山风_8300 personal page - To The Moon

山风_8300

山风_8300

No personal profile

7Follow

1Followers

0Topic

0Badge

2021-06-29

?

Netflix's Next Step: Becoming Disney?

2021-06-29

?

Market Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.

2021-06-29

?

With 61 consecutive limit-up days, what kind of "strange trend" has swept through the most outperforming ST stocks?

2021-06-29

?

Blue City Brothers' "Same-Sex" Business Experience

2021-06-29

?

Sorry, the original content has been removed

2021-06-29

?

Sorry, the original content has been removed

2021-06-29

?

Sorry, the original content has been removed

2021-06-29

?

Dingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.

2021-06-29

?

Tesla propelled CATL to the "center stage".

2021-06-29

?

Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.

2021-06-29

?

Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.

2021-06-28

?

Sorry, the original content has been removed

2021-06-28

?

Morgan Stanley warns: Any strong US economic data will hit the market

2021-06-28

?

Frequent overweight of foreign capital, 20 times the space of fuel cells is ready to go

2021-06-28

?

From entertainment to games, how to understand ByteDance's "investment puzzle"?

2021-06-28

?

Internet medical companies set off a wave of listing, and Dingdang Kuaiyao sprinted to list on the Hong Kong Stock Exchange

2021-06-28

?

Buffett: Many people's understanding of value investment is wrong!

2021-06-28

?

Under the wave of digital intelligence, how should the second-hand car e-commerce with "chicken feathers in one place" break the situation?

2021-06-28

?

Sorry, the original content has been removed

2021-06-28

?

Attention! This leading stock in the industrial chain has been swept by northbound funds for five consecutive weeks!

