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2021-06-21

Nooo

In response to the "sound" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions

2021-06-20

Lol

The market actually went like this after the resolution! Has the Fed thought of it?

2021-03-25

Nooooo

Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?

2021-03-24

Nooooo

China's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%

2021-03-23

Gooood

Dalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities

2021-03-19

Interesting

Is DocuSign Still a Buy After Stock Surges 200%?

2021-03-17

Interesting

IQiyi struggles with Station B: Second creation infringement, traffic hurts the body

2021-03-10

Again

Sorry, the original content has been removed

2021-03-07

Noooo

Apocalypse of the Big Fall

2021-03-06

????

What to do when U.S. stocks plummet? Warren Buffett said this

2021-03-05

Nooooo

Nio vehicles: After experiencing "madness", can they maintain "prosperity"

2021-02-21

Oo

Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage

2021-02-13

Interesting

At the age of 34, she relied on 500 teahouses to support an IPO

2021-02-13

How

The famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?

2021-02-11

Cry

Tesla falls more than 5%, may create its own system to process Bitcoin payments

2021-02-10

Noted

Reminder: List of closing arrangements for major markets during the Spring Festival holiday

2021-01-28

666

Xiaomi Group rose in the short term, maintaining the first market share in India in Q4

2021-01-27

??fighting

Go to Tiger App to see more news

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17:08","market":"fut","language":"zh","title":"In response to the \"sound\" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions","url":"https://stock-news.laohu8.com/highlight/detail?id=2145408990","media":"券商中国","summary":"6月21日，国家发改委价格司与市场监管总局价监竞争局赴北京铁矿石交易中心开展调研，并召开专题座谈会，研究做好铁矿石等大宗商品保供稳价工作。\n消息刊出，引发市场高度关注。尽管3天前，类似调研在全国煤炭交","content":"<p><img src=\"https://static.tigerbbs.com/bb2f9b038a85a5384d9ad1366425cc63\" tg-width=\"600\" tg-height=\"333\" referrerpolicy=\"no-referrer\">On June 21, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The news was published, which aroused great concern in the market. Although a similar survey was held at the National Coal Trading Center three days ago, the already weak iron ore futures market is still highly sensitive to policy changes, and the decline has increased significantly. At the close of the afternoon that day, the main iron ore futures contract fell by 8.79%, while other black industry chain varieties also fell to varying degrees.</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading. Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9% and a year-on-year increase of 3.18%, setting a new low level in the past 12 months.<img src=\"https://static.tigerbbs.com/1ec9e41c36fab182b0608040d9b355b7\" tg-width=\"828\" tg-height=\"1668\" referrerpolicy=\"no-referrer\">Investigate malicious speculation in the spot market</p><p>On June 21, the National Development and Reform Commission released the latest news. The Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research to learn more about iron ore transactions and price changes this year, and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The meeting pointed out that the price of iron ore has risen sharply and continued to run at a high level, which has increased the pressure on the production and operation of midstream and downstream enterprises and attracted great attention from all sectors of society. The state supports the healthy development of iron ore spot trading platforms and encourages relevant market entities to trade in compliance with laws and regulations. At the same time, it will pay close attention to changes in spot trading prices, promptly investigate abnormal transactions and malicious speculation, and reach and implement monopoly agreements, spread price increase information, Price gouging, hoarding and other behaviors will be severely punished and publicly exposed according to law to maintain good market order.</p><p><img src=\"https://static.tigerbbs.com/2dd8bcf74c36e913c1f3ab97c47d99f1\" tg-width=\"676\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>When this news was published, the already weak iron ore futures price fell further, reaching 8.79%. Other black industry chain varieties, including threads, hot coils, coking coal, coke and other varieties, also experienced significant declines.</p><p><img src=\"https://static.tigerbbs.com/89c9020e72b280be300e41709fc0c89a\" tg-width=\"828\" tg-height=\"1628\" referrerpolicy=\"no-referrer\">Speculation in commodity markets begins to cool</p><p>It is worth noting that just three days ago, Meng Wei, spokesperson of the National Development and Reform Commission, said at a press conference on June 17 that through a series of measures, judging from the current situation, market speculation has begun to cool down, and some commodities, such as The prices of iron ore, steel, copper and other commodities have fallen to varying degrees.</p><p>At the same time, on June 17, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation jointly went to the National Coal Trading Center for investigation to understand the operation of the coal market and price changes, and held a symposium to study the work of ensuring supply and stable prices of coal and other bulk commodities. The meeting also proposed that it will closely monitor the price trend of bulk commodities such as coal, conscientiously do a good job in price forecasting and early warning, keep abreast of the operating conditions of relevant market entities, investigate abnormal transactions and malicious speculation, severely crack down on illegal activities such as hoarding and price gouging, and maintain normal market order. At the same time, in accordance with the newly issued \"Measures for the Administration of Price Index Behavior of Important Commodities and Services (Trial)\", the compilation and release of bulk commodity price indexes will be standardized.</p><p>In May, the National Standing Committee repeatedly named \"commodities\" and took multiple measures to help small and micro enterprises and individual industrial and commercial households cope with the impact of rising prices of upstream raw materials. These measures include strengthening the two-way adjustment of supply and demand, carrying out commodity market supervision, and alleviating the production and operation difficulties of market entities. At the same time, relevant departments jointly interviewed enterprises and associations in key industries, investigated and verified clues about suspected market manipulation and price gouging, and urged relevant market entities to operate in compliance with laws and regulations. Recently, the National Development and Reform Commission, together with the State Administration for Market Regulation and the China Securities Regulatory Commission, has established a regular consultation mechanism for the joint supervision of the futures and spot markets.</p><p>Domestic steel companies further upgrade production restrictions</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading.</p><p>Last weekend, Handan City issued a notice to strengthen control of the steel industry. The control time is from 18:00 on June 19 to 24:00 on June 30. Among them, the production load of all sintering machines in four counties (cities, districts) of Fengfeng Mining Area, Wu'an City, Yongnian District and Shexian County will be reduced by another 30% on the basis of existing control measures. All iron and steel enterprises have one blast furnace. If a single blast furnace enterprise cannot stew the furnace, the production load of the sintering machine will be reduced by another 10% on the basis of the original control measures.</p><p>In addition, some coke enterprises in Shandong (accounting for about 30%, incomplete statistics) have gradually implemented production restrictions. At present, the production restriction ratio is mostly 10-20%, and very few enterprises have a production restriction ratio of more than 30%. The enterprises expect that the subsequent production restriction ratio will gradually increase; Most of the rest of the companies are currently operating normally, but they all indicate that they are ready to limit production. Most companies expect to implement production restrictions one after another by the end of June.</p><p>Amid the escalation of production restrictions, the average operating rate of steel mills fell further last week. Statistics show that last week, the blast furnace operating rate of 247 steel mills across the country was 80.21%, a month-on-month decrease of 0.13% and a year-on-year decrease of 11.33%; The utilization rate of blast furnace ironmaking capacity was 91.67%, a month-on-month decrease of 0.02% and a year-on-year decrease of 0.98%; The profitability rate of steel mills was 86.15%, a month-on-month increase of 0.43% and a year-on-year decrease of 9.09%; The average daily hot metal output was 2.4401 million tons, a month-on-month decrease of 0.05 million tons and a year-on-year decrease of 26,200 tons.</p><p>On June 21, Dazhong Mining, a domestic iron ore production company, stated on the investor interaction platform that the company is implementing production expansion and plans to increase iron ore production to 15 million tons/year.</p><p>The Baocheng Futures research report believes that in the medium term, the future increase in ore supply is expected to be relatively large, and the probability of expected fulfillment is relatively high under high ore prices. At the same time, the recovery of overseas demand is difficult to make up for the reduction. The medium-term supply and demand pattern of ore will change when supply increases and demand decreases, and ore prices are expected to fall back from high levels.</p><p>Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9%, setting a new low level in the past 12 months.</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>In response to the \"sound\" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions</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\">\nIn response to the \"sound\" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-21 17:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/bb2f9b038a85a5384d9ad1366425cc63\" tg-width=\"600\" tg-height=\"333\" referrerpolicy=\"no-referrer\">On June 21, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The news was published, which aroused great concern in the market. Although a similar survey was held at the National Coal Trading Center three days ago, the already weak iron ore futures market is still highly sensitive to policy changes, and the decline has increased significantly. At the close of the afternoon that day, the main iron ore futures contract fell by 8.79%, while other black industry chain varieties also fell to varying degrees.</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading. Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9% and a year-on-year increase of 3.18%, setting a new low level in the past 12 months.<img src=\"https://static.tigerbbs.com/1ec9e41c36fab182b0608040d9b355b7\" tg-width=\"828\" tg-height=\"1668\" referrerpolicy=\"no-referrer\">Investigate malicious speculation in the spot market</p><p>On June 21, the National Development and Reform Commission released the latest news. The Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research to learn more about iron ore transactions and price changes this year, and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The meeting pointed out that the price of iron ore has risen sharply and continued to run at a high level, which has increased the pressure on the production and operation of midstream and downstream enterprises and attracted great attention from all sectors of society. The state supports the healthy development of iron ore spot trading platforms and encourages relevant market entities to trade in compliance with laws and regulations. At the same time, it will pay close attention to changes in spot trading prices, promptly investigate abnormal transactions and malicious speculation, and reach and implement monopoly agreements, spread price increase information, Price gouging, hoarding and other behaviors will be severely punished and publicly exposed according to law to maintain good market order.</p><p><img src=\"https://static.tigerbbs.com/2dd8bcf74c36e913c1f3ab97c47d99f1\" tg-width=\"676\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>When this news was published, the already weak iron ore futures price fell further, reaching 8.79%. Other black industry chain varieties, including threads, hot coils, coking coal, coke and other varieties, also experienced significant declines.</p><p><img src=\"https://static.tigerbbs.com/89c9020e72b280be300e41709fc0c89a\" tg-width=\"828\" tg-height=\"1628\" referrerpolicy=\"no-referrer\">Speculation in commodity markets begins to cool</p><p>It is worth noting that just three days ago, Meng Wei, spokesperson of the National Development and Reform Commission, said at a press conference on June 17 that through a series of measures, judging from the current situation, market speculation has begun to cool down, and some commodities, such as The prices of iron ore, steel, copper and other commodities have fallen to varying degrees.