s wholly-owned subsidiary, YAX (Hong Kong) Limited, received Type 1 (dealing in securities) and Type 7 (automated trading service) licenses from the Hong Kong Securities and Futures Commission (SFC). As an officially licensed virtual asset trading platform operator in Hong Kong, YAX now offers local clients with a seamless, one-stop asset management experience, providing both custody and trading services for cryptocurrencies. In addition, the Company won multiple prestigious industry accolades in Hong Kong during the fourth quarter. In particular, the Chicago Mercantile Exchange Group recognized the Company as both &#34;Key Broker Partner 2024&#34; and &#34;Futures and Options Nurturer 2024&#34;. Tiger&#39;s industry leadership was further highlighted at the SGX-Phillip Nova Appreciation and SGX Derivatives Awards, where it was named one of the &#34;Top 5 Chinese Futures Brokers for SGX China Index Derivatives&#34; and one of the &#34;Top 3 Chinese Futures Brokers for SGX Nikkei 225 Index Derivatives.&#34;</p><p>In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In the fourth quarter, supported by an exceptional trading experience, stock trading activity continued to climb, with trading volume from local clients up 38% QoQ. Options trading showed explosive growth, with trading volume and the number of contracts traded increasing by 384% and 215% respectively QoQ, highlighting TradeUP&#39;s competitiveness and strong brand recognition in the options markets. Additionally, through its professional services and a solid market foundation, TradeUP saw a 15% QoQ growth in local customer assets, steadily expanding its market share. Moreover, TradeUP won the &#34;Best Brokerage for Day Trading&#34; at the Benzinga Global Fintech Awards for the second consecutive year, reaffirming its industry-leading position in efficient trading, outstanding execution, and superior user experience.</p><p>In Australia, UP Fintech achieved significant growth across key business metrics. During the fourth quarter, new account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ. Total first time funding amount also rose by 253.1% YoY and 151.1% QoQ – underscoring Tiger&#39;s growing recognition and strong momentum in the Australian market. On the product side, A-Share Connect trading is now available in Australia, enabling local investors to easily access high-quality mainland Chinese stocks, further lowering the barriers for international investors to participate in the A-share market. Thanks to its outstanding trading experience and continuous innovation in financial services, the Company was also honored with the title of &#34;Best Trading Platform Australia 2024&#34; at the Global Banking &amp; Finance Awards in the fourth quarter.</p><p>In New Zealand, the Company continued to expand its high-quality customer base, achieving strong growth in client assets during the fourth quarter. Total deposits increased by 272.8% YoY and 41.8% QoQ. Meanwhile, trading activity remained buoyant, with the number of trading accounts and total trading volume up by 120.2% and 111% respectively YoY. US stock trading was particularly strong, with orders for US stocks and US stock options up by 188.3% and 153.6% respectively YoY. For the full year 2024, total deposits in the New Zealand market increased 100.3% YoY, while the number of trading accounts and total trading volume grew 102.7% and 108.8% YoY, respectively.</p><p><strong>Wealth AUC nearly doubles YoY, Institutional business widely recognized</strong></p><p><strong>Hong Kong IPO subscriptions up by over six times QoQ</strong></p><p>In the fourth quarter, UP Fintech&#39;s commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. In 2024, the Company recorded US$159 million in commission income, up 71.8% YoY, while interest-related income reached US$203 million, a 25.8% YoY increase. The Company continued to enhance the one-stop global investment experience for clients. On the product side, options trading features were further upgraded, now supporting rollover of multi-leg options position, enabling investors to adjust their strategies flexibly based on market trends while improving the safety and efficiency of their capital usage. Additionally, new tools tailored for options sellers, such as Quota Calculator and Positions Calendar, were launched, along with a Top 0DTE (Zero Days to Expiration) Options leaderboard to help users quickly identify active options on trending stocks. Trading functions also saw improvements. A new &#34;24 hour&#34; trading option was added for US stocks, enabling investors to trade around the clock and better capture market opportunities while managing volatility. In the Wealth Section, our ETF Mall launched a new curated list of beginner-friendly US ETFs across various themes, helping users diversify their portfolios with ease.</p><p>Recently, TigerGPT, the industry&#39;s first AI-powered investment assistant, completed a major upgrade, harnessing world-leading AI technology to deliver more accurate, in-depth market insights and support smarter, more efficient decision-making. After the upgrade, weekly user interactions increased by over 1,000%. As of February 2025, TigerGPT has served over 112,000 users globally, with more than 1.17 million conversations completed.</p><p>In the fourth quarter, the Hong Kong IPO market experienced explosive growth, with the number of subscribers increasing sixfold from the previous quarter, exceeding the total of the first three quarters of the year. The total amount of subscriptions increased by 4,123.9% QoQ, about 5.5 times the total of the first three quarters. Within the industry, we took the lead by introducing &#34;100x leverage for all&#34; for Hong Kong IPO subscribers. In addition, the Company promoted the &#34;0 interest, 0 commission&#34;** Hong Kong IPO subscription offers, truly maximising investors&#39; returns.</p><p>In the fourth quarter, wealth management assets under custody (AUC) from the retail side rose 98.3% YoY, with the non-money market fund assets and client numbers up 113.8% and 47.7% YoY, respectively. Among all newly funded accounts in Q4, the wealth user penetration rate reached 23%, reflecting strong client recognition of Tiger&#39;s wealth management services. Meanwhile, we continue to enhance Tiger Wealth, upgrading the Notes section with new curated lists such as Trending Focus, Concept Portfolio, Asset Class Tracking and Conservative Focus, while expanding its offerings of complex financial products through additional structured products to meet diverse risk profiles and investment needs. Amid growing interest in Greater China investments, Tiger Wealth introduced a high-performing HKD money market fund managed by a leading Hong Kong fund house to the Singapore market, helping local investors optimize cash yields and liquidity management. In addition, we rolled out more FCN products tailored to the trading preferences of Singapore&#39;s high-net-worth clients, further enriching their investment options.</p><p>TradingFront Turnkey Asset Management Platform (TAMP) continues to earn broad recognition from institutional clients through ongoing feature enhancements and high-quality service. The platform focuses on delivering highly customised account solutions, seamless online account opening, and multi-market, multi-asset trading support to help clients diversify their portfolios. In the fourth quarter, TradingFront&#39;s AUC increased 33% QoQ, with the number of fixed investment accounts up 11% QoQ and structured products trading volume rising 66% QoQ. These results further reinforce TradingFront&#39;s strong competitive position in the market.</p><p><strong>Ranked fifth in the annual Hong Kong IPO underwriting rankings</strong></p><p><strong>ESOP SaaS platform achieved first full-year profitability</strong></p><p>In the fourth quarter, our investment banking business participated in 8 US IPO projects, including Pony.ai, WeRide, and FlashEx, further demonstrating Tiger&#39;s deep expertise and growing influence in the US IPO market. At the same time, we underwrote 9 Hong Kong IPOs, including InnoScience, MINIEYE, MGP Beauty and Dmall. With its professional underwriting services and extensive market coverage, Tiger ranked fifth in the Hong Kong stock brokerage ranking for margin financing. In 2024, the Company continued expanding its investment banking business, with the number of underwritings increasing 33% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.</p><p>UP Fintech&#39;s Employee Stock Ownership Plan (ESOP) platform, or UponeShare, added 16 new enterprise clients during the fourth quarter, bringing the total number of serviced enterprises to 613. In 2024, revenue from the ESOP SaaS platform grew 42.1% YoY, achieving annual net profit for the first time. Driven by strong client recognition and a high willingness for long-term cooperation, the Company secured 189 signed orders, with repeat orders accounting for 58.2% of the total and repeat order revenue increasing 140% YoY.</p><p>The Company added 11 new enterprise account clients during the quarter, including WeRide and COL, bringing the total number of corporate accounts to 466. During the quarter, the Company also collaborated with Li Auto to broadcast AI Talk, engaging in discussions around AI development to enhance consumer awareness of the brand. Additionally, Tiger partnered with the flagship community program &#34;Real Trading Face to Face&#34;, featuring an in-depth conversation between content creator &#34;Tang Jie&#34; and Cheetah Mobile&#39;s CFO, exploring key highlights of Cheetah Mobile&#39;s AI and robotics business. Furthermore, we organised investor research events for NetEase Youdao and Cheche Technology, providing insights into industry trends, technological innovations, and investment opportunities to support informed decision-making.</p><p><em> *Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.</em></p><p><em>**0 commission for cash subscriptions and subscriptions with 10x leverage or below, and 0 interest on margin financing subscriptions.</em></p><p><strong><u>About UP Fintech</u></strong></p><p>UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.</p><p>Founded in 2014, the Company relentlessly offer superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.<br/>UP Fintech strives to elevate financial technology R&amp;D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation, which enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p>In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and 2.4 million account holders worldwide on our flagship platform “Tiger Trade”, own 81 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia and Mainland China.</p><p>For more information about UP Fintech as a company, please visit  <a href=\"http://itiger.com\" title=\"itiger.com\" class=\"\">itiger.com</a></p><p>For media inquiries, please contact press@itiger.com</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580361","content_text":"New York, March 18, 2025 — UP Fintech Holding Limited (NASDAQ: TIGR) (\"UP Fintech\" or the \"Company\"), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.Driving global expansion with dual focus on retail and institutional growthStrengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family OfficesUP Fintech's founder and CEO, Wu Tianhua, stated, \"Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success.\"\"2024 marked the Company’s 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group's headquarters, remains our largest market in terms of both new and existing clients. Hong Kong's client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group’s total client assets. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform.\"Singapore strengthens leading position with record-high annual trading volume and commissionHong Kong full-year account openings up 48%, Obtained virtual asset exchange licenseIn 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company's headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore's first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in Singapore, helping them achieve efficient asset allocation and long-term wealth growth.The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. Hong Kong stock trading activity increased significantly during the quarter, with trading orders and volume increasing by 62% and 90% YoY, respectively; US stock options trading volume increased by 80% QoQ. Entering 2025, driven by the recovery of the Hong Kong stock market, total client assets in Hong Kong had already achieved double-digit growth by the end of February compared to the end of 2024. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold. Recently, the Company's wholly-owned subsidiary, YAX (Hong Kong) Limited, received Type 1 (dealing in securities) and Type 7 (automated trading service) licenses from the Hong Kong Securities and Futures Commission (SFC). As an officially licensed virtual asset trading platform operator in Hong Kong, YAX now offers local clients with a seamless, one-stop asset management experience, providing both custody and trading services for cryptocurrencies. In addition, the Company won multiple prestigious industry accolades in Hong Kong during the fourth quarter. In particular, the Chicago Mercantile Exchange Group recognized the Company as both \"Key Broker Partner 2024\" and \"Futures and Options Nurturer 2024\". Tiger's industry leadership was further highlighted at the SGX-Phillip Nova Appreciation and SGX Derivatives Awards, where it was named one of the \"Top 5 Chinese Futures Brokers for SGX China Index Derivatives\" and one of the \"Top 3 Chinese Futures Brokers for SGX Nikkei 225 Index Derivatives.\"In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In the fourth quarter, supported by an exceptional trading experience, stock trading activity continued to climb, with trading volume from local clients up 38% QoQ. Options trading showed explosive growth, with trading volume and the number of contracts traded increasing by 384% and 215% respectively QoQ, highlighting TradeUP's competitiveness and strong brand recognition in the options markets. Additionally, through its professional services and a solid market foundation, TradeUP saw a 15% QoQ growth in local customer assets, steadily expanding its market share. Moreover, TradeUP won the \"Best Brokerage for Day Trading\" at the Benzinga Global Fintech Awards for the second consecutive year, reaffirming its industry-leading position in efficient trading, outstanding execution, and superior user experience.In Australia, UP Fintech achieved significant growth across key business metrics. During the fourth quarter, new account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ. Total first time funding amount also rose by 253.1% YoY and 151.1% QoQ – underscoring Tiger's growing recognition and strong momentum in the Australian market. On the product side, A-Share Connect trading is now available in Australia, enabling local investors to easily access high-quality mainland Chinese stocks, further lowering the barriers for international investors to participate in the A-share market. Thanks to its outstanding trading experience and continuous innovation in financial services, the Company was also honored with the title of \"Best Trading Platform Australia 2024\" at the Global Banking & Finance Awards in the fourth quarter.In New Zealand, the Company continued to expand its high-quality customer base, achieving strong growth in client assets during the fourth quarter. Total deposits increased by 272.8% YoY and 41.8% QoQ. Meanwhile, trading activity remained buoyant, with the number of trading accounts and total trading volume up by 120.2% and 111% respectively YoY. US stock trading was particularly strong, with orders for US stocks and US stock options up by 188.3% and 153.6% respectively YoY. For the full year 2024, total deposits in the New Zealand market increased 100.3% YoY, while the number of trading accounts and total trading volume grew 102.7% and 108.8% YoY, respectively.Wealth AUC nearly doubles YoY, Institutional business widely recognizedHong Kong IPO subscriptions up by over six times QoQIn the fourth quarter, UP Fintech's commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. In 2024, the Company recorded US$159 million in commission income, up 71.8% YoY, while interest-related income reached US$203 million, a 25.8% YoY increase. The Company continued to enhance the one-stop global investment experience for clients. On the product side, options trading features were further upgraded, now supporting rollover of multi-leg options position, enabling investors to adjust their strategies flexibly based on market trends while improving the safety and efficiency of their capital usage. Additionally, new tools tailored for options sellers, such as Quota Calculator and Positions Calendar, were launched, along with a Top 0DTE (Zero Days to Expiration) Options leaderboard to help users quickly identify active options on trending stocks. Trading functions also saw improvements. A new \"24 hour\" trading option was added for US stocks, enabling investors to trade around the clock and better capture market opportunities while managing volatility. In the Wealth Section, our ETF Mall launched a new curated list of beginner-friendly US ETFs across various themes, helping users diversify their portfolios with ease.Recently, TigerGPT, the industry's first AI-powered investment assistant, completed a major upgrade, harnessing world-leading AI technology to deliver more accurate, in-depth market insights and support smarter, more efficient decision-making. After the upgrade, weekly user interactions increased by over 1,000%. As of February 2025, TigerGPT has served over 112,000 users globally, with more than 1.17 million conversations completed.In the fourth quarter, the Hong Kong IPO market experienced explosive growth, with the number of subscribers increasing sixfold from the previous quarter, exceeding the total of the first three quarters of the year. The total amount of subscriptions increased by 4,123.9% QoQ, about 5.5 times the total of the first three quarters. Within the industry, we took the lead by introducing \"100x leverage for all\" for Hong Kong IPO subscribers. In addition, the Company promoted the \"0 interest, 0 commission\"** Hong Kong IPO subscription offers, truly maximising investors' returns.In the fourth quarter, wealth management assets under custody (AUC) from the retail side rose 98.3% YoY, with the non-money market fund assets and client numbers up 113.8% and 47.7% YoY, respectively. Among all newly funded accounts in Q4, the wealth user penetration rate reached 23%, reflecting strong client recognition of Tiger's wealth management services. Meanwhile, we continue to enhance Tiger Wealth, upgrading the Notes section with new curated lists such as Trending Focus, Concept Portfolio, Asset Class Tracking and Conservative Focus, while expanding its offerings of complex financial products through additional structured products to meet diverse risk profiles and investment needs. Amid growing interest in Greater China investments, Tiger Wealth introduced a high-performing HKD money market fund managed by a leading Hong Kong fund house to the Singapore market, helping local investors optimize cash yields and liquidity management. In addition, we rolled out more FCN products tailored to the trading preferences of Singapore's high-net-worth clients, further enriching their investment options.TradingFront Turnkey Asset Management Platform (TAMP) continues to earn broad recognition from institutional clients through ongoing feature enhancements and high-quality service. The platform focuses on delivering highly customised account solutions, seamless online account opening, and multi-market, multi-asset trading support to help clients diversify their portfolios. In the fourth quarter, TradingFront's AUC increased 33% QoQ, with the number of fixed investment accounts up 11% QoQ and structured products trading volume rising 66% QoQ. These results further reinforce TradingFront's strong competitive position in the market.Ranked fifth in the annual Hong Kong IPO underwriting rankingsESOP SaaS platform achieved first full-year profitabilityIn the fourth quarter, our investment banking business participated in 8 US IPO projects, including Pony.ai, WeRide, and FlashEx, further demonstrating Tiger's deep expertise and growing influence in the US IPO market. At the same time, we underwrote 9 Hong Kong IPOs, including InnoScience, MINIEYE, MGP Beauty and Dmall. With its professional underwriting services and extensive market coverage, Tiger ranked fifth in the Hong Kong stock brokerage ranking for margin financing. In 2024, the Company continued expanding its investment banking business, with the number of underwritings increasing 33% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.UP Fintech's Employee Stock Ownership Plan (ESOP) platform, or UponeShare, added 16 new enterprise clients during the fourth quarter, bringing the total number of serviced enterprises to 613. In 2024, revenue from the ESOP SaaS platform grew 42.1% YoY, achieving annual net profit for the first time. Driven by strong client recognition and a high willingness for long-term cooperation, the Company secured 189 signed orders, with repeat orders accounting for 58.2% of the total and repeat order revenue increasing 140% YoY.The Company added 11 new enterprise account clients during the quarter, including WeRide and COL, bringing the total number of corporate accounts to 466. During the quarter, the Company also collaborated with Li Auto to broadcast AI Talk, engaging in discussions around AI development to enhance consumer awareness of the brand. Additionally, Tiger partnered with the flagship community program \"Real Trading Face to Face\", featuring an in-depth conversation between content creator \"Tang Jie\" and Cheetah Mobile's CFO, exploring key highlights of Cheetah Mobile's AI and robotics business. Furthermore, we organised investor research events for NetEase Youdao and Cheche Technology, providing insights into industry trends, technological innovations, and investment opportunities to support informed decision-making. *Tiger Brokers (Singapore) Pte Ltd has partnered with a local licensed partner to provide card issuance and account issuing services.**0 commission for cash subscriptions and subscriptions with 10x leverage or below, and 0 interest on margin financing subscriptions.About UP FintechUP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.Founded in 2014, the Company relentlessly offer superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation, which enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 10 million users and 2.4 million account holders worldwide on our flagship platform “Tiger Trade”, own 81 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia and Mainland China.For more information about UP Fintech as a company, please visit  itiger.comFor media inquiries, please contact press@itiger.com","news_type":1,"symbols_score_info":{"TIGR":1.1}},"isVote":1,"tweetType":1,"viewCount":2565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894851075,"gmtCreate":1628817838797,"gmtModify":1676529863989,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894851075","repostId":"1196719671","repostType":4,"repost":{"id":"1196719671","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":1628817625,"share":"https://ttm.financial/m/news/1196719671?lang=en_US&edition=fundamental","pubTime":"2021-08-13 09:20","market":"hk","language":"zh","title":"Opening: Hang Seng Index open low 0.84%, Li Ning opened up more than 4% after results","url":"https://stock-news.laohu8.com/highlight/detail?id=1196719671","media":"老虎资讯综合","summary":"8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报38","content":"<p>On August 13th, the Hang Seng Index opened down 221.63 points, or 0.84%, to 26,296.19 points; The State-owned Enterprises Index opened down 90.68 points, or 0.96%, to 9374.78 points; The red-chip index opened down 10.27 points, or 0.27%, at 3,818.03.</p><p>The Hang Seng Technology Index fell 1.26%,<a href=\"https://laohu8.com/S/00780\">Tongcheng Elong</a>down 2.69%,<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>down 2.46%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>down 2.24%,<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>It fell nearly 2%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>With<a href=\"https://laohu8.com/S/06618\">JD Health</a>、<a href=\"https://laohu8.com/S/09999\">Netease-S</a>down about 1.7%.</p><p>Hong Kong education stocks fell,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>fell by more than 8%,<a href=\"https://laohu8.com/S/09901\">New Oriental-S</a>Down nearly 4%,<a href=\"https://laohu8.com/S/01773\">Tianli Education</a>down 2.65%,<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>down 2.17%.