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3572785300913507","uuid":"3572785300913507","gmtCreate":1609691277823,"gmtModify":1706620738081,"name":"山风_8300","pinyin":"sf8300shanfeng8300","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":7,"tweetSize":58,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-4","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Tiger Star","description":"Join the tiger community for 2000 days","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.27","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"60.68%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"80.86%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":159277967,"gmtCreate":1624972940859,"gmtModify":1703849128807,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159277967","repostId":"1138372330","repostType":4,"repost":{"id":"1138372330","kind":"news","pubTimestamp":1624953281,"share":"https://ttm.financial/m/news/1138372330?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:54","market":"us","language":"zh","title":"Netflix's Next Step: Becoming Disney?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138372330","media":"极客公园","summary":"面对大举反攻的影视巨头，Netflix 虽然已经开始赚钱，但这远远不够。\nNetflix 开始学习迪士尼了。\n就在爱优腾还在和短视频行业较劲的当口，早已盈利的 Netflix 推出了 Netflix ","content":"<p>Faced with a major counterattack by film and television giants, Netflix has already started to make money, but this is far from enough.</p><p>Netflix Start Learning<a href=\"https://laohu8.com/S/DIS\">Disney</a>That's it.</p><p>Just as iYoo and Tencent were still competing with the short video industry, the already profitable Netflix launched Netflix Shop, entering the e-commerce field for the first time.</p><p>The Netflix Shop currently has a limited number of items available, only 18. Among them are as high as $135.<a href=\"https://laohu8.com/S/300024\">Robot</a>Alarm clocks, $30 T-shirts, but mostly clothing priced between $30 and $80. In the future, Netflix will also launch series of products such as \"Stranger Things\" and \"Witcher\".</p><p><b>What these products have in common is that they are all peripheral products of Netflix's IP.</b></p><p>This inevitably brings to mind Disney, a top player in the IP licensing market. According to data from the International Licensing Industry Association (LIMA), global sales of licensed merchandise reached $292.8 billion in 2019. Disney, ranked first, accounted for $54.7 billion, a figure twice Netflix's total revenue in 2020.</p><p>Clearly, Netflix is targeting the IP licensing pie. Behind this lies Netflix's hidden concerns and ambitions.</p><p><b>Netflix's hidden concerns</b></p><p>2020 was almost the best year since Netflix was born. Due to the pandemic and people staying at home, many people have shifted their entertainment activities online. As a result, Netflix gained 37 million paying subscribers, breaking the company's growth record, and the total number of paying subscribers also historically exceeded 200 million. Correspondingly, full-year profits increased by 76%.</p><p>This company, which was founded in the DVD rental business, timely shifted to the streaming business at the end of the golden age of television. Since then, it has achieved double-digit growth in paying users every year.</p><p><b>As a company with a market capitalization of $230 billion, Netflix's business model is extremely simple—producing high-quality content to attract consumers to pay for subscriptions.</b>In 2019, 98.52% of Netflix's revenue came from membership fees. By analogy with domestic long-form video platforms<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Membership fees account for only about 50% of its total revenue, with the rest mainly coming from online advertising and content distribution. It can be said that Netflix's revenue growth depends entirely on the growth of its users.<b>The other side of this statement is that if paying users cannot continue to grow, Netflix's business model will face a crisis.</b></p><p>Netflix, a pioneer of streaming platforms and with the largest user base, may have hit its user ceiling sooner. Streaming platforms are essentially robbing pay-TV users. Taking the US pay TV market as an example, after reaching a peak of 101 million paid subscribers in 2011, it has been declining year by year. Netflix currently has approximately 67 million users in the United States, meaning that more than half of its potential users have already paid for Netflix. In the first quarter of 2021, Netflix added only 4 million new users, lower than the expected 6 million, and its stock price fell by 11%.</p><p>A poor quarterly performance isn't a serious problem for Netflix; what's truly damaging is that its market share may be being eroded by competitors.</p><p>In response to revenue pressure from slowing user growth, Netflix has raised membership fees five times. The most recent incident occurred in October 2020, when the basic plan remained unchanged at $8.99, while the standard and basic plans increased by $1 and $2 respectively to $13.99 and $17.99.</p><p>This price is not much different from Netflix's main competitors for over a decade, HBO NOW ($14.99 ad-free) and HULU ($11.99 ad-free), but it is comparable to Disney.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Compared to these ambitious new generation entrants, they have little advantage. Disney+ costs just $7.99 a month, and Apple TV+ costs even less at just $4.99.</p><p>The past year has been almost a period of global streaming, with giants Disney, Apple, and Paramount entering the market one after another.</p><p>During the first quarter earnings call, when asked about his views on the current competition, Netflix founder Reed Hastings responded: \"Obviously, new competition is always there. But when we look at past data, the company has been growing because we are also very confident.\"</p><p>The confidence of the founders is one aspect, but the encroachment of Netflix by the giants is also real. In 2020, Netflix's market share of original programming fell from 56% at the beginning of the year to 50%.</p><p><img src=\"https://static.tigerbbs.com/e3168aceb52ba01af09cfda9ca74654a\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Global market share of original programs. Data Source Parrot Analytics. Image source:<a href=\"https://laohu8.com/S/NYT\">New York times</a></p><p>Behind this lies the loss of content from Netflix. Due to the launch of Disney+, Netflix removed a series of Disney IP content from its platforms. HBO also regained the copyrights to works such as \"Friends,\" \"The Big Bang Theory,\" and Studio Ghibli. Similarly, the veteran sitcom \"The Office\" has also been reclaimed by NBC.</p><p>Netflix original dramas account for only 30% of the total viewing time of subscribers, with the rest coming from external copyrights. According to data from CBN magazine, the top three longest-running Netflix shows in 2018 were \"The Office,\" \"Friends,\" and \"Grey's Anatomy.\" New content may be key to driving user growth, but existing viewers tend to choose works they are familiar with.</p><p>Netflix, which has been focusing on original content, has withdrawn most of its production plans due to the pandemic. Currently, Netflix does not have any major return series.</p><p>Netflix's model is somewhat like a one-off deal. After watching a series, users no longer have contact with it. Netflix's Stranger Things and House of Cards have a large number of die-hard fans, but a single subscription payment model cannot fully tap into the value of these IPs. This creates a strange phenomenon: on one side are fans holding banknotes and shouting \"Shut up and take my money,\" while on the other side are official fans who remain \"indifferent.\"</p><p><img src=\"https://static.tigerbbs.com/e8ff18c69d2bd4df4d5c3788a0149e63\" tg-width=\"399\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Image source: memegenetator</p><p>Last year, Netflix's original documentary \"Tiger King\" was watched by 34.3 million people within 10 days of its release, making it Netflix's most successful series. A large number of Tiger King merchandise immediately appeared on the e-commerce brand Esty. But without exception, they were all counterfeits.</p><p>A search for \"Tiger King\" on Esty still yields 8195 results. Image source: Esty</p><p>This makes it easy to understand why Netflix launched an online store. On Netflix's official blog, Josh Simon, head of the Netflix Shop and vice president of consumer products, wrote:<b>We like to see good stories go beyond the screen and become a part of people's lives.</b>」「<b>We've been thinking about how to expand our story world for our fans, from costumes and toys to immersive events and games.</b>That's why today we're launching Netflix.shop, an exciting new destination that combines curated products and rich stories into a unique Netflix shopping experience.</p><p>These words are all about one thing:<b>We want to be Disney!</b></p><p><b>Disney Magic</b></p><p>In 1929, a man went to a hotel and approached Walter Disney, offering $300 to have Mickey Mouse's image printed on his desk. This $300 became Disney's first \"franchise\" revenue. Nearly a century later, that $300 became a $54.7 billion business.</p><p>Flipping through Disney's list of IPs, you'll find it's an almost endless list. In addition to its own original IPs, such as Mickey Mouse, Winnie the Pooh, Disney princesses, and The Lion King, Disney also aggressively acquired Pixar, Marvel, Lucasfilm, and 20th Century Fox in the first 20 years of the 21st century. In other words, apart from Mickey Mouse, all the IPs you are familiar with, such as the Avengers, Star Wars, Avatar, and Toy Story, belong to Disney.</p><p>Family portraits of Disney IP characters. Image source: psu.edu</p><p>According to TitleMax's 2019 data, eight of the world's 20 most profitable IPs originated from Disney, with a cumulative economic value of $355.182 billion. Winnie the Pooh, Mickey Mouse, and Star Wars ranked 3rd, 4th, and 5th respectively. These old IPs, which are over 40 years old or even nearly a century old, still explode with amazing vitality.</p><p><img src=\"https://static.tigerbbs.com/e949ad901d47454456f46fa01087221f\" tg-width=\"1080\" tg-height=\"3408\" referrerpolicy=\"no-referrer\">The remaining Disney IPs in the TOP 20 are Disney Princesses at number 7, the Marvel Cinematic Universe at number 11, Spider-Man at number 12, Car Story at number 18, and Toy Story at number 19. Image source: TITLEMAX</p><p>In Hollywood, there is a famous locomotive theory:<b>Films themselves may not make money, but they must drive the development of related products.</b>。 Walt Disney clearly understood this well. As early as 1957, he drew a sketch that clearly described Disney's business model.</p><p><img src=\"https://static.tigerbbs.com/4c6a77415a665f0ec24a5f0dc2a0a794\" tg-width=\"596\" tg-height=\"529\" referrerpolicy=\"no-referrer\">The Disney business model drawn by Walt Disney. Image source: kottke.org</p><p>In this sketch, film studios are clearly central, with music, television, licensed merchandise, theme parks, and publications all surrounding them. Take magazines, for example. Movies provide articles for magazines, and magazines can promote movies and Disneyland. Each part is closely linked, cooperates with each other, and complements each other.</p><p>To this day, Disney has not deviated from the underlying logic of this model. Disney never views its animated characters as disposable consumer goods, but rather as a gold mine for long-term consumption. When Disney makes a movie, the company doesn't just consider the movie itself, but how to translate the story into goods, services, experiences, and other derivative products. As former Disney CFO Jay Rasulo said, \"Every aspect of the company is brand- and franchise-oriented.\"</p><p>Today, Disney's model is called<b>Round revenue</b>。</p><p>First, Disney will release movies centered on IP stories at high costs to earn its first round of revenue through box office revenue.</p><p>Disney will then sell the film rights to streaming platforms to earn a second round of revenue.</p><p>Meanwhile, with each new movie released, Disney adds corresponding new characters to the theme park, generating a third round of revenue through Disneyland.</p><p>Finally, earn the fourth round of income through franchising, publishing, retail, etc.</p><p>Through these four rounds of revenue generation, Disney has clearly \"squeezed out\" the profits from every IP. These diverse revenue streams give Disney a key advantage over Netflix, further extending the vitality of its IPs.</p><p><b>Build love for stories and turn love into money</b></p><p>Unlike Disney, Netflix has no plans to establish offline stores. Currently, Netflix has partnered with Target,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Retailers such as H&M and Sephora have signed licensing agreements for hundreds of peripheral products.</p><p>Netflix has also developed an online store system with e-commerce platform Shopify. Previously, Shopify has provided technical support for Allbirds, Kith, The New York Times, and Kim Kardashian's brand Skims.</p><p>Simon, the project leader at Netflix Shop, spent six years at Disney Studios as the production and development director.</p><p>This information seems to demonstrate Netflix's determination: \"Hey! We're not just playing around, we're serious!\"</p><p>For years, Netflix has avoided whether it is an entertainment or technology company. Just recently, Netflix founder Hastings declared, \"We really are an entertainment company.\"</p><p>According to Matthew Ball, a former Amazon Studio executive,<b>Essentially, an entertainment company does only three things:</b></p><p><ol><li><b>Creating/Telling Stories</b></p><p></li><li><b>Build love for these stories</b></p><p></li><li><b>Turn love into money</b></p><p></li></ol>By this standard, Disney is undoubtedly the best company on the planet. Think about it, how many little girls want to wear Elsa's blue dress while visiting Disneyland? How many parents would pay for this?</p><p>Netflix has done a good enough job of storytelling and building love, but can it turn love into money?</p><p>Mark A. Cohen, director of retail research at Columbia Business School, expressed skepticism: \"Most of them (Netflix's hit shows) have a short shelf life, unlike Disney's IP, which is a long journey of a generation.\"</p><p>Despite a great deal of uncertainty, this is undoubtedly Netflix's best financial year yet. The company has borrowed a total of $16 billion over the past 10 years. At the end of last year, Netflix stated in its fourth-quarter earnings report that it no longer needed to seek borrowing to finance the company. In other words, Netflix has become a truly profitable company.</p><p>Meanwhile, its other streaming competitors are still losing money, including Disney.</p>","source":"jkgy","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>Netflix's Next Step: Becoming Disney?</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\">\nNetflix's Next Step: Becoming Disney?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">极客公园</strong><span class=\"h-time small\">2021-06-29 15:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Faced with a major counterattack by film and television giants, Netflix has already started to make money, but this is far from enough.</p><p>Netflix Start Learning<a href=\"https://laohu8.com/S/DIS\">Disney</a>That's it.</p><p>Just as iYoo and Tencent were still competing with the short video industry, the already profitable Netflix launched Netflix Shop, entering the e-commerce field for the first time.</p><p>The Netflix Shop currently has a limited number of items available, only 18. Among them are as high as $135.<a href=\"https://laohu8.com/S/300024\">Robot</a>Alarm clocks, $30 T-shirts, but mostly clothing priced between $30 and $80. In the future, Netflix will also launch series of products such as \"Stranger Things\" and \"Witcher\".</p><p><b>What these products have in common is that they are all peripheral products of Netflix's IP.</b></p><p>This inevitably brings to mind Disney, a top player in the IP licensing market. According to data from the International Licensing Industry Association (LIMA), global sales of licensed merchandise reached $292.8 billion in 2019. Disney, ranked first, accounted for $54.7 billion, a figure twice Netflix's total revenue in 2020.</p><p>Clearly, Netflix is targeting the IP licensing pie. Behind this lies Netflix's hidden concerns and ambitions.</p><p><b>Netflix's hidden concerns</b></p><p>2020 was almost the best year since Netflix was born. Due to the pandemic and people staying at home, many people have shifted their entertainment activities online. As a result, Netflix gained 37 million paying subscribers, breaking the company's growth record, and the total number of paying subscribers also historically exceeded 200 million. Correspondingly, full-year profits increased by 76%.</p><p>This company, which was founded in the DVD rental business, timely shifted to the streaming business at the end of the golden age of television. Since then, it has achieved double-digit growth in paying users every year.</p><p><b>As a company with a market capitalization of $230 billion, Netflix's business model is extremely simple—producing high-quality content to attract consumers to pay for subscriptions.</b>In 2019, 98.52% of Netflix's revenue came from membership fees. By analogy with domestic long-form video platforms<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Membership fees account for only about 50% of its total revenue, with the rest mainly coming from online advertising and content distribution. It can be said that Netflix's revenue growth depends entirely on the growth of its users.<b>The other side of this statement is that if paying users cannot continue to grow, Netflix's business model will face a crisis.</b></p><p>Netflix, a pioneer of streaming platforms and with the largest user base, may have hit its user ceiling sooner. Streaming platforms are essentially robbing pay-TV users. Taking the US pay TV market as an example, after reaching a peak of 101 million paid subscribers in 2011, it has been declining year by year. Netflix currently has approximately 67 million users in the United States, meaning that more than half of its potential users have already paid for Netflix. In the first quarter of 2021, Netflix added only 4 million new users, lower than the expected 6 million, and its stock price fell by 11%.</p><p>A poor quarterly performance isn't a serious problem for Netflix; what's truly damaging is that its market share may be being eroded by competitors.</p><p>In response to revenue pressure from slowing user growth, Netflix has raised membership fees five times. The most recent incident occurred in October 2020, when the basic plan remained unchanged at $8.99, while the standard and basic plans increased by $1 and $2 respectively to $13.99 and $17.99.</p><p>This price is not much different from Netflix's main competitors for over a decade, HBO NOW ($14.99 ad-free) and HULU ($11.99 ad-free), but it is comparable to Disney.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Compared to these ambitious new generation entrants, they have little advantage. Disney+ costs just $7.99 a month, and Apple TV+ costs even less at just $4.99.</p><p>The past year has been almost a period of global streaming, with giants Disney, Apple, and Paramount entering the market one after another.</p><p>During the first quarter earnings call, when asked about his views on the current competition, Netflix founder Reed Hastings responded: \"Obviously, new competition is always there. But when we look at past data, the company has been growing because we are also very confident.\"</p><p>The confidence of the founders is one aspect, but the encroachment of Netflix by the giants is also real. In 2020, Netflix's market share of original programming fell from 56% at the beginning of the year to 50%.</p><p><img src=\"https://static.tigerbbs.com/e3168aceb52ba01af09cfda9ca74654a\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Global market share of original programs. Data Source Parrot Analytics. Image source:<a href=\"https://laohu8.com/S/NYT\">New York times</a></p><p>Behind this lies the loss of content from Netflix. Due to the launch of Disney+, Netflix removed a series of Disney IP content from its platforms. HBO also regained the copyrights to works such as \"Friends,\" \"The Big Bang Theory,\" and Studio Ghibli. Similarly, the veteran sitcom \"The Office\" has also been reclaimed by NBC.</p><p>Netflix original dramas account for only 30% of the total viewing time of subscribers, with the rest coming from external copyrights. According to data from CBN magazine, the top three longest-running Netflix shows in 2018 were \"The Office,\" \"Friends,\" and \"Grey's Anatomy.\" New content may be key to driving user growth, but existing viewers tend to choose works they are familiar with.</p><p>Netflix, which has been focusing on original content, has withdrawn most of its production plans due to the pandemic. Currently, Netflix does not have any major return series.</p><p>Netflix's model is somewhat like a one-off deal. After watching a series, users no longer have contact with it. Netflix's Stranger Things and House of Cards have a large number of die-hard fans, but a single subscription payment model cannot fully tap into the value of these IPs. This creates a strange phenomenon: on one side are fans holding banknotes and shouting \"Shut up and take my money,\" while on the other side are official fans who remain \"indifferent.\"</p><p><img src=\"https://static.tigerbbs.com/e8ff18c69d2bd4df4d5c3788a0149e63\" tg-width=\"399\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Image source: memegenetator</p><p>Last year, Netflix's original documentary \"Tiger King\" was watched by 34.3 million people within 10 days of its release, making it Netflix's most successful series. A large number of Tiger King merchandise immediately appeared on the e-commerce brand Esty. But without exception, they were all counterfeits.</p><p>A search for \"Tiger King\" on Esty still yields 8195 results. Image source: Esty</p><p>This makes it easy to understand why Netflix launched an online store. On Netflix's official blog, Josh Simon, head of the Netflix Shop and vice president of consumer products, wrote:<b>We like to see good stories go beyond the screen and become a part of people's lives.</b>」「<b>We've been thinking about how to expand our story world for our fans, from costumes and toys to immersive events and games.</b>That's why today we're launching Netflix.shop, an exciting new destination that combines curated products and rich stories into a unique Netflix shopping experience.</p><p>These words are all about one thing:<b>We want to be Disney!</b></p><p><b>Disney Magic</b></p><p>In 1929, a man went to a hotel and approached Walter Disney, offering $300 to have Mickey Mouse's image printed on his desk. This $300 became Disney's first \"franchise\" revenue. Nearly a century later, that $300 became a $54.7 billion business.</p><p>Flipping through Disney's list of IPs, you'll find it's an almost endless list. In addition to its own original IPs, such as Mickey Mouse, Winnie the Pooh, Disney princesses, and The Lion King, Disney also aggressively acquired Pixar, Marvel, Lucasfilm, and 20th Century Fox in the first 20 years of the 21st century. In other words, apart from Mickey Mouse, all the IPs you are familiar with, such as the Avengers, Star Wars, Avatar, and Toy Story, belong to Disney.</p><p>Family portraits of Disney IP characters. Image source: psu.edu</p><p>According to TitleMax's 2019 data, eight of the world's 20 most profitable IPs originated from Disney, with a cumulative economic value of $355.182 billion. Winnie the Pooh, Mickey Mouse, and Star Wars ranked 3rd, 4th, and 5th respectively. These old IPs, which are over 40 years old or even nearly a century old, still explode with amazing vitality.</p><p><img src=\"https://static.tigerbbs.com/e949ad901d47454456f46fa01087221f\" tg-width=\"1080\" tg-height=\"3408\" referrerpolicy=\"no-referrer\">The remaining Disney IPs in the TOP 20 are Disney Princesses at number 7, the Marvel Cinematic Universe at number 11, Spider-Man at number 12, Car Story at number 18, and Toy Story at number 19. Image source: TITLEMAX</p><p>In Hollywood, there is a famous locomotive theory:<b>Films themselves may not make money, but they must drive the development of related products.</b>。 Walt Disney clearly understood this well. As early as 1957, he drew a sketch that clearly described Disney's business model.</p><p><img src=\"https://static.tigerbbs.com/4c6a77415a665f0ec24a5f0dc2a0a794\" tg-width=\"596\" tg-height=\"529\" referrerpolicy=\"no-referrer\">The Disney business model drawn by Walt Disney. Image source: kottke.org</p><p>In this sketch, film studios are clearly central, with music, television, licensed merchandise, theme parks, and publications all surrounding them. Take magazines, for example. Movies provide articles for magazines, and magazines can promote movies and Disneyland. Each part is closely linked, cooperates with each other, and complements each other.</p><p>To this day, Disney has not deviated from the underlying logic of this model. Disney never views its animated characters as disposable consumer goods, but rather as a gold mine for long-term consumption. When Disney makes a movie, the company doesn't just consider the movie itself, but how to translate the story into goods, services, experiences, and other derivative products. As former Disney CFO Jay Rasulo said, \"Every aspect of the company is brand- and franchise-oriented.\"</p><p>Today, Disney's model is called<b>Round revenue</b>。</p><p>First, Disney will release movies centered on IP stories at high costs to earn its first round of revenue through box office revenue.</p><p>Disney will then sell the film rights to streaming platforms to earn a second round of revenue.</p><p>Meanwhile, with each new movie released, Disney adds corresponding new characters to the theme park, generating a third round of revenue through Disneyland.</p><p>Finally, earn the fourth round of income through franchising, publishing, retail, etc.</p><p>Through these four rounds of revenue generation, Disney has clearly \"squeezed out\" the profits from every IP. These diverse revenue streams give Disney a key advantage over Netflix, further extending the vitality of its IPs.</p><p><b>Build love for stories and turn love into money</b></p><p>Unlike Disney, Netflix has no plans to establish offline stores. Currently, Netflix has partnered with Target,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Retailers such as H&M and Sephora have signed licensing agreements for hundreds of peripheral products.</p><p>Netflix has also developed an online store system with e-commerce platform Shopify. Previously, Shopify has provided technical support for Allbirds, Kith, The New York Times, and Kim Kardashian's brand Skims.</p><p>Simon, the project leader at Netflix Shop, spent six years at Disney Studios as the production and development director.</p><p>This information seems to demonstrate Netflix's determination: \"Hey! We're not just playing around, we're serious!\"</p><p>For years, Netflix has avoided whether it is an entertainment or technology company. Just recently, Netflix founder Hastings declared, \"We really are an entertainment company.\"</p><p>According to Matthew Ball, a former Amazon Studio executive,<b>Essentially, an entertainment company does only three things:</b></p><p><ol><li><b>Creating/Telling Stories</b></p><p></li><li><b>Build love for these stories</b></p><p></li><li><b>Turn love into money</b></p><p></li></ol>By this standard, Disney is undoubtedly the best company on the planet. Think about it, how many little girls want to wear Elsa's blue dress while visiting Disneyland? How many parents would pay for this?</p><p>Netflix has done a good enough job of storytelling and building love, but can it turn love into money?</p><p>Mark A. Cohen, director of retail research at Columbia Business School, expressed skepticism: \"Most of them (Netflix's hit shows) have a short shelf life, unlike Disney's IP, which is a long journey of a generation.\"</p><p>Despite a great deal of uncertainty, this is undoubtedly Netflix's best financial year yet. The company has borrowed a total of $16 billion over the past 10 years. At the end of last year, Netflix stated in its fourth-quarter earnings report that it no longer needed to seek borrowing to finance the company. In other words, Netflix has become a truly profitable company.</p><p>Meanwhile, its other streaming competitors are still losing money, including Disney.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/m--XabEJEHyLq5PY_bXcWw\">极客公园</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e2224e6b43e75f835dbd8bb6d8c4972c","relate_stocks":{"NFLX":"奈飞","QNETCN":"纳斯达克中美互联网老虎指数","DIS":"迪士尼"},"source_url":"https://mp.weixin.qq.com/s/m--XabEJEHyLq5PY_bXcWw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138372330","content_text":"面对大举反攻的影视巨头，Netflix 虽然已经开始赚钱，但这远远不够。\nNetflix 开始学习迪士尼了。\n就在爱优腾还在和短视频行业较劲的当口，早已盈利的 Netflix 推出了 Netflix Shop，首次进入了电商领域。\nNetflix Shop 目前在售的商品数量还很有限，不过 18 种。其中有高达 135 美元的机器人闹钟，也有 30 美元的 T 恤，但主要还是价位在 30 至 80 美元的服饰。未来，Netflix 还会推出《怪奇物语》《猎魔人》等系列商品。\n这些商品的共同点在于——它们都是 Netflix 旗下 IP 的周边产品。\n这很难让人不联想到 IP 授权市场里的那个顶级玩家——迪士尼。根据国际授权业协会（LIMA）数据显示，2019 年全球授权商品的销售额为了 2928 亿美元。第一名迪士尼就占了 547 亿美元，这个数字，是 Netflix 2020 全年收入的两倍。\n显然，Netflix 瞄准了 IP 授权的蛋糕。这背后，是 Netflix 的隐忧，和野心。\nNetflix 的隐忧\n2020 年几乎是 Netflix 诞生以来最好的一年。因为疫情宅家的原因，许多人的娱乐活动都转向了线上。Netflix 也因此增长了 3700 万付费用户，打破了该公司的增长纪录，总付费用户数也历史性地突破 2 亿。相应的，全年利润增长了 76%。\n这家创立时做 DVD 租赁生意的公司，在电视黄金时代的末尾，及时转向了流媒体业务。此后年年实现了付费用户两位数以上的增长。\n作为一家市值 2300 亿美元的公司，Netflix 的商业模式却极其简单——生产优质内容，吸引消费者付费订阅。2019 年，Netflix 98.52% 的收入都来自会员费。类比国内的长视频平台爱奇艺，会员费仅占其总营收的约 50%，其它的收入主要来自在线广告和内容分发。可以说，Netflix 营收的增长完全取决于用户的增长。这句话的另一面是，一旦付费用户无法持续增长，Netflix 的商业模式就会迎来危机。\n作为流媒体平台的先驱和用户数量最庞大的 Netflix，可能更早撞上用户天花板。流媒体平台本质上是抢夺了付费电视的用户。以美国付费电视市场为例，在 2011 年付费用户达到 1.01 亿的顶峰后就逐年下滑。目前 Netflix 的美国用户约为 6700 万，也就是说，超过半数的潜在用户已经为 Netflix 买了单。就在 2021 年第一季度，Netflix 新增用户仅为 400 万，低于预期的 600 万，Netflix 的股价应声下跌了 11%。\n一个季度的糟糕表现对 Netflix 来说并不是什么严重的问题，真正伤筋动骨的是——Netflix 的市场份额可能正在被竞争对手蚕食。\n为了应对用户增长放缓带来的营收压力，Netflix 的会员费先后上涨过 5 次。最近的一次发生在 2020 年 10 月份, 基础套餐维持在 8.99 美元不变，标准和基础套餐别上涨了 1 美元和 2 美元，至 13.99 美元和 17.99 美元。\n这个价格与 Netflix 过于十几年来的主要竞争对手 HBO NOW（无广告版 14.99 美元）、HULU（无广告版 11.99 美元）差别不大，但是和迪士尼、苹果这些野心勃勃的新一代入场者相比，就没有什么优势了。迪士尼+的月费仅为 7.99 美元，苹果 TV+的费用甚至更低，仅为 4.99 美元。\n过去一年几乎是全球流媒体的战国时代，巨头迪士尼、苹果、派拉蒙相继入场。\n在今年一季度的财报分析会议上，当被问及如何看待当下的竞争时，Netflix 的创始人里德·黑斯廷斯（Reed Hastings）是这么回应的：「很明显，新的竞争一直存在。但是当我们翻看过往的数据，公司一直在保持增长，因为我们也很有信心。」\n创始人的信心是一方面，但巨头们对 Netflix 的蚕食也是实实在在。2020 年，Netflix 原创节目的市场份额从年初的 56% 跌至了 50%。\n全球原创节目市场份额。数据来源：Parrot Analytics。图片来源：纽约时报\n这背后，是 Netflix 的内容流失。因为迪士尼+的上线，Netflix 下架了一系列迪士尼 IP 内容。而 HBO，也拿回了《老友记》《生活大爆炸》、吉卜力工作室等作品的版权。同样的，老牌情景喜剧《办公室》也被 NBC 收回旗下。\n在订阅用户的观看时长中，Netflix 自制剧仅占总数的 30%，其它都来自外部版权。根据《第一财经》杂志的数据，2018 年 Netflix 播放时长前三的作品正是《办公室》《老友记》和《实习医生格蕾》。新内容可能是拉动用户增长的关键，但是对于老观众来说，他们更倾向于选择自己熟悉的作品。\n一直在原创内容发力的 Netflix，因为疫情的缘故，撤回了大部分制作计划。目前，Netflix 还没有任何大型的回归系列。\nNetflix 的模式多少像是一锤子买卖。用户观看完剧集后，就和这部剧不再发生联系。Netflix 旗下的《怪奇物语》《纸牌屋》有大批的死忠粉丝，但单一的订阅付费模式并不能完全挖掘这些 IP 的价值。这就出现了一种奇怪的现象：一边是手握钞票嗷嗷叫着「Shut up and take my money」的粉丝，一边是「无动于衷」的官方。\n图片来源：memegenetator\n去年 Netflix 自制纪录片《虎王》上线 10 天就有 3430 万人观看，是 Netflix 最成功的剧集。在电商品牌 Esty 上立刻出现了大量《虎王》周边。但无一列外，它们都是山寨的。\n在 Esty 上搜索「虎王」，仍有 8195 条结果。图片来源：Esty\n这就不难理解为什么 Netflix 要推出线上商城。在 Netflix 官方博客中，Netflix Shop 的负责人、消费品部门副总裁约什·西蒙（Josh Simon）如此写道：「我们喜欢看到好故事超越屏幕，成为人们生活的一部分。」「我们一直在考虑如何为粉丝们拓展我们的故事世界，从服装和玩具到身临其境的事件和游戏。这也是为什么今天我们推出 Netflix.shop，将其作为一个令人兴奋的新目的地，将精心策划的产品和丰富的故事结合在一个独特的 Netflix 购物体验中。」\n这字里行间都在说一件事：我们想要成为迪士尼！\n迪士尼魔法\n1929 年，有一个人到旅馆找到沃尔特·迪士尼（Walter Disney），拿出 300 美元，要求把米老鼠的形象印在写字桌上。这 300 美元成了迪士尼的第一笔「特许经营」收入。近百年后，这 300 美元成了 547 亿美元的大生意。\n翻开迪士尼的 IP 清单，你会发现这几乎是一本长不见底的名录。除了自有的原创 IP，如米老鼠、小熊维尼、迪士尼公主、狮子王等，迪士尼在 21 世纪的头 20 年还疯狂收购了皮克斯、漫威、卢卡斯影业、二十世纪福克斯。也就是说，除了米老鼠，你所熟悉的复仇者联盟、星球大战、阿凡达、玩具总动员这些 IP 全部都属于迪士尼。\n迪士尼旗下 IP 人物全家福。图片来源：psu.edu\n根据 TitleMax 2019 年的数据，全球最赚钱的 20 个 IP 中有 8 个来自迪士尼，累计经济价值达 3551.82 亿美元。其中小熊维尼、米老鼠、星球大战分别位列第 3、4、5 位。这些超过了 40 年甚至近百年的老 IP，依旧爆发出了惊人的生命力。\n其余 TOP 20 的迪士尼 IP 分别是第 7 位的迪士尼公主、11 位的漫威宇宙、12 位的蜘蛛侠、18 位的赛车总动员和 19 位的玩具总动员。图片来源：TITLEMAX\n在好莱坞，有一个著名的火车头理论：电影本身可以不赚钱，但它必须带动相关产品的发展。沃尔特·迪士尼显然深谙此道。早在 1957 年，他就画下了一张草图，清晰描述了迪士尼的商业模式。\n沃尔特·迪士尼画下的迪士尼商业模式。图片来源：kottke.org\n在这张草图中，电影制片厂处在了明确的中心位置，音乐、电视、授权商品、主题乐园和出版物都环绕在四周。拿杂志来说，电影为杂志提供了文章内容，杂志则可以宣传电影和迪士尼乐园。每一部分都紧密联系在一起，相互配合，相互补充。\n时至今日，迪士尼公司依旧没有脱离这套模式的底层逻辑。迪士尼从不把创作出的动画形象看成一次性消费品，而是作为一个可长久消费的金矿去深度挖掘。当迪士尼制作一部电影时，公司不仅仅是考虑电影本身，而如何将故事转化为商品、服务、体验和其它衍生产品。正如迪士尼前首席财务官杰·拉苏洛（Jay Rasulo）所说：「公司的每个方面都是面向品牌和特许经营的。」\n在今天，迪士尼的这种模式被叫做轮次收入。\n首先，迪士尼会以高成本推出以 IP 故事为核心的电影，通过票房赚取第一轮收入。\n然后，迪士尼会把影片版权卖给流媒体平台，赚取第二轮收入\n同时，迪士尼每推出一部新电影就会在主题乐园中增加相应的新人物，通过迪士尼乐园赚取第三轮收入。\n最后，通过特许经营、出版、零售等方式赚取第四轮收入。\n通过这四轮收入，迪士尼明明白白地「榨干」了每一个 IP 的利润。这些多种多样的盈利渠道使迪士尼比 Netflix 拥有了关键的优势，更加延续了旗下 IP 的生命力。\n为故事建立爱，把爱变成钱\n与迪士尼不同，Netflix 并没有建立线下门店的计划。目前，Netflix 已经和 Target、沃尔玛、亚马逊、H&M、丝芙兰等零售商签订了数百种周边产品的许可协议。\nNetflix 还和电商平台 Shopify 一起开发了线上商城系统。此前，Shopify 已经为 Allbirds、Kith、《纽约时报》和金·卡戴珊（Kim Kardashian）的品牌 Skims 提供过技术支持。\n而 Netflix Shop 的项目负责人西蒙，就曾经在迪士尼工作室呆过六年，担任制作和开发总监。\n这些信息似乎都在表明 Netflix 的决心：「嘿！我们可不是在玩票，我们是认真的！」\n多年来，Netflix 一直回避自己是一家娱乐公司还是科技公司。就在最近，Netflix 创始人黑斯廷斯宣称：「我们真的是一家娱乐公司。」\n按照亚马逊工作室（Amazon Studio）前高管马修·鲍尔（Matthew Ball）的说法，从本质上讲，一家娱乐公司只做三件事：\n\n创造/讲述故事\n为这些故事建立爱\n把爱变成钱\n\n按照这个标准来说，迪士尼无疑是这个星球上做得最好的公司。想想看，有多少小女孩想在逛迪士尼乐园的时候穿上爱莎的蓝色长裙？又有多少家长会为此买单？\n在讲故事和建立爱上，Netflix 已经做得足够好了，但它能把爱变成钱吗？\n哥伦比亚商学院的零售研究主任马克·A·科恩（Mark A Cohen）就表示了怀疑：「它们（Netflix 的热播剧）大多数的保质期都很短，不像迪士尼的 IP，那是一代人的漫长旅程。」\n尽管有非常多的不确定性，但当下无疑是 Netflix 财务状况最好的一年。这家公司在过去 10 年总共借款达 160 亿美元。去年年底，Netflix 在第四季度财报上表示，它不再需要寻求借款来为公司提供资金。换句话说，Netflix 成为了一家真正盈利的公司。\n而它的其它流媒体竞争对手，都还在亏着钱，包括迪士尼。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"NFLX":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":4582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159274464,"gmtCreate":1624972925358,"gmtModify":1703849126697,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159274464","repostId":"1118894802","repostType":4,"repost":{"id":"1118894802","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":1624955420,"share":"https://ttm.financial/m/news/1118894802?lang=en_US&edition=fundamental","pubTime":"2021-06-29 16:30","market":"us","language":"zh","title":"Market Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.","url":"https://stock-news.laohu8.com/highlight/detail?id=1118894802","media":"老虎资讯综合","summary":"港股\n港股三大指数全日呈单边下跌行情，市场整体情绪表现平淡。截至收盘，恒指跌0.94%报28994点，国指跌0.98%报10757点，恒生科技指数跌0.91%报8201点。\n\n盘面上，石油板块跌幅居前","content":"<p><b>Hong Kong Stocks</b></p><p>The three major Hong Kong stock indices experienced a one-sided decline throughout the day, and overall market sentiment was muted. At the close, the Hang Seng Index fell 0.94% to 28,994 points, the Hang Seng Composite Index fell 0.98% to 10,757 points, and the Hang Seng Tech Index fell 0.91% to 8,201 points.</p><p><img src=\"https://static.tigerbbs.com/c7f0b8ac73315eee841216419d34c674\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the market, the oil sector saw the largest decline, with the three major oil companies all suffering heavy losses, dragging down the overall market. Recently strong biopharmaceutical and port and shipping stocks have all corrected, while financial stocks (insurance, securities, and banks) have performed poorly. Energy stocks such as home appliances, aviation, medical aesthetics, gas, defense stocks, gambling, and coal have generally declined. Major tech stocks showed mixed performance.<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>It bucked the trend and surged 3.6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>Closed higher,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>All declined; Restaurant stocks rebounded sharply.<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It surged nearly 9%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>Up 4.5%; Photovoltaic stocks performed strongly, while property management stocks continued to rise.<a href=\"https://laohu8.com/S/00873\">Shimao Services</a>Several other stocks continued to hit new highs. The market turnover was HK$146.1 billion, with southbound capital bucking the trend and seeing a net inflow of HK$963 million.</p><p><b>A-shares</b></p><p>The three major indices retreated, with the Shanghai Composite Index consolidating weakly above the 30-day moving average, closing down 0.92% at 3573 points, the Shenzhen Component Index down 0.99% at 14999 points, and the ChiNext Index down 0.19% at 3406 points. More than 3,100 stocks fell in the two markets, with market sentiment and profit-making effects declining significantly. Trading volume fell below one trillion yuan again after seven trading days, reaching 997.4 billion yuan. Northbound capital saw a net outflow of 3.14 billion yuan throughout the day.</p><p><img src=\"https://static.tigerbbs.com/55bf301fcd48fb59b0f70e721046a291\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Thematic concepts performed poorly, with stocks related to military industry, finance, liquor, chips, and 5G generally declining. Most of the funds flowed into the photovoltaic concept.<a href=\"https://laohu8.com/S/300118\">Oriental Sunrise</a>Ten stocks hit their daily limit.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It rose by more than 3%; Organosilicon concepts were strong throughout the day.<a href=\"https://laohu8.com/S/603260\">Hoshine Silicon</a>The stock hit the daily limit, setting a new record Concepts such as HIT batteries, lithium extraction from salt lakes, infants and children, and online travel were active, with most textile and apparel stocks rising.</p><p><a href=\"https://laohu8.com/S/300750\">CATL</a>The stock price hit a new all-time high, closing up nearly 3%, with a latest market capitalization of 1.1843 trillion yuan, surpassing...<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>It has become the number one stock on the Shenzhen Stock</p><p><img src=\"https://static.tigerbbs.com/93d3ce21ca8d59215a3c2e1be2a9f337\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up 0.17% as of press time. Nasdaq 100 futures fell 0.24%; S&P 500 futures fell 0.02%.</p><p><img src=\"https://static.tigerbbs.com/83895d64ec668d72dcb5edf73dbeff5d\" tg-width=\"478\" tg-height=\"182\" referrerpolicy=\"no-referrer\"></p><p>Morgan Stanley shares rose more than 2% in pre-market trading after doubling its quarterly Dividend to 70 cents and repurchasing up to $12 billion worth of shares.</p><p><img src=\"https://static.tigerbbs.com/72c436e1b865ee4e1d224f056bfd31ee\" tg-width=\"1302\" tg-height=\"833\"></p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.57%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.33%, the French CAC40 index rose 0.35%, and the Euro Stoxx 50 index rose 0.37%.</p><p><img src=\"https://static.tigerbbs.com/2b257919c3a4379a1b3848f144a0a925\" tg-width=\"820\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>crude oil</b></p><p>International oil prices fell slightly; as of press time, WTI crude oil was trading at $72.79 per barrel, down 0.16%. Brent crude is currently trading at $74.55 a barrel, down 0.17%.</p><p>International oil prices were dragged down by concerns about slowing fuel demand growth as a new outbreak of the highly contagious Delta variant of the novel coronavirus triggered new movement restrictions globally. However, U.S. shale oil producers are sticking to their commitment to suspend expansion, a move that differs from previous boom cycles and is beneficial to the oil market.</p><p><img src=\"https://static.tigerbbs.com/2317c0df6a343fd5277e3356ad5ee5b4\" tg-width=\"822\" tg-height=\"833\"><img src=\"https://static.tigerbbs.com/e4c741ddb202c84a0df34706caf5f957\" tg-width=\"822\" tg-height=\"833\"></p><p><b>gold</b></p><p>International gold prices fell slightly, down 0.72% on the day to $1,767.8 per ounce.</p><p>International gold prices continued their sideways and narrow-range fluctuations for more than a week, as investor concerns that the Federal Reserve would tighten monetary policy sooner than expected weakened the attractiveness of gold. Technically, gold prices remain bearish, with support targeting $1,748. However, the US Dollar Index has hovered below the 92 mark over the past week, limiting the downside potential for gold.</p><p><img src=\"https://static.tigerbbs.com/7e5ed09a2cb81ab881444e6e45deed9d\" tg-width=\"822\" tg-height=\"833\"></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>Market Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.</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\">\nMarket Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.\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\">2021-06-29 16:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Hong Kong Stocks</b></p><p>The three major Hong Kong stock indices experienced a one-sided decline throughout the day, and overall market sentiment was muted. At the close, the Hang Seng Index fell 0.94% to 28,994 points, the Hang Seng Composite Index fell 0.98% to 10,757 points, and the Hang Seng Tech Index fell 0.91% to 8,201 points.</p><p><img src=\"https://static.tigerbbs.com/c7f0b8ac73315eee841216419d34c674\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the market, the oil sector saw the largest decline, with the three major oil companies all suffering heavy losses, dragging down the overall market. Recently strong biopharmaceutical and port and shipping stocks have all corrected, while financial stocks (insurance, securities, and banks) have performed poorly. Energy stocks such as home appliances, aviation, medical aesthetics, gas, defense stocks, gambling, and coal have generally declined. Major tech stocks showed mixed performance.<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>It bucked the trend and surged 3.6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>Closed higher,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>All declined; Restaurant stocks rebounded sharply.<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It surged nearly 9%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>Up 4.5%; Photovoltaic stocks performed strongly, while property management stocks continued to rise.<a href=\"https://laohu8.com/S/00873\">Shimao Services</a>Several other stocks continued to hit new highs. The market turnover was HK$146.1 billion, with southbound capital bucking the trend and seeing a net inflow of HK$963 million.</p><p><b>A-shares</b></p><p>The three major indices retreated, with the Shanghai Composite Index consolidating weakly above the 30-day moving average, closing down 0.92% at 3573 points, the Shenzhen Component Index down 0.99% at 14999 points, and the ChiNext Index down 0.19% at 3406 points. More than 3,100 stocks fell in the two markets, with market sentiment and profit-making effects declining significantly. Trading volume fell below one trillion yuan again after seven trading days, reaching 997.4 billion yuan. Northbound capital saw a net outflow of 3.14 billion yuan throughout the day.</p><p><img src=\"https://static.tigerbbs.com/55bf301fcd48fb59b0f70e721046a291\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Thematic concepts performed poorly, with stocks related to military industry, finance, liquor, chips, and 5G generally declining. Most of the funds flowed into the photovoltaic concept.<a href=\"https://laohu8.com/S/300118\">Oriental Sunrise</a>Ten stocks hit their daily limit.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It rose by more than 3%; Organosilicon concepts were strong throughout the day.<a href=\"https://laohu8.com/S/603260\">Hoshine Silicon</a>The stock hit the daily limit, setting a new record Concepts such as HIT batteries, lithium extraction from salt lakes, infants and children, and online travel were active, with most textile and apparel stocks rising.</p><p><a href=\"https://laohu8.com/S/300750\">CATL</a>The stock price hit a new all-time high, closing up nearly 3%, with a latest market capitalization of 1.1843 trillion yuan, surpassing...<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>It has become the number one stock on the Shenzhen Stock</p><p><img src=\"https://static.tigerbbs.com/93d3ce21ca8d59215a3c2e1be2a9f337\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up 0.17% as of press time. Nasdaq 100 futures fell 0.24%; S&P 500 futures fell 0.02%.</p><p><img src=\"https://static.tigerbbs.com/83895d64ec668d72dcb5edf73dbeff5d\" tg-width=\"478\" tg-height=\"182\" referrerpolicy=\"no-referrer\"></p><p>Morgan Stanley shares rose more than 2% in pre-market trading after doubling its quarterly Dividend to 70 cents and repurchasing up to $12 billion worth of shares.</p><p><img src=\"https://static.tigerbbs.com/72c436e1b865ee4e1d224f056bfd31ee\" tg-width=\"1302\" tg-height=\"833\"></p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.57%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.33%, the French CAC40 index rose 0.35%, and the Euro Stoxx 50 index rose 0.37%.</p><p><img src=\"https://static.tigerbbs.com/2b257919c3a4379a1b3848f144a0a925\" tg-width=\"820\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>crude oil</b></p><p>International oil prices fell slightly; as of press time, WTI crude oil was trading at $72.79 per barrel, down 0.16%. Brent crude is currently trading at $74.55 a barrel, down 0.17%.</p><p>International oil prices were dragged down by concerns about slowing fuel demand growth as a new outbreak of the highly contagious Delta variant of the novel coronavirus triggered new movement restrictions globally. However, U.S. shale oil producers are sticking to their commitment to suspend expansion, a move that differs from previous boom cycles and is beneficial to the oil market.</p><p><img src=\"https://static.tigerbbs.com/2317c0df6a343fd5277e3356ad5ee5b4\" tg-width=\"822\" tg-height=\"833\"><img src=\"https://static.tigerbbs.com/e4c741ddb202c84a0df34706caf5f957\" tg-width=\"822\" tg-height=\"833\"></p><p><b>gold</b></p><p>International gold prices fell slightly, down 0.72% on the day to $1,767.8 per ounce.</p><p>International gold prices continued their sideways and narrow-range fluctuations for more than a week, as investor concerns that the Federal Reserve would tighten monetary policy sooner than expected weakened the attractiveness of gold. Technically, gold prices remain bearish, with support targeting $1,748. However, the US Dollar Index has hovered below the 92 mark over the past week, limiting the downside potential for gold.</p><p><img src=\"https://static.tigerbbs.com/7e5ed09a2cb81ab881444e6e45deed9d\" tg-width=\"822\" tg-height=\"833\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"300750":"宁德时代","399001":"深证成指","399006":"创业板指","HSTECH":"恒生科技指数","06862":"海底捞",".SPX":"S&P 500 Index","HSCEI":"国企指数",".DJI":"道琼斯","HSI":"恒生指数",".IXIC":"NASDAQ Composite","HSCCI":"红筹指数","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118894802","content_text":"港股\n港股三大指数全日呈单边下跌行情，市场整体情绪表现平淡。截至收盘，恒指跌0.94%报28994点，国指跌0.98%报10757点，恒生科技指数跌0.91%报8201点。\n\n盘面上，石油板块跌幅居前，三桶油皆重挫拖累大市走低；近期强势的生物医药股、港口航运股全线回调，金融股(保险、券商、银行)表现低迷，家电股、航空股、医美股、燃气股、军工股、濠赌股、煤炭等能源股普遍下跌；大型科技股涨跌不一，网易-S逆势大涨3.6%，京东集团-SW、百度集团-SW收涨，腾讯、阿里巴巴-SW、美团-W均下跌；餐饮股大幅反弹，海底捞大涨近9%，呷哺呷哺涨4.5%；光伏股强势，物管股继续上扬，世茂服务等多股续创新高价。大市成交额为1461亿港元，南下资金逆势净流入9.63亿港元。\nA股\n三大指数回调，沪指在30日线上方弱势整理，全天收跌0.92%报3573点，深成指跌0.99%报14999点，创业板指跌0.19%报3406点。两市3100余股下跌，市场情绪及赚钱效应明显回落，成交额时隔七个交易日再次回至万亿下方，为9974亿，北上资金全天净卖出31.4亿。\n\n题材概念表现低迷，军工、金融、白酒、芯片、5G等概念股普遍下跌；资金多数流向光伏概念，东方日升等十股涨停，隆基股份涨逾3%；有机硅概念全天强势，合盛硅业涨停创新高；HIT电池、盐湖提锂、婴童、在线旅游等概念活跃，纺织服饰股多数上涨。\n宁德时代股价再创历史新高，截至收盘，涨近3%，最新市值11843亿元，超越五粮液成为深市“一哥”。\n\n美股\n美国三大股指期货涨跌不一，截至发稿，道指期货涨0.17%；纳斯达克100指数期货跌0.24%；标普500指数期货跌0.02%。\n\n摩根士丹利盘前涨超2%，摩根士丹利将季度股息翻倍至70美分，将回购最高120亿美元股票。\n\n欧股\n欧洲主要指数全线上涨，截止发稿，德国DAX指数涨0.57%，英国富时100指数涨0.33%，法国CAC40指数涨0.35%，欧洲斯托克50指数涨0.37%。\n\n原油\n国际油价小幅下跌，截止发稿，WTI原油报72.79美元/桶，跌0.16%；布油现报74.55美元/桶，跌0.17%。\n国际油价受到对燃料需求增长放缓的担忧拖累，因为高传染性新冠变种病毒Delta的新疫情在全球引发了新的行动限制。不过美国页岩油生产商仍坚守暂停扩大指出的承诺，有异于先前几波景气循环荣景时的做法，对油市构成利好。\n\n黄金\n国际黄金小幅走低，日内跌0.72%，报1767.8美元/盎司。\n国际金价延续逾一周的横盘窄幅震荡态势，投资者对美联储将比预期更早收紧货币政策的担忧削弱了黄金的吸引力。技术上看金价仍看跌，下方支撑看向1748美元。但美元指数过去一周徘徊在92整数关口下方，限制了黄金下行空间。","news_type":1,"symbols_score_info":{"300750":0.9,"399001":0.9,"399006":0.9,"000001.SH":0.9,"HSCCI":0.9,".SPX":0.9,"HSTECH":0.9,".DJI":0.9,".IXIC":0.9,"HSCEI":0.9,"06862":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":4433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159274834,"gmtCreate":1624972910628,"gmtModify":1703849125887,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"&nbsp;?","listText":"&nbsp;?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159274834","repostId":"1188452851","repostType":4,"repost":{"id":"1188452851","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624960188,"share":"https://ttm.financial/m/news/1188452851?lang=en_US&edition=fundamental","pubTime":"2021-06-29 17:49","market":"sh","language":"zh","title":"With 61 consecutive limit-up days, what kind of \"strange trend\" has swept through the most outperforming ST stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1188452851","media":"华尔街见闻","summary":"如果问今年最妖的股是哪只，那一定非*ST众泰莫属。\n今年以来，*ST众泰在100多个交易日狂拉61个涨停，成为A股涨停王，股价也从年初的1.34元飙升至目前的7.5元，足足涨了460%，股价翻了5倍！","content":"<p>If you were to ask which stock is the most volatile this year, it would definitely be...<a href=\"https://laohu8.com/S/000980\">*ST Zotye</a>Unquestionably.</p><p>Since the beginning of this year, *ST Zotye has surged 61 times to the daily limit in over 100 trading days, becoming...<b>A-share limit-up king</b>The stock price has also soared from 1.34 yuan at the beginning of the year to 7.5 yuan at present, an increase of 460%, and the stock price has increased fivefold!</p><p>If calculated based on the highest increase, *ST Zotye's performance this year...<b>The cumulative increase reached a staggering 628%, more than six times!</b></p><p><img src=\"https://static.tigerbbs.com/83019cb4d2e69da5e15ccb2c837e3f24\" tg-width=\"840\" tg-height=\"470\"></p><p>During this period, the company issued multiple announcements regarding abnormal stock price fluctuations and warnings that its stock might be subject to delisting risk warnings. Despite three suspensions for investigation, the company failed to stop its stock price from soaring.</p><p>according to<a href=\"https://laohu8.com/S/300033\">Tonghuashun</a>Statistics show that from January 11 to June 24, *ST Zotye appeared on the stock exchange's daily trading list as many as 23 times, attracting many speculative funds to participate in the speculation.</p><p>According to Choice's stock exchange's trading data, as of June 24, the top five brokerage firms with the largest purchase amounts for *ST Zotye over three consecutive trading days were all from firms known as the \"retail investor stronghold.\"<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>Securities Lhasa branch.</p><p><img src=\"https://static.tigerbbs.com/46071fe71f43e7f8af7638a92f29ea34\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that,<b>Due to continuous losses, *ST Zotye faces the risk of being delisted. Following the shocking 10 billion yuan loss in the automotive industry in 2019</b>*ST Zotye 2020<b>Another loss of 10.801 billion yuan</b>As of the end of 2020, the company's net assets were -4.423 billion yuan. According to regulations, the company's audited net assets in 2020 were negative, and the company's stock continued to be subject to \"delisting risk warning\" treatment.</p><p><b>01. Restructuring expectations led to a surge in *ST Zotye.</b></p><p>Looking at the history of *ST Zotye's speculation, it has always been inextricably linked to \"restructuring expectations\".</p><p>On the evening of January 11 this year, *ST Zotye issued an \"Announcement on the Progress of Public Recruitment of Investors\", stating that on December 25 and December 28, 2020, the pre-restructuring administrator signed a \"Confidentiality Agreement\" with one potential investor and a \"Letter of Intent\" with another potential investor, respectively.</p><p><b>From then on</b>，<b>*ST Zotye's stock price then began to rise continuously.</b></p><p>The two potential investors have paid the corresponding confidentiality deposits and letter of intent deposits, and have begun to conduct specific due diligence work after paying the deposits. As the saying goes, \"stock trading is about expectations,\" and the expectation that \"someone will take over the restructuring\" became the core driving force behind *ST Zotye's continuous rise.<img src=\"https://static.tigerbbs.com/d01c30a1357f4ca66327ea763408b69c\" tg-width=\"613\" tg-height=\"837\" referrerpolicy=\"no-referrer\"></p><p>In this regard,<b>There were rumors in the market that the investor might be<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Xiaomi<a href=\"https://laohu8.com/S/NIO\">Nio</a>One of the cases involving Baoneng is that Baoneng was once \"confirmed\" by official sources.</b></p><p>However, *ST Zotye later emphasized that Tesla, Xiaomi, Nio, and Baoneng were not investors in the company's pre-restructuring.</p><p>According to media reports, the official website of the Linyi Municipal Bureau of Commerce in Shandong Province once announced that the cooperation project between Baoneng Automobile Group Co., Ltd., a subsidiary of Baoneng Group, and Linyi Zotye has entered the substantive negotiation stage.</p><p>However, Baoneng Auto denied the above claims to several media outlets, and subsequently, the Linyi Municipal Bureau of Commerce retracted the release.</p><p><b>02. Zhibo Investment terminates its investment company; its first and second largest circulating shareholders both abscond.</b></p><p>After surging 61 times to the daily limit,<b>A major negative event, like a bolt from the blue, could become the straw that broke *ST Zotye's consecutive limit-up days.</b></p><p>On the evening of June 25, Zotye Automobile issued an announcement stating that, in accordance with the relevant provisions of the \"Confidentiality Agreement\" signed between potential investor Zhibo Investment and the company in December 2020, Zhibo Investment has decided to terminate its investment in the company.</p><p><img src=\"https://static.tigerbbs.com/5d029f53c2c47afc85afae9ea489f8f0\" tg-width=\"682\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>The announcement also warned that the company's stock may face the risk of delisting. If the company successfully implements the restructuring and completes the restructuring plan, it will help optimize the company's asset and liability structure and enhance the company's sustainable operation and profitability. If the restructuring fails, the company risks being declared bankrupt.</p><p>On Monday, June 28, *ST Zotye opened at the daily limit down, with more than 480,000 lots of buy orders, amounting to more than 350 million yuan.</p><p><b>Some analysts have traced the dynamic timeline of potential investors in *ST Zotye, and the matter can actually be traced back to December of last year.</b></p><p>On December 25, 2020, *ST Zotye disclosed for the first time that Shanghai Zhiyang had signed a \"Confidentiality Agreement\" and a \"Letter of Intent\" with the pre-restructuring administrator, and paid the corresponding confidentiality deposit and letter of intent deposit. On December 28, 2020, Hunan Zhibo signed a \"Confidentiality Agreement\" with the pre-reorganization administrator and paid the corresponding confidentiality deposit.</p><p><img src=\"https://static.tigerbbs.com/f3948a0dfa5378ccb2f70cea501d90ce\" tg-width=\"656\" tg-height=\"276\" referrerpolicy=\"no-referrer\"></p><p><b>According to *ST Zotye's announcement on April 7, the company currently has two potential investors.</b>One is Shanghai Zhiyang Investment Co., Ltd. (hereinafter referred to as \"Shanghai Zhiyang\"), and the other is Hunan Zhibo Equity Investment Fund Management Co., Ltd. (hereinafter referred to as \"Hunan Zhibo\"). According to Qichacha, both companies are private equity fund managers with registered capital of 50 million yuan and 10 million yuan respectively, and neither has any background in the automotive industry chain.</p><p><b>However, in May, things took another turn.</b>。 On the evening of May 12, *ST Zotye, which has entered the pre-restructuring stage, issued an announcement stating that on May 12, 2021, the company received a letter from Shanghai Zhiyang Investment Co., Ltd., which was forwarded by the company's pre-restructuring administrator: \"Based on the company's assessment of the due diligence results of Zotye Automobile Co., Ltd. (hereinafter referred to as Zotye Automobile), as well as the recent abnormal fluctuations in Zotye Automobile's stock price and its serious deviation from its fundamentals, and out of consideration of investment prudence, the company has decided to temporarily postpone the investment in Zotye Automobile.\"</p><p><b>Currently, Zhibo Investment has chosen to terminate its investment in Zotye Automobile, and another potential investor, Shanghai Zhiyang, has also announced a suspension of its investment. There is considerable uncertainty regarding whether it will ultimately decide to restructure Zotye Automobile.</b>。</p><p>To make matters worse, in addition to some institutions terminating their investments,<b>Even *ST Zotye's \"family members\" have engaged in large-scale share reductions.</b>。</p><p>On May 24 and May 27, *ST Zotye issued two pre-disclosure announcements regarding the reduction of shares held by shareholders holding more than 5% of the company's shares. First, Great Wall (Deyang) Changfu Investment Fund Partnership, a shareholder holding 7.03% of the company's shares, plans to reduce its holdings by no more than 2.03% of the company's total share capital through centralized bidding or block trading. Secondly, Wuhan Tianfeng Zhixin Investment Center (Limited Partnership), a shareholder holding 5.84% of the shares, plans to use centralized bidding or block trading.<b>\"Clearance-style\" share reduction</b>。</p><p>According to Wind data, the company's first-quarter report shows that Great Wall Changfu and Tianfeng Zhixin are the company's first and second largest circulating shareholders, respectively.</p><p>The Daily Economic News believes that<b>The sudden move by the two major shareholders when the stock price was at a high level, besides generating profits, clearly demonstrates a loss of confidence in *ST Zotye's future.</b>。</p><p>Next, will *ST Zotye, which is experiencing a complete failure and a state of panic, continue to hit the daily limit down for several consecutive days, or will it continue to be speculated on and reach new highs?</p><p><b>03. The core value lies in the license plate, but \"counterfeit Porsches\" cannot be tolerated.</b></p><p>Regarding *ST Zotye's consecutive daily limit-up moves,<b>The entry of emerging car manufacturers may be one of the catalysts.</b>。</p><p>Recently, giants such as Xiaomi, Huawei, and Didi have successively launched car manufacturing plans, and the qualification for emerging electric vehicle manufacturers to participate in the competition is essentially a car manufacturing license.<b>However, as of now, the National Development and Reform Commission has stopped issuing new energy vehicle</b>。</p><p><b>Zotye possesses the production qualifications for new energy passenger vehicles and commercial vehicles.</b>。 According to public information, Zotye is one of the earliest automakers in China to enter the new energy vehicle industry. It is also the first company in China to hold an invention patent in the field of pure electric vehicles and the first company to obtain a production and sales license for pure electric passenger vehicles.</p><p>Nevertheless,<b>However, Zotye's rapid expansion by imitating luxury cars was quite surprising.