</p><p>At the same time, on June 17, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation jointly went to the National Coal Trading Center for investigation to understand the operation of the coal market and price changes, and held a symposium to study the work of ensuring supply and stable prices of coal and other bulk commodities. The meeting also proposed that it will closely monitor the price trend of bulk commodities such as coal, conscientiously do a good job in price forecasting and early warning, keep abreast of the operating conditions of relevant market entities, investigate abnormal transactions and malicious speculation, severely crack down on illegal activities such as hoarding and price gouging, and maintain normal market order. At the same time, in accordance with the newly issued \"Measures for the Administration of Price Index Behavior of Important Commodities and Services (Trial)\", the compilation and release of bulk commodity price indexes will be standardized.</p><p>In May, the National Standing Committee repeatedly named \"commodities\" and took multiple measures to help small and micro enterprises and individual industrial and commercial households cope with the impact of rising prices of upstream raw materials. These measures include strengthening the two-way adjustment of supply and demand, carrying out commodity market supervision, and alleviating the production and operation difficulties of market entities. At the same time, relevant departments jointly interviewed enterprises and associations in key industries, investigated and verified clues about suspected market manipulation and price gouging, and urged relevant market entities to operate in compliance with laws and regulations. Recently, the National Development and Reform Commission, together with the State Administration for Market Regulation and the China Securities Regulatory Commission, has established a regular consultation mechanism for the joint supervision of the futures and spot markets.</p><p>Domestic steel companies further upgrade production restrictions</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading.</p><p>Last weekend, Handan City issued a notice to strengthen control of the steel industry. The control time is from 18:00 on June 19 to 24:00 on June 30. Among them, the production load of all sintering machines in four counties (cities, districts) of Fengfeng Mining Area, Wu'an City, Yongnian District and Shexian County will be reduced by another 30% on the basis of existing control measures. All iron and steel enterprises have one blast furnace. If a single blast furnace enterprise cannot stew the furnace, the production load of the sintering machine will be reduced by another 10% on the basis of the original control measures.</p><p>In addition, some coke enterprises in Shandong (accounting for about 30%, incomplete statistics) have gradually implemented production restrictions. At present, the production restriction ratio is mostly 10-20%, and very few enterprises have a production restriction ratio of more than 30%. The enterprises expect that the subsequent production restriction ratio will gradually increase; Most of the rest of the companies are currently operating normally, but they all indicate that they are ready to limit production. Most companies expect to implement production restrictions one after another by the end of June.</p><p>Amid the escalation of production restrictions, the average operating rate of steel mills fell further last week. Statistics show that last week, the blast furnace operating rate of 247 steel mills across the country was 80.21%, a month-on-month decrease of 0.13% and a year-on-year decrease of 11.33%; The utilization rate of blast furnace ironmaking capacity was 91.67%, a month-on-month decrease of 0.02% and a year-on-year decrease of 0.98%; The profitability rate of steel mills was 86.15%, a month-on-month increase of 0.43% and a year-on-year decrease of 9.09%; The average daily hot metal output was 2.4401 million tons, a month-on-month decrease of 0.05 million tons and a year-on-year decrease of 26,200 tons.</p><p>On June 21, Dazhong Mining, a domestic iron ore production company, stated on the investor interaction platform that the company is implementing production expansion and plans to increase iron ore production to 15 million tons/year.</p><p>The Baocheng Futures research report believes that in the medium term, the future increase in ore supply is expected to be relatively large, and the probability of expected fulfillment is relatively high under high ore prices. At the same time, the recovery of overseas demand is difficult to make up for the reduction. The medium-term supply and demand pattern of ore will change when supply increases and demand decreases, and ore prices are expected to fall back from high levels.</p><p>Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9%, setting a new low level in the past 12 months.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb2f9b038a85a5384d9ad1366425cc63","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145408990","content_text":"6月21日，国家发改委价格司与市场监管总局价监竞争局赴北京铁矿石交易中心开展调研，并召开专题座谈会，研究做好铁矿石等大宗商品保供稳价工作。\n消息刊出，引发市场高度关注。尽管3天前，类似调研在全国煤炭交易中心举行，但是本已弱势的铁矿石期货市场仍然高度敏感政策变化，跌幅明显加大。当日下午收盘时，铁矿石期货主力合约跌幅达到8.79%，而其他黑色产业链品种也出现不同程度下跌。\n值得关注的是，在国内政策加大对于大宗商品监管力度的同时，国内钢铁企业和下游产业链限产的幅度也在进一步升级。在政策推动下，5月份铁矿石进口量为8979万吨，环比下降8.9%，同比增长3.18%，创下近12个月内新低水平。排查现货市场恶意炒作行为\n6月21日，国家发改委发布最新消息，国家发改委价格司与市场监管总局价监竞争局赴北京铁矿石交易中心开展调研，详细了解今年以来铁矿石交易及价格变化情况，并召开专题座谈会，研究做好铁矿石等大宗商品保供稳价工作。\n此次会议指出，铁矿石价格大幅上涨并持续高位运行，加大了中下游企业生产经营压力，引起社会各方面高度关注。国家支持铁矿石现货交易平台健康发展，鼓励相关市场主体依法合规交易，同时将密切关注现货交易价格变化，及时排查异常交易和恶意炒作行为，对达成实施垄断协议、散播涨价信息、哄抬价格、囤积居奇等行为将依法予以严厉处罚并公开曝光，维护良好市场秩序。\n\n这一消息刊出，本已弱势的铁矿石期货价格跌幅进一步加大，达到8.79%。其他黑色产业链品种，包括螺纹、热卷、焦煤、焦炭等品种跌幅也明显加大。\n大宗商品市场投机炒作开始降温\n值得注意的是，就在3天前，国家发改委新闻发言人孟玮6月17日在新闻发布会上表示，通过一系列举措，从目前情况看，市场投机炒作开始降温，部分大宗商品，比如铁矿石、钢材、铜等商品价格出现了不同程度回落。\n同时在6月17日，国家发展改革委价格司与市场监管总局价监竞争局联合赴全国煤炭交易中心调研，了解煤炭市场运行和价格变动情况，并召开座谈会，研究做好煤炭等大宗商品保供稳价工作。会议同样提出，将密切监测煤炭等大宗商品价格走势，认真做好价格预测预警工作，及时了解有关市场主体经营情况，排查异常交易和恶意炒作，严厉打击囤积居奇、哄抬价格等违法违规行为，维护正常市场秩序。同时，按照刚出台的《重要商品和服务价格指数行为管理办法(试行)》，规范做好大宗商品价格指数编制和发布工作。\n5月份，国常会多次点名“大宗商品”，多措并举帮助小微企业、个体工商户应对上游原材料涨价影响。这些举措包括加强供需双向调节、开展大宗商品市场监管、纾解市场主体生产经营困难等。同时，有关部门联合约谈重点行业企业及协会，调查核实涉嫌操纵市场、哄抬价格问题有关线索，督促有关市场主体守法合规经营。近日，国家发改委还会同市场监管总局、证监会建立了期现货市场联动监管定期会商机制。\n国内钢企限产进一步升级\n值得关注的是，在国内政策加大对于大宗商品监管力度的同时，国内钢铁企业和下游产业链限产的幅度也在进一步升级。\n上周末，邯郸市发布对钢铁行业加强管控的通知，管控时间为6月19日18：00至6月30日24：00。其中峰峰矿区、武安市、永年区、涉县四个县（市、区）所有烧结机在现有管控措施基础上生产负荷再减30%。所有钢铁企业一座高炉焖炉，如为单高炉企业无法焖炉，在原管控措施基础上烧结机生产负荷再减10%。\n此外，山东已有部分焦企（约占30%，不完全统计）逐步执行限产，目前限产比例多为10-20%，极个别企业限产比例30%以上，企业预计后续限产比例将逐步加大；其余企业目前多正常生产，但都表示已做好限产的准备，企业多预计到6月底前会陆续将限产执行到位。\n在限产升级的情况下，上周钢厂平均开工率进一步下降。统计显示，上周，全国247家钢厂高炉开工率80.21%，环比降0.13%，同比降11.33%；高炉炼铁产能利用率91.67%，环比降0.02%，同比降0.98%；钢厂盈利率86.15%，环比增0.43%，同比降9.09%；日均铁水产量244.01万吨，环比降0.05万吨，同比降2.62万吨。\n6月21日，国内铁矿石生产企业——大中矿业在在投资者互动平台表示，公司正在实施扩产，计划铁矿石产量提升到1500万吨/年。\n宝城期货研究报告认为，中期来看，矿石供应未来增量预期较大，且高矿价下预期兑现概率较大，而国内压减粗钢产量和碳中和政策驱动下，中期需求将迎来减量，同时海外需求复苏难以弥补减量，供增需减情况下矿石中期供需格局将转变，矿价有望高位回落。\n在政策推动下，5月份铁矿石进口量为8979万吨，环比下降8.9%，创下近12个月内新低水平。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164310627,"gmtCreate":1624170986869,"gmtModify":1703830109663,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164310627","repostId":"2144709321","repostType":4,"repost":{"id":"2144709321","kind":"highlight","pubTimestamp":1624167977,"share":"https://ttm.financial/m/news/2144709321?lang=en_US&edition=fundamental","pubTime":"2021-06-20 13:46","market":"us","language":"zh","title":"The market actually went like this after the resolution! Has the Fed thought of it?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144709321","media":"智通财经网","summary":"德银首席外汇策略师George Saravelos认为，从收益率曲线平坦化可以看出，美联储犯了一个重大的政策错误，市场表明了对中性利率r*的极度悲观态度。","content":"<p>The market performance after the Fed's decision is extraordinary from any angle: the US Dollar Index has recorded its biggest single-day increase since the new crown epidemic swept the world in March last year, long-term U.S. bond yields have fallen to their lowest since February, and some commodity prices have fallen to a new low since March last year, but the Nasdaq index has hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist George Saravelos said in the report that the Fed made a major policy mistake, as can be seen from the flattening of the yield curve. And this comes down to the market's extremely pessimistic view of the neutral interest rate r *, \"in other words, this is the same argument we predicted six years ago that the Fed's rate hike cycle would end in disaster.\"<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">Why is there such an unexpected trend in the market? Deutsche Bank analysts gave analysis one by one:</p><p>The dollar's surge: The performance of the dollar's surge is completely in line with the traditional view, that is, the front-end real interest rate has the greatest impact on the the US Dollar Index. Expectations for the Federal Reserve to tighten monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year U.S. Treasury yield does not hit a new high, it is not surprising that the US Dollar Index has rebounded strongly.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The Fed's role in pushing up commodity prices should not be underestimated, perhaps as we can see from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also showed that there was a strong correlation between the Fed's balance sheet, commodity prices and inflation expectations. The 2013 shrinking balance sheet also marked the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">A number of survey-based indicators, such as the University of Michigan Inflation Expectations Index, also show a high correlation between commodity prices and inflation expectations. The above arguments all show that the Fed's ability to influence inflation expectations through the US dollar and commodities far exceeds the imagination of ordinary people.</p><p>Finally, and most importantly, the bonds and neutral interest rate segments. As can be seen from the chart below, in the past 48 hours, the bond market has experienced obvious distortion flattening, which is unusual when the Federal Reserve has not even started its rate hike.</p><p>Repeating the Fed's rate hike cycle from 2015 to 2019, although the market's pricing of rate hike in 2023 and 2024 has risen, the yield after these two points in time has begun to decline, mainly because the market believes that the Fed can only do at most rate hike in less than two years.<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">This also coincides with a noticeable decline in inflation expectations. In fact, the Fed made a hawkish shift even before breakeven inflation reached the normal range level of 2014. And now the market has taken an extremely pessimistic view on the neutral rate r *.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Fed decides to act early, then market voices say that the Fed cannot go far until inflation and growth reach their speed limits, which also leads to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets outside the bond market also reflect pessimism about the neutral interest rate r *. The huge demand for yields from global investors has driven the dollar stronger and produced a faster-than-expected disinflation impact. In other words, the global downturn in neutral interest rates has pushed the US neutral rate even lower.</p><p>The low neutral interest rate is consistent with the strengthening of the stock market, especially for growth stocks that rely heavily on the medium-term discount rate. The trend of U.S. stocks in the past two days has reflected a huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warned that this is actually version 2.0 of pricing that has been stagnant for a decade from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While a day or two of price performance doesn't constitute a trend, the odd signals from the market should not be ignored. Deutsche Bank analysts have emphasized in the past few weeks that there are still many issues to be resolved from a V-shaped recovery to a post-COVID stable state, including the structural damage left by COVID-19 pandemic to the private sector savings rate and the new equilibrium real interest rate level. Imagine the tragic situation of the economy without fiscal stimulus measures-without trillions of dollars of new fiscal stimulus measures every year, can the United States maintain a positive GDP growth rate? And what will happen to inflation if the Fed is forced to cut interest rates before the inflation fire goes out? These are all questions that the market will have to consider in the coming months.</p><p>The biggest question currently facing the Fed is whether it is possible to repeat the mistakes of 1937, when the Fed believed that the U.S. economy had improved and began to launch a rate hike, but the result was that the U.S. economy fell back into trouble, and ultimately it was massive fiscal reflation during World War II that saved everything.</p><p>But the question is, at present, the debt and deficit of the United States have risen to the level of World War II. Without war, how can the U.S. government justify the annual fiscal stimulus measures of several trillion dollars? When prices continue to rise in 2024 and the economy falls into recession again, how will the then Federal Reserve chairman fight inflation?