</p><p>Hong Kong Carbon Neutral Concept Stocks Strengthen, $China<a href=\"https://laohu8.com/S/600811\">Oriental Group</a>(00581) $ rose by more than 13%,<a href=\"https://laohu8.com/S/00257\">Everbright Environment</a>up 4.24%,<a href=\"https://laohu8.com/S/00750\">Shuifa Xingye Energy</a>up 1.7%,<a href=\"https://laohu8.com/S/06865\">Follett Glass</a>With<a href=\"https://laohu8.com/S/00868\">Xinyi Glass</a>It rose by more than 0.85%,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>It said that due to the shortage of resource supply, it was optimistic about the lithium industry market.</p><p><a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose by more than 4%, and the net profit in the first half of the year increased by 187%.</p><p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell by 3.2%, and in Q2, the fair value loss was 3.1 billion yuan due to the adjustment of Kuaishou market value.</p><p><a href=\"https://laohu8.com/S/01415\">Gaowei Electronics</a>Revenue in the first half of the year decreased by approximately 3.2% year-on-year.</p><p><a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>Hong Kong stocks fell 0.85% to HK$ 116 the day after listing.</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\" 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.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: Hang Seng Index open low 0.84%, Li Ning opened up more than 4% after results\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 13th, the Hang Seng Index opened down 221.63 points, or 0.84%, to 26,296.19 points; The State-owned Enterprises Index opened down 90.68 points, or 0.96%, to 9374.78 points; The red-chip index opened down 10.27 points, or 0.27%, at 3,818.03.</p><p>The Hang Seng Technology Index fell 1.26%,<a href=\"https://laohu8.com/S/00780\">Tongcheng Elong</a>down 2.69%,<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>down 2.46%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>down 2.24%,<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>It fell nearly 2%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>With<a href=\"https://laohu8.com/S/06618\">JD Health</a>、<a href=\"https://laohu8.com/S/09999\">Netease-S</a>down about 1.7%.</p><p>Hong Kong education stocks fell,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>fell by more than 8%,<a href=\"https://laohu8.com/S/09901\">New Oriental-S</a>Down nearly 4%,<a href=\"https://laohu8.com/S/01773\">Tianli Education</a>down 2.65%,<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>down 2.17%.</p><p>Hong Kong Carbon Neutral Concept Stocks Strengthen, $China<a href=\"https://laohu8.com/S/600811\">Oriental Group</a>(00581) $ rose by more than 13%,<a href=\"https://laohu8.com/S/00257\">Everbright Environment</a>up 4.24%,<a href=\"https://laohu8.com/S/00750\">Shuifa Xingye Energy</a>up 1.7%,<a href=\"https://laohu8.com/S/06865\">Follett Glass</a>With<a href=\"https://laohu8.com/S/00868\">Xinyi Glass</a>It rose by more than 0.85%,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>It said that due to the shortage of resource supply, it was optimistic about the lithium industry market.</p><p><a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose by more than 4%, and the net profit in the first half of the year increased by 187%.</p><p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell by 3.2%, and in Q2, the fair value loss was 3.1 billion yuan due to the adjustment of Kuaishou market value.</p><p><a href=\"https://laohu8.com/S/01415\">Gaowei Electronics</a>Revenue in the first half of the year decreased by approximately 3.2% year-on-year.</p><p><a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>Hong Kong stocks fell 0.85% to HK$ 116 the day after listing.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF南方","02331":"李宁","HSI":"恒生指数","HSTECH":"恒生科技指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196719671","content_text":"8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报3818.03点。\n恒生科技指数跌1.26%，同程艺龙跌2.69%，阿里健康跌2.46%，腾讯控股跌2.24%，美团-W跌近2%，阿里巴巴-SW与京东健康、网易-S跌约1.7%。\n港股教育股下挫，中国东方教育跌超8%，新东方-S跌近4%，天立教育跌2.65%，华南职业教育跌2.17%。\n港股碳中和概念股走强，$中国东方集团(00581)$涨超13%，光大环境涨4.24%，水发兴业能源涨1.7%，福莱特玻璃与信义玻璃涨超0.85%，国金证券称因资源供应短缺看好锂行业板块行情。\n李宁涨超4%，上半年净利润增长187%。\n百度集团-SW跌3.2%，Q2因快手市值调整造成公允价值损失31亿元。\n高伟电子跌7.33%，上半年收益同比减少约3.2%。\n理想汽车-W港股上市次日跌0.85%，报116港元。","news_type":1,"symbols_score_info":{"513600":0.9,"MHImain":0.9,"HSTECH":0.9,"MCHmain":0.9,"02331":0.9,"HSI":0.9,"HHImain":0.9,"HSImain":0.9,"02833":0.9}},"isVote":1,"tweetType":1,"viewCount":2893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178260776,"gmtCreate":1626823962995,"gmtModify":1703765755507,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Yes la","listText":"Yes la","text":"Yes la","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/178260776","repostId":"1193178615","repostType":4,"isVote":1,"tweetType":1,"viewCount":3635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173899862,"gmtCreate":1626651474656,"gmtModify":1703762587598,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173899862","repostId":"1151231853","repostType":4,"repost":{"id":"1151231853","kind":"news","weMediaInfo":{"introduction":"市场策略研究、热点问题观察、分享最新观点：美国与海外市场、H股、及中概股市场","home_visible":1,"media_name":"Kevin策略研究","id":"1090746012","head_image":"https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90"},"pubTimestamp":1626604009,"share":"https://ttm.financial/m/news/1151231853?lang=en_US&edition=fundamental","pubTime":"2021-07-18 18:26","market":"us","language":"zh","title":"CICC Overseas: US Stocks Earnings in the Second Quarter are Expected to Further Accelerate Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1151231853","media":"Kevin策略研究","summary":"摘要\n近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。从市场角","content":"<p><b>Abstract</b></p><p>Recently, as inflation in the United States has risen beyond expectations again, the market's concerns about whether U.S. stocks under high inflation and high valuation can continue their upward trend and whether the Federal Reserve's policy will be tightened ahead of schedule have heated up again. However, aside from some short-term emotional changes, fundamental conditions are the core of judging the medium-term trend of the market.<b>From the market perspective, even in the face of many uncertainties, as long as the profit trend is not completely reversed, we will not turn pessimistic about the market.</b></p><p>Overall: Growth further accelerated in the second quarter; Durable goods, banks, raw materials and capital goods led the growth rate.</p><p>Referring to Factset consensus expectations,<b>S&P 500 earnings (comparable caliber) are on track to achieve 66% year-over-year growth (vs. 52% in the first quarter), and Nasdaq Composite 89% year-over-year (vs. 94% in the first quarter).</b>At the plate level, combined with the base number in the second quarter of last year and the repair situation in the second quarter of this year, the current expectation summarized by Factset shows that,<b>Consumer durable goods, banking, raw materials, capital goods and other sectors led the earnings growth rate</b>, on track to achieve earnings growth of more than 100%; Conversely, household goods, healthcare equipment, and utilities are expected to post negative earnings growth in the second quarter.</p><p>Focus: Supply bottlenecks and capacity utilization, capital expenditure</p><p><b>At present, the problems faced by U.S. stock companies are no longer the repair of profits and demand, but more the release of supply and the alleviation of bottlenecks between supply and demand.</b>Therefore, in the second quarter performance period, we need to focus on the production capacity, supply chain repair and inventory of enterprises, especially the management's discussion on related issues. In terms of industries, compared with the high point of the previous investment cycle (July 2018), the current capacity utilization rate of automobiles and parts, air transportation, paper products, petroleum and coal, plastics and rubber, metal processing and other sectors is obviously low, especially for automobiles. The current capacity utilization rate is only 64%, but it fell further in June, which also explains that the price of used cars continued to rise sharply in June, thus pushing inflation higher.</p><p>Outlook: It is expected that the upward revision will continue, but the adjustment sentiment will fall marginally; Third quarter quarter still has stamina</p><p>On the whole, since the second quarter, the market's consensus expectation for the earnings of U.S. stocks has been revised rapidly. However, the more sensitive profit adjustment sentiment (upward adjustment vs. downward adjustment of the number of analysts) began to be revised rapidly in the second quarter, but it began to gradually stabilize at the end of May, indicating that the fastest stage of upward profit revision may have passed, and the kinetic energy of upward revision has slowed down.<b>Looking ahead, although the second quarter will be a year-on-year high due to the low base, we expect that there will still be stamina in the third quarter, mainly due to the further accelerated release of service consumption in the third quarter.</b></p><p><b>This week's focus: What about the upcoming second-quarter performance period of U.S. stocks?</b></p><p>Recently, with the inflation in the United States rising beyond expectations again, the market's concerns about whether the US stock market can continue its upward trend under high inflation and high valuation and whether the Federal Reserve's policy will be tightened ahead of schedule have heated up again.</p><p>In our recent comment \"Inflation Beyond Expectations vs. Relatively Calm Market\", we mentioned that the reason why the market is relatively calm is mainly because it is precisely such a high price (for example, used cars rose by 45% year-on-year, and if used cars are deducted, the CPI in June will be basically flat year-on-year) that the market thinks it is unsustainable, but more importantly, Powell still maintained the judgment that inflation is temporary and is not in a hurry to withdraw from the policy (\"The Federal Reserve is still not in a hurry to withdraw\") at the hearing, which avoided the market from falling into violent fluctuations in the face of unexpected inflation risks.</p><p><i>After deducting used car prices, inflation in June was only basically flat compared with May</i></p><p><img src=\"https://static.tigerbbs.com/cd0162f2599c429c113f4fb6bba6cd1c\" tg-width=\"864\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p><p>However, putting aside some short-term emotional changes, fundamental conditions are the core of judging the medium-term trend of the market.<b>What's more, since the US Treasury yields began to gradually rise in the third quarter of last year, the valuation of U.S. stocks has been basically flat, and earnings are the core variable driving market performance</b>。 Therefore,<b>From a market perspective, we will not turn pessimistic about the market as long as the earnings trend is not completely reversed, even in the face of the volatility that may result from many uncertainties</b>。</p><p>In fact, the first-quarter results greatly exceeded expectations (52% year-on-year vs. the expected 21% and 4% in the fourth quarter of 2020), driving the continuous upward revision of the performance (\"Eight Characteristics of Current U.S. Stock Earnings\"). The current market consensus expectation is that the profit growth rate is expected to reach 38% in 2021 and 11% in 2021.<b>With such strong growth, assuming other conditions remain unchanged, if you switch to earnings in 2022, then the valuation will return to pre-pandemic levels, which in turn makes the seemingly high valuation not that expensive.</b></p><p><i>From a market perspective, we will not turn pessimistic about the market as long as the earnings trend is not completely reversed, even in the face of the volatility that may result from many uncertainties</i></p><p><img src=\"https://static.tigerbbs.com/e391be2c84b5cb240787e36fd019c74b\" tg-width=\"1005\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. Stock Market Stocks have been basically flat since the third quarter of last year</i></p><p><img src=\"https://static.tigerbbs.com/8b7e6447d1346d3f6a1b14792ae1fb01\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>If you switch to 2022 earnings in the second half of the year (light blue), then the valuation will fall back to pre-pandemic levels in 2019 (dark blue)</i></p><p><img src=\"https://static.tigerbbs.com/2d6495bd71eced449a9a243bfec33924\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p><p><i>S&P 500 2021 EPS consensus is up 38.4% y/y, market consensus is up 10.9% y/y in 2022</i></p><p><img src=\"https://static.tigerbbs.com/a71ebb5c81492e5a9ac8e8ed4d312b7d\" tg-width=\"991\" tg-height=\"609\" referrerpolicy=\"no-referrer\"></p><p><b>I. Overall situation: further accelerated in the second quarter; Durable goods, banks, raw materials and capital goods lead the growth rate</b></p><p>Starting from mid-July, the U.S. stock market will gradually enter the 2Q21 performance period that lasts for one month. As analyzed in \"2H21 Overseas Market Outlook: From Growth Spillover to Liquidity Backlash\", we expect that thanks to the low base last year and the continuous recovery of service consumption under the epidemic vaccination since the second quarter,<b>U.S. Stocks Earnings Growth in the Second Quarter will be the High of the Year</b>。 