</b>。 In 2016, the company launched the Zotye SR9, which resembles the Porsche Macan in appearance and is known as \"Baoshitai\". Furthermore, due to frequent quality problems, Zotye Auto's sales have declined rapidly in recent years.</p><p><img src=\"https://static.tigerbbs.com/aeb2f12b758335d213c513448b74d590\" tg-width=\"503\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>With such a knock-off art style, coupled with worrying quality issues, so what if it has a license? Ultimately, it was difficult to convince investors and partners.</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>With 61 consecutive limit-up days, what kind of \"strange trend\" has swept through the most outperforming ST stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith 61 consecutive limit-up days, what kind of \"strange trend\" has swept through the most outperforming ST stocks?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-29 17:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you were to ask which stock is the most volatile this year, it would definitely be...<a href=\"https://laohu8.com/S/000980\">*ST Zotye</a>Unquestionably.</p><p>Since the beginning of this year, *ST Zotye has surged 61 times to the daily limit in over 100 trading days, becoming...<b>A-share limit-up king</b>The stock price has also soared from 1.34 yuan at the beginning of the year to 7.5 yuan at present, an increase of 460%, and the stock price has increased fivefold!</p><p>If calculated based on the highest increase, *ST Zotye's performance this year...<b>The cumulative increase reached a staggering 628%, more than six times!</b></p><p><img src=\"https://static.tigerbbs.com/83019cb4d2e69da5e15ccb2c837e3f24\" tg-width=\"840\" tg-height=\"470\"></p><p>During this period, the company issued multiple announcements regarding abnormal stock price fluctuations and warnings that its stock might be subject to delisting risk warnings. Despite three suspensions for investigation, the company failed to stop its stock price from soaring.</p><p>according to<a href=\"https://laohu8.com/S/300033\">Tonghuashun</a>Statistics show that from January 11 to June 24, *ST Zotye appeared on the stock exchange's daily trading list as many as 23 times, attracting many speculative funds to participate in the speculation.</p><p>According to Choice's stock exchange's trading data, as of June 24, the top five brokerage firms with the largest purchase amounts for *ST Zotye over three consecutive trading days were all from firms known as the \"retail investor stronghold.\"<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>Securities Lhasa branch.</p><p><img src=\"https://static.tigerbbs.com/46071fe71f43e7f8af7638a92f29ea34\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that,<b>Due to continuous losses, *ST Zotye faces the risk of being delisted. Following the shocking 10 billion yuan loss in the automotive industry in 2019</b>*ST Zotye 2020<b>Another loss of 10.801 billion yuan</b>As of the end of 2020, the company's net assets were -4.423 billion yuan. According to regulations, the company's audited net assets in 2020 were negative, and the company's stock continued to be subject to \"delisting risk warning\" treatment.</p><p><b>01. Restructuring expectations led to a surge in *ST Zotye.</b></p><p>Looking at the history of *ST Zotye's speculation, it has always been inextricably linked to \"restructuring expectations\".</p><p>On the evening of January 11 this year, *ST Zotye issued an \"Announcement on the Progress of Public Recruitment of Investors\", stating that on December 25 and December 28, 2020, the pre-restructuring administrator signed a \"Confidentiality Agreement\" with one potential investor and a \"Letter of Intent\" with another potential investor, respectively.</p><p><b>From then on</b>，<b>*ST Zotye's stock price then began to rise continuously.</b></p><p>The two potential investors have paid the corresponding confidentiality deposits and letter of intent deposits, and have begun to conduct specific due diligence work after paying the deposits. As the saying goes, \"stock trading is about expectations,\" and the expectation that \"someone will take over the restructuring\" became the core driving force behind *ST Zotye's continuous rise.<img src=\"https://static.tigerbbs.com/d01c30a1357f4ca66327ea763408b69c\" tg-width=\"613\" tg-height=\"837\" referrerpolicy=\"no-referrer\"></p><p>In this regard,<b>There were rumors in the market that the investor might be<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Xiaomi<a href=\"https://laohu8.com/S/NIO\">Nio</a>One of the cases involving Baoneng is that Baoneng was once \"confirmed\" by official sources.</b></p><p>However, *ST Zotye later emphasized that Tesla, Xiaomi, Nio, and Baoneng were not investors in the company's pre-restructuring.</p><p>According to media reports, the official website of the Linyi Municipal Bureau of Commerce in Shandong Province once announced that the cooperation project between Baoneng Automobile Group Co., Ltd., a subsidiary of Baoneng Group, and Linyi Zotye has entered the substantive negotiation stage.</p><p>However, Baoneng Auto denied the above claims to several media outlets, and subsequently, the Linyi Municipal Bureau of Commerce retracted the release.</p><p><b>02. Zhibo Investment terminates its investment company; its first and second largest circulating shareholders both abscond.</b></p><p>After surging 61 times to the daily limit,<b>A major negative event, like a bolt from the blue, could become the straw that broke *ST Zotye's consecutive limit-up days.</b></p><p>On the evening of June 25, Zotye Automobile issued an announcement stating that, in accordance with the relevant provisions of the \"Confidentiality Agreement\" signed between potential investor Zhibo Investment and the company in December 2020, Zhibo Investment has decided to terminate its investment in the company.</p><p><img src=\"https://static.tigerbbs.com/5d029f53c2c47afc85afae9ea489f8f0\" tg-width=\"682\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>The announcement also warned that the company's stock may face the risk of delisting. If the company successfully implements the restructuring and completes the restructuring plan, it will help optimize the company's asset and liability structure and enhance the company's sustainable operation and profitability. If the restructuring fails, the company risks being declared bankrupt.</p><p>On Monday, June 28, *ST Zotye opened at the daily limit down, with more than 480,000 lots of buy orders, amounting to more than 350 million yuan.</p><p><b>Some analysts have traced the dynamic timeline of potential investors in *ST Zotye, and the matter can actually be traced back to December of last year.</b></p><p>On December 25, 2020, *ST Zotye disclosed for the first time that Shanghai Zhiyang had signed a \"Confidentiality Agreement\" and a \"Letter of Intent\" with the pre-restructuring administrator, and paid the corresponding confidentiality deposit and letter of intent deposit. On December 28, 2020, Hunan Zhibo signed a \"Confidentiality Agreement\" with the pre-reorganization administrator and paid the corresponding confidentiality deposit.</p><p><img src=\"https://static.tigerbbs.com/f3948a0dfa5378ccb2f70cea501d90ce\" tg-width=\"656\" tg-height=\"276\" referrerpolicy=\"no-referrer\"></p><p><b>According to *ST Zotye's announcement on April 7, the company currently has two potential investors.</b>One is Shanghai Zhiyang Investment Co., Ltd. (hereinafter referred to as \"Shanghai Zhiyang\"), and the other is Hunan Zhibo Equity Investment Fund Management Co., Ltd. (hereinafter referred to as \"Hunan Zhibo\"). According to Qichacha, both companies are private equity fund managers with registered capital of 50 million yuan and 10 million yuan respectively, and neither has any background in the automotive industry chain.</p><p><b>However, in May, things took another turn.</b>。 On the evening of May 12, *ST Zotye, which has entered the pre-restructuring stage, issued an announcement stating that on May 12, 2021, the company received a letter from Shanghai Zhiyang Investment Co., Ltd., which was forwarded by the company's pre-restructuring administrator: \"Based on the company's assessment of the due diligence results of Zotye Automobile Co., Ltd. (hereinafter referred to as Zotye Automobile), as well as the recent abnormal fluctuations in Zotye Automobile's stock price and its serious deviation from its fundamentals, and out of consideration of investment prudence, the company has decided to temporarily postpone the investment in Zotye Automobile.\"</p><p><b>Currently, Zhibo Investment has chosen to terminate its investment in Zotye Automobile, and another potential investor, Shanghai Zhiyang, has also announced a suspension of its investment. There is considerable uncertainty regarding whether it will ultimately decide to restructure Zotye Automobile.</b>。</p><p>To make matters worse, in addition to some institutions terminating their investments,<b>Even *ST Zotye's \"family members\" have engaged in large-scale share reductions.</b>。</p><p>On May 24 and May 27, *ST Zotye issued two pre-disclosure announcements regarding the reduction of shares held by shareholders holding more than 5% of the company's shares. First, Great Wall (Deyang) Changfu Investment Fund Partnership, a shareholder holding 7.03% of the company's shares, plans to reduce its holdings by no more than 2.03% of the company's total share capital through centralized bidding or block trading. Secondly, Wuhan Tianfeng Zhixin Investment Center (Limited Partnership), a shareholder holding 5.84% of the shares, plans to use centralized bidding or block trading.<b>\"Clearance-style\" share reduction</b>。</p><p>According to Wind data, the company's first-quarter report shows that Great Wall Changfu and Tianfeng Zhixin are the company's first and second largest circulating shareholders, respectively.</p><p>The Daily Economic News believes that<b>The sudden move by the two major shareholders when the stock price was at a high level, besides generating profits, clearly demonstrates a loss of confidence in *ST Zotye's future.</b>。</p><p>Next, will *ST Zotye, which is experiencing a complete failure and a state of panic, continue to hit the daily limit down for several consecutive days, or will it continue to be speculated on and reach new highs?</p><p><b>03. The core value lies in the license plate, but \"counterfeit Porsches\" cannot be tolerated.</b></p><p>Regarding *ST Zotye's consecutive daily limit-up moves,<b>The entry of emerging car manufacturers may be one of the catalysts.</b>。</p><p>Recently, giants such as Xiaomi, Huawei, and Didi have successively launched car manufacturing plans, and the qualification for emerging electric vehicle manufacturers to participate in the competition is essentially a car manufacturing license.<b>However, as of now, the National Development and Reform Commission has stopped issuing new energy vehicle</b>。</p><p><b>Zotye possesses the production qualifications for new energy passenger vehicles and commercial vehicles.</b>。 According to public information, Zotye is one of the earliest automakers in China to enter the new energy vehicle industry. It is also the first company in China to hold an invention patent in the field of pure electric vehicles and the first company to obtain a production and sales license for pure electric passenger vehicles.</p><p>Nevertheless,<b>However, Zotye's rapid expansion by imitating luxury cars was quite surprising.</b>。 In 2016, the company launched the Zotye SR9, which resembles the Porsche Macan in appearance and is known as \"Baoshitai\". Furthermore, due to frequent quality problems, Zotye Auto's sales have declined rapidly in recent years.</p><p><img src=\"https://static.tigerbbs.com/aeb2f12b758335d213c513448b74d590\" tg-width=\"503\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>With such a knock-off art style, coupled with worrying quality issues, so what if it has a license? Ultimately, it was difficult to convince investors and partners.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b8ea9e4b472cd3f7c83196f81fbd8882","relate_stocks":{"000980":"众泰汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188452851","content_text":"如果问今年最妖的股是哪只，那一定非*ST众泰莫属。\n今年以来，*ST众泰在100多个交易日狂拉61个涨停，成为A股涨停王，股价也从年初的1.34元飙升至目前的7.5元，足足涨了460%，股价翻了5倍！\n如果按照最高涨幅计算，*ST众泰年内的累计涨幅更是高达628%，超过6倍！\n\n期间公司多次发布股价异动公告及股票可能被实施退市风险警示的提示性公告，并历经3次停牌核查，也未能阻止股价“一骑绝尘”。\n据同花顺统计，自1月11日以来截至6月24日，*ST众泰登上交易所龙虎榜的次数高达23次，吸引了诸多游资参与炒作。\nChoice龙虎榜数据显示，截至6月24日，*ST众泰连续三个交易日内，买入金额最大的前5名营业部均为被称为“散户大本营”的东方财富证券拉萨营业部。\n\n值得注意的是，由于连续亏损，*ST众泰存在被终止上市的风险。在继2019年出现震惊汽车行业的百亿亏损后，*ST众泰2020年再度亏损108.01亿元，截至2020年末，公司净资产为-44.23亿元。根据规定，公司2020年度经审计后的净资产为负值，公司股票继续被实施“退市风险警示”处理。\n01、重组预期致*ST众泰暴涨\n纵观*ST众泰的炒作历史，则一向与“重组预期”脱不开干系。\n今年1月11日晚间，*ST众泰发布《关于公开招募投资人的进展公告》称，2020年12月25日、12月28日，预重整管理人分别与一家意向投资人签署了《保密协议》，与另一家意向投资人签署了《保密协议》和《意向协议书》。\n自此以后，*ST众泰的股价便开始“涨涨不休”。\n两家意向投资人已缴纳相应的保密保证金和意向保证金，并着手在缴纳保证金后开展具体的尽职调查工作。正所谓“炒股炒的是预期”，“有人接盘重整”的预期成为之后*ST众泰不断上涨的核心驱动力。\n对此，市场一度传言投资方可能为特斯拉、小米、蔚来和宝能的其中之一，其中宝能还一度被官方消息“实锤”。\n但后来，*ST众泰又强调称，特斯拉、小米、蔚来和宝能均不是公司预重整投资人。\n据媒体了解，山东临沂市商务局官网曾发布消息称，宝能集团旗下宝能汽车集团有限公司与临沂众泰合作项目已进入实质性洽谈阶段。\n不过，宝能汽车对多家媒体否认了上述说法，随后，临沂市商务局也撤销了该发布内容。\n02、致博投资终止投资公司，第一、二大流通股东双双“跑路”\n在狂拉61个涨停后，一则重大利空晴天霹雳一般，或许成为压垮*ST众泰连板的稻草。\n6月25日晚间，众泰汽车发布公告称，根据意向投资人致博投资与公司2020年12月签署的《保密协议书》的相关约定，致博投资决定终止投资本公司。\n\n同时，公告还提示，公司股票可能面临终止上市的风险。如果公司顺利实施重整并执行完毕重整计划，将有利于优化公司资产负债结构，提升公司的持续经营及盈利能力。若重整失败，公司将存在被宣告破产的风险。\n6月28日周一，*ST众泰开盘一字跌停，封单超过48万手，封单金额超过3.5亿元。\n有分析人士梳理了*ST众泰意向投资者的动态时间线，其实事情可以追溯到去年12月。\n在2020年12月25日，*ST众泰首次披露，上海智阳与预重整管理人签署了《保密协议》和《意向协议书》，并缴纳了相应的保密保证金和意向保证金。2020年12月28日，湖南致博与预重整管理人签署了《保密协议》，并缴纳了相应的保密保证金。\n\n根据4月7日*ST众泰的公告，目前公司意向投资人有两家，一家是上海智阳投资有限公司(下称“上海智阳”)，另一家是湖南致博股权投资基金管理有限公司(下称“湖南致博”)。企查查显示，这两家公司均为私募基金管理人，注册资本分别为5000万元和1000万元，且均无汽车产业链相关背景。\n然而时间到了5月，事情又发生了转折。5月12日晚间，已进入预重整阶段的*ST众泰发布公告称，公司于2021年5月12日收到公司预重整管理人转交的上海智阳投资有限公司向其发出的函：“基于本公司对众泰汽车股份有限公司(下称众泰汽车)尽职调查结果的评估，以及近期众泰汽车股价异动、严重偏离其基本面，出于投资谨慎性考虑，本公司决定暂缓推进对众泰汽车的投资事宜。”\n如今，致博投资选择终止推进对众泰汽车的投资事宜，而目前另一家意向投资人上海智阳亦宣布暂缓投资，是否最终决定重组众泰汽车存在很大不确定性。\n祸不单行的是，除了有机构终止投资，就连*ST众泰的“自家人”也玩起了大减持。\n5月24日和5月27日，*ST众泰分别发布了两则关于持股5%以上股东减持公司股份的预披露公告。首先，持股7.03%的股东长城（德阳）长富投资基金合伙企业计划以集中竞价方式或大宗交易方式减持公司股份合计不超过公司总股本比例 2.03%；其次，持股5.84%的股东武汉天风智信投资中心（有限合伙）计划以集中竞价方式或大宗交易方式“清仓式”减持。\nWind数据显示，公司一季报显示，长城长富和天风智信分别为公司第一、第二大流通股东。\n每日经济新闻认为，两位大股东在股价处于高位时突然来这么一招，除了获取收益之外，对*ST众泰的未来失去信心也是可以明确感觉到的。\n接下来，“四大皆空”“风声鹤唳”的*ST众泰将会连续数跌停板，还是继续被资金炒作再创新高呢？\n03、核心价值在牌照，但“山寨保时捷”不能忍\n对于*ST众泰的连板，造车新势力的入局或许是催化之一。\n近日，小米、华为、滴滴等巨头先后启动造车计划，而新势力造车的参赛资格就是一张造车资质，但截至目前发改委已停发新能源车生产资质。\n而众泰拥有新能源乘用车和商用车的生产资质。资料显示，众泰是国内最早进入新能源汽车行业的车企之一，也上国内第一个纯电动整车领域的发明专利、第一个获得了纯电动乘用车生产销售许可证的企业。\n尽管如此，但众泰采用模仿豪车的方式迅速扩张，让人大跌眼镜。2016年，公司推出了外形酷似保时捷Macan的众泰SR9，被称为“保时泰”。此外由于质量问题频发，近年来众泰汽车销量迅速下滑。\n\n这样的山寨画风，加之以令人担忧的质量问题，即使有一张牌照又如何？最终还是难以让投资方和合作方信服。","news_type":1,"symbols_score_info":{"000980":0.9}},"isVote":1,"tweetType":1,"viewCount":4205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159274965,"gmtCreate":1624972892257,"gmtModify":1703849125725,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159274965","repostId":"1139578847","repostType":4,"repost":{"id":"1139578847","kind":"news","pubTimestamp":1624961586,"share":"https://ttm.financial/m/news/1139578847?lang=en_US&edition=fundamental","pubTime":"2021-06-29 18:13","market":"us","language":"zh","title":"Blue City Brothers' \"Same-Sex\" Business Experience","url":"https://stock-news.laohu8.com/highlight/detail?id=1139578847","media":"BT财经","summary":"蓝城兄弟作为亚洲LGBTQ群体的隐秘聚集地，在流量到顶后能否走通流量变现的闭环？\n\n6月中旬，号称“粉红第一股”的蓝城兄弟（Blued）公布了一季度财报，这家专注于LGBTQ垂直社交的企业交上了一份看","content":"<p><a href=\"https://laohu8.com/S/BLCT\">Blue City Brothers</a>As a hidden gathering place for the LGBTQ community in Asia, can it achieve a closed loop of traffic monetization once its traffic peaks? In mid-June, Blued, touted as the \"first stock in*,\" released its first-quarter financial report. This company, which focuses on LGBTQ vertical social networking, delivered a performance report that looked pretty good.</p><p>Financial reports show that, in terms of user numbers, Blue City Brothers' overall MAU (monthly active users) reached 8.3 million, a year-on-year increase of 37.5%, and the number of paid members also reached a record high of 640,000, a year-on-year increase of 47.8%.</p><p>According to Blue City Brothers, its software holds the number one market share in the LGBTQ social networking sector in China and other parts of Asia (including India, South Korea, Thailand, and Vietnam). In 2021, it will also focus on Latin America and continue to expand into international markets, and its user base is expected to continue to grow in the future.</p><p>However, judging from business data, in the first quarter of 2021, Blue City Brothers achieved operating revenue of 271.1 million yuan, a year-on-year increase of 31%, but suffered a loss of 52.1 million yuan, compared with a loss of 7.6 million yuan in the same period of 2020, with the loss widening by 585% year-on-year.</p><p><b>The year-on-year growth rate of operating revenue looks good, but the losses have widened. What happened to Blue City Brothers, which increased revenue but not profit?</b></p><p><b>When users reach their peak, incremental growth relies on</b></p><p>Blue City Brothers, the first listed company in*, can still only rely on its live streaming business to support itself, and its health business, which it is vigorously cultivating, is still in its infancy.</p><p>Previously, affected by the celebrity surrogacy incident, the \"gay\" family surrogacy business, an important part of Blue City Brothers' business loop, was also forced to close down, and the business was publicly announced to be terminated in the first quarter report of 2021.</p><p>Blue City's business operations do not seem to have been affected by this black swan event, and its revenue growth rate remained considerable year-on-year. In 2020, it successively acquired two major same-sex social platforms, LESDO and FINKA.</p><p>In the first quarter after the acquisition, BT Finance re-examined Blue City Brothers' data and found that, fortunately, Blue City's business had finally emerged from the sluggish state of 2020.</p><p>Blue City Brothers' user growth data in the first quarter looks promising, but extending the timeline reveals that the increase in data is not as optimistic as imagined.</p><p>Starting in the second half of 2019, Blue City Brothers' user growth stagnated.<b>From the third quarter of 2019 to the first quarter of 2020, Blue City Brothers' monthly active users maintained a slow growth rate, with the quarter-on-quarter growth rate not exceeding 5%.</b></p><p>Among them, the number of monthly active users barely increased in the fourth quarter of 2019, and the number of users in the first quarter of 2020 also increased by only 2% to about 130,000, showing a very obvious sluggish momentum.</p><p><img src=\"https://static.tigerbbs.com/75346e503d44c0ff1d2cf41ea5b04990\" tg-width=\"938\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>Blue City Brothers may also have realized that their user base is entering a crisis and they must resort to other methods.</p><p>Following its successful IPO in July 2020, Blue City Brothers completed the acquisition of LESDO, a vertical social networking community for women, and Finka, a social networking app for men, in August and December 2020, respectively.</p><p>As a result, the growth rate of monthly active users in the fourth quarter of 2020 and the first quarter of 2021 reversed the previous sluggish trend and increased significantly. In the fourth quarter of 2020, the number of monthly active users reached 7.6 million, an increase of 20.6% quarter-on-quarter, and in the first quarter of 2021, the number of monthly active users reached 8.3 million, an increase of 9.21% quarter-on-quarter.</p><p>Blue City Brothers did not disclose the proportion of monthly active users among the three software programs Blued, Finka, and Lesdo in its annual report. Therefore, we cannot know how much of the user increase came from the overlap of the base and how much from organic operational growth.</p><p>According to reports, Finka, a vertical social networking app for men, has over 3 million registered users; LESDO, on the other hand, is a representative of the vertical social networking field for women, reaching 8 million registrations as early as 2018. Based on Blued's monthly active user ratio of about one-eighth, these two apps will contribute approximately 1.5 million new monthly active users.</p><p><b>Therefore, most of the 2 million net increase in monthly active users of Blue City Brothers in the past two quarters came from the data merger of the acquisitions of LESDO and Finka. Only less than 500,000 of the increase came from organic growth, and the average quarter-on-quarter growth rate was still less than 5%.</b></p><p>According to statistics from Frost & Sullivan, a renowned global growth consulting firm, LGBTQ people account for approximately 6% of the total population. Based on this calculation, the number of potential LGBTQ people in China is as high as 84 million. However, after excluding people of unsuitable age, non-mobile internet users, and some \"deep-seated\" people, the number of LGBTQ people willing to use social media is not that large.</p><p>According to data disclosed by Blued, Blued alone had 59 million registered users in the third quarter of 2020. Based on half of them being foreigners (half of the monthly active users are overseas), the number of registered users in China is nearly 30 million, which can be said to have basically achieved population coverage and is approaching saturation.</p><p>In other words, user traffic has reached its ceiling in the LGBTQ social networking field.<b>To maintain its rapid user growth, Blue City Brothers has no choice but to expand horizontally: either by merging with competitors or by expanding into overseas markets.</b></p><p><b>More and more like<a href=\"https://laohu8.com/S/MOMO\">Momo</a>？</b></p><p>After the successful integration with LESD and Finka, Blue City Brothers' overall MAU data did increase significantly, supporting future potential. However, business revenue showed the opposite change: although revenue in the fourth quarter of 2020 and the first quarter of 2021 still increased compared with the same period last year, it declined for two consecutive quarters. Compared to total revenue of RMB 297 million in the third quarter of 2020, revenue in the fourth quarter of 2020 declined by approximately 6.3% quarter-on-quarter to RMB 279 million, and revenue in the first quarter of 2021 continued to decline to RMB 271 million.</p><p>Even in terms of year-on-year growth, the business growth rate in the fourth quarter of 2020 was only 24%, and the revenue growth rate in the first quarter of 2021 was only 30.7%, which was not only lower than the overall average growth rate of 35.8% in 2020, but also lower than the growth rate of 42.7% in the first quarter of 2020.</p><p><b>Even though factors such as the Spring Festival may cause seasonal fluctuations in revenue in the first quarter, considering the small base in the first quarter of 2020 due to the impact of the pandemic and the new merger and integration of two companies by Blue City Brothers, such revenue performance is indeed lower than market expectations.</b></p><p><img src=\"https://static.tigerbbs.com/6363c81e8155b159ce04b825b11f8807\" tg-width=\"943\" tg-height=\"569\" referrerpolicy=\"no-referrer\"></p><p>Both Momo and Blue City Brothers have a lot in common, with one focusing on mainstream heterosexual social networking and the other on vertical LGBTQ social networking. Some even say that Blue City Brothers is like Momo two years ago.</p><p>In 2018, Momo acquired Tantan; In 2020, Blued acquired Finka, and Tantan and Finka, both swipe-left-right filtering and matching social software, became important business supplements for Momo and Blued.</p><p>In terms of revenue composition, Momo and Blued are very similar – their main source of revenue is live streaming.</p><p>Although Momo's live streaming revenue accounted for only about 64% of its total revenue in 2020, it accounted for as much as 79.8% of Momo's revenue in 2018. In 2020, Blued's live streaming business accounted for 84% of its total revenue.</p><p>In terms of return on investment, Blue City Brothers' performance is far inferior to Momo's.</p><p>In 2015, Momo's annual revenue was around 1 billion yuan. The difference was that Momo had already started to make a profit at that time, while Blued is still operating at a loss and has a trend of expanding its losses.</p><p><img src=\"https://static.tigerbbs.com/3cb0d61d309e04fd4220418281f041d7\" tg-width=\"895\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p><p>In terms of input and output, Blue City Brothers' current sales investment ratio is lower than Momo's in 2015, and its R&D investment ratio is comparable to Momo's in 2015. However, it has not achieved profitability like Momo did in 2015, let alone compared to Momo's low investment and high return today.</p><p><img src=\"https://static.tigerbbs.com/307be7e9d23e2eea272836073efe91f3\" tg-width=\"895\" tg-height=\"539\" referrerpolicy=\"no-referrer\"></p><p>In short, the large investments made by Blue City Brothers not only failed to help them achieve rapid revenue growth, but also failed to help them turn their profits from negative to positive.</p><p>Burning money ineffectively is the most dangerous thing.</p><p>Due to the ceiling of the existing market, Blue City Brothers has had to continue to expand into the international market. Every country and every region needs a software version that matches it, and it needs to be promoted and operated carefully.</p><p>This has resulted in Blue City Brothers' R&D and sales expenses remaining at a high level, but the return on business revenue and traffic monetization have not been good.</p><p><b>Secret New Business - \"Comrade\" Health</b></p><p>In Blue City Brothers' revenue structure, live streaming revenue is the absolute majority, accounting for more than 80% of the market share.</p><p><b>Based on the changes in live streaming revenue over the past year, live streaming revenue, like the original number of Blued users, has encountered a ceiling bottleneck.</b></p><p>Live streaming revenue declined in both the fourth quarter of 2020 and the first quarter of 2021, with revenue in the fourth quarter decreasing by 12% quarter-on-quarter.</p><p>The increase in users brought about by mergers and acquisitions has not had a beneficial direct impact on the live streaming business.</p><p><img src=\"https://static.tigerbbs.com/fee5deefcc0dedb711c8362b17f048c3\" tg-width=\"820\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>Because same-sex social networking has certain unique characteristics, its live streaming business has been repeatedly exposed for \"skirting the rules\".</p><p>According to media reports, many of Blued's live streaming rooms violate the rules by conducting live streams. “Some streamers launched live streams during the day with the theme of ‘boy band fashion shows,’ and the ‘models’ on the ‘runway’ were wearing uniform white underwear.”</p><p>\"There is no shortage of suggestive chat content during the interactions between the streamers.\"</p><p>Such live streaming standards are an absolute red line on other live streaming platforms and are basically impossible to pass censorship. It remains to be seen whether Blue City Brothers' live streaming revenue will face the risk of business shrinkage should it face regulatory intervention in the future.</p><p>In contrast, the development of paid membership and health businesses is booming.</p><p><img src=\"https://static.tigerbbs.com/ee09bddab4899653070924311ac37533\" tg-width=\"817\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p>In the first quarter of 2021, the number of paying users increased significantly, by 23.55% quarter-on-quarter and 47.8% year-on-year, directly affecting the 75.9% year-on-year increase in membership service revenue, reaching RMB 26.4 million.</p><p>This demonstrates that, thanks to its regional monopoly and its in-depth cultivation of the LGBTQ vertical, Blue City Brothers' user stickiness is continuously increasing.</p><p>On the one hand, user loyalty is a moat for Blue City Brothers to withstand risks in its future development. On the other hand, these paying users also provide a consumer base for the health product consumption business.</p><p>To achieve a change in the core of our business, we cannot ignore Blue City Brothers' rapidly growing and highly anticipated Hall Health product sales business.</p><p>In the first quarter of 2021, merchandise sales revenue from Hol Health was 11.4 million yuan, a year-on-year increase of 297.7%.</p><p>Previously, Blued's e-commerce business was mainly limited to male health products and sex toys, and its exploration of user needs was not in-depth.</p><p>However, after 2019, Blue City Brothers launched an independent health service brand, \"Hall Health,\" which focuses on HIV detection, blocking, prevention, and treatment, deeply addressing the unspeakable \"health needs\" of gay men.</p><p><img src=\"https://static.tigerbbs.com/9dacdcffc26e47e705848fcf3e4a0b48\" tg-width=\"1055\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>The earliest transmission of HIV began among gay men in the United States in the 1980s. Due to their special sexual behavior, gay men have always been the hardest hit area for people infected with HIV. In the United States and Europe, gay and bisexual men are the main HIV-infected groups.</p><p>According to China's Health Commission, of the 96,000 new cases identified in the first three quarters of 2016, 28% were MSM (male homosexuals), compared to only 2.5% in 2006.</p><p>HIV poses a far greater threat to gay men than to the general population, and therefore this group has a higher need for HIV protection, testing, and blocking.</p><p>Blue City Brothers has seized this \"unspeakable\" health niche. After taking AIDS health services as its entry point, Hol Health has also expanded into other \"hard-to-talk about\" health services such as sexual dysfunction and hair loss. With the accurate connection and deep binding of its user group, it has opened up a unique, niche but irreplaceable health business path.</p><p><b>Compared to selling health products and sexual toys through e-commerce, Hol Health's business has higher consumption frequency, greater consumption potential, and deeper consumption ties.</b></p><p>In less than two years since its establishment, Hall Health's business has grown rapidly and is expected to become Blue City Brothers' next step after live streaming.<a href=\"https://laohu8.com/S/ABCD\">newly born</a>The core business has truly opened up the business loop from traffic to consumption, and the storyline of the*economy is finally becoming complete.</p><p>Although compared to traditional heterosexual social platforms such as Momo, Blue City Brothers' traffic pool is naturally at a disadvantage. Therefore, Momo can reap far more benefits simply by deeply operating in the domestic region than the Blue City brothers can from their hard work in developing overseas markets.</p><p><b>However, thanks to its relatively niche niche market and absolute market share, Blue City Brothers has gained more loyal users, stronger market barriers, and a clear path for business growth.</b></p><p>From acquiring user traffic to binding user consumption, from live streaming monetization to health service monetization, Blue City Brothers' business story may be \"hard to talk about,\" but it also radiates its unique brilliance of being \"small but beautiful.\"</p>","source":"lsy1588993976395","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>Blue City Brothers' \"Same-Sex\" Business Experience</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\">\nBlue City Brothers' \"Same-Sex\" Business Experience\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BT财经</strong><span class=\"h-time small\">2021-06-29 18:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BLCT\">Blue City Brothers</a>As a hidden gathering place for the LGBTQ community in Asia, can it achieve a closed loop of traffic monetization once its traffic peaks? In mid-June, Blued, touted as the \"first stock in*,\" released its first-quarter financial report. This company, which focuses on LGBTQ vertical social networking, delivered a performance report that looked pretty good.</p><p>Financial reports show that, in terms of user numbers, Blue City Brothers' overall MAU (monthly active users) reached 8.3 million, a year-on-year increase of 37.5%, and the number of paid members also reached a record high of 640,000, a year-on-year increase of 47.8%.</p><p>According to Blue City Brothers, its software holds the number one market share in the LGBTQ social networking sector in China and other parts of Asia (including India, South Korea, Thailand, and Vietnam). In 2021, it will also focus on Latin America and continue to expand into international markets, and its user base is expected to continue to grow in the future.</p><p>However, judging from business data, in the first quarter of 2021, Blue City Brothers achieved operating revenue of 271.1 million yuan, a year-on-year increase of 31%, but suffered a loss of 52.1 million yuan, compared with a loss of 7.6 million yuan in the same period of 2020, with the loss widening by 585% year-on-year.</p><p><b>The year-on-year growth rate of operating revenue looks good, but the losses have widened. What happened to Blue City Brothers, which increased revenue but not profit?</b></p><p><b>When users reach their peak, incremental growth relies on</b></p><p>Blue City Brothers, the first listed company in*, can still only rely on its live streaming business to support itself, and its health business, which it is vigorously cultivating, is still in its infancy.</p><p>Previously, affected by the celebrity surrogacy incident, the \"gay\" family surrogacy business, an important part of Blue City Brothers' business loop, was also forced to close down, and the business was publicly announced to be terminated in the first quarter report of 2021.</p><p>Blue City's business operations do not seem to have been affected by this black swan event, and its revenue growth rate remained considerable year-on-year. In 2020, it successively acquired two major same-sex social platforms, LESDO and FINKA.</p><p>In the first quarter after the acquisition, BT Finance re-examined Blue City Brothers' data and found that, fortunately, Blue City's business had finally emerged from the sluggish state of 2020.</p><p>Blue City Brothers' user growth data in the first quarter looks promising, but extending the timeline reveals that the increase in data is not as optimistic as imagined.</p><p>Starting in the second half of 2019, Blue City Brothers' user growth stagnated.<b>From the third quarter of 2019 to the first quarter of 2020, Blue City Brothers' monthly active users maintained a slow growth rate, with the quarter-on-quarter growth rate not exceeding 5%.</b></p><p>Among them, the number of monthly active users barely increased in the fourth quarter of 2019, and the number of users in the first quarter of 2020 also increased by only 2% to about 130,000, showing a very obvious sluggish momentum.</p><p><img src=\"https://static.tigerbbs.com/75346e503d44c0ff1d2cf41ea5b04990\" tg-width=\"938\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>Blue City Brothers may also have realized that their user base is entering a crisis and they must resort to other methods.</p><p>Following its successful IPO in July 2020, Blue City Brothers completed the acquisition of LESDO, a vertical social networking community for women, and Finka, a social networking app for men, in August and December 2020, respectively.</p><p>As a result, the growth rate of monthly active users in the fourth quarter of 2020 and the first quarter of 2021 reversed the previous sluggish trend and increased significantly. In the fourth quarter of 2020, the number of monthly active users reached 7.6 million, an increase of 20.6% quarter-on-quarter, and in the first quarter of 2021, the number of monthly active users reached 8.3 million, an increase of 9.21% quarter-on-quarter.</p><p>Blue City Brothers did not disclose the proportion of monthly active users among the three software programs Blued, Finka, and Lesdo in its annual report. Therefore, we cannot know how much of the user increase came from the overlap of the base and how much from organic operational growth.</p><p>According to reports, Finka, a vertical social networking app for men, has over 3 million registered users; LESDO, on the other hand, is a representative of the vertical social networking field for women, reaching 8 million registrations as early as 2018. Based on Blued's monthly active user ratio of about one-eighth, these two apps will contribute approximately 1.5 million new monthly active users.</p><p><b>Therefore, most of the 2 million net increase in monthly active users of Blue City Brothers in the past two quarters came from the data merger of the acquisitions of LESDO and Finka. Only less than 500,000 of the increase came from organic growth, and the average quarter-on-quarter growth rate was still less than 5%.</b></p><p>According to statistics from Frost & Sullivan, a renowned global growth consulting firm, LGBTQ people account for approximately 6% of the total population. Based on this calculation, the number of potential LGBTQ people in China is as high as 84 million. However, after excluding people of unsuitable age, non-mobile internet users, and some \"deep-seated\" people, the number of LGBTQ people willing to use social media is not that large.</p><p>According to data disclosed by Blued, Blued alone had 59 million registered users in the third quarter of 2020. Based on half of them being foreigners (half of the monthly active users are overseas), the number of registered users in China is nearly 30 million, which can be said to have basically achieved population coverage and is approaching saturation.</p><p>In other words, user traffic has reached its ceiling in the LGBTQ social networking field.<b>To maintain its rapid user growth, Blue City Brothers has no choice but to expand horizontally: either by merging with competitors or by expanding into overseas markets.</b></p><p><b>More and more like<a href=\"https://laohu8.com/S/MOMO\">Momo</a>？</b></p><p>After the successful integration with LESD and Finka, Blue City Brothers' overall MAU data did increase significantly, supporting future potential. However, business revenue showed the opposite change: although revenue in the fourth quarter of 2020 and the first quarter of 2021 still increased compared with the same period last year, it declined for two consecutive quarters. Compared to total revenue of RMB 297 million in the third quarter of 2020, revenue in the fourth quarter of 2020 declined by approximately 6.3% quarter-on-quarter to RMB 279 million, and revenue in the first quarter of 2021 continued to decline to RMB 271 million.</p><p>Even in terms of year-on-year growth, the business growth rate in the fourth quarter of 2020 was only 24%, and the revenue growth rate in the first quarter of 2021 was only 30.7%, which was not only lower than the overall average growth rate of 35.8% in 2020, but also lower than the growth rate of 42.7% in the first quarter of 2020.</p><p><b>Even though factors such as the Spring Festival may cause seasonal fluctuations in revenue in the first quarter, considering the small base in the first quarter of 2020 due to the impact of the pandemic and the new merger and integration of two companies by Blue City Brothers, such revenue performance is indeed lower than market expectations.</b></p><p><img src=\"https://static.tigerbbs.com/6363c81e8155b159ce04b825b11f8807\" tg-width=\"943\" tg-height=\"569\" referrerpolicy=\"no-referrer\"></p><p>Both Momo and Blue City Brothers have a lot in common, with one focusing on mainstream heterosexual social networking and the other on vertical LGBTQ social networking. Some even say that Blue City Brothers is like Momo two years ago.</p><p>In 2018, Momo acquired Tantan; In 2020, Blued acquired Finka, and Tantan and Finka, both swipe-left-right filtering and matching social software, became important business supplements for Momo and Blued.</p><p>In terms of revenue composition, Momo and Blued are very similar – their main source of revenue is live streaming.</p><p>Although Momo's live streaming revenue accounted for only about 64% of its total revenue in 2020, it accounted for as much as 79.8% of Momo's revenue in 2018. In 2020, Blued's live streaming business accounted for 84% of its total revenue.</p><p>In terms of return on investment, Blue City Brothers' performance is far inferior to Momo's.</p><p>In 2015, Momo's annual revenue was around 1 billion yuan. The difference was that Momo had already started to make a profit at that time, while Blued is still operating at a loss and has a trend of expanding its losses.</p><p><img src=\"https://static.tigerbbs.com/3cb0d61d309e04fd4220418281f041d7\" tg-width=\"895\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p><p>In terms of input and output, Blue City Brothers' current sales investment ratio is lower than Momo's in 2015, and its R&D investment ratio is comparable to Momo's in 2015. However, it has not achieved profitability like Momo did in 2015, let alone compared to Momo's low investment and high return today.</p><p><img src=\"https://static.tigerbbs.com/307be7e9d23e2eea272836073efe91f3\" tg-width=\"895\" tg-height=\"539\" referrerpolicy=\"no-referrer\"></p><p>In short, the large investments made by Blue City Brothers not only failed to help them achieve rapid revenue growth, but also failed to help them turn their profits from negative to positive.</p><p>Burning money ineffectively is the most dangerous thing.</p><p>Due to the ceiling of the existing market, Blue City Brothers has had to continue to expand into the international market. Every country and every region needs a software version that matches it, and it needs to be promoted and operated carefully.</p><p>This has resulted in Blue City Brothers' R&D and sales expenses remaining at a high level, but the return on business revenue and traffic monetization have not been good.</p><p><b>Secret New Business - \"Comrade\" Health</b></p><p>In Blue City Brothers' revenue structure, live streaming revenue is the absolute majority, accounting for more than 80% of the market share.</p><p><b>Based on the changes in live streaming revenue over the past year, live streaming revenue, like the original number of Blued users, has encountered a ceiling bottleneck.</b></p><p>Live streaming revenue declined in both the fourth quarter of 2020 and the first quarter of 2021, with revenue in the fourth quarter decreasing by 12% quarter-on-quarter.</p><p>The increase in users brought about by mergers and acquisitions has not had a beneficial direct impact on the live streaming business.</p><p><img src=\"https://static.tigerbbs.com/fee5deefcc0dedb711c8362b17f048c3\" tg-width=\"820\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>Because same-sex social networking has certain unique characteristics, its live streaming business has been repeatedly exposed for \"skirting the rules\".</p><p>According to media reports, many of Blued's live streaming rooms violate the rules by conducting live streams. “Some streamers launched live streams during the day with the theme of ‘boy band fashion shows,’ and the ‘models’ on the ‘runway’ were wearing uniform white underwear.”</p><p>\"There is no shortage of suggestive chat content during the interactions between the streamers.\"</p><p>Such live streaming standards are an absolute red line on other live streaming platforms and are basically impossible to pass censorship. It remains to be seen whether Blue City Brothers' live streaming revenue will face the risk of business shrinkage should it face regulatory intervention in the future.</p><p>In contrast, the development of paid membership and health businesses is booming.</p><p><img src=\"https://static.tigerbbs.com/ee09bddab4899653070924311ac37533\" tg-width=\"817\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p>In the first quarter of 2021, the number of paying users increased significantly, by 23.55% quarter-on-quarter and 47.8% year-on-year, directly affecting the 75.9% year-on-year increase in membership service revenue, reaching RMB 26.4 million.</p><p>This demonstrates that, thanks to its regional monopoly and its in-depth cultivation of the LGBTQ vertical, Blue City Brothers' user stickiness is continuously increasing.</p><p>On the one hand, user loyalty is a moat for Blue City Brothers to withstand risks in its future development. On the other hand, these paying users also provide a consumer base for the health product consumption business.</p><p>To achieve a change in the core of our business, we cannot ignore Blue City Brothers' rapidly growing and highly anticipated Hall Health product sales business.</p><p>In the first quarter of 2021, merchandise sales revenue from Hol Health was 11.4 million yuan, a year-on-year increase of 297.7%.</p><p>Previously, Blued's e-commerce business was mainly limited to male health products and sex toys, and its exploration of user needs was not in-depth.</p><p>However, after 2019, Blue City Brothers launched an independent health service brand, \"Hall Health,\" which focuses on HIV detection, blocking, prevention, and treatment, deeply addressing the unspeakable \"health needs\" of gay men.</p><p><img src=\"https://static.tigerbbs.com/9dacdcffc26e47e705848fcf3e4a0b48\" tg-width=\"1055\" tg-height=\"515\" referrerpolicy=\"no-referrer\"></p><p>The earliest transmission of HIV began among gay men in the United States in the 1980s. Due to their special sexual behavior, gay men have always been the hardest hit area for people infected with HIV. In the United States and Europe, gay and bisexual men are the main HIV-infected groups.</p><p>According to China's Health Commission, of the 96,000 new cases identified in the first three quarters of 2016, 28% were MSM (male homosexuals), compared to only 2.5% in 2006.</p><p>HIV poses a far greater threat to gay men than to the general population, and therefore this group has a higher need for HIV protection, testing, and blocking.</p><p>Blue City Brothers has seized this \"unspeakable\" health niche. After taking AIDS health services as its entry point, Hol Health has also expanded into other \"hard-to-talk about\" health services such as sexual dysfunction and hair loss. With the accurate connection and deep binding of its user group, it has opened up a unique, niche but irreplaceable health business path.</p><p><b>Compared to selling health products and sexual toys through e-commerce, Hol Health's business has higher consumption frequency, greater consumption potential, and deeper consumption ties.</b></p><p>In less than two years since its establishment, Hall Health's business has grown rapidly and is expected to become Blue City Brothers' next step after live streaming.<a href=\"https://laohu8.com/S/ABCD\">newly born</a>The core business has truly opened up the business loop from traffic to consumption, and the storyline of the*economy is finally becoming complete.</p><p>Although compared to traditional heterosexual social platforms such as Momo, Blue City Brothers' traffic pool is naturally at a disadvantage. Therefore, Momo can reap far more benefits simply by deeply operating in the domestic region than the Blue City brothers can from their hard work in developing overseas markets.</p><p><b>However, thanks to its relatively niche niche market and absolute market share, Blue City Brothers has gained more loyal users, stronger market barriers, and a clear path for business growth.</b></p><p>From acquiring user traffic to binding user consumption, from live streaming monetization to health service monetization, Blue City Brothers' business story may be \"hard to talk about,\" but it also radiates its unique brilliance of being \"small but beautiful.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/-hDx2-K4AmZSsgjKwzmprg\">BT财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b04c4a552ab5210706bb7ed078cf967","relate_stocks":{"BLCT":"蓝城兄弟"},"source_url":"https://mp.weixin.qq.com/s/-hDx2-K4AmZSsgjKwzmprg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139578847","content_text":"蓝城兄弟作为亚洲LGBTQ群体的隐秘聚集地，在流量到顶后能否走通流量变现的闭环？\n\n6月中旬，号称“粉红第一股”的蓝城兄弟（Blued）公布了一季度财报，这家专注于LGBTQ垂直社交的企业交上了一份看起来还不错的业绩答卷。\n财报显示，从用户人数来看，蓝城兄弟的整体MAU（月活用户）数量达到了830万人，同比增长37.5%，付费会员数也达到了历史新高64万人，同比增长47.8%。\n据蓝城兄弟表述，其软件在中国、亚洲其他地区（包括印度、韩国、泰国和越南）的LGBTQ社交领域均市场占有率第一，2021年还将在拉丁美洲发力，继续开拓国际市场，未来用户数量持续增加可期。\n不过从业务数据看，2021年一季度，蓝城兄弟实现营业收入2.711亿元，同比增长31%，亏损5210万元，2020年同期为亏损760万元，亏损幅度同比扩大了585%。\n营业收入同比增速看起来还不错，但亏损反而扩大了，增收不增利的蓝城兄弟遭遇了什么？\n用户到顶，增量靠买\n粉红经济第一股蓝城兄弟如今依然只能依赖直播业务撑起一片天，大力培育的健康业务还处于萌芽之中。\n此前受明星代孕事件影响，蓝城兄弟商业闭环中的重要组成部分——“同志”家庭代孕业务也被迫关闭，并且在2021年一季度报告里公开宣布业务终止。\n蓝城的业务开展似乎并没有受到这一黑天鹅事件的影响，业务收入同比增速依然可观，2020年接连收购LESDO、FINKA两大同性社交平台。\n完成收购后的第一个季度，BT财经重新审视蓝城兄弟的数据发现：还好，蓝城业务终于走出了2020年的乏力状态。\n蓝城兄弟一季度的用户增量数据看起来很喜人，但把时间轴拉长，不难发现，数据的增加并没有想象中那么乐观。\n从2019年下半年开始，蓝城兄弟的用户增长就出现停滞，从2019年三季度到2020年一季度的三个季度里，蓝城兄弟的月活用户数持续维持低速增长，环比增速均不超过5%。\n其中，2019年四季度的月活用户几乎未有增加，2020年一季度的用户数量也仅增加2%约13万人，势头萎靡十分明显。\n\n蓝城兄弟可能也意识到：用户开始步入存量危机，必须要动用其他办法了。\n2020年7月成功上市后，蓝城兄弟分别在2020年8月和12月，完成了对女性垂直社交社区LESDO和男性社交软件Finka的收购。\n于是2020年四季度和2021年一季度的月活用户增速一改此前的疲态，大幅增加，2020年四季度月活用户达到760万人，环比增加20.6%，2021年一季度月活用户达830万人，环比增加9.21%。\n蓝城兄弟并没有在年报中披露月活数据在Blued、Finka、Lesdo三个软件之间的比例是什么，因此我们无法得知用户增加有多少来自于基数的叠加、多少来自于内生运营增长。\n据报道，Finka作为男性垂直社交app，注册用户数量超过300万；而LESDO则是女性垂直社交领域的代表，早在2018年就达到了800万的注册量。按照Blued本身大约1/8的月活用户比例来计算，这两个app将贡献约150万的新增月活用户。\n因此近两个季度以来，蓝城兄弟月活用户净增加的200万中，大部分都是来自于收购LESDO、Finka的数据合并，只有不到50万的增量来自于内生增长，平均单季度环比增速依然不足5%。\n著名全球增长咨询公司Frost&Sullivan统计数据显示，LGBTQ人群在整体当中的比例约为6%。如果以此计算，中国的潜在LGBTQ人群数量高达8400万，但排除非适龄人群、非移动网络使用人群和一些“深柜”人群后，愿意使用社交软件的LGBTQ人群数量并没有这么多。\n根据Blued披露的数据，仅Blued注册用户在2020年三季度时就已经达到了5900万，按照其中一半的外国人群计算（月活用户一半为海外人群），中国的注册用户数将近3000万，可以说已经基本实现了人群的覆盖，趋于饱和。\n也就是说在LGBTQ社交领域，用户流量已经出现了天花板，蓝城兄弟想要维持用户规模的快速增长就只能选择横向的扩张：要么与同业竞争者合并、要么向海外市场扩张。\n越来越像陌陌？\n在与LESD、Finka成功整合之后，蓝城兄弟整体的MAU数据确实出现了大幅增长，支撑了未来的想象空间，但是业务收入却出现了与之相反的变化：2020年四季度和2021年一季度的营收虽然与去年同期相比仍有增长，但从环比上看却出现了两连降。相比于2020年三季度2.97亿元的总营收，2020年四季度的营收环比下滑了约6.3%、为2.79亿元，2021年一季度的营收继续下降为2.71亿元。\n即便是从同比增速来看，2020年四季度业务增速仅为24%，2021年一季度营收增速仅为30.7%，不仅低于2020年整体平均增速35.8%、更低于2020年一季度的增速42.7%。\n即便春节等因素会导致一季度收入出现季节性波动，但考虑到2020年一季度疫情影响下基数不大以及蓝城兄弟新并购整合了两家企业情况下，如此的营收表现，着实是低于市场预期的。\n\n同样做陌生人社交，一个是做主流群体的异性社交，一个是做垂直的LGBTQ社交，陌陌和蓝城兄弟有着非常多的共通之处，更有人说，蓝城兄弟就像是两年前的陌陌一样。\n2018年，陌陌收购了探探；2020年，Blued收购了Finka，而探探、Finka都是左滑右滑模式的筛选配对社交软件，成为了陌陌和Blued的重要业务补充。\n从营收业务构成来看，陌陌与Blued也十分相似——主要收入来源都是直播业务。\n尽管2020年陌陌的直播业务收入仅占据总收入的64%左右，但在2018年时，陌陌直播收入的占比也曾高达79.8%。而2020年Blued直播业务占总营收的比例为84%。\n如果从投入产出比上看，蓝城兄弟的效益远不及陌陌。\n陌陌在2015年时年营收也是10亿元左右的规模，不同的是彼时的陌陌就已经开始盈利了，Blued至今仍然处于亏损状态，而且有亏损扩大的趋势。\n\n从费用的投入产出来看，当前蓝城兄弟的销售投入比例低于2015年的陌陌，研发投入比例与2015年的陌陌相当，却并没有像陌陌在2015年时一样，实现盈利，更不用和现在的陌陌的低投入高回报相比了。\n\n简而言之，蓝城兄弟投入的高额资金不仅没有帮助自身实现营收快速增加，也没有帮助自己实现利润由负转正。\n无效烧钱最为可怕。\n由于存量市场天花板问题，蓝城兄弟不得不持续向国际市场进军，每一个国家、每一个区域都需要与之相匹配的软件版本、都需要推广运营来细心耕耘。\n这导致蓝城兄弟的研发开支和销售开支始终维持在较高的水平，但业务收入回报和流量变现效果却并不佳。\n隐秘新业务——“同志”健康\n在蓝城兄弟的收入结构中，直播收入是其中绝对的大头，占据80%以上的份额。\n根据过去一年以来的直播业务收入变化情况来看，直播业务收入与原本Blued用户数量一样，遭遇了天花板瓶颈。\n2020年四季度和2021年一季度直播业务收入都呈现下滑态势，其中四季度业务收入环比下降12%。\n并购带来的用户增量并没有给直播业务带来有益的直接影响。\n\n由于同性社交带有一定的特殊性，其直播业务屡屡被曝出“打擦边球”的事件。\n据媒体报道，Blued的不少直播间都存在违反规则进行直播的现象。“有些主播以‘男团走秀’为主题在日间开通直播，‘T台’上的‘模特们’身上穿着统一的白色内裤。”\n“主播之间的互动过程中，不乏充满暗示意味的聊天内容”。\n这样的直播尺度，在其他直播平台上是绝对的规则红线，基本无法过审。一旦未来面临监管介入后，蓝城兄弟的直播业务收入是否将遭遇业务萎缩的风险不得而知。\n与之相对的是会员付费业务和健康业务发展欣欣向荣。\n\n2021年一季度，付费用户数量大幅提升，环比增加23.55%、同比增长47.8%，直接影响会员服务业务收入同比增长 75.9%，达到2640万元。\n这说明凭借区域的垄断地位和对LGBTQ垂直领域的深耕细作，蓝城兄弟的用户粘性在持续提升。\n一方面，用户粘性是蓝城兄弟未来发展过程中抵御风险的护城河。另一方面，这些付费用户也为健康产品消费业务提供了消费人群基础。\n要实现业务核心的变更，我们不可忽视的是蓝城兄弟快速增长并被寄予厚望的荷尔健康商品销售业务。\n2021年一季度来自荷尔健康的商品销售收入为1140万元，同比增长297.7%。\n此前Blued的电商业务内容也主要局限于男性保健品与性器具，对用户需求的发掘并不深入。\n但2019年后，蓝城兄弟推出了独立健康服务品牌“荷尔健康”，以HIV的检测、阻断、预防和治疗为切入点，深入贴近了男同群体们不可言说的“健康需求”。\n\nHIV最早的传播就是从20世纪80年代的美国男同群体之间开始的。由于特殊的性行为方式，男同一直是HIV感染者的重灾区。在美国和欧洲，男性同性恋和双性恋男性是主要HIV感染群体。\n据中国卫健委透露，在2016年前三个季度识别出的96000例新发病例中，28%为MSM（男性同性恋性接触者），而这一数据在2006年仅为2.5%。\n艾滋对于男同群体的威胁远比普通人更高，因此这一群体对艾滋的防护、检测、阻断需求也更高。\n蓝城兄弟正是抓住了这一个“不可言说”的健康细分领域。把艾滋健康服务作为切入口之后，荷尔健康还拓展了性功能障碍、脱发等其他“难以启齿”的健康服务，凭借其用户群体的准确对接和深入绑定，开拓出了一条独特、小众却无可替代的健康业务之路。\n相比于通过电商售卖保健品与性器具，荷尔健康业务的消费频次更高、消费潜力更大、消费绑定也更加深入。\n荷尔健康业务成立两年不到的时间里，业务发展迅速，有望成为蓝城兄弟继直播之后的新生核心业务，真正打通了从流量到消费的商业闭环，粉红经济的故事脉络终于趋于完整。\n虽然相比于陌陌等传统异性社交平台，蓝城兄弟业务的流量池天然处于劣势。所以陌陌仅需深度经营国内区域，就能比蓝城兄弟辛苦开拓海外市场的收获多得多。\n但凭借相对小众的领域+绝对的市场占有率，蓝城兄弟得到的是更加有粘性的用户、更加坚固的市场壁垒以及路径清晰的业务增长。\n从得到用户流量到绑定用户消费，从直播变现到健康服务变现，蓝城兄弟的商业故事或许“难以启齿”，但也散发着其“小而美”的独特光辉。","news_type":1,"symbols_score_info":{"BLCT":0.9}},"isVote":1,"tweetType":1,"viewCount":5242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159275438,"gmtCreate":1624972881224,"gmtModify":1703849125234,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159275438","repostId":"1179060783","repostType":4,"isVote":1,"tweetType":1,"viewCount":3974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159272715,"gmtCreate":1624972845137,"gmtModify":1703849124095,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159272715","repostId":"1131894752","repostType":4,"isVote":1,"tweetType":1,"viewCount":4405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159272865,"gmtCreate":1624972815757,"gmtModify":1703849123444,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159272865","repostId":"1179060783","repostType":4,"isVote":1,"tweetType":1,"viewCount":4766,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159276594,"gmtCreate":1624972798618,"gmtModify":1703849122468,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159276594","repostId":"1164662782","repostType":4,"repost":{"id":"1164662782","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":1624967212,"share":"https://ttm.financial/m/news/1164662782?lang=en_US&edition=fundamental","pubTime":"2021-06-29 19:46","market":"us","language":"zh","title":"Dingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.","url":"https://stock-news.laohu8.com/highlight/detail?id=1164662782","media":"老虎资讯综合","summary":"叮咚买菜据悉将美股IPO价格定在指导区间的底部23.5美元/ADS。\n相关阅读\n即将上市的叮咚买菜再次更新招股书，其筹资规模大幅缩减至此前额度的四分之一。最新的招股书显示，叮咚买菜首次公开发行370万","content":"<p>Dingdong Maicai has reportedly set its US IPO price at the bottom of its guidance range of $23.5 per ADS.</p><p><b>Related Reading</b></p><p>Dingdong Maicai, which is about to go public, has updated its prospectus again, significantly reducing its fundraising scale to a quarter of its previous amount. The latest prospectus shows that Dingdong Maicai has issued 3.7 million American Depositary Shares (ADSs) in its initial public offering, with the issue price range remaining the same as before, between $23.50 and $25.50. Based on the upper limit of the issue price range, Dingdong Maicai will raise approximately US$94 million.</p><p>A week ago, Dingdong Maicai's first updated prospectus showed that it would publicly offer 14 million American Depositary Shares, which could raise nearly $360 million based on the upper limit of the offering price range. In contrast, the most recently announced fundraising scale has been reduced to a quarter of the previous amount, which is an overall reduction of more than 70%.</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>Dingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.</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\">\nDingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.\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\">2021-06-29 19:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dingdong Maicai has reportedly set its US IPO price at the bottom of its guidance range of $23.5 per ADS.</p><p><b>Related Reading</b></p><p>Dingdong Maicai, which is about to go public, has updated its prospectus again, significantly reducing its fundraising scale to a quarter of its previous amount. The latest prospectus shows that Dingdong Maicai has issued 3.7 million American Depositary Shares (ADSs) in its initial public offering, with the issue price range remaining the same as before, between $23.50 and $25.50. Based on the upper limit of the issue price range, Dingdong Maicai will raise approximately US$94 million.</p><p>A week ago, Dingdong Maicai's first updated prospectus showed that it would publicly offer 14 million American Depositary Shares, which could raise nearly $360 million based on the upper limit of the offering price range. In contrast, the most recently announced fundraising scale has been reduced to a quarter of the previous amount, which is an overall reduction of more than 70%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"DDL":"叮咚买菜"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164662782","content_text":"叮咚买菜据悉将美股IPO价格定在指导区间的底部23.5美元/ADS。\n相关阅读\n即将上市的叮咚买菜再次更新招股书，其筹资规模大幅缩减至此前额度的四分之一。最新的招股书显示，叮咚买菜首次公开发行370万股美国存托股票(ADS)，发行价格区间与此前相同，维持在23.5美元至25.5美元之间。按照发行价区间上限计算，叮咚买菜筹资金额大约在9400万美元左右。\n一周前，叮咚买菜首次更新的招股书显示其将公开发行1400万股美国存托股票，彼时按照发行价区间上限计算可筹资达到近3.6亿美元。对比之下，最近一次宣布的募资规模缩减至此前额度的四分之一，即总体缩减幅度超70%。","news_type":1,"symbols_score_info":{"DDL":0.9}},"isVote":1,"tweetType":1,"viewCount":4635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159276331,"gmtCreate":1624972786223,"gmtModify":1703849121653,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159276331","repostId":"2147863759","repostType":4,"repost":{"id":"2147863759","kind":"highlight","pubTimestamp":1624971302,"share":"https://ttm.financial/m/news/2147863759?lang=en_US&edition=fundamental","pubTime":"2021-06-29 20:55","market":"us","language":"zh","title":"Tesla propelled CATL to the \"center stage\".","url":"https://stock-news.laohu8.com/highlight/detail?id=2147863759","media":"华尔街见闻","summary":"宁德时代最近成为新能源界的C位担当，一是因为董事长曾毓群暴涨的身价，二是因为和特斯拉的一纸电池合约。\n6月28日，宁德时代发布公告称，公司已与特斯拉签订协议，将在2022年1月至2025年12月期间，","content":"<p><a href=\"https://laohu8.com/S/300750\">CATL</a>He has recently become a central figure in the new energy industry, firstly because of the skyrocketing net worth of Chairman Zeng Yuqun, and secondly because of his...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>A battery contract.</p><p>On June 28, CATL issued an announcement stating that it has signed an agreement with Tesla to supply lithium-ion power battery products to Tesla from January 2022 to December 2025, which is the next four years. Tesla determines the specific procurement details through orders, and the final sales amount is subject to the actual settlement of the purchase order issued by Tesla.</p><p>In the future, Tesla's Model 3, Model Y, and other models will use battery packs from CATL.</p><p><img src=\"https://static.tigerbbs.com/a713164f29f737032b723520c810364e\" tg-width=\"600\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Affected by this news, CATL's stock price hit a new high on June 29, reaching 519.60 yuan per share during trading, with its total market capitalization exceeding 1.2 trillion yuan. At the close of trading, CATL's stock price closed at 508.51 yuan per share, up 2.96%. It became the first technology stock in the A-share market to enter the trillion-yuan club.</p><p>It is worth mentioning that since last year, CATL's stock price has skyrocketed, with its total market capitalization rising from 0.23 trillion yuan to 1.18 trillion yuan, an increase of more than four times.</p><p>On June 29,<a href=\"https://laohu8.com/S/601995\">CICC</a>The evaluation of this cooperation stated that CATL's agreement with Tesla this time is stronger than the previous one. Considering that downstream demand exceeded expectations, CATL has raised its profit forecast and increased its target price by 9% to RMB 600. CICC also raised its profit forecasts for CATL for 2021-2023 by 10%, 25% and 8%, to RMB 11 billion, RMB 20 billion and RMB 26.7 billion respectively.