</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The market actually went like this after the resolution! 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Has the Fed thought of it?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-06-20 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market performance after the Fed's decision is extraordinary from any angle: the US Dollar Index has recorded its biggest single-day increase since the new crown epidemic swept the world in March last year, long-term U.S. bond yields have fallen to their lowest since February, and some commodity prices have fallen to a new low since March last year, but the Nasdaq index has hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist George Saravelos said in the report that the Fed made a major policy mistake, as can be seen from the flattening of the yield curve. And this comes down to the market's extremely pessimistic view of the neutral interest rate r *, \"in other words, this is the same argument we predicted six years ago that the Fed's rate hike cycle would end in disaster.\"<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">Why is there such an unexpected trend in the market? Deutsche Bank analysts gave analysis one by one:</p><p>The dollar's surge: The performance of the dollar's surge is completely in line with the traditional view, that is, the front-end real interest rate has the greatest impact on the the US Dollar Index. Expectations for the Federal Reserve to tighten monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year U.S. Treasury yield does not hit a new high, it is not surprising that the US Dollar Index has rebounded strongly.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The Fed's role in pushing up commodity prices should not be underestimated, perhaps as we can see from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also showed that there was a strong correlation between the Fed's balance sheet, commodity prices and inflation expectations. The 2013 shrinking balance sheet also marked the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">A number of survey-based indicators, such as the University of Michigan Inflation Expectations Index, also show a high correlation between commodity prices and inflation expectations. The above arguments all show that the Fed's ability to influence inflation expectations through the US dollar and commodities far exceeds the imagination of ordinary people.</p><p>Finally, and most importantly, the bonds and neutral interest rate segments. As can be seen from the chart below, in the past 48 hours, the bond market has experienced obvious distortion flattening, which is unusual when the Federal Reserve has not even started its rate hike.</p><p>Repeating the Fed's rate hike cycle from 2015 to 2019, although the market's pricing of rate hike in 2023 and 2024 has risen, the yield after these two points in time has begun to decline, mainly because the market believes that the Fed can only do at most rate hike in less than two years.<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">This also coincides with a noticeable decline in inflation expectations. In fact, the Fed made a hawkish shift even before breakeven inflation reached the normal range level of 2014. And now the market has taken an extremely pessimistic view on the neutral rate r *.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Fed decides to act early, then market voices say that the Fed cannot go far until inflation and growth reach their speed limits, which also leads to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets outside the bond market also reflect pessimism about the neutral interest rate r *. The huge demand for yields from global investors has driven the dollar stronger and produced a faster-than-expected disinflation impact. In other words, the global downturn in neutral interest rates has pushed the US neutral rate even lower.</p><p>The low neutral interest rate is consistent with the strengthening of the stock market, especially for growth stocks that rely heavily on the medium-term discount rate. The trend of U.S. stocks in the past two days has reflected a huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warned that this is actually version 2.0 of pricing that has been stagnant for a decade from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While a day or two of price performance doesn't constitute a trend, the odd signals from the market should not be ignored. Deutsche Bank analysts have emphasized in the past few weeks that there are still many issues to be resolved from a V-shaped recovery to a post-COVID stable state, including the structural damage left by COVID-19 pandemic to the private sector savings rate and the new equilibrium real interest rate level. Imagine the tragic situation of the economy without fiscal stimulus measures-without trillions of dollars of new fiscal stimulus measures every year, can the United States maintain a positive GDP growth rate? And what will happen to inflation if the Fed is forced to cut interest rates before the inflation fire goes out? These are all questions that the market will have to consider in the coming months.</p><p>The biggest question currently facing the Fed is whether it is possible to repeat the mistakes of 1937, when the Fed believed that the U.S. economy had improved and began to launch a rate hike, but the result was that the U.S. economy fell back into trouble, and ultimately it was massive fiscal reflation during World War II that saved everything.</p><p>But the question is, at present, the debt and deficit of the United States have risen to the level of World War II. Without war, how can the U.S. government justify the annual fiscal stimulus measures of several trillion dollars? When prices continue to rise in 2024 and the economy falls into recession again, how will the then Federal Reserve chairman fight inflation?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/497227.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85333027402a432a97137c9e6d12fcdc","relate_stocks":{"161125":"标普500","513500":"标普500ETF","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","OEX":"标普100","UDOW":"三倍做多道指30ETF-ProShares","IVV":"标普500ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","DXD":"两倍做空道琼30指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空",".DJI":"道琼斯","OEF":"标普100指数ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/497227.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2144709321","content_text":"美联储决议后的市场表现，无论从什么角度来看都非比寻常：美元指数自去年3月新冠疫情席卷全球以来创下单日最大涨幅，长端美债收益率跌至2月以来最低，部分商品价格跌至去年3月以来新低，但纳斯达克指数却创下历史新高。\n市场为何出现如此出乎意料的表现?德意志银行首席外汇策略师George Saravelos在报告中表示，从收益率曲线平坦化可以看出，美联储犯了一个重大的政策错误。而这归结为市场对中性利率r*的极度悲观看法，“换句话说，这与我们六年前预测的，美联储加息周期将以灾难结束时的论点相同。”为何市场会有如此意外走势?德银分析师一一给出分析：\n美元大涨：美元大涨的表现完全符合传统观点，即对美元指数影响最大的是前端实际利率。美联储2023年收紧货币政策的预期已经被重新定价，支撑近期美元强势的表现。即便10年期美债收益率没有创下新高，美元指数强势反弹也并不让人惊讶。商品暴跌：不应低估美联储在推升商品价格方面起到的作用，或许我们从目前美元与基金属价格之前非常高的相关性中可以看出。德银此前的报告也表明，美联储资产负债表、商品价格和通胀预期之间存在强关联性，2013年缩表也标志着当时的通胀预期顶。而多项基于调查的指标，比如密歇根大学通胀预期指数也表明商品价格与通胀预期的高关联性。上述的论据都表明，美联储通过美元和商品影响通胀预期的能力远超一般人想象。\n最后，也是最重要的，债券和中性利率的部分。从下图可以看出，在过去48小时内，债券市场出现明显的扭曲平坦化，在美联储甚至还没开始加息的时候出现这种情况非比寻常。\n重演2015年至2019年美联储加息周期，尽管市场对2023年和2024年加息定价已经上升，但这两个时间点之后的收益率开始下降，主要因市场认为美联储最多能做到的也只有在不到两年时间内加息。这也与通胀预期的明显下降相吻合。事实上，美联储甚至在盈亏平衡通胀率达到2014年正常区间水平前就出现了鹰派的转变。而现在市场对中性利率r*采取了极其悲观的看法。换句话说，如果美联储决定提前行动，那么市场的声音表示，在通胀和增长达到速度极限前，美联储无法走得很远，这也导致市场对美联储第一次加息后的利率预期下降。\n债券市场之外的其他市场也反映出对中性利率r*的悲观，全球投资者对收益率的巨大需求推动美元走强，并产生比预期来得更快的去通胀(通胀放缓，disinflation)影响。换句话说，全球中性利率的低迷将美国中性利率推得更低了。\n而低中性利率与股市走强是相一致的，特别是严重依赖中期贴现利率的成长股。过去两天美股走势反映的是从罗素2000到纳斯达克指数的巨大相对轮动，但德银分析师警告，这其实是2010年到2019年长期停滞十年定价的2.0版本。虽然一两天的价格表现并不能构成趋势，但市场发出的奇怪信号不应被忽略。德银分析师在过去几周一直强调，从V型复苏到后新冠时代的稳定状态，还有许多问题有待解决，包括新冠疫情对私营部门储蓄率，以及新均衡实际利率水平留下的结构性损伤。可以想象，没有财政刺激措施之后经济的悲惨情形——没有每年数万亿美元的新财政刺激措施，美国是否能维持正的GDP增长率?而如果美联储被迫在通胀之火熄灭前就降息，通胀率会怎样?这些都是市场在未来几个月内不得不考虑的问题。\n美联储当前面临的最大问题在于是否可能重蹈1937年覆辙，当时美联储认为美国经济已经好转，并开始启动加息，但结果是美国经济重新陷入困境，最终是二战时期的大规模财政再通胀挽救了一切。\n但问题在于，目前美国的债务和赤字都已经升至二战时的水平，没有战争，美国政府还能如何证明每年几万亿美元的财政刺激措施合理?当2024年物价继续上涨，经济再度陷入衰退，时任的美联储主席要如何抗击通胀?","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DOG":0.9,"ESmain":0.9,"DDM":0.9,"SQQQ":0.9,"QID":0.9,"MNQmain":0.9,".IXIC":0.9,"OEX":0.9,"SDS":0.9,".SPX":0.9,"TQQQ":0.9,".DJI":0.9,"QLD":0.9,"PSQ":0.9,"SPY":0.9,"NQmain":0.9,"OEF":0.9,"QQQ":0.9,"UPRO":0.9,"UDOW":0.9,"SDOW":0.9,"SSO":0.9,"DJX":0.9,"SPXU":0.9,"IVV":0.9,"SH":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":1263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358051253,"gmtCreate":1616643603572,"gmtModify":1704796831992,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Nooooo","listText":"Nooooo","text":"Nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358051253","repostId":"1190595276","repostType":4,"repost":{"id":"1190595276","kind":"news","pubTimestamp":1616642731,"share":"https://ttm.financial/m/news/1190595276?lang=en_US&edition=fundamental","pubTime":"2021-03-25 11:25","market":"us","language":"zh","title":"Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?","url":"https://stock-news.laohu8.com/highlight/detail?id=1190595276","media":"格隆汇","summary":"摘要：山雨欲来？\n\n懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。\n昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。\n\n2020","content":"<p>Summary: Is the mountain rain coming? Knowing that Wang has retired for a long time, but the Jianghu is still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued the latest notice saying that it had passed a temporary amendment to implement the information disclosure requirements of listed companies under the Foreign Company Responsibility Act.</p><p><img src=\"https://static.tigerbbs.com/cbfb5123c1497d7570dd3fc6ff9e1cab\" tg-width=\"692\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>In December 2020, then US President Trump officially signed the Holding Foreign Companies Accountable Act. The bill mainly contains two contents:</p><p>1. If a foreign company fails to pass the audit of the American Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be prohibited from listing on any American exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>As soon as the Sino-US talks full of gunpowder broke up in discord, the bill landed immediately. It is hard to believe that there is no relationship between the two.</p><p>Market analysts generally believe that the official announcement of the US SEC means that Chinese concept stocks listed in the US will face greater delisting pressure.</p><p>Affected by this, Chinese concept stocks collectively plummeted last night, driving the Nasdaq to fall by more than 2%. As of the close of U.S. stocks, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell more than 15%, Li Auto Automobile fell more than 13%, and Nio Automobile fell more than 10%; Baidu, Pinduoduo, and Bilibili all fell about 9%.</p><p><img src=\"https://static.tigerbbs.com/7990411053bdd2c68ced8d126b1faf69\" tg-width=\"534\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Except for PetroChina and Sinopec, which escaped due to the surge in international oil prices, almost none of the top Chinese concept stocks were spared.</p><p>Back in China, stocks that have returned to Hong Kong for listing have been dragged down, and the Hang Seng Technology Index once fell by more than 4% at the opening.</p><p><img src=\"https://static.tigerbbs.com/937f24a8781c59f9fd396711afef4fbc\" tg-width=\"691\" tg-height=\"422\" referrerpolicy=\"no-referrer\"></p><p>So far, the Hengke Index has fallen by nearly 2%, JD.com and Alibaba have both fallen by more than 4%, and Xiaomi, NetEase, Meituan, etc. have collectively followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Chinese concept stocks are dominated by technology companies, and there are profound historical reasons behind this phenomenon.</p><p><b>1. The tide of returning to Hong Kong market may intensify, and liquidity concerns are hidden</b></p><p>Around the millennium, China's stock market was still in its infancy, and the threshold for listing was relatively strict. Under the system of audit system and approval system, the time cost of issuing stocks for financing is relatively large. The most important thing is that the standard of issuing stocks and listing financing in China is relatively high, which requires the company's assets to reach a certain scale, make profits for three consecutive years, and the return on net assets should reach 10%.</p><p>It is difficult for innovative Internet companies with high risks to meet the standards, but at that time, the domestic Internet industry was in the early stages of development and needed to burn a lot of money.</p><p>Coupled with the lack of domestic funds at that time, the philosophy of banks was not open, and the issuance of loans was relatively strict. Because they could not understand the profit model of technology companies, it was difficult for Internet companies to raise funds through large channels.</p><p>Therefore, at that time, the main sources of funds for such emerging enterprises were angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The best-known example is Alibaba, which Jack Ma successfully raised from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecom-related enterprises (including the Internet), and it is basically impossible for joint ventures to be approved. In order to solve this problem, joint ventures have adopted VIE structure to bypass this layer of policy supervision.