Specifically, referring to the Factset consensus expectation,<b>S&P 500 earnings (comparable caliber) are on track to achieve 66% year-over-year growth (vs. 52% in the first quarter), and Nasdaq Composite 89% year-over-year (vs. 94% in the first quarter).</b></p><p><i>At present, the market consensus is that the S&P 500 EPS in the second quarter is 65.5% year-on-year, and the Nasdaq Composite Index EPS is expected to be 88.9% year-on-year in the second quarter</i></p><p><img src=\"https://static.tigerbbs.com/e9dac04e5c6cd831a34297db41de0ce8\" tg-width=\"742\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><i>Except for net income, S&P 500's second-quarter EBIT is expected to continue to rise compared with the first quarter, and Nasdaq slipped slightly but remained high</i></p><p><img src=\"https://static.tigerbbs.com/4b9707e327be510f64aa0b22d4dfc432\" tg-width=\"853\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>At the plate level, combined with the base number in the second quarter of last year and the repair situation in the second quarter of this year, the current expectation summarized by Factset shows that,<b>Consumer durable goods, banking, raw materials, capital goods and other sectors are leading in earnings growth and are expected to achieve earnings growth of more than 100%</b>； Conversely, household goods, healthcare equipment, and utilities are expected to post negative earnings growth in the second quarter.<b>From the perspective of improvement, compared with the first quarter, the value sectors such as durable consumer goods, capital goods, banks and raw materials may improve significantly</b>While the profit growth rate of growth sectors such as retail, healthcare equipment, technology hardware, media and entertainment may decline.</p><p><i>Consumer durable goods and banks improved significantly year-on-year EPS growth in the second quarter, but household goods, healthcare and equipment are expected to lag behind</i></p><p><img src=\"https://static.tigerbbs.com/7723e780a6d8d49765b7a8eb71c47142\" tg-width=\"955\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><i>This strength-weakness relationship is broadly consistent with the first quarter</i></p><p><img src=\"https://static.tigerbbs.com/25d827e228fc131c8609e7eb4578ae59\" tg-width=\"910\" tg-height=\"559\" referrerpolicy=\"no-referrer\"></p><p><i>Compared with the first quarter, consumer durable goods, capital goods, banks, raw materials, etc. improved the most, while retail, diversified finance, medical and healthcare equipment, etc. declined</i></p><p><img src=\"https://static.tigerbbs.com/149d7a68d6d77d103d297aa57e509aba\" tg-width=\"812\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><i>Since the second quarter, the 2021e EPS estimate of the energy sector has been adjusted the largest, and the upward adjustment of banks and raw materials has also been significant</i></p><p><img src=\"https://static.tigerbbs.com/c733067357fdc302b884ee0852845ee0\" tg-width=\"638\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p><b>Focus: Supply bottleneck, capacity utilization, capital expenditure</b></p><p><b>At present, the problems faced by U.S. stock companies are not the repair of profit and demand, but the release of supply and the relief of bottlenecks between supply and demand</b>。 Therefore, in the second quarter performance period, we need to focus on the production capacity, supply chain repair and inventory of enterprises, especially the management's discussion on related issues. Judging from the monthly high-frequency data as of June, the overall capacity utilization rate of the United States is currently 75.5%, which has not been fully repaired to the level of 75.8% in January, especially for durable consumer goods, which are greatly affected by supply bottlenecks. At present, the capacity utilization rate is only 74%, which is still a distance from the 75% at the beginning of the year and before the epidemic.</p><p>In terms of industries, compared with the high point of the previous investment cycle (July 2018),<b>At present, the capacity utilization rate of automobile and parts, air transportation, paper products, petroleum and coal, plastics and rubber, metal processing and other sectors is obviously low.</b>In particular, the current capacity utilization rate of automobiles is only 64%, but it fell further in June, which also explains that used car prices continued to climb sharply in June, thus pushing inflation higher.</p><p>This can also be reflected in the capital expenditure of enterprises. As of the first quarter, the capital expenditure of American enterprises also shows a very differentiated K-type repair situation. The capital expenditure of those industries with strong demand, full production capacity and ability is repaired faster, such as e-commerce, semiconductor equipment, biopharmaceuticals and other industries; On the contrary, other industries such as energy, transportation and business services are still lagging behind.</p><p><i>Overall U.S. capacity utilization is now at 75.5% and has not fully repaired to January's level of 75.8%</i></p><p><img src=\"https://static.tigerbbs.com/53b499f6322772f960a8b4380161f69e\" tg-width=\"857\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p><i>In particular, durable consumer goods, which are greatly affected by supply bottlenecks, currently have a capacity utilization rate of only 74%</i></p><p><img src=\"https://static.tigerbbs.com/fac7dee32811c05608d4996ddc1b6f1e\" tg-width=\"900\" tg-height=\"552\" referrerpolicy=\"no-referrer\"></p><p><i>The capacity utilization rate of automobile and parts, air transportation, paper products, petroleum and coal, plastics and rubber, metal processing and other sectors is significantly low</i></p><p><img src=\"https://static.tigerbbs.com/3cb6dc355059b752c78fe7e9fd3e6a53\" tg-width=\"813\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><i>Cars, in particular, where capacity utilization is currently only 64%, fell further in June, explaining how used car prices continued to climb sharply in June, pushing inflation higher</i></p><p><img src=\"https://static.tigerbbs.com/7c2558b7d03946063043eb4df5726ecf\" tg-width=\"879\" tg-height=\"539\" referrerpolicy=\"no-referrer\"></p><p><i>As of the first quarter, the capital expenditure of American enterprises also showed a very differentiated K-shaped repair situation</i></p><p><img src=\"https://static.tigerbbs.com/7cf47a0b5398c71e46bf9d5517126c3a\" tg-width=\"895\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>III. Outlook: It is expected that the upward revision will continue, but the margin of adjustment sentiment will drop; Third quarter quarter still has stamina</b></p><p>Overall, since the second quarter, the market's consensus expectation for the earnings of U.S. stocks has been rapidly revised upward. At present, the market expects the EPS of S&P 500 to increase by 38.4% year-on-year in 2021 and 10.9% year-on-year in 2022; Nasdaq EPS increased 49.2% year-over-year in 2021 and 19.0% year-over-year in 2022. However, more sensitive earnings correction sentiment (upward vs. downward analyst number)<b>In the second quarter, the upward revision began rapidly, but it began to gradually stabilize at the end of May, indicating that the fastest stage of upward revision of profits may have passed, and the kinetic energy of upward revision slowed down.</b></p><p>Looking ahead,<b>Although the second quarter will be a year-on-year high due to the low base, we expect that the third quarter will still have stamina, mainly due to the further accelerated release of service consumption in the third quarter</b>。 At present, the market expects that the profit growth rate in the third quarter is 24%, which is one of the main reasons why we are still positive for the growth and market in the United States in the third quarter.</p><p><i>Since the second quarter, the sentiment of profit adjustment has been revised rapidly, but it has gradually stabilized at the end of May, indicating that the fastest stage of profit upward revision may have passed</i></p><p><img src=\"https://static.tigerbbs.com/f5ea5dcaf8bf692d3977f0131cf0d53c\" tg-width=\"789\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>We expect there will still be stamina in the third quarter, mainly due to the further accelerated release of service consumption in the third quarter</i></p><p><img src=\"https://static.tigerbbs.com/b0b251d0a58c9e8ac467ae4563f1fce6\" tg-width=\"775\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p><b>Market Dynamics: Inflation rose above expectations in June, and unexpected growth in retail sales showed that demand remained strong; US Treasury yields Hits New Low Bulls Increase, Dollar Shorts Drop</b></p><p><b>► Asset performance: debt> stock> bulk; Interest rates hit new lows, cycle underperforms</b></p><p>The past week has undoubtedly been a week of blockbuster data and events in the United States.<b>After exceeding expectations of June inflation</b>(\"Inflation beyond expectations vs. relatively calm market\"),<b>Still dovish Powell testimony</b>(\"The Federal Reserve is still not in a hurry to quit\"),<b>The overall U.S. stock market closed slightly lower and the financial cycle underperformed after exceeding expectations for retail sales but missing expectations for consumer confidence index</b>At the same time, the 10-year U.S. bond interest rate dropped to a recent low and fell back to 1.29%. The real interest rate fell, but inflation expectations rose. In terms of major assets in the world, under US dollar pricing, bonds> stocks> bulk, with VIX, soybeans, Brazilian stock market and Hong Kong stocks leading the gains; Bitcoin, crude oil, UK stocks, Nasdaq led the decline.</p><p><i>In the past week, under the US dollar price, bonds> stocks> bulk, with VIX, soybeans, Brazilian stock market and Hong Kong stocks leading the gains; Bitcoin, crude oil, UK stocks, Nasdaq lead declines</i></p><p><img src=\"https://static.tigerbbs.com/d4f9bb5609b5e9bb70a8f407e0033b21\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><i>Utilities, household goods led gains over the past week; Energy, Semiconductors, Consumer Services Lead Declines</i></p><p><img src=\"https://static.tigerbbs.com/0d4d293cd3bdb071f6792ebbed29beee\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><i>In the past week, the 10-year U.S. bond rate fell by about 7bps from last week, with real interest rates falling by 11bps and inflation expectations rising by 4bps</i></p><p><img src=\"https://static.tigerbbs.com/f1264e9221413c868ea309fd8f4baee9\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p><i>In the past week, the sectors suffered more and cyclical damage from the epidemic were relatively underperforming, while the sectors suffered less damage from the epidemic were relatively outperforming</i></p><p><img src=\"https://static.tigerbbs.com/9f7bbaaa22ee6b5682383d99404572c2\" tg-width=\"824\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment Positions: Put/call Ratio Lifts, Dollar Shorts Reduce Significantly</b></p><p>In the past week, the ratio of bearish/bullish options (10-day average) in U.S. stocks has risen sharply compared with last week, and it is currently-1 time standard deviation higher than the historical average. In terms of positions, the substantial reduction of long and short positions in the US Dollar Index led to a sharp increase in net long positions; With the further decline of US Treasury yields, the long position of 10-year U.S. debt has increased significantly, and the short position of 2-year U.S. debt has decreased significantly.