</p><p><a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>A recent research report maintains a buy rating on CATL with a target price of 607.5 yuan. The reasons for its rating include: the strategic cooperation agreement with automakers is tied to battery production capacity, which can solve battery supply bottlenecks and ensure that production capacity is not limited.</p><p>In addition, CICC analysts Zeng Tao and others pointed out in their report that the agreement did not specify the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate the global expansion of its products. Boosted by global demand, CATL's global market share is expected to reach more than 30% in the long term.</p><p>This is another handshake between two leading companies. For CATL, which has already reached a trillion-yuan market capitalization, its deep ties with its largest customer, Tesla, are not only related to the battery installation capacity brought by that customer, but also an important ticket to breaking into the overseas power battery market.</p><p><h2><b>secondary</b><b>\"Holding hands\"</b></h2>It is reported that in 2018, when Musk signed the agreement to establish Tesla's Shanghai factory, he secretly met with Zeng Yuqun, chairman of CATL, but the two sides did not reach a substantive agreement.</p><p>At the “2019 World Artificial Intelligence Conference”, the two met again and finalized their cooperation intentions in just over 40 minutes.</p><p>In February 2020, a contract brought two leading companies in the new car and power battery industries together. At that time, CATL signed a \"Production Pricing Agreement (China)\" with Tesla, intending to supply lithium-ion power battery products to Tesla from July 2020 to June 2022.</p><p>Under this contract, CATL will supply batteries for Tesla's Model 3 produced in Shanghai. Following Tesla's launch of the Model Y in early 2021, the scope of cooperation between the two parties is expected to further expand.</p><p>On June 25 this year, based on this Agreement, the two parties signed the aforementioned cooperation framework Agreement, the \"Production Pricing Agreement\". The agreement stipulates that CATL plans to supply Tesla with lithium-ion power battery products over the next four years. Some analysts believe that the difference between the two cooperation framework agreements lies in the removal of \"China,\" indicating that this supply agreement will cover the world.</p><p>The further deepening of cooperation between the two sides was actually foreshadowed long ago.</p><p>On June 3, Reuters, citing sources familiar with the matter, reported that CATL plans to build a large-scale power battery plant in Shanghai to supply half of Tesla's batteries for electric vehicles and rooftop energy storage worldwide.</p><p>Rumors suggest that the Shanghai factory will have an annual production capacity of 80GWh, while CATL's current capacity is 69.1GWh, with 77.5GWh under construction.</p><p>In addition, the recent \"blunder\" incident at CATL is also related to Tesla. Recently, someone claiming to be a CATL employee revealed that CATL is forcing manager-level employees to purchase Tesla Model 3s. Some employees claimed that the company's promotional activity for purchasing Teslas is to clear out Tesla inventory with \"problematic batteries\".</p><p>CATL stated that there were no quality issues and that there was no forced purchase. \"Regarding employee purchases of Teslas, the company is encouraging employees to buy electric vehicles at preferential prices in order to promote full electrification. There is no mandatory requirement, nor is it limited to Tesla, including most of the brands it supplies. It is stated that this program has been going on for three years, and last year it was during the National Day holiday.\"</p><p><h2><b>\"Binding\" deepens</b></h2>Regardless of the error, the relationship between Tesla and CATL is becoming even stronger.</p><p>CATL's Q1 2021 financial report shows that sales to the company's top five customers accounted for 41.08% of the current accounts receivable, and the company's main customers are large domestic and foreign automakers. The 2020 annual report shows that the difference in sales to the company's third and fourth largest customers is not significant.</p><p><img src=\"https://static.tigerbbs.com/7b1d28e7bc0109ab77f6fbdfcfb26e8f\" tg-width=\"640\" tg-height=\"213\" referrerpolicy=\"no-referrer\"></p><p>According to Century Securities,<b>Calculated based on the installed capacity,</b><b>In 2020, Tesla was CATL's third largest customer, and by the first quarter of 2021, Tesla had jumped to become its largest customer.</b><img src=\"https://static.tigerbbs.com/71035fcd7b52b58275f0aaf4030589c9\" tg-width=\"640\" tg-height=\"232\" referrerpolicy=\"no-referrer\"></p><p>The deepening bond between the two parties is not only due to Tesla's rise to become the largest customer. More importantly, Tesla is one of the key tickets for CATL to break into the overseas power battery market.</p><p>Previously, Jiang Li, Vice General Manager and Board Secretary of CATL, stated that<b>The cooperation between CATL and Tesla is not limited to the domestic market. The new contract may mark the beginning of the two parties' power battery cooperation going global.</b></p><p>Public data shows that CATL has already ranked first in terms of installed power battery capacity. In 2020, the Ministry of Industry and Information Technology published a valid catalog of more than 6,800 new energy vehicle models, of which more than 3,400 were equipped with power batteries by CATL, accounting for the highest proportion among all power battery manufacturers.</p><p>CATL's advantage in the global power battery competition is also further expanding.</p><p>According to the latest data from South Korean industry Research firm SNE Research, global electric vehicle battery energy consumption reached 47.8 GWh in the first quarter of 2021, a year-on-year increase of 127%, with CATL's significant growth in the first quarter being the main driving force.</p><p>Data shows that in the first quarter, CATL's battery installations increased by 320.8% year-on-year to 15.1 GWh, and its market share expanded again from 25% for the whole of 2020 to 31.5%, while its biggest competitors, LG Chem and...<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic's market share fell to 20.5% and 16.7% respectively, while Panasonic's market share dropped by nearly 10 percentage points within a year.</p><p>However, the higher you climb, the colder it gets, and CATL still needs to face many competitors at home and abroad.</p><p>Overseas, companies such as LG Chem are eyeing the market covetously; Domestically,<a href=\"https://laohu8.com/S/002594\">BYD</a>This has already posed a threat to CATL. In March of last year, BYD released a blade battery based on lithium iron phosphate material, and gradually opened it up to third-party automakers from its own use.</p><p>Therefore, deepening its ties with Tesla at this time may have some benefits for CATL, both in terms of installed power battery capacity and further enhancing its competitiveness in domestic and international markets.</p><p><h2><b>\"C position\"</b><b>Challenge</b></h2>Although Tesla's battery contract propelled CATL to the forefront, this trillion-dollar company already has a very solid position in the new energy field.</p><p>As a leading global power battery supplier, CATL not only supplies new car manufacturers such as Tesla, but also cooperates with traditional automakers such as Mercedes-Benz and Honda. Three new domestic car manufacturers have also chosen CATL's power batteries.</p><p>Han<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to statistics from analyst firm SNE, CATL has ranked first in the global ranking of power battery installations for four consecutive years. In 2020, CATL's global installed capacity of power batteries was 34GWh, with a market share of nearly a quarter.</p><p>With the booming new energy sector, this behind-the-scenes giant has been coming to the forefront since last year, attracting capital attention. For example, clearance sale in 2020<a href=\"https://laohu8.com/S/NIO\">Nio</a>Subsequently, Hillhouse Capital turned its heavy investment in CATL, subscribing to a 10 billion yuan private placement.</p><p>CATL's soaring stock price has also attracted more attention from investors. On May 21, CATL also hosted a research visit of 54 people from 33 institutional investors, including large public funds, foreign institutions, and securities asset management firms. These institutional investors are mainly concerned about the development of solid-state batteries, the company's three strategic directions, and its layout in the photovoltaic field.</p><p>CATL is not the only company recognized by the outside world; its chairman, Zeng Yuqun, has also repeatedly ranked among the top on the Forbes rich list.</p><p>As of 11:30 a.m. on June 28, the Forbes Rich List showed that Zeng Yuqun, chairman of CATL, had a net worth of US$44.7 billion (approximately RMB 288.8 billion), ranking 30th globally. This is his first time entering the top 30 of the list.</p><p>In early May, Zeng Yuqun successfully became the richest man in Hong Kong. With a net worth of US$34.5 billion, he shook the list of Hong Kong's richest people, which had been dominated by the \"Li family\" for more than 20 years. His personal wealth once surpassed that of Lee Shau-kee (US$32.1 billion) and Li Ka-shing (US$34.4 billion).</p><p>At that time, Zeng Yuqun's ranking on the global rich list rose to 42nd, and now he has broken into the top 30.</p><p>Within a year, CATL has repeatedly gained popularity and attracted much attention in both the primary and secondary markets. As the first A-share listed technology company with a market capitalization of one trillion yuan, how long can CATL stand in the center position?</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla propelled CATL to the \"center stage\".</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\">\nTesla propelled CATL to the \"center stage\".\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-29 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/300750\">CATL</a>He has recently become a central figure in the new energy industry, firstly because of the skyrocketing net worth of Chairman Zeng Yuqun, and secondly because of his...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>A battery contract.</p><p>On June 28, CATL issued an announcement stating that it has signed an agreement with Tesla to supply lithium-ion power battery products to Tesla from January 2022 to December 2025, which is the next four years. Tesla determines the specific procurement details through orders, and the final sales amount is subject to the actual settlement of the purchase order issued by Tesla.</p><p>In the future, Tesla's Model 3, Model Y, and other models will use battery packs from CATL.</p><p><img src=\"https://static.tigerbbs.com/a713164f29f737032b723520c810364e\" tg-width=\"600\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Affected by this news, CATL's stock price hit a new high on June 29, reaching 519.60 yuan per share during trading, with its total market capitalization exceeding 1.2 trillion yuan. At the close of trading, CATL's stock price closed at 508.51 yuan per share, up 2.96%. It became the first technology stock in the A-share market to enter the trillion-yuan club.</p><p>It is worth mentioning that since last year, CATL's stock price has skyrocketed, with its total market capitalization rising from 0.23 trillion yuan to 1.18 trillion yuan, an increase of more than four times.</p><p>On June 29,<a href=\"https://laohu8.com/S/601995\">CICC</a>The evaluation of this cooperation stated that CATL's agreement with Tesla this time is stronger than the previous one. Considering that downstream demand exceeded expectations, CATL has raised its profit forecast and increased its target price by 9% to RMB 600. CICC also raised its profit forecasts for CATL for 2021-2023 by 10%, 25% and 8%, to RMB 11 billion, RMB 20 billion and RMB 26.7 billion respectively.</p><p><a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>A recent research report maintains a buy rating on CATL with a target price of 607.5 yuan. The reasons for its rating include: the strategic cooperation agreement with automakers is tied to battery production capacity, which can solve battery supply bottlenecks and ensure that production capacity is not limited.</p><p>In addition, CICC analysts Zeng Tao and others pointed out in their report that the agreement did not specify the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate the global expansion of its products. Boosted by global demand, CATL's global market share is expected to reach more than 30% in the long term.</p><p>This is another handshake between two leading companies. For CATL, which has already reached a trillion-yuan market capitalization, its deep ties with its largest customer, Tesla, are not only related to the battery installation capacity brought by that customer, but also an important ticket to breaking into the overseas power battery market.</p><p><h2><b>secondary</b><b>\"Holding hands\"</b></h2>It is reported that in 2018, when Musk signed the agreement to establish Tesla's Shanghai factory, he secretly met with Zeng Yuqun, chairman of CATL, but the two sides did not reach a substantive agreement.</p><p>At the “2019 World Artificial Intelligence Conference”, the two met again and finalized their cooperation intentions in just over 40 minutes.</p><p>In February 2020, a contract brought two leading companies in the new car and power battery industries together. At that time, CATL signed a \"Production Pricing Agreement (China)\" with Tesla, intending to supply lithium-ion power battery products to Tesla from July 2020 to June 2022.</p><p>Under this contract, CATL will supply batteries for Tesla's Model 3 produced in Shanghai. Following Tesla's launch of the Model Y in early 2021, the scope of cooperation between the two parties is expected to further expand.</p><p>On June 25 this year, based on this Agreement, the two parties signed the aforementioned cooperation framework Agreement, the \"Production Pricing Agreement\". The agreement stipulates that CATL plans to supply Tesla with lithium-ion power battery products over the next four years. Some analysts believe that the difference between the two cooperation framework agreements lies in the removal of \"China,\" indicating that this supply agreement will cover the world.</p><p>The further deepening of cooperation between the two sides was actually foreshadowed long ago.</p><p>On June 3, Reuters, citing sources familiar with the matter, reported that CATL plans to build a large-scale power battery plant in Shanghai to supply half of Tesla's batteries for electric vehicles and rooftop energy storage worldwide.</p><p>Rumors suggest that the Shanghai factory will have an annual production capacity of 80GWh, while CATL's current capacity is 69.1GWh, with 77.5GWh under construction.</p><p>In addition, the recent \"blunder\" incident at CATL is also related to Tesla. Recently, someone claiming to be a CATL employee revealed that CATL is forcing manager-level employees to purchase Tesla Model 3s. Some employees claimed that the company's promotional activity for purchasing Teslas is to clear out Tesla inventory with \"problematic batteries\".</p><p>CATL stated that there were no quality issues and that there was no forced purchase. \"Regarding employee purchases of Teslas, the company is encouraging employees to buy electric vehicles at preferential prices in order to promote full electrification. There is no mandatory requirement, nor is it limited to Tesla, including most of the brands it supplies. It is stated that this program has been going on for three years, and last year it was during the National Day holiday.\"</p><p><h2><b>\"Binding\" deepens</b></h2>Regardless of the error, the relationship between Tesla and CATL is becoming even stronger.</p><p>CATL's Q1 2021 financial report shows that sales to the company's top five customers accounted for 41.08% of the current accounts receivable, and the company's main customers are large domestic and foreign automakers. The 2020 annual report shows that the difference in sales to the company's third and fourth largest customers is not significant.</p><p><img src=\"https://static.tigerbbs.com/7b1d28e7bc0109ab77f6fbdfcfb26e8f\" tg-width=\"640\" tg-height=\"213\" referrerpolicy=\"no-referrer\"></p><p>According to Century Securities,<b>Calculated based on the installed capacity,</b><b>In 2020, Tesla was CATL's third largest customer, and by the first quarter of 2021, Tesla had jumped to become its largest customer.</b><img src=\"https://static.tigerbbs.com/71035fcd7b52b58275f0aaf4030589c9\" tg-width=\"640\" tg-height=\"232\" referrerpolicy=\"no-referrer\"></p><p>The deepening bond between the two parties is not only due to Tesla's rise to become the largest customer. More importantly, Tesla is one of the key tickets for CATL to break into the overseas power battery market.</p><p>Previously, Jiang Li, Vice General Manager and Board Secretary of CATL, stated that<b>The cooperation between CATL and Tesla is not limited to the domestic market. The new contract may mark the beginning of the two parties' power battery cooperation going global.</b></p><p>Public data shows that CATL has already ranked first in terms of installed power battery capacity. In 2020, the Ministry of Industry and Information Technology published a valid catalog of more than 6,800 new energy vehicle models, of which more than 3,400 were equipped with power batteries by CATL, accounting for the highest proportion among all power battery manufacturers.</p><p>CATL's advantage in the global power battery competition is also further expanding.</p><p>According to the latest data from South Korean industry Research firm SNE Research, global electric vehicle battery energy consumption reached 47.8 GWh in the first quarter of 2021, a year-on-year increase of 127%, with CATL's significant growth in the first quarter being the main driving force.</p><p>Data shows that in the first quarter, CATL's battery installations increased by 320.8% year-on-year to 15.1 GWh, and its market share expanded again from 25% for the whole of 2020 to 31.5%, while its biggest competitors, LG Chem and...<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic's market share fell to 20.5% and 16.7% respectively, while Panasonic's market share dropped by nearly 10 percentage points within a year.</p><p>However, the higher you climb, the colder it gets, and CATL still needs to face many competitors at home and abroad.</p><p>Overseas, companies such as LG Chem are eyeing the market covetously; Domestically,<a href=\"https://laohu8.com/S/002594\">BYD</a>This has already posed a threat to CATL. In March of last year, BYD released a blade battery based on lithium iron phosphate material, and gradually opened it up to third-party automakers from its own use.</p><p>Therefore, deepening its ties with Tesla at this time may have some benefits for CATL, both in terms of installed power battery capacity and further enhancing its competitiveness in domestic and international markets.</p><p><h2><b>\"C position\"</b><b>Challenge</b></h2>Although Tesla's battery contract propelled CATL to the forefront, this trillion-dollar company already has a very solid position in the new energy field.</p><p>As a leading global power battery supplier, CATL not only supplies new car manufacturers such as Tesla, but also cooperates with traditional automakers such as Mercedes-Benz and Honda. Three new domestic car manufacturers have also chosen CATL's power batteries.</p><p>Han<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to statistics from analyst firm SNE, CATL has ranked first in the global ranking of power battery installations for four consecutive years. In 2020, CATL's global installed capacity of power batteries was 34GWh, with a market share of nearly a quarter.</p><p>With the booming new energy sector, this behind-the-scenes giant has been coming to the forefront since last year, attracting capital attention. For example, clearance sale in 2020<a href=\"https://laohu8.com/S/NIO\">Nio</a>Subsequently, Hillhouse Capital turned its heavy investment in CATL, subscribing to a 10 billion yuan private placement.</p><p>CATL's soaring stock price has also attracted more attention from investors. On May 21, CATL also hosted a research visit of 54 people from 33 institutional investors, including large public funds, foreign institutions, and securities asset management firms. These institutional investors are mainly concerned about the development of solid-state batteries, the company's three strategic directions, and its layout in the photovoltaic field.</p><p>CATL is not the only company recognized by the outside world; its chairman, Zeng Yuqun, has also repeatedly ranked among the top on the Forbes rich list.</p><p>As of 11:30 a.m. on June 28, the Forbes Rich List showed that Zeng Yuqun, chairman of CATL, had a net worth of US$44.7 billion (approximately RMB 288.8 billion), ranking 30th globally. This is his first time entering the top 30 of the list.</p><p>In early May, Zeng Yuqun successfully became the richest man in Hong Kong. With a net worth of US$34.5 billion, he shook the list of Hong Kong's richest people, which had been dominated by the \"Li family\" for more than 20 years. His personal wealth once surpassed that of Lee Shau-kee (US$32.1 billion) and Li Ka-shing (US$34.4 billion).</p><p>At that time, Zeng Yuqun's ranking on the global rich list rose to 42nd, and now he has broken into the top 30.</p><p>Within a year, CATL has repeatedly gained popularity and attracted much attention in both the primary and secondary markets. As the first A-share listed technology company with a market capitalization of one trillion yuan, how long can CATL stand in the center position?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634141\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/983e0432c72ee1117f6c5b8a19ed6e25","relate_stocks":{"300750":"宁德时代","TSLA":"特斯拉"},"source_url":"https://wallstreetcn.com/articles/3634141","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147863759","content_text":"宁德时代最近成为新能源界的C位担当，一是因为董事长曾毓群暴涨的身价，二是因为和特斯拉的一纸电池合约。\n6月28日，宁德时代发布公告称，公司已与特斯拉签订协议，将在2022年1月至2025年12月期间，也就是未来四年，向特斯拉供应锂离子动力电池产品。具体的采购情况特斯拉以订单方式确定，最终销售金额须以特斯拉发出的采购订单实际结算为准。\n未来，特斯拉旗下的Model 3、Model Y等车型将会使用来自宁德时代的电池组。\n\n受此消息影响，6月29日，宁德时代股价再创新高，盘中股价一度达到519.60元/股，总市值突破1.2万亿元。截至收盘，宁德时代股价报收508.51元/股，涨幅达2.96%。成为A股中第一家跨进万亿俱乐部的科技股。\n值得一提的是，自去年以来，宁德时代的股价如同坐上火箭，总市值由0.23万亿元上涨至1.18万亿元，涨幅超过4倍。\n6月29日，中金公司对此合作评价称，宁德时代此次与特斯拉的协议较之前合作力度更大，考虑到公司下游需求超预期，上调宁德时代的盈利预测，并将目标价调升9%至600元人民币。中金还上调了宁德时代2021-2023年的盈利预测10%、25%和8%，分别至110亿元、200亿元和267亿元。\n东吴证券近日发布研报称，维持宁德时代买入评级，目标价格为607.5元。其评级理由就包括：与车企的战略合作协议系绑定电池产能，能解决电池供应瓶颈，确保产能不受限。\n另外，中金分析师曾韬等在报告中指出，此次协议未约定中国市场，意味着宁德时代将以配合特斯拉全球市场供应为契机，推动产品加速走向全球。全球需求提振下，宁德时代远期全球市场份额有望达到30%以上。\n这是两家头部企业的再次握手。对于已经站上万亿市值高位的宁德时代而言，与第一大客户特斯拉的深度捆绑，不仅关乎该客户带来的电池装机量，更是一张突围海外动力电池市场的重要门票。\n二次“牵手”\n据悉，2018年，马斯克在签署特斯拉上海工厂落地协议时，曾秘密会见宁德时代董事长曾毓群，不过双方未达成实质性协议。\n在“2019世界人工智能大会”上，二人再度会面，用40多分钟敲定了合作意向。\n2020年2月，一份合约让新造车和动力电池的两家头部企业真正走到一起。彼时，宁德时代与特斯拉签订《Production Pricing Agreement (China)》，拟于2020年7月至2022年6月期间向特斯拉供应锂离子动力电池产品。\n据此合约，宁德时代为特斯拉在上海生产的Model 3供应电池。2021年初，特斯拉推出Model Y后，双方的合作范围也有望进一步扩大。\n今年6月25日，在该协议的基础上，双方又签订了上文提及的合作框架协议《Production Pricing Agreement》。协议约定宁德时代计划在未来四年向特斯拉供应锂离子动力电池产品。有分析认为，前后两份合作框架协议的区别在于去掉了“China”，预示着本次供货协议将覆盖全球。\n双方的合作进一步深入，其实早就有预示。\n6月3日，路透社援引知情人士消息称，宁德时代计划在上海新建一家大型动力电池厂，提供特斯拉在全球范围内一半用于电动汽车和屋顶储能的电池。\n有传言称，上海工厂年产能将达到80GWh，而宁德时代现有产能为69.1GWh，并有77.5GWh产能在建中。\n另外，宁德时代日前发生的“乌龙事件”也与特斯拉有关。近日，有自称是宁德时代员工的人员爆料，宁德时代强制经理级别员工购买特斯拉Model 3，有员工称公司推出购买特斯拉的优惠活动，是为了清掉“电池有问题”的特斯拉库存。\n宁德时代则表示，没有质量问题，也没有强制购买。“关于员工购买特斯拉是公司为推行全面电动化，以优惠价格鼓励员工购买电动车，没有强制，也不限于特斯拉，包括其大部分供货的品牌。称此活动已持续三年，去年是在国庆节期间。”\n“绑定”加深\n不论乌龙事件如何，特斯拉和宁德时代的关系都在进一步绑定。\n宁德时代2021年Q1财报显示，公司面向前五大客户的销售金额占当期应收比例为41.08%，公司主要客户为大型境内外车企。2020年年报显示，公司面对第三和第四大客户的销售额差距不大。\n\n而据世纪证券，按装机口径计算， 2020年特斯拉为宁德时代第三大客户，而到2021年第一季度，特斯拉一跃成为最大客户 。\n双方的绑定加深，不仅在于特斯拉跃升为最大客户。更关键的是特斯拉是宁德时代突围海外动力电池市场的重要门票之一。\n此前，宁德时代副总经理、董事会秘书蒋理曾表示，宁德时代与特斯拉的合作不局限于国内。新合约或许就是双方的动力电池合作走出国门的开始。\n公开数据表明，宁德时代在动力电池装机量上已经处于C位。2020年工信部公布的新能源车型有效目录共有6800多款车型，其中宁德时代配套动力电池的有3400多款，在全部动力电池厂商中占比最高。\n宁德时代在全球动力电池竞争中的优势也在进一步扩大。\n据韩国行业调研机构SNE Research最新数据，2021年第一季度，全球电动车电池能耗为47.8 GWh，同比增长127%，宁德时代一季度的大幅增长为主要推动力。\n数据显示，第一季度，宁德时代电池装机量同比增长320.8%至15.1 GWh，市占率从2020年全年的25%再度扩大至31.5%，而其最大竞争对手LG化学以及松下的市占率则分别下降至20.5%和16.7%，松下市占率一年内下降近10个百分点。\n但高处不胜寒，宁德时代仍然需要面对海内外不少竞争对手。\n在海外，有LG化学等企业虎视眈眈；在国内，比亚迪已经对宁德时代构成了威胁。去年3月，比亚迪发布了基于磷酸铁锂材料的刀片电池，并逐渐从自用开放给第三方车企。\n因而，此时与特斯拉加深绑定，对宁德时代而言，无论是对动力电池装机量，还是进一步提升海内外市场竞争力，或许都存在一些好处。\n“C位”挑战\n虽然本次是特斯拉的电池合约将宁德时代送上C位，但这家万亿市值的公司，在新能源领域的地位已经十分稳固。\n作为全球头部动力电池供应商，宁德时代不仅为特斯拉等新造车代表供货，还与奔驰、本田等传统车企合作。国内新造车三家企业也选择了宁德时代的动力电池。\n韩国新能源分析机构SNE统计称，宁德时代已连续四年在全球动力电池装车量排名中居于首位。就在2020年，宁德时代动力电池的全球装车量为34GWh，市场份额接近四分之一。\n随着新能源板块的火爆，这家幕后巨头从去年开始走向台前，获得资本关注。例如，在2020年清仓蔚来后，高瓴资本就转而重仓宁德时代，认购了100亿元的定增。\n股价飙升的宁德时代，也受到更多投资者的关注。5月21日，宁德时代还接待了33家机构投资者共54人的调研，其中包括大型公募基金、外资机构以及券商资管等。这些机构投资者们关心的话题，主要在固态电池发展、公司三大战略方向以及光伏领域的布局等方面。\n被外界认知的不止有宁德时代，其董事长曾毓群也屡次跻身福布斯富豪榜的前列。\n截至6月28日上午11点半，福布斯富豪榜的实时榜单显示，宁德时代董事长曾毓群身价达到447亿美元（约合2888亿元人民币），位列全球第30位。这是他首次进入榜单前30名。\n而就在5月初，曾毓群成功问鼎香港首富。他以345亿美元的身价，动摇了被“李氏家族”霸榜20余年的香港首富榜，个人财富一度超过李兆基（321亿美元）和李嘉诚（344亿美元）。\n彼时，曾毓群在全球富豪榜上的排名升至全球第42名，而今他已经突围进前30名。\n一年之内，宁德时代多次出圈，在一、二级市场备受关注。作为A股第一家万亿市值的科技公司，宁德时代在C位上又能矗立多久？","news_type":1,"symbols_score_info":{"300750":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159278430,"gmtCreate":1624972770820,"gmtModify":1703849121165,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159278430","repostId":"1162626672","repostType":4,"repost":{"id":"1162626672","kind":"news","pubTimestamp":1624950782,"share":"https://ttm.financial/m/news/1162626672?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:13","market":"us","language":"zh","title":"Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.","url":"https://stock-news.laohu8.com/highlight/detail?id=1162626672","media":"智通财经 ","summary":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教","content":"<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>","source":"stock_zhitongcaijing","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>Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.</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\">\nWarren Buffett summarized 8 valuable experiences and lessons from the pandemic.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经 </strong><span class=\"h-time small\">2021-06-29 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/503261.html\">智通财经 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔"},"source_url":"https://www.zhitongcaijing.com/content/detail/503261.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162626672","content_text":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教训。\n01  新投资吗?利用标普500\n在上个月伯克希尔哈撒韦公司的年会上，巴菲特谈到了他最喜欢的一项投资——该投资在疫情期间成为赢家。\n巴菲特说:“我推荐标普500指数基金，并且长期以来一直向人们推荐。”他还说，在他去世后，他留给妻子的90%的钱将进入标普500基金。\n标普500指数基金是模仿人们熟悉的跟踪美国500家最大公司的股票指数的共同基金或ETF。尽管疫情爆发，标普500指数在2020年飙升16%，并在2021年创下新高。\n巴菲特在洛杉矶的股东大会上表示:“我喜欢伯克希尔，但我认为一个对股票一无所知，对伯克希尔没有任何特殊感觉的人，他们应该购买标普500指数。”\n02  要实际——即使在市场失去理智的时候\n巴菲特建议投资者长期且实际的方法，而不是“每天进行30或40笔交易。”\n在会议期间，巴菲特展示了两张幻灯片，展示了当今和1989年全球市值最大的20家公司。89年上榜的公司没有一家是2021年版的。教训是:世事无常，挑选赢家并不容易。\n\"如果你只持有多元化的股票，比如美国股票，那将是我的偏好，但要持有超过30年，\"他说。\n03  不要指望养老金\n巴菲特在伯克希尔哈撒韦公司的会议上深入研究的一个更令人担忧的趋势，许多州养老基金的地位越来越不稳定，他说他从2013年就开始关注这个问题。\n巴菲特说:“很多州的养老金状况都很糟糕。”“情况并没有好转。显然，情况一点也没有好转。”\n疫情已经扼杀了各州的财政，只会加剧目前没有长期解决方案的养老金问题。Pew Charitable Trusts的数据显示，在大流行开始之前，国家养老金计划已经缺乏1万亿美元的资金来满足未来对退休人员的义务。\n04  投资者应该对某些投资保持警惕\n巴菲特因为COVID-19的原因抛售了航空股。\n疫情危机摧毁了整个航空行业，然而航空公司在政府的帮助下幸存下来。但如果没有这种支持，你会看到一场全新的空难。要想恢复正常的业务(以及正常的利润率)，该行业还有好几个月的时间。\n“我还是不想买航空公司，”巴菲特告诉他的伯克希尔股东。\n达美航空(DAL)是伯克希尔从其投资组合中抛售的航空公司之一，该公司股价在去年3月1日至5月15日期间下跌了一半以上。此后，该股和美国其他主要航空公司的股价都有所回升，但巴菲特对航空业的经济基本面没有多大信心。\n05  坚持你的长期计划\n巴菲特说，要坚持你的财务目标。巴菲特仍然相信，美国经济将从COVID - 19危机中反弹，但他告诉股东，未来远非确定。\n“你可以押注美国，但你必须小心如何押注，”他说。他后来重申，世界可以以“非常、非常戏剧性的方式”发生变化。\n巴菲特从来没有动摇过他的信念，长期持有股票是一个稳定的财务未来的正确投资策略。在伯克希尔的会议上，他甚至被提醒说，他曾经说过永远持有一只股票“太短了”。\n06  充分利用低利率\n随着利率的下降，巴菲特说现在是借钱的好时机。\n由于美联储承诺将关键利率维持在接近零的水平，巴菲特认为2021年借款人将有极好的机会。\n“这是一个迷人的时代，”巴菲特告诉投资者，并补充说低利率环境“非常令人愉快”。\n“经济在2020年3月跌落悬崖，”巴菲特说。“通过美联储的行动，它以一种非常有效的方式复活了。”\n07  避免信用卡债务\n巴菲特说，如果你有信用卡债务，那就摆脱它。\n疫情导致企业关闭和裁员，迫使数百万美国人依靠信用卡来满足基本的金融需求。这是一个很好的生存策略，但由此产生的平衡和高利率会造成长期的财务压力。\n在伯克希尔2020年的在线股东大会上，他回忆了自己给一位获得意外之财的朋友的建议，这位朋友当时正在考虑最明智的消费方式。她告诉巴菲特，她还有信用卡债务——利息为18%。\n巴菲特记得对她说:“如果我有18%的债务，我会用手头的钱做的第一件事就是还清。”“你不可能一辈子都以这样的利率借钱，然后过得更好。”\n08  总是做最坏打算\n巴菲特说，一场“大灾难”即将来临。称巴菲特为“神谕”不是没有原因的。2019年，他警告说，世界将迎来一场“特大灾难”，这将使卡特里娜飓风和迈克尔飓风造成的混乱相形见绌。\n当疫情首次袭击美国时，巴菲特在一次采访中说，“我一直觉得一场大流行迟早会发生。”\n你可能会认为，在保险业投入如此之多的人会有这样的远见——伯克希尔哈撒韦拥有Geico和其他几家保险公司——为最坏的情况做准备是商业模式的核心部分。\n“过去15个月里，我们看到世界上发生了一些奇怪的事情，”他今年告诉他的投资者。“而且我们总是意识到未来会发生更奇怪的事情。”","news_type":1,"symbols_score_info":{"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159270215,"gmtCreate":1624972578837,"gmtModify":1703849115443,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159270215","repostId":"1162626672","repostType":4,"repost":{"id":"1162626672","kind":"news","pubTimestamp":1624950782,"share":"https://ttm.financial/m/news/1162626672?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:13","market":"us","language":"zh","title":"Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.","url":"https://stock-news.laohu8.com/highlight/detail?id=1162626672","media":"智通财经 ","summary":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教","content":"<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>","source":"stock_zhitongcaijing","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>Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.</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\">\nWarren Buffett summarized 8 valuable experiences and lessons from the pandemic.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经 </strong><span class=\"h-time small\">2021-06-29 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/503261.html\">智通财经 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔"},"source_url":"https://www.zhitongcaijing.com/content/detail/503261.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162626672","content_text":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教训。\n01  新投资吗?利用标普500\n在上个月伯克希尔哈撒韦公司的年会上，巴菲特谈到了他最喜欢的一项投资——该投资在疫情期间成为赢家。\n巴菲特说:“我推荐标普500指数基金，并且长期以来一直向人们推荐。”他还说，在他去世后，他留给妻子的90%的钱将进入标普500基金。\n标普500指数基金是模仿人们熟悉的跟踪美国500家最大公司的股票指数的共同基金或ETF。尽管疫情爆发，标普500指数在2020年飙升16%，并在2021年创下新高。\n巴菲特在洛杉矶的股东大会上表示:“我喜欢伯克希尔，但我认为一个对股票一无所知，对伯克希尔没有任何特殊感觉的人，他们应该购买标普500指数。”\n02  要实际——即使在市场失去理智的时候\n巴菲特建议投资者长期且实际的方法，而不是“每天进行30或40笔交易。”\n在会议期间，巴菲特展示了两张幻灯片，展示了当今和1989年全球市值最大的20家公司。89年上榜的公司没有一家是2021年版的。教训是:世事无常，挑选赢家并不容易。\n\"如果你只持有多元化的股票，比如美国股票，那将是我的偏好，但要持有超过30年，\"他说。\n03  不要指望养老金\n巴菲特在伯克希尔哈撒韦公司的会议上深入研究的一个更令人担忧的趋势，许多州养老基金的地位越来越不稳定，他说他从2013年就开始关注这个问题。\n巴菲特说:“很多州的养老金状况都很糟糕。”“情况并没有好转。显然，情况一点也没有好转。”\n疫情已经扼杀了各州的财政，只会加剧目前没有长期解决方案的养老金问题。Pew Charitable Trusts的数据显示，在大流行开始之前，国家养老金计划已经缺乏1万亿美元的资金来满足未来对退休人员的义务。\n04  投资者应该对某些投资保持警惕\n巴菲特因为COVID-19的原因抛售了航空股。\n疫情危机摧毁了整个航空行业，然而航空公司在政府的帮助下幸存下来。但如果没有这种支持，你会看到一场全新的空难。要想恢复正常的业务(以及正常的利润率)，该行业还有好几个月的时间。\n“我还是不想买航空公司，”巴菲特告诉他的伯克希尔股东。\n达美航空(DAL)是伯克希尔从其投资组合中抛售的航空公司之一，该公司股价在去年3月1日至5月15日期间下跌了一半以上。此后，该股和美国其他主要航空公司的股价都有所回升，但巴菲特对航空业的经济基本面没有多大信心。\n05  坚持你的长期计划\n巴菲特说，要坚持你的财务目标。巴菲特仍然相信，美国经济将从COVID - 19危机中反弹，但他告诉股东，未来远非确定。\n“你可以押注美国，但你必须小心如何押注，”他说。他后来重申，世界可以以“非常、非常戏剧性的方式”发生变化。\n巴菲特从来没有动摇过他的信念，长期持有股票是一个稳定的财务未来的正确投资策略。在伯克希尔的会议上，他甚至被提醒说，他曾经说过永远持有一只股票“太短了”。\n06  充分利用低利率\n随着利率的下降，巴菲特说现在是借钱的好时机。\n由于美联储承诺将关键利率维持在接近零的水平，巴菲特认为2021年借款人将有极好的机会。\n“这是一个迷人的时代，”巴菲特告诉投资者，并补充说低利率环境“非常令人愉快”。\n“经济在2020年3月跌落悬崖，”巴菲特说。“通过美联储的行动，它以一种非常有效的方式复活了。”\n07  避免信用卡债务\n巴菲特说，如果你有信用卡债务，那就摆脱它。\n疫情导致企业关闭和裁员，迫使数百万美国人依靠信用卡来满足基本的金融需求。这是一个很好的生存策略，但由此产生的平衡和高利率会造成长期的财务压力。\n在伯克希尔2020年的在线股东大会上，他回忆了自己给一位获得意外之财的朋友的建议，这位朋友当时正在考虑最明智的消费方式。她告诉巴菲特，她还有信用卡债务——利息为18%。\n巴菲特记得对她说:“如果我有18%的债务，我会用手头的钱做的第一件事就是还清。”“你不可能一辈子都以这样的利率借钱，然后过得更好。”\n08  总是做最坏打算\n巴菲特说，一场“大灾难”即将来临。称巴菲特为“神谕”不是没有原因的。2019年，他警告说，世界将迎来一场“特大灾难”，这将使卡特里娜飓风和迈克尔飓风造成的混乱相形见绌。\n当疫情首次袭击美国时，巴菲特在一次采访中说，“我一直觉得一场大流行迟早会发生。”\n你可能会认为，在保险业投入如此之多的人会有这样的远见——伯克希尔哈撒韦拥有Geico和其他几家保险公司——为最坏的情况做准备是商业模式的核心部分。\n“过去15个月里，我们看到世界上发生了一些奇怪的事情，”他今年告诉他的投资者。“而且我们总是意识到未来会发生更奇怪的事情。”","news_type":1,"symbols_score_info":{"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150928799,"gmtCreate":1624883694111,"gmtModify":1703846941946,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150928799","repostId":"1197538485","repostType":4,"isVote":1,"tweetType":1,"viewCount":1936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150928350,"gmtCreate":1624883674570,"gmtModify":1703846940978,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150928350","repostId":"1173690181","repostType":4,"repost":{"id":"1173690181","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624855957,"share":"https://ttm.financial/m/news/1173690181?lang=en_US&edition=fundamental","pubTime":"2021-06-28 12:52","market":"us","language":"zh","title":"Morgan Stanley warns: Any strong US economic data will hit the market","url":"https://stock-news.laohu8.com/highlight/detail?id=1173690181","media":"华尔街见闻","summary":"摩根士丹利认为，市场对于平均通胀目标框架的信心已经出现下降，更强劲的经济数据可能会加剧美联储的鹰派倾向，美联储缩减购债规模的步伐和预计的加息步伐是市场面临的最大风险。\n“五年来最重要”的政策会议过后，","content":"<p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It is believed that the market's confidence in the average inflation target framework has declined, and stronger economic data may aggravate the hawkish tendency of the Federal Reserve. The pace of the Federal Reserve's reduction of bond purchases and the expected pace of rate hike are the biggest risks faced by the market.</p><p>After the \"most important policy meeting in five years\", although the Fed did not mention tapering QE, it released a signal that more than one rate hike is more likely two years later, that is, in 2023.</p><p>Morgan Stanley saw that although the sharp selling tide in the broad risk market has been reversed after the meeting, the uncertainty released by the meeting has not changed, and any real or expected policy change of the Federal Reserve in the future may aggravate the market uncertainty.</p><p>In such an environment, Morgan Stanley believes,<b>The impact of upcoming U.S. jobs and inflation data on markets will be amplified, and stronger economic data may exacerbate the hawkish tendency of the Federal Reserve. It's time for markets to buckle up.</b></p><p>I still remember that last August, the Federal Reserve announced its major adjustment to its monetary policy framework at the annual meeting of global central banks:</p><p>First of all, the Fed will no longer preemptively rate hike based on low unemployment data, and the progress of real inflation will become the main measure of eliminating easing policy; Secondly, the Federal Reserve formally adopted the flexible average inflation target framework (FAIT), which aims to achieve the average inflation target of 2% over time, that is, after a certain period of low inflation, it will allow higher inflation in the next certain period of time. However, in Morgan Stanley's view, as the U.S. economy rebounds in the post-epidemic era, the hawkish differences shown by the Federal Reserve meeting are actually surprising, and the market's confidence in FAIT has also declined:</p><p>First, contrary to the Fed's own emphasis on real inflation> inflation expectations, although recent data have been worse than expected and broad job market indicators have not progressed well,<b>The Fed remains optimistic about the prospects for a recovery in the job market.</b>The 9.1 percent unemployment rate for African Americans, for example, is still much higher than the 5.8 percent unemployment rate for the United States as a whole. Secondly,<b>In recent months, Federal Reserve Chairman Powell has been binding inflation to \"temporarity\", but now he has finally acknowledged the upside risks.</b>This focus on inflation expectations (rather than real inflation) and the labor market culminates in a dot graph showing that \"interest rates will go higher in 2022 and 2023\", which leads us to conclude:<b>It was a decidedly hawkish meeting.</b>Morgan Stanley also found that, based on the Fed's dot plot, policymakers expect the Fed to rate hike another 3-4 times in the year following its first rate hike; However, the current market expectation is that in the 12 months after the first rate hike, the Fed will only rate hike about twice.</p><p>According to Morgan Stanley,<b>The pace of the Fed's tapering of bond purchases and the projected pace of rate hike are the biggest risks to the market.</b>In addition, reducing the category composition of bond purchases, the interval between advance notice and the start of reduction, etc. are also additional risks worthy of vigilance.</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>Morgan Stanley warns: Any strong US economic data will hit the market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley warns: Any strong US economic data will hit the market\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-28 12:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It is believed that the market's confidence in the average inflation target framework has declined, and stronger economic data may aggravate the hawkish tendency of the Federal Reserve. The pace of the Federal Reserve's reduction of bond purchases and the expected pace of rate hike are the biggest risks faced by the market.</p><p>After the \"most important policy meeting in five years\", although the Fed did not mention tapering QE, it released a signal that more than one rate hike is more likely two years later, that is, in 2023.</p><p>Morgan Stanley saw that although the sharp selling tide in the broad risk market has been reversed after the meeting, the uncertainty released by the meeting has not changed, and any real or expected policy change of the Federal Reserve in the future may aggravate the market uncertainty.</p><p>In such an environment, Morgan Stanley believes,<b>The impact of upcoming U.S. jobs and inflation data on markets will be amplified, and stronger economic data may exacerbate the hawkish tendency of the Federal Reserve. It's time for markets to buckle up.</b></p><p>I still remember that last August, the Federal Reserve announced its major adjustment to its monetary policy framework at the annual meeting of global central banks:</p><p>First of all, the Fed will no longer preemptively rate hike based on low unemployment data, and the progress of real inflation will become the main measure of eliminating easing policy; Secondly, the Federal Reserve formally adopted the flexible average inflation target framework (FAIT), which aims to achieve the average inflation target of 2% over time, that is, after a certain period of low inflation, it will allow higher inflation in the next certain period of time. However, in Morgan Stanley's view, as the U.S. economy rebounds in the post-epidemic era, the hawkish differences shown by the Federal Reserve meeting are actually surprising, and the market's confidence in FAIT has also declined:</p><p>First, contrary to the Fed's own emphasis on real inflation> inflation expectations, although recent data have been worse than expected and broad job market indicators have not progressed well,<b>The Fed remains optimistic about the prospects for a recovery in the job market.</b>The 9.1 percent unemployment rate for African Americans, for example, is still much higher than the 5.8 percent unemployment rate for the United States as a whole. Secondly,<b>In recent months, Federal Reserve Chairman Powell has been binding inflation to \"temporarity\", but now he has finally acknowledged the upside risks.</b>This focus on inflation expectations (rather than real inflation) and the labor market culminates in a dot graph showing that \"interest rates will go higher in 2022 and 2023\", which leads us to conclude:<b>It was a decidedly hawkish meeting.</b>Morgan Stanley also found that, based on the Fed's dot plot, policymakers expect the Fed to rate hike another 3-4 times in the year following its first rate hike; However, the current market expectation is that in the 12 months after the first rate hike, the Fed will only rate hike about twice.</p><p>According to Morgan Stanley,<b>The pace of the Fed's tapering of bond purchases and the projected pace of rate hike are the biggest risks to the market.</b>In addition, reducing the category composition of bond purchases, the interval between advance notice and the start of reduction, etc. are also additional risks worthy of vigilance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{"MS":"摩根士丹利"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173690181","content_text":"摩根士丹利认为，市场对于平均通胀目标框架的信心已经出现下降，更强劲的经济数据可能会加剧美联储的鹰派倾向，美联储缩减购债规模的步伐和预计的加息步伐是市场面临的最大风险。\n“五年来最重要”的政策会议过后，美联储虽未提及缩减QE，但释放了两年后、即2023年较有可能加息不止一次的信号。\n摩根士丹利看到，尽管在会议结束之后，广泛风险市场的急剧抛售潮已经出现逆转，但会议所释放出的不确定性并未有所转圜，美联储未来任何真正的、或是被市场料中的政策转变都有可能加剧市场不确定性。\n在这样的环境下，摩根士丹利认为，即将出炉的美国就业和通胀数据对市场的影响将被放大，更强劲的经济数据可能会加剧美联储的鹰派倾向，市场该系好安全带了。\n犹记得去年8月，美联储在全球央行年会上宣布了其对货币政策框架的重大调整：\n\n 首先，美联储不会再基于低失业率数据而先发制人地加息，实际通胀的进展将成为取消宽松政策的主要尺度；\n\n\n 其次，美联储正式采用了灵活的平均通胀目标框架（FAIT），旨在随着时间推移能实现平均2%的通胀目标，也就是在经历一定时间的低通胀之后，允许接下来一定时间内出现更高的通胀。\n\n但在摩根士丹利看来，随着美国经济在后疫情时代反弹，美联储会议显示出的鹰派分歧其实令人意外，市场对于FAIT的信心也已经出现下降：\n\n 首先，与美联储自己强调的实际通胀>通胀预期相反，尽管近期数据均逊于预期，跟广泛的就业市场指标进展不佳，\n 美联储仍对就业市场复苏的前景表示乐观。\n\n\n 比方说，非裔美国人9.1%的失业率仍远高于美国整体5.8%的失业率。\n\n\n 其次，\n 近几个月，美联储主席鲍威尔一直将通胀跟“暂时性”绑定，但他如今终于承认了上行风险。\n\n\n 这种对通胀预期（而非实际通胀）和劳动力市场的关注，最终形成了显示“利率会在2022年和2023年走得更高”的点状图，这就导致我们得出结论：\n 这是一次明显的鹰派会议。\n\n摩根士丹利还发现，根据美联储点阵图，政策制定者预计， 在首次加息后的一年里，美联储还将加息3-4次；但市场目前的预期则是，在首次加息后的12个月内，美联储只会加息2次左右。\n摩根士丹利认为，美联储缩减购债规模的步伐和预计的加息步伐是市场面临的最大风险。此外，缩减购债的类别构成、提前通知到开始缩减之间的间隔时间等等，也都是值得警惕的额外风险。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150921276,"gmtCreate":1624883644395,"gmtModify":1703846939849,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150921276","repostId":"1187248021","repostType":4,"repost":{"id":"1187248021","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624860366,"share":"https://ttm.financial/m/news/1187248021?lang=en_US&edition=fundamental","pubTime":"2021-06-28 14:06","market":"sh","language":"zh","title":"Frequent overweight of foreign capital, 20 times the space of fuel cells is ready to go","url":"https://stock-news.laohu8.com/highlight/detail?id=1187248021","media":"华尔街见闻","summary":"预计2030年燃料电池市场规模将达2600亿元人民币\n\n6月25日晚间，亿华通发布公告称：以简易程序向UBS、北汽新动能、JPMorgan以及Morgan Stanley定增募资不超过2亿元，用于燃料","content":"<p>It is estimated that the fuel cell market will reach 260 billion yuan in 2030. On the evening of June 25th,<a href=\"https://laohu8.com/S/688339\">Yihuatong</a>According to the announcement: UBS, BAIC New Kinetic Energy, JPMorgan and<a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>The fixed increase will not exceed 200 million yuan, which will be used for the fuel cell comprehensive testing and evaluation center.</p><p>On the morning of the 28th, Yihuatong's share price rose strongly, and by the close of noon, the increase expanded to 14.14%.</p><p><img src=\"https://static.tigerbbs.com/28d05dc7f0ef4411f18fa48ad56356f1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Among other companies in the sector,<a href=\"https://laohu8.com/S/300473\">Del Shares</a>20% daily limit,<a href=\"https://laohu8.com/S/300409\">Dow technology</a>、<a href=\"https://laohu8.com/S/600478\">Coreyuan</a>Wait for many stocks to surge.</p><p><b>Foreign capital frequently sells fuel cells</b></p><p>It is worth noting that this is not the first time that foreign capital has overweight fuel cells recently. According to the data of HKEx, Schroders Plc increased its holdings of fuel cell leaders at HK$ 16.1063/share on June 18th<a href=\"https://laohu8.com/S/000338\">Weichai Power</a>3.066 million H shares at a cost of HK$49.3819 million, and the shareholding ratio increased to 10.12% after the increase.</p><p>In addition, on 26 May,<a href=\"https://laohu8.com/S/02338\">Weichai Power</a>The results of the fixed increase were released. The company raised about 13 billion yuan this time, and the issuance targets were finally determined to be 25, including<a href=\"https://laohu8.com/S/UGBLF\">UBS AG</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>National Manufacturing Transformation and Upgrading Fund and other institutions.</p><p>Data shows that Weichai Power has subscribed for the global hydrogen fuel cell ancestor enterprise<a href=\"https://laohu8.com/S/BLDP\">Ballard Powertrain</a>19.9% of the company's shares became its largest shareholder, and owned the rights of Ballard's next-generation proton exchange membrane fuel cell stack and module technology products in China's passenger car, commercial truck and forklift market.</p><p><b>Many places in China have overweight, and the list of hydrogen energy urban agglomerations will be announced soon</b></p><p>On June 9th, Zhang Jianming, deputy director of Shanghai Economic and Information Commission, met with Suzhou, Nantong, Jiaxing, Zibo,<a href=\"https://laohu8.com/S/600295\">Ordos</a>Relevant persons in charge of other cities and Ningdong Energy and Chemical Industry Base jointly launched the fuel cell vehicle urban cluster cooperation project.</p><p>According to the plan, by 2023, nearly 100 hydrogen refueling stations will be planned and 30 will be completed and put into operation, with an output value of nearly 100 billion yuan and nearly 10,000 hydrogen fuel cell vehicles will be promoted.</p><p>In February this year, the Beijing Municipal Development and Reform Commission announced the list of key projects in Beijing in 2021, which also involved projects in the fields of hydrogen energy and fuel cells, including the R&D and production project of hydrogen fuel cells of Hengdong Hydrogen Energy.</p><p>It is worth noting that in September 2020, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Development and Reform Commission and the National Energy Administration jointly issued the Notice on Carrying out Demonstration Application of Fuel Cell Vehicles, but the list of urban clusters for demonstration application of fuel cell vehicles has not been released.</p><p>In this regard, some insiders said that the demonstration role of hydrogen energy urban agglomeration has an obvious impact on the industry, and it is expected that the relevant selected list will be accelerated.</p><p><b>How much space does a hydrogen fuel cell have?</b></p><p><a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Nowadays, the problems restricting the development of domestic fuel cells are no longer performance problems, but whether the core components can be localized, whether the cost can be reduced and whether there are enough application scenarios.</p><p>It is predicted that the landing of the first batch of demonstration cities will be the starting gun for the volume of fuel cell vehicles, and the process of volume reduction and cost reduction of hydrogen fuel cells will be started. It is expected that the domestic production and sales volume will reach 10,000 vehicles in 2021.</p><p>Kaiyuan Securities pointed out that in 2020, fuel cell vehicles will account for about 5% of all new energy vehicles, and the penetration rate of fuel cell vehicles is expected to increase. From 2030 to 2035, the number of vehicles will reach the target of 1 million vehicles. It is estimated that the market size of fuel cell gas system is expected to exceed 10 billion yuan in 2035.</p><p>Japan's Fuji Economic Research Company is more optimistic. It predicts that the fuel cell market will reach 4.5 trillion yen (equivalent to about 260 billion yuan) by 2030, 22.6 times that of 2018.</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>Frequent overweight of foreign capital, 20 times the space of fuel cells is ready to go</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\">\nFrequent overweight of foreign capital, 20 times the space of fuel cells is ready to go\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-28 14:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is estimated that the fuel cell market will reach 260 billion yuan in 2030. On the evening of June 25th,<a href=\"https://laohu8.com/S/688339\">Yihuatong</a>According to the announcement: UBS, BAIC New Kinetic Energy, JPMorgan and<a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>The fixed increase will not exceed 200 million yuan, which will be used for the fuel cell comprehensive testing and evaluation center.</p><p>On the morning of the 28th, Yihuatong's share price rose strongly, and by the close of noon, the increase expanded to 14.14%.</p><p><img src=\"https://static.tigerbbs.com/28d05dc7f0ef4411f18fa48ad56356f1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Among other companies in the sector,<a href=\"https://laohu8.com/S/300473\">Del Shares</a>20% daily limit,<a href=\"https://laohu8.com/S/300409\">Dow technology</a>、<a href=\"https://laohu8.com/S/600478\">Coreyuan</a>Wait for many stocks to surge.</p><p><b>Foreign capital frequently sells fuel cells</b></p><p>It is worth noting that this is not the first time that foreign capital has overweight fuel cells recently. According to the data of HKEx, Schroders Plc increased its holdings of fuel cell leaders at HK$ 16.1063/share on June 18th<a href=\"https://laohu8.com/S/000338\">Weichai Power</a>3.066 million H shares at a cost of HK$49.3819 million, and the shareholding ratio increased to 10.12% after the increase.</p><p>In addition, on 26 May,<a href=\"https://laohu8.com/S/02338\">Weichai Power</a>The results of the fixed increase were released. The company raised about 13 billion yuan this time, and the issuance targets were finally determined to be 25, including<a href=\"https://laohu8.com/S/UGBLF\">UBS AG</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>National Manufacturing Transformation and Upgrading Fund and other institutions.</p><p>Data shows that Weichai Power has subscribed for the global hydrogen fuel cell ancestor enterprise<a href=\"https://laohu8.com/S/BLDP\">Ballard Powertrain</a>19.9% of the company's shares became its largest shareholder, and owned the rights of Ballard's next-generation proton exchange membrane fuel cell stack and module technology products in China's passenger car, commercial truck and forklift market.</p><p><b>Many places in China have overweight, and the list of hydrogen energy urban agglomerations will be announced soon</b></p><p>On June 9th, Zhang Jianming, deputy director of Shanghai Economic and Information Commission, met with Suzhou, Nantong, Jiaxing, Zibo,<a href=\"https://laohu8.com/S/600295\">Ordos</a>Relevant persons in charge of other cities and Ningdong Energy and Chemical Industry Base jointly launched the fuel cell vehicle urban cluster cooperation project.</p><p>According to the plan, by 2023, nearly 100 hydrogen refueling stations will be planned and 30 will be completed and put into operation, with an output value of nearly 100 billion yuan and nearly 10,000 hydrogen fuel cell vehicles will be promoted.</p><p>In February this year, the Beijing Municipal Development and Reform Commission announced the list of key projects in Beijing in 2021, which also involved projects in the fields of hydrogen energy and fuel cells, including the R&D and production project of hydrogen fuel cells of Hengdong Hydrogen Energy.</p><p>It is worth noting that in September 2020, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Development and Reform Commission and the National Energy Administration jointly issued the Notice on Carrying out Demonstration Application of Fuel Cell Vehicles, but the list of urban clusters for demonstration application of fuel cell vehicles has not been released.</p><p>In this regard, some insiders said that the demonstration role of hydrogen energy urban agglomeration has an obvious impact on the industry, and it is expected that the relevant selected list will be accelerated.</p><p><b>How much space does a hydrogen fuel cell have?</b></p><p><a href=\"https://laohu8.com/S/600109\">Sinolink Securities</a>Nowadays, the problems restricting the development of domestic fuel cells are no longer performance problems, but whether the core components can be localized, whether the cost can be reduced and whether there are enough application scenarios.</p><p>It is predicted that the landing of the first batch of demonstration cities will be the starting gun for the volume of fuel cell vehicles, and the process of volume reduction and cost reduction of hydrogen fuel cells will be started. It is expected that the domestic production and sales volume will reach 10,000 vehicles in 2021.</p><p>Kaiyuan Securities pointed out that in 2020, fuel cell vehicles will account for about 5% of all new energy vehicles, and the penetration rate of fuel cell vehicles is expected to increase. From 2030 to 2035, the number of vehicles will reach the target of 1 million vehicles. It is estimated that the market size of fuel cell gas system is expected to exceed 10 billion yuan in 2035.</p><p>Japan's Fuji Economic Research Company is more optimistic. It predicts that the fuel cell market will reach 4.5 trillion yen (equivalent to about 260 billion yuan) by 2030, 22.6 times that of 2018.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"688339":"亿华通-U"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187248021","content_text":"预计2030年燃料电池市场规模将达2600亿元人民币\n\n6月25日晚间，亿华通发布公告称：以简易程序向UBS、北汽新动能、JPMorgan以及Morgan Stanley定增募资不超过2亿元，用于燃料电池综合测试评价中心等。\n28日早间，亿华通股价强势上扬，截至午间收盘涨幅扩大至14.14%。\n\n板块其他公司中，德尔股份20%涨停，道氏技术、科力远等多股大涨。\n外资频频出手燃料电池\n值得注意的是，这并非外资近期首次对燃料电池进行加码，港交所资料显示，Schroders Plc于6月18日以16.1063港元/股增持燃料电池领军企业潍柴动力H股306.6万股，耗资4938.19万港元，增持后持股比例升至10.12%。\n此外，5月26日，潍柴动力定增结果出炉，公司此次募资约130亿元，发行对象最终确定为25位，包括UBS AG、摩根士丹利、国家制造业转型升级基金等机构。\n数据显示，潍柴动力已认购全球氢燃料电池始祖级企业巴拉德动力系统公司19.9%股份成为其第一大股东，并拥有巴拉德下一代质子交换膜燃料电池电堆及模组技术产品在中国客车、商用卡车和叉车市场的权利。\n国内多地纷纷加码，氢能城市群名单公布在即\n6月9日，上海经信委副主任张建明与苏州、南通、嘉兴、淄博、鄂尔多斯等城市以及宁东能源化工基地的相关负责人共同启动燃料电池汽车城市群合作项目。\n根据规划，到2023年将规划加氢站接近100座并建成运行30座，形成产值规模近1000亿元，推广氢燃料电池汽车近10000辆。\n而在今年2月，北京市发展改革委对外公布北京市2021年重点工程计划名单，也涉及了氢能与燃料电池领域的项目包括恒动氢能的氢能燃料电池研发生产项目。\n值得注意的是，2020年9月，财政部、工业和信息化部、科技部、国家发展改革委、国家能源局联合发布的《关于开展燃料电池汽车示范应用的通知》，但燃料电池汽车示范应用城市群名单一直没有发布。\n对此，有业内人士表示，氢能城市群示范作用对行业产业影响明显，预计相关入选名单将加快落地。\n氢燃料电池空间多大？\n国金证券表示，现如今制约国产燃料电池发展的问题已经不是性能上的问题，而是核心零部件能否国产化、成本能否下降以及应用场景是否足够多的问题。\n分析预计，首批示范城市落地将是燃料电池汽车放量的发令枪，开启氢燃料电池的放量降本进程，预期2021年国内产销量有望达到万辆级别。\n开源证券指出，2020年燃料电池车占全部新能源车比例约为5%，燃料电池车渗透率有望提升，2030~2035年保有量将达到100万辆的目标，预计2035年燃料电池气体系统的市场规模有望超过百亿元。\n而日本富士经济调查公司的观点则更为乐观，其预计到2030年燃料电池市场规模将达4.5万亿日元（折合人民币约2600亿元），是2018年的22.6倍。","news_type":1,"symbols_score_info":{"688339":0.9}},"isVote":1,"tweetType":1,"viewCount":1535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150921392,"gmtCreate":1624883630116,"gmtModify":1703846939362,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150921392","repostId":"1114156338","repostType":4,"repost":{"id":"1114156338","kind":"news","pubTimestamp":1624860999,"share":"https://ttm.financial/m/news/1114156338?lang=en_US&edition=fundamental","pubTime":"2021-06-28 14:16","market":"sh","language":"zh","title":"From entertainment to games, how to understand ByteDance's \"investment puzzle\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114156338","media":"小鹿角财经","summary":"作为一家在BAT眼皮子底下杀出来的“新”互联网公司，字节跳动至今已成立9年了。这家仍未上市的互联网巨头，传言中的估值曾一度达到4000亿美金。\n虽然其最为人所熟知的产品是短视频平台抖音/TikTok和","content":"<p>As a \"new\" Internet company that came out under BAT's nose, ByteDance has been established for 9 years. The still-unlisted Internet giant was once rumored to be valued at $400 billion.</p><p>Although its most well-known product is the short video platform<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>/TikTok and information aggregation platform Today's Headlines, but after a closer look at its investment list, you'll see how much ambition lies behind this \"short video company\".</p><p>On June 17th, ByteDance disclosed the company's financial situation in 2020 for the first time. The actual revenue reached 236.6 billion yuan, a year-on-year increase of 111%, and the operating loss reached 14.7 billion yuan. The global monthly active users of its products reached 1.9 billion, covering more than 150 countries and regions around the world. ByteDance has demonstrated strong revenue capability and business growth capability. Liang Rubo said at the \"CEO Face-to-Face\" meeting that the company is getting bigger and entering a new stage.</p><p>In addition to the comprehensive progress in its business direction, ByteDance has also invested and extensively laid out in various fields to achieve stronger earnings in the future. At the same time, ByteDance, which is in the \"new stage\", has integrated resources in various industries and broadened its business scope through investment to achieve coordinated development.</p><p>According to incomplete statistics from Little Antler think tank, from January 2020 to June 2021, ByteDance made 65 investments involving a total of 60 companies from different industries.</p><p>Among them, there were 13 early-stage investments in angel rounds and A rounds (including Pre-A and A + rounds), 33 strategic investments and equity investments that had a significant impact on the company, and 11 direct mergers and acquisitions. In terms of investment, technology and entertainment media are the main investment directions of ByteDance, with a total of 34 companies.</p><p><b>Technology and Corporate Services: One of the Key Drivers</b></p><p><img src=\"https://static.tigerbbs.com/29826167bf0021b83aeaf42bfe0f790e\" tg-width=\"880\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>ByteDance was the earliest artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>One of the technology-based enterprises applied to the mobile Internet, technology is one of the main driving forces for its development. ByteDance also regards \"technology going to sea\" as a strategy for global expansion. ByteDance has also made a longer-term layout in technology.</p><p>In its recent investment, it can be seen that ByteDance has made a horizontal and extensive layout in technology-from hot data integration technologies such as artificial intelligence, big data and cloud computing, to specific applications such as automated supply chain and enterprise services based on these technologies, and then to the design and production of hardware such as GPU and chip as the basis of computing, forming a closed intelligent technology investment chain.</p><p>Among them, Feiliu Technology and Jiazhi Technology have received two investments respectively. Feiliu Technology is round A and round A +, and Jiazhi Technology is round B and round B +. Except for Feiliu Technology, the amount of round A was not disclosed, and the other three all exceeded 100 million yuan.</p><p>Feiliu Technology is a clothing flexible supply chain service company based on artificial intelligence and big data technology. It has the characteristics of smart supply chain, smart production and dynamic inventory management, and provides a full-process visual supply chain. Jiazhi Technology, on the other hand, is automated logistics<a href=\"https://laohu8.com/S/300024\">Robot</a>Intelligent manufacturer, which can provide robot intelligent mobility solutions for flexible supply chains.</p><p>In consumer goods, ByteDance has also invested in smart electric vehicle brands<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And intelligent sweeping and mopping integrated robot Cloud Whale Intelligence.</p><p><b>It can be seen that ByteDance is making a strong layout of intelligent and automated supply chain systems. At the same time, it is also strengthening the application of artificial intelligence, big data and cloud computing.</b></p><p>ByteDance itself launched Volcano Engine, a digital services and smart technology platform for enterprises, in June 2020. Based on its powerful big data, artificial intelligence and other technical strengths, it provides systematic full-link solutions for enterprises in various industries.