</p><p>However, the VIE architecture has also been recognized by Intelligence as circumventing legal policies, and its legality is questionable.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-unable to be listed on A-shares.</p><p>However, the United States and Hong Kong are both registration systems, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale, complete process and compliance requirements, and their financing efficiency is high.</p><p>Therefore, the phenomenon that Internet companies have gone public overseas has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing of Chinese concept stocks. It is expected that after the implementation of the US bill, this trend will intensify under the \"delisting anxiety\".</p><p>According to Wind statistics, there are currently 272 Chinese concept stocks listed in the United States mainly in technology, consumption and medical care. According to the latest principles of the Hong Kong Stock Exchange, the return of listing of U.S. and Chinese concept stocks must meet one of the following two requirements: one is that the market value is greater than HK $40 billion, and the other is that the market value is greater than HK $10 billion and the current income exceeds HK $1 billion. According to a research report released by Galaxy Securities on March 2 this year, there are currently 48 Chinese concept stock companies that meet the requirements for secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top designers and investors with open hands, but the problem that needs to be worried about is that the demand for funds will be a big problem when Internet giants collectively return to Hong Kong.</p><p>In June last year, NetEase went public in Hong Kong for the second time. On the first day, it rose 6%, with a turnover of HK $7.2 billion. On that day, the Hang Seng Index fell 2%.</p><p>The Hong Kong stock market itself has a situation of insufficient liquidity. The \"blood drawing machines\" are launched one after another, and the market is estimated to be not small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The landing of Holding Foreign Companies Accountable Act has dealt a direct blow to Chinese concept stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more disturbing.</p><p>Some time ago, when the country began to collect liquidity, many people were speculating whether this year would be a replica of 2018.</p><p><img src=\"https://static.tigerbbs.com/867e30311670e615ad48558e6158ee1a\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p>But now, it seems that the harsh degree of the surrounding environment may still be exceeding that of that year.</p><p>During this period, there have been one international drama after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions imposed by the European Union and China, yesterday's European Parliament's decision to cancel the China-EU Comprehensive Agreement on Investment, coupled with the sudden announcement of HM Company... always gives people a feeling that the mountain rain is coming.</p><p>The importance of a stable macro environment to the market is self-evident. If the turmoil in the surrounding environment intensifies, it will be difficult for A shares to remain unaffected.</p>","source":"gelonghui_highlight","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>Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?</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\">\nChinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-03-25 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary: Is the mountain rain coming? Knowing that Wang has retired for a long time, but the Jianghu is still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued the latest notice saying that it had passed a temporary amendment to implement the information disclosure requirements of listed companies under the Foreign Company Responsibility Act.</p><p><img src=\"https://static.tigerbbs.com/cbfb5123c1497d7570dd3fc6ff9e1cab\" tg-width=\"692\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>In December 2020, then US President Trump officially signed the Holding Foreign Companies Accountable Act. The bill mainly contains two contents:</p><p>1. If a foreign company fails to pass the audit of the American Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be prohibited from listing on any American exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>As soon as the Sino-US talks full of gunpowder broke up in discord, the bill landed immediately. It is hard to believe that there is no relationship between the two.</p><p>Market analysts generally believe that the official announcement of the US SEC means that Chinese concept stocks listed in the US will face greater delisting pressure.</p><p>Affected by this, Chinese concept stocks collectively plummeted last night, driving the Nasdaq to fall by more than 2%. As of the close of U.S. stocks, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell more than 15%, Li Auto Automobile fell more than 13%, and Nio Automobile fell more than 10%; Baidu, Pinduoduo, and Bilibili all fell about 9%.</p><p><img src=\"https://static.tigerbbs.com/7990411053bdd2c68ced8d126b1faf69\" tg-width=\"534\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Except for PetroChina and Sinopec, which escaped due to the surge in international oil prices, almost none of the top Chinese concept stocks were spared.</p><p>Back in China, stocks that have returned to Hong Kong for listing have been dragged down, and the Hang Seng Technology Index once fell by more than 4% at the opening.</p><p><img src=\"https://static.tigerbbs.com/937f24a8781c59f9fd396711afef4fbc\" tg-width=\"691\" tg-height=\"422\" referrerpolicy=\"no-referrer\"></p><p>So far, the Hengke Index has fallen by nearly 2%, JD.com and Alibaba have both fallen by more than 4%, and Xiaomi, NetEase, Meituan, etc. have collectively followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Chinese concept stocks are dominated by technology companies, and there are profound historical reasons behind this phenomenon.</p><p><b>1. The tide of returning to Hong Kong market may intensify, and liquidity concerns are hidden</b></p><p>Around the millennium, China's stock market was still in its infancy, and the threshold for listing was relatively strict. Under the system of audit system and approval system, the time cost of issuing stocks for financing is relatively large. The most important thing is that the standard of issuing stocks and listing financing in China is relatively high, which requires the company's assets to reach a certain scale, make profits for three consecutive years, and the return on net assets should reach 10%.</p><p>It is difficult for innovative Internet companies with high risks to meet the standards, but at that time, the domestic Internet industry was in the early stages of development and needed to burn a lot of money.</p><p>Coupled with the lack of domestic funds at that time, the philosophy of banks was not open, and the issuance of loans was relatively strict. Because they could not understand the profit model of technology companies, it was difficult for Internet companies to raise funds through large channels.</p><p>Therefore, at that time, the main sources of funds for such emerging enterprises were angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The best-known example is Alibaba, which Jack Ma successfully raised from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecom-related enterprises (including the Internet), and it is basically impossible for joint ventures to be approved. In order to solve this problem, joint ventures have adopted VIE structure to bypass this layer of policy supervision.</p><p>However, the VIE architecture has also been recognized by Intelligence as circumventing legal policies, and its legality is questionable.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-unable to be listed on A-shares.</p><p>However, the United States and Hong Kong are both registration systems, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale, complete process and compliance requirements, and their financing efficiency is high.</p><p>Therefore, the phenomenon that Internet companies have gone public overseas has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing of Chinese concept stocks. It is expected that after the implementation of the US bill, this trend will intensify under the \"delisting anxiety\".</p><p>According to Wind statistics, there are currently 272 Chinese concept stocks listed in the United States mainly in technology, consumption and medical care. According to the latest principles of the Hong Kong Stock Exchange, the return of listing of U.S. and Chinese concept stocks must meet one of the following two requirements: one is that the market value is greater than HK $40 billion, and the other is that the market value is greater than HK $10 billion and the current income exceeds HK $1 billion. According to a research report released by Galaxy Securities on March 2 this year, there are currently 48 Chinese concept stock companies that meet the requirements for secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top designers and investors with open hands, but the problem that needs to be worried about is that the demand for funds will be a big problem when Internet giants collectively return to Hong Kong.</p><p>In June last year, NetEase went public in Hong Kong for the second time. On the first day, it rose 6%, with a turnover of HK $7.2 billion. On that day, the Hang Seng Index fell 2%.</p><p>The Hong Kong stock market itself has a situation of insufficient liquidity. The \"blood drawing machines\" are launched one after another, and the market is estimated to be not small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The landing of Holding Foreign Companies Accountable Act has dealt a direct blow to Chinese concept stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more disturbing.</p><p>Some time ago, when the country began to collect liquidity, many people were speculating whether this year would be a replica of 2018.</p><p><img src=\"https://static.tigerbbs.com/867e30311670e615ad48558e6158ee1a\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p>But now, it seems that the harsh degree of the surrounding environment may still be exceeding that of that year.</p><p>During this period, there have been one international drama after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions imposed by the European Union and China, yesterday's European Parliament's decision to cancel the China-EU Comprehensive Agreement on Investment, coupled with the sudden announcement of HM Company... always gives people a feeling that the mountain rain is coming.</p><p>The importance of a stable macro environment to the market is self-evident. If the turmoil in the surrounding environment intensifies, it will be difficult for A shares to remain unaffected.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/453979\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://www.gelonghui.com/p/453979","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1190595276","content_text":"摘要：山雨欲来？\n\n懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。\n昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。\n\n2020年12月，时任美国总统特朗普正式签署了《外国公司问责法案》。该法案主要包含两项内容：\n1、如果外国公司连续三年未能通过美国公众公司会计监督委员会（PCAOB）的审计，将被禁止在美国任何交易所上市；\n2、上市公司需披露自己与该国政府的关系。\n充满了火药味的中美会谈刚刚不欢而散，法案就立马落地，很难让人相信二者之间没有什么关系。\n市场分析普遍认为，美国SEC正式通告，意味着在美上市的中概股将面临更大的退市压力。\n受此影响，昨夜中概股集体暴跌，带动纳指的跌幅超过2%。截至美股收市，腾讯音乐跌27%，唯品会跌21%，爱奇艺跌近20%；新能车小鹏汽车跌超15%，理想汽车跌超13%，蔚来汽车跌超10%；百度、拼多多、哔哩哔哩均跌9%左右。\n\n除了中石油、中石化因为国际油价的大涨逃过一劫，头部中概股几乎无一幸免。\n回到中国，已经回港上市的个股均被拖累，恒生科技指数开盘一度大跌超4%。\n\n截止目前，恒科指跌近2%，京东、阿里巴巴均跌4超%，小米、网易、美团等集体跟跌。\n\n中概股以科技公司为主，而这种现象的背后有着深刻的历史原因。\n1、回港市场潮或加剧，流动性隐忧\n千禧年前后，中国的股票市场还处在起步阶段，上市的门槛较为严格。在审核制、核准制的制度下，发行股票融资的时间成本比较大，最重要的是我国发行股票上市融资的标准比较高，需要公司资产达到一定规模，连续三年盈利且净资产收益率要达到10%。\n创新型的具有高风险的互联网公司很难达到标准，但彼时国内互联网行业正值发展初期，需要大量烧钱。\n加上彼时国内资金缺乏，银行的理念并不开放，贷款的发放较为严格，因为看不懂科技公司的盈利模式，导致互联网型企业很难通过大渠道融资。\n所以，当时这类新兴企业主要的资金来源是天使投资+风险投资+私募基金，而当年这些投资机构大多来自境外。最为人所知的例子就是阿里巴巴了，马云就是从日本风投公司软银那里成功融到资的。\n但是，我国法律对境外资金投资电信相关企业（含互联网在内）有非常严格的限制，合资企业基本上不可能获批，为了解决这个问题，合资企业纷纷采取VIE架构，绕过这一层政策监管。\n但VIE架构也被和智能将会认定为规避法律政策，其合法性有问题。\n所以就成了一个无解的局面：缺钱——引入外资——变成合资企业——采取VIE架构——没法在A股上市。\n而美国、香港都是注册制，上市门槛很低，甚至不盈利的公司，只要满足一定的规模，完成流程和合规方面的要求，都能上市，融资效率高。\n因此，才形成了互联网公司纷纷赴海外上市的现象。\n近几年，出于各种考虑，中概股回港二次上市的公司越来越多。预计美国法案落地之后，在“退市焦虑”之下，这股风潮将会加剧。\n根据Wind数据统计，目前在美上市的中概股以科技、消费及医疗为主，共计272家。根据港交所的最新原则，在美中概股回归上市需符合以下两点要求中的其中一点：其一为市值大于400亿港元，其二为市值大于100亿港元且当期收入超过10亿港元。根据银河证券今年3月2日发布的研报，目前有48家符合在香港二次上市要求的中概股公司。\n优质资产的回归，无论是顶层设计者还是投资者自然是张开双手欢迎的，只是需要担心的问题是，互联网巨头集体回港，对资金的需求将是一个很大的问题。\n去年6月网易赴港二次上市，首日涨6%，成交额72亿港元，当天恒指跌了2%。\n港股本身就存在流动性不足的情况，“抽血机”一个接一个发动，市场估计不会小。\n2、今年会是2018年的翻版吗？\n《外国公司问责法案》的落地，对中概股造成直接的打击，但更大的问题是在这背后，我们看到周围的环境愈发让人感到不安了。\n前段时间，国家开始收流动性的时候，很多人都在猜测今年会不会是2018年的翻版。\n\n但是现在看来，周围环境的恶劣程度和当年相比或许犹有过之。\n这段时间的国际上的大戏一出接着一出。充满火药味连午饭都不吃了的中美交谈会，欧盟和中国的制裁与反制裁，昨天欧洲议会决定取消《中欧全面投资协定》，再加上突如其来的HM公司的声明……总给人一种山雨欲来的感觉。