</p><p><i>CBOE US stock bear/bull option ratio (10-day average) has risen sharply from last week and is currently-1x standard deviation above the historical average</i></p><p><img src=\"https://static.tigerbbs.com/f6d8a29e7882613661c1e3d53d7c1533\" tg-width=\"932\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p><i>In the past week, the RSI points of European and American stock markets all fell back, while Japan and emerging stock markets rose; Oil drop back</i></p><p><img src=\"https://static.tigerbbs.com/92e24fb1dbe1900f171084acec1c0902\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\"></p><p><i>Over the past week, long positions in the US Dollar Index have continued to increase, short positions have decreased significantly, and net long positions have risen significantly</i></p><p><img src=\"https://static.tigerbbs.com/125305e1d2b71dd5479e48f796d27371\" tg-width=\"992\" tg-height=\"609\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>► Capital flow: the cargo base turns into outflow, and the stock market accelerates its inflow.</b></p><p>In the past week, the inflow of bond market slowed down, the stock market accelerated, and money funds flowed out sharply; In terms of market, the stock markets of the United States and Japan accelerated their inflows, the inflows of developed Europe slowed down, and the emerging markets represented by China turned into inflows.</p><p><i>Over the past week, bond inflows have slowed, stocks have accelerated inflows, and money market funds have turned into big outflows</i></p><p><img src=\"https://static.tigerbbs.com/e9f5e742c9f21463f645f06f585f6dfe\" tg-width=\"1045\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p><p><i>Over the past week, U.S. and Japanese equity markets accelerated inflows, developed Europe slowed, and emerging markets, represented by China, turned into inflows</i></p><p><img src=\"https://static.tigerbbs.com/dd37fbb2a8c413cb479bf41d00fe260d\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: Inflation exceeded expectations again in June, and retail sales grew strongly.</b></p><p><b>In June, inflation in the United States rose more than expected, and used cars and travel remained the main contributors.</b>In June, the CPI was 5.4% year-on-year and 0.9% month-on-month, both higher than the previous value and greatly exceeding market expectations. Among them, the price of used cars jumped by 10.5% month-on-month, contributing one-third of the month-on-month growth rate of CPI in June. The supply constraint caused by the lack of chips and other factors is still the main bottleneck. In addition, services related to travel demand after the epidemic recovery and opening, such as air tickets and hotels, also increased significantly. For example, the counting price in June reached 2.7% month-on-month.</p><p><b>Retail sales unexpectedly rose 0.6% month-over-month in June</b>, higher than the expected-0.3% and previous value (-1.7%). Looking at items,<b>Retail sales of cars and parts fell 2% month-on-month, likely weighed down by recent supply shortages and sharp price hikes</b>But department stores, groceries, electronics and household appliances rose from the previous month. However, retail spending that greatly exceeded expectations was offset by a lower-than-expected University of Michigan Consumer Confidence Index (80.8 in July, down from the previous value of 85.5 and not as good as expected (86.5). Meanwhile, 360,000 initial applications last week were lower than the previous value (386,000) but not as good as expected 350,000.</p><p><i>Summary of economic data over the past week</i></p><p><img src=\"https://static.tigerbbs.com/51c8becaabb300c614aae82376b1811e\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. CPI exceeded expectations again in June, 5.4% year-on-year and 0.9% month-on-month, with used cars and travel-related services still the most important contributors</i></p><p><img src=\"https://static.tigerbbs.com/be95482ad914743cc46ae03dfd61c7c7\" tg-width=\"925\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. June retail sales 0.6% month-over-month, higher than expectations of-0.3%</i></p><p><img src=\"https://static.tigerbbs.com/b3e7d767ac03bf61753c4ea2a31c98b4\" tg-width=\"922\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p><i>In terms of items, retail sales of cars and parts fell 2% month-on-month, but department stores, grocery stores, electronics and household appliances rose from the previous month</i></p><p><img src=\"https://static.tigerbbs.com/c26688afd6f0e8018af6ab4646f83a73\" tg-width=\"842\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p><i>The Fed's average daily reverse repo usage remained high over the past week, exceeding $800 billion</i></p><p><img src=\"https://static.tigerbbs.com/cc2a4bf65f4512b115ac6ba45da7533b\" tg-width=\"1077\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p><i>The current balance sheet of the Federal Reserve is about $8.20 trillion, up significantly from last week</i></p><p><img src=\"https://static.tigerbbs.com/90a6980f71674854b48b80fd7945e5b2\" tg-width=\"728\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p><b>► Market Valuation: Valuations have pulled back slightly.</b></p><p>With the continuous decline of the 10-year US bond interest rate last week, the current static P/E of S&P 500 index 27.7 times is basically at a reasonable level (~27.9 times) that can be supported by growth (ISM manufacturing PMI =60.6 in June) and liquidity (10-year US bond interest rate 1.36%). The valuation levels of stock markets in major global markets, including Europe, Japan and emerging markets, have all declined, but they are at relatively high levels in history.</p><p><i>The current 12-month dynamic P/E of the S&P 500 is down slightly to 21.3 times, more than one standard deviation upward of its mean since 1990</i></p><p><img src=\"https://static.tigerbbs.com/375db13e71641a7072dc3fad087b017d\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>The current 27.7 times static P/E of the S&P 500 is basically at a reasonable level that growth and liquidity can support (~27.9 times)</i></p><p><img src=\"https://static.tigerbbs.com/593bae75a6b6c4dbec11a5708e95d06b\" tg-width=\"756\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CICC Overseas: US Stocks Earnings in the Second Quarter are Expected to Further Accelerate Growth</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\">\nCICC Overseas: US Stocks Earnings in the Second Quarter are Expected to Further Accelerate Growth\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1090746012\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/54c3f16355434883aa8d30b4dc5a7d90);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Kevin策略研究 </p>\n<p class=\"h-time smaller\">2021-07-18 18:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Abstract</b></p><p>Recently, as inflation in the United States has risen beyond expectations again, the market's concerns about whether U.S. stocks under high inflation and high valuation can continue their upward trend and whether the Federal Reserve's policy will be tightened ahead of schedule have heated up again. However, aside from some short-term emotional changes, fundamental conditions are the core of judging the medium-term trend of the market.<b>From the market perspective, even in the face of many uncertainties, as long as the profit trend is not completely reversed, we will not turn pessimistic about the market.</b></p><p>Overall: Growth further accelerated in the second quarter; Durable goods, banks, raw materials and capital goods led the growth rate.</p><p>Referring to Factset consensus expectations,<b>S&P 500 earnings (comparable caliber) are on track to achieve 66% year-over-year growth (vs. 52% in the first quarter), and Nasdaq Composite 89% year-over-year (vs. 94% in the first quarter).</b>At the plate level, combined with the base number in the second quarter of last year and the repair situation in the second quarter of this year, the current expectation summarized by Factset shows that,<b>Consumer durable goods, banking, raw materials, capital goods and other sectors led the earnings growth rate</b>, on track to achieve earnings growth of more than 100%; Conversely, household goods, healthcare equipment, and utilities are expected to post negative earnings growth in the second quarter.</p><p>Focus: Supply bottlenecks and capacity utilization, capital expenditure</p><p><b>At present, the problems faced by U.S. stock companies are no longer the repair of profits and demand, but more the release of supply and the alleviation of bottlenecks between supply and demand.</b>Therefore, in the second quarter performance period, we need to focus on the production capacity, supply chain repair and inventory of enterprises, especially the management's discussion on related issues. In terms of industries, compared with the high point of the previous investment cycle (July 2018), the current capacity utilization rate of automobiles and parts, air transportation, paper products, petroleum and coal, plastics and rubber, metal processing and other sectors is obviously low, especially for automobiles. The current capacity utilization rate is only 64%, but it fell further in June, which also explains that the price of used cars continued to rise sharply in June, thus pushing inflation higher.</p><p>Outlook: It is expected that the upward revision will continue, but the adjustment sentiment will fall marginally; Third quarter quarter still has stamina</p><p>On the whole, since the second quarter, the market's consensus expectation for the earnings of U.S. stocks has been revised rapidly. However, the more sensitive profit adjustment sentiment (upward adjustment vs. downward adjustment of the number of analysts) began to be revised rapidly in the second quarter, but it began to gradually stabilize at the end of May, indicating that the fastest stage of upward profit revision may have passed, and the kinetic energy of upward revision has slowed down.<b>Looking ahead, although the second quarter will be a year-on-year high due to the low base, we expect that there will still be stamina in the third quarter, mainly due to the further accelerated release of service consumption in the third quarter.</b></p><p><b>This week's focus: What about the upcoming second-quarter performance period of U.S. stocks?</b></p><p>Recently, with the inflation in the United States rising beyond expectations again, the market's concerns about whether the US stock market can continue its upward trend under high inflation and high valuation and whether the Federal Reserve's policy will be tightened ahead of schedule have heated up again.</p><p>In our recent comment \"Inflation Beyond Expectations vs. Relatively Calm Market\", we mentioned that the reason why the market is relatively calm is mainly because it is precisely such a high price (for example, used cars rose by 45% year-on-year, and if used cars are deducted, the CPI in June will be basically flat year-on-year) that the market thinks it is unsustainable, but more importantly, Powell still maintained the judgment that inflation is temporary and is not in a hurry to withdraw from the policy (\"The Federal Reserve is still not in a hurry to withdraw\") at the hearing, which avoided the market from falling into violent fluctuations in the face of unexpected inflation risks.</p><p><i>After deducting used car prices, inflation in June was only basically flat compared with May</i></p><p><img src=\"https://static.tigerbbs.com/cd0162f2599c429c113f4fb6bba6cd1c\" tg-width=\"864\" tg-height=\"531\" referrerpolicy=\"no-referrer\"></p><p>However, putting aside some short-term emotional changes, fundamental conditions are the core of judging the medium-term trend of the market.<b>What's more, since the US Treasury yields began to gradually rise in the third quarter of last year, the valuation of U.S. stocks has been basically flat, and earnings are the core variable driving market performance</b>。 Therefore,<b>From a market perspective, we will not turn pessimistic about the market as long as the earnings trend is not completely reversed, even in the face of the volatility that may result from many uncertainties</b>。</p><p>In fact, the first-quarter results greatly exceeded expectations (52% year-on-year vs. the expected 21% and 4% in the fourth quarter of 2020), driving the continuous upward revision of the performance (\"Eight Characteristics of Current U.S. Stock Earnings\"). The current market consensus expectation is that the profit growth rate is expected to reach 38% in 2021 and 11% in 2021.<b>With such strong growth, assuming other conditions remain unchanged, if you switch to earnings in 2022, then the valuation will return to pre-pandemic levels, which in turn makes the seemingly high valuation not that expensive.