</p><p>Among the investments made since 2020, there is a singularity cloud that provides big data services for retail customers; Bailian Intelligence, which focuses on B2B marketing AI services; Caiyun Technology, which provides a cloud platform; There is even Eridi, which helps enterprises with environmental protection control. ByteDance's to B business has helped it further tap the spillover value of technology, making the technology have stronger direct monetization ability.</p><p>In addition, in the investment list, ByteDance also acquired a developer community, Rare Earth Nuggets, which is committed to building a platform to help developers grow. That is to say, ByteDance's investment in technology is not only interested in the technology itself, but also in the creativity of technology developers.<b>ByteDance's technology investment has been able to create a perfect ecosystem including software and hardware, C-side and B-side, technology and developers.</b></p><p><b>Entertainment Media: Supplementing Content Side</b></p><p><img src=\"https://static.tigerbbs.com/1a52744bf9b8542118575cd8edde4bd3\" tg-width=\"880\" tg-height=\"1012\" referrerpolicy=\"no-referrer\"></p><p>Based on powerful algorithm technology, multiple content distribution platforms under ByteDance have formed a huge user scale through massive UCG content. However, relying too much on the content produced by users, its own IP content has become the short board of ByteDance, which will definitely attach importance to professional content output and IP introduction, so the entertainment media industry has also become the key area of its investment.</p><p><b>In the investment since 2020, ByteDance has made investment layout in IP such as online literature, film and television music, brokerage companies, MCN institutions, We Media and other content producers, as well as publishers.</b></p><p>It is worth noting that ByteDance has invested in as many as five online literature companies, including Dingtian Culture, Xiuwen Technology, Tadu Literature, Jiuku Literature Network and<a href=\"https://laohu8.com/S/603533\">Palm Reading Technology</a>, covering various sub-categories. Among them, the strategic investment in Palm Reading is as high as RMB 1.1 billion, accounting for 11.23% of the shares. Palm Reading ranks second only to China Literature in the market share of online literature.</p><p>ByteDance launched the reading platform Tomato Novel in 2019, and its investment in the online platform has increased the richness of its content.</p><p>Dingtian Culture has had the experience of film distribution and recording. It has participated in the production of the online movie \"Bloodthirsty Judge of Superpower Office\", and jointly produced the cinema movie \"That River\" adapted from its IP of the same name. Motie Group, the parent company of Xiuwen Technology, has richer experience in IP incubation, and has produced online movies \"Beijing Women's Illustrated Book\", cinema movies \"Passing Through Your World\", \"The Legend of Wukong\", \"Less You\", and online drama \"Unrequited Love Battle\".</p><p>Smart Big Dog provides the production and distribution of film and television music. In terms of content IP, ByteDance has also built a complete chain from online incubation to film and television production to distribution.</p><p>In terms of artist IP, ByteDance has invested in Taiyang Chuanhe, a new entertainment group with more than 50 artists, such as Chen He, Jin Chen, papi Jiang and Zhang Junning. The company also owns papitube, a well-known MCN organization, which brings together actors, short video bloggers, musicians, directors, screenwriters and other resources.</p><p>In addition, Byte has also invested in MCN organization Fengma Niu Media, which owns \"catching the sea\" anchors such as fisherman A Feng, fisherman Yi Brothers and Lao Si catching the sea, as well as Real Hype, which introduces Hollywood star IP into short video platform. In addition, there are the makers of the virtual idol A-Soul and We Media crossing the ocean.</p><p><b>Whether it is investment in artists, content IP, or film and television production, it has strengthened the ability of ByteDance PGC and made up for its shortcomings of lack of IP.</b></p><p><b>Game: The Biggest Cash Bull</b></p><p>Due to its stable, strong liquidity and huge market size, the game field has always been a battlefield for Internet companies. Only online games give<a href=\"https://laohu8.com/S/00700\">Tencent</a>The revenue brought is as high as 156.1 billion yuan, accounting for about one-third of the total revenue; As a rising star, Bilibili also invested heavily in two-dimensional games, bringing 4.8 billion revenue in 2020, accounting for about 40% of the total revenue.</p><p>ByteDance has also accelerated its layout pace in games, with 9 investments launched since 2020. Relying on the huge traffic and strong channels of its short video platform, the business models such as advertising and in-app purchase brought by the game can be used as an important way to realize ByteDance.</p><p>As early as 2017, ByteDance entered the game field through the acquisition of Chaoxi Lightyear, and the latter has been used as ByteDance's game official website. Official website shows games such as Naruto: Peak Showdown, Dart Man and Civet Legend. ByteDance only participates as an agent publisher in most games.</p><p>In addition to agents, ByteDance is now accelerating the layout of game research and development. According to the data of 36Kr, ByteDance currently has more than 10 studios in game content research and development, including 6 medium and heavy game studios.</p><p>In investing in games since 2020, ByteDance has also strengthened its attention to mobile game companies with R&D strength. Among them, Youmi Mutual Entertainment, which has deeply studied Unreal 4 engine, has formed a unique advantage by using high picture quality; The code universe of Restart the World, a UGC game creation platform with self-developed physics engine; Gamel, who developed the explosive game \"Ragnarok RO: The Birth of a New Generation\" in Hong Kong, Macao and Taiwan; Focusing on the second dimension and manufacturing a variety of explosives in the Japanese market, there is love and mutual entertainment.</p><p><b>From casual games, heavy games; To gaming developers, publishers, and agents ranging from diversity; For different domestic and overseas game markets, ByteDance has made a matrix investment layout in the field of mobile games.</b></p><p><b>E-commerce consumption: direct realization of traffic</b></p><p>Like games, the e-commerce consumption field, as an important monetization mode, has also received special attention from ByteDance.</p><p>In June 2020, ByteDance established an e-commerce division and built its own independent e-commerce system. It also relies on its huge traffic and new consumption form of live broadcast, which has brought huge benefits. The GMV of Tik Tok e-commerce in 2020 exceeded 500 billion yuan.</p><p>ByteDance has made three investments in different directions in e-commerce platforms, namely, Starlingke, an export e-commerce company, Meow Doudou, an online smart home service provider, and Tiantian Appraisal, a Wenwan e-commerce platform. Among them, Starlink helped many Chinese Internet companies go overseas in the early days, and has rich technology and practical experience in overseas Internet. This will be able to help ByteDance conduct e-commerce layout overseas. The other two platforms have market differentiation advantages.</p><p>Investment in physical consumption includes community chain fresh convenience store Lazy Bear Hot Pot and boutique coffee shop Manner Coffee. There are health food brand Shark Fit, oral care brand Mixed and healthy liquor producer Houxue Liquor. Both offline and online physical consumption has received attention.</p><p>It can be seen that ByteDance is strengthening its e-commerce attributes,<b>Layout new consumption areas</b>。 The intelligent supply chain technology mentioned above can also better help it achieve<b>Upstream and Downstream Synergy</b>。</p><p>In addition, through the acquisition of Hezhong Yibao, ByteDance also obtained a payment license, perfecting the<b>Payment link</b>, forming a closed loop of e-commerce consumption.</p><p><b>Education: A New Growth Point</b></p><p><img src=\"https://static.tigerbbs.com/df52d1eef41ead5fbf07a8ed05b6d357\" tg-width=\"880\" tg-height=\"250\" referrerpolicy=\"no-referrer\"></p><p>According to the 2020 China Online Education Market Data Report, the size of China's online education market in 2020 was about 432.8 billion yuan, a year-on-year increase of nearly 25% compared with 2019. The pandemic has brought a turnaround for the education industry, whose growth rate has been declining year by year.</p><p>There is already fierce competition with the aforementioned fields, while China's online education industry is still in its infancy, and there is a huge dividend prospect in the future, which can bring new growth points and become a business breakthrough. In 2020, ByteDance founder Zhang Yiming said in his 8th anniversary letter to all employees that education would be a new business direction he would focus on.</p><p>In 2018, ByteDance entered the education industry by investing in hard learning. In October 2020, it launched an independent brand of education business to vigorously educate. Its products include Qingbei Online School, GOGOKID, Guagualong Enlightenment, Kaiyan English, Jike Big Data, etc.</p><p>Since 2020, OneDance has made four investments in education, ranging from young children to K12 to college students, covering education platforms of all ages. There is also strong intelligence, which provides learning lighting hardware products and intelligent tutoring software products, so as to radiate more educational application scenarios.</p><p><b>ByteDance is vigorously developing education, covering all age groups, various disciplines and various application scenarios.</b></p><p><b>Health: Carving up the Market</b></p><p>Medical health is also a hot field of the Internet. In recent years, driven by policies and markets, Internet giants are competing to lay out the field of medical health. Affected by the epidemic, the demand for online medical services is strong. Before there is<a href=\"https://laohu8.com/S/06618\">JD Health</a>And<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>Hong Kong stocks reached a valuation of 357.9 billion Hong Kong dollars and 240.9 billion Hong Kong dollars respectively.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Tencent has entered the game one after another, making efforts to Internet medical care.</p><p>ByteDance has also accelerated its layout in the big health field. At the end of 2020, it confirmed its first brand confirmation for the medical and health business, and launched \"Xiaohe Medical\" and its App for patients and doctors respectively.</p><p>At the same time, ByteDance has strengthened its investment in big health. Last year, it acquired Encyclopedia Famous Doctor, a precision medicine science knowledge platform, for 500 million yuan, and said that it would soon inject richer and better medical science content into its short videos and other products. Through further investment in Zero 24 and Pinecone Medical, Xiaohe Medical has integrated a content library of structured content, health knowledge popular science articles, expert questions and answers and videos in the medical and health field.</p><p>Offline, ByteDance also opened a pine cone clinic,<b>In terms of medical treatment, a complete chain from popular science education to Internet consultation to offline clinics has been formed.</b></p><p><b>Summary: Ecological closed loop</b></p><p>Looking at the investment map of ByteDance, it can be seen that it is relying on its strong technical advantages and traffic advantages to carry out a closed ecological layout in several major fields. No matter the breadth and depth of each industry, it has made great investments to form a complete industry chain, promote the improvement of its own business model and achieve sound development.</p><p>ByteDance is enhancing its monetization ability through the huge traffic brought by the platform. And investment is the way to help it quickly enter the industry, and its influence has expanded to more and more industry sectors. Yet this also leaves the question: With such a large investment, how will ByteDance integrate to play a good hand?</p>","source":"lsy1623214650094","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>From entertainment to games, how to understand ByteDance's \"investment puzzle\"?</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\">\nFrom entertainment to games, how to understand ByteDance's \"investment puzzle\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">小鹿角财经</strong><span class=\"h-time small\">2021-06-28 14:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As a \"new\" Internet company that came out under BAT's nose, ByteDance has been established for 9 years. The still-unlisted Internet giant was once rumored to be valued at $400 billion.</p><p>Although its most well-known product is the short video platform<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>/TikTok and information aggregation platform Today's Headlines, but after a closer look at its investment list, you'll see how much ambition lies behind this \"short video company\".</p><p>On June 17th, ByteDance disclosed the company's financial situation in 2020 for the first time. The actual revenue reached 236.6 billion yuan, a year-on-year increase of 111%, and the operating loss reached 14.7 billion yuan. The global monthly active users of its products reached 1.9 billion, covering more than 150 countries and regions around the world. ByteDance has demonstrated strong revenue capability and business growth capability. Liang Rubo said at the \"CEO Face-to-Face\" meeting that the company is getting bigger and entering a new stage.</p><p>In addition to the comprehensive progress in its business direction, ByteDance has also invested and extensively laid out in various fields to achieve stronger earnings in the future. At the same time, ByteDance, which is in the \"new stage\", has integrated resources in various industries and broadened its business scope through investment to achieve coordinated development.</p><p>According to incomplete statistics from Little Antler think tank, from January 2020 to June 2021, ByteDance made 65 investments involving a total of 60 companies from different industries.</p><p>Among them, there were 13 early-stage investments in angel rounds and A rounds (including Pre-A and A + rounds), 33 strategic investments and equity investments that had a significant impact on the company, and 11 direct mergers and acquisitions. In terms of investment, technology and entertainment media are the main investment directions of ByteDance, with a total of 34 companies.</p><p><b>Technology and Corporate Services: One of the Key Drivers</b></p><p><img src=\"https://static.tigerbbs.com/29826167bf0021b83aeaf42bfe0f790e\" tg-width=\"880\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>ByteDance was the earliest artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>One of the technology-based enterprises applied to the mobile Internet, technology is one of the main driving forces for its development. ByteDance also regards \"technology going to sea\" as a strategy for global expansion. ByteDance has also made a longer-term layout in technology.</p><p>In its recent investment, it can be seen that ByteDance has made a horizontal and extensive layout in technology-from hot data integration technologies such as artificial intelligence, big data and cloud computing, to specific applications such as automated supply chain and enterprise services based on these technologies, and then to the design and production of hardware such as GPU and chip as the basis of computing, forming a closed intelligent technology investment chain.</p><p>Among them, Feiliu Technology and Jiazhi Technology have received two investments respectively. Feiliu Technology is round A and round A +, and Jiazhi Technology is round B and round B +. Except for Feiliu Technology, the amount of round A was not disclosed, and the other three all exceeded 100 million yuan.</p><p>Feiliu Technology is a clothing flexible supply chain service company based on artificial intelligence and big data technology. It has the characteristics of smart supply chain, smart production and dynamic inventory management, and provides a full-process visual supply chain. Jiazhi Technology, on the other hand, is automated logistics<a href=\"https://laohu8.com/S/300024\">Robot</a>Intelligent manufacturer, which can provide robot intelligent mobility solutions for flexible supply chains.</p><p>In consumer goods, ByteDance has also invested in smart electric vehicle brands<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And intelligent sweeping and mopping integrated robot Cloud Whale Intelligence.</p><p><b>It can be seen that ByteDance is making a strong layout of intelligent and automated supply chain systems. At the same time, it is also strengthening the application of artificial intelligence, big data and cloud computing.</b></p><p>ByteDance itself launched Volcano Engine, a digital services and smart technology platform for enterprises, in June 2020. Based on its powerful big data, artificial intelligence and other technical strengths, it provides systematic full-link solutions for enterprises in various industries.</p><p>Among the investments made since 2020, there is a singularity cloud that provides big data services for retail customers; Bailian Intelligence, which focuses on B2B marketing AI services; Caiyun Technology, which provides a cloud platform; There is even Eridi, which helps enterprises with environmental protection control. ByteDance's to B business has helped it further tap the spillover value of technology, making the technology have stronger direct monetization ability.</p><p>In addition, in the investment list, ByteDance also acquired a developer community, Rare Earth Nuggets, which is committed to building a platform to help developers grow. That is to say, ByteDance's investment in technology is not only interested in the technology itself, but also in the creativity of technology developers.<b>ByteDance's technology investment has been able to create a perfect ecosystem including software and hardware, C-side and B-side, technology and developers.</b></p><p><b>Entertainment Media: Supplementing Content Side</b></p><p><img src=\"https://static.tigerbbs.com/1a52744bf9b8542118575cd8edde4bd3\" tg-width=\"880\" tg-height=\"1012\" referrerpolicy=\"no-referrer\"></p><p>Based on powerful algorithm technology, multiple content distribution platforms under ByteDance have formed a huge user scale through massive UCG content. However, relying too much on the content produced by users, its own IP content has become the short board of ByteDance, which will definitely attach importance to professional content output and IP introduction, so the entertainment media industry has also become the key area of its investment.</p><p><b>In the investment since 2020, ByteDance has made investment layout in IP such as online literature, film and television music, brokerage companies, MCN institutions, We Media and other content producers, as well as publishers.</b></p><p>It is worth noting that ByteDance has invested in as many as five online literature companies, including Dingtian Culture, Xiuwen Technology, Tadu Literature, Jiuku Literature Network and<a href=\"https://laohu8.com/S/603533\">Palm Reading Technology</a>, covering various sub-categories. Among them, the strategic investment in Palm Reading is as high as RMB 1.1 billion, accounting for 11.23% of the shares. Palm Reading ranks second only to China Literature in the market share of online literature.</p><p>ByteDance launched the reading platform Tomato Novel in 2019, and its investment in the online platform has increased the richness of its content.</p><p>Dingtian Culture has had the experience of film distribution and recording. It has participated in the production of the online movie \"Bloodthirsty Judge of Superpower Office\", and jointly produced the cinema movie \"That River\" adapted from its IP of the same name. Motie Group, the parent company of Xiuwen Technology, has richer experience in IP incubation, and has produced online movies \"Beijing Women's Illustrated Book\", cinema movies \"Passing Through Your World\", \"The Legend of Wukong\", \"Less You\", and online drama \"Unrequited Love Battle\".</p><p>Smart Big Dog provides the production and distribution of film and television music. In terms of content IP, ByteDance has also built a complete chain from online incubation to film and television production to distribution.</p><p>In terms of artist IP, ByteDance has invested in Taiyang Chuanhe, a new entertainment group with more than 50 artists, such as Chen He, Jin Chen, papi Jiang and Zhang Junning. The company also owns papitube, a well-known MCN organization, which brings together actors, short video bloggers, musicians, directors, screenwriters and other resources.</p><p>In addition, Byte has also invested in MCN organization Fengma Niu Media, which owns \"catching the sea\" anchors such as fisherman A Feng, fisherman Yi Brothers and Lao Si catching the sea, as well as Real Hype, which introduces Hollywood star IP into short video platform. In addition, there are the makers of the virtual idol A-Soul and We Media crossing the ocean.</p><p><b>Whether it is investment in artists, content IP, or film and television production, it has strengthened the ability of ByteDance PGC and made up for its shortcomings of lack of IP.</b></p><p><b>Game: The Biggest Cash Bull</b></p><p>Due to its stable, strong liquidity and huge market size, the game field has always been a battlefield for Internet companies. Only online games give<a href=\"https://laohu8.com/S/00700\">Tencent</a>The revenue brought is as high as 156.1 billion yuan, accounting for about one-third of the total revenue; As a rising star, Bilibili also invested heavily in two-dimensional games, bringing 4.8 billion revenue in 2020, accounting for about 40% of the total revenue.</p><p>ByteDance has also accelerated its layout pace in games, with 9 investments launched since 2020. Relying on the huge traffic and strong channels of its short video platform, the business models such as advertising and in-app purchase brought by the game can be used as an important way to realize ByteDance.</p><p>As early as 2017, ByteDance entered the game field through the acquisition of Chaoxi Lightyear, and the latter has been used as ByteDance's game official website. Official website shows games such as Naruto: Peak Showdown, Dart Man and Civet Legend. ByteDance only participates as an agent publisher in most games.</p><p>In addition to agents, ByteDance is now accelerating the layout of game research and development. According to the data of 36Kr, ByteDance currently has more than 10 studios in game content research and development, including 6 medium and heavy game studios.</p><p>In investing in games since 2020, ByteDance has also strengthened its attention to mobile game companies with R&D strength. Among them, Youmi Mutual Entertainment, which has deeply studied Unreal 4 engine, has formed a unique advantage by using high picture quality; The code universe of Restart the World, a UGC game creation platform with self-developed physics engine; Gamel, who developed the explosive game \"Ragnarok RO: The Birth of a New Generation\" in Hong Kong, Macao and Taiwan; Focusing on the second dimension and manufacturing a variety of explosives in the Japanese market, there is love and mutual entertainment.</p><p><b>From casual games, heavy games; To gaming developers, publishers, and agents ranging from diversity; For different domestic and overseas game markets, ByteDance has made a matrix investment layout in the field of mobile games.</b></p><p><b>E-commerce consumption: direct realization of traffic</b></p><p>Like games, the e-commerce consumption field, as an important monetization mode, has also received special attention from ByteDance.</p><p>In June 2020, ByteDance established an e-commerce division and built its own independent e-commerce system. It also relies on its huge traffic and new consumption form of live broadcast, which has brought huge benefits. The GMV of Tik Tok e-commerce in 2020 exceeded 500 billion yuan.</p><p>ByteDance has made three investments in different directions in e-commerce platforms, namely, Starlingke, an export e-commerce company, Meow Doudou, an online smart home service provider, and Tiantian Appraisal, a Wenwan e-commerce platform. Among them, Starlink helped many Chinese Internet companies go overseas in the early days, and has rich technology and practical experience in overseas Internet. This will be able to help ByteDance conduct e-commerce layout overseas. The other two platforms have market differentiation advantages.</p><p>Investment in physical consumption includes community chain fresh convenience store Lazy Bear Hot Pot and boutique coffee shop Manner Coffee. There are health food brand Shark Fit, oral care brand Mixed and healthy liquor producer Houxue Liquor. Both offline and online physical consumption has received attention.</p><p>It can be seen that ByteDance is strengthening its e-commerce attributes,<b>Layout new consumption areas</b>。 The intelligent supply chain technology mentioned above can also better help it achieve<b>Upstream and Downstream Synergy</b>。</p><p>In addition, through the acquisition of Hezhong Yibao, ByteDance also obtained a payment license, perfecting the<b>Payment link</b>, forming a closed loop of e-commerce consumption.</p><p><b>Education: A New Growth Point</b></p><p><img src=\"https://static.tigerbbs.com/df52d1eef41ead5fbf07a8ed05b6d357\" tg-width=\"880\" tg-height=\"250\" referrerpolicy=\"no-referrer\"></p><p>According to the 2020 China Online Education Market Data Report, the size of China's online education market in 2020 was about 432.8 billion yuan, a year-on-year increase of nearly 25% compared with 2019. The pandemic has brought a turnaround for the education industry, whose growth rate has been declining year by year.</p><p>There is already fierce competition with the aforementioned fields, while China's online education industry is still in its infancy, and there is a huge dividend prospect in the future, which can bring new growth points and become a business breakthrough. In 2020, ByteDance founder Zhang Yiming said in his 8th anniversary letter to all employees that education would be a new business direction he would focus on.</p><p>In 2018, ByteDance entered the education industry by investing in hard learning. In October 2020, it launched an independent brand of education business to vigorously educate. Its products include Qingbei Online School, GOGOKID, Guagualong Enlightenment, Kaiyan English, Jike Big Data, etc.</p><p>Since 2020, OneDance has made four investments in education, ranging from young children to K12 to college students, covering education platforms of all ages. There is also strong intelligence, which provides learning lighting hardware products and intelligent tutoring software products, so as to radiate more educational application scenarios.</p><p><b>ByteDance is vigorously developing education, covering all age groups, various disciplines and various application scenarios.</b></p><p><b>Health: Carving up the Market</b></p><p>Medical health is also a hot field of the Internet. In recent years, driven by policies and markets, Internet giants are competing to lay out the field of medical health. Affected by the epidemic, the demand for online medical services is strong. Before there is<a href=\"https://laohu8.com/S/06618\">JD Health</a>And<a href=\"https://laohu8.com/S/00241\">Alibaba Health</a>Hong Kong stocks reached a valuation of 357.9 billion Hong Kong dollars and 240.9 billion Hong Kong dollars respectively.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Tencent has entered the game one after another, making efforts to Internet medical care.</p><p>ByteDance has also accelerated its layout in the big health field. At the end of 2020, it confirmed its first brand confirmation for the medical and health business, and launched \"Xiaohe Medical\" and its App for patients and doctors respectively.</p><p>At the same time, ByteDance has strengthened its investment in big health. Last year, it acquired Encyclopedia Famous Doctor, a precision medicine science knowledge platform, for 500 million yuan, and said that it would soon inject richer and better medical science content into its short videos and other products. Through further investment in Zero 24 and Pinecone Medical, Xiaohe Medical has integrated a content library of structured content, health knowledge popular science articles, expert questions and answers and videos in the medical and health field.</p><p>Offline, ByteDance also opened a pine cone clinic,<b>In terms of medical treatment, a complete chain from popular science education to Internet consultation to offline clinics has been formed.</b></p><p><b>Summary: Ecological closed loop</b></p><p>Looking at the investment map of ByteDance, it can be seen that it is relying on its strong technical advantages and traffic advantages to carry out a closed ecological layout in several major fields. No matter the breadth and depth of each industry, it has made great investments to form a complete industry chain, promote the improvement of its own business model and achieve sound development.</p><p>ByteDance is enhancing its monetization ability through the huge traffic brought by the platform. And investment is the way to help it quickly enter the industry, and its influence has expanded to more and more industry sectors. Yet this also leaves the question: With such a large investment, how will ByteDance integrate to play a good hand?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/xisXZwnPzkp4t3XqnG-h-Q\">小鹿角财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/57922dcc5f7a43f1fddaf18d1a519025","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/xisXZwnPzkp4t3XqnG-h-Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114156338","content_text":"作为一家在BAT眼皮子底下杀出来的“新”互联网公司，字节跳动至今已成立9年了。这家仍未上市的互联网巨头，传言中的估值曾一度达到4000亿美金。\n虽然其最为人所熟知的产品是短视频平台抖音/TikTok和信息聚合平台今日头条，但仔细研究过它的投资名单后，你会发现这家“短视频公司”背后隐藏着多大的野心。\n6月17日，字节跳动首次披露了公司2020年的财务情况，实际收入达2366亿元，同比增长111%，经营亏损达147亿元，旗下产品全球月活跃用户达19亿，已覆盖全球超过150个国家和地区。字节跳动展现了强大的营收能力与业务增长能力。梁汝波在“CEO面对面”会上表示，公司变大，也在进入新阶段。\n除了在其业务方向的全面进展，字节跳动还通过投资，广泛布局各个领域，实现未来更强劲的收益。同时，处于“新阶段”的字节跳动，通过投资整合各行业资源、拓宽业务面，实现协同发展。\n据小鹿角智库不完全统计，2020年1月至2021年6月，字节跳动进行了65次投资，共涉及60家来自不同行业的公司。\n其中，天使轮和A轮（包括Pre-A和A+轮）的早期投资共13笔、对公司产生重大影响的战略投资及股权投资共33笔、直接并购共11笔。在投资领域方面，科技和娱乐传媒是字节跳动的主要投资方向，共计34家。\n科技及企服：主要驱动力之一\n\n字节跳动作为最早将人工智能应用于移动互联网的技术型企业之一，科技是其发展的主要驱动力之一，字节跳动也将“技术出海”作为战略进行全球化扩张。而字节跳动也在技术方面进行了更长远的布局。\n在其最近的投资中，可以看出，字节跳动在技术方面进行了横向的广泛布局——从人工智能、大数据、云计算等炙手可热的数据整合技术，到基于这些技术的自动化供应链、企业服务等具体应用，再到作为运算基础的GPU和芯片等硬件设计和生产，形成了闭合的智能技术投资链条。\n其中，飞榴科技和迦智科技分别得到两次投资，飞榴科技为A轮和A+轮，迦智科技为B轮和B+轮，除飞榴科技为A轮金额未披露，其余三笔均超亿元级别。\n飞榴科技是一家基于人工智能和大数据技术的服装柔性供应链服务公司，具有智慧供应链、智慧生产以及动态库存管理的特点，提供全流程可视化供应链。而迦智科技则是自动化物流机器人智造商，可为柔性供应链提供机器人智能移动解决方案。\n在消费品方面，字节跳动还投资了智能电动车品牌理想汽车和智能扫拖一体机器人云鲸智能。\n可见，字节跳动正在对智能化、自动化的供应链系统进行强力布局。同时也在加强人工智能、大数据、云计算方面的应用。\n字节跳动自身在2020年6月推出了火山引擎，一个面向企业的数字服务与智能科技平台。基于其强大的大数据、人工智能和等技术实力，为各行业企业提供系统化的全链路解决方案。\n2020年至今的投资中，就有为零售业客户提供大数据服务的奇点云；专注B2B营销AI服务的百炼智能；提供云平台的才云科技；甚至还有帮助企业环保管控的埃睿迪。字节跳动的to B业务帮助其进一步挖掘了技术的溢出价值，让技术具有了更强的直接变现能力。\n此外，在投资名单中字节跳动还并购了一家开发者社区，稀土掘金，它致力于打造帮助开发者成长的平台。也就是说，字节跳动在技术方面的投资，不仅看中技术本身，还看中技术开发者的创造力。字节跳动的技术投资，已经能够打造一个包括软件和硬件、C端和B端，技术和开发者的完善生态。\n文娱传媒：补足内容端\n\n以强大的算法技术作为基础，字节跳动旗下的多个内容分发平台通过海量的UCG内容形成了巨大用户规模。但过度依赖用户生产的内容，自身IP内容成为字节跳动的短板，它必定会重视专业的内容产出以及IP引入，所以文娱传媒行业也成为其投资的重点领域。\n在2020年以来的投资中，字节跳动在网络文学、影视音乐等IP方面，经纪公司、MCN机构、自媒体等内容产出方，以及发行方都进行了投资布局。\n值得注意的是，字节跳动投资的网文公司就高达5家，包括鼎甜文化、秀闻科技、塔读文学、九库文学网和掌阅科技，涵盖各个细分品类。其中对于掌阅的战略投资高达11亿元人民币，占11.23%股份。掌阅在网络文学市场份额仅次于阅文，位居第二。\n字节跳动在2019年就推出了阅读平台番茄小说，对网文平台的投资增加了其内容的丰富性。\n鼎甜文化曾有过电影发行与录制的经历，曾参与摄制了网络大电影《异能事务所之嗜血判官》，联合出品了根据旗下同名IP改编的院线电影《那条河》。而秀文科技的母公司磨铁集团拥有更丰富的IP孵化经验，出品过网络大电影《北京女子图鉴》、院线电影《从你的全世界路过》《悟空传》《少点的你》，和网剧《单恋大作战》等。\n而智慧大狗提供了影视音乐的制作与发行，在内容IP方面，字节跳动也构建了一个从网文孵化到影视作品制作再到发行的完整链条。\n在艺人IP方面，字节跳动投资了旗下有陈赫、金晨、papi酱、张钧甯等50多位全约艺人的新型娱乐集团泰洋川禾，该公司还拥有知名MCN机构papitube，汇集了演员、短视频博主、音乐人、导演、编剧等资源。\n除此之外，字节还投资了MCN机构风马牛传媒，旗下拥有渔人阿烽、渔弋兄弟、老四赶海等“赶海”主播，以及将好莱坞明星IP引入短视频平台的Real Hype。此外，还有虚拟偶像A-Soul的制作商以及自媒体远渡重洋。\n无论是对艺人、内容IP，还是对影视制作的投资，都加强了字节跳动PGC的能力，补足了其缺少IP的短板。\n游戏：最大的现金牛\n由于稳定、极强的变现能力和庞大的市场规模，游戏领域一直就是互联网公司的必争之地。仅网络游戏给腾讯带来的收入就高达1561亿元，约占总营收的三分之一；作为后起之秀的B站也大力投资二次元游戏，2020年带来了48亿营收，约占总营收的四成。\n字节跳动也同样在游戏方面加速了布局节奏，2020年至今共发起了9笔投资。依托其短视频平台庞大的流量和强势的渠道，游戏所带来的广告和内购等商业模式，可以作为字节跳动的重要变现方式。\n早在2017年，字节跳动就通过收购朝夕光年进入游戏领域，而后者已被作为字节跳动的游戏官网。官网展示了《火影忍者：巅峰对决》《镖人》《灵猫传》等游戏，字节跳动在多数游戏中仅以代理发行方的身份参与。\n除了代理，字节跳动现在也在加速布局游戏研发。根据36Kr的数据，在游戏内容研发上，字节跳动目前已有10个以上工作室，其中包括6大中重度游戏工作室。\n在2020年至今的游戏方面投资，字节跳动也同样加强关注具有研发实力的手机游戏公司。其中有深入研究虚幻4引擎的悠米互娱，利用高画质形成了独特优势；拥有自研物理引擎的UGC游戏创作平台《重启世界》的代码乾坤；开发出港澳台地区爆款游戏《仙境传说RO：新世代的诞生》的盖姆艾尔；专注二次元并在日本市场制造多款爆款的有爱互娱等。\n从休闲游戏、重度游戏；到从多样性的游戏开发商、发行和代理商；再到针对不同的海内外游戏市场，字节跳动对手游领域进行了矩阵式的投资布局。\n电商消费：将流量直接变现\n与游戏一样，作为重要变现模式的电商消费领域，也受到了字节跳动的格外重视。\n2020年6月，字节跳动成立了电商事业部，打造了自己的独立电商体系。也依靠其巨大的流量和直播带货的新消费形式，带来了巨大利益，抖音电商2020年全年GMV就超过了5000亿元。\n字节跳动在电商平台方面进行了三笔不同方向的投资，分别为出口电商公司斯达领科、线上智慧家居服务商喵兜兜和文玩电商平台天天鉴宝。其中斯达领科早期曾帮助多家中国互联网公司出海，拥有丰富的技术与海外互联网实战经验。这将能够帮助字节跳动在海外进行电商布局。而另外两家平台具有市场差异化优势。\n在实体消费方面的投资有，社区连锁生鲜便利店懒熊火锅和精品咖啡店Manner咖啡。有健康食品品牌鲨鱼菲特、口腔护理品牌参半以及健康酒类生产商厚雪酒业。线下和线上的实体消费都受到了关注。\n可见，字节跳动正在通过强化其电商属性的基础上，布局新消费领域。前文提到的智能供应链技术，也能够更好的帮助其达到上下游协同。\n此外，通过收购合众易宝，字节跳动还获得了支付牌照，完善了支付环节，形成了电商消费的闭环。\n教育：新的增长点\n\n《2020年度中国在线教育市场数据报告》显示，2020年中国在线教育市场规模约为4328亿元，与2019年同比增长近25%。疫情为增长率已逐年下降的教育业带来了转机。\n与前文提到的领域中已经存在激烈的竞争，而我国的在线教育行业仍处于起步阶段，且未来有巨大的红利前景，能够带来新的增长点，成为业务突破口。2020年，字节跳动创始人张一鸣在八周年的全员信中表示，教育将是他重点关注的新业务方向。\n2018年，字节跳动就通过投资好好学习进入教育行业，2020年10月启用教育业务独立品牌，大力教育，旗下产品包括旗下产品包括清北网校、GOGOKID、瓜瓜龙启蒙、开言英语、极课大数据等。\n2020年至今，自己跳动在教育方面的投资进行了四笔，范围从幼儿到K12再到大学生，涵盖了各个年龄段的教育平台。还有大力智能，提供学习灯灯硬件产品和智能辅导软件产品，以此辐射更多教育应用场景。\n字节跳动正在大力发展教育，覆盖各年龄层、各学科领域、各类应用场景。\n健康：瓜分市场\n医疗健康也是互联网的热门领域，近几年，在政策和市场的驱动下，互联网巨头争相布局医疗大健康领域。又受到疫情影响，在线医疗服务的需求旺盛。前有京东健康和阿里健康在港股分别达到3579亿港元和2409亿港元的估值，后有百度、腾讯纷纷入局，发力互联网医疗。\n字节跳动也加速布局大健康领域，在2020年底确认了对医疗健康业务的首次品牌确认，推出“小荷医疗”及其分别面向患者和面向医生的App。\n同时，字节跳动加强了在大健康领域的投资。去年以5亿元收购了精准医学科普知识平台百科名医，并表示即将为旗下短视频等产品注入更丰富、更优质的医学科普内容。而通过对幺零贰四和松果医疗的进一步投资，小荷医疗融合了医疗健康领域结构化内容、健康知识科普文章、专家问答及视频的内容库。\n在线下，字节跳动还开设了松果门诊，在医疗方面形成了从科普教育到互联网问诊再到线下诊所的完整链条。\n总结：生态闭环\n纵观字节跳动的投资版图，可以看出，它正在依托自身强大的技术优势和流量优势，在几大主要领域中进行闭合的生态布局。无论是在每个行业的广度和深度，都进行了大力投资，形成完整的行业链条，促进其自身业务模式的完善，达到良性发展。\n字节跳动正在通过平台带来的巨大流量，增强自身的变现能力。而投资正是帮助其快速进入行业的方式，其影响力已扩大到越来越多的行业领域。然而这也留下了一个问题：如此大量的投资，字节跳动将如何整合来打出一手好牌？","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150923185,"gmtCreate":1624883595247,"gmtModify":1703846937737,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150923185","repostId":"1102698423","repostType":4,"repost":{"id":"1102698423","kind":"news","pubTimestamp":1624863729,"share":"https://ttm.financial/m/news/1102698423?lang=en_US&edition=fundamental","pubTime":"2021-06-28 15:02","market":"hk","language":"zh","title":"Internet medical companies set off a wave of listing, and Dingdang Kuaiyao sprinted to list on the Hong Kong Stock Exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1102698423","media":"第一财经","summary":"2020年企业注册量最多，今年上半年注册量同比增长115.4%。\n\n日前，叮当快药向港交所递交上市申请。自去年底京东健康在港交所上市以来，互联网医疗企业掀起了上市潮。企查查数据显示，目前我国现存“互联","content":"<p><div>The largest number of enterprises was registered in 2020, with registrations increasing by 115.4% year-on-year in the first half of this year. A few days ago, Dingdang Kuaiyao submitted a listing application to the Hong Kong Stock Exchange. Since JD Health was listed on the Hong Kong Stock Exchange at the end of last year, Internet medical companies have set off a wave of listings. According to the data of enterprise investigation, there are currently 500,000 \"Internet medical\"-related enterprises in China. 2020 was the peak period of enterprise registration, with 61,000 new enterprises; In the first half of this year, 140,000 new enterprises were added, up 115.4% year-on-year. In terms of provincial distribution, Guangdong Province ranks first with 83,000, followed by Shandong Province and Fujian Province. Furthermore, there are...</p><p><a href=\"https://www.yicai.com/news/101094384.html\">Web link</a></div></p>","source":"dyvj","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>Internet medical companies set off a wave of listing, and Dingdang Kuaiyao sprinted to list on the Hong Kong Stock Exchange</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\">\nInternet medical companies set off a wave of listing, and Dingdang Kuaiyao sprinted to list on the Hong Kong Stock Exchange\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2021-06-28 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The largest number of enterprises was registered in 2020, with registrations increasing by 115.4% year-on-year in the first half of this year. A few days ago, Dingdang Kuaiyao submitted a listing application to the Hong Kong Stock Exchange. Since JD Health was listed on the Hong Kong Stock Exchange at the end of last year, Internet medical companies have set off a wave of listings. According to the data of enterprise investigation, there are currently 500,000 \"Internet medical\"-related enterprises in China. 2020 was the peak period of enterprise registration, with 61,000 new enterprises; In the first half of this year, 140,000 new enterprises were added, up 115.4% year-on-year. In terms of provincial distribution, Guangdong Province ranks first with 83,000, followed by Shandong Province and Fujian Province. Furthermore, there are...</p><p><a href=\"https://www.yicai.com/news/101094384.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101094384.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/29ad0ce89176915a4685c7665dee3234","relate_stocks":{"01833":"平安好医生","06618":"京东健康"},"source_url":"https://www.yicai.com/news/101094384.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102698423","content_text":"2020年企业注册量最多，今年上半年注册量同比增长115.4%。\n\n日前，叮当快药向港交所递交上市申请。自去年底京东健康在港交所上市以来，互联网医疗企业掀起了上市潮。企查查数据显示，目前我国现存“互联网医疗”相关企业共50万家。2020年是企业注册量的高峰期，新增6.1万家；今年上半年新增14万家企业，同比增长115.4%。从省份分布来看，广东省以8.3万家位列第一，其次是山东省、福建省。此外，有62%的企业注册资本超过100万。面对阿里健康、京东健康、平安好医生等一众巨头玩家，缝中求生的叮当快药，上市会是解药吗？\n2020年企业注册量最多，今年上半年注册量同比增长115.4%\n\n企查查数据显示，从近十年互联网医疗相关企业发展状况来看，2016年开始，企业注册量增速加快，当年注册量首次突破2万家；2018年注册量突破4万家；2020年是十年来企业注册量的高峰期，全年共注册了6.1万家，同比增长了23.3%。\n\n从今年的注册量来看，2021年上半年，我国互联网医疗企业注册量为14万家，同比增长了115.4%。从各月注册量来看，今年三月和四月是注册量较多的月份，均注册了3.1万家相关企业。\n广东省企业最多，山东、福建其次\n\n从地域分布来看，企查查数据显示，目前我国现存的互联网医疗相关企业主要分布在广东、山东、福建等省份。其中广东拥有最多的互联网医疗相关企业，共8.3万家排全国第一。山东排名第二，共5.4万家相关企业；福建排名第三，有4.9万家相关企业。\n\n从注册资本来看，企查查数据显示，互联网医疗相关企业注册资本在100万元以内的企业数量占38%，100万元以上则占62%，其中注册资本在100-500万元和500万元以上的分别占37%和25%。","news_type":1,"symbols_score_info":{"01833":0.9,"06618":0.9}},"isVote":1,"tweetType":1,"viewCount":1764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150929453,"gmtCreate":1624883580872,"gmtModify":1703846936927,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150929453","repostId":"2146881398","repostType":4,"repost":{"id":"2146881398","kind":"news","pubTimestamp":1624865044,"share":"https://ttm.financial/m/news/2146881398?lang=en_US&edition=fundamental","pubTime":"2021-06-28 15:24","market":"us","language":"zh","title":"Buffett: Many people's understanding of value investment is wrong!","url":"https://stock-news.laohu8.com/highlight/detail?id=2146881398","media":"新浪财经","summary":"沃伦·巴菲特在福布斯排行榜上名列前茅。他的所有钱都是通过投资创造的。巴菲特的创富神话一直都让人眼馋。这便是唯一的答案。所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。","content":"<p>Warren Buffett is at the top of the Forbes list.</p><p>All of his money was created through investment.</p><p>Buffett's myth of wealth creation has always been greedy.</p><p>So, how did he do it?</p><p>Value investing.</p><p>That's the only answer.</p><p>01</p><p>Money sensitivity</p><p>Everyone is sensitive to money, but Buffett is sensitive to earning money, and this sensitivity brings him to the climax of life-long wealth.</p><p>In elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>(He later voted for both companies); At age 11, he bought his first stock; 13 years old, fill out your first tax return; At 14 years old, buying land in Nebraska with the money you earn (isn't it too much to be a landowner at a young age).</p><p><img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Father went into politics and worked as a congressman in Washington. Buffett can't stay idle, so he goes to be a newspaper boy and delivers newspapers to save money. Later, he bought some pinball machines, put them in the barbershop, and shared them with the owner.</p><p>It can be said that as long as there is an opportunity to earn money, he will not let it go.</p><p>This is the first big gap between Buffett and us.</p><p>We are sensitive to money, he is sensitive to earning money.</p><p>02</p><p>The Power of Knowledge</p><p>Knowledge changes destiny, this is not false to anyone.</p><p>When Buffett was an undergraduate, he attended Wharton School and Nebraska State University successively. After graduation, he took the Harvard exam, but Harvard rejected him. Fortunately, Columbia University accepted him.</p><p>At Columbia, he met the pioneer of value investing who completely changed his life — Benjamin Graham. It was the first acceleration in Buffett's life.</p><p><img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his train of thought.</p><p>After working for Graham and his old father, Buffett set up his own investment firm and managed a series of hedge funds.</p><p>After that, Buffett abandoned Benjamin Graham's overly rigorous approach to value investing and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.</p><p>Charlie Munger went on to become Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.</p><p><img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>The original Berkshire was still a textile manufacturer struggling to survive.</p><p>Now, it has become something that others can't afford-it owns many companies such as Geike Insurance, Duracell Battery, Dairy Queen and Knights; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait.</p><p>03</p><p>Theoretical Precipitation and Value Practice</p><p>Value investing and moats.</p><p>These two words hide all the passwords of Buffett's wealth kingdom.</p><p>\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.</p><p>Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.</p><p>An excellent method of value investing is to buy high-quality companies with \"moats\" at discounted prices.</p><p>This kind of thinking by Buffett has produced good results in practice.</p><p><img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Buffett's investment in American Express in 1963 was the first important application of this idea.</p><p>At the time, American Express had a finance-related business, one of which was warehouse management. They can lend a company based on its inventory. The company's goods will be placed in a warehouse where employees of the American Stock Exchange can visit.</p><p>One company borrowed money from salad oil inventory, but this company filled salad oil with water and was found to be engaged in fraud. Then the company went bankrupt and Amex's stock plunged 50%.</p><p>Buffett believes that temporary mistakes can only cause short-term losses, the core business of Amex is not affected, and the \"moat\" is still wide.</p><p>So, Buffett took action, took out 40% of his assets and bought 5% of American Express shares.</p><p>Five years later, Buffett sold the stake at a profit of more than five times. After that, Buffett placed a new bet on Amex, which he has owned for more than 25 years.</p><p><img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Holding Coca-Cola, is another myth created by another Buffett.</p><p>In 1988, his Berkshire Hathaway began buying shares of the Coca-Cola Company.</p><p>At the time, Coca-Cola's P/E was about 15, not particularly cheap, but below its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.</p><p>Coca-Cola is so cheap for several reasons. First, the stock market collapsed in 1987, and everyone's mentality collapsed; Second, the new products of Coca-Cola are too bad to drink, and the reputation of the market declined in the short term; Third, investment failure.</p><p>Buffett found that Coca-Cola's \"moat\" is very wide, its online marketing is very powerful, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to 'take away Coca-Cola's leading position in the global beverage market', I will give you the money back and tell you that I can't do it\".</p><p>Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent buying from time to time, the total assets later acquired were valued at about $16 billion — plus billions in Dividend received.</p><p>04</p><p>Secrets to Success</p><p>\"Be fearful when others are greedy; be greedy when others are fearful.\"</p><p>On the whole, Warren Buffett showed the posture of a successful man at a young age. It wasn't until he met Graham, though, that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others, and formed a unique investment idea.</p><p>Buffett's contribution to value investing is to find high-quality companies that are sold at discounted prices, and let the \"moat\" around them protect his investment, enabling him to hold shares in the company forever — his favorite way.</p><p>Many people try to replicate Buffett's investment methods, but this idea is wrong at the beginning. Buffett can learn, but he can't copy it. Even if he does, there is no place to paste it.</p><p>Investing is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master was the shortcut in this path.</p>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett: Many people's understanding of value investment is wrong!</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\">\nBuffett: Many people's understanding of value investment is wrong!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-06-28 15:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Warren Buffett is at the top of the Forbes list.</p><p>All of his money was created through investment.</p><p>Buffett's myth of wealth creation has always been greedy.</p><p>So, how did he do it?</p><p>Value investing.</p><p>That's the only answer.</p><p>01</p><p>Money sensitivity</p><p>Everyone is sensitive to money, but Buffett is sensitive to earning money, and this sensitivity brings him to the climax of life-long wealth.</p><p>In elementary school, he sold Wrigley gum and cans<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>(He later voted for both companies); At age 11, he bought his first stock; 13 years old, fill out your first tax return; At 14 years old, buying land in Nebraska with the money you earn (isn't it too much to be a landowner at a young age).</p><p><img src=\"https://static.tigerbbs.com/3badb332210fba93c55d2e8a75ce85bb\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Father went into politics and worked as a congressman in Washington. Buffett can't stay idle, so he goes to be a newspaper boy and delivers newspapers to save money. Later, he bought some pinball machines, put them in the barbershop, and shared them with the owner.</p><p>It can be said that as long as there is an opportunity to earn money, he will not let it go.</p><p>This is the first big gap between Buffett and us.</p><p>We are sensitive to money, he is sensitive to earning money.</p><p>02</p><p>The Power of Knowledge</p><p>Knowledge changes destiny, this is not false to anyone.</p><p>When Buffett was an undergraduate, he attended Wharton School and Nebraska State University successively. After graduation, he took the Harvard exam, but Harvard rejected him. Fortunately, Columbia University accepted him.</p><p>At Columbia, he met the pioneer of value investing who completely changed his life — Benjamin Graham. It was the first acceleration in Buffett's life.</p><p><img src=\"https://static.tigerbbs.com/d0fbdeb578281040d4a46089a40e8ce0\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>For a long time, Buffett regarded Benjamin Graham as a god and has been operating according to his train of thought.</p><p>After working for Graham and his old father, Buffett set up his own investment firm and managed a series of hedge funds.</p><p>After that, Buffett abandoned Benjamin Graham's overly rigorous approach to value investing and absorbed the investment strategies of growth investors Philip Fisher and Charlie Munger.</p><p>Charlie Munger went on to become Buffett's investment partner, and the two focused on high-quality companies.<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Is the result of their work.</p><p><img src=\"https://static.tigerbbs.com/718f8da64474e654e0d03a1f78af0b69\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>The original Berkshire was still a textile manufacturer struggling to survive.</p><p>Now, it has become something that others can't afford-it owns many companies such as Geike Insurance, Duracell Battery, Dairy Queen and Knights; Hoarded a lot of stocks, such as Coca-Cola,<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>、<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Kraft, Heinz,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Wait.</p><p>03</p><p>Theoretical Precipitation and Value Practice</p><p>Value investing and moats.</p><p>These two words hide all the passwords of Buffett's wealth kingdom.</p><p>\"Moat\" can be simply understood as a buffer zone around a company's core business, making it less vulnerable to competitors.</p><p>Why is there only<a href=\"https://laohu8.com/S/BA\">boeing</a>And Airbus, two major commercial aircraft manufacturers, but countless restaurants? The answer lies in it.</p><p>An excellent method of value investing is to buy high-quality companies with \"moats\" at discounted prices.</p><p>This kind of thinking by Buffett has produced good results in practice.</p><p><img src=\"https://static.tigerbbs.com/d6e581fcb89c6fa1c1cfd058f5659796\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Buffett's investment in American Express in 1963 was the first important application of this idea.</p><p>At the time, American Express had a finance-related business, one of which was warehouse management. They can lend a company based on its inventory. The company's goods will be placed in a warehouse where employees of the American Stock Exchange can visit.</p><p>One company borrowed money from salad oil inventory, but this company filled salad oil with water and was found to be engaged in fraud. Then the company went bankrupt and Amex's stock plunged 50%.</p><p>Buffett believes that temporary mistakes can only cause short-term losses, the core business of Amex is not affected, and the \"moat\" is still wide.</p><p>So, Buffett took action, took out 40% of his assets and bought 5% of American Express shares.</p><p>Five years later, Buffett sold the stake at a profit of more than five times. After that, Buffett placed a new bet on Amex, which he has owned for more than 25 years.</p><p><img src=\"https://static.tigerbbs.com/66ed8aa41fa68a2f91e6f6b5b997673c\" tg-width=\"720\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>Holding Coca-Cola, is another myth created by another Buffett.</p><p>In 1988, his Berkshire Hathaway began buying shares of the Coca-Cola Company.</p><p>At the time, Coca-Cola's P/E was about 15, not particularly cheap, but below its historical average of 20. P/E is the ratio of market price per share to earnings per share, which is used to measure whether a stock is overvalued. The lower the P/E, the cheaper the stock will be.</p><p>Coca-Cola is so cheap for several reasons. First, the stock market collapsed in 1987, and everyone's mentality collapsed; Second, the new products of Coca-Cola are too bad to drink, and the reputation of the market declined in the short term; Third, investment failure.</p><p>Buffett found that Coca-Cola's \"moat\" is very wide, its online marketing is very powerful, and it is difficult for competitors to challenge it. Coupled with Coca-Cola's gross profit of 80% and the love of emerging markets, Buffett said confidently: \"If you give me $100 billion and tell me to 'take away Coca-Cola's leading position in the global beverage market', I will give you the money back and tell you that I can't do it\".</p><p>Buffett's initial investment in Coca-Cola was $1.2 billion, and with subsequent buying from time to time, the total assets later acquired were valued at about $16 billion — plus billions in Dividend received.</p><p>04</p><p>Secrets to Success</p><p>\"Be fearful when others are greedy; be greedy when others are fearful.\"</p><p>On the whole, Warren Buffett showed the posture of a successful man at a young age. It wasn't until he met Graham, though, that his investment strategy began to take shape. After that, he absorbed the ideas of Charlie Munger and others, and formed a unique investment idea.</p><p>Buffett's contribution to value investing is to find high-quality companies that are sold at discounted prices, and let the \"moat\" around them protect his investment, enabling him to hold shares in the company forever — his favorite way.</p><p>Many people try to replicate Buffett's investment methods, but this idea is wrong at the beginning. Buffett can learn, but he can't copy it. Even if he does, there is no place to paste it.</p><p>Investing is an art, and persistent learning is the only way to master this art. Getting close to the master and learning from the master was the shortcut in this path.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://k.sina.cn/article_1638782947_61add7e3019012cvd.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146881398","content_text":"沃伦·巴菲特在福布斯排行榜上名列前茅。\n他的所有钱都是通过投资创造的。\n巴菲特的创富神话一直都让人眼馋。\n那么，他是怎么做的呢？\n价值投资。\n这便是唯一的答案。\n01\n对金钱敏感\n所有人都对钱敏感，但巴菲特对挣钱敏感，这种敏感带给他终身致富的高潮。\n小学，他卖箭牌口香糖和罐装可口可乐（后来两家公司他都投了）；11岁，他购买了第一只股票；13岁，填第一份纳税申报单；14岁，用自己赚的钱在内布拉斯加州买地（年纪轻轻就成为地主，是不是很过分）。\n\n父亲从政，在华盛顿做国会议员。巴菲特闲不住，去当报童，送报纸攒钱。后来，他买了一些弹球机，放在理发店里，跟店主分成。\n可以说，只要有挣钱的机会，他都不会放过。\n这就是巴菲特跟我们的第一个大型差距。\n我们对钱敏感，他对挣钱敏感。\n02\n知识的力量\n知识改变命运，这话放在谁身上都不会假。\n巴菲特本科的时候先后在沃顿商学院、内布拉斯加州立大学，毕业后考哈佛，被哈佛拒绝，好在哥伦比亚大学录取了他。\n在哥大，他遇到了彻底改变他人生的价值投资先驱——本杰明·格雷厄姆。这是巴菲特人生的第一次加速。\n\n巴菲特在很长的时间里，视本杰明·格雷厄姆为神，一直按照他的思路来操作。\n在为格雷厄姆和自己的老父亲做了一段时间的工作之后，巴菲特成立了自己的投资公司，管理一系列对冲基金。\n之后，巴菲特放弃了本杰明·格雷厄姆过于严谨的价值投资方法，吸收了成长型投资家菲利普·费雪、查理·芒格的投资策略。\n查理·芒格后来成为巴菲特的投资搭档，两人专注于高质量的公司。伯克希尔便是他们的工作成果。\n\n最初的伯克希尔，还是一个努力求生的纺织品制造商。\n而现在，它已经成了别人高攀不起的样子——拥有盖可保险、金霸王电池、乳品皇后、奈特捷等多家公司；囤积了大量股票，如可口可乐、富国银行、沃尔玛、美国银行、卡夫、亨氏、美国运通等等。\n03\n理论沉淀与价值实战\n价值投资和护城河。\n这两个词语里，藏着巴菲特财富王国的全部密码。\n“护城河”，可以简单理解为，一个公司核心业务周围的缓冲区，让它不容易受到竞争对手的打击。\n为什么世界上只有波音和空中客车两大商用飞机制造商，却又不计其数的餐厅呢？答案就在其中。\n价值投资一个绝好的方法，就是以折扣价格购买有“护城河”的高质量公司。\n巴菲特的这种思想在实践中产生了很好的效果。\n\n1963年，巴菲特对美国运通公司的投资，是这种思想的第一次重要应用。\n当时，美国运通公司有一项金融相关业务，其中之一是仓库管理。他们可以根据一家公司的存货清单为其提供贷款。这家公司的货物将被放置在一个仓库里，美国证券交易所的雇员可以前往视察。\n有一家公司凭借色拉油存货借到了钱，但这家公司给色拉油注水，搞欺诈被发现。随后，这家公司破产，运通公司的股票暴跌50%。\n巴菲特认为，一时的失误只能造成短暂的损失，运通公司的核心业务不受影响，“护城河”还很宽。\n于是，巴菲特出手了，拿出了自己资产的40%，买了美国运通5%的股票。\n5年后，巴菲特以超过5倍的利润卖掉了股份。之后，巴菲特在运通公司投下新的赌注，他持有该公司的股票已经超过25年。\n\n持有可口可乐，是另一个巴菲特创造的另一个神话。\n1988年，他的伯克希尔·哈撒韦公司开始买入可口可乐公司的股票。\n当时，可口可乐的市盈率约为15，不是特别便宜，但是低于其历史平均值20。市盈率是每股市价与每股盈利的比率，用来衡量股票价值是否被高估。市盈率越低，股票就越便宜。\n可口可乐如此便宜，出于几个原因。一是87年股市崩盘，大家心态比较崩；二是可口可乐新品太难喝，市场短期内口碑下跌；三是投资失败。\n巴菲特发现，可口可乐的“护城河”很宽，它的网络营销是很强大的，竞争对手很难对它发起挑战。再加上可口可乐的毛利润高达80%和新兴市场的喜爱，让巴菲特信心十足地说：“如果你给我1000亿美元，告诉我‘夺走可口可乐在全球饮料市场的领先地位’，我会把钱还给你，然后跟你说办不到”。\n巴菲特最初对可口可乐的投资是12亿美元，加上后续时不时的买入，后来获得的总资产被估值约160亿美元——外加收到的数十亿股息。\n04\n成功秘诀\n “当别人贪婪时，你要恐惧；当别人恐惧时，你要贪婪。”\n整体来看，沃伦·巴菲特在年少时就显露出成功者的姿态。不过，直到他遇到了格雷厄姆，他的投资策略才开始形成。之后，他吸纳了查理·芒格等人的思想，形成了独一无二的投资思想。\n巴菲特对价值投资的贡献在于，找到在以折扣价出售的高质量公司，让公司周围的“护城河”保护他的投资，使他能够永远持有公司的股票——这是他最喜欢的方式。\n很多人试图寻找复制巴菲特的投资方法，但这种想法，一开始就错了。巴菲特可以学习，但绝对不能复制，即便复制，也没地方粘贴。\n投资是一门艺术，持之以恒的学习，是精通这门艺术的唯一通路。而靠近大师，跟大师学习，则是这条通路中的捷径。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150965024,"gmtCreate":1624883333568,"gmtModify":1703846929803,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150965024","repostId":"1185593408","repostType":4,"repost":{"id":"1185593408","kind":"news","pubTimestamp":1624881542,"share":"https://ttm.financial/m/news/1185593408?lang=en_US&edition=fundamental","pubTime":"2021-06-28 19:59","market":"us","language":"zh","title":"Under the wave of digital intelligence, how should the second-hand car e-commerce with \"chicken feathers in one place\" break the situation?","url":"https://stock-news.laohu8.com/highlight/detail?id=1185593408","media":"港股研究社","summary":"互联网的兴起，震撼着各行各业。\n仅有底色的衣食住行各领域，在互联网的调色盘之下开始变得绚丽多彩，阿里、京东、美团、携程等行业巨头相继诞生。\n而在大领域被资本蚕食之后，其细分领域自然变成了玩家们新的游戏","content":"<p>The rise of the Internet has shocked all walks of life.</p><p>All fields of food, clothing, housing and transportation with only background color began to become colorful under the color palette of the Internet. Ali,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Meituan, Ctrip and other industry giants were born one after another.</p><p>After the large field was cannibalized by capital, its subdivision naturally became a new game place for players, and the second-hand car e-commerce transaction was under such branches and leaves, which became an existence that could not be ignored.</p><p>In March this year,<a href=\"https://laohu8.com/S/ATHM\">Autohome</a>Successfully registered in Hong Kong stocks; Recently, the second-hand car trading service platform \"Che Xiaoduo\" won a round of financing of US$6 million.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Li Xingxing, son of Capital and Geely Li Shufu, led the investment. It can be seen that the second-hand car e-commerce market is favored by capital, and the business on the table has aroused a lot of capital splashes.</p><p><img src=\"https://static.tigerbbs.com/c94fb1303fbbf5af5002065cdc611e66\" tg-width=\"688\" tg-height=\"491\" referrerpolicy=\"no-referrer\"></p><p>With a market size of trillions, how will second-hand car e-commerce tell this business? In the market melee, how will the mid-tail platform compete for a place?</p><p><b>\"Idle Economy\" in Power</b></p><p><b>Business experience of used car e-commerce</b></p><p>From new to old, second-hand is a topic that can't be crossed, and once it has evolved into a serious business.</p><p>The past 618 belongs to the carnival of e-commerce, and it is also a second-hand 3C trading platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>Big day to go public. On the evening of June 18th, Love Recovery officially landed on Wall Street. The closing share price rose by 22.93% on that day, with a total market value of 3.793 billion USD. Love Recovery, which was supported by JD.COM, seemed to push the second-hand business to another climax.</p><p>And now that the idle economy is vigorous, second-hand e-commerce is becoming a new blue ocean. According to iiMedia Consulting data, in 2019, the transaction scale of China's second-hand e-commerce industry was 259.69 billion yuan, an increase of 53.2% over the previous year. In 2020, the transaction scale reached 374.55 billion yuan.</p><p>With the rapid expansion of the market, the contestants are constantly rising. Except for the head players such as idle fish, turning and loving recycling, the track is constantly emerging as post-wave players such as recycling treasure, music changing machines and flash recycling, and together they quickly stir up the capital. Before the Spring Festival this year, it was transferred to $390 million in financing, which is also the largest single cash financing in the second-hand e-commerce field in China.