\n稳定的宏观环境对市场的重要性不言而喻，如果周围环境动荡加剧，A股很难不受影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351530237,"gmtCreate":1616601597129,"gmtModify":1704796357229,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Nooooo","listText":"Nooooo","text":"Nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351530237","repostId":"1137636484","repostType":4,"repost":{"id":"1137636484","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":1616601051,"share":"https://ttm.financial/m/news/1137636484?lang=en_US&edition=fundamental","pubTime":"2021-03-24 23:50","market":"us","language":"zh","title":"China's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1137636484","media":"老虎资讯综合","summary":"周三，新能源汽车概念股盘中跌幅扩大，截至发稿，小鹏汽车跌超10%，理想汽车跌超9%，蔚来跌超6%。","content":"<p>On Wednesday, new energy vehicle concept stocks expanded their intraday losses. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Fell more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Fell more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Fell more than 6%.</p><p><img src=\"https://static.tigerbbs.com/abc953c2b114dc1280367a6354fcd568\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/05e32baacdabd33868a79869cebb67ce\" tg-width=\"840\" tg-height=\"470\"></p><p><img src=\"https://static.tigerbbs.com/bd7c71654ca7c9cdec2813e85ccd03d9\" tg-width=\"840\" tg-height=\"470\"></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>China's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%</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\">\nChina's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%\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\">2021-03-24 23:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Wednesday, new energy vehicle concept stocks expanded their intraday losses. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Fell more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Fell more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Fell more than 6%.</p><p><img src=\"https://static.tigerbbs.com/abc953c2b114dc1280367a6354fcd568\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/05e32baacdabd33868a79869cebb67ce\" tg-width=\"840\" tg-height=\"470\"></p><p><img src=\"https://static.tigerbbs.com/bd7c71654ca7c9cdec2813e85ccd03d9\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/401f7adefb705cb1d679bb39b97c03e1","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137636484","content_text":"周三，新能源汽车概念股盘中跌幅扩大，截至发稿，小鹏汽车跌超10%，理想汽车跌超9%，蔚来跌超6%。","news_type":1,"symbols_score_info":{"XPEV":0.9,"LI":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353987756,"gmtCreate":1616455864475,"gmtModify":1704794240598,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Gooood","listText":"Gooood","text":"Gooood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353987756","repostId":"1103659578","repostType":4,"repost":{"id":"1103659578","kind":"news","pubTimestamp":1616424704,"share":"https://ttm.financial/m/news/1103659578?lang=en_US&edition=fundamental","pubTime":"2021-03-22 22:51","market":"sh","language":"zh","title":"Dalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities","url":"https://stock-news.laohu8.com/highlight/detail?id=1103659578","media":"华尔街见闻","summary":"达利欧表示，目前的趋势非常清楚，中国正在崛起，人民币正在国际化。","content":"<p>On the evening of March 22, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and \"godfather of investment\", talked to Wall Street. Dalio expressed his views on issues of concern to investors such as whether rising U.S. bond yields will end the 40-year bull market in bonds and whether commodities are in a new super cycle.</p><p>Dalio said that the current trend is very clear. China is rising, the RMB is internationalizing, and China's bonds and stock markets will surpass western markets in the next 10 years. At present, the level of global allocation to China is still low. Considering China's outstanding performance in the pandemic, overseas funds will flow to China.</p><p>Dalio believes that the 40-year bull market of U.S. debt may be coming to an end, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, science and technology and natural disasters are important influencing factors. In terms of technology, semiconductors and biotechnology have good investment opportunities. Network security also needs to be focused on in the next five years.</p><p>When talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market in bonds, Dalio told Wall Street News:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover their principal after waiting for 50 years, and at the same time, they will not be able to meet the requirements of pension funds. At present, the bond market has not yet entered the end of the cycle, and investors may suffer a lot of losses when bonds are sold off in the future. In the next few quarters, the imbalance between supply and demand of U.S. bonds will intensify, inflationary pressures will rise, and the Federal Reserve will be forced to buy more Treasury Bond. If the economy accelerates in the future, the Fed rate hike. It is impossible to judge how much the dollar will weaken now, but historically we can refer to the situation in the 1970s. Regarding whether the Federal Reserve can control interest rate increases, Dalio believes:</p><p>Referring to history, the current money printing behavior of the Federal Reserve is controlled. The advantage of the United States is that the US dollar is the global reserve currency. Now that the debt level is very high, the gap between the rich and the poor caused by money printing has caused problems. Future investments have to be invested in the production sector, and I don't see it now. If rate hike, the stock market will suffer. The portfolio must be diversified enough, including stocks, bonds, etc., preferably all over the world. When asked about his investment views on gold and Bitcoin, Dalio believes:</p><p>It is still recommended to invest 5% of the funds in gold. It is not recommended to hold cash. Gold and silver are still the central bank's reserve means. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past 10 years, but there are still great risks. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past decade, but there are also great risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between supply and demand-triggered inflation, the current rise in commodities may be triggered by monetary inflation. Monetary inflation usually happens when the economy is weak. I don't think there is a commodity supercycle now, and demand is still weak now. When asked what Chinese assets he likes best, Dalio said frankly:</p><p>Investors need to pursue balanced investments and then make tactical adjustments. In most cases, investors need to find their own balance and build an all-weather portfolio.</p>","source":"highlight_wallstreetcn","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>Dalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities</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\">\nDalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities\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\">2021-03-22 22:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of March 22, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and \"godfather of investment\", talked to Wall Street. Dalio expressed his views on issues of concern to investors such as whether rising U.S. bond yields will end the 40-year bull market in bonds and whether commodities are in a new super cycle.</p><p>Dalio said that the current trend is very clear. China is rising, the RMB is internationalizing, and China's bonds and stock markets will surpass western markets in the next 10 years. At present, the level of global allocation to China is still low. Considering China's outstanding performance in the pandemic, overseas funds will flow to China.</p><p>Dalio believes that the 40-year bull market of U.S. debt may be coming to an end, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, science and technology and natural disasters are important influencing factors. In terms of technology, semiconductors and biotechnology have good investment opportunities. Network security also needs to be focused on in the next five years.</p><p>When talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market in bonds, Dalio told Wall Street News:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover their principal after waiting for 50 years, and at the same time, they will not be able to meet the requirements of pension funds. At present, the bond market has not yet entered the end of the cycle, and investors may suffer a lot of losses when bonds are sold off in the future. In the next few quarters, the imbalance between supply and demand of U.S. bonds will intensify, inflationary pressures will rise, and the Federal Reserve will be forced to buy more Treasury Bond. If the economy accelerates in the future, the Fed rate hike. It is impossible to judge how much the dollar will weaken now, but historically we can refer to the situation in the 1970s. Regarding whether the Federal Reserve can control interest rate increases, Dalio believes:</p><p>Referring to history, the current money printing behavior of the Federal Reserve is controlled. The advantage of the United States is that the US dollar is the global reserve currency. Now that the debt level is very high, the gap between the rich and the poor caused by money printing has caused problems. Future investments have to be invested in the production sector, and I don't see it now. If rate hike, the stock market will suffer. The portfolio must be diversified enough, including stocks, bonds, etc., preferably all over the world. When asked about his investment views on gold and Bitcoin, Dalio believes:</p><p>It is still recommended to invest 5% of the funds in gold. It is not recommended to hold cash. Gold and silver are still the central bank's reserve means. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past 10 years, but there are still great risks. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past decade, but there are also great risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between supply and demand-triggered inflation, the current rise in commodities may be triggered by monetary inflation. Monetary inflation usually happens when the economy is weak. I don't think there is a commodity supercycle now, and demand is still weak now. When asked what Chinese assets he likes best, Dalio said frankly:</p><p>Investors need to pursue balanced investments and then make tactical adjustments. In most cases, investors need to find their own balance and build an all-weather portfolio.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3624599\">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/61ac6f61084482a9c0c70291c78e92f5","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3624599","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1103659578","content_text":"3月22日晚，全球最大对冲基金桥水创始人、《原则》作者、“投资教父”瑞·达利欧（Ray Dalio）对话华尔街见闻。达利欧就美债收益率上升是否会终结债券40年牛市、商品是否处于新超级周期等投资者关心问题发表了他的看法。\n达利欧表示，目前的趋势非常清楚，中国正在崛起，人民币正在国际化，中国债券及股市在未来10年将超过西方市场。目前全球对于中国配置的水平依然较低。考虑到中国在疫情中的杰出表现，海外资金将流向中国。\n达利欧认为，美债40年的牛市可能要结束了，目前短债不是很好的选择。考虑大国兴衰，科技及天灾都是重要影响因素。科技方面，半导体、生物科技都有很好的投资机会。未来5年网络安全也需要重点关注。\n在谈及美债收益率的快速上涨是否会终结债券40年牛市，达利欧向华尔街见闻表示：\n\n 西方国家利率都比较低，甚至为负。如果现在进行投资，投资者等上50年也无法收回本金，同时更不能满足养老基金的要求。目前债市还没有进入周期的末端，未来债券遭遇抛售投资者可能损失很大。未来几个季度美债供需不平衡加剧，通胀压力将会升高，美联储将被迫买更多国债。如果未来经济加速，美联储加息。现在无法判断美元会走弱到什么程度，但历史上可以参考上个世纪70年代的状况。\n\n对于美联储是否能够控制利率上涨，达利欧认为：\n\n 参考历史，目前美联储的印钞行为是控制的。美国的优势在于美元是全球储备货币。现在债务水平已经非常高了，印钞带来的贫富差距已经产生问题。未来投资必须投资在生产领域，而我现在没有看到。如果加息的话，股市会受到影响。投资组合必须分散程度足够高，有股票债券等，最好还是分散在全球各地。\n\n在被问及对于黄金和比特币的投资看法时，达利欧认为：\n\n 依然建议拿出5%的资金投资黄金。不建议持有现金。黄金白银依然是央行的储备手段。为了让自己的投资组合多样化的话，最好进行多方面的投资，这也包括比特币。比特币在过去10年有很大发展，但依然有很大风险。为了让自己的投资组合多样化的话，最好进行多方面的投资，这也包括比特币。过去十年比特币取得了很大的发展，但是也有很大的风险。\n\n对于目前商品是否处于超级周期的提问，达利欧认为：\n\n 要区分供需引发的通胀，现在大宗商品的上涨可能是货币通胀引发的。货币通胀通常发生在经济很弱的时候。我不认为现在存在大宗商品超级周期，现在需求依然偏弱。\n\n在被问及最喜欢中国什么资产，达利欧坦言：\n\n 投资者需要追求平衡性的投资，然后进行战术性调整，大多数情况下投资者要找到自己的平衡性，建立全天候的组合。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350982070,"gmtCreate":1616149766290,"gmtModify":1704791557996,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350982070","repostId":"1158653971","repostType":4,"repost":{"id":"1158653971","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1616148882,"share":"https://ttm.financial/m/news/1158653971?lang=en_US&edition=fundamental","pubTime":"2021-03-19 18:14","market":"us","language":"zh","title":"Is DocuSign Still a Buy After Stock Surges 200%?","url":"https://stock-news.laohu8.com/highlight/detail?id=1158653971","media":"英为财情Investing","summary":"对于很多在疫情期间飙升的成长型公司来说，2021年的日子真的很艰难。\n一个典型的例子是，电子签名公司DocuSign Inc在去年9月创下历史新高以来，就一直在区间内交易。这家总部位于旧金山的应用软件","content":"<p>For a lot of growth companies that soared during the pandemic, 2021 has been really tough.</p><p>A prime example is that e-signature company DocuSign Inc has been trading in a range since it hit a record high last September. The San Francisco-based application software company has experienced explosive growth in its digital services, and its digital signatures have become huge in popularity amid many companies shifting to remote work. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna, etc.</p><p>Although DocuSign's share price has fallen by more than 20% from its September high of $269, the cumulative increase in its share price in the past year is still 192% higher than last year. The stock closed Thursday at $204.80, down 4% on the day.</p><p><img src=\"https://static.tigerbbs.com/0f8ef609a451f8213887a5f98e5ef4c2\" tg-width=\"840\" tg-height=\"470\">DocuSign Weekly Chart</p><p>For investors interested in these new technology companies, a conundrum now facing is whether they can maintain the rapid growth momentum once the epidemic is under control and companies begin to operate normally. However, the nature of DocuSign's products suggests that the company may still have a large room for growth after the epidemic. The company's services are expected to have a permanent place in the company's transition to digital.