</b></p><p><i>From a market perspective, we will not turn pessimistic about the market as long as the earnings trend is not completely reversed, even in the face of the volatility that may result from many uncertainties</i></p><p><img src=\"https://static.tigerbbs.com/e391be2c84b5cb240787e36fd019c74b\" tg-width=\"1005\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. Stock Market Stocks have been basically flat since the third quarter of last year</i></p><p><img src=\"https://static.tigerbbs.com/8b7e6447d1346d3f6a1b14792ae1fb01\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>If you switch to 2022 earnings in the second half of the year (light blue), then the valuation will fall back to pre-pandemic levels in 2019 (dark blue)</i></p><p><img src=\"https://static.tigerbbs.com/2d6495bd71eced449a9a243bfec33924\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p><p><i>S&P 500 2021 EPS consensus is up 38.4% y/y, market consensus is up 10.9% y/y in 2022</i></p><p><img src=\"https://static.tigerbbs.com/a71ebb5c81492e5a9ac8e8ed4d312b7d\" tg-width=\"991\" tg-height=\"609\" referrerpolicy=\"no-referrer\"></p><p><b>I. Overall situation: further accelerated in the second quarter; Durable goods, banks, raw materials and capital goods lead the growth rate</b></p><p>Starting from mid-July, the U.S. stock market will gradually enter the 2Q21 performance period that lasts for one month. As analyzed in \"2H21 Overseas Market Outlook: From Growth Spillover to Liquidity Backlash\", we expect that thanks to the low base last year and the continuous recovery of service consumption under the epidemic vaccination since the second quarter,<b>U.S. Stocks Earnings Growth in the Second Quarter will be the High of the Year</b>。 Specifically, referring to the Factset consensus expectation,<b>S&P 500 earnings (comparable caliber) are on track to achieve 66% year-over-year growth (vs. 52% in the first quarter), and Nasdaq Composite 89% year-over-year (vs. 94% in the first quarter).</b></p><p><i>At present, the market consensus is that the S&P 500 EPS in the second quarter is 65.5% year-on-year, and the Nasdaq Composite Index EPS is expected to be 88.9% year-on-year in the second quarter</i></p><p><img src=\"https://static.tigerbbs.com/e9dac04e5c6cd831a34297db41de0ce8\" tg-width=\"742\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><i>Except for net income, S&P 500's second-quarter EBIT is expected to continue to rise compared with the first quarter, and Nasdaq slipped slightly but remained high</i></p><p><img src=\"https://static.tigerbbs.com/4b9707e327be510f64aa0b22d4dfc432\" tg-width=\"853\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>At the plate level, combined with the base number in the second quarter of last year and the repair situation in the second quarter of this year, the current expectation summarized by Factset shows that,<b>Consumer durable goods, banking, raw materials, capital goods and other sectors are leading in earnings growth and are expected to achieve earnings growth of more than 100%</b>； Conversely, household goods, healthcare equipment, and utilities are expected to post negative earnings growth in the second quarter.<b>From the perspective of improvement, compared with the first quarter, the value sectors such as durable consumer goods, capital goods, banks and raw materials may improve significantly</b>While the profit growth rate of growth sectors such as retail, healthcare equipment, technology hardware, media and entertainment may decline.</p><p><i>Consumer durable goods and banks improved significantly year-on-year EPS growth in the second quarter, but household goods, healthcare and equipment are expected to lag behind</i></p><p><img src=\"https://static.tigerbbs.com/7723e780a6d8d49765b7a8eb71c47142\" tg-width=\"955\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p><i>This strength-weakness relationship is broadly consistent with the first quarter</i></p><p><img src=\"https://static.tigerbbs.com/25d827e228fc131c8609e7eb4578ae59\" tg-width=\"910\" tg-height=\"559\" referrerpolicy=\"no-referrer\"></p><p><i>Compared with the first quarter, consumer durable goods, capital goods, banks, raw materials, etc. improved the most, while retail, diversified finance, medical and healthcare equipment, etc. declined</i></p><p><img src=\"https://static.tigerbbs.com/149d7a68d6d77d103d297aa57e509aba\" tg-width=\"812\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><i>Since the second quarter, the 2021e EPS estimate of the energy sector has been adjusted the largest, and the upward adjustment of banks and raw materials has also been significant</i></p><p><img src=\"https://static.tigerbbs.com/c733067357fdc302b884ee0852845ee0\" tg-width=\"638\" tg-height=\"392\" referrerpolicy=\"no-referrer\"></p><p><b>Focus: Supply bottleneck, capacity utilization, capital expenditure</b></p><p><b>At present, the problems faced by U.S. stock companies are not the repair of profit and demand, but the release of supply and the relief of bottlenecks between supply and demand</b>。 Therefore, in the second quarter performance period, we need to focus on the production capacity, supply chain repair and inventory of enterprises, especially the management's discussion on related issues. Judging from the monthly high-frequency data as of June, the overall capacity utilization rate of the United States is currently 75.5%, which has not been fully repaired to the level of 75.8% in January, especially for durable consumer goods, which are greatly affected by supply bottlenecks. At present, the capacity utilization rate is only 74%, which is still a distance from the 75% at the beginning of the year and before the epidemic.</p><p>In terms of industries, compared with the high point of the previous investment cycle (July 2018),<b>At present, the capacity utilization rate of automobile and parts, air transportation, paper products, petroleum and coal, plastics and rubber, metal processing and other sectors is obviously low.</b>In particular, the current capacity utilization rate of automobiles is only 64%, but it fell further in June, which also explains that used car prices continued to climb sharply in June, thus pushing inflation higher.</p><p>This can also be reflected in the capital expenditure of enterprises. As of the first quarter, the capital expenditure of American enterprises also shows a very differentiated K-type repair situation. The capital expenditure of those industries with strong demand, full production capacity and ability is repaired faster, such as e-commerce, semiconductor equipment, biopharmaceuticals and other industries; On the contrary, other industries such as energy, transportation and business services are still lagging behind.</p><p><i>Overall U.S. capacity utilization is now at 75.5% and has not fully repaired to January's level of 75.8%</i></p><p><img src=\"https://static.tigerbbs.com/53b499f6322772f960a8b4380161f69e\" tg-width=\"857\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p><i>In particular, durable consumer goods, which are greatly affected by supply bottlenecks, currently have a capacity utilization rate of only 74%</i></p><p><img src=\"https://static.tigerbbs.com/fac7dee32811c05608d4996ddc1b6f1e\" tg-width=\"900\" tg-height=\"552\" referrerpolicy=\"no-referrer\"></p><p><i>The capacity utilization rate of automobile and parts, air transportation, paper products, petroleum and coal, plastics and rubber, metal processing and other sectors is significantly low</i></p><p><img src=\"https://static.tigerbbs.com/3cb6dc355059b752c78fe7e9fd3e6a53\" tg-width=\"813\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><i>Cars, in particular, where capacity utilization is currently only 64%, fell further in June, explaining how used car prices continued to climb sharply in June, pushing inflation higher</i></p><p><img src=\"https://static.tigerbbs.com/7c2558b7d03946063043eb4df5726ecf\" tg-width=\"879\" tg-height=\"539\" referrerpolicy=\"no-referrer\"></p><p><i>As of the first quarter, the capital expenditure of American enterprises also showed a very differentiated K-shaped repair situation</i></p><p><img src=\"https://static.tigerbbs.com/7cf47a0b5398c71e46bf9d5517126c3a\" tg-width=\"895\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><b>III. Outlook: It is expected that the upward revision will continue, but the margin of adjustment sentiment will drop; Third quarter quarter still has stamina</b></p><p>Overall, since the second quarter, the market's consensus expectation for the earnings of U.S. stocks has been rapidly revised upward. At present, the market expects the EPS of S&P 500 to increase by 38.4% year-on-year in 2021 and 10.9% year-on-year in 2022; Nasdaq EPS increased 49.2% year-over-year in 2021 and 19.0% year-over-year in 2022. However, more sensitive earnings correction sentiment (upward vs. downward analyst number)<b>In the second quarter, the upward revision began rapidly, but it began to gradually stabilize at the end of May, indicating that the fastest stage of upward revision of profits may have passed, and the kinetic energy of upward revision slowed down.</b></p><p>Looking ahead,<b>Although the second quarter will be a year-on-year high due to the low base, we expect that the third quarter will still have stamina, mainly due to the further accelerated release of service consumption in the third quarter</b>。 At present, the market expects that the profit growth rate in the third quarter is 24%, which is one of the main reasons why we are still positive for the growth and market in the United States in the third quarter.</p><p><i>Since the second quarter, the sentiment of profit adjustment has been revised rapidly, but it has gradually stabilized at the end of May, indicating that the fastest stage of profit upward revision may have passed</i></p><p><img src=\"https://static.tigerbbs.com/f5ea5dcaf8bf692d3977f0131cf0d53c\" tg-width=\"789\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>We expect there will still be stamina in the third quarter, mainly due to the further accelerated release of service consumption in the third quarter</i></p><p><img src=\"https://static.tigerbbs.com/b0b251d0a58c9e8ac467ae4563f1fce6\" tg-width=\"775\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p><b>Market Dynamics: Inflation rose above expectations in June, and unexpected growth in retail sales showed that demand remained strong; US Treasury yields Hits New Low Bulls Increase, Dollar Shorts Drop</b></p><p><b>► Asset performance: debt> stock> bulk; Interest rates hit new lows, cycle underperforms</b></p><p>The past week has undoubtedly been a week of blockbuster data and events in the United States.<b>After exceeding expectations of June inflation</b>(\"Inflation beyond expectations vs. relatively calm market\"),<b>Still dovish Powell testimony</b>(\"The Federal Reserve is still not in a hurry to quit\"),<b>The overall U.S. stock market closed slightly lower and the financial cycle underperformed after exceeding expectations for retail sales but missing expectations for consumer confidence index</b>At the same time, the 10-year U.S. bond interest rate dropped to a recent low and fell back to 1.29%. The real interest rate fell, but inflation expectations rose. In terms of major assets in the world, under US dollar pricing, bonds> stocks> bulk, with VIX, soybeans, Brazilian stock market and Hong Kong stocks leading the gains; Bitcoin, crude oil, UK stocks, Nasdaq led the decline.</p><p><i>In the past week, under the US dollar price, bonds> stocks> bulk, with VIX, soybeans, Brazilian stock market and Hong Kong stocks leading the gains; Bitcoin, crude oil, UK stocks, Nasdaq lead declines</i></p><p><img src=\"https://static.tigerbbs.com/d4f9bb5609b5e9bb70a8f407e0033b21\" tg-width=\"1080\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><i>Utilities, household goods led gains over the past week; Energy, Semiconductors, Consumer Services Lead Declines</i></p><p><img src=\"https://static.tigerbbs.com/0d4d293cd3bdb071f6792ebbed29beee\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><i>In the past week, the 10-year U.S. bond rate fell by about 7bps from last week, with real interest rates falling by 11bps and inflation expectations rising by 4bps</i></p><p><img src=\"https://static.tigerbbs.com/f1264e9221413c868ea309fd8f4baee9\" tg-width=\"924\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p><i>In the past week, the sectors suffered more and cyclical damage from the epidemic were relatively underperforming, while the sectors suffered less damage from the epidemic were relatively outperforming</i></p><p><img src=\"https://static.tigerbbs.com/9f7bbaaa22ee6b5682383d99404572c2\" tg-width=\"824\" tg-height=\"506\" referrerpolicy=\"no-referrer\"></p><p><b>► Sentiment Positions: Put/call Ratio Lifts, Dollar Shorts Reduce Significantly</b></p><p>In the past week, the ratio of bearish/bullish options (10-day average) in U.S. stocks has risen sharply compared with last week, and it is currently-1 time standard deviation higher than the historical average. In terms of positions, the substantial reduction of long and short positions in the US Dollar Index led to a sharp increase in net long positions; With the further decline of US Treasury yields, the long position of 10-year U.S. debt has increased significantly, and the short position of 2-year U.S. debt has decreased significantly.