</p><p>The weather vane of capital is often the fiery guide of the market, all of which show that the second-hand business is a good business. Under this background, the second-hand market subdivision of second-hand car transactions is naturally a rare and good way.</p><p>According to the latest statistics from the Ministry of Public Security, by the end of 2020, the number of cars in China has reached 281 million. Compared with the United States, which has the largest car ownership in the world, the gap has also narrowed to 6 million units. It is expected to surpass the United States to become the world's largest country in car ownership for the first time this June. Such a large volume also means that the domestic used car market will usher in new opportunities simultaneously and become a rare good cake.</p><p>Under the consumption feast, there is actually a deeper meaning hidden. According to iiMedia Consulting, 43.7% of Chinese netizens frequently used second-hand e-commerce platforms in 2021. Behind this is the improvement of national purchasing power and the change of consumption concept, which gives birth to the growth of second-hand market. Under the upgrade of consumption, a large number of idle items need such a platform to digest, so that resources can continue to exert their residual value.<img src=\"https://static.tigerbbs.com/064249fb6d5db714ab689004199758e5\" tg-width=\"900\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p><p>In addition, the second-hand e-commerce platform, with the blessing of a number of celebrities, such as Sun Li, Wei Ya and Wu Xin, has also rapidly increased the market popularity of second-hand transactions.</p><p>However, riding the new wave of second-hand economy, the second-hand car trading platform has a bright development prospect under the right time, place and people. However, instead of entering such a dividend track, players of all sizes can have a smooth life?</p><p><b>Trillion Market Size</b></p><p><b>The Matthew effect is obvious</b></p><p>In recent years, the scale of the used car trading market has been expanding. According to the data of Foresight Industry Research Institute, the market scale has reached 935.686 billion yuan in 2019. Despite the impact of the epidemic in 2020, it only dropped by 5% year-on-year to 888.837 billion yuan. In the first quarter of 2021, the scale was about 247.577 billion yuan. With this growth rate, the market will reach a trillion yuan.</p><p><img src=\"https://static.tigerbbs.com/d6b716135839c4f1a2ac05d064e05b4f\" tg-width=\"840\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p>Under the huge market space, it obviously gives a huge imagination space for second-hand car e-commerce. In addition, the continuous COVID-19 epidemic has caused a shortage of new car chips, which directly causes challenges to the supply side of new cars, which also causes the price of second-hand car assets around the world to soar.</p><p>From a foreign perspective, the performance of CarMax, a traditional giant of used car retailing in the United States, has continued to reach new highs, with sales reaching 1.18 million units in 2020. Today's upstart Carvana, a leader in the industry, sold 300,000 units last year, and its share price rose tenfold in 2020, with a market value of about 50 billion US dollars.</p><p>Domestically, in June this year, Guazi second-hand parent company Che Haoduo completed 300 million US dollars in financing, followed by the second-hand car platform<a href=\"https://laohu8.com/S/UXIN\">Uxin</a>Signed a $315 million financing agreement. The remittance of two huge amounts of funds reveals that the second-hand car e-commerce track is a good capital road and is sought after by capital.</p><p>However, with the progress of the market, Renrenche and Youxin used cars, which were once popular on the screen, quickly came out of the circle under the endorsement of stars such as Sun Honglei, Huang Bo and Wang Baoqiang. However, now they are facing negative dilemmas such as being acquired, salary cuts and layoffs, and the volume of the industry is gradually decreasing.</p><p>On the other hand, according to the disclosed prospectus, Autohome, which returned to Hong Kong for the second listing this year, had revenues of 7.233 billion yuan, 8.42 billion yuan and 8.659 billion yuan in 2018, 2019 and 2020, respectively, and annual net profits of 2.864 billion yuan, 3.2 billion yuan and 3.4 billion yuan. Behind the phenomenon, in fact, it is the epitome of the Matthew effect in the industry.</p><p>In the development of an industry, with the acceleration of the market process, some enterprises will gradually fall behind, and some enterprises will make a breakthrough. This is the general law of developing the survival chain. Even under the market scale of trillions, only a few can eat cake.</p><p>However, the development continues, and the business model is constantly changing. The intervention of emerging development technologies is another opportunity for players in it. Whether it can be changed in the end is also a question to continue to think about in the follow-up survival war.</p><p><b>Accelerating digital intelligence,</b></p><p><b>Can the mid-tail platform break the existing dilemma?</b></p><p>Looking at today's second-hand car e-commerce market, the head players are like a fish in the water, but the middle and tail players are not satisfactory. In addition to the suppression of the head players, they will also face the food sharing of outsiders.</p><p>This year, BMW held the \"BMW Official Certified Used Car Festival\"; Audi and Lexus have successively opened official certified used car campaigns; Lincoln launched the first Chinese independent certified used car showroom in Beijing and announced the listing of used car business in China. In addition to traditional car companies, new energy vehicles have also begun to covet second-hand business. At the beginning of the year, NIO launched NIO Certified, an official second-hand car business.</p><p>Competitive trends are increasing, challenges are becoming increasingly difficult, and industry problems such as information leakage,<a href=\"https://laohu8.com/S/BITA\">Easy Car</a>As early as 2020, it was named by the Ministry of Industry and Information Technology for illegally collecting user information. Information asymmetry, many trading links, inadequate after-sales service, etc. will all become obstacles to subsequent development.</p><p>With the superposition of multiple problems, the tail platform of second-hand car e-commerce needs to find a breakthrough if it wants to gain a certain status in the rivers and lakes. With the acceleration of the wave of digital intelligence, it may be a good time for players of second-hand car e-commerce.</p><p>According to Carvana, a used car e-commerce company with strong performance in the US stock market, its share price rose by more than 130% last year, and its market value has been more than twice that of the industry giant Carmax, but its trading volume is less than one-third. Similarly, there are used car auction company KAR and Internet auction platform ACV. The latter's transaction volume is only 10% of the former, but its market value surpasses the former.</p><p><img src=\"https://static.tigerbbs.com/cf4dff8bd151e7d8895815ca54b0b020\" tg-width=\"640\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>Among them, data-driven has contributed a lot. Under the data-driven business model, data helps car dealers to improve vehicle replacement rate and disposal rate, reduce hard transaction costs, and greatly improve efficiency, which will also be the fulcrum of the upgrading of the whole industry chain.</p><p>The success of foreign enterprises is not occasional. With the acceleration of the digital intelligence process of big data and AI empowerment, whoever seizes the opportunity to change quickly first will have the advantage of getting out of the circle, which also provides a direction for the tail players in domestic second-hand car e-commerce.</p><p>On the one hand, throwing aside the past thinking of people looking for cars and advertising burning money, the current logic is to find people by car, use data operation and circulation efficiency to improve, quickly gain insight into consumers' needs and quickly meet the supply.</p><p>On the other hand, with the empowerment of big data and AI, it forecasts hot-selling models in different regions, realizes vehicle data sharing and cross-regional circulation with the deep participation of head dealers, and makes used garages in different regions transparent.</p><p>In addition, nowadays, short videos and live broadcasts are in full swing, which is also an important way for players to rebuild their trust system and de-stigmatize. Only by subverting traditional thinking and driven by the two-wheel drive of data and artificial intelligence can middle-tail players break through the bottleneck and achieve a breakthrough in the existing pattern.</p><p>However, looking back at the current second-hand car e-commerce industry, it has a strong offline transaction attribute, is a business that is extremely dependent on offline, and at the same time requires huge advertising investment. Under this model, the industry is prone to fall into the vicious circle of \"continuous burning money-difficult to make profits-continuous financing\", which also makes it still challenging for middle and tail players to subvert the pattern.</p><p>Generally speaking, second-hand car e-commerce is now in the blue ocean. Under the huge imagination of the market, players are also flocking in. However, under the Matthew effect, it is not easy for middle and tail enterprises to get out of the circle. With the acceleration of digital intelligence, it may be a good path to take advantage of it, but whether it is the optimal solution has to be explained by consumers.</p>","source":"lsy1567602064246","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>Under the wave of digital intelligence, how should the second-hand car e-commerce with \"chicken feathers in one place\" break the situation?</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\">\nUnder the wave of digital intelligence, how should the second-hand car e-commerce with \"chicken feathers in one place\" break the situation?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">港股研究社</strong><span class=\"h-time small\">2021-06-28 19:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The rise of the Internet has shocked all walks of life.</p><p>All fields of food, clothing, housing and transportation with only background color began to become colorful under the color palette of the Internet. Ali,<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Meituan, Ctrip and other industry giants were born one after another.</p><p>After the large field was cannibalized by capital, its subdivision naturally became a new game place for players, and the second-hand car e-commerce transaction was under such branches and leaves, which became an existence that could not be ignored.</p><p>In March this year,<a href=\"https://laohu8.com/S/ATHM\">Autohome</a>Successfully registered in Hong Kong stocks; Recently, the second-hand car trading service platform \"Che Xiaoduo\" won a round of financing of US$6 million.<a href=\"https://laohu8.com/S/NIO\">Nio</a>Li Xingxing, son of Capital and Geely Li Shufu, led the investment. It can be seen that the second-hand car e-commerce market is favored by capital, and the business on the table has aroused a lot of capital splashes.</p><p><img src=\"https://static.tigerbbs.com/c94fb1303fbbf5af5002065cdc611e66\" tg-width=\"688\" tg-height=\"491\" referrerpolicy=\"no-referrer\"></p><p>With a market size of trillions, how will second-hand car e-commerce tell this business? In the market melee, how will the mid-tail platform compete for a place?</p><p><b>\"Idle Economy\" in Power</b></p><p><b>Business experience of used car e-commerce</b></p><p>From new to old, second-hand is a topic that can't be crossed, and once it has evolved into a serious business.</p><p>The past 618 belongs to the carnival of e-commerce, and it is also a second-hand 3C trading platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>Big day to go public. On the evening of June 18th, Love Recovery officially landed on Wall Street. The closing share price rose by 22.93% on that day, with a total market value of 3.793 billion USD. Love Recovery, which was supported by JD.COM, seemed to push the second-hand business to another climax.</p><p>And now that the idle economy is vigorous, second-hand e-commerce is becoming a new blue ocean. According to iiMedia Consulting data, in 2019, the transaction scale of China's second-hand e-commerce industry was 259.69 billion yuan, an increase of 53.2% over the previous year. In 2020, the transaction scale reached 374.55 billion yuan.</p><p>With the rapid expansion of the market, the contestants are constantly rising. Except for the head players such as idle fish, turning and loving recycling, the track is constantly emerging as post-wave players such as recycling treasure, music changing machines and flash recycling, and together they quickly stir up the capital. Before the Spring Festival this year, it was transferred to $390 million in financing, which is also the largest single cash financing in the second-hand e-commerce field in China.</p><p>The weather vane of capital is often the fiery guide of the market, all of which show that the second-hand business is a good business. Under this background, the second-hand market subdivision of second-hand car transactions is naturally a rare and good way.</p><p>According to the latest statistics from the Ministry of Public Security, by the end of 2020, the number of cars in China has reached 281 million. Compared with the United States, which has the largest car ownership in the world, the gap has also narrowed to 6 million units. It is expected to surpass the United States to become the world's largest country in car ownership for the first time this June. Such a large volume also means that the domestic used car market will usher in new opportunities simultaneously and become a rare good cake.</p><p>Under the consumption feast, there is actually a deeper meaning hidden. According to iiMedia Consulting, 43.7% of Chinese netizens frequently used second-hand e-commerce platforms in 2021. Behind this is the improvement of national purchasing power and the change of consumption concept, which gives birth to the growth of second-hand market. Under the upgrade of consumption, a large number of idle items need such a platform to digest, so that resources can continue to exert their residual value.<img src=\"https://static.tigerbbs.com/064249fb6d5db714ab689004199758e5\" tg-width=\"900\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p><p>In addition, the second-hand e-commerce platform, with the blessing of a number of celebrities, such as Sun Li, Wei Ya and Wu Xin, has also rapidly increased the market popularity of second-hand transactions.</p><p>However, riding the new wave of second-hand economy, the second-hand car trading platform has a bright development prospect under the right time, place and people. However, instead of entering such a dividend track, players of all sizes can have a smooth life?</p><p><b>Trillion Market Size</b></p><p><b>The Matthew effect is obvious</b></p><p>In recent years, the scale of the used car trading market has been expanding. According to the data of Foresight Industry Research Institute, the market scale has reached 935.686 billion yuan in 2019. Despite the impact of the epidemic in 2020, it only dropped by 5% year-on-year to 888.837 billion yuan. In the first quarter of 2021, the scale was about 247.577 billion yuan. With this growth rate, the market will reach a trillion yuan.</p><p><img src=\"https://static.tigerbbs.com/d6b716135839c4f1a2ac05d064e05b4f\" tg-width=\"840\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p>Under the huge market space, it obviously gives a huge imagination space for second-hand car e-commerce. In addition, the continuous COVID-19 epidemic has caused a shortage of new car chips, which directly causes challenges to the supply side of new cars, which also causes the price of second-hand car assets around the world to soar.</p><p>From a foreign perspective, the performance of CarMax, a traditional giant of used car retailing in the United States, has continued to reach new highs, with sales reaching 1.18 million units in 2020. Today's upstart Carvana, a leader in the industry, sold 300,000 units last year, and its share price rose tenfold in 2020, with a market value of about 50 billion US dollars.</p><p>Domestically, in June this year, Guazi second-hand parent company Che Haoduo completed 300 million US dollars in financing, followed by the second-hand car platform<a href=\"https://laohu8.com/S/UXIN\">Uxin</a>Signed a $315 million financing agreement. The remittance of two huge amounts of funds reveals that the second-hand car e-commerce track is a good capital road and is sought after by capital.</p><p>However, with the progress of the market, Renrenche and Youxin used cars, which were once popular on the screen, quickly came out of the circle under the endorsement of stars such as Sun Honglei, Huang Bo and Wang Baoqiang. However, now they are facing negative dilemmas such as being acquired, salary cuts and layoffs, and the volume of the industry is gradually decreasing.</p><p>On the other hand, according to the disclosed prospectus, Autohome, which returned to Hong Kong for the second listing this year, had revenues of 7.233 billion yuan, 8.42 billion yuan and 8.659 billion yuan in 2018, 2019 and 2020, respectively, and annual net profits of 2.864 billion yuan, 3.2 billion yuan and 3.4 billion yuan. Behind the phenomenon, in fact, it is the epitome of the Matthew effect in the industry.</p><p>In the development of an industry, with the acceleration of the market process, some enterprises will gradually fall behind, and some enterprises will make a breakthrough. This is the general law of developing the survival chain. Even under the market scale of trillions, only a few can eat cake.</p><p>However, the development continues, and the business model is constantly changing. The intervention of emerging development technologies is another opportunity for players in it. Whether it can be changed in the end is also a question to continue to think about in the follow-up survival war.</p><p><b>Accelerating digital intelligence,</b></p><p><b>Can the mid-tail platform break the existing dilemma?</b></p><p>Looking at today's second-hand car e-commerce market, the head players are like a fish in the water, but the middle and tail players are not satisfactory. In addition to the suppression of the head players, they will also face the food sharing of outsiders.</p><p>This year, BMW held the \"BMW Official Certified Used Car Festival\"; Audi and Lexus have successively opened official certified used car campaigns; Lincoln launched the first Chinese independent certified used car showroom in Beijing and announced the listing of used car business in China. In addition to traditional car companies, new energy vehicles have also begun to covet second-hand business. At the beginning of the year, NIO launched NIO Certified, an official second-hand car business.</p><p>Competitive trends are increasing, challenges are becoming increasingly difficult, and industry problems such as information leakage,<a href=\"https://laohu8.com/S/BITA\">Easy Car</a>As early as 2020, it was named by the Ministry of Industry and Information Technology for illegally collecting user information. Information asymmetry, many trading links, inadequate after-sales service, etc. will all become obstacles to subsequent development.</p><p>With the superposition of multiple problems, the tail platform of second-hand car e-commerce needs to find a breakthrough if it wants to gain a certain status in the rivers and lakes. With the acceleration of the wave of digital intelligence, it may be a good time for players of second-hand car e-commerce.</p><p>According to Carvana, a used car e-commerce company with strong performance in the US stock market, its share price rose by more than 130% last year, and its market value has been more than twice that of the industry giant Carmax, but its trading volume is less than one-third. Similarly, there are used car auction company KAR and Internet auction platform ACV. The latter's transaction volume is only 10% of the former, but its market value surpasses the former.</p><p><img src=\"https://static.tigerbbs.com/cf4dff8bd151e7d8895815ca54b0b020\" tg-width=\"640\" tg-height=\"421\" referrerpolicy=\"no-referrer\"></p><p>Among them, data-driven has contributed a lot. Under the data-driven business model, data helps car dealers to improve vehicle replacement rate and disposal rate, reduce hard transaction costs, and greatly improve efficiency, which will also be the fulcrum of the upgrading of the whole industry chain.</p><p>The success of foreign enterprises is not occasional. With the acceleration of the digital intelligence process of big data and AI empowerment, whoever seizes the opportunity to change quickly first will have the advantage of getting out of the circle, which also provides a direction for the tail players in domestic second-hand car e-commerce.</p><p>On the one hand, throwing aside the past thinking of people looking for cars and advertising burning money, the current logic is to find people by car, use data operation and circulation efficiency to improve, quickly gain insight into consumers' needs and quickly meet the supply.</p><p>On the other hand, with the empowerment of big data and AI, it forecasts hot-selling models in different regions, realizes vehicle data sharing and cross-regional circulation with the deep participation of head dealers, and makes used garages in different regions transparent.</p><p>In addition, nowadays, short videos and live broadcasts are in full swing, which is also an important way for players to rebuild their trust system and de-stigmatize. Only by subverting traditional thinking and driven by the two-wheel drive of data and artificial intelligence can middle-tail players break through the bottleneck and achieve a breakthrough in the existing pattern.</p><p>However, looking back at the current second-hand car e-commerce industry, it has a strong offline transaction attribute, is a business that is extremely dependent on offline, and at the same time requires huge advertising investment. Under this model, the industry is prone to fall into the vicious circle of \"continuous burning money-difficult to make profits-continuous financing\", which also makes it still challenging for middle and tail players to subvert the pattern.</p><p>Generally speaking, second-hand car e-commerce is now in the blue ocean. Under the huge imagination of the market, players are also flocking in. However, under the Matthew effect, it is not easy for middle and tail enterprises to get out of the circle. With the acceleration of digital intelligence, it may be a good path to take advantage of it, but whether it is the optimal solution has to be explained by consumers.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pFV5FJHqsClqD9buLPfx7Q\">港股研究社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c94fb1303fbbf5af5002065cdc611e66","relate_stocks":{"UXIN":"优信"},"source_url":"https://mp.weixin.qq.com/s/pFV5FJHqsClqD9buLPfx7Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185593408","content_text":"互联网的兴起，震撼着各行各业。\n仅有底色的衣食住行各领域，在互联网的调色盘之下开始变得绚丽多彩，阿里、京东、美团、携程等行业巨头相继诞生。\n而在大领域被资本蚕食之后，其细分领域自然变成了玩家们新的游戏场所，二手车电商交易就处在这样的枝叶之下，成为了不容忽视的存在。\n今年3月，汽车之家成功登录港股；近日，二手车交易服务平台“车小多”获A轮600万美元融资，蔚来资本及吉利李书福之子李星星领投。可见，二手车电商市场正备受资本青睐，摆上台面的生意已激起不少资本水花。\n\n在数万亿市场规模下，二手车电商又将如何讲述这门生意？市场混战中，中尾部平台又将如何争的一席之地？\n“闲置经济”当道\n二手车电商的生意经\n从新到旧，二手俨然是跨不过的话题，一经演变就成了一门正经生意。\n刚过去的618属电商的狂欢节，也是二手3C交易平台爱回收上市的大日子。6月18日晚，爱回收正式登录华尔街，当日收盘股价涨22.93%，总市值达37.93亿美元，获京东力挺的爱回收俨然将二手生意推向了另一个高潮。\n且如今闲置经济旺盛，二手电商正成为新的蓝海。根据艾媒咨询数据显示，2019年我国二手电商行业交易规模为2596.9亿元，较上年同比增53.2%，2020年交易规模达3745.5亿元。\n在市场急速扩展之下，参赛选手不断崛起，除闲鱼、转转、爱回收等头部玩家，赛道不断涌现回收宝、乐换机、闪回收等后浪玩家，一起飞速搅热资本。今年春节前，转转获3.9亿美元融资，这也是目前国内二手电商领域最大单笔现金融资。\n资本的风向标往往是市场火热的导向，无一不表明着二手生意是门好生意，此背景下，二手市场细分类二手车交易自然也是不可多得的好门路。\n据公安部最新统计数据显示，截止2020年底，我国汽车保有量已达2.81亿辆。跟全球汽车保有量第一的美国相比，差距也已缩小至600万辆。预估今年6月将会首次超越美国，成全球汽车保有量第一的国家。如此大的体量之下，也意味着国内二手车市场将同步迎来新的机遇，成为难得的好蛋糕。\n而在消费盛宴之下，其实也隐藏着更深层次的意义。根据艾媒咨询数据，2021年中国网民经常使用二手电商平台占比达43.7%。这背后是国民购买力的提升及消费观念的转变，催生着二手市场的滋长。消费升级之下，大量的闲置物品需要这样的平台去消化，让资源继续发挥其剩余价值。\n此外，二手电商平台在一众明星网红，如孙俪、薇娅、吴昕等加持之下，也迅速提升了二手交易的市场热度。\n然而，乘着二手经济这波新风口，二手车交易平台在天时地利人和之下，发展前景明朗，但是不是进入这样的红利赛道，大小玩家就能过的顺风顺水？\n万亿市场规模\n马太效应明显\n近年来的二手车交易市场规模不断扩大，根据前瞻产业研究院数据，2019年市场规模已达9356.86亿元，2020年虽有疫情影响，同比也只下降5%为8888.37亿元，2021年第一季度，规模约2475.77亿元，随着这样的增速，市场将达万亿规模。\n\n庞大市场空间之下，显然给了二手车电商巨大的想象空间，另加持续的新冠疫情造成新车芯片供给短缺，直接造成新车的供给侧面临挑战，这也使得世界范围内的二手车资产价格大涨。\n国外来看，美国二手车零售传统行业巨头CarMax业绩不断创新高，2020年销量达118万台，如今的行业翘楚新贵企业Carvana，去年销量为30万台，2020年股价大涨十倍，市值约500亿美元。\n国内来看，今年6月瓜子二手母公司车好多完成3亿美元融资，紧接着二手车平台优信签署3.15亿美元融资协议。两笔巨额资金的汇入，显露着二手车电商赛道是条不错的资本之路，正受资本追捧。\n然而随着市场的前进，曾火爆荧屏的人人车、优信二手车，在孙红雷、黄渤、王宝强等明星代言之下，迅速出圈，但如今却面临被收购、降薪裁员等负面困局，行业音量逐渐变低。\n反观今年回港二次上市的汽车之家，根据根据披露的招股书显示，其在2018年、2019年、2020年营收分别为72.33亿元、84.2亿元、86.59亿元，年度净利润为28.64亿元、32亿元、34亿元。现象背后，事实上却是行业马太效应的缩影。\n在一个行业的发展中，随着市场进程的加快，势必会有企业渐渐掉队，有企业获得突围，这是发展生存链的一般规律，即使在数万亿市场规模之下，能吃到蛋糕的仍只是少数。\n可发展仍在继续，商业模式也在不断的变化，新兴发展技术的介入，或对身处其中的玩家来讲又是另一番机会，到底能不能有所改变，也是后续生存大战继续要思考的问题。\n数智化加速，\n中尾部平台能否打破现有困境？\n纵观如今的二手车电商市场，头部玩家如鱼得水，而中尾部玩家过的却并不尽如意，除头部玩家打压之外，还将面临外来者的分食。\n今年宝马召开“BMW官方认证二手车节”；奥迪和雷克萨斯相继开启官方认证二手车活动；林肯在北京落地首个中国独立认证二手车展厅，宣布在华二手车业务上市。除传统车企，新能源汽车也开始觊觎二手生意，年初蔚来推出官方二手车业务NIO Certified。\n竞争趋势逐渐加强，挑战也愈发艰巨，另加行业问题的存在，如信息泄露，易车早在2020年就因违规收集用户信息被工信部点名，信息不对称、交易环节猫腻多、售后服务不到位等等，都将成为后续发展的阻碍。\n多重问题的叠加，二手车电商中尾部平台要想获得一定的江湖地位，需要找寻突破口。而随着如今数智化浪潮加快，对于二手车电商的玩家来说，或是个好时机。\n根据美股市场表现强劲的二手车电商Carvana来看，去年股价涨幅超130%，市值已是行业巨头Carmax两倍多，但成交量还不及其三分之一。同样的还有二手车拍卖公司KAR和互联网拍卖平台ACV，后者交易量只有前者10%，市值却反超前者。\n\n在这其中，数据驱动贡献了不小的力量，在数据驱动商业模式下，通过数据帮助汽车经销商提高车辆置换率和处置率，降低交易硬性成本，大大的提升了效率，这也将是整个行业链升级的支点。\n国外企业的成功并非偶尔，随着大数据、AI赋能的数智化进程加快，谁先抓住机遇快速转变，也就拥有了出圈的优势，这也为国内二手车电商中尾部玩家提供了方向。\n一方面，抛除过去人找车、广告烧钱的思维，当前的逻辑是车找人，利用数据运营和流通效率提升，快速洞察消费者的需求并快速满足供给。\n另一方面，大数据和AI赋能，对不同地区热销车型进行预测，在头部经销商深度参与之下，实现车辆数据共享和跨区域流转，让不同地区的二手车库透明化。\n此外，如今短视频、直播风起正盛，也是玩家们重建信任体系、去污名的重要途径。中尾部玩家只有颠覆传统思维，在数据和人工智能双轮驱动之下才能突破瓶颈，实现现有格局的突破。\n但回看目前二手车电商行业，具有极强的线下交易属性，是一个极度依赖线下的业务，同时需要巨额的广告投入，在这一模式下，行业容易陷入“持续烧钱—难以盈利—继续融资”的怪圈，这也使得中尾部玩家颠覆格局仍有一定的挑战。\n总的来说，二手车电商如今已身处蓝海，市场巨大想象力之下，玩家们也是蜂拥涌入，但马太效应下，中尾部企业要想出圈并不容易，而随着数智化进展的加快，借势其中或是条不错的路径，但到底是不是最优解还得待消费者来解说。","news_type":1,"symbols_score_info":{"UXIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127303731,"gmtCreate":1624833196323,"gmtModify":1703845568283,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127303731","repostId":"1153717092","repostType":4,"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127303549,"gmtCreate":1624833180381,"gmtModify":1703845568122,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572785300913507","idStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127303549","repostId":"1181620560","repostType":4,"repost":{"id":"1181620560","kind":"news","pubTimestamp":1624761552,"share":"https://ttm.financial/m/news/1181620560?lang=en_US&edition=fundamental","pubTime":"2021-06-27 10:39","market":"sh","language":"zh","title":"Attention! This leading stock in the industrial chain has been swept by northbound funds for five consecutive weeks!","url":"https://stock-news.laohu8.com/highlight/detail?id=1181620560","media":"上海证券报","summary":"本周A股三大股指全线上扬，沪指收复3600点整数关口。两市交易额连续6个交易日突破万亿元。本周北向资金先抑后扬，大举扫货，全周合计净买入209.77亿元。\n苹果产业链再次迎来爆发\n6月25日，苹果产业","content":"<p><div>This week, the three major A-share indexes rose across the board, and the Shanghai Composite Index recovered the 3600-point integer mark. The transaction volume of the two cities exceeded one trillion yuan for six consecutive trading days. This week, northbound funds first depressed and then rose, sweeping goods on a large scale, with a total net purchase of 20.977 billion yuan throughout the week. Apple's industrial chain ushered in another outbreak. On June 25th, Luxshare Precision, the leading stock of Apple's industrial chain, was expected to win the iPhone assembly order due to rumors, and its share price once rose by 9%, which aroused market attention. After-hours trading information shows that Luxshare Precision was listed in the top ten active trading stocks four times this week, and received a total net purchase of 1.8 billion yuan from northbound funds. Choice data shows that June 21...</p><p><a href=\"https://mp.weixin.qq.com/s/-JkH3YLvlBfd4vZPeulGdg\">Web link</a></div></p>","source":"shzqb","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>Attention! This leading stock in the industrial chain has been swept by northbound funds for five consecutive weeks!</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\">\nAttention! This leading stock in the industrial chain has been swept by northbound funds for five consecutive weeks!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2021-06-27 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>This week, the three major A-share indexes rose across the board, and the Shanghai Composite Index recovered the 3600-point integer mark. The transaction volume of the two cities exceeded one trillion yuan for six consecutive trading days. This week, northbound funds first depressed and then rose, sweeping goods on a large scale, with a total net purchase of 20.977 billion yuan throughout the week. Apple's industrial chain ushered in another outbreak. On June 25th, Luxshare Precision, the leading stock of Apple's industrial chain, was expected to win the iPhone assembly order due to rumors, and its share price once rose by 9%, which aroused market attention. After-hours trading information shows that Luxshare Precision was listed in the top ten active trading stocks four times this week, and received a total net purchase of 1.8 billion yuan from northbound funds. Choice data shows that June 21...</p><p><a href=\"https://mp.weixin.qq.com/s/-JkH3YLvlBfd4vZPeulGdg\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/-JkH3YLvlBfd4vZPeulGdg\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4a10424fe3b1f29e8d28fdc0dc474e86","relate_stocks":{"002475":"立讯精密"},"source_url":"https://mp.weixin.qq.com/s/-JkH3YLvlBfd4vZPeulGdg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181620560","content_text":"本周A股三大股指全线上扬，沪指收复3600点整数关口。两市交易额连续6个交易日突破万亿元。本周北向资金先抑后扬，大举扫货，全周合计净买入209.77亿元。\n苹果产业链再次迎来爆发\n6月25日，苹果产业链龙头股立讯精密因传有望拿下iPhone组装订单，股价一度大涨9%，引发市场关注。\n盘后交易信息显示，立讯精密本周4次登上十大活跃成交股，获北向资金合计净买入18亿元。Choice数据显示，6月21日至25日，北向资金买入立讯精密4014.94万股，市值增幅8.44%。\n\n东方财富Choice数据\n值得一提的是，立讯精密连续五周获北向资金净买入。\n2020年7月17日，立讯精密发布公告，公司及控股股东立讯有限与纬创股份、WIN签署了《收购框架协议》，将以现金全资收购江苏纬创100%股权和昆山纬新21.88%股权。\n纬创股份曾是全球领先的ICT产业ODM厂商，主要客户为苹果、惠普等；其智能手机业务从2017年后全力转为苹果iPhone组装，业务主体在昆山纬新工厂。\n天风国际表示，在iPhone出货成长趋于稳定的趋势下，在找寻iPhone供应链的投资机会时，可特别关注iPhone供应链的新进入者。在目前iPhone供应链中，立讯精密因2021年开始组装并出货iPhone，预计立讯精密的iPhone组装业务在2021年-2023年均有显著同比增长，为iPhone成长可见度高的最大受益者。预计立讯精密2021年iPhone出货量约1000万部，80%-90%为2021年下半年新款iPhone Pro。\n截至周五收盘，立讯精密已成为北向资金两市第17大重仓股，北向资金对其持股总市值目前为265.37亿元，年市值增幅达44.27%。\n\n来源：Choice数据\n从北向资金本周持股变动来看，净买入额居前三的股票是立讯精密、中国平安、美的集团，净买入额分别为18.00亿元、11.21亿元和9.79亿元。\n“牛市旗手”券商再度崛起\n本周五，沉寂近一个月的“牛市旗手”券商股再度走强，其中，东方财富获北向资金净买入6.54亿元，居当日净买入额之首，其市值升至3380亿元，超越中信证券成为A股市值最大的券商股。其他券商股方面，财达证券、中银证券、锦龙股份当日涨停，中金公司、国联证券上涨逾6%。\n中信建投表示，券商板块短期行情可乐观看待。支撑因素主要有三点：第一，估值低而业绩好；第二，社融增速下行周期或于6月见底，市场利率有望企稳，利于券商板块业绩与估值的改善；第三，年内深市股指期货等多项制度安排均可期待，为券商板块提供增量业绩来源。\n粤开证券研究院首席策略分析师陈梦洁认为，券商股具备安全边际，左侧交易者可予布局，特色券商兼具券商与科技属性，业绩弹性大。\n白酒行情是否还存在持续性\n此前，白酒股一向受北向资金的追捧，但从本周持股变动来看，泸州老窖遭北向资金净卖出3.60亿元，位居第三。\n\n来源：Choice数据\n从Choice数据来看，北向资金近期大幅减持白酒板块。截至周五收盘，五粮液、山西汾酒本周获北向资金净买入分别为3.58亿元、1.30亿元，而泸州老窖、贵州茅台、洋河股份、口子窖则遭北向资金净卖出3.60亿元、3.32亿元、1.19亿元、0.77亿元。\n6 月 23 日，广东省财政厅发布《关于广东省十三届人大四次会议第 1364 号代表建议答复的函》， 就广东省人大代表关于茅台与米酒同征 0.5 元/斤消费税的提议给予回复。\n川财证券表示，近期白酒板块出现一定程度的调整，行业呈现结构性繁荣。高端白酒批发价维持高位震荡，品牌价值稳固，就近期调研情况看，二季度业绩维持较高确定性。次高端白酒受益于高端白酒提价进入新成长周期，量价增长趋势不变，预计次高端价位产品在上半年仍将保持较高增速。\n中金公司认为，白酒销量增长乏力，“少喝酒、喝好酒”的消费观念+收入水平提高，驱动白酒消费升级，市场逐步向高价位白酒集中。未来3年—5年，行业仍将延续集中分化趋势，龙头地位或将进一步强化。优选高端、次高端等高景气赛道中的龙头品牌。","news_type":1,"symbols_score_info":{"002475":0.9}},"isVote":1,"tweetType":1,"viewCount":1706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":121914611,"gmtCreate":1624449209533,"gmtModify":1703836991516,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/121914611","repostId":"1163510991","repostType":4,"repost":{"id":"1163510991","kind":"news","weMediaInfo":{"introduction":"中国最具影响力的财经新闻媒体《财经》携手道琼斯媒体集团，引入百年历史的《巴伦》（Barron's）独家内容，打造涵盖全球金融信息、市场动态、行业分析、公司研究及理财顾问评估的全球投资平台。","home_visible":1,"media_name":"Barrons巴伦","id":"1063202233","head_image":"https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab"},"pubTimestamp":1624447986,"share":"https://ttm.financial/m/news/1163510991?lang=en_US&edition=fundamental","pubTime":"2021-06-23 19:33","market":"hk","language":"zh","title":"Baiji Investment: Meituan and Pinduoduo are the next Tesla-style companies","url":"https://stock-news.laohu8.com/highlight/detail?id=1163510991","media":"Barrons巴伦","summary":"总部位于爱丁堡的基金管理者柏基投资(Baillie Gifford)在过去110多年里，通过将信号与噪音分离开来，创造了令人瞩目的投资记录。该公司投资于具有长期增长潜力的公开上市公司和私有企业，而不考","content":"<p>Edinburgh-based fund manager Baillie Gifford has built a remarkable investment track record over the past 110 years by separating signals from noise. The company invests in publicly listed and private companies with long-term growth potential, regardless of macroeconomic variables and short-term market fluctuations.</p><p>The company’s long-term investment vision and familiarity with new technologies made Tom Slater, its head of U.S. equity assets and portfolio manager of U.S. equities and long-term global growth funds, a natural choice for Barron’s recent Centennial Roundtable, whose members will be tasked with envisioning the next 100 years.</p><p>As a continuation of the conversation, the following are edited interviews, focusing on companies that offer the most exciting investment opportunities. Slater, along with Barron's Roundtable member James Anderson, serves as co-manager of the approximately £18 billion ($25 billion) Baillie Gifford's Scottish Mortgage Investment Trust (SMT) and the $145 million Baillie Gifford US Equity Growth fund (BGGSX). Co-manager. Both companies received a five-star rating from Morningstar. In the 12 months ending March 31, Scottish Mortgage Investment Trust rose 99%; In the year ending June 15, the U.S. The Equity Growth fund has a total return of 73%, ranking among the top in Morningstar's large Growth stock category.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1e534c9728cc83586e06170e5574ff7\" tg-width=\"1080\" tg-height=\"720\"><span>Tom Slater, Photograph by Matt Marcus</span></p><p><b>Barron's: After a glorious 2020, growth stocks are facing challenges. Are you worried about that?</b></p><p><b>Tom Slater</b>We do not focus on short-term fluctuations in stock prices. We focus on interesting companies with long-term growth opportunities. Our average holding period is 5 to 10 years. Only within this timeframe can fundamentals drive stock prices.</p><p>Many people try to focus on predicting economic variables. But they are inherently extremely unpredictable, if not completely impossible. At the same time, there are many predictable trends in fields such as communications, computing, machine learning, energy generation and storage, gene sequencing, and synthetic biology. We focus on predictable trends and the opportunities they create.</p><p><b>Barron's: At our centennial roundtable, you observed that some technologies in the field of biology, if not better than Moore's Law, at least follow a similar development trajectory. How should investors profit from this?</b></p><p><b>Tom Slater</b>The decline in the gene sequencing cost curve is far greater than the decline in computing power costs under Moore's Law. Now, the cost reduction is extending to related fields. Gene sequencing is generating a large amount of medical data, the cost of processing and storing this data is rapidly decreasing, and the cost of applying machine learning to this data is also rapidly decreasing.</p><p>An adjuvant therapy is our ability to start printing (replicating) DNA or RNA. Moderna (MRNA) is printing RNA sequences. We are talking about programming biology, except that instead of coding with 1s and 0s, we use Gs, Ts, As, and Cs (the nucleic acid bases that make up the genome in the order of guanine, thymine, adenine, and cytosine).</p><p>Moderna's ability to produce safe and effective vaccines based on messenger RNA should boost confidence in the company's ability to produce vaccines to meet other huge, unmet needs, such as those against HIV/AIDS. Another synthetic biology company, Ginkgo Bioworks, will go public through a merger with a SPAC. It is writing strings of DNA code that can be used in biomanufacturing processes.</p><p><b>Barron's: Won't Moderna's success attract competitors?</b></p><p><b>Tom Slater</b>When a technology undergoes a dramatic change, rather than just an evolution of existing paradigms, established companies often find it difficult to accept this change. More likely, this technology will empower new businesses and new business models. Until now, this has been the case in the automotive industry with the development of electric vehicles or electric vehicles. Interestingly, pharmaceutical companies with large vaccine franchises have not yet developed an effective COVID-19 vaccine.</p><p><b>Barron's: Speaking of electric vehicles, Baillie Gifford has reduced his Tesla holdings from a peak position of over 7% to less than 2%. Why is that?</b></p><p><b>Tom Slater</b>We still hold a large stake in Tesla. Part of the reason is that this sell-off reflects the strong performance of the company's stock price and the company's operational success in driving the stock price up. Another reason is that this sell-off is simply a comprehensive consideration of all possibilities looking upwards from here.</p><p><b>Barron's: Who is the next Tesla in electric vehicles and more broadly?</b></p><p><b>Tom Slater</b>China is the world's largest auto market, and I would be surprised if there were no domestic competitors in China to challenge Tesla.<b>We are investors in NIO (NIO), and NIO has the opportunity to become such a participant.</b></p><p>What characteristics make Tesla so interesting? More than 100 million cars are sold every year, which is a huge market. They approach this in a unique way, with a founder and CEO tying most of his wealth to the company. Tesla is tenaciously pursuing a long-term vision and doesn't need to worry too much about the stock market. During our holding period, Tesla's stock price fell by more than 30% 10 times.</p><p>Moderna has platform-based technology with a wide range of applications, so it's also very interesting. Illumina (ILMN), which makes genome sequencing instruments, has a similar opportunity.<b>Chinese companies, such as Meituan (3690), which focuses on local services, and Pinduoduo (PDD), which operates in the retail sector, are attractive, partly because of their ambitions, which are gradually changing the entire supply chain of their industries.</b></p><p>In Western markets, the delivery of pre-processed foods was initially intended as an alternative to takeout, but in China, the scope is much larger, as there is a greater culture of eating pre-processed foods. In China, kitchens in apartment buildings are being designed to be smaller and smaller, while these buildings are being designed for efficient food delivery service infrastructure. When you are building reliable, fast-delivery infrastructure, related industries emerge.</p><p><b>ByteDance is also very charming.</b>。 Its social media subsidiary TikTok has sparked controversy in the United States, but ByteDance is 95% about China, given how rapidly the company has grown in the domestic advertising market. In China, large companies led by founders are making full use of the scale advantages of the domestic market.</p><p><b>Barron's: Do you prefer to invest in companies led by founders as CEOs?</b></p><p><b>Tom Slater</b>We want to invest in companies led by people who are optimized for long-term results. This is more common in founders, but that doesn't mean you can't see it in professional CEOs.</p><p>Francis deSouza has been the CEO of Inmena since 2016. The company has a large revenue base, is profitable, and is growing in a predictable manner. Last year, based on its forecast of market trends over the next 5 to 10 years, Inmina offered $8 billion to acquire Grail, a pre-revenue developer of cancer blood testing. The stock market doesn't like this approach, but it's exactly what founders should do.</p><p><b>Barron's: Which private companies should investors pay attention to?</b></p><p><b>Tom Slater</b>Private companies like ByteDance and SpaceX have market capitalizations of tens of billions of dollars. SpaceX is trying to reduce the cost of going into space by several orders of magnitude, and it is creating a new market: a commercial pathway to space. We are also investors in Relativity Space, a company that is using 3D printing technology to build rockets.</p><p><b>Barron's: Recently, you have reduced your holdings in Amazon.com. Why?</b></p><p><b>Tom Slater</b>We have been shareholders of Amazon for 16 years. Prior to last year, any reduction in holdings was for the purpose of diversification within the fund. But Amazon is still a huge market for us, and it still faces some significant opportunities. The grocery business is one of them, and it is a huge category that is slowly going online.</p><p>On the other hand, Jeffrey Bezos's stepping down as CEO is a significant factor in our analysis of the company, coupled with the recent retirement of Jeff Wilker, who ran the consumer goods business (Bezos will become executive chairman on July 5). If you believe Bezos's vision and drive were important to Amazon's journey to this point, then even his partial exit is a more cautious reason.</p><p><b>Barron's: What other investments excite you?</b></p><p><b>Tom Slater</b>Lemonade (LMND) was originally a company that sold renters' insurance, and this company is perfect for online sales—especially mobile sales. This company has created a great consumer experience. It allows customers to designate a charity to accept excess fluctuations in their insurance pool, which creates an incentive not to exaggerate claims. Rental insurance is usually the first type of insurance product people buy. If the experience is great, they will consider purchasing the same brand of pet, car, or homeowners insurance. Lemonade is building a modern technology stack in an industry where large vendors still operate within the mainstream framework.</p><p>We recently invested in 10X Genomics (TXG) and Recursion Pharmaceuticals (RXRX). The common theme, once again, is that the efficiency of applying information technology far exceeds that of existing companies.</p><p>Affirm Holdings (AFRM) also fits this theme. Traditionally, point-of-sale loans have been a bad experience for consumers, with high interest rates and hefty fines if you don't make payments. By using new technologies, Affirm has created a more consumer-facing experience, driving more people to use the service. The runway in this mode is very long.</p><p><b>Barron's: Under what circumstances will a lack of profits become an obstacle to investment?</b></p><p><b>Tom Slater</b>Whether a company is currently profitable has little to do with how much value it has created. Take a software-as-a-service (SAAS) company as an example. Signing a new customer may cost a lot of money in the first year, but the revenue stream generated by this deal can last for decades. As an investor, I want companies to sign as many clients as possible, which means they will lose a lot of money at the beginning. However, if they can retain these customers, the value creation could be massive.</p><p><b>Barron's: Thank you, Tom.</b></p><p><b>By Lauren R. Rublin, contributor to Barron's</b></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>Baiji Investment: Meituan and Pinduoduo are the next Tesla-style companies</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\">\nBaiji Investment: Meituan and Pinduoduo are the next Tesla-style companies\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1063202233\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Barrons巴伦 </p>\n<p class=\"h-time smaller\">2021-06-23 19:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Edinburgh-based fund manager Baillie Gifford has built a remarkable investment track record over the past 110 years by separating signals from noise. The company invests in publicly listed and private companies with long-term growth potential, regardless of macroeconomic variables and short-term market fluctuations.</p><p>The company’s long-term investment vision and familiarity with new technologies made Tom Slater, its head of U.S. equity assets and portfolio manager of U.S. equities and long-term global growth funds, a natural choice for Barron’s recent Centennial Roundtable, whose members will be tasked with envisioning the next 100 years.</p><p>As a continuation of the conversation, the following are edited interviews, focusing on companies that offer the most exciting investment opportunities. Slater, along with Barron's Roundtable member James Anderson, serves as co-manager of the approximately £18 billion ($25 billion) Baillie Gifford's Scottish Mortgage Investment Trust (SMT) and the $145 million Baillie Gifford US Equity Growth fund (BGGSX). Co-manager. Both companies received a five-star rating from Morningstar. In the 12 months ending March 31, Scottish Mortgage Investment Trust rose 99%; In the year ending June 15, the U.S. The Equity Growth fund has a total return of 73%, ranking among the top in Morningstar's large Growth stock category.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1e534c9728cc83586e06170e5574ff7\" tg-width=\"1080\" tg-height=\"720\"><span>Tom Slater, Photograph by Matt Marcus</span></p><p><b>Barron's: After a glorious 2020, growth stocks are facing challenges. Are you worried about that?</b></p><p><b>Tom Slater</b>We do not focus on short-term fluctuations in stock prices. We focus on interesting companies with long-term growth opportunities. Our average holding period is 5 to 10 years. Only within this timeframe can fundamentals drive stock prices.</p><p>Many people try to focus on predicting economic variables. But they are inherently extremely unpredictable, if not completely impossible. At the same time, there are many predictable trends in fields such as communications, computing, machine learning, energy generation and storage, gene sequencing, and synthetic biology. We focus on predictable trends and the opportunities they create.</p><p><b>Barron's: At our centennial roundtable, you observed that some technologies in the field of biology, if not better than Moore's Law, at least follow a similar development trajectory. How should investors profit from this?</b></p><p><b>Tom Slater</b>The decline in the gene sequencing cost curve is far greater than the decline in computing power costs under Moore's Law. Now, the cost reduction is extending to related fields. Gene sequencing is generating a large amount of medical data, the cost of processing and storing this data is rapidly decreasing, and the cost of applying machine learning to this data is also rapidly decreasing.</p><p>An adjuvant therapy is our ability to start printing (replicating) DNA or RNA. Moderna (MRNA) is printing RNA sequences. We are talking about programming biology, except that instead of coding with 1s and 0s, we use Gs, Ts, As, and Cs (the nucleic acid bases that make up the genome in the order of guanine, thymine, adenine, and cytosine).</p><p>Moderna's ability to produce safe and effective vaccines based on messenger RNA should boost confidence in the company's ability to produce vaccines to meet other huge, unmet needs, such as those against HIV/AIDS. Another synthetic biology company, Ginkgo Bioworks, will go public through a merger with a SPAC. It is writing strings of DNA code that can be used in biomanufacturing processes.</p><p><b>Barron's: Won't Moderna's success attract competitors?</b></p><p><b>Tom Slater</b>When a technology undergoes a dramatic change, rather than just an evolution of existing paradigms, established companies often find it difficult to accept this change. More likely, this technology will empower new businesses and new business models. Until now, this has been the case in the automotive industry with the development of electric vehicles or electric vehicles. Interestingly, pharmaceutical companies with large vaccine franchises have not yet developed an effective COVID-19 vaccine.</p><p><b>Barron's: Speaking of electric vehicles, Baillie Gifford has reduced his Tesla holdings from a peak position of over 7% to less than 2%. Why is that?</b></p><p><b>Tom Slater</b>We still hold a large stake in Tesla. Part of the reason is that this sell-off reflects the strong performance of the company's stock price and the company's operational success in driving the stock price up. Another reason is that this sell-off is simply a comprehensive consideration of all possibilities looking upwards from here.</p><p><b>Barron's: Who is the next Tesla in electric vehicles and more broadly?</b></p><p><b>Tom Slater</b>China is the world's largest auto market, and I would be surprised if there were no domestic competitors in China to challenge Tesla.<b>We are investors in NIO (NIO), and NIO has the opportunity to become such a participant.</b></p><p>What characteristics make Tesla so interesting? More than 100 million cars are sold every year, which is a huge market. They approach this in a unique way, with a founder and CEO tying most of his wealth to the company. Tesla is tenaciously pursuing a long-term vision and doesn't need to worry too much about the stock market. During our holding period, Tesla's stock price fell by more than 30% 10 times.</p><p>Moderna has platform-based technology with a wide range of applications, so it's also very interesting. Illumina (ILMN), which makes genome sequencing instruments, has a similar opportunity.<b>Chinese companies, such as Meituan (3690), which focuses on local services, and Pinduoduo (PDD), which operates in the retail sector, are attractive, partly because of their ambitions, which are gradually changing the entire supply chain of their industries.</b></p><p>In Western markets, the delivery of pre-processed foods was initially intended as an alternative to takeout, but in China, the scope is much larger, as there is a greater culture of eating pre-processed foods. In China, kitchens in apartment buildings are being designed to be smaller and smaller, while these buildings are being designed for efficient food delivery service infrastructure. When you are building reliable, fast-delivery infrastructure, related industries emerge.</p><p><b>ByteDance is also very charming.</b>。 Its social media subsidiary TikTok has sparked controversy in the United States, but ByteDance is 95% about China, given how rapidly the company has grown in the domestic advertising market. In China, large companies led by founders are making full use of the scale advantages of the domestic market.</p><p><b>Barron's: Do you prefer to invest in companies led by founders as CEOs?</b></p><p><b>Tom Slater</b>We want to invest in companies led by people who are optimized for long-term results. This is more common in founders, but that doesn't mean you can't see it in professional CEOs.</p><p>Francis deSouza has been the CEO of Inmena since 2016. The company has a large revenue base, is profitable, and is growing in a predictable manner. Last year, based on its forecast of market trends over the next 5 to 10 years, Inmina offered $8 billion to acquire Grail, a pre-revenue developer of cancer blood testing. The stock market doesn't like this approach, but it's exactly what founders should do.</p><p><b>Barron's: Which private companies should investors pay attention to?</b></p><p><b>Tom Slater</b>Private companies like ByteDance and SpaceX have market capitalizations of tens of billions of dollars. SpaceX is trying to reduce the cost of going into space by several orders of magnitude, and it is creating a new market: a commercial pathway to space. We are also investors in Relativity Space, a company that is using 3D printing technology to build rockets.</p><p><b>Barron's: Recently, you have reduced your holdings in Amazon.com. Why?</b></p><p><b>Tom Slater</b>We have been shareholders of Amazon for 16 years. Prior to last year, any reduction in holdings was for the purpose of diversification within the fund. But Amazon is still a huge market for us, and it still faces some significant opportunities. The grocery business is one of them, and it is a huge category that is slowly going online.</p><p>On the other hand, Jeffrey Bezos's stepping down as CEO is a significant factor in our analysis of the company, coupled with the recent retirement of Jeff Wilker, who ran the consumer goods business (Bezos will become executive chairman on July 5). If you believe Bezos's vision and drive were important to Amazon's journey to this point, then even his partial exit is a more cautious reason.</p><p><b>Barron's: What other investments excite you?</b></p><p><b>Tom Slater</b>Lemonade (LMND) was originally a company that sold renters' insurance, and this company is perfect for online sales—especially mobile sales. This company has created a great consumer experience. It allows customers to designate a charity to accept excess fluctuations in their insurance pool, which creates an incentive not to exaggerate claims. Rental insurance is usually the first type of insurance product people buy. If the experience is great, they will consider purchasing the same brand of pet, car, or homeowners insurance. Lemonade is building a modern technology stack in an industry where large vendors still operate within the mainstream framework.</p><p>We recently invested in 10X Genomics (TXG) and Recursion Pharmaceuticals (RXRX). The common theme, once again, is that the efficiency of applying information technology far exceeds that of existing companies.</p><p>Affirm Holdings (AFRM) also fits this theme. Traditionally, point-of-sale loans have been a bad experience for consumers, with high interest rates and hefty fines if you don't make payments. By using new technologies, Affirm has created a more consumer-facing experience, driving more people to use the service. The runway in this mode is very long.</p><p><b>Barron's: Under what circumstances will a lack of profits become an obstacle to investment?</b></p><p><b>Tom Slater</b>Whether a company is currently profitable has little to do with how much value it has created. Take a software-as-a-service (SAAS) company as an example. Signing a new customer may cost a lot of money in the first year, but the revenue stream generated by this deal can last for decades. As an investor, I want companies to sign as many clients as possible, which means they will lose a lot of money at the beginning. However, if they can retain these customers, the value creation could be massive.</p><p><b>Barron's: Thank you, Tom.</b></p><p><b>By Lauren R. Rublin, contributor to Barron's</b></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9b7f74a62c44767fb8f0a4bfbf0d91bc","relate_stocks":{"TSLA":"特斯拉","PDD":"拼多多","03690":"美团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163510991","content_text":"总部位于爱丁堡的基金管理者柏基投资(Baillie Gifford)在过去110多年里，通过将信号与噪音分离开来，创造了令人瞩目的投资记录。该公司投资于具有长期增长潜力的公开上市公司和私有企业，而不考虑宏观经济变量和短期市场波动。\n该公司的长期投资视野和对新技术的熟悉程度，使其美国权益资产主管、美股和长期全球增长基金的投资组合经理汤姆·斯莱特(Tom Slater)成为《巴伦周刊》最近举办的百年圆桌会议(Centennial Roundtable)的自然之选，该圆桌会议的成员将负责畅想未来100年。\n作为对话的延续，下文是经过编辑的采访，我们重点关注那些提供最令人兴奋的投资机会的公司。斯莱特与巴伦圆桌会议成员詹姆斯 · 安德森(James Anderson)共同担任联席经理，管理着约180亿英镑(合250亿美元)的 Baillie Gifford’s Scottish Mortgage Investment Trust (SMT) ，并担任1.45亿美元的 Baillie Gifford U.S. Equity Growth fund (BGGSX)的联席经理。这两家公司都获得了晨星的五星评级。在截至3月31日的12个月中，Scottish Mortgage Investment Trust上涨了99% ; 在截至6月15日的一年中，U.S. Equity Growth fund的总回报率为73% ，在晨星公司的大成长股类别中位居前列。\n汤姆·斯莱特(Tom Slater)，图：Photograph by Matt Marcus\n《巴伦周刊》：在经历了2020年的辉煌之后，成长型股票正面临挑战。你对此担心吗？\n汤姆 · 斯莱特：我们不关注股票价格的短期波动。我们专注于那些拥有长期发展机会的有趣公司。我们的平均持有期为5至10年。只有在这样的时间范围内，基本面才能推动股价。\n许多人试图专注于预测经济变量。但它们天生就是极难预测的，如果不是完全不可能的话。与此同时，在通信、计算、机器学习、能源生成和储存、基因测序和合成生物学等领域，有许多可以预测的趋势。我们关注可预测的趋势和它们创造的机会。\n《巴伦周刊》：在我们的百年圆桌会议上，你们观察到生物学领域的一些技术即使不比摩尔定律更好，至少也遵循类似的发展轨迹。投资者应该如何从中获利？\n汤姆 · 斯莱特：基因测序成本曲线的下降幅度，远远大于摩尔定律下计算能力成本下降的幅度。现在，成本下降正在向相关领域扩展。基因测序正在产生大量的医疗数据，处理和存储这些数据的成本正在迅速下降，将机器学习应用于这些数据的成本也在迅速下降。\n一个辅助疗法是我们开始打印（复制）DNA 或 RNA 的能力。莫德纳公司（Moderna，MRNA）正在打印 RNA 序列。我们讨论的是编程生物学，只不过不是用1和0编码，而是用 Gs、 Ts、 As 和 Cs （鸟嘌呤、胸腺嘧啶、腺嘌呤和胞嘧啶ー排序的核酸碱基组成基因组）。\n莫德纳公司基于信使 RNA 生产安全有效疫苗的能力，应该会增强人们对该公司生产疫苗能力的信心，以满足其他巨大的、未被满足的需求，比如针对艾滋病毒/艾滋病。另一家合成生物公司银杏生物工程(Ginkgo Bioworks)将通过与 SPAC合并上市。它正在编写可用于生物制造过程的一串串 DNA 代码。\n《巴伦周刊》：莫德纳的成功不会吸引竞争对手吗？\n汤姆 · 斯莱特：当一项技术经历了剧烈的变化，而不仅仅是现有范式的演变，既有的公司往往很难接受这种变化。更有可能的是，这项技术将会为新的业务和新的商业模式赋能。到目前为止，随着电动汽车或电动汽车的发展，汽车行业一直是这种情况。有趣的是，拥有大型疫苗特许经营权的制药公司还没有研制出有效的新冠病毒疫苗。\n《巴伦周刊》：说到电动汽车，Baillie Gifford已经将持有的特斯拉从7% 以上的峰值仓位削减到不到2%。这是为什么？\n汤姆 · 斯莱特：我们仍然持有大量特斯拉的股份。部分原因在于，这次抛售反映出该公司股价的强劲走势，以及该公司在推动股价上涨方面的运营成功。另一部分原因，这次抛售只是在通盘考虑从这里往上看的各种可能性。\n《巴伦周刊》：在电动汽车和更广泛的领域，谁是下一个特斯拉？\n汤姆 · 斯莱特：中国是世界上最大的汽车市场，如果没有中国国内的竞争者来挑战特斯拉，我会感到惊讶。我们是蔚来（ NIO）的投资者，而蔚来有机会成为这样的参与者。\n是什么样的特性让特斯拉如此有趣？每年销售的汽车超过1亿辆，这是一个巨大的市场。他们以一种独特的方式来处理这个问题，一位创始人兼首席执行官将自己的大部分财富与公司捆绑在一起。特斯拉顽强地追求一个长期愿景，不必过分担心股市的想法。在我们持股期间，特斯拉有10次股价下跌幅度超过30% 。\n莫德纳拥有应用程序足够广泛的平台型技术，因此也非常有趣。制造基因组测序仪器的因美纳公司（Illumina，ILMN）也有类似的机会。中国的公司，比如专注于本地服务的美团（3690），以及零售领域的拼多多（PDD），都很吸引人，部分原因在于它们的雄心壮志，它们正在逐渐改变本行业的整个供应链。\n在西方市场，配送预加工食品最初是作为外卖的替代品，而在中国，这一范围要大得多，因为这里有更多吃预加工食品的文化。在中国，公寓楼里的厨房设计得越来越小，同时这些公寓楼正在高效的食品配送服务基础设施而设计。当你在建设可靠的快速交付基础设施时，相关产业就应运而生。\n字节跳动也非常迷人。它的社交媒体子公司TikTok在美国引发了争议，但字节跳动95% 是关于中国的，这家公司在国内广告市场上的规模成长多么迅速。在中国，由创始人领导的大型企业正在充分利用国内市场的规模优势。\n《巴伦周刊》：你们更喜欢投资由创始人担任CEO领导的公司吗？\n汤姆 · 斯莱特：我们希望投资那些为长期结果而优化的人领导的公司。这在创始人身上更为常见，但这并不是说你不能在职业CEO身上看到。\n自2016年以来，弗朗西斯·德·苏萨（Francis deSouza ）一直担任因美纳公司的首席执行官。该公司有一个庞大的收入基础，利润丰厚，并以可预见的方式增长。去年，基于它对未来5到10年市场走向的预测，因美纳公司出价80亿美元收购了 Grail 公司，这是一家癌症血液检测的预收入开发商。股市并不喜欢这种做法，但这正是创始人该做的事情。\n《巴伦周刊》：投资者应该关注哪些私有企业？\n汤姆 · 斯莱特：像字节跳动和SpaceX这样的私有企业市值高达数百亿美元。SpaceX试图降低进入太空的成本达到几个数量级级别，并且它正在创造一个新的市场: 进入太空的商业途径。我们也是Relativity Space公司的投资者，该公司正在使用3D打印技术制造火箭。\n《巴伦周刊》：最近，你们减少了在亚马逊网站上的持股，为什么？\n汤姆 · 斯莱特：我们作为亚马逊的股东已经有16年了。在去年之前，任何减持都是为了基金内部的多样化。但是亚马逊对我们来说仍然是一个巨大的市场，它仍然面临着一些重大机遇。杂货业务就是其中之一，它是一个正在缓慢线上化的庞大类别。\n另一方面，杰弗里 · 贝佐斯从 CEO 的位置上退下来是我们分析公司的一个重要因素，再加上最近经营消费品业务的杰夫 · 威尔克的退休(贝佐斯将于7月5日成为执行主席)。如果你认为贝佐斯的远见和动力对于亚马逊走到这一步很重要，那么哪怕是他部分的退出，也是更加谨慎的理由。\n《巴伦周刊》：还有什么其他的投资让你兴奋？\n汤姆 · 斯莱特：Lemonade（LMND）最初是一家出售租房保险的公司，这家公司非常适合在线销售——尤其是手机销售。这家公司创造了很棒的消费体验。它允许客户指定一个慈善机构来接受他们保险池中的超额浮动，这就产生了不夸大索赔要求的激励。租房保险通常是人们会购买的第一种保险产品。如果体验很棒，他们会考虑购买同一品牌的宠物、汽车或者房主保险。Lemonade 正在一个大型厂商仍然在主流框架中运行的行业中建立一个现代技术堆栈。\n我们最近投资了10X 基因组公司（10X Genomics，TXG）和递归制药公司（Recursion Pharmaceuticals，RXRX）。共同的主题，再一次是应用信息技术的效率远远超过现有公司。\nAffirm Holdings（AFRM）也符合这一主题。传统上，销售点贷款对于消费者来说是一种糟糕的体验，利率很高，如果你不付款就会受到高额罚款。通过使用新技术，Affirm 创造了一个更加面向消费者的体验，推动了更多人使用该服务。这个模式的跑道很长。\n《巴伦周刊》：在什么情况下，缺少利润将成为投资的阻碍？\n汤姆 · 斯莱特：一家公司目前是否盈利与创造了多少价值几乎没有关系。以软件即服务（SAAS）公司为例，签下一个新客户在第一年可能要花很多钱，但这笔交易所产生的收入流可能会持续数十年。作为一个投资者，我希望公司签下尽可能多的客户，这意味着他们将在一开始损失很多钱。但是，如果他们能够留住这些客户，价值创造可能是海量的。\n《巴伦周刊》：谢谢你，汤姆。\n文｜《巴伦周刊》撰稿人劳伦·R·鲁布林（Lauren R. Rublin）","news_type":1,"symbols_score_info":{"PDD":0.9,"TSLA":0.9,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":1683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159270215,"gmtCreate":1624972578837,"gmtModify":1703849115443,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159270215","repostId":"1162626672","repostType":4,"repost":{"id":"1162626672","kind":"news","pubTimestamp":1624950782,"share":"https://ttm.financial/m/news/1162626672?