</p><p>DocuSign currently offers personal electronic signature services, with a monthly service fee starting at $10, and also offers enterprise service packages for large companies. The company believes that this is a market of at least $50 billion.</p><p>DocuSign's tools help companies digitally manage the end-to-end agreement process, from the initial draft to execution of the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify issues, assess risks, and build smart, custom contracts from scratch.</p><p>According to DocuSign CEO Dan Springer, DocuSign is still in the early stages of development, and the potential development size of this market is expected to reach $50 billion. He said in the statement: \"For DocuSign, 2021 is a landmark year. We have become the backbone of the'work-from-home 'economy, allowing people to work from anywhere in the world, and in the process, our business grew 50%, revenue reached $1.5 billion, and net retention reached a record 123%. We believe this series of data represents an acceleration in the trend towards digital transformation of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter, and provided a good financial forecast. Data released by the company on March 11 showed that its fourth-quarter earnings per share were US $0.37, higher than US $0.12 in the same period last year, and revenue rose from US $258 million to US $410 million.</p><p>The company is struggling to grow, especially overseas markets, which currently account for only 21% of its revenue. In the fourth quarter of last year, the company's sales from international customers increased by 83% year-on-year to $89 million, which is impressive.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not difficult to see DocuSign continuing to grow in the post-pandemic era, its stock price is unlikely to repeat last year's performance. A big challenge for high-momentum stocks like DocuSign is that investors are also avoiding high-valued companies that have been frustrated by rising interest rates.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is DocuSign Still a Buy After Stock Surges 200%?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs DocuSign Still a Buy After Stock Surges 200%?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-03-19 18:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>For a lot of growth companies that soared during the pandemic, 2021 has been really tough.</p><p>A prime example is that e-signature company DocuSign Inc has been trading in a range since it hit a record high last September. The San Francisco-based application software company has experienced explosive growth in its digital services, and its digital signatures have become huge in popularity amid many companies shifting to remote work. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna, etc.</p><p>Although DocuSign's share price has fallen by more than 20% from its September high of $269, the cumulative increase in its share price in the past year is still 192% higher than last year. The stock closed Thursday at $204.80, down 4% on the day.</p><p><img src=\"https://static.tigerbbs.com/0f8ef609a451f8213887a5f98e5ef4c2\" tg-width=\"840\" tg-height=\"470\">DocuSign Weekly Chart</p><p>For investors interested in these new technology companies, a conundrum now facing is whether they can maintain the rapid growth momentum once the epidemic is under control and companies begin to operate normally. However, the nature of DocuSign's products suggests that the company may still have a large room for growth after the epidemic. The company's services are expected to have a permanent place in the company's transition to digital.</p><p>DocuSign currently offers personal electronic signature services, with a monthly service fee starting at $10, and also offers enterprise service packages for large companies. The company believes that this is a market of at least $50 billion.</p><p>DocuSign's tools help companies digitally manage the end-to-end agreement process, from the initial draft to execution of the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify issues, assess risks, and build smart, custom contracts from scratch.</p><p>According to DocuSign CEO Dan Springer, DocuSign is still in the early stages of development, and the potential development size of this market is expected to reach $50 billion. He said in the statement: \"For DocuSign, 2021 is a landmark year. We have become the backbone of the'work-from-home 'economy, allowing people to work from anywhere in the world, and in the process, our business grew 50%, revenue reached $1.5 billion, and net retention reached a record 123%. We believe this series of data represents an acceleration in the trend towards digital transformation of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter, and provided a good financial forecast. Data released by the company on March 11 showed that its fourth-quarter earnings per share were US $0.37, higher than US $0.12 in the same period last year, and revenue rose from US $258 million to US $410 million.</p><p>The company is struggling to grow, especially overseas markets, which currently account for only 21% of its revenue. In the fourth quarter of last year, the company's sales from international customers increased by 83% year-on-year to $89 million, which is impressive.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not difficult to see DocuSign continuing to grow in the post-pandemic era, its stock price is unlikely to repeat last year's performance. A big challenge for high-momentum stocks like DocuSign is that investors are also avoiding high-valued companies that have been frustrated by rising interest rates.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"DOCU":"Docusign"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158653971","content_text":"对于很多在疫情期间飙升的成长型公司来说，2021年的日子真的很艰难。\n一个典型的例子是，电子签名公司DocuSign Inc在去年9月创下历史新高以来，就一直在区间内交易。这家总部位于旧金山的应用软件公司的数字服务经历了爆炸式的增长，在很多公司向远程工作转变的背景下，公司的数字签名大受欢迎。而这一趋势也让DocuSign成为了华尔街2020年最受欢迎的个股之一，仅次于Zoom、特斯拉、Moderna等。\n尽管DocuSign的股价较其9越是的高点269美元下跌逾20%，但是过去一年股价累计涨幅仍然比去年高出了192%。该股周四收于204.80美元，当日下跌4%。\nDocuSign周线图\n对于这些新科 技公司感兴趣的投资者，眼下面临的一个难题是，一旦疫情得到控制，企业开始正常运转，它们能否维持高速的增长势头？不过，DocuSign产品的性质表明，公司或许可以在疫情过后仍保有较大的增长空间。公司的服务有望在公司向数字化转型的过程中拥有永久的地位。\nDocuSign目前提供的个人电子签名服务，每月的服务费10美元起，还对大公司提供企业服务套餐。公司认为，这是一个至少500亿美元的市场。\nDocuSign的工具帮助公司可以数字化地管理端到端的协议流程，从最初的草稿到执行合同，以及在签署后管理合同。其协议云套件还可以让客户使用人工智能功能来检查合同，以识别问题、评估风险，并从零开始构建智能定制合同。\n根据DocuSign首席执行官Dan Springer的说法，DocuSign仍然处于早期发展阶段，预计这个市场潜在的发展规模将达到500亿美元。他在声明中表示：“对于DocuSign来说，2021年是具有里程碑意义的一年，我们成为了‘在家办公’经济的支柱，让人们可以在全球的任何一个地方工作，而在这个过程中我们的业务增长了50%，营收达到了15亿美元，净留存率达到了创纪录的123%。我们相信，这一系列数据代表了协议数字化转型趋势的加速。”\nDocuSign在最近一个季度的收入和收益都超过了预期，并且提供了一个较好的财测。公司3月11日发布数据显示，其四季度每股盈利为0.37美元，高于去年同期的0.12美元，营收从2.58亿美元升至了4.1亿美元。\n该公司正在努力实现增长，尤其是海外市场，目前海外市场仅占其收入的21%。去年四季度，公司来自国际客户的销售额同比增长了83%，达到了8900万美元，令人印象深刻。\nDocuSign应该是一只值得持有高增长投资组合的投资者关注的好股票。\n总体而言，虽然不难看到DocuSign在后疫情时代继续增长，但是其股价不太可能重复去年的表现。对于DocuSign这样的高动能股来说，一个巨大的挑战是，投资者也正在避开那些由于利率上升而受挫的高估值公司。","news_type":1,"symbols_score_info":{"DOCU":0.9}},"isVote":1,"tweetType":1,"viewCount":1667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324124289,"gmtCreate":1615976339141,"gmtModify":1704789166582,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324124289","repostId":"1158580129","repostType":4,"repost":{"id":"1158580129","kind":"news","pubTimestamp":1615973801,"share":"https://ttm.financial/m/news/1158580129?lang=en_US&edition=fundamental","pubTime":"2021-03-17 17:36","market":"us","language":"zh","title":"IQiyi struggles with Station B: Second creation infringement, traffic hurts the body","url":"https://stock-news.laohu8.com/highlight/detail?id=1158580129","media":"AI财经社","summary":"3月17日，爱奇艺一纸诉状将两者间的冲突公诸于众。","content":"<p>Text/Huang Yunteng</p><p>The market value is approximately equal to two<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>In the future, Station B and iQiyi have a new intersection. On March 17th, iQiyi made the conflict between the two public in a complaint.</p><p>Recently, the Tianyancha APP showed that Beijing iQiyi Technology Co., Ltd. published a statement with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Co., Ltd. 's announcement on the opening of disputes over infringement of the right to disseminate works information on the Internet. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main body of audio-visual operation at station B.</p><p>According to this announcement, the court date of the case is March 23rd, and it will be tried by Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify specific claims.</p><p>AI Finance and Economics sent inquiries to Station B and iQiyi, but there was no response as of press time. However, AI Finance and Economics noticed that this is not the first time that Shanghai Kuanyu has faced an information infringement lawsuit. According to Tianyancha data, Shanghai Kuanyu has been prosecuted in 328 cases involving infringement of the right to disseminate works information on the Internet in the past.</p><p>Among them, taking iQiyi as an example, iQiyi has repeatedly gone to court with Bilibili over its multiple self-produced content. For example, in May 2018, iQiyi sued Bilibili to Haidian Court on the grounds of infringing the right to disseminate works information on the Internet. The reason was that its self-produced content \"Hip Hop in China\" was broadcast by Bilibili without authorization. This lawsuit was finally awarded a total of 53,500 yuan. Last year, iQiyi once again took Shanghai Kuanyu to court, arguing that the defendant provided the online on-demand service of the exclusive content \"Kung Fu Yoga\", thus claiming 200,000 yuan. The case is still under trial.</p><p>At present, it is not possible to determine the content subject involved in this new lawsuit. However, some bloggers have previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>He said that iQiyi once asked Station B to remove a large number of related editing videos of \"Ultimate Notes\". \"Ultimate Notes\" is iQiyi's previous solo online drama, because the original work and the CP line in the drama have a high popularity in bilibili. The blogger said that the most popular video related to the final sand-sea linkage has been removed from the shelves of Station B. \"What's wrong with iQiyi? Others are paying someone to cut it, what are you doing?\" The blogger said.</p><p>As one of the criteria for testing the popularity of film and television dramas, secondary creation content has always been an evergreen tree of traffic in bilibili. Secondary creation is called re-creation, which is the re-creation of the original material by users, and its embodiment forms include but are not limited to fans, ghosts and animals, etc. After 2017, film and television dramas have entered the era of tens of billions of hits, and the secondary creation is regarded as a sign that film and television dramas are out of the circle. In 2019, \"Chen Qing Ling\" exploded in the \"bloodbath\" of Station B, and its symbol was the birth of multiple secondary creation videos with millions of hits.</p><p>According to the understanding of AI Finance and Economics, at present, many content projects will take the initiative to find station B and request secondary creative cooperation in order to attract traffic.</p><p>However, due to the copyright issue of content materials, the secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuit letters to the film commentator V Valley Amo within one month, arguing that their interception of the original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the UP owner of Station B also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, the Tianyancha APP shows that Station B also has disputes over information network dissemination rights with multiple platforms such as ByteDance and Youku. For example, last year, because a user uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally received 60,000 yuan.</p><p>With the growing growth of \"Xiaopozhan\" (fans' nickname for bilibili), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, content such as fans, ghosts and animals are in an ambiguous state of copyright supervision. Previously, although Station B launched a large-scale review of content uploaded by users in 2017, and continued to tighten the manual + algorithm review mechanism, it was not very binding on users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as videos, and launch an online content area for UP owners to carry out secondary creation. At the same time, Station B launched long-term content last year, such as \"New Generation of Rap\", etc., and used its own content copyright to provide secondary creation materials for UP owners. However, in the short term, Station B cannot compare with the three Teng Aiyou companies in terms of volume and maturity of self-produced content. For example, the recently launched \"The Order of Mountains and Rivers\" has taken over the mantle of \"Chen Qing Ling\" and has become the second creation material of many UP owners, and the exclusive broadcast platform of this drama is Youku.