</p><p><i>CBOE US stock bear/bull option ratio (10-day average) has risen sharply from last week and is currently-1x standard deviation above the historical average</i></p><p><img src=\"https://static.tigerbbs.com/f6d8a29e7882613661c1e3d53d7c1533\" tg-width=\"932\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p><i>In the past week, the RSI points of European and American stock markets all fell back, while Japan and emerging stock markets rose; Oil drop back</i></p><p><img src=\"https://static.tigerbbs.com/92e24fb1dbe1900f171084acec1c0902\" tg-width=\"1080\" tg-height=\"664\" referrerpolicy=\"no-referrer\"></p><p><i>Over the past week, long positions in the US Dollar Index have continued to increase, short positions have decreased significantly, and net long positions have risen significantly</i></p><p><img src=\"https://static.tigerbbs.com/125305e1d2b71dd5479e48f796d27371\" tg-width=\"992\" tg-height=\"609\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>► Capital flow: the cargo base turns into outflow, and the stock market accelerates its inflow.</b></p><p>In the past week, the inflow of bond market slowed down, the stock market accelerated, and money funds flowed out sharply; In terms of market, the stock markets of the United States and Japan accelerated their inflows, the inflows of developed Europe slowed down, and the emerging markets represented by China turned into inflows.</p><p><i>Over the past week, bond inflows have slowed, stocks have accelerated inflows, and money market funds have turned into big outflows</i></p><p><img src=\"https://static.tigerbbs.com/e9f5e742c9f21463f645f06f585f6dfe\" tg-width=\"1045\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p><p><i>Over the past week, U.S. and Japanese equity markets accelerated inflows, developed Europe slowed, and emerging markets, represented by China, turned into inflows</i></p><p><img src=\"https://static.tigerbbs.com/dd37fbb2a8c413cb479bf41d00fe260d\" tg-width=\"880\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><b>► Fundamentals and policies: Inflation exceeded expectations again in June, and retail sales grew strongly.</b></p><p><b>In June, inflation in the United States rose more than expected, and used cars and travel remained the main contributors.</b>In June, the CPI was 5.4% year-on-year and 0.9% month-on-month, both higher than the previous value and greatly exceeding market expectations. Among them, the price of used cars jumped by 10.5% month-on-month, contributing one-third of the month-on-month growth rate of CPI in June. The supply constraint caused by the lack of chips and other factors is still the main bottleneck. In addition, services related to travel demand after the epidemic recovery and opening, such as air tickets and hotels, also increased significantly. For example, the counting price in June reached 2.7% month-on-month.</p><p><b>Retail sales unexpectedly rose 0.6% month-over-month in June</b>, higher than the expected-0.3% and previous value (-1.7%). Looking at items,<b>Retail sales of cars and parts fell 2% month-on-month, likely weighed down by recent supply shortages and sharp price hikes</b>But department stores, groceries, electronics and household appliances rose from the previous month. However, retail spending that greatly exceeded expectations was offset by a lower-than-expected University of Michigan Consumer Confidence Index (80.8 in July, down from the previous value of 85.5 and not as good as expected (86.5). Meanwhile, 360,000 initial applications last week were lower than the previous value (386,000) but not as good as expected 350,000.</p><p><i>Summary of economic data over the past week</i></p><p><img src=\"https://static.tigerbbs.com/51c8becaabb300c614aae82376b1811e\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. CPI exceeded expectations again in June, 5.4% year-on-year and 0.9% month-on-month, with used cars and travel-related services still the most important contributors</i></p><p><img src=\"https://static.tigerbbs.com/be95482ad914743cc46ae03dfd61c7c7\" tg-width=\"925\" tg-height=\"568\" referrerpolicy=\"no-referrer\"></p><p><i>U.S. June retail sales 0.6% month-over-month, higher than expectations of-0.3%</i></p><p><img src=\"https://static.tigerbbs.com/b3e7d767ac03bf61753c4ea2a31c98b4\" tg-width=\"922\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p><p><i>In terms of items, retail sales of cars and parts fell 2% month-on-month, but department stores, grocery stores, electronics and household appliances rose from the previous month</i></p><p><img src=\"https://static.tigerbbs.com/c26688afd6f0e8018af6ab4646f83a73\" tg-width=\"842\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p><i>The Fed's average daily reverse repo usage remained high over the past week, exceeding $800 billion</i></p><p><img src=\"https://static.tigerbbs.com/cc2a4bf65f4512b115ac6ba45da7533b\" tg-width=\"1077\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p><i>The current balance sheet of the Federal Reserve is about $8.20 trillion, up significantly from last week</i></p><p><img src=\"https://static.tigerbbs.com/90a6980f71674854b48b80fd7945e5b2\" tg-width=\"728\" tg-height=\"447\" referrerpolicy=\"no-referrer\"></p><p><b>► Market Valuation: Valuations have pulled back slightly.</b></p><p>With the continuous decline of the 10-year US bond interest rate last week, the current static P/E of S&P 500 index 27.7 times is basically at a reasonable level (~27.9 times) that can be supported by growth (ISM manufacturing PMI =60.6 in June) and liquidity (10-year US bond interest rate 1.36%). The valuation levels of stock markets in major global markets, including Europe, Japan and emerging markets, have all declined, but they are at relatively high levels in history.</p><p><i>The current 12-month dynamic P/E of the S&P 500 is down slightly to 21.3 times, more than one standard deviation upward of its mean since 1990</i></p><p><img src=\"https://static.tigerbbs.com/375db13e71641a7072dc3fad087b017d\" tg-width=\"1080\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p><i>The current 27.7 times static P/E of the S&P 500 is basically at a reasonable level that growth and liquidity can support (~27.9 times)</i></p><p><img src=\"https://static.tigerbbs.com/593bae75a6b6c4dbec11a5708e95d06b\" tg-width=\"756\" tg-height=\"463\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/318dced6c8505427ba4c5a73eb4a7981","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151231853","content_text":"摘要\n近期随着美国通胀再度超预期上行，市场对高通胀高估值下的美股能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。不过，抛开短期一些情绪变化，基本面状况才是判断市场中期趋势的核心。从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观。\n整体情况：二季度增长进一步加速；耐用品、银行、原材料、资本品增速领先。\n参考Factset一致预期，标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，耐用消费品、银行、原材料、资本品等板块的盈利增速领先，有望实现超过100%的盈利增长；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。\n关注焦点：供应瓶颈与产能利用率、资本开支\n当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解。因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。分行业来看，相比上一轮投资周期的高点（2018年7月），当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。\n前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲\n整体看，二季度以来市场对美股盈利一致预期快速上修，不过，更为敏感的盈利调整情绪（上调vs.下调分析师数）二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。往前看，虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放。\n本周焦点：即将开始的美股二季度业绩期如何？\n近期随着美国通胀再度超预期上行，市场对于高通胀高估值下的美股市场能否延续上行趋势、以及美联储政策是否会提前收紧的担忧再度升温。\n我们在近期的点评《大超预期的通胀 vs.相对淡定的市场》中提到，市场之所以表现的相对淡定主要是由于恰恰是如此高的价格（例如二手车同比大涨45%，如果扣掉二手车的话6月CPI同比将基本持平）让市场认为是无法持续的，但更重要的是鲍威尔在听证会上依然维持通胀是暂时性且不急于政策退出的判断（《美联储依然不急于退出》），这避免了让市场在面对超预期的通胀风险下陷入剧烈波动。\n扣除掉二手车价格后，6月通胀同比较5月仅基本持平\n\n不过，抛开短期一些情绪上的变化，基本面状况才是判断市场中期趋势的核心，更何况去年三季度美债利率开始逐步上行以来，美股估值就基本持平，而盈利是推动市场表现的核心变量。因此，从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观。\n实际上，一季度业绩大超预期（同比52% vs. 预期的21%和2020年四季度4%），推动业绩持续上修（《当前美股盈利的八个特征》），当前市场一致预期预计2021年盈利增速有望达到38%，2021年为11%，在这样一个强劲增长下，假设其他条件不变，如果切换到2022年盈利，那么估值将重新回到疫情前水平，进而使得看似很高的估值并没有那么贵。\n从市场角度，即便面临诸多不确定性可能带来的波动，但只要盈利趋势不彻底逆转，我们就不会对市场转为悲观\n\n美股市场股市从去年三季度以来基本持平\n\n下半年如果切换到2022年盈利（浅蓝色），那么估值将回落至2019年疫情前水平（深蓝色）\n\n标普500指数2021年EPS一致预期同比增长38.4%，市场一致预期2022年同比增长10.9%\n\n一、整体情况：二季度进一步加速；耐用品、银行、原材料、资本品增速领先\n7月中旬开始，美股市场将逐步进入持续一个月的2Q21业绩期。如我们在《2H21海外市场展望：从增长外溢到流动性反噬》中分析，我们预计得益于去年低基数以及二季度以来疫情接种下服务性消费的持续修复，美股二季度盈利增速将是年内高点。具体来看，参考Factset一致预期，标普500盈利（可比口径）有望实现66%的同比增长（vs. 一季度52%），纳斯达克综指同比89%（vs. 一季度94%）。\n目前市场共识预计标普500二季度EPS同比65.5%，纳斯达克综指EPS预计二季度同比88.9%\n\n除净利润外，标普500二季度EBIT预计较一季度继续抬升，纳斯达克略有下滑，但仍处高位\n\n板块层面，结合去年二季度的基数以及今年二季度的修复情况，当前Factset汇总的预期显示，耐用消费品、银行、原材料、资本品等板块的盈利增速领先，有望实现超过100%的盈利增长；相反，家庭用品、医疗保健设备以及公用事业预计二季度盈利增速为负。从改善幅度来看，相比一季度，耐用消费品、资本品、银行及原材料等价值板块或将改善明显，而零售、医疗保健设备、科技硬件、媒体娱乐等成长板块盈利增速或有所回落。\n耐用消费品、银行二季度EPS同比增速改善明显，但家庭用品、医疗保健与设备预计落后\n\n这一强弱关系与一季度的情形大体一致\n\n对比一季度，耐用消费品、资本品、银行、原材料等改善幅度最大，零售、多元金融、医疗保健设备等下滑\n\n二季度以来，能源板块2021e EPS预期调整幅度最大，银行、原材料等上调幅度同样显著\n\n二、关注焦点：供应瓶颈与产能利用率、资本开支\n当前美股企业所面临的问题已经不在于盈利和需求的修复，更多在于供给的释放和供需瓶颈的缓解。因此，二季度业绩期，我们需要重点关注企业产能、供应链修复、以及库存的情况，特别是管理层对于相关问题的讨论。从截至6月的月度高频数据来看，美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平，尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%，距离年初和疫情前的75%都仍有距离。\n分行业来看，相比上一轮投资周期的高点（2018年7月），当前汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率都明显偏低，特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高。\n这一点从企业的资本开支情况也可以得到体现，从截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面，那些需求旺盛、产能已经打满且有能力的行业资本开支修复更快，例如电商、半导体设备、生物制药等行业；相反其他行业如能源、交运、商业服务等依然落后。\n美国整体产能利用率目前为75.5%，还没有完全修复至1月75.8%的水平\n\n 尤其是受供应瓶颈影响较大的耐用消费品，目前产能利用率仅为74%\n\n汽车与零部件、航空交运、纸制品、石油煤炭、塑料与橡胶、金属加工等板块的产能利用率明显偏低\n\n特别是汽车，当前产能利用率仅为64%，6月份反而还进一步回落，这也解释了二手车价格在6月继续大幅攀升进而推动通胀走高\n\n截止一季度的情况看，美国企业的资本开支也呈现非常分化的K型修复局面\n\n三、前景展望：预期继续上修，但调整情绪边际回落；三季度环比仍有后劲\n整体来看，二季度以来市场对于美股盈利的一致预期快速上修，目前，市场预计标普5002021年EPS同比增长38.4%，2022年EPS同比增长10.9%；纳斯达克2021年EPS同比增长49.2%，2022年EPS同比上升19.0%。不过，更为敏感的盈利调整情绪（上调 vs.下调分析师数）二季度开始快速上修，但5月末开始逐步企稳，预示着盈利上修最快阶段或已过去，上修动能减缓。\n往前看，虽然二季度得益于低基数将是同比高点，但我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放。目前市场预期预计三季度盈利增速24%，这也是我们对于三季度美国增长和市场依然维持积极的主要原因之一。\n二季度以来，盈利调整情绪快速上修，但5月末逐步企稳，预示着盈利上修最快阶段或已过去\n\n我们预计三季度环比仍有后劲，主要得益于服务性消费在三季度的进一步加速释放\n\n市场动态：6月通胀超预期上行，零售销售意外增长显示需求依然强劲；美债利率再创新低多头增加，美元空头大降\n►资产表现：债>股>大宗；利率再创新低，周期跑输\n过去一周毫无疑问是美国的重磅数据和事件周。在经历了超预期的6月通胀（《大超预期的通胀 vs.相对淡定的市场》）、依然鸽派的鲍威尔证词（《美联储依然不急于退出》）、超预期的零售销售但不及预期的消费者信心指数后，美股市场整体小幅收跌，金融周期跑输，同时10年美债利率再降近期新低并回落至1.29%，实际利率回落，但通胀预期抬升。全球主要资产来看，美元计价下，债>股>大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌。\n过去一周，美元计价下，债>股>大宗，VIX、大豆、巴西股市、港股领涨；比特币、原油、英国股市、纳斯达克领跌\n\n过去一周，公用事业、家庭用品领涨；能源、半导体、消费者服务领跌\n\n过去一周，10年美债利率较上周回落约7bps，其中实际利率回落11bps，通胀预期上升4bps\n\n过去一周，疫情受损多及周期板块相对跑输，疫情受损少板块相对跑赢\n\n►情绪仓位：Put/call比例抬升，美元空头大幅减少\n过去一周，美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差。仓位方面，美元指数多头空头仓位大幅减少导致净多头大幅抬升；伴随美债利率的进一步回落，10年美债多头仓位大幅增加，2年美债空头仓位大幅减少。\nCBOE美股看空/看多期权比例（10天平均）较上周大幅抬升，目前高于历史均值-1倍标准差\n\n过去一周，欧美股市RSI点位均回落，日本及新兴抬升；布油回落\n\n过去一周，美元指数多头仓位继续增加，空头仓位大幅减少，净多头大幅抬升\n\n►资金流向：货基转为流出，股市加速流入。\n过去一周，债市流入放缓，股市加速流入，货币基金大幅流出；分市场看，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入。\n过去一周，债市流入放缓，股市加速流入，货币市场基金转为大幅流出\n\n过去一周，美国及日本股市加速流入，发达欧洲流入放缓，以中国为代表的新兴市场转为流入\n\n►基本面与政策：6月通胀再超预期，零售强势增长。\n6月美国通胀超预期上行，二手车和出行相关仍是主要贡献。6月CPI同比5.4%环比0.9%，均高于前值且大幅超出市场预期。其中，二手车价格环比跳升10.5%，贡献了6月CPI环比增速的三分之一，缺少芯片等因素导致的供给受限依然是主要瓶颈。此外，机票、酒店等与疫情修复开放后的出行需求相关的服务也涨幅明显，例如6月计票价格环比达2.7%。\n6月零售销售环比意外增长0.6%，高于预期的-0.3%和前值（-1.7%）。分项看，汽车与零部件零售销售环比下降2%，可能受近期供应紧缺和价格大涨拖累，但百货商店、杂货、电子和家用电器等较前月抬升。不过大超预期的零售消费被低于预期的密歇根大学消费者信心指数所抵消（7月80.8，低于前值85.5并不及预期（86.5）。与此同时，上周首申人数36.0万人，低于前值（38.6万人）但不及预期的35.0万人。\n过去一周经济数据总结\n\n美国6月CPI再超预期，同比5.4%环比0.9%，二手车和出行相关服务依然是最主要贡献\n\n美国6月零售销售环比 0.6%，高于预期的-0.3%\n\n分项看，汽车与零部件零售销售环比下降2%，但百货商店、杂货店、电子和家用电器等较前月抬升\n\n过去一周，美联储平均日度逆回购使用量仍处高位，超8000亿美元\n\n 美联储资产负债表目前规模约8.20万亿美元，较上周抬升明显\n\n►市场估值：估值略有回落。\n伴随10年美债利率上周的持续回落，当前标普500指数27.7倍静态P/E基本处于增长（6月ISM制造业PMI=60.6）和流动性（10年美债利率1.36%）能够支撑的合理水平（~27.9倍）。包括欧洲、日本、新兴在内的全球主要市场股市的估值水平均有回落，但处于历史相对高位。