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:13","market":"us","language":"zh","title":"Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.","url":"https://stock-news.laohu8.com/highlight/detail?id=1162626672","media":"智通财经 ","summary":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教","content":"<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>","source":"stock_zhitongcaijing","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>Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.</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\">\nWarren Buffett summarized 8 valuable experiences and lessons from the pandemic.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经 </strong><span class=\"h-time small\">2021-06-29 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/503261.html\">智通财经 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔"},"source_url":"https://www.zhitongcaijing.com/content/detail/503261.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162626672","content_text":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教训。\n01  新投资吗?利用标普500\n在上个月伯克希尔哈撒韦公司的年会上，巴菲特谈到了他最喜欢的一项投资——该投资在疫情期间成为赢家。\n巴菲特说:“我推荐标普500指数基金，并且长期以来一直向人们推荐。”他还说，在他去世后，他留给妻子的90%的钱将进入标普500基金。\n标普500指数基金是模仿人们熟悉的跟踪美国500家最大公司的股票指数的共同基金或ETF。尽管疫情爆发，标普500指数在2020年飙升16%，并在2021年创下新高。\n巴菲特在洛杉矶的股东大会上表示:“我喜欢伯克希尔，但我认为一个对股票一无所知，对伯克希尔没有任何特殊感觉的人，他们应该购买标普500指数。”\n02  要实际——即使在市场失去理智的时候\n巴菲特建议投资者长期且实际的方法，而不是“每天进行30或40笔交易。”\n在会议期间，巴菲特展示了两张幻灯片，展示了当今和1989年全球市值最大的20家公司。89年上榜的公司没有一家是2021年版的。教训是:世事无常，挑选赢家并不容易。\n\"如果你只持有多元化的股票，比如美国股票，那将是我的偏好，但要持有超过30年，\"他说。\n03  不要指望养老金\n巴菲特在伯克希尔哈撒韦公司的会议上深入研究的一个更令人担忧的趋势，许多州养老基金的地位越来越不稳定，他说他从2013年就开始关注这个问题。\n巴菲特说:“很多州的养老金状况都很糟糕。”“情况并没有好转。显然，情况一点也没有好转。”\n疫情已经扼杀了各州的财政，只会加剧目前没有长期解决方案的养老金问题。Pew Charitable Trusts的数据显示，在大流行开始之前，国家养老金计划已经缺乏1万亿美元的资金来满足未来对退休人员的义务。\n04  投资者应该对某些投资保持警惕\n巴菲特因为COVID-19的原因抛售了航空股。\n疫情危机摧毁了整个航空行业，然而航空公司在政府的帮助下幸存下来。但如果没有这种支持，你会看到一场全新的空难。要想恢复正常的业务(以及正常的利润率)，该行业还有好几个月的时间。\n“我还是不想买航空公司，”巴菲特告诉他的伯克希尔股东。\n达美航空(DAL)是伯克希尔从其投资组合中抛售的航空公司之一，该公司股价在去年3月1日至5月15日期间下跌了一半以上。此后，该股和美国其他主要航空公司的股价都有所回升，但巴菲特对航空业的经济基本面没有多大信心。\n05  坚持你的长期计划\n巴菲特说，要坚持你的财务目标。巴菲特仍然相信，美国经济将从COVID - 19危机中反弹，但他告诉股东，未来远非确定。\n“你可以押注美国，但你必须小心如何押注，”他说。他后来重申，世界可以以“非常、非常戏剧性的方式”发生变化。\n巴菲特从来没有动摇过他的信念，长期持有股票是一个稳定的财务未来的正确投资策略。在伯克希尔的会议上，他甚至被提醒说，他曾经说过永远持有一只股票“太短了”。\n06  充分利用低利率\n随着利率的下降，巴菲特说现在是借钱的好时机。\n由于美联储承诺将关键利率维持在接近零的水平，巴菲特认为2021年借款人将有极好的机会。\n“这是一个迷人的时代，”巴菲特告诉投资者，并补充说低利率环境“非常令人愉快”。\n“经济在2020年3月跌落悬崖，”巴菲特说。“通过美联储的行动，它以一种非常有效的方式复活了。”\n07  避免信用卡债务\n巴菲特说，如果你有信用卡债务，那就摆脱它。\n疫情导致企业关闭和裁员，迫使数百万美国人依靠信用卡来满足基本的金融需求。这是一个很好的生存策略，但由此产生的平衡和高利率会造成长期的财务压力。\n在伯克希尔2020年的在线股东大会上，他回忆了自己给一位获得意外之财的朋友的建议，这位朋友当时正在考虑最明智的消费方式。她告诉巴菲特，她还有信用卡债务——利息为18%。\n巴菲特记得对她说:“如果我有18%的债务，我会用手头的钱做的第一件事就是还清。”“你不可能一辈子都以这样的利率借钱，然后过得更好。”\n08  总是做最坏打算\n巴菲特说，一场“大灾难”即将来临。称巴菲特为“神谕”不是没有原因的。2019年，他警告说，世界将迎来一场“特大灾难”，这将使卡特里娜飓风和迈克尔飓风造成的混乱相形见绌。\n当疫情首次袭击美国时，巴菲特在一次采访中说，“我一直觉得一场大流行迟早会发生。”\n你可能会认为，在保险业投入如此之多的人会有这样的远见——伯克希尔哈撒韦拥有Geico和其他几家保险公司——为最坏的情况做准备是商业模式的核心部分。\n“过去15个月里，我们看到世界上发生了一些奇怪的事情，”他今年告诉他的投资者。“而且我们总是意识到未来会发生更奇怪的事情。”","news_type":1,"symbols_score_info":{"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122128583,"gmtCreate":1624605675542,"gmtModify":1703841553976,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122128583","repostId":"2145704929","repostType":4,"isVote":1,"tweetType":1,"viewCount":1164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159276594,"gmtCreate":1624972798618,"gmtModify":1703849122468,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159276594","repostId":"1164662782","repostType":4,"repost":{"id":"1164662782","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":1624967212,"share":"https://ttm.financial/m/news/1164662782?lang=en_US&edition=fundamental","pubTime":"2021-06-29 19:46","market":"us","language":"zh","title":"Dingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.","url":"https://stock-news.laohu8.com/highlight/detail?id=1164662782","media":"老虎资讯综合","summary":"叮咚买菜据悉将美股IPO价格定在指导区间的底部23.5美元/ADS。\n相关阅读\n即将上市的叮咚买菜再次更新招股书，其筹资规模大幅缩减至此前额度的四分之一。最新的招股书显示，叮咚买菜首次公开发行370万","content":"<p>Dingdong Maicai has reportedly set its US IPO price at the bottom of its guidance range of $23.5 per ADS.</p><p><b>Related Reading</b></p><p>Dingdong Maicai, which is about to go public, has updated its prospectus again, significantly reducing its fundraising scale to a quarter of its previous amount. The latest prospectus shows that Dingdong Maicai has issued 3.7 million American Depositary Shares (ADSs) in its initial public offering, with the issue price range remaining the same as before, between $23.50 and $25.50. Based on the upper limit of the issue price range, Dingdong Maicai will raise approximately US$94 million.</p><p>A week ago, Dingdong Maicai's first updated prospectus showed that it would publicly offer 14 million American Depositary Shares, which could raise nearly $360 million based on the upper limit of the offering price range. In contrast, the most recently announced fundraising scale has been reduced to a quarter of the previous amount, which is an overall reduction of more than 70%.</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>Dingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.</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\">\nDingdong Maicai set its IPO price at the bottom of its guidance range at $23.5 per ADS.\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\">2021-06-29 19:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dingdong Maicai has reportedly set its US IPO price at the bottom of its guidance range of $23.5 per ADS.</p><p><b>Related Reading</b></p><p>Dingdong Maicai, which is about to go public, has updated its prospectus again, significantly reducing its fundraising scale to a quarter of its previous amount. The latest prospectus shows that Dingdong Maicai has issued 3.7 million American Depositary Shares (ADSs) in its initial public offering, with the issue price range remaining the same as before, between $23.50 and $25.50. Based on the upper limit of the issue price range, Dingdong Maicai will raise approximately US$94 million.</p><p>A week ago, Dingdong Maicai's first updated prospectus showed that it would publicly offer 14 million American Depositary Shares, which could raise nearly $360 million based on the upper limit of the offering price range. In contrast, the most recently announced fundraising scale has been reduced to a quarter of the previous amount, which is an overall reduction of more than 70%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"DDL":"叮咚买菜"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164662782","content_text":"叮咚买菜据悉将美股IPO价格定在指导区间的底部23.5美元/ADS。\n相关阅读\n即将上市的叮咚买菜再次更新招股书，其筹资规模大幅缩减至此前额度的四分之一。最新的招股书显示，叮咚买菜首次公开发行370万股美国存托股票(ADS)，发行价格区间与此前相同，维持在23.5美元至25.5美元之间。按照发行价区间上限计算，叮咚买菜筹资金额大约在9400万美元左右。\n一周前，叮咚买菜首次更新的招股书显示其将公开发行1400万股美国存托股票，彼时按照发行价区间上限计算可筹资达到近3.6亿美元。对比之下，最近一次宣布的募资规模缩减至此前额度的四分之一，即总体缩减幅度超70%。","news_type":1,"symbols_score_info":{"DDL":0.9}},"isVote":1,"tweetType":1,"viewCount":4635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159276331,"gmtCreate":1624972786223,"gmtModify":1703849121653,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159276331","repostId":"2147863759","repostType":4,"repost":{"id":"2147863759","kind":"highlight","pubTimestamp":1624971302,"share":"https://ttm.financial/m/news/2147863759?lang=en_US&edition=fundamental","pubTime":"2021-06-29 20:55","market":"us","language":"zh","title":"Tesla propelled CATL to the \"center stage\".","url":"https://stock-news.laohu8.com/highlight/detail?id=2147863759","media":"华尔街见闻","summary":"宁德时代最近成为新能源界的C位担当，一是因为董事长曾毓群暴涨的身价，二是因为和特斯拉的一纸电池合约。\n6月28日，宁德时代发布公告称，公司已与特斯拉签订协议，将在2022年1月至2025年12月期间，","content":"<p><a href=\"https://laohu8.com/S/300750\">CATL</a>He has recently become a central figure in the new energy industry, firstly because of the skyrocketing net worth of Chairman Zeng Yuqun, and secondly because of his...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>A battery contract.</p><p>On June 28, CATL issued an announcement stating that it has signed an agreement with Tesla to supply lithium-ion power battery products to Tesla from January 2022 to December 2025, which is the next four years. Tesla determines the specific procurement details through orders, and the final sales amount is subject to the actual settlement of the purchase order issued by Tesla.</p><p>In the future, Tesla's Model 3, Model Y, and other models will use battery packs from CATL.</p><p><img src=\"https://static.tigerbbs.com/a713164f29f737032b723520c810364e\" tg-width=\"600\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Affected by this news, CATL's stock price hit a new high on June 29, reaching 519.60 yuan per share during trading, with its total market capitalization exceeding 1.2 trillion yuan. At the close of trading, CATL's stock price closed at 508.51 yuan per share, up 2.96%. It became the first technology stock in the A-share market to enter the trillion-yuan club.</p><p>It is worth mentioning that since last year, CATL's stock price has skyrocketed, with its total market capitalization rising from 0.23 trillion yuan to 1.18 trillion yuan, an increase of more than four times.</p><p>On June 29,<a href=\"https://laohu8.com/S/601995\">CICC</a>The evaluation of this cooperation stated that CATL's agreement with Tesla this time is stronger than the previous one. Considering that downstream demand exceeded expectations, CATL has raised its profit forecast and increased its target price by 9% to RMB 600. CICC also raised its profit forecasts for CATL for 2021-2023 by 10%, 25% and 8%, to RMB 11 billion, RMB 20 billion and RMB 26.7 billion respectively.</p><p><a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>A recent research report maintains a buy rating on CATL with a target price of 607.5 yuan. The reasons for its rating include: the strategic cooperation agreement with automakers is tied to battery production capacity, which can solve battery supply bottlenecks and ensure that production capacity is not limited.</p><p>In addition, CICC analysts Zeng Tao and others pointed out in their report that the agreement did not specify the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate the global expansion of its products. Boosted by global demand, CATL's global market share is expected to reach more than 30% in the long term.</p><p>This is another handshake between two leading companies. For CATL, which has already reached a trillion-yuan market capitalization, its deep ties with its largest customer, Tesla, are not only related to the battery installation capacity brought by that customer, but also an important ticket to breaking into the overseas power battery market.</p><p><h2><b>secondary</b><b>\"Holding hands\"</b></h2>It is reported that in 2018, when Musk signed the agreement to establish Tesla's Shanghai factory, he secretly met with Zeng Yuqun, chairman of CATL, but the two sides did not reach a substantive agreement.</p><p>At the “2019 World Artificial Intelligence Conference”, the two met again and finalized their cooperation intentions in just over 40 minutes.</p><p>In February 2020, a contract brought two leading companies in the new car and power battery industries together. At that time, CATL signed a \"Production Pricing Agreement (China)\" with Tesla, intending to supply lithium-ion power battery products to Tesla from July 2020 to June 2022.</p><p>Under this contract, CATL will supply batteries for Tesla's Model 3 produced in Shanghai. Following Tesla's launch of the Model Y in early 2021, the scope of cooperation between the two parties is expected to further expand.</p><p>On June 25 this year, based on this Agreement, the two parties signed the aforementioned cooperation framework Agreement, the \"Production Pricing Agreement\". The agreement stipulates that CATL plans to supply Tesla with lithium-ion power battery products over the next four years. Some analysts believe that the difference between the two cooperation framework agreements lies in the removal of \"China,\" indicating that this supply agreement will cover the world.</p><p>The further deepening of cooperation between the two sides was actually foreshadowed long ago.</p><p>On June 3, Reuters, citing sources familiar with the matter, reported that CATL plans to build a large-scale power battery plant in Shanghai to supply half of Tesla's batteries for electric vehicles and rooftop energy storage worldwide.</p><p>Rumors suggest that the Shanghai factory will have an annual production capacity of 80GWh, while CATL's current capacity is 69.1GWh, with 77.5GWh under construction.</p><p>In addition, the recent \"blunder\" incident at CATL is also related to Tesla. Recently, someone claiming to be a CATL employee revealed that CATL is forcing manager-level employees to purchase Tesla Model 3s. Some employees claimed that the company's promotional activity for purchasing Teslas is to clear out Tesla inventory with \"problematic batteries\".</p><p>CATL stated that there were no quality issues and that there was no forced purchase. \"Regarding employee purchases of Teslas, the company is encouraging employees to buy electric vehicles at preferential prices in order to promote full electrification. There is no mandatory requirement, nor is it limited to Tesla, including most of the brands it supplies. It is stated that this program has been going on for three years, and last year it was during the National Day holiday.\"</p><p><h2><b>\"Binding\" deepens</b></h2>Regardless of the error, the relationship between Tesla and CATL is becoming even stronger.</p><p>CATL's Q1 2021 financial report shows that sales to the company's top five customers accounted for 41.08% of the current accounts receivable, and the company's main customers are large domestic and foreign automakers. The 2020 annual report shows that the difference in sales to the company's third and fourth largest customers is not significant.</p><p><img src=\"https://static.tigerbbs.com/7b1d28e7bc0109ab77f6fbdfcfb26e8f\" tg-width=\"640\" tg-height=\"213\" referrerpolicy=\"no-referrer\"></p><p>According to Century Securities,<b>Calculated based on the installed capacity,</b><b>In 2020, Tesla was CATL's third largest customer, and by the first quarter of 2021, Tesla had jumped to become its largest customer.</b><img src=\"https://static.tigerbbs.com/71035fcd7b52b58275f0aaf4030589c9\" tg-width=\"640\" tg-height=\"232\" referrerpolicy=\"no-referrer\"></p><p>The deepening bond between the two parties is not only due to Tesla's rise to become the largest customer. More importantly, Tesla is one of the key tickets for CATL to break into the overseas power battery market.</p><p>Previously, Jiang Li, Vice General Manager and Board Secretary of CATL, stated that<b>The cooperation between CATL and Tesla is not limited to the domestic market. The new contract may mark the beginning of the two parties' power battery cooperation going global.</b></p><p>Public data shows that CATL has already ranked first in terms of installed power battery capacity. In 2020, the Ministry of Industry and Information Technology published a valid catalog of more than 6,800 new energy vehicle models, of which more than 3,400 were equipped with power batteries by CATL, accounting for the highest proportion among all power battery manufacturers.</p><p>CATL's advantage in the global power battery competition is also further expanding.</p><p>According to the latest data from South Korean industry Research firm SNE Research, global electric vehicle battery energy consumption reached 47.8 GWh in the first quarter of 2021, a year-on-year increase of 127%, with CATL's significant growth in the first quarter being the main driving force.</p><p>Data shows that in the first quarter, CATL's battery installations increased by 320.8% year-on-year to 15.1 GWh, and its market share expanded again from 25% for the whole of 2020 to 31.5%, while its biggest competitors, LG Chem and...<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic's market share fell to 20.5% and 16.7% respectively, while Panasonic's market share dropped by nearly 10 percentage points within a year.</p><p>However, the higher you climb, the colder it gets, and CATL still needs to face many competitors at home and abroad.</p><p>Overseas, companies such as LG Chem are eyeing the market covetously; Domestically,<a href=\"https://laohu8.com/S/002594\">BYD</a>This has already posed a threat to CATL. In March of last year, BYD released a blade battery based on lithium iron phosphate material, and gradually opened it up to third-party automakers from its own use.</p><p>Therefore, deepening its ties with Tesla at this time may have some benefits for CATL, both in terms of installed power battery capacity and further enhancing its competitiveness in domestic and international markets.</p><p><h2><b>\"C position\"</b><b>Challenge</b></h2>Although Tesla's battery contract propelled CATL to the forefront, this trillion-dollar company already has a very solid position in the new energy field.</p><p>As a leading global power battery supplier, CATL not only supplies new car manufacturers such as Tesla, but also cooperates with traditional automakers such as Mercedes-Benz and Honda. Three new domestic car manufacturers have also chosen CATL's power batteries.</p><p>Han<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to statistics from analyst firm SNE, CATL has ranked first in the global ranking of power battery installations for four consecutive years. In 2020, CATL's global installed capacity of power batteries was 34GWh, with a market share of nearly a quarter.</p><p>With the booming new energy sector, this behind-the-scenes giant has been coming to the forefront since last year, attracting capital attention. For example, clearance sale in 2020<a href=\"https://laohu8.com/S/NIO\">Nio</a>Subsequently, Hillhouse Capital turned its heavy investment in CATL, subscribing to a 10 billion yuan private placement.</p><p>CATL's soaring stock price has also attracted more attention from investors. On May 21, CATL also hosted a research visit of 54 people from 33 institutional investors, including large public funds, foreign institutions, and securities asset management firms. These institutional investors are mainly concerned about the development of solid-state batteries, the company's three strategic directions, and its layout in the photovoltaic field.</p><p>CATL is not the only company recognized by the outside world; its chairman, Zeng Yuqun, has also repeatedly ranked among the top on the Forbes rich list.</p><p>As of 11:30 a.m. on June 28, the Forbes Rich List showed that Zeng Yuqun, chairman of CATL, had a net worth of US$44.7 billion (approximately RMB 288.8 billion), ranking 30th globally. This is his first time entering the top 30 of the list.</p><p>In early May, Zeng Yuqun successfully became the richest man in Hong Kong. With a net worth of US$34.5 billion, he shook the list of Hong Kong's richest people, which had been dominated by the \"Li family\" for more than 20 years. His personal wealth once surpassed that of Lee Shau-kee (US$32.1 billion) and Li Ka-shing (US$34.4 billion).</p><p>At that time, Zeng Yuqun's ranking on the global rich list rose to 42nd, and now he has broken into the top 30.</p><p>Within a year, CATL has repeatedly gained popularity and attracted much attention in both the primary and secondary markets. As the first A-share listed technology company with a market capitalization of one trillion yuan, how long can CATL stand in the center position?</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla propelled CATL to the \"center stage\".</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\">\nTesla propelled CATL to the \"center stage\".\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-29 20:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/300750\">CATL</a>He has recently become a central figure in the new energy industry, firstly because of the skyrocketing net worth of Chairman Zeng Yuqun, and secondly because of his...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>A battery contract.</p><p>On June 28, CATL issued an announcement stating that it has signed an agreement with Tesla to supply lithium-ion power battery products to Tesla from January 2022 to December 2025, which is the next four years. Tesla determines the specific procurement details through orders, and the final sales amount is subject to the actual settlement of the purchase order issued by Tesla.</p><p>In the future, Tesla's Model 3, Model Y, and other models will use battery packs from CATL.</p><p><img src=\"https://static.tigerbbs.com/a713164f29f737032b723520c810364e\" tg-width=\"600\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p><p>Affected by this news, CATL's stock price hit a new high on June 29, reaching 519.60 yuan per share during trading, with its total market capitalization exceeding 1.2 trillion yuan. At the close of trading, CATL's stock price closed at 508.51 yuan per share, up 2.96%. It became the first technology stock in the A-share market to enter the trillion-yuan club.</p><p>It is worth mentioning that since last year, CATL's stock price has skyrocketed, with its total market capitalization rising from 0.23 trillion yuan to 1.18 trillion yuan, an increase of more than four times.</p><p>On June 29,<a href=\"https://laohu8.com/S/601995\">CICC</a>The evaluation of this cooperation stated that CATL's agreement with Tesla this time is stronger than the previous one. Considering that downstream demand exceeded expectations, CATL has raised its profit forecast and increased its target price by 9% to RMB 600. CICC also raised its profit forecasts for CATL for 2021-2023 by 10%, 25% and 8%, to RMB 11 billion, RMB 20 billion and RMB 26.7 billion respectively.</p><p><a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>A recent research report maintains a buy rating on CATL with a target price of 607.5 yuan. The reasons for its rating include: the strategic cooperation agreement with automakers is tied to battery production capacity, which can solve battery supply bottlenecks and ensure that production capacity is not limited.</p><p>In addition, CICC analysts Zeng Tao and others pointed out in their report that the agreement did not specify the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate the global expansion of its products. Boosted by global demand, CATL's global market share is expected to reach more than 30% in the long term.</p><p>This is another handshake between two leading companies. For CATL, which has already reached a trillion-yuan market capitalization, its deep ties with its largest customer, Tesla, are not only related to the battery installation capacity brought by that customer, but also an important ticket to breaking into the overseas power battery market.</p><p><h2><b>secondary</b><b>\"Holding hands\"</b></h2>It is reported that in 2018, when Musk signed the agreement to establish Tesla's Shanghai factory, he secretly met with Zeng Yuqun, chairman of CATL, but the two sides did not reach a substantive agreement.</p><p>At the “2019 World Artificial Intelligence Conference”, the two met again and finalized their cooperation intentions in just over 40 minutes.</p><p>In February 2020, a contract brought two leading companies in the new car and power battery industries together. At that time, CATL signed a \"Production Pricing Agreement (China)\" with Tesla, intending to supply lithium-ion power battery products to Tesla from July 2020 to June 2022.</p><p>Under this contract, CATL will supply batteries for Tesla's Model 3 produced in Shanghai. Following Tesla's launch of the Model Y in early 2021, the scope of cooperation between the two parties is expected to further expand.</p><p>On June 25 this year, based on this Agreement, the two parties signed the aforementioned cooperation framework Agreement, the \"Production Pricing Agreement\". The agreement stipulates that CATL plans to supply Tesla with lithium-ion power battery products over the next four years. Some analysts believe that the difference between the two cooperation framework agreements lies in the removal of \"China,\" indicating that this supply agreement will cover the world.</p><p>The further deepening of cooperation between the two sides was actually foreshadowed long ago.</p><p>On June 3, Reuters, citing sources familiar with the matter, reported that CATL plans to build a large-scale power battery plant in Shanghai to supply half of Tesla's batteries for electric vehicles and rooftop energy storage worldwide.</p><p>Rumors suggest that the Shanghai factory will have an annual production capacity of 80GWh, while CATL's current capacity is 69.1GWh, with 77.5GWh under construction.</p><p>In addition, the recent \"blunder\" incident at CATL is also related to Tesla. Recently, someone claiming to be a CATL employee revealed that CATL is forcing manager-level employees to purchase Tesla Model 3s. Some employees claimed that the company's promotional activity for purchasing Teslas is to clear out Tesla inventory with \"problematic batteries\".</p><p>CATL stated that there were no quality issues and that there was no forced purchase. \"Regarding employee purchases of Teslas, the company is encouraging employees to buy electric vehicles at preferential prices in order to promote full electrification. There is no mandatory requirement, nor is it limited to Tesla, including most of the brands it supplies. It is stated that this program has been going on for three years, and last year it was during the National Day holiday.\"</p><p><h2><b>\"Binding\" deepens</b></h2>Regardless of the error, the relationship between Tesla and CATL is becoming even stronger.</p><p>CATL's Q1 2021 financial report shows that sales to the company's top five customers accounted for 41.08% of the current accounts receivable, and the company's main customers are large domestic and foreign automakers. The 2020 annual report shows that the difference in sales to the company's third and fourth largest customers is not significant.</p><p><img src=\"https://static.tigerbbs.com/7b1d28e7bc0109ab77f6fbdfcfb26e8f\" tg-width=\"640\" tg-height=\"213\" referrerpolicy=\"no-referrer\"></p><p>According to Century Securities,<b>Calculated based on the installed capacity,</b><b>In 2020, Tesla was CATL's third largest customer, and by the first quarter of 2021, Tesla had jumped to become its largest customer.</b><img src=\"https://static.tigerbbs.com/71035fcd7b52b58275f0aaf4030589c9\" tg-width=\"640\" tg-height=\"232\" referrerpolicy=\"no-referrer\"></p><p>The deepening bond between the two parties is not only due to Tesla's rise to become the largest customer. More importantly, Tesla is one of the key tickets for CATL to break into the overseas power battery market.</p><p>Previously, Jiang Li, Vice General Manager and Board Secretary of CATL, stated that<b>The cooperation between CATL and Tesla is not limited to the domestic market. The new contract may mark the beginning of the two parties' power battery cooperation going global.</b></p><p>Public data shows that CATL has already ranked first in terms of installed power battery capacity. In 2020, the Ministry of Industry and Information Technology published a valid catalog of more than 6,800 new energy vehicle models, of which more than 3,400 were equipped with power batteries by CATL, accounting for the highest proportion among all power battery manufacturers.</p><p>CATL's advantage in the global power battery competition is also further expanding.</p><p>According to the latest data from South Korean industry Research firm SNE Research, global electric vehicle battery energy consumption reached 47.8 GWh in the first quarter of 2021, a year-on-year increase of 127%, with CATL's significant growth in the first quarter being the main driving force.</p><p>Data shows that in the first quarter, CATL's battery installations increased by 320.8% year-on-year to 15.1 GWh, and its market share expanded again from 25% for the whole of 2020 to 31.5%, while its biggest competitors, LG Chem and...<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic's market share fell to 20.5% and 16.7% respectively, while Panasonic's market share dropped by nearly 10 percentage points within a year.</p><p>However, the higher you climb, the colder it gets, and CATL still needs to face many competitors at home and abroad.</p><p>Overseas, companies such as LG Chem are eyeing the market covetously; Domestically,<a href=\"https://laohu8.com/S/002594\">BYD</a>This has already posed a threat to CATL. In March of last year, BYD released a blade battery based on lithium iron phosphate material, and gradually opened it up to third-party automakers from its own use.</p><p>Therefore, deepening its ties with Tesla at this time may have some benefits for CATL, both in terms of installed power battery capacity and further enhancing its competitiveness in domestic and international markets.</p><p><h2><b>\"C position\"</b><b>Challenge</b></h2>Although Tesla's battery contract propelled CATL to the forefront, this trillion-dollar company already has a very solid position in the new energy field.</p><p>As a leading global power battery supplier, CATL not only supplies new car manufacturers such as Tesla, but also cooperates with traditional automakers such as Mercedes-Benz and Honda. Three new domestic car manufacturers have also chosen CATL's power batteries.</p><p>Han<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to statistics from analyst firm SNE, CATL has ranked first in the global ranking of power battery installations for four consecutive years. In 2020, CATL's global installed capacity of power batteries was 34GWh, with a market share of nearly a quarter.</p><p>With the booming new energy sector, this behind-the-scenes giant has been coming to the forefront since last year, attracting capital attention. For example, clearance sale in 2020<a href=\"https://laohu8.com/S/NIO\">Nio</a>Subsequently, Hillhouse Capital turned its heavy investment in CATL, subscribing to a 10 billion yuan private placement.</p><p>CATL's soaring stock price has also attracted more attention from investors. On May 21, CATL also hosted a research visit of 54 people from 33 institutional investors, including large public funds, foreign institutions, and securities asset management firms. These institutional investors are mainly concerned about the development of solid-state batteries, the company's three strategic directions, and its layout in the photovoltaic field.</p><p>CATL is not the only company recognized by the outside world; its chairman, Zeng Yuqun, has also repeatedly ranked among the top on the Forbes rich list.</p><p>As of 11:30 a.m. on June 28, the Forbes Rich List showed that Zeng Yuqun, chairman of CATL, had a net worth of US$44.7 billion (approximately RMB 288.8 billion), ranking 30th globally. This is his first time entering the top 30 of the list.</p><p>In early May, Zeng Yuqun successfully became the richest man in Hong Kong. With a net worth of US$34.5 billion, he shook the list of Hong Kong's richest people, which had been dominated by the \"Li family\" for more than 20 years. His personal wealth once surpassed that of Lee Shau-kee (US$32.1 billion) and Li Ka-shing (US$34.4 billion).</p><p>At that time, Zeng Yuqun's ranking on the global rich list rose to 42nd, and now he has broken into the top 30.</p><p>Within a year, CATL has repeatedly gained popularity and attracted much attention in both the primary and secondary markets. As the first A-share listed technology company with a market capitalization of one trillion yuan, how long can CATL stand in the center position?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634141\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/983e0432c72ee1117f6c5b8a19ed6e25","relate_stocks":{"300750":"宁德时代","TSLA":"特斯拉"},"source_url":"https://wallstreetcn.com/articles/3634141","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147863759","content_text":"宁德时代最近成为新能源界的C位担当，一是因为董事长曾毓群暴涨的身价，二是因为和特斯拉的一纸电池合约。\n6月28日，宁德时代发布公告称，公司已与特斯拉签订协议，将在2022年1月至2025年12月期间，也就是未来四年，向特斯拉供应锂离子动力电池产品。具体的采购情况特斯拉以订单方式确定，最终销售金额须以特斯拉发出的采购订单实际结算为准。\n未来，特斯拉旗下的Model 3、Model Y等车型将会使用来自宁德时代的电池组。\n\n受此消息影响，6月29日，宁德时代股价再创新高，盘中股价一度达到519.60元/股，总市值突破1.2万亿元。截至收盘，宁德时代股价报收508.51元/股，涨幅达2.96%。成为A股中第一家跨进万亿俱乐部的科技股。\n值得一提的是，自去年以来，宁德时代的股价如同坐上火箭，总市值由0.23万亿元上涨至1.18万亿元，涨幅超过4倍。\n6月29日，中金公司对此合作评价称，宁德时代此次与特斯拉的协议较之前合作力度更大，考虑到公司下游需求超预期，上调宁德时代的盈利预测，并将目标价调升9%至600元人民币。中金还上调了宁德时代2021-2023年的盈利预测10%、25%和8%，分别至110亿元、200亿元和267亿元。\n东吴证券近日发布研报称，维持宁德时代买入评级，目标价格为607.5元。其评级理由就包括：与车企的战略合作协议系绑定电池产能，能解决电池供应瓶颈，确保产能不受限。\n另外，中金分析师曾韬等在报告中指出，此次协议未约定中国市场，意味着宁德时代将以配合特斯拉全球市场供应为契机，推动产品加速走向全球。全球需求提振下，宁德时代远期全球市场份额有望达到30%以上。\n这是两家头部企业的再次握手。对于已经站上万亿市值高位的宁德时代而言，与第一大客户特斯拉的深度捆绑，不仅关乎该客户带来的电池装机量，更是一张突围海外动力电池市场的重要门票。\n二次“牵手”\n据悉，2018年，马斯克在签署特斯拉上海工厂落地协议时，曾秘密会见宁德时代董事长曾毓群，不过双方未达成实质性协议。\n在“2019世界人工智能大会”上，二人再度会面，用40多分钟敲定了合作意向。\n2020年2月，一份合约让新造车和动力电池的两家头部企业真正走到一起。彼时，宁德时代与特斯拉签订《Production Pricing Agreement (China)》，拟于2020年7月至2022年6月期间向特斯拉供应锂离子动力电池产品。\n据此合约，宁德时代为特斯拉在上海生产的Model 3供应电池。2021年初，特斯拉推出Model Y后，双方的合作范围也有望进一步扩大。\n今年6月25日，在该协议的基础上，双方又签订了上文提及的合作框架协议《Production Pricing Agreement》。协议约定宁德时代计划在未来四年向特斯拉供应锂离子动力电池产品。有分析认为，前后两份合作框架协议的区别在于去掉了“China”，预示着本次供货协议将覆盖全球。\n双方的合作进一步深入，其实早就有预示。\n6月3日，路透社援引知情人士消息称，宁德时代计划在上海新建一家大型动力电池厂，提供特斯拉在全球范围内一半用于电动汽车和屋顶储能的电池。\n有传言称，上海工厂年产能将达到80GWh，而宁德时代现有产能为69.1GWh，并有77.5GWh产能在建中。\n另外，宁德时代日前发生的“乌龙事件”也与特斯拉有关。近日，有自称是宁德时代员工的人员爆料，宁德时代强制经理级别员工购买特斯拉Model 3，有员工称公司推出购买特斯拉的优惠活动，是为了清掉“电池有问题”的特斯拉库存。\n宁德时代则表示，没有质量问题，也没有强制购买。“关于员工购买特斯拉是公司为推行全面电动化，以优惠价格鼓励员工购买电动车，没有强制，也不限于特斯拉，包括其大部分供货的品牌。称此活动已持续三年，去年是在国庆节期间。”\n“绑定”加深\n不论乌龙事件如何，特斯拉和宁德时代的关系都在进一步绑定。\n宁德时代2021年Q1财报显示，公司面向前五大客户的销售金额占当期应收比例为41.08%，公司主要客户为大型境内外车企。2020年年报显示，公司面对第三和第四大客户的销售额差距不大。\n\n而据世纪证券，按装机口径计算， 2020年特斯拉为宁德时代第三大客户，而到2021年第一季度，特斯拉一跃成为最大客户 。\n双方的绑定加深，不仅在于特斯拉跃升为最大客户。更关键的是特斯拉是宁德时代突围海外动力电池市场的重要门票之一。\n此前，宁德时代副总经理、董事会秘书蒋理曾表示，宁德时代与特斯拉的合作不局限于国内。新合约或许就是双方的动力电池合作走出国门的开始。\n公开数据表明，宁德时代在动力电池装机量上已经处于C位。2020年工信部公布的新能源车型有效目录共有6800多款车型，其中宁德时代配套动力电池的有3400多款，在全部动力电池厂商中占比最高。\n宁德时代在全球动力电池竞争中的优势也在进一步扩大。\n据韩国行业调研机构SNE Research最新数据，2021年第一季度，全球电动车电池能耗为47.8 GWh，同比增长127%，宁德时代一季度的大幅增长为主要推动力。\n数据显示，第一季度，宁德时代电池装机量同比增长320.8%至15.1 GWh，市占率从2020年全年的25%再度扩大至31.5%，而其最大竞争对手LG化学以及松下的市占率则分别下降至20.5%和16.7%，松下市占率一年内下降近10个百分点。\n但高处不胜寒，宁德时代仍然需要面对海内外不少竞争对手。\n在海外，有LG化学等企业虎视眈眈；在国内，比亚迪已经对宁德时代构成了威胁。去年3月，比亚迪发布了基于磷酸铁锂材料的刀片电池，并逐渐从自用开放给第三方车企。\n因而，此时与特斯拉加深绑定，对宁德时代而言，无论是对动力电池装机量，还是进一步提升海内外市场竞争力，或许都存在一些好处。\n“C位”挑战\n虽然本次是特斯拉的电池合约将宁德时代送上C位，但这家万亿市值的公司，在新能源领域的地位已经十分稳固。\n作为全球头部动力电池供应商，宁德时代不仅为特斯拉等新造车代表供货，还与奔驰、本田等传统车企合作。国内新造车三家企业也选择了宁德时代的动力电池。\n韩国新能源分析机构SNE统计称，宁德时代已连续四年在全球动力电池装车量排名中居于首位。就在2020年，宁德时代动力电池的全球装车量为34GWh，市场份额接近四分之一。\n随着新能源板块的火爆，这家幕后巨头从去年开始走向台前，获得资本关注。例如，在2020年清仓蔚来后，高瓴资本就转而重仓宁德时代，认购了100亿元的定增。\n股价飙升的宁德时代，也受到更多投资者的关注。5月21日，宁德时代还接待了33家机构投资者共54人的调研，其中包括大型公募基金、外资机构以及券商资管等。这些机构投资者们关心的话题，主要在固态电池发展、公司三大战略方向以及光伏领域的布局等方面。\n被外界认知的不止有宁德时代，其董事长曾毓群也屡次跻身福布斯富豪榜的前列。\n截至6月28日上午11点半，福布斯富豪榜的实时榜单显示，宁德时代董事长曾毓群身价达到447亿美元（约合2888亿元人民币），位列全球第30位。这是他首次进入榜单前30名。\n而就在5月初，曾毓群成功问鼎香港首富。他以345亿美元的身价，动摇了被“李氏家族”霸榜20余年的香港首富榜，个人财富一度超过李兆基（321亿美元）和李嘉诚（344亿美元）。\n彼时，曾毓群在全球富豪榜上的排名升至全球第42名，而今他已经突围进前30名。\n一年之内，宁德时代多次出圈，在一、二级市场备受关注。作为A股第一家万亿市值的科技公司，宁德时代在C位上又能矗立多久？","news_type":1,"symbols_score_info":{"300750":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159278430,"gmtCreate":1624972770820,"gmtModify":1703849121165,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159278430","repostId":"1162626672","repostType":4,"repost":{"id":"1162626672","kind":"news","pubTimestamp":1624950782,"share":"https://ttm.financial/m/news/1162626672?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:13","market":"us","language":"zh","title":"Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.","url":"https://stock-news.laohu8.com/highlight/detail?id=1162626672","media":"智通财经 ","summary":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教","content":"<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>","source":"stock_zhitongcaijing","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>Warren Buffett summarized 8 valuable experiences and lessons from the pandemic.</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\">\nWarren Buffett summarized 8 valuable experiences and lessons from the pandemic.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经 </strong><span class=\"h-time small\">2021-06-29 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>One of the ways many people succeed is to treat every crisis as an opportunity.</b>Despite donating billions of dollars to charity, Buffett's net worth surpassed the $100 billion mark in March of this year. Buffett not only became richer, but also brought some valuable lessons to other investors.</p><p>01 New investment? Leveraging the S&P 500</p><p>At Berkshire Hathaway's annual meeting last month, Buffett talked about one of his favorite investments—one that emerged as a winner during the pandemic.</p><p>Buffett said, \"I recommend the S&P 500 index fund and have long recommended it to people.\" He also said that after his death, 90% of the money he left to his wife will go into the S&P 500 fund.</p><p>The S&P 500 index fund is a mutual fund or ETF that mimics the familiar stock index that tracks the 500 largest companies in the United States. Despite the pandemic, the S&P 500 surged 16% in 2020 and reached a new high in 2021.</p><p>At the shareholders meeting in Los Angeles, Buffett said, \"I like Berkshire Hathaway, but I think someone who knows nothing about stocks and has no special feelings about Berkshire Hathaway should buy the S&P 500.\"</p><p>02 Be realistic – even when the market loses its mind</p><p>Buffett advises investors to take a long-term and practical approach, rather than \"making 30 or 40 trades a day.\"</p><p>During the meeting, Buffett presented two slides showing the 20 largest companies in the world by market capitalization today and in 1989. None of the companies that made the list in 1989 are from the 2021 version. The lesson is: life is unpredictable, and picking winners is not easy.</p><p>\"If you only hold diversified stocks, like U.S. stocks, that would be my preference, but hold them for more than 30 years,\" he said.</p><p>03 Don't count on pensions</p><p>A more worrying trend that Buffett delved into at a Berkshire Hathaway conference was the increasingly unstable status of pension funds in many states, an issue he said he had been concerned about since 2013.</p><p>\"The pension situation in many states is terrible,\" Buffett said. \"The situation hasn't improved. Clearly, it hasn't improved at all.\"</p><p>The pandemic has already strangled state finances and will only exacerbate pension problems for which there is currently no long-term solution. Data from Pew Charitable Trusts shows that before the pandemic began, the national pension plan already lacked $1 trillion to meet its future obligations to retirees.</p><p>04 Investors should be wary of certain investments.</p><p>Buffett sold airline stocks because of COVID-19.</p><p>The pandemic crisis devastated the entire aviation industry, but airlines survived with the help of the government. But without this support, you will see a completely new plane crash. The industry still has several months to return to normal business (and normal profit margins).</p><p>\"I still don't want to buy airlines,\" Buffett told his Berkshire shareholders.</p><p>Delta Air Lines (DAL) was one of the airlines that Berkshire Hathaway sold from its portfolio, and its stock price fell by more than half between March 1 and May 15 last year. Since then, the stock prices of the company and other major U.S. airlines have rebounded, but Buffett has little confidence in the economic fundamentals of the aviation industry.</p><p>05 Stick to your long-term plan</p><p>Buffett says to stick to your financial goals. Buffett still believes that the U.S. economy will rebound from the COVID-19 crisis, but he told shareholders that the future is far from certain.</p><p>“You can bet on the United States, but you have to be careful how you bet,” he said. He later reiterated that the world can change in \"very, very dramatic ways\".</p><p>Buffett has never wavered in his belief that holding stocks for the long term is the right investment strategy for a stable financial future. At the Berkshire meeting, he was even reminded that he had once said that holding a stock forever was \"too short.\"</p><p>06 Make full use of low interest rates</p><p>With interest rates falling, Buffett says now is a good time to borrow money.</p><p>With the Federal Reserve committed to keeping key interest rates near zero, Buffett believes borrowers will have an excellent opportunity in 2021.</p><p>“These are fascinating times,” Buffett told investors, adding that the low-interest-rate environment is “very pleasant.”</p><p>“The economy fell off a cliff in March 2020,” Buffett said. \"Through the actions of the Federal Reserve, it was resurrected in a very effective way.\"</p><p>07 Avoid Credit Card Debt</p><p>If you have credit card debt, get rid of it, says Buffett.</p><p>The pandemic has led to business closures and layoffs, forcing millions of Americans to rely on credit cards to meet basic financial needs. This is a good survival strategy, but the resulting balance and high interest rates can create long-term financial pressure.</p><p>At Berkshire's 2020 online shareholder meeting, he recalled his advice to a friend who had received a windfall and was considering the wisest way to spend. She told Buffett that she still had credit card debt—at 18% interest.</p><p>Buffett remembers telling her, \"If I had 18% debt, the first thing I would do with the money I had was pay it off.\" \"You can't borrow money at that interest rate your whole life and then live a better life.\"</p><p>08 Always prepare for the worst</p><p>Buffett says a \"catastrophe\" is coming. It's not without reason that Buffett is called an \"oracle\". In 2019, he warned that the world would face a \"catastrophe\" that would dwarf the chaos caused by Hurricanes Katrina and Michael.</p><p>When the pandemic first hit the United States, Buffett said in an interview, \"I always felt that a pandemic was going to happen sooner or later.\"</p><p>You might think that someone who has invested so much in insurance would have such foresight—Berkshire Hathaway owns Geico and several other insurers—that preparing for the worst is a core part of the business model.</p><p>“Over the past 15 months, we’ve seen some strange things happen in the world,” he told his investors this year. \"And we are always aware that stranger things will happen in the future.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/503261.html\">智通财经 </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔"},"source_url":"https://www.zhitongcaijing.com/content/detail/503261.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162626672","content_text":"许多人成功的方法之一是把每一次危机都当作一个机会来对待。尽管巴菲特向慈善机构捐赠了数十亿美元，但他的净资产在今年3月突破了1000亿美元大关。巴菲特不仅变得更富有，还为其他投资者带来了一些宝贵的经验教训。\n01  新投资吗?利用标普500\n在上个月伯克希尔哈撒韦公司的年会上，巴菲特谈到了他最喜欢的一项投资——该投资在疫情期间成为赢家。\n巴菲特说:“我推荐标普500指数基金，并且长期以来一直向人们推荐。”他还说，在他去世后，他留给妻子的90%的钱将进入标普500基金。\n标普500指数基金是模仿人们熟悉的跟踪美国500家最大公司的股票指数的共同基金或ETF。尽管疫情爆发，标普500指数在2020年飙升16%，并在2021年创下新高。\n巴菲特在洛杉矶的股东大会上表示:“我喜欢伯克希尔，但我认为一个对股票一无所知，对伯克希尔没有任何特殊感觉的人，他们应该购买标普500指数。”\n02  要实际——即使在市场失去理智的时候\n巴菲特建议投资者长期且实际的方法，而不是“每天进行30或40笔交易。”\n在会议期间，巴菲特展示了两张幻灯片，展示了当今和1989年全球市值最大的20家公司。89年上榜的公司没有一家是2021年版的。教训是:世事无常，挑选赢家并不容易。\n\"如果你只持有多元化的股票，比如美国股票，那将是我的偏好，但要持有超过30年，\"他说。\n03  不要指望养老金\n巴菲特在伯克希尔哈撒韦公司的会议上深入研究的一个更令人担忧的趋势，许多州养老基金的地位越来越不稳定，他说他从2013年就开始关注这个问题。\n巴菲特说:“很多州的养老金状况都很糟糕。”“情况并没有好转。显然，情况一点也没有好转。”\n疫情已经扼杀了各州的财政，只会加剧目前没有长期解决方案的养老金问题。Pew Charitable Trusts的数据显示，在大流行开始之前，国家养老金计划已经缺乏1万亿美元的资金来满足未来对退休人员的义务。\n04  投资者应该对某些投资保持警惕\n巴菲特因为COVID-19的原因抛售了航空股。\n疫情危机摧毁了整个航空行业，然而航空公司在政府的帮助下幸存下来。但如果没有这种支持，你会看到一场全新的空难。要想恢复正常的业务(以及正常的利润率)，该行业还有好几个月的时间。\n“我还是不想买航空公司，”巴菲特告诉他的伯克希尔股东。\n达美航空(DAL)是伯克希尔从其投资组合中抛售的航空公司之一，该公司股价在去年3月1日至5月15日期间下跌了一半以上。此后，该股和美国其他主要航空公司的股价都有所回升，但巴菲特对航空业的经济基本面没有多大信心。\n05  坚持你的长期计划\n巴菲特说，要坚持你的财务目标。巴菲特仍然相信，美国经济将从COVID - 19危机中反弹，但他告诉股东，未来远非确定。\n“你可以押注美国，但你必须小心如何押注，”他说。他后来重申，世界可以以“非常、非常戏剧性的方式”发生变化。\n巴菲特从来没有动摇过他的信念，长期持有股票是一个稳定的财务未来的正确投资策略。在伯克希尔的会议上，他甚至被提醒说，他曾经说过永远持有一只股票“太短了”。\n06  充分利用低利率\n随着利率的下降，巴菲特说现在是借钱的好时机。\n由于美联储承诺将关键利率维持在接近零的水平，巴菲特认为2021年借款人将有极好的机会。\n“这是一个迷人的时代，”巴菲特告诉投资者，并补充说低利率环境“非常令人愉快”。\n“经济在2020年3月跌落悬崖，”巴菲特说。“通过美联储的行动，它以一种非常有效的方式复活了。”\n07  避免信用卡债务\n巴菲特说，如果你有信用卡债务，那就摆脱它。\n疫情导致企业关闭和裁员，迫使数百万美国人依靠信用卡来满足基本的金融需求。这是一个很好的生存策略，但由此产生的平衡和高利率会造成长期的财务压力。\n在伯克希尔2020年的在线股东大会上，他回忆了自己给一位获得意外之财的朋友的建议，这位朋友当时正在考虑最明智的消费方式。她告诉巴菲特，她还有信用卡债务——利息为18%。\n巴菲特记得对她说:“如果我有18%的债务，我会用手头的钱做的第一件事就是还清。”“你不可能一辈子都以这样的利率借钱，然后过得更好。”\n08  总是做最坏打算\n巴菲特说，一场“大灾难”即将来临。称巴菲特为“神谕”不是没有原因的。2019年，他警告说，世界将迎来一场“特大灾难”，这将使卡特里娜飓风和迈克尔飓风造成的混乱相形见绌。\n当疫情首次袭击美国时，巴菲特在一次采访中说，“我一直觉得一场大流行迟早会发生。”\n你可能会认为，在保险业投入如此之多的人会有这样的远见——伯克希尔哈撒韦拥有Geico和其他几家保险公司——为最坏的情况做准备是商业模式的核心部分。\n“过去15个月里，我们看到世界上发生了一些奇怪的事情，”他今年告诉他的投资者。“而且我们总是意识到未来会发生更奇怪的事情。”","news_type":1,"symbols_score_info":{"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127303731,"gmtCreate":1624833196323,"gmtModify":1703845568283,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127303731","repostId":"1153717092","repostType":4,"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159277967,"gmtCreate":1624972940859,"gmtModify":1703849128807,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159277967","repostId":"1138372330","repostType":4,"repost":{"id":"1138372330","kind":"news","pubTimestamp":1624953281,"share":"https://ttm.financial/m/news/1138372330?lang=en_US&edition=fundamental","pubTime":"2021-06-29 15:54","market":"us","language":"zh","title":"Netflix's Next Step: Becoming Disney?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138372330","media":"极客公园","summary":"面对大举反攻的影视巨头，Netflix 虽然已经开始赚钱，但这远远不够。\nNetflix 开始学习迪士尼了。\n就在爱优腾还在和短视频行业较劲的当口，早已盈利的 Netflix 推出了 Netflix ","content":"<p>Faced with a major counterattack by film and television giants, Netflix has already started to make money, but this is far from enough.</p><p>Netflix Start Learning<a href=\"https://laohu8.com/S/DIS\">Disney</a>That's it.</p><p>Just as iYoo and Tencent were still competing with the short video industry, the already profitable Netflix launched Netflix Shop, entering the e-commerce field for the first time.</p><p>The Netflix Shop currently has a limited number of items available, only 18. Among them are as high as $135.<a href=\"https://laohu8.com/S/300024\">Robot</a>Alarm clocks, $30 T-shirts, but mostly clothing priced between $30 and $80. In the future, Netflix will also launch series of products such as \"Stranger Things\" and \"Witcher\".</p><p><b>What these products have in common is that they are all peripheral products of Netflix's IP.</b></p><p>This inevitably brings to mind Disney, a top player in the IP licensing market. According to data from the International Licensing Industry Association (LIMA), global sales of licensed merchandise reached $292.8 billion in 2019. Disney, ranked first, accounted for $54.7 billion, a figure twice Netflix's total revenue in 2020.</p><p>Clearly, Netflix is targeting the IP licensing pie. Behind this lies Netflix's hidden concerns and ambitions.</p><p><b>Netflix's hidden concerns</b></p><p>2020 was almost the best year since Netflix was born. Due to the pandemic and people staying at home, many people have shifted their entertainment activities online. As a result, Netflix gained 37 million paying subscribers, breaking the company's growth record, and the total number of paying subscribers also historically exceeded 200 million. Correspondingly, full-year profits increased by 76%.</p><p>This company, which was founded in the DVD rental business, timely shifted to the streaming business at the end of the golden age of television. Since then, it has achieved double-digit growth in paying users every year.</p><p><b>As a company with a market capitalization of $230 billion, Netflix's business model is extremely simple—producing high-quality content to attract consumers to pay for subscriptions.</b>In 2019, 98.52% of Netflix's revenue came from membership fees. By analogy with domestic long-form video platforms<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Membership fees account for only about 50% of its total revenue, with the rest mainly coming from online advertising and content distribution. It can be said that Netflix's revenue growth depends entirely on the growth of its users.<b>The other side of this statement is that if paying users cannot continue to grow, Netflix's business model will face a crisis.</b></p><p>Netflix, a pioneer of streaming platforms and with the largest user base, may have hit its user ceiling sooner. Streaming platforms are essentially robbing pay-TV users. Taking the US pay TV market as an example, after reaching a peak of 101 million paid subscribers in 2011, it has been declining year by year. Netflix currently has approximately 67 million users in the United States, meaning that more than half of its potential users have already paid for Netflix. In the first quarter of 2021, Netflix added only 4 million new users, lower than the expected 6 million, and its stock price fell by 11%.</p><p>A poor quarterly performance isn't a serious problem for Netflix; what's truly damaging is that its market share may be being eroded by competitors.</p><p>In response to revenue pressure from slowing user growth, Netflix has raised membership fees five times. The most recent incident occurred in October 2020, when the basic plan remained unchanged at $8.99, while the standard and basic plans increased by $1 and $2 respectively to $13.99 and $17.99.</p><p>This price is not much different from Netflix's main competitors for over a decade, HBO NOW ($14.99 ad-free) and HULU ($11.99 ad-free), but it is comparable to Disney.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Compared to these ambitious new generation entrants, they have little advantage. Disney+ costs just $7.99 a month, and Apple TV+ costs even less at just $4.99.</p><p>The past year has been almost a period of global streaming, with giants Disney, Apple, and Paramount entering the market one after another.</p><p>During the first quarter earnings call, when asked about his views on the current competition, Netflix founder Reed Hastings responded: \"Obviously, new competition is always there. But when we look at past data, the company has been growing because we are also very confident.\"</p><p>The confidence of the founders is one aspect, but the encroachment of Netflix by the giants is also real. In 2020, Netflix's market share of original programming fell from 56% at the beginning of the year to 50%.</p><p><img src=\"https://static.tigerbbs.com/e3168aceb52ba01af09cfda9ca74654a\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Global market share of original programs. Data Source Parrot Analytics. Image source:<a href=\"https://laohu8.com/S/NYT\">New York times</a></p><p>Behind this lies the loss of content from Netflix. Due to the launch of Disney+, Netflix removed a series of Disney IP content from its platforms. HBO also regained the copyrights to works such as \"Friends,\" \"The Big Bang Theory,\" and Studio Ghibli. Similarly, the veteran sitcom \"The Office\" has also been reclaimed by NBC.</p><p>Netflix original dramas account for only 30% of the total viewing time of subscribers, with the rest coming from external copyrights. According to data from CBN magazine, the top three longest-running Netflix shows in 2018 were \"The Office,\" \"Friends,\" and \"Grey's Anatomy.\" New content may be key to driving user growth, but existing viewers tend to choose works they are familiar with.</p><p>Netflix, which has been focusing on original content, has withdrawn most of its production plans due to the pandemic. Currently, Netflix does not have any major return series.</p><p>Netflix's model is somewhat like a one-off deal. After watching a series, users no longer have contact with it. Netflix's Stranger Things and House of Cards have a large number of die-hard fans, but a single subscription payment model cannot fully tap into the value of these IPs. This creates a strange phenomenon: on one side are fans holding banknotes and shouting \"Shut up and take my money,\" while on the other side are official fans who remain \"indifferent.\"</p><p><img src=\"https://static.tigerbbs.com/e8ff18c69d2bd4df4d5c3788a0149e63\" tg-width=\"399\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Image source: memegenetator</p><p>Last year, Netflix's original documentary \"Tiger King\" was watched by 34.3 million people within 10 days of its release, making it Netflix's most successful series. A large number of Tiger King merchandise immediately appeared on the e-commerce brand Esty. But without exception, they were all counterfeits.</p><p>A search for \"Tiger King\" on Esty still yields 8195 results. Image source: Esty</p><p>This makes it easy to understand why Netflix launched an online store. On Netflix's official blog, Josh Simon, head of the Netflix Shop and vice president of consumer products, wrote:<b>We like to see good stories go beyond the screen and become a part of people's lives.</b>」「<b>We've been thinking about how to expand our story world for our fans, from costumes and toys to immersive events and games.</b>That's why today we're launching Netflix.shop, an exciting new destination that combines curated products and rich stories into a unique Netflix shopping experience.</p><p>These words are all about one thing:<b>We want to be Disney!</b></p><p><b>Disney Magic</b></p><p>In 1929, a man went to a hotel and approached Walter Disney, offering $300 to have Mickey Mouse's image printed on his desk. This $300 became Disney's first \"franchise\" revenue. Nearly a century later, that $300 became a $54.7 billion business.</p><p>Flipping through Disney's list of IPs, you'll find it's an almost endless list. In addition to its own original IPs, such as Mickey Mouse, Winnie the Pooh, Disney princesses, and The Lion King, Disney also aggressively acquired Pixar, Marvel, Lucasfilm, and 20th Century Fox in the first 20 years of the 21st century. In other words, apart from Mickey Mouse, all the IPs you are familiar with, such as the Avengers, Star Wars, Avatar, and Toy Story, belong to Disney.</p><p>Family portraits of Disney IP characters. Image source: psu.edu</p><p>According to TitleMax's 2019 data, eight of the world's 20 most profitable IPs originated from Disney, with a cumulative economic value of $355.182 billion. Winnie the Pooh, Mickey Mouse, and Star Wars ranked 3rd, 4th, and 5th respectively. These old IPs, which are over 40 years old or even nearly a century old, still explode with amazing vitality.</p><p><img src=\"https://static.tigerbbs.com/e949ad901d47454456f46fa01087221f\" tg-width=\"1080\" tg-height=\"3408\" referrerpolicy=\"no-referrer\">The remaining Disney IPs in the TOP 20 are Disney Princesses at number 7, the Marvel Cinematic Universe at number 11, Spider-Man at number 12, Car Story at number 18, and Toy Story at number 19. Image source: TITLEMAX</p><p>In Hollywood, there is a famous locomotive theory:<b>Films themselves may not make money, but they must drive the development of related products.</b>。 Walt Disney clearly understood this well. As early as 1957, he drew a sketch that clearly described Disney's business model.</p><p><img src=\"https://static.tigerbbs.com/4c6a77415a665f0ec24a5f0dc2a0a794\" tg-width=\"596\" tg-height=\"529\" referrerpolicy=\"no-referrer\">The Disney business model drawn by Walt Disney. Image source: kottke.org</p><p>In this sketch, film studios are clearly central, with music, television, licensed merchandise, theme parks, and publications all surrounding them. Take magazines, for example. Movies provide articles for magazines, and magazines can promote movies and Disneyland. Each part is closely linked, cooperates with each other, and complements each other.</p><p>To this day, Disney has not deviated from the underlying logic of this model. Disney never views its animated characters as disposable consumer goods, but rather as a gold mine for long-term consumption. When Disney makes a movie, the company doesn't just consider the movie itself, but how to translate the story into goods, services, experiences, and other derivative products. As former Disney CFO Jay Rasulo said, \"Every aspect of the company is brand- and franchise-oriented.\"</p><p>Today, Disney's model is called<b>Round revenue</b>。</p><p>First, Disney will release movies centered on IP stories at high costs to earn its first round of revenue through box office revenue.</p><p>Disney will then sell the film rights to streaming platforms to earn a second round of revenue.</p><p>Meanwhile, with each new movie released, Disney adds corresponding new characters to the theme park, generating a third round of revenue through Disneyland.</p><p>Finally, earn the fourth round of income through franchising, publishing, retail, etc.</p><p>Through these four rounds of revenue generation, Disney has clearly \"squeezed out\" the profits from every IP. These diverse revenue streams give Disney a key advantage over Netflix, further extending the vitality of its IPs.</p><p><b>Build love for stories and turn love into money</b></p><p>Unlike Disney, Netflix has no plans to establish offline stores. Currently, Netflix has partnered with Target,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Retailers such as H&M and Sephora have signed licensing agreements for hundreds of peripheral products.</p><p>Netflix has also developed an online store system with e-commerce platform Shopify. Previously, Shopify has provided technical support for Allbirds, Kith, The New York Times, and Kim Kardashian's brand Skims.</p><p>Simon, the project leader at Netflix Shop, spent six years at Disney Studios as the production and development director.</p><p>This information seems to demonstrate Netflix's determination: \"Hey! We're not just playing around, we're serious!\"</p><p>For years, Netflix has avoided whether it is an entertainment or technology company. Just recently, Netflix founder Hastings declared, \"We really are an entertainment company.\"</p><p>According to Matthew Ball, a former Amazon Studio executive,<b>Essentially, an entertainment company does only three things:</b></p><p><ol><li><b>Creating/Telling Stories</b></p><p></li><li><b>Build love for these stories</b></p><p></li><li><b>Turn love into money</b></p><p></li></ol>By this standard, Disney is undoubtedly the best company on the planet. Think about it, how many little girls want to wear Elsa's blue dress while visiting Disneyland? How many parents would pay for this?</p><p>Netflix has done a good enough job of storytelling and building love, but can it turn love into money?</p><p>Mark A. Cohen, director of retail research at Columbia Business School, expressed skepticism: \"Most of them (Netflix's hit shows) have a short shelf life, unlike Disney's IP, which is a long journey of a generation.\"</p><p>Despite a great deal of uncertainty, this is undoubtedly Netflix's best financial year yet. The company has borrowed a total of $16 billion over the past 10 years. At the end of last year, Netflix stated in its fourth-quarter earnings report that it no longer needed to seek borrowing to finance the company. In other words, Netflix has become a truly profitable company.</p><p>Meanwhile, its other streaming competitors are still losing money, including Disney.</p>","source":"jkgy","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>Netflix's Next Step: Becoming Disney?</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\">\nNetflix's Next Step: Becoming Disney?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">极客公园</strong><span class=\"h-time small\">2021-06-29 15:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Faced with a major counterattack by film and television giants, Netflix has already started to make money, but this is far from enough.</p><p>Netflix Start Learning<a href=\"https://laohu8.com/S/DIS\">Disney</a>That's it.