</p><p>For platforms such as iQiyi and Youku, Erchuang may also have the anxiety of \"making wedding dresses for others\". IQiyi launched the Chinese video product Suike last year, as iQiyi's attempt to get close to \"Chinese YouTube\". According to relevant data from iQiyi, in 2020, Youth With You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with the amount of interaction at the moment, showing a large-scale overlap with Station B. In addition, Suike also regards iQiyi's self-made content copyright as an important advantage to attract platform creators to create secondary creations.</p><p>The growth of traditional long video platforms has peaked. According to the financial report, in the fourth quarter of 2020, the average monthly active users of Station B reached 202 million, an increase of nearly 55% from 130 million in the same period last year. In 2020, Station B's revenue was 12 billion yuan, a year-on-year increase of 77%. As all companies enter the stock competition for traffic, containment or outflanking will become the norm.</p>","source":"AI财经社","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>IQiyi struggles with Station B: Second creation infringement, traffic hurts the body</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\">\nIQiyi struggles with Station B: Second creation infringement, traffic hurts the body\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AI财经社</strong><span class=\"h-time small\">2021-03-17 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Text/Huang Yunteng</p><p>The market value is approximately equal to two<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>In the future, Station B and iQiyi have a new intersection. On March 17th, iQiyi made the conflict between the two public in a complaint.</p><p>Recently, the Tianyancha APP showed that Beijing iQiyi Technology Co., Ltd. published a statement with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Co., Ltd. 's announcement on the opening of disputes over infringement of the right to disseminate works information on the Internet. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main body of audio-visual operation at station B.</p><p>According to this announcement, the court date of the case is March 23rd, and it will be tried by Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify specific claims.</p><p>AI Finance and Economics sent inquiries to Station B and iQiyi, but there was no response as of press time. However, AI Finance and Economics noticed that this is not the first time that Shanghai Kuanyu has faced an information infringement lawsuit. According to Tianyancha data, Shanghai Kuanyu has been prosecuted in 328 cases involving infringement of the right to disseminate works information on the Internet in the past.</p><p>Among them, taking iQiyi as an example, iQiyi has repeatedly gone to court with Bilibili over its multiple self-produced content. For example, in May 2018, iQiyi sued Bilibili to Haidian Court on the grounds of infringing the right to disseminate works information on the Internet. The reason was that its self-produced content \"Hip Hop in China\" was broadcast by Bilibili without authorization. This lawsuit was finally awarded a total of 53,500 yuan. Last year, iQiyi once again took Shanghai Kuanyu to court, arguing that the defendant provided the online on-demand service of the exclusive content \"Kung Fu Yoga\", thus claiming 200,000 yuan. The case is still under trial.</p><p>At present, it is not possible to determine the content subject involved in this new lawsuit. However, some bloggers have previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>He said that iQiyi once asked Station B to remove a large number of related editing videos of \"Ultimate Notes\". \"Ultimate Notes\" is iQiyi's previous solo online drama, because the original work and the CP line in the drama have a high popularity in bilibili. The blogger said that the most popular video related to the final sand-sea linkage has been removed from the shelves of Station B. \"What's wrong with iQiyi? Others are paying someone to cut it, what are you doing?\" The blogger said.</p><p>As one of the criteria for testing the popularity of film and television dramas, secondary creation content has always been an evergreen tree of traffic in bilibili. Secondary creation is called re-creation, which is the re-creation of the original material by users, and its embodiment forms include but are not limited to fans, ghosts and animals, etc. After 2017, film and television dramas have entered the era of tens of billions of hits, and the secondary creation is regarded as a sign that film and television dramas are out of the circle. In 2019, \"Chen Qing Ling\" exploded in the \"bloodbath\" of Station B, and its symbol was the birth of multiple secondary creation videos with millions of hits.</p><p>According to the understanding of AI Finance and Economics, at present, many content projects will take the initiative to find station B and request secondary creative cooperation in order to attract traffic.</p><p>However, due to the copyright issue of content materials, the secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuit letters to the film commentator V Valley Amo within one month, arguing that their interception of the original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the UP owner of Station B also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, the Tianyancha APP shows that Station B also has disputes over information network dissemination rights with multiple platforms such as ByteDance and Youku. For example, last year, because a user uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally received 60,000 yuan.</p><p>With the growing growth of \"Xiaopozhan\" (fans' nickname for bilibili), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, content such as fans, ghosts and animals are in an ambiguous state of copyright supervision. Previously, although Station B launched a large-scale review of content uploaded by users in 2017, and continued to tighten the manual + algorithm review mechanism, it was not very binding on users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as videos, and launch an online content area for UP owners to carry out secondary creation. At the same time, Station B launched long-term content last year, such as \"New Generation of Rap\", etc., and used its own content copyright to provide secondary creation materials for UP owners. However, in the short term, Station B cannot compare with the three Teng Aiyou companies in terms of volume and maturity of self-produced content. For example, the recently launched \"The Order of Mountains and Rivers\" has taken over the mantle of \"Chen Qing Ling\" and has become the second creation material of many UP owners, and the exclusive broadcast platform of this drama is Youku.</p><p>For platforms such as iQiyi and Youku, Erchuang may also have the anxiety of \"making wedding dresses for others\". IQiyi launched the Chinese video product Suike last year, as iQiyi's attempt to get close to \"Chinese YouTube\". According to relevant data from iQiyi, in 2020, Youth With You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with the amount of interaction at the moment, showing a large-scale overlap with Station B. In addition, Suike also regards iQiyi's self-made content copyright as an important advantage to attract platform creators to create secondary creations.</p><p>The growth of traditional long video platforms has peaked. According to the financial report, in the fourth quarter of 2020, the average monthly active users of Station B reached 202 million, an increase of nearly 55% from 130 million in the same period last year. In 2020, Station B's revenue was 12 billion yuan, a year-on-year increase of 77%. As all companies enter the stock competition for traffic, containment or outflanking will become the norm.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.aicaijing.com.cn/overview?article_id=5739\">AI财经社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cea71e9a05be63df6c4a96b806ea5689","relate_stocks":{"IQ":"爱奇艺","BILI":"哔哩哔哩"},"source_url":"https://www.aicaijing.com.cn/overview?article_id=5739","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158580129","content_text":"文／黄云腾\n在市值约等于两个爱奇艺以后，B站与爱奇艺有了新的交集。3月17日，爱奇艺一纸诉状将两者间的冲突公诸于众。\n近日，天眼查APP显示，北京爱奇艺科技有限公司公开一则与上海宽娱数码科技有限公司相关侵害作品信息网络传播权纠纷案件的开庭公告。原告为北京爱奇艺科技有限公司，被告为上海宽娱数码科技有限公司，后者即为B站视听运营主体。\n根据这份公告，该案开庭日期为3月23日，由北京互联网法院审理。该份开庭公告并未公布双方因何进行侵权诉讼，也未点明具体的索赔诉求。\nAI财经社向B站及爱奇艺发去问询，截至发稿前均无回应。不过，AI财经社注意到，这也并不是上海宽娱第一次面临信息侵权诉讼。根据天眼查数据显示，上海宽娱过去涉及的侵害作品信息网络传播权纠纷的被起诉案件达到328条。\n其中，以爱奇艺为例，爱奇艺此前就已先后多次就旗下多档自制内容与B站对簿公堂。例如，2018年5月，爱奇艺以侵害作品信息网络传播权为由将B站诉至海淀法院，原因是其自制内容《中国有嘻哈》被B站擅自播出，这起诉讼最终获赔共计53500元。去年，爱奇艺再次将上海宽娱告上法庭，认为被告提供了独家内容《功夫瑜伽》的在线点播服务，由此索赔20万元，该案仍在审理当中。\n目前尚不能确定这起新诉讼涉及的内容主体。不过，有博主此前在微博表示，爱奇艺曾经要求B站下架《终极笔记》的大批相关剪辑视频。《终极笔记》即为爱奇艺此前的独播网剧，因为原著及剧中的CP线在B站拥有很高的热度。该博主称，热度最高的终笔沙海联动相关主题视频已经在B站下架，“请问爱奇艺有什么毛病？别人都花钱请人剪，你在干什么？”这位博主表示。\n作为检验影视剧热度的标准之一，二次创作内容一直是B站的流量常青树。二次创作被称为re-creation，是用户在原有素材上的再创作，体现形式则包括但不仅限于同人、鬼畜等。2017年后，影视剧纷纷迈进百亿点击时代，二次创作更被视为影视剧出圈的标志。2019年时，《陈情令》大爆“血洗”B站，其标志即为诞生了多个百万点击的二次创作视频。\n根据AI财经社了解，目前，还会有不少内容项目主动找到B站，要求二次创作合作，以期引流。\n不过，由于内容素材的版权问题，二次创作也始终处于灰色地带。其中的标志性事件，是2017年，曾有三家电影公司在一个月内分别向电影解说大V谷阿莫发去诉讼函，认为其截取原电影素材的行为已经涉嫌侵权。而在去年，为规避版权冲突，B站UP主也曾在翻唱周杰伦的《Mojito》时进行了片段消音。\n除爱奇艺外，天眼查APP显示，B站也与字节跳动、优酷等多个平台有信息网络传播权纠纷诉讼。例如，在去年，由于用户上传《我不是药神》音频到B站，优酷以此向B站索赔30万元，最终获赔6万元。\n随着“小破站”（粉丝对B站的爱称）的越发壮大，其用户体量已然超出了其管辖边界。在版权意识淡薄的互联网生态中，同人、鬼畜等内容均处于版权监管的暧昧状态当中。此前，虽然B站于2017年曾经发起针对用户上传内容的大审查，并不断加严人工+算法的审核机制，不过对于用户来说约束力不大。\nB站也曾与腾讯视频等外部平台合作，上线内容专区供UP主进行二次创作，同时，B站在去年发力长内容，如《说唱新世代》等，以自有内容版权为UP主提供二创素材。不过，短期内，B站在自制内容的声量和成熟度上还无法与腾爱优三家相提并论。例如近期上线的《山河令》，已经接过《陈情令》的衣钵，成为许多UP主的二创素材，而这部剧的独播平台正是优酷。\n而二创对于爱奇艺、优酷等平台而言，或许也有“为他人做嫁衣”的焦虑。爱奇艺曾于去年上线中视频产品随刻，作为爱奇艺挺近“中国YouTube”的尝试。而根据爱奇艺相关数据显示，2020年，青春有你、史莱姆、潮玩盲盒、迷你世界、萌宠、汉服等是随刻互动量TOP10的圈子，与B站呈现大规模重合。此外，随刻也将爱奇艺的自制内容版权作为吸引平台创作者二创的重要优势。\n传统长视频平台的增长已经见顶，而根据财报显示，2020年第四季度，B站平均月活用户达2.02亿，较去年同期的1.3亿增长近55%，2020年，B站营收120亿元，同比增长77％。随着各家都进入到流量争夺的存量竞争，围堵或包抄都将成为常态。","news_type":1,"symbols_score_info":{"IQ":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323624555,"gmtCreate":1615339437177,"gmtModify":1704781344720,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Again","listText":"Again","text":"Again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323624555","repostId":"2118647020","repostType":4,"isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320651189,"gmtCreate":1615098031941,"gmtModify":1704778656881,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Noooo","listText":"Noooo","text":"Noooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320651189","repostId":"1150364023","repostType":4,"repost":{"id":"1150364023","kind":"news","pubTimestamp":1615082582,"share":"https://ttm.financial/m/news/1150364023?lang=en_US&edition=fundamental","pubTime":"2021-03-07 10:03","market":"sh","language":"zh","title":"Apocalypse of the Big Fall","url":"https://stock-news.laohu8.com/highlight/detail?id=1150364023","media":" 阿基米德Biotech","summary":"传说鱼的记忆只有7秒。\n投资者的记忆能有几天？\n我们觉得今天很惨，却忘了去年春节后第一个交易日大盘几乎跌停，更忘了去年2月25日创业板见顶后，最大跌幅20%。\n过段时间又会忘了这几天的苦。\n过段时间世","content":"<p>Legend has it that a fish's memory is only 7 seconds.</p><p>How many days can investors remember?</p><p>We feel miserable today, but we forget that the market almost fell to the limit on the first trading day after the Spring Festival last year, and we even forget that after the GEM peaked on February 25th last year, the biggest drop was 20%.</p><p>After a while, I will forget the suffering of these days.</p><p>After a while, the world will remain the same, and the situation of embracing core assets and holding high-quality companies for a long time will not change.</p><p><b>About Cycle</b></p><p>It is not too much interpretation of the sharp drop after the Spring Festival. It is temporarily regarded as repeating the standard process after the end of the spring market, which happens every year.</p><p>The decline of core assets is even greater than in previous years, because it rose too much before the holiday. The so-called brutal joy is bound to have a brutal ending.</p><p>The spring market will definitely come. Even in the bleak and rainy 2018, the Shanghai Stock Exchange 50 has experienced 19 consecutive gains. The spring market will definitely go, and those who tell you that the bull market is coming are the worst.</p><p>In the past, the spring market lasted for about 2 months, and the highest point almost corresponded to the maximum trading volume. During the decline, the volume gradually shrank, and the decline was rapid, reaching a stage low within one month. In the past two years, after the end of the spring market, the Shanghai Composite Index fell by more than 10%, and the biggest drop of the GEM was 20%.</p><p>Now the decline of the market is not as good as in previous years.</p><p>History is a mirror that can't see the future, but it can clearly illuminate where we are.</p><p>Will it continue to fall after the standard process is completed? The U.S. 10-year Treasury Bond yield continues to rise, representing a rebound in real interest rates and rising inflation. The Chinese 10-year Treasury Bond yield is also rising simultaneously. There is no boundary possibility of monetary policy relaxation, and all that remains is the question of when to turn.</p><p>Therefore, a warning voice immediately appeared: many people have not experienced a complete cycle, and cannot see the cycle of commodity cycles and technology stocks.