\n当前标普500指数12个月动态P/E微降至21.3倍，超过1990年以来均值向上一倍标准差\n\n当前标普500的27.7倍静态P/E基本处于增长和流动性能够支撑的合理水平（~27.9倍）","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142518512,"gmtCreate":1626160771436,"gmtModify":1703754543706,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>yo....","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>yo....","text":"$Sundial Growers Inc.(SNDL)$yo....","images":[{"img":"https://static.tigerbbs.com/2001bc80be5cf8e5f21cb04bd375255b","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142518512","isVote":1,"tweetType":1,"viewCount":2703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":142614762,"gmtCreate":1626145780256,"gmtModify":1703754264006,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","listText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, Inc.(COIN)$</a>up","text":"$Coinbase Global, Inc.(COIN)$up","images":[{"img":"https://static.tigerbbs.com/00338dc69005fe8ac6362b1b53728083","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142614762","isVote":1,"tweetType":1,"viewCount":2870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":142132694,"gmtCreate":1626135818118,"gmtModify":1703753957542,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142132694","repostId":"1153344848","repostType":4,"repost":{"id":"1153344848","kind":"news","weMediaInfo":{"introduction":"关注中国基金报，即时获取深度理财资讯","home_visible":1,"media_name":"中国基金报","id":"6","head_image":"https://static.tigerbbs.com/2b2c79a68beb44c7bc06ad7210091200"},"pubTimestamp":1626135503,"share":"https://ttm.financial/m/news/1153344848?lang=en_US&edition=fundamental","pubTime":"2021-07-13 08:18","market":"hk","language":"zh","title":"For the chips! Just now, 1.7 trillion US missions also took action!","url":"https://stock-news.laohu8.com/highlight/detail?id=1153344848","media":"中国基金报","summary":"半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。\n\n最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！\n王兴出手\n投资","content":"<p><div>The semiconductor sector has become the hottest concept this year. As far as A shares are concerned, the semiconductor index has soared by nearly 57% since the end of March, and many stocks have soared with the concept of \"semiconductor\". In the latest news, Wang Xing also made a move! Meituan and its affiliated companies have both invested in semiconductor companies! Wang Xing's investment in semiconductor enterprises Tianyan Check shows that recently, Shanghai Zhixin Semiconductor Technology Co., Ltd. made Series B financing, and Meituan affiliates Kuxun Technology and Meituan Industrial Fund Meituan Longzhu all appeared on the investors. In addition, the investors include Wangtai Henghui Investment Fund, Tianchuang Capital, Yaotu Capital GGV Jiyuan...</p><p><a href=\"None\">Web link</a></div></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>For the chips! Just now, 1.7 trillion US missions also took action!</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\">\nFor the chips! Just now, 1.7 trillion US missions also took action!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/6\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2b2c79a68beb44c7bc06ad7210091200);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">中国基金报 </p>\n<p class=\"h-time smaller\">2021-07-13 08:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>The semiconductor sector has become the hottest concept this year. As far as A shares are concerned, the semiconductor index has soared by nearly 57% since the end of March, and many stocks have soared with the concept of \"semiconductor\". In the latest news, Wang Xing also made a move! Meituan and its affiliated companies have both invested in semiconductor companies! Wang Xing's investment in semiconductor enterprises Tianyan Check shows that recently, Shanghai Zhixin Semiconductor Technology Co., Ltd. made Series B financing, and Meituan affiliates Kuxun Technology and Meituan Industrial Fund Meituan Longzhu all appeared on the investors. In addition, the investors include Wangtai Henghui Investment Fund, Tianchuang Capital, Yaotu Capital GGV Jiyuan...</p><p><a href=\"None\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"159813":"芯片","QNETCN":"纳斯达克中美互联网老虎指数","03690":"美团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153344848","content_text":"半导体板块已成为今年最火爆的概念，A股来看，半导体指数自3月底以来，便暴涨近57%，不少个股沾上“半导体”概念都大涨。\n\n最新消息，王兴也出手了！美团旗下及关联公司双双入股半导体公司！\n王兴出手\n投资半导体企业\n天眼查显示，近日，上海智砹芯半导体科技有限公司进行了B轮融资，美团关联公司酷讯科技、美团产业基金美团龙珠均在投资方上出现。\n此外，投资方还有旺泰恒辉投资基金、天创资本、耀途资本GGV纪源资本、冯源资本。\n\n酷讯科技、美团龙珠均为美团旗下或者关联企业。北京酷讯科技有限公司由Xigua Limited全资持股，美团联合创始人穆荣均任执行董事。\n同时，上海智砹芯半导体科技发生工商变更，新增美团关联公司北京酷讯科技有限公司等为股东，同时公司注册资本由约1.75亿人民币增至约2.05亿人民币。\n\n资料显示，爱芯科技致力于高性能、低功耗人工智能处理器芯片研发，基于算法、芯片、产品的垂直整合，为合作伙伴提供全栈式解决方案，帮助客户实现最新技术快速落地。爱芯自主研发面向推理加速的神经网络处理器IP，集强大算力与超低功耗于一体，可支持物体检测、人脸识别等多种视觉任务开发，广泛应用于智慧城市，智慧零售、智能社区、智能家居、物联网设备等多个领域。\n此前投出喜茶、理想等爆款项目\n又完成了50亿元第二期基金募资\n据悉，目前，龙珠投资、美团战投以及王兴的个人投资，已经成为美团投资的“三驾马车”。此外，王兴还通过“上海汉创投资管理有限公司”和源码资本两条路径，成为辰海资本一家投资主体的最终受益人。从收益的角度看，投资业务也能赋能整个美团生态。\n其中，本次出现在爱芯科技的龙珠投资，资料显示，龙珠是美团首次发起设立美团产业基金。 美团产业基金的另一大特色是设立专业的战略顾问团队和投后管理，由王兴带队，同时包括王慧文等美团的核心管理团队。\n首期基金于 2018 年募集 20 亿元，出资人有美团、腾讯、招商资本局母基金等。\n据悉，首期基金将重点投资大消费领域C轮以前的项目投资，投资方向包括to B及to C，具体包括餐饮、零售、及酒店旅游、休闲娱乐等本地生活服务领域，单个项目的投资金额会在3000万人民币到1亿人民币之间。\n据悉，首期基金，美团龙珠资本与高瓴资本联合领投蜜雪冰城；独家投资喜茶的 B 轮融资；参与了理想汽车的 C 轮融资。现在理想汽车已经美股上市，市值 238 亿美元；蜜雪冰城也被传将于今年登陆 A 股，目前估值超 200 亿元；据多名投资人透露，目前还没有明确上市计划的喜茶，估值已达到 330 亿元。新茶饮品牌古茗奶茶，美团龙珠资本也是最大外部投资人。\n除了上述项目之外，美团龙珠资本还投资了谊品生鲜、Swiggy（印度外卖平台）、乐禾食品和幸福西饼等品牌。\n\n第二期基金近50亿元的融资在3月份举行，基石投资者中包括美团和腾讯。在完成第二期募资的同时，美团龙珠投资委员会迎来一位新的合伙人于红，成为美团龙珠投资委员会的第四位成员。\n于红先后任职于华兴资本、 GGV 纪源资本，其领域偏向科技互联网行业。在纪源资本任执行董事期间，她的投资成果包括作业帮、Musical.ly 和火花思维。\n据了解，第二期的 50 亿元除了用于继续深耕大消费的同时，将往物流等领域拓展。此前，外界曾将美团龙珠资本称为 “美团战投二部”，但在增加新的投资方向后，二者的区别会更明显。\n而王兴执掌的美团，最新市值为1.74万亿港元。","news_type":1,"symbols_score_info":{"159813":0.9,"03690":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":2949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156277654,"gmtCreate":1625228094378,"gmtModify":1703738833041,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/COIN\">$Coinbase Global, 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09:20","market":"hk","language":"zh","title":"Opening: Hang Seng Index open low 0.84%, Li Ning opened up more than 4% after results","url":"https://stock-news.laohu8.com/highlight/detail?id=1196719671","media":"老虎资讯综合","summary":"8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报38","content":"<p>On August 13th, the Hang Seng Index opened down 221.63 points, or 0.84%, to 26,296.19 points; The State-owned Enterprises Index opened down 90.68 points, or 0.96%, to 9374.78 points; The red-chip index opened down 10.27 points, or 0.27%, at 3,818.03.</p><p>The Hang Seng Technology Index fell 1.26%,<a href=\"https://laohu8.com/S/00780\">Tongcheng Elong</a>down 2.69%,<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>down 2.46%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>down 2.24%,<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>It fell nearly 2%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>With<a href=\"https://laohu8.com/S/06618\">JD Health</a>、<a href=\"https://laohu8.com/S/09999\">Netease-S</a>down about 1.7%.</p><p>Hong Kong education stocks fell,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>fell by more than 8%,<a href=\"https://laohu8.com/S/09901\">New Oriental-S</a>Down nearly 4%,<a href=\"https://laohu8.com/S/01773\">Tianli Education</a>down 2.65%,<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>down 2.17%.</p><p>Hong Kong Carbon Neutral Concept Stocks Strengthen, $China<a href=\"https://laohu8.com/S/600811\">Oriental Group</a>(00581) $ rose by more than 13%,<a href=\"https://laohu8.com/S/00257\">Everbright Environment</a>up 4.24%,<a href=\"https://laohu8.com/S/00750\">Shuifa Xingye Energy</a>up 1.7%,<a href=\"https://laohu8.com/S/06865\">Follett Glass</a>With<a href=\"https://laohu8.com/S/00868\">Xinyi Glass</a>It rose by more than 0.85%,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>It said that due to the shortage of resource supply, it was optimistic about the lithium industry market.</p><p><a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose by more than 4%, and the net profit in the first half of the year increased by 187%.</p><p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell by 3.2%, and in Q2, the fair value loss was 3.1 billion yuan due to the adjustment of Kuaishou market value.</p><p><a href=\"https://laohu8.com/S/01415\">Gaowei Electronics</a>Revenue in the first half of the year decreased by approximately 3.2% year-on-year.</p><p><a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>Hong Kong stocks fell 0.85% to HK$ 116 the day after listing.</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: Hang Seng Index open low 0.84%, Li Ning opened up more than 4% after results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: Hang Seng Index open low 0.84%, Li Ning opened up more than 4% after results\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-13 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 13th, the Hang Seng Index opened down 221.63 points, or 0.84%, to 26,296.19 points; The State-owned Enterprises Index opened down 90.68 points, or 0.96%, to 9374.78 points; The red-chip index opened down 10.27 points, or 0.27%, at 3,818.03.</p><p>The Hang Seng Technology Index fell 1.26%,<a href=\"https://laohu8.com/S/00780\">Tongcheng Elong</a>down 2.69%,<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>down 2.46%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>down 2.24%,<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>It fell nearly 2%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>With<a href=\"https://laohu8.com/S/06618\">JD Health</a>、<a href=\"https://laohu8.com/S/09999\">Netease-S</a>down about 1.7%.</p><p>Hong Kong education stocks fell,<a href=\"https://laohu8.com/S/00667\">Oriental Education in China</a>fell by more than 8%,<a href=\"https://laohu8.com/S/09901\">New Oriental-S</a>Down nearly 4%,<a href=\"https://laohu8.com/S/01773\">Tianli Education</a>down 2.65%,<a href=\"https://laohu8.com/S/06913\">South China Vocational Education</a>down 2.17%.</p><p>Hong Kong Carbon Neutral Concept Stocks Strengthen, $China<a href=\"https://laohu8.com/S/600811\">Oriental Group</a>(00581) $ rose by more than 13%,<a href=\"https://laohu8.com/S/00257\">Everbright Environment</a>up 4.24%,<a href=\"https://laohu8.com/S/00750\">Shuifa Xingye Energy</a>up 1.7%,<a href=\"https://laohu8.com/S/06865\">Follett Glass</a>With<a href=\"https://laohu8.com/S/00868\">Xinyi Glass</a>It rose by more than 0.85%,<a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>It said that due to the shortage of resource supply, it was optimistic about the lithium industry market.</p><p><a href=\"https://laohu8.com/S/02331\">Li Ning</a>It rose by more than 4%, and the net profit in the first half of the year increased by 187%.</p><p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It fell by 3.2%, and in Q2, the fair value loss was 3.1 billion yuan due to the adjustment of Kuaishou market value.</p><p><a href=\"https://laohu8.com/S/01415\">Gaowei Electronics</a>Revenue in the first half of the year decreased by approximately 3.2% year-on-year.</p><p><a href=\"https://laohu8.com/S/02015\">Li Auto-W.</a>Hong Kong stocks fell 0.85% to HK$ 116 the day after listing.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"513600":"恒生指数ETF南方","02331":"李宁","HSI":"恒生指数","HSTECH":"恒生科技指数","02833":"恒指ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196719671","content_text":"8月13日，恒生指数开盘下跌221.63点，跌幅0.84%，报26296.19点；国企指数开盘下跌90.68点，跌幅0.96%，报9374.78点；红筹指数开盘下跌10.27点，跌幅0.27%，报3818.03点。\n恒生科技指数跌1.26%，同程艺龙跌2.69%，阿里健康跌2.46%，腾讯控股跌2.24%，美团-W跌近2%，阿里巴巴-SW与京东健康、网易-S跌约1.7%。\n港股教育股下挫，中国东方教育跌超8%，新东方-S跌近4%，天立教育跌2.65%，华南职业教育跌2.17%。\n港股碳中和概念股走强，$中国东方集团(00581)$涨超13%，光大环境涨4.24%，水发兴业能源涨1.7%，福莱特玻璃与信义玻璃涨超0.85%，国金证券称因资源供应短缺看好锂行业板块行情。\n李宁涨超4%，上半年净利润增长187%。\n百度集团-SW跌3.2%，Q2因快手市值调整造成公允价值损失31亿元。\n高伟电子跌7.33%，上半年收益同比减少约3.2%。\n理想汽车-W港股上市次日跌0.85%，报116港元。","news_type":1,"symbols_score_info":{"513600":0.9,"MHImain":0.9,"HSTECH":0.9,"MCHmain":0.9,"02331":0.9,"HSI":0.9,"HHImain":0.9,"HSImain":0.9,"02833":0.9}},"isVote":1,"tweetType":1,"viewCount":2893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188250721,"gmtCreate":1623451045163,"gmtModify":1704203865292,"author":{"id":"3571463119794412","authorId":"3571463119794412","name":"追高风","avatar":"https://static.tigerbbs.com/aa72a321bdf13eb9d23dc6dbab1ad618","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571463119794412","idStr":"3571463119794412"},"themes":[],"htmlText":"<a 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