</p><p>Just as iYoo and Tencent were still competing with the short video industry, the already profitable Netflix launched Netflix Shop, entering the e-commerce field for the first time.</p><p>The Netflix Shop currently has a limited number of items available, only 18. Among them are as high as $135.<a href=\"https://laohu8.com/S/300024\">Robot</a>Alarm clocks, $30 T-shirts, but mostly clothing priced between $30 and $80. In the future, Netflix will also launch series of products such as \"Stranger Things\" and \"Witcher\".</p><p><b>What these products have in common is that they are all peripheral products of Netflix's IP.</b></p><p>This inevitably brings to mind Disney, a top player in the IP licensing market. According to data from the International Licensing Industry Association (LIMA), global sales of licensed merchandise reached $292.8 billion in 2019. Disney, ranked first, accounted for $54.7 billion, a figure twice Netflix's total revenue in 2020.</p><p>Clearly, Netflix is targeting the IP licensing pie. Behind this lies Netflix's hidden concerns and ambitions.</p><p><b>Netflix's hidden concerns</b></p><p>2020 was almost the best year since Netflix was born. Due to the pandemic and people staying at home, many people have shifted their entertainment activities online. As a result, Netflix gained 37 million paying subscribers, breaking the company's growth record, and the total number of paying subscribers also historically exceeded 200 million. Correspondingly, full-year profits increased by 76%.</p><p>This company, which was founded in the DVD rental business, timely shifted to the streaming business at the end of the golden age of television. Since then, it has achieved double-digit growth in paying users every year.</p><p><b>As a company with a market capitalization of $230 billion, Netflix's business model is extremely simple—producing high-quality content to attract consumers to pay for subscriptions.</b>In 2019, 98.52% of Netflix's revenue came from membership fees. By analogy with domestic long-form video platforms<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Membership fees account for only about 50% of its total revenue, with the rest mainly coming from online advertising and content distribution. It can be said that Netflix's revenue growth depends entirely on the growth of its users.<b>The other side of this statement is that if paying users cannot continue to grow, Netflix's business model will face a crisis.</b></p><p>Netflix, a pioneer of streaming platforms and with the largest user base, may have hit its user ceiling sooner. Streaming platforms are essentially robbing pay-TV users. Taking the US pay TV market as an example, after reaching a peak of 101 million paid subscribers in 2011, it has been declining year by year. Netflix currently has approximately 67 million users in the United States, meaning that more than half of its potential users have already paid for Netflix. In the first quarter of 2021, Netflix added only 4 million new users, lower than the expected 6 million, and its stock price fell by 11%.</p><p>A poor quarterly performance isn't a serious problem for Netflix; what's truly damaging is that its market share may be being eroded by competitors.</p><p>In response to revenue pressure from slowing user growth, Netflix has raised membership fees five times. The most recent incident occurred in October 2020, when the basic plan remained unchanged at $8.99, while the standard and basic plans increased by $1 and $2 respectively to $13.99 and $17.99.</p><p>This price is not much different from Netflix's main competitors for over a decade, HBO NOW ($14.99 ad-free) and HULU ($11.99 ad-free), but it is comparable to Disney.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Compared to these ambitious new generation entrants, they have little advantage. Disney+ costs just $7.99 a month, and Apple TV+ costs even less at just $4.99.</p><p>The past year has been almost a period of global streaming, with giants Disney, Apple, and Paramount entering the market one after another.</p><p>During the first quarter earnings call, when asked about his views on the current competition, Netflix founder Reed Hastings responded: \"Obviously, new competition is always there. But when we look at past data, the company has been growing because we are also very confident.\"</p><p>The confidence of the founders is one aspect, but the encroachment of Netflix by the giants is also real. In 2020, Netflix's market share of original programming fell from 56% at the beginning of the year to 50%.</p><p><img src=\"https://static.tigerbbs.com/e3168aceb52ba01af09cfda9ca74654a\" tg-width=\"1080\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Global market share of original programs. Data Source Parrot Analytics. Image source:<a href=\"https://laohu8.com/S/NYT\">New York times</a></p><p>Behind this lies the loss of content from Netflix. Due to the launch of Disney+, Netflix removed a series of Disney IP content from its platforms. HBO also regained the copyrights to works such as \"Friends,\" \"The Big Bang Theory,\" and Studio Ghibli. Similarly, the veteran sitcom \"The Office\" has also been reclaimed by NBC.</p><p>Netflix original dramas account for only 30% of the total viewing time of subscribers, with the rest coming from external copyrights. According to data from CBN magazine, the top three longest-running Netflix shows in 2018 were \"The Office,\" \"Friends,\" and \"Grey's Anatomy.\" New content may be key to driving user growth, but existing viewers tend to choose works they are familiar with.</p><p>Netflix, which has been focusing on original content, has withdrawn most of its production plans due to the pandemic. Currently, Netflix does not have any major return series.</p><p>Netflix's model is somewhat like a one-off deal. After watching a series, users no longer have contact with it. Netflix's Stranger Things and House of Cards have a large number of die-hard fans, but a single subscription payment model cannot fully tap into the value of these IPs. This creates a strange phenomenon: on one side are fans holding banknotes and shouting \"Shut up and take my money,\" while on the other side are official fans who remain \"indifferent.\"</p><p><img src=\"https://static.tigerbbs.com/e8ff18c69d2bd4df4d5c3788a0149e63\" tg-width=\"399\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Image source: memegenetator</p><p>Last year, Netflix's original documentary \"Tiger King\" was watched by 34.3 million people within 10 days of its release, making it Netflix's most successful series. A large number of Tiger King merchandise immediately appeared on the e-commerce brand Esty. But without exception, they were all counterfeits.</p><p>A search for \"Tiger King\" on Esty still yields 8195 results. Image source: Esty</p><p>This makes it easy to understand why Netflix launched an online store. On Netflix's official blog, Josh Simon, head of the Netflix Shop and vice president of consumer products, wrote:<b>We like to see good stories go beyond the screen and become a part of people's lives.</b>」「<b>We've been thinking about how to expand our story world for our fans, from costumes and toys to immersive events and games.</b>That's why today we're launching Netflix.shop, an exciting new destination that combines curated products and rich stories into a unique Netflix shopping experience.</p><p>These words are all about one thing:<b>We want to be Disney!</b></p><p><b>Disney Magic</b></p><p>In 1929, a man went to a hotel and approached Walter Disney, offering $300 to have Mickey Mouse's image printed on his desk. This $300 became Disney's first \"franchise\" revenue. Nearly a century later, that $300 became a $54.7 billion business.</p><p>Flipping through Disney's list of IPs, you'll find it's an almost endless list. In addition to its own original IPs, such as Mickey Mouse, Winnie the Pooh, Disney princesses, and The Lion King, Disney also aggressively acquired Pixar, Marvel, Lucasfilm, and 20th Century Fox in the first 20 years of the 21st century. In other words, apart from Mickey Mouse, all the IPs you are familiar with, such as the Avengers, Star Wars, Avatar, and Toy Story, belong to Disney.</p><p>Family portraits of Disney IP characters. Image source: psu.edu</p><p>According to TitleMax's 2019 data, eight of the world's 20 most profitable IPs originated from Disney, with a cumulative economic value of $355.182 billion. Winnie the Pooh, Mickey Mouse, and Star Wars ranked 3rd, 4th, and 5th respectively. These old IPs, which are over 40 years old or even nearly a century old, still explode with amazing vitality.</p><p><img src=\"https://static.tigerbbs.com/e949ad901d47454456f46fa01087221f\" tg-width=\"1080\" tg-height=\"3408\" referrerpolicy=\"no-referrer\">The remaining Disney IPs in the TOP 20 are Disney Princesses at number 7, the Marvel Cinematic Universe at number 11, Spider-Man at number 12, Car Story at number 18, and Toy Story at number 19. Image source: TITLEMAX</p><p>In Hollywood, there is a famous locomotive theory:<b>Films themselves may not make money, but they must drive the development of related products.</b>。 Walt Disney clearly understood this well. As early as 1957, he drew a sketch that clearly described Disney's business model.</p><p><img src=\"https://static.tigerbbs.com/4c6a77415a665f0ec24a5f0dc2a0a794\" tg-width=\"596\" tg-height=\"529\" referrerpolicy=\"no-referrer\">The Disney business model drawn by Walt Disney. Image source: kottke.org</p><p>In this sketch, film studios are clearly central, with music, television, licensed merchandise, theme parks, and publications all surrounding them. Take magazines, for example. Movies provide articles for magazines, and magazines can promote movies and Disneyland. Each part is closely linked, cooperates with each other, and complements each other.</p><p>To this day, Disney has not deviated from the underlying logic of this model. Disney never views its animated characters as disposable consumer goods, but rather as a gold mine for long-term consumption. When Disney makes a movie, the company doesn't just consider the movie itself, but how to translate the story into goods, services, experiences, and other derivative products. As former Disney CFO Jay Rasulo said, \"Every aspect of the company is brand- and franchise-oriented.\"</p><p>Today, Disney's model is called<b>Round revenue</b>。</p><p>First, Disney will release movies centered on IP stories at high costs to earn its first round of revenue through box office revenue.</p><p>Disney will then sell the film rights to streaming platforms to earn a second round of revenue.</p><p>Meanwhile, with each new movie released, Disney adds corresponding new characters to the theme park, generating a third round of revenue through Disneyland.</p><p>Finally, earn the fourth round of income through franchising, publishing, retail, etc.</p><p>Through these four rounds of revenue generation, Disney has clearly \"squeezed out\" the profits from every IP. These diverse revenue streams give Disney a key advantage over Netflix, further extending the vitality of its IPs.</p><p><b>Build love for stories and turn love into money</b></p><p>Unlike Disney, Netflix has no plans to establish offline stores. Currently, Netflix has partnered with Target,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Retailers such as H&M and Sephora have signed licensing agreements for hundreds of peripheral products.</p><p>Netflix has also developed an online store system with e-commerce platform Shopify. Previously, Shopify has provided technical support for Allbirds, Kith, The New York Times, and Kim Kardashian's brand Skims.</p><p>Simon, the project leader at Netflix Shop, spent six years at Disney Studios as the production and development director.</p><p>This information seems to demonstrate Netflix's determination: \"Hey! We're not just playing around, we're serious!\"</p><p>For years, Netflix has avoided whether it is an entertainment or technology company. Just recently, Netflix founder Hastings declared, \"We really are an entertainment company.\"</p><p>According to Matthew Ball, a former Amazon Studio executive,<b>Essentially, an entertainment company does only three things:</b></p><p><ol><li><b>Creating/Telling Stories</b></p><p></li><li><b>Build love for these stories</b></p><p></li><li><b>Turn love into money</b></p><p></li></ol>By this standard, Disney is undoubtedly the best company on the planet. Think about it, how many little girls want to wear Elsa's blue dress while visiting Disneyland? How many parents would pay for this?</p><p>Netflix has done a good enough job of storytelling and building love, but can it turn love into money?</p><p>Mark A. Cohen, director of retail research at Columbia Business School, expressed skepticism: \"Most of them (Netflix's hit shows) have a short shelf life, unlike Disney's IP, which is a long journey of a generation.\"</p><p>Despite a great deal of uncertainty, this is undoubtedly Netflix's best financial year yet. The company has borrowed a total of $16 billion over the past 10 years. At the end of last year, Netflix stated in its fourth-quarter earnings report that it no longer needed to seek borrowing to finance the company. In other words, Netflix has become a truly profitable company.</p><p>Meanwhile, its other streaming competitors are still losing money, including Disney.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/m--XabEJEHyLq5PY_bXcWw\">极客公园</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e2224e6b43e75f835dbd8bb6d8c4972c","relate_stocks":{"NFLX":"奈飞","QNETCN":"纳斯达克中美互联网老虎指数","DIS":"迪士尼"},"source_url":"https://mp.weixin.qq.com/s/m--XabEJEHyLq5PY_bXcWw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138372330","content_text":"面对大举反攻的影视巨头，Netflix 虽然已经开始赚钱，但这远远不够。\nNetflix 开始学习迪士尼了。\n就在爱优腾还在和短视频行业较劲的当口，早已盈利的 Netflix 推出了 Netflix Shop，首次进入了电商领域。\nNetflix Shop 目前在售的商品数量还很有限，不过 18 种。其中有高达 135 美元的机器人闹钟，也有 30 美元的 T 恤，但主要还是价位在 30 至 80 美元的服饰。未来，Netflix 还会推出《怪奇物语》《猎魔人》等系列商品。\n这些商品的共同点在于——它们都是 Netflix 旗下 IP 的周边产品。\n这很难让人不联想到 IP 授权市场里的那个顶级玩家——迪士尼。根据国际授权业协会（LIMA）数据显示，2019 年全球授权商品的销售额为了 2928 亿美元。第一名迪士尼就占了 547 亿美元，这个数字，是 Netflix 2020 全年收入的两倍。\n显然，Netflix 瞄准了 IP 授权的蛋糕。这背后，是 Netflix 的隐忧，和野心。\nNetflix 的隐忧\n2020 年几乎是 Netflix 诞生以来最好的一年。因为疫情宅家的原因，许多人的娱乐活动都转向了线上。Netflix 也因此增长了 3700 万付费用户，打破了该公司的增长纪录，总付费用户数也历史性地突破 2 亿。相应的，全年利润增长了 76%。\n这家创立时做 DVD 租赁生意的公司，在电视黄金时代的末尾，及时转向了流媒体业务。此后年年实现了付费用户两位数以上的增长。\n作为一家市值 2300 亿美元的公司，Netflix 的商业模式却极其简单——生产优质内容，吸引消费者付费订阅。2019 年，Netflix 98.52% 的收入都来自会员费。类比国内的长视频平台爱奇艺，会员费仅占其总营收的约 50%，其它的收入主要来自在线广告和内容分发。可以说，Netflix 营收的增长完全取决于用户的增长。这句话的另一面是，一旦付费用户无法持续增长，Netflix 的商业模式就会迎来危机。\n作为流媒体平台的先驱和用户数量最庞大的 Netflix，可能更早撞上用户天花板。流媒体平台本质上是抢夺了付费电视的用户。以美国付费电视市场为例，在 2011 年付费用户达到 1.01 亿的顶峰后就逐年下滑。目前 Netflix 的美国用户约为 6700 万，也就是说，超过半数的潜在用户已经为 Netflix 买了单。就在 2021 年第一季度，Netflix 新增用户仅为 400 万，低于预期的 600 万，Netflix 的股价应声下跌了 11%。\n一个季度的糟糕表现对 Netflix 来说并不是什么严重的问题，真正伤筋动骨的是——Netflix 的市场份额可能正在被竞争对手蚕食。\n为了应对用户增长放缓带来的营收压力，Netflix 的会员费先后上涨过 5 次。最近的一次发生在 2020 年 10 月份, 基础套餐维持在 8.99 美元不变，标准和基础套餐别上涨了 1 美元和 2 美元，至 13.99 美元和 17.99 美元。\n这个价格与 Netflix 过于十几年来的主要竞争对手 HBO NOW（无广告版 14.99 美元）、HULU（无广告版 11.99 美元）差别不大，但是和迪士尼、苹果这些野心勃勃的新一代入场者相比，就没有什么优势了。迪士尼+的月费仅为 7.99 美元，苹果 TV+的费用甚至更低，仅为 4.99 美元。\n过去一年几乎是全球流媒体的战国时代，巨头迪士尼、苹果、派拉蒙相继入场。\n在今年一季度的财报分析会议上，当被问及如何看待当下的竞争时，Netflix 的创始人里德·黑斯廷斯（Reed Hastings）是这么回应的：「很明显，新的竞争一直存在。但是当我们翻看过往的数据，公司一直在保持增长，因为我们也很有信心。」\n创始人的信心是一方面，但巨头们对 Netflix 的蚕食也是实实在在。2020 年，Netflix 原创节目的市场份额从年初的 56% 跌至了 50%。\n全球原创节目市场份额。数据来源：Parrot Analytics。图片来源：纽约时报\n这背后，是 Netflix 的内容流失。因为迪士尼+的上线，Netflix 下架了一系列迪士尼 IP 内容。而 HBO，也拿回了《老友记》《生活大爆炸》、吉卜力工作室等作品的版权。同样的，老牌情景喜剧《办公室》也被 NBC 收回旗下。\n在订阅用户的观看时长中，Netflix 自制剧仅占总数的 30%，其它都来自外部版权。根据《第一财经》杂志的数据，2018 年 Netflix 播放时长前三的作品正是《办公室》《老友记》和《实习医生格蕾》。新内容可能是拉动用户增长的关键，但是对于老观众来说，他们更倾向于选择自己熟悉的作品。\n一直在原创内容发力的 Netflix，因为疫情的缘故，撤回了大部分制作计划。目前，Netflix 还没有任何大型的回归系列。\nNetflix 的模式多少像是一锤子买卖。用户观看完剧集后，就和这部剧不再发生联系。Netflix 旗下的《怪奇物语》《纸牌屋》有大批的死忠粉丝，但单一的订阅付费模式并不能完全挖掘这些 IP 的价值。这就出现了一种奇怪的现象：一边是手握钞票嗷嗷叫着「Shut up and take my money」的粉丝，一边是「无动于衷」的官方。\n图片来源：memegenetator\n去年 Netflix 自制纪录片《虎王》上线 10 天就有 3430 万人观看，是 Netflix 最成功的剧集。在电商品牌 Esty 上立刻出现了大量《虎王》周边。但无一列外，它们都是山寨的。\n在 Esty 上搜索「虎王」，仍有 8195 条结果。图片来源：Esty\n这就不难理解为什么 Netflix 要推出线上商城。在 Netflix 官方博客中，Netflix Shop 的负责人、消费品部门副总裁约什·西蒙（Josh Simon）如此写道：「我们喜欢看到好故事超越屏幕，成为人们生活的一部分。」「我们一直在考虑如何为粉丝们拓展我们的故事世界，从服装和玩具到身临其境的事件和游戏。这也是为什么今天我们推出 Netflix.shop，将其作为一个令人兴奋的新目的地，将精心策划的产品和丰富的故事结合在一个独特的 Netflix 购物体验中。」\n这字里行间都在说一件事：我们想要成为迪士尼！\n迪士尼魔法\n1929 年，有一个人到旅馆找到沃尔特·迪士尼（Walter Disney），拿出 300 美元，要求把米老鼠的形象印在写字桌上。这 300 美元成了迪士尼的第一笔「特许经营」收入。近百年后，这 300 美元成了 547 亿美元的大生意。\n翻开迪士尼的 IP 清单，你会发现这几乎是一本长不见底的名录。除了自有的原创 IP，如米老鼠、小熊维尼、迪士尼公主、狮子王等，迪士尼在 21 世纪的头 20 年还疯狂收购了皮克斯、漫威、卢卡斯影业、二十世纪福克斯。也就是说，除了米老鼠，你所熟悉的复仇者联盟、星球大战、阿凡达、玩具总动员这些 IP 全部都属于迪士尼。\n迪士尼旗下 IP 人物全家福。图片来源：psu.edu\n根据 TitleMax 2019 年的数据，全球最赚钱的 20 个 IP 中有 8 个来自迪士尼，累计经济价值达 3551.82 亿美元。其中小熊维尼、米老鼠、星球大战分别位列第 3、4、5 位。这些超过了 40 年甚至近百年的老 IP，依旧爆发出了惊人的生命力。\n其余 TOP 20 的迪士尼 IP 分别是第 7 位的迪士尼公主、11 位的漫威宇宙、12 位的蜘蛛侠、18 位的赛车总动员和 19 位的玩具总动员。图片来源：TITLEMAX\n在好莱坞，有一个著名的火车头理论：电影本身可以不赚钱，但它必须带动相关产品的发展。沃尔特·迪士尼显然深谙此道。早在 1957 年，他就画下了一张草图，清晰描述了迪士尼的商业模式。\n沃尔特·迪士尼画下的迪士尼商业模式。图片来源：kottke.org\n在这张草图中，电影制片厂处在了明确的中心位置，音乐、电视、授权商品、主题乐园和出版物都环绕在四周。拿杂志来说，电影为杂志提供了文章内容，杂志则可以宣传电影和迪士尼乐园。每一部分都紧密联系在一起，相互配合，相互补充。\n时至今日，迪士尼公司依旧没有脱离这套模式的底层逻辑。迪士尼从不把创作出的动画形象看成一次性消费品，而是作为一个可长久消费的金矿去深度挖掘。当迪士尼制作一部电影时，公司不仅仅是考虑电影本身，而如何将故事转化为商品、服务、体验和其它衍生产品。正如迪士尼前首席财务官杰·拉苏洛（Jay Rasulo）所说：「公司的每个方面都是面向品牌和特许经营的。」\n在今天，迪士尼的这种模式被叫做轮次收入。\n首先，迪士尼会以高成本推出以 IP 故事为核心的电影，通过票房赚取第一轮收入。\n然后，迪士尼会把影片版权卖给流媒体平台，赚取第二轮收入\n同时，迪士尼每推出一部新电影就会在主题乐园中增加相应的新人物，通过迪士尼乐园赚取第三轮收入。\n最后，通过特许经营、出版、零售等方式赚取第四轮收入。\n通过这四轮收入，迪士尼明明白白地「榨干」了每一个 IP 的利润。这些多种多样的盈利渠道使迪士尼比 Netflix 拥有了关键的优势，更加延续了旗下 IP 的生命力。\n为故事建立爱，把爱变成钱\n与迪士尼不同，Netflix 并没有建立线下门店的计划。目前，Netflix 已经和 Target、沃尔玛、亚马逊、H&M、丝芙兰等零售商签订了数百种周边产品的许可协议。\nNetflix 还和电商平台 Shopify 一起开发了线上商城系统。此前，Shopify 已经为 Allbirds、Kith、《纽约时报》和金·卡戴珊（Kim Kardashian）的品牌 Skims 提供过技术支持。\n而 Netflix Shop 的项目负责人西蒙，就曾经在迪士尼工作室呆过六年，担任制作和开发总监。\n这些信息似乎都在表明 Netflix 的决心：「嘿！我们可不是在玩票，我们是认真的！」\n多年来，Netflix 一直回避自己是一家娱乐公司还是科技公司。就在最近，Netflix 创始人黑斯廷斯宣称：「我们真的是一家娱乐公司。」\n按照亚马逊工作室（Amazon Studio）前高管马修·鲍尔（Matthew Ball）的说法，从本质上讲，一家娱乐公司只做三件事：\n\n创造/讲述故事\n为这些故事建立爱\n把爱变成钱\n\n按照这个标准来说，迪士尼无疑是这个星球上做得最好的公司。想想看，有多少小女孩想在逛迪士尼乐园的时候穿上爱莎的蓝色长裙？又有多少家长会为此买单？\n在讲故事和建立爱上，Netflix 已经做得足够好了，但它能把爱变成钱吗？\n哥伦比亚商学院的零售研究主任马克·A·科恩（Mark A Cohen）就表示了怀疑：「它们（Netflix 的热播剧）大多数的保质期都很短，不像迪士尼的 IP，那是一代人的漫长旅程。」\n尽管有非常多的不确定性，但当下无疑是 Netflix 财务状况最好的一年。这家公司在过去 10 年总共借款达 160 亿美元。去年年底，Netflix 在第四季度财报上表示，它不再需要寻求借款来为公司提供资金。换句话说，Netflix 成为了一家真正盈利的公司。\n而它的其它流媒体竞争对手，都还在亏着钱，包括迪士尼。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"NFLX":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":4582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159274464,"gmtCreate":1624972925358,"gmtModify":1703849126697,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159274464","repostId":"1118894802","repostType":4,"repost":{"id":"1118894802","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":1624955420,"share":"https://ttm.financial/m/news/1118894802?lang=en_US&edition=fundamental","pubTime":"2021-06-29 16:30","market":"us","language":"zh","title":"Market Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.","url":"https://stock-news.laohu8.com/highlight/detail?id=1118894802","media":"老虎资讯综合","summary":"港股\n港股三大指数全日呈单边下跌行情，市场整体情绪表现平淡。截至收盘，恒指跌0.94%报28994点，国指跌0.98%报10757点，恒生科技指数跌0.91%报8201点。\n\n盘面上，石油板块跌幅居前","content":"<p><b>Hong Kong Stocks</b></p><p>The three major Hong Kong stock indices experienced a one-sided decline throughout the day, and overall market sentiment was muted. At the close, the Hang Seng Index fell 0.94% to 28,994 points, the Hang Seng Composite Index fell 0.98% to 10,757 points, and the Hang Seng Tech Index fell 0.91% to 8,201 points.</p><p><img src=\"https://static.tigerbbs.com/c7f0b8ac73315eee841216419d34c674\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the market, the oil sector saw the largest decline, with the three major oil companies all suffering heavy losses, dragging down the overall market. Recently strong biopharmaceutical and port and shipping stocks have all corrected, while financial stocks (insurance, securities, and banks) have performed poorly. Energy stocks such as home appliances, aviation, medical aesthetics, gas, defense stocks, gambling, and coal have generally declined. Major tech stocks showed mixed performance.<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>It bucked the trend and surged 3.6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>Closed higher,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>All declined; Restaurant stocks rebounded sharply.<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It surged nearly 9%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>Up 4.5%; Photovoltaic stocks performed strongly, while property management stocks continued to rise.<a href=\"https://laohu8.com/S/00873\">Shimao Services</a>Several other stocks continued to hit new highs. The market turnover was HK$146.1 billion, with southbound capital bucking the trend and seeing a net inflow of HK$963 million.</p><p><b>A-shares</b></p><p>The three major indices retreated, with the Shanghai Composite Index consolidating weakly above the 30-day moving average, closing down 0.92% at 3573 points, the Shenzhen Component Index down 0.99% at 14999 points, and the ChiNext Index down 0.19% at 3406 points. More than 3,100 stocks fell in the two markets, with market sentiment and profit-making effects declining significantly. Trading volume fell below one trillion yuan again after seven trading days, reaching 997.4 billion yuan. Northbound capital saw a net outflow of 3.14 billion yuan throughout the day.</p><p><img src=\"https://static.tigerbbs.com/55bf301fcd48fb59b0f70e721046a291\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Thematic concepts performed poorly, with stocks related to military industry, finance, liquor, chips, and 5G generally declining. Most of the funds flowed into the photovoltaic concept.<a href=\"https://laohu8.com/S/300118\">Oriental Sunrise</a>Ten stocks hit their daily limit.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It rose by more than 3%; Organosilicon concepts were strong throughout the day.<a href=\"https://laohu8.com/S/603260\">Hoshine Silicon</a>The stock hit the daily limit, setting a new record Concepts such as HIT batteries, lithium extraction from salt lakes, infants and children, and online travel were active, with most textile and apparel stocks rising.</p><p><a href=\"https://laohu8.com/S/300750\">CATL</a>The stock price hit a new all-time high, closing up nearly 3%, with a latest market capitalization of 1.1843 trillion yuan, surpassing...<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>It has become the number one stock on the Shenzhen Stock</p><p><img src=\"https://static.tigerbbs.com/93d3ce21ca8d59215a3c2e1be2a9f337\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up 0.17% as of press time. Nasdaq 100 futures fell 0.24%; S&P 500 futures fell 0.02%.</p><p><img src=\"https://static.tigerbbs.com/83895d64ec668d72dcb5edf73dbeff5d\" tg-width=\"478\" tg-height=\"182\" referrerpolicy=\"no-referrer\"></p><p>Morgan Stanley shares rose more than 2% in pre-market trading after doubling its quarterly Dividend to 70 cents and repurchasing up to $12 billion worth of shares.</p><p><img src=\"https://static.tigerbbs.com/72c436e1b865ee4e1d224f056bfd31ee\" tg-width=\"1302\" tg-height=\"833\"></p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.57%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.33%, the French CAC40 index rose 0.35%, and the Euro Stoxx 50 index rose 0.37%.</p><p><img src=\"https://static.tigerbbs.com/2b257919c3a4379a1b3848f144a0a925\" tg-width=\"820\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>crude oil</b></p><p>International oil prices fell slightly; as of press time, WTI crude oil was trading at $72.79 per barrel, down 0.16%. Brent crude is currently trading at $74.55 a barrel, down 0.17%.</p><p>International oil prices were dragged down by concerns about slowing fuel demand growth as a new outbreak of the highly contagious Delta variant of the novel coronavirus triggered new movement restrictions globally. However, U.S. shale oil producers are sticking to their commitment to suspend expansion, a move that differs from previous boom cycles and is beneficial to the oil market.</p><p><img src=\"https://static.tigerbbs.com/2317c0df6a343fd5277e3356ad5ee5b4\" tg-width=\"822\" tg-height=\"833\"><img src=\"https://static.tigerbbs.com/e4c741ddb202c84a0df34706caf5f957\" tg-width=\"822\" tg-height=\"833\"></p><p><b>gold</b></p><p>International gold prices fell slightly, down 0.72% on the day to $1,767.8 per ounce.</p><p>International gold prices continued their sideways and narrow-range fluctuations for more than a week, as investor concerns that the Federal Reserve would tighten monetary policy sooner than expected weakened the attractiveness of gold. Technically, gold prices remain bearish, with support targeting $1,748. However, the US Dollar Index has hovered below the 92 mark over the past week, limiting the downside potential for gold.</p><p><img src=\"https://static.tigerbbs.com/7e5ed09a2cb81ab881444e6e45deed9d\" tg-width=\"822\" tg-height=\"833\"></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>Market Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.</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\">\nMarket Overview: The top spot in the Shenzhen Stock Exchange has changed hands! Haidilao is booming against the trend.\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\">2021-06-29 16:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Hong Kong Stocks</b></p><p>The three major Hong Kong stock indices experienced a one-sided decline throughout the day, and overall market sentiment was muted. At the close, the Hang Seng Index fell 0.94% to 28,994 points, the Hang Seng Composite Index fell 0.98% to 10,757 points, and the Hang Seng Tech Index fell 0.91% to 8,201 points.</p><p><img src=\"https://static.tigerbbs.com/c7f0b8ac73315eee841216419d34c674\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the market, the oil sector saw the largest decline, with the three major oil companies all suffering heavy losses, dragging down the overall market. Recently strong biopharmaceutical and port and shipping stocks have all corrected, while financial stocks (insurance, securities, and banks) have performed poorly. Energy stocks such as home appliances, aviation, medical aesthetics, gas, defense stocks, gambling, and coal have generally declined. Major tech stocks showed mixed performance.<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>It bucked the trend and surged 3.6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>Closed higher,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>、<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>All declined; Restaurant stocks rebounded sharply.<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It surged nearly 9%.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>Up 4.5%; Photovoltaic stocks performed strongly, while property management stocks continued to rise.<a href=\"https://laohu8.com/S/00873\">Shimao Services</a>Several other stocks continued to hit new highs. The market turnover was HK$146.1 billion, with southbound capital bucking the trend and seeing a net inflow of HK$963 million.</p><p><b>A-shares</b></p><p>The three major indices retreated, with the Shanghai Composite Index consolidating weakly above the 30-day moving average, closing down 0.92% at 3573 points, the Shenzhen Component Index down 0.99% at 14999 points, and the ChiNext Index down 0.19% at 3406 points. More than 3,100 stocks fell in the two markets, with market sentiment and profit-making effects declining significantly. Trading volume fell below one trillion yuan again after seven trading days, reaching 997.4 billion yuan. Northbound capital saw a net outflow of 3.14 billion yuan throughout the day.</p><p><img src=\"https://static.tigerbbs.com/55bf301fcd48fb59b0f70e721046a291\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Thematic concepts performed poorly, with stocks related to military industry, finance, liquor, chips, and 5G generally declining. Most of the funds flowed into the photovoltaic concept.<a href=\"https://laohu8.com/S/300118\">Oriental Sunrise</a>Ten stocks hit their daily limit.<a href=\"https://laohu8.com/S/601012\">LONGi Green Energy</a>It rose by more than 3%; Organosilicon concepts were strong throughout the day.<a href=\"https://laohu8.com/S/603260\">Hoshine Silicon</a>The stock hit the daily limit, setting a new record Concepts such as HIT batteries, lithium extraction from salt lakes, infants and children, and online travel were active, with most textile and apparel stocks rising.</p><p><a href=\"https://laohu8.com/S/300750\">CATL</a>The stock price hit a new all-time high, closing up nearly 3%, with a latest market capitalization of 1.1843 trillion yuan, surpassing...<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>It has become the number one stock on the Shenzhen Stock</p><p><img src=\"https://static.tigerbbs.com/93d3ce21ca8d59215a3c2e1be2a9f337\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>US stocks</b></p><p>Futures for the three major U.S. stock indexes were mixed, with Dow Jones futures up 0.17% as of press time. Nasdaq 100 futures fell 0.24%; S&P 500 futures fell 0.02%.</p><p><img src=\"https://static.tigerbbs.com/83895d64ec668d72dcb5edf73dbeff5d\" tg-width=\"478\" tg-height=\"182\" referrerpolicy=\"no-referrer\"></p><p>Morgan Stanley shares rose more than 2% in pre-market trading after doubling its quarterly Dividend to 70 cents and repurchasing up to $12 billion worth of shares.</p><p><img src=\"https://static.tigerbbs.com/72c436e1b865ee4e1d224f056bfd31ee\" tg-width=\"1302\" tg-height=\"833\"></p><p><b>European stocks</b></p><p>Major European indices rose across the board; as of press time, the German DAX index was up 0.57%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.33%, the French CAC40 index rose 0.35%, and the Euro Stoxx 50 index rose 0.37%.</p><p><img src=\"https://static.tigerbbs.com/2b257919c3a4379a1b3848f144a0a925\" tg-width=\"820\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><b>crude oil</b></p><p>International oil prices fell slightly; as of press time, WTI crude oil was trading at $72.79 per barrel, down 0.16%. Brent crude is currently trading at $74.55 a barrel, down 0.17%.</p><p>International oil prices were dragged down by concerns about slowing fuel demand growth as a new outbreak of the highly contagious Delta variant of the novel coronavirus triggered new movement restrictions globally. However, U.S. shale oil producers are sticking to their commitment to suspend expansion, a move that differs from previous boom cycles and is beneficial to the oil market.</p><p><img src=\"https://static.tigerbbs.com/2317c0df6a343fd5277e3356ad5ee5b4\" tg-width=\"822\" tg-height=\"833\"><img src=\"https://static.tigerbbs.com/e4c741ddb202c84a0df34706caf5f957\" tg-width=\"822\" tg-height=\"833\"></p><p><b>gold</b></p><p>International gold prices fell slightly, down 0.72% on the day to $1,767.8 per ounce.</p><p>International gold prices continued their sideways and narrow-range fluctuations for more than a week, as investor concerns that the Federal Reserve would tighten monetary policy sooner than expected weakened the attractiveness of gold. Technically, gold prices remain bearish, with support targeting $1,748. However, the US Dollar Index has hovered below the 92 mark over the past week, limiting the downside potential for gold.</p><p><img src=\"https://static.tigerbbs.com/7e5ed09a2cb81ab881444e6e45deed9d\" tg-width=\"822\" tg-height=\"833\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"300750":"宁德时代","399001":"深证成指","399006":"创业板指","HSTECH":"恒生科技指数","06862":"海底捞",".SPX":"S&P 500 Index","HSCEI":"国企指数",".DJI":"道琼斯","HSI":"恒生指数",".IXIC":"NASDAQ Composite","HSCCI":"红筹指数","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118894802","content_text":"港股\n港股三大指数全日呈单边下跌行情，市场整体情绪表现平淡。截至收盘，恒指跌0.94%报28994点，国指跌0.98%报10757点，恒生科技指数跌0.91%报8201点。\n\n盘面上，石油板块跌幅居前，三桶油皆重挫拖累大市走低；近期强势的生物医药股、港口航运股全线回调，金融股(保险、券商、银行)表现低迷，家电股、航空股、医美股、燃气股、军工股、濠赌股、煤炭等能源股普遍下跌；大型科技股涨跌不一，网易-S逆势大涨3.6%，京东集团-SW、百度集团-SW收涨，腾讯、阿里巴巴-SW、美团-W均下跌；餐饮股大幅反弹，海底捞大涨近9%，呷哺呷哺涨4.5%；光伏股强势，物管股继续上扬，世茂服务等多股续创新高价。大市成交额为1461亿港元，南下资金逆势净流入9.63亿港元。\nA股\n三大指数回调，沪指在30日线上方弱势整理，全天收跌0.92%报3573点，深成指跌0.99%报14999点，创业板指跌0.19%报3406点。两市3100余股下跌，市场情绪及赚钱效应明显回落，成交额时隔七个交易日再次回至万亿下方，为9974亿，北上资金全天净卖出31.4亿。\n\n题材概念表现低迷，军工、金融、白酒、芯片、5G等概念股普遍下跌；资金多数流向光伏概念，东方日升等十股涨停，隆基股份涨逾3%；有机硅概念全天强势，合盛硅业涨停创新高；HIT电池、盐湖提锂、婴童、在线旅游等概念活跃，纺织服饰股多数上涨。\n宁德时代股价再创历史新高，截至收盘，涨近3%，最新市值11843亿元，超越五粮液成为深市“一哥”。\n\n美股\n美国三大股指期货涨跌不一，截至发稿，道指期货涨0.17%；纳斯达克100指数期货跌0.24%；标普500指数期货跌0.02%。\n\n摩根士丹利盘前涨超2%，摩根士丹利将季度股息翻倍至70美分，将回购最高120亿美元股票。\n\n欧股\n欧洲主要指数全线上涨，截止发稿，德国DAX指数涨0.57%，英国富时100指数涨0.33%，法国CAC40指数涨0.35%，欧洲斯托克50指数涨0.37%。\n\n原油\n国际油价小幅下跌，截止发稿，WTI原油报72.79美元/桶，跌0.16%；布油现报74.55美元/桶，跌0.17%。\n国际油价受到对燃料需求增长放缓的担忧拖累，因为高传染性新冠变种病毒Delta的新疫情在全球引发了新的行动限制。不过美国页岩油生产商仍坚守暂停扩大指出的承诺，有异于先前几波景气循环荣景时的做法，对油市构成利好。\n\n黄金\n国际黄金小幅走低，日内跌0.72%，报1767.8美元/盎司。\n国际金价延续逾一周的横盘窄幅震荡态势，投资者对美联储将比预期更早收紧货币政策的担忧削弱了黄金的吸引力。技术上看金价仍看跌，下方支撑看向1748美元。但美元指数过去一周徘徊在92整数关口下方，限制了黄金下行空间。","news_type":1,"symbols_score_info":{"300750":0.9,"399001":0.9,"399006":0.9,"000001.SH":0.9,"HSCCI":0.9,".SPX":0.9,"HSTECH":0.9,".DJI":0.9,".IXIC":0.9,"HSCEI":0.9,"06862":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":4433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159274834,"gmtCreate":1624972910628,"gmtModify":1703849125887,"author":{"id":"3572785300913507","authorId":"3572785300913507","name":"山风_8300","avatar":"https://static.tigerbbs.com/297d7c59c9be350172849ef10e98943c","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572785300913507","authorIdStr":"3572785300913507"},"themes":[],"title":"","htmlText":"&nbsp;?","listText":"&nbsp;?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159274834","repostId":"1188452851","repostType":4,"repost":{"id":"1188452851","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624960188,"share":"https://ttm.financial/m/news/1188452851?lang=en_US&edition=fundamental","pubTime":"2021-06-29 17:49","market":"sh","language":"zh","title":"With 61 consecutive limit-up days, what kind of \"strange trend\" has swept through the most outperforming ST stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1188452851","media":"华尔街见闻","summary":"如果问今年最妖的股是哪只，那一定非*ST众泰莫属。\n今年以来，*ST众泰在100多个交易日狂拉61个涨停，成为A股涨停王，股价也从年初的1.34元飙升至目前的7.5元，足足涨了460%，股价翻了5倍！","content":"<p>If you were to ask which stock is the most volatile this year, it would definitely be...<a href=\"https://laohu8.com/S/000980\">*ST Zotye</a>Unquestionably.</p><p>Since the beginning of this year, *ST Zotye has surged 61 times to the daily limit in over 100 trading days, becoming...<b>A-share limit-up king</b>The stock price has also soared from 1.34 yuan at the beginning of the year to 7.5 yuan at present, an increase of 460%, and the stock price has increased fivefold!</p><p>If calculated based on the highest increase, *ST Zotye's performance this year...<b>The cumulative increase reached a staggering 628%, more than six times!</b></p><p><img src=\"https://static.tigerbbs.com/83019cb4d2e69da5e15ccb2c837e3f24\" tg-width=\"840\" tg-height=\"470\"></p><p>During this period, the company issued multiple announcements regarding abnormal stock price fluctuations and warnings that its stock might be subject to delisting risk warnings. Despite three suspensions for investigation, the company failed to stop its stock price from soaring.</p><p>according to<a href=\"https://laohu8.com/S/300033\">Tonghuashun</a>Statistics show that from January 11 to June 24, *ST Zotye appeared on the stock exchange's daily trading list as many as 23 times, attracting many speculative funds to participate in the speculation.</p><p>According to Choice's stock exchange's trading data, as of June 24, the top five brokerage firms with the largest purchase amounts for *ST Zotye over three consecutive trading days were all from firms known as the \"retail investor stronghold.\"<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>Securities Lhasa branch.</p><p><img src=\"https://static.tigerbbs.com/46071fe71f43e7f8af7638a92f29ea34\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that,<b>Due to continuous losses, *ST Zotye faces the risk of being delisted. Following the shocking 10 billion yuan loss in the automotive industry in 2019</b>*ST Zotye 2020<b>Another loss of 10.801 billion yuan</b>As of the end of 2020, the company's net assets were -4.423 billion yuan. According to regulations, the company's audited net assets in 2020 were negative, and the company's stock continued to be subject to \"delisting risk warning\" treatment.</p><p><b>01. Restructuring expectations led to a surge in *ST Zotye.</b></p><p>Looking at the history of *ST Zotye's speculation, it has always been inextricably linked to \"restructuring expectations\".</p><p>On the evening of January 11 this year, *ST Zotye issued an \"Announcement on the Progress of Public Recruitment of Investors\", stating that on December 25 and December 28, 2020, the pre-restructuring administrator signed a \"Confidentiality Agreement\" with one potential investor and a \"Letter of Intent\" with another potential investor, respectively.</p><p><b>From then on</b>，<b>*ST Zotye's stock price then began to rise continuously.</b></p><p>The two potential investors have paid the corresponding confidentiality deposits and letter of intent deposits, and have begun to conduct specific due diligence work after paying the deposits. As the saying goes, \"stock trading is about expectations,\" and the expectation that \"someone will take over the restructuring\" became the core driving force behind *ST Zotye's continuous rise.<img src=\"https://static.tigerbbs.com/d01c30a1357f4ca66327ea763408b69c\" tg-width=\"613\" tg-height=\"837\" referrerpolicy=\"no-referrer\"></p><p>In this regard,<b>There were rumors in the market that the investor might be<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Xiaomi<a href=\"https://laohu8.com/S/NIO\">Nio</a>One of the cases involving Baoneng is that Baoneng was once \"confirmed\" by official sources.</b></p><p>However, *ST Zotye later emphasized that Tesla, Xiaomi, Nio, and Baoneng were not investors in the company's pre-restructuring.</p><p>According to media reports, the official website of the Linyi Municipal Bureau of Commerce in Shandong Province once announced that the cooperation project between Baoneng Automobile Group Co., Ltd., a subsidiary of Baoneng Group, and Linyi Zotye has entered the substantive negotiation stage.</p><p>However, Baoneng Auto denied the above claims to several media outlets, and subsequently, the Linyi Municipal Bureau of Commerce retracted the release.</p><p><b>02. Zhibo Investment terminates its investment company; its first and second largest circulating shareholders both abscond.</b></p><p>After surging 61 times to the daily limit,<b>A major negative event, like a bolt from the blue, could become the straw that broke *ST Zotye's consecutive limit-up days.</b></p><p>On the evening of June 25, Zotye Automobile issued an announcement stating that, in accordance with the relevant provisions of the \"Confidentiality Agreement\" signed between potential investor Zhibo Investment and the company in December 2020, Zhibo Investment has decided to terminate its investment in the company.</p><p><img src=\"https://static.tigerbbs.com/5d029f53c2c47afc85afae9ea489f8f0\" tg-width=\"682\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>The announcement also warned that the company's stock may face the risk of delisting. If the company successfully implements the restructuring and completes the restructuring plan, it will help optimize the company's asset and liability structure and enhance the company's sustainable operation and profitability. If the restructuring fails, the company risks being declared bankrupt.</p><p>On Monday, June 28, *ST Zotye opened at the daily limit down, with more than 480,000 lots of buy orders, amounting to more than 350 million yuan.</p><p><b>Some analysts have traced the dynamic timeline of potential investors in *ST Zotye, and the matter can actually be traced back to December of last year.</b></p><p>On December 25, 2020, *ST Zotye disclosed for the first time that Shanghai Zhiyang had signed a \"Confidentiality Agreement\" and a \"Letter of Intent\" with the pre-restructuring administrator, and paid the corresponding confidentiality deposit and letter of intent deposit. On December 28, 2020, Hunan Zhibo signed a \"Confidentiality Agreement\" with the pre-reorganization administrator and paid the corresponding confidentiality deposit.</p><p><img src=\"https://static.tigerbbs.com/f3948a0dfa5378ccb2f70cea501d90ce\" tg-width=\"656\" tg-height=\"276\" referrerpolicy=\"no-referrer\"></p><p><b>According to *ST Zotye's announcement on April 7, the company currently has two potential investors.</b>One is Shanghai Zhiyang Investment Co., Ltd. (hereinafter referred to as \"Shanghai Zhiyang\"), and the other is Hunan Zhibo Equity Investment Fund Management Co., Ltd. (hereinafter referred to as \"Hunan Zhibo\"). According to Qichacha, both companies are private equity fund managers with registered capital of 50 million yuan and 10 million yuan respectively, and neither has any background in the automotive industry chain.</p><p><b>However, in May, things took another turn.</b>。 On the evening of May 12, *ST Zotye, which has entered the pre-restructuring stage, issued an announcement stating that on May 12, 2021, the company received a letter from Shanghai Zhiyang Investment Co., Ltd., which was forwarded by the company's pre-restructuring administrator: \"Based on the company's assessment of the due diligence results of Zotye Automobile Co., Ltd. (hereinafter referred to as Zotye Automobile), as well as the recent abnormal fluctuations in Zotye Automobile's stock price and its serious deviation from its fundamentals, and out of consideration of investment prudence, the company has decided to temporarily postpone the investment in Zotye Automobile.\"</p><p><b>Currently, Zhibo Investment has chosen to terminate its investment in Zotye Automobile, and another potential investor, Shanghai Zhiyang, has also announced a suspension of its investment. There is considerable uncertainty regarding whether it will ultimately decide to restructure Zotye Automobile.</b>。</p><p>To make matters worse, in addition to some institutions terminating their investments,<b>Even *ST Zotye's \"family members\" have engaged in large-scale share reductions.</b>。</p><p>On May 24 and May 27, *ST Zotye issued two pre-disclosure announcements regarding the reduction of shares held by shareholders holding more than 5% of the company's shares. First, Great Wall (Deyang) Changfu Investment Fund Partnership, a shareholder holding 7.03% of the company's shares, plans to reduce its holdings by no more than 2.03% of the company's total share capital through centralized bidding or block trading. Secondly, Wuhan Tianfeng Zhixin Investment Center (Limited Partnership), a shareholder holding 5.84% of the shares, plans to use centralized bidding or block trading.<b>\"Clearance-style\" share reduction</b>。</p><p>According to Wind data, the company's first-quarter report shows that Great Wall Changfu and Tianfeng Zhixin are the company's first and second largest circulating shareholders, respectively.</p><p>The Daily Economic News believes that<b>The sudden move by the two major shareholders when the stock price was at a high level, besides generating profits, clearly demonstrates a loss of confidence in *ST Zotye's future.</b>。</p><p>Next, will *ST Zotye, which is experiencing a complete failure and a state of panic, continue to hit the daily limit down for several consecutive days, or will it continue to be speculated on and reach new highs?</p><p><b>03. The core value lies in the license plate, but \"counterfeit Porsches\" cannot be tolerated.</b></p><p>Regarding *ST Zotye's consecutive daily limit-up moves,<b>The entry of emerging car manufacturers may be one of the catalysts.</b>。</p><p>Recently, giants such as Xiaomi, Huawei, and Didi have successively launched car manufacturing plans, and the qualification for emerging electric vehicle manufacturers to participate in the competition is essentially a car manufacturing license.<b>However, as of now, the National Development and Reform Commission has stopped issuing new energy vehicle</b>。</p><p><b>Zotye possesses the production qualifications for new energy passenger vehicles and commercial vehicles.</b>。 According to public information, Zotye is one of the earliest automakers in China to enter the new energy vehicle industry. It is also the first company in China to hold an invention patent in the field of pure electric vehicles and the first company to obtain a production and sales license for pure electric passenger vehicles.</p><p>Nevertheless,<b>However, Zotye's rapid expansion by imitating luxury cars was quite surprising.</b>。 In 2016, the company launched the Zotye SR9, which resembles the Porsche Macan in appearance and is known as \"Baoshitai\". Furthermore, due to frequent quality problems, Zotye Auto's sales have declined rapidly in recent years.</p><p><img src=\"https://static.tigerbbs.com/aeb2f12b758335d213c513448b74d590\" tg-width=\"503\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>With such a knock-off art style, coupled with worrying quality issues, so what if it has a license? Ultimately, it was difficult to convince investors and partners.</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>With 61 consecutive limit-up days, what kind of \"strange trend\" has swept through the most outperforming ST stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith 61 consecutive limit-up days, what kind of \"strange trend\" has swept through the most outperforming ST stocks?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-29 17:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you were to ask which stock is the most volatile this year, it would definitely be...<a href=\"https://laohu8.com/S/000980\">*ST Zotye</a>Unquestionably.</p><p>Since the beginning of this year, *ST Zotye has surged 61 times to the daily limit in over 100 trading days, becoming...<b>A-share limit-up king</b>The stock price has also soared from 1.34 yuan at the beginning of the year to 7.5 yuan at present, an increase of 460%, and the stock price has increased fivefold!</p><p>If calculated based on the highest increase, *ST Zotye's performance this year...<b>The cumulative increase reached a staggering 628%, more than six times!</b></p><p><img src=\"https://static.tigerbbs.com/83019cb4d2e69da5e15ccb2c837e3f24\" tg-width=\"840\" tg-height=\"470\"></p><p>During this period, the company issued multiple announcements regarding abnormal stock price fluctuations and warnings that its stock might be subject to delisting risk warnings. Despite three suspensions for investigation, the company failed to stop its stock price from soaring.</p><p>according to<a href=\"https://laohu8.com/S/300033\">Tonghuashun</a>Statistics show that from January 11 to June 24, *ST Zotye appeared on the stock exchange's daily trading list as many as 23 times, attracting many speculative funds to participate in the speculation.</p><p>According to Choice's stock exchange's trading data, as of June 24, the top five brokerage firms with the largest purchase amounts for *ST Zotye over three consecutive trading days were all from firms known as the \"retail investor stronghold.\"<a href=\"https://laohu8.com/S/300059\">Eastmoney</a>Securities Lhasa branch.</p><p><img src=\"https://static.tigerbbs.com/46071fe71f43e7f8af7638a92f29ea34\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that,<b>Due to continuous losses, *ST Zotye faces the risk of being delisted. Following the shocking 10 billion yuan loss in the automotive industry in 2019</b>*ST Zotye 2020<b>Another loss of 10.801 billion yuan</b>As of the end of 2020, the company's net assets were -4.423 billion yuan. According to regulations, the company's audited net assets in 2020 were negative, and the company's stock continued to be subject to \"delisting risk warning\" treatment.</p><p><b>01. Restructuring expectations led to a surge in *ST Zotye.</b></p><p>Looking at the history of *ST Zotye's speculation, it has always been inextricably linked to \"restructuring expectations\".</p><p>On the evening of January 11 this year, *ST Zotye issued an \"Announcement on the Progress of Public Recruitment of Investors\", stating that on December 25 and December 28, 2020, the pre-restructuring administrator signed a \"Confidentiality Agreement\" with one potential investor and a \"Letter of Intent\" with another potential investor, respectively.</p><p><b>From then on</b>，<b>*ST Zotye's stock price then began to rise continuously.</b></p><p>The two potential investors have paid the corresponding confidentiality deposits and letter of intent deposits, and have begun to conduct specific due diligence work after paying the deposits. As the saying goes, \"stock trading is about expectations,\" and the expectation that \"someone will take over the restructuring\" became the core driving force behind *ST Zotye's continuous rise.<img src=\"https://static.tigerbbs.com/d01c30a1357f4ca66327ea763408b69c\" tg-width=\"613\" tg-height=\"837\" referrerpolicy=\"no-referrer\"></p><p>In this regard,<b>There were rumors in the market that the investor might be<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Xiaomi<a href=\"https://laohu8.com/S/NIO\">Nio</a>One of the cases involving Baoneng is that Baoneng was once \"confirmed\" by official sources.</b></p><p>However, *ST Zotye later emphasized that Tesla, Xiaomi, Nio, and Baoneng were not investors in the company's pre-restructuring.</p><p>According to media reports, the official website of the Linyi Municipal Bureau of Commerce in Shandong Province once announced that the cooperation project between Baoneng Automobile Group Co., Ltd., a subsidiary of Baoneng Group, and Linyi Zotye has entered the substantive negotiation stage.</p><p>However, Baoneng Auto denied the above claims to several media outlets, and subsequently, the Linyi Municipal Bureau of Commerce retracted the release.</p><p><b>02. Zhibo Investment terminates its investment company; its first and second largest circulating shareholders both abscond.</b></p><p>After surging 61 times to the daily limit,<b>A major negative event, like a bolt from the blue, could become the straw that broke *ST Zotye's consecutive limit-up days.</b></p><p>On the evening of June 25, Zotye Automobile issued an announcement stating that, in accordance with the relevant provisions of the \"Confidentiality Agreement\" signed between potential investor Zhibo Investment and the company in December 2020, Zhibo Investment has decided to terminate its investment in the company.</p><p><img src=\"https://static.tigerbbs.com/5d029f53c2c47afc85afae9ea489f8f0\" tg-width=\"682\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p>The announcement also warned that the company's stock may face the risk of delisting. If the company successfully implements the restructuring and completes the restructuring plan, it will help optimize the company's asset and liability structure and enhance the company's sustainable operation and profitability. If the restructuring fails, the company risks being declared bankrupt.</p><p>On Monday, June 28, *ST Zotye opened at the daily limit down, with more than 480,000 lots of buy orders, amounting to more than 350 million yuan.</p><p><b>Some analysts have traced the dynamic timeline of potential investors in *ST Zotye, and the matter can actually be traced back to December of last year.</b></p><p>On December 25, 2020, *ST Zotye disclosed for the first time that Shanghai Zhiyang had signed a \"Confidentiality Agreement\" and a \"Letter of Intent\" with the pre-restructuring administrator, and paid the corresponding confidentiality deposit and letter of intent deposit. On December 28, 2020, Hunan Zhibo signed a \"Confidentiality Agreement\" with the pre-reorganization administrator and paid the corresponding confidentiality deposit.</p><p><img src=\"https://static.tigerbbs.com/f3948a0dfa5378ccb2f70cea501d90ce\" tg-width=\"656\" tg-height=\"276\" referrerpolicy=\"no-referrer\"></p><p><b>According to *ST Zotye's announcement on April 7, the company currently has two potential investors.</b>One is Shanghai Zhiyang Investment Co., Ltd. (hereinafter referred to as \"Shanghai Zhiyang\"), and the other is Hunan Zhibo Equity Investment Fund Management Co., Ltd. (hereinafter referred to as \"Hunan Zhibo\"). According to Qichacha, both companies are private equity fund managers with registered capital of 50 million yuan and 10 million yuan respectively, and neither has any background in the automotive industry chain.</p><p><b>However, in May, things took another turn.</b>。 On the evening of May 12, *ST Zotye, which has entered the pre-restructuring stage, issued an announcement stating that on May 12, 2021, the company received a letter from Shanghai Zhiyang Investment Co., Ltd., which was forwarded by the company's pre-restructuring administrator: \"Based on the company's assessment of the due diligence results of Zotye Automobile Co., Ltd. (hereinafter referred to as Zotye Automobile), as well as the recent abnormal fluctuations in Zotye Automobile's stock price and its serious deviation from its fundamentals, and out of consideration of investment prudence, the company has decided to temporarily postpone the investment in Zotye Automobile.\"</p><p><b>Currently, Zhibo Investment has chosen to terminate its investment in Zotye Automobile, and another potential investor, Shanghai Zhiyang, has also announced a suspension of its investment. There is considerable uncertainty regarding whether it will ultimately decide to restructure Zotye Automobile.</b>。</p><p>To make matters worse, in addition to some institutions terminating their investments,<b>Even *ST Zotye's \"family members\" have engaged in large-scale share reductions.</b>。</p><p>On May 24 and May 27, *ST Zotye issued two pre-disclosure announcements regarding the reduction of shares held by shareholders holding more than 5% of the company's shares. First, Great Wall (Deyang) Changfu Investment Fund Partnership, a shareholder holding 7.03% of the company's shares, plans to reduce its holdings by no more than 2.03% of the company's total share capital through centralized bidding or block trading. Secondly, Wuhan Tianfeng Zhixin Investment Center (Limited Partnership), a shareholder holding 5.84% of the shares, plans to use centralized bidding or block trading.<b>\"Clearance-style\" share reduction</b>。</p><p>According to Wind data, the company's first-quarter report shows that Great Wall Changfu and Tianfeng Zhixin are the company's first and second largest circulating shareholders, respectively.</p><p>The Daily Economic News believes that<b>The sudden move by the two major shareholders when the stock price was at a high level, besides generating profits, clearly demonstrates a loss of confidence in *ST Zotye's future.</b>。</p><p>Next, will *ST Zotye, which is experiencing a complete failure and a state of panic, continue to hit the daily limit down for several consecutive days, or will it continue to be speculated on and reach new highs?</p><p><b>03. The core value lies in the license plate, but \"counterfeit Porsches\" cannot be tolerated.</b></p><p>Regarding *ST Zotye's consecutive daily limit-up moves,<b>The entry of emerging car manufacturers may be one of the catalysts.</b>。</p><p>Recently, giants such as Xiaomi, Huawei, and Didi have successively launched car manufacturing plans, and the qualification for emerging electric vehicle manufacturers to participate in the competition is essentially a car manufacturing license.<b>However, as of now, the National Development and Reform Commission has stopped issuing new energy vehicle</b>。</p><p><b>Zotye possesses the production qualifications for new energy passenger vehicles and commercial vehicles.</b>。 According to public information, Zotye is one of the earliest automakers in China to enter the new energy vehicle industry. It is also the first company in China to hold an invention patent in the field of pure electric vehicles and the first company to obtain a production and sales license for pure electric passenger vehicles.</p><p>Nevertheless,<b>However, Zotye's rapid expansion by imitating luxury cars was quite surprising.</b>。 In 2016, the company launched the Zotye SR9, which resembles the Porsche Macan in appearance and is known as \"Baoshitai\". Furthermore, due to frequent quality problems, Zotye Auto's sales have declined rapidly in recent years.</p><p><img src=\"https://static.tigerbbs.com/aeb2f12b758335d213c513448b74d590\" tg-width=\"503\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>With such a knock-off art style, coupled with worrying quality issues, so what if it has a license? Ultimately, it was difficult to convince investors and partners.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b8ea9e4b472cd3f7c83196f81fbd8882","relate_stocks":{"000980":"众泰汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188452851","content_text":"如果问今年最妖的股是哪只，那一定非*ST众泰莫属。\n今年以来，*ST众泰在100多个交易日狂拉61个涨停，成为A股涨停王，股价也从年初的1.34元飙升至目前的7.5元，足足涨了460%，股价翻了5倍！\n如果按照最高涨幅计算，*ST众泰年内的累计涨幅更是高达628%，超过6倍！\n\n期间公司多次发布股价异动公告及股票可能被实施退市风险警示的提示性公告，并历经3次停牌核查，也未能阻止股价“一骑绝尘”。\n据同花顺统计，自1月11日以来截至6月24日，*ST众泰登上交易所龙虎榜的次数高达23次，吸引了诸多游资参与炒作。\nChoice龙虎榜数据显示，截至6月24日，*ST众泰连续三个交易日内，买入金额最大的前5名营业部均为被称为“散户大本营”的东方财富证券拉萨营业部。\n\n值得注意的是，由于连续亏损，*ST众泰存在被终止上市的风险。在继2019年出现震惊汽车行业的百亿亏损后，*ST众泰2020年再度亏损108.01亿元，截至2020年末，公司净资产为-44.23亿元。根据规定，公司2020年度经审计后的净资产为负值，公司股票继续被实施“退市风险警示”处理。\n01、重组预期致*ST众泰暴涨\n纵观*ST众泰的炒作历史，则一向与“重组预期”脱不开干系。\n今年1月11日晚间，*ST众泰发布《关于公开招募投资人的进展公告》称，2020年12月25日、12月28日，预重整管理人分别与一家意向投资人签署了《保密协议》，与另一家意向投资人签署了《保密协议》和《意向协议书》。\n自此以后，*ST众泰的股价便开始“涨涨不休”。\n两家意向投资人已缴纳相应的保密保证金和意向保证金，并着手在缴纳保证金后开展具体的尽职调查工作。正所谓“炒股炒的是预期”，“有人接盘重整”的预期成为之后*ST众泰不断上涨的核心驱动力。\n对此，市场一度传言投资方可能为特斯拉、小米、蔚来和宝能的其中之一，其中宝能还一度被官方消息“实锤”。\n但后来，*ST众泰又强调称，特斯拉、小米、蔚来和宝能均不是公司预重整投资人。\n据媒体了解，山东临沂市商务局官网曾发布消息称，宝能集团旗下宝能汽车集团有限公司与临沂众泰合作项目已进入实质性洽谈阶段。\n不过，宝能汽车对多家媒体否认了上述说法，随后，临沂市商务局也撤销了该发布内容。\n02、致博投资终止投资公司，第一、二大流通股东双双“跑路”\n在狂拉61个涨停后，一则重大利空晴天霹雳一般，或许成为压垮*ST众泰连板的稻草。\n6月25日晚间，众泰汽车发布公告称，根据意向投资人致博投资与公司2020年12月签署的《保密协议书》的相关约定，致博投资决定终止投资本公司。\n\n同时，公告还提示，公司股票可能面临终止上市的风险。如果公司顺利实施重整并执行完毕重整计划，将有利于优化公司资产负债结构，提升公司的持续经营及盈利能力。若重整失败，公司将存在被宣告破产的风险。\n6月28日周一，*ST众泰开盘一字跌停，封单超过48万手，封单金额超过3.5亿元。\n有分析人士梳理了*ST众泰意向投资者的动态时间线，其实事情可以追溯到去年12月。\n在2020年12月25日，*ST众泰首次披露，上海智阳与预重整管理人签署了《保密协议》和《意向协议书》，并缴纳了相应的保密保证金和意向保证金。2020年12月28日，湖南致博与预重整管理人签署了《保密协议》，并缴纳了相应的保密保证金。\n\n根据4月7日*ST众泰的公告，目前公司意向投资人有两家，一家是上海智阳投资有限公司(下称“上海智阳”)，另一家是湖南致博股权投资基金管理有限公司(下称“湖南致博”)。企查查显示，这两家公司均为私募基金管理人，注册资本分别为5000万元和1000万元，且均无汽车产业链相关背景。\n然而时间到了5月，事情又发生了转折。5月12日晚间，已进入预重整阶段的*ST众泰发布公告称，公司于2021年5月12日收到公司预重整管理人转交的上海智阳投资有限公司向其发出的函：“基于本公司对众泰汽车股份有限公司(下称众泰汽车)尽职调查结果的评估，以及近期众泰汽车股价异动、严重偏离其基本面，出于投资谨慎性考虑，本公司决定暂缓推进对众泰汽车的投资事宜。”\n如今，致博投资选择终止推进对众泰汽车的投资事宜，而目前另一家意向投资人上海智阳亦宣布暂缓投资，是否最终决定重组众泰汽车存在很大不确定性。\n祸不单行的是，除了有机构终止投资，就连*ST众泰的“自家人”也玩起了大减持。\n5月24日和5月27日，*ST众泰分别发布了两则关于持股5%以上股东减持公司股份的预披露公告。首先，持股7.03%的股东长城（德阳）长富投资基金合伙企业计划以集中竞价方式或大宗交易方式减持公司股份合计不超过公司总股本比例 2.03%；其次，持股5.84%的股东武汉天风智信投资中心（有限合伙）计划以集中竞价方式或大宗交易方式“清仓式”减持。\nWind数据显示，公司一季报显示，长城长富和天风智信分别为公司第一、第二大流通股东。\n每日经济新闻认为，两位大股东在股价处于高位时突然来这么一招，除了获取收益之外，对*ST众泰的未来失去信心也是可以明确感觉到的。\n接下来，“四大皆空”“风声鹤唳”的*ST众泰将会连续数跌停板，还是继续被资金炒作再创新高呢？\n03、核心价值在牌照，但“山寨保时捷”不能忍\n对于*ST众泰的连板，造车新势力的入局或许是催化之一。\n近日，小米、华为、滴滴等巨头先后启动造车计划，而新势力造车的参赛资格就是一张造车资质，但截至目前发改委已停发新能源车生产资质。\n而众泰拥有新能源乘用车和商用车的生产资质。资料显示，众泰是国内最早进入新能源汽车行业的车企之一，也上国内第一个纯电动整车领域的发明专利、第一个获得了纯电动乘用车生产销售许可证的企业。\n尽管如此，但众泰采用模仿豪车的方式迅速扩张，让人大跌眼镜。2016年，公司推出了外形酷似保时捷Macan的众泰SR9，被称为“保时泰”。此外由于质量问题频发，近年来众泰汽车销量迅速下滑。\n\n这样的山寨画风，加之以令人担忧的质量问题，即使有一张牌照又如何？最终还是难以让投资方和合作方信服。","news_type":1,"symbols_score_info":{"000980":0.9}},"isVote":1,"tweetType":1,"viewCount":4205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}