</p><p>I just want to say: Fuck your cycle!</p><p>Any idea why you only invest in biomedicine? Just don't want to care about macro and cycles.</p><p>Under the systemic crisis, no one is spared.</p><p>But as long as we survive the main decline and enter a period of shock, even if it is a negative decline, biomedicine is not afraid. The advantages of deterministic growth of leading companies will be reflected, and they will return to their own operating track, and a structural market will emerge.</p><p>Deleveraging in 2018, no matter how bad the memory is, you may still feel sad. The market began to decline for a year in February, but CSI Medical and CSI Pharmaceutical hit a new high on May 29. If it weren't for trade issues and The first centralized procurement could maintain positive returns throughout the year.</p><p>Nowadays, trade issues and centralized procurement are no longer problems.</p><p>Biomedicine can basically cross bulls and bears, and we need to strengthen our confidence in times of adversity.</p><p><img src=\"https://static.tigerbbs.com/5f5b8f2da168fb1f06a5f0e28ae3b0b7\" tg-width=\"503\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>About timing</b></p><p>There is an important phenomenon in the adjustment after the end of this spring market, and the trading volume has remained stable.</p><p>Only volume doesn't lie.</p><p>What exactly does this mean?</p><p>The liquidity tightening may not have landed yet, or it is possible that residents' assets have been hedged through funds entering the market.</p><p>Previously, it was estimated that the newly issued fund still had 565.5 billion yuan of funds ready to build positions, and 72 equity funds will be raised soon, with an estimated scale of 327.1 billion yuan.</p><p>Lao Ba's words are full of wisdom and not outdated. Macro forecasts are meaningless for stock investment.</p><p>Things at the macro level are unclear. Whether the bulls and bears will switch later and how liquidity will be tightened, I won't predict it, and it's not too timing.</p><p>What needs to be stable is risk appetite. Are you afraid when it falls, and when it rises, you think why you were afraid in the first place?</p><p>Have you experienced many rounds of warm and cold alternation, or can't you overcome this humanity?</p><p>Long-term investors ignore any fluctuations and are too out of touch. The autumn and winter correction, the spring market, and the subsequent downward killing are very obvious and can be used. However, it is too timely to invest based on the forecast of bull-bear conversion and full-year decline.</p><p>Systemic risks will always pass. As long as there is no thunderstorm in the company itself and the growth logic is still there, it will eventually be repaired.</p><p>The entry of residents' assets into the market is irreversible. It is impossible for young Christians to concentrate their money in traditional industries such as steel, nonferrous metals, coal, and banking. The mainstream is to allocate growth stocks with acceptable fundamentals.</p><p>The problem now is that the valuation is indeed overdrawn too much, and it will be valuable when it falls to a certain level. The top high-quality assets are digesting the valuation and looking for a balanced center. We can observe two anchors, one is Hengrui Medicine. If the existing valuation system does not collapse, it will be the anchor of the entire biomedical sector. The other is when Tongce Medical will stop falling. During the entire pullback/retracement, the volume can be released Not big enough.</p><p>The Shanghai Stock Exchange is still far away from the target position, and the GEM is coming soon. Be cautious enough and don't be too pessimistic.</p><p>High-quality stocks are driven by endogenous growth in the long run. When systemic risks are released, investors' concerns should return to fundamentals and growth.</p><p>Liquidity tightening has no impact on biomedical performance. In the era of stock economy, sustainable high growth is scarce and can enjoy a premium.</p><p>Emotion and timing are not the most important things, but stock selection and allocation are.</p><p><img src=\"https://static.tigerbbs.com/806867c17de68529fb1bfcade404d610\" tg-width=\"508\" tg-height=\"505\" referrerpolicy=\"no-referrer\"></p><p><b>About cognition</b></p><p>The most famous sentence in Sun Tzu's Art of War: Know yourself and the enemy, and you will win a hundred battles. I didn't understand why the bland expression was regarded as the standard before. Now I understand that the most important thing in everything is cognition, and it starts from cognizing yourself. After experiencing this wave of pullback/retracement, your heart should be touched, and you can consider reflecting from the following aspects.</p><p>1. Does the shareholding match your risk appetite? If the risk tolerance is poor, it is recommended not to or cautiously allocate high-valuation, unprofitable, and high-volatility stocks, and not to take heavy positions in vaccine stocks, Hong Kong stocks, and CXOs.</p><p>2. How to deal with short-term and long-term relationships? If you are very concerned about short-term gains, it is recommended not to or to be cautious in allocating stocks with large long-term space but short-term mess.</p><p>3. If you don't understand, don't do it. Sort out the stocks that are beyond the cognitive atmosphere. It is difficult to understand high valuations, large market capitalization, and unprofitable. You can choose the varieties that you can understand, so that your shareholding mentality is more stable.</p><p>4. Don't provoke your weaknesses, give yourself a chance to live, and give good stocks a chance to prove yourself. Tongce Medical, Aier Ophthalmology, Huahan Plastic Surgery, and Kangle Guard have experienced huge declines. How can they feel nothing? There is no need to have a strong heart, and the positions are indexed and decentralized, with ballast stones and a sense of hierarchy. Huahan Plastic Surgery and Recreation Guard have experienced many plunges, but they will rise even higher later, because the configuration is tolerant of short-term errors. Don't give yourself an opportunity for weaknesses to be exposed, and don't push good stocks to the wall.</p><p>The perceptual criterion to measure whether the portfolio position is reasonable is to make yourself feel comfortable and free of pressure.</p><p>Long-term investment will only mature after the change of warm and cold. Everything is not smooth sailing. Measuring investment in years will be much indifferent.</p><p><b>About Tongce</b></p><p>The logic of CXO's high growth is very hard, and the high valuation is not entirely caused by grouping. After the market stabilizes, it will be the sector with the fastest rebound.</p><p>The medical service sector is expected to continue to fluctuate, looking for a valuation center and waiting for the market to reach a consensus again.</p><p>The collapse of fundamentals is a bottomless abyss.</p><p>The fundamentals and growth of Tongce Medical have not changed. The only problem is the high valuation. Short-term fund grouping is controversial, and the bargaining chips are loose.</p><p>According to the Tongce Medical Exchange Meeting, the good business trend continued in the fourth quarter and January this year, and it opened on the fourth day of the new year. The year-on-year growth was good, and the basic market was stable.</p><p>The two growth curves ahead are normal. The dandelion plan is progressing smoothly, and some clinics have reached breakeven in half a year, showing the replicability of the business model. Cunji Hospital outside the province is not as unbearable as expected, and Wuhan has achieved good results. In October 2020, the monthly revenue was about 5.5 million, reaching the break-even line. Xi'an Cunji is the hope of expanding outside the province. It develops better than Wuhan, and its site selection and talents are very good. The trial operation started on October 9th, with an average monthly income of 3 million.</p><p>In the implant business, there are about 300,000 dental implants in Zhejiang Province, compared with 3 million implants a year in South Korea. There is a huge market space for dental implants in Zhejiang Province in the future.</p><p>Orthodontic business, young people have a strong demand for orthodontics. Tongce develops its own digital oral system, which is more conducive to the promotion of orthodontic business.</p><p>The estimated profit in 2020 is 550 million, and it will maintain a growth rate of 30% in the next two years. The profit in 2023 is 1.2 billion, PE70, which means that the performance will be overdrafted for two or three years.</p><p>The question now is whether the market can accept valuation overdraft and maintain a 30% growth rate.</p><p>As the only leader in a good track, it makes exclusive profits, other companies lose money, and has almost no sales expenses, so you can enjoy a high premium.</p><p>The market will find a suitable anchor in the shock, and carefully observe the results first.</p><p>Time will heal everything, this is not chicken soup.</p><p>Dentistry belongs to the national consumer market, and the leading market value is less than 100 billion. Will it be like this forever?</p><p>Volatility is the norm in the market, and sometimes there are extremes that are already doomed at the moment of entering the market., Even after many rounds of ups and downs, we will always be more optimistic when we are optimistic, and more pessimistic when we are pessimistic. Knowing right and wrong, but doing it is another matter.</p><p>Biomedicine is relatively stable most of the time, just like people who don't get sick, who get sick once by chance. One month after the end of the spring market and one month at the end of the year, the beating is relatively miserable.</p><p>When the spring market was at its peak, I expressed a very pessimistic view. Now, I will also say that it will pass.</p>","source":"lsy1611662960640","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>Apocalypse of the Big Fall</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\">\nApocalypse of the Big Fall\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 阿基米德Biotech</strong><span class=\"h-time small\">2021-03-07 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Legend has it that a fish's memory is only 7 seconds.</p><p>How many days can investors remember?</p><p>We feel miserable today, but we forget that the market almost fell to the limit on the first trading day after the Spring Festival last year, and we even forget that after the GEM peaked on February 25th last year, the biggest drop was 20%.</p><p>After a while, I will forget the suffering of these days.</p><p>After a while, the world will remain the same, and the situation of embracing core assets and holding high-quality companies for a long time will not change.</p><p><b>About Cycle</b></p><p>It is not too much interpretation of the sharp drop after the Spring Festival. It is temporarily regarded as repeating the standard process after the end of the spring market, which happens every year.</p><p>The decline of core assets is even greater than in previous years, because it rose too much before the holiday. The so-called brutal joy is bound to have a brutal ending.</p><p>The spring market will definitely come. Even in the bleak and rainy 2018, the Shanghai Stock Exchange 50 has experienced 19 consecutive gains. The spring market will definitely go, and those who tell you that the bull market is coming are the worst.</p><p>In the past, the spring market lasted for about 2 months, and the highest point almost corresponded to the maximum trading volume. During the decline, the volume gradually shrank, and the decline was rapid, reaching a stage low within one month. In the past two years, after the end of the spring market, the Shanghai Composite Index fell by more than 10%, and the biggest drop of the GEM was 20%.</p><p>Now the decline of the market is not as good as in previous years.</p><p>History is a mirror that can't see the future, but it can clearly illuminate where we are.</p><p>Will it continue to fall after the standard process is completed? The U.S. 10-year Treasury Bond yield continues to rise, representing a rebound in real interest rates and rising inflation. The Chinese 10-year Treasury Bond yield is also rising simultaneously. There is no boundary possibility of monetary policy relaxation, and all that remains is the question of when to turn.</p><p>Therefore, a warning voice immediately appeared: many people have not experienced a complete cycle, and cannot see the cycle of commodity cycles and technology stocks.</p><p>I just want to say: Fuck your cycle!</p><p>Any idea why you only invest in biomedicine? Just don't want to care about macro and cycles.</p><p>Under the systemic crisis, no one is spared.</p><p>But as long as we survive the main decline and enter a period of shock, even if it is a negative decline, biomedicine is not afraid. The advantages of deterministic growth of leading companies will be reflected, and they will return to their own operating track, and a structural market will emerge.</p><p>Deleveraging in 2018, no matter how bad the memory is, you may still feel sad. The market began to decline for a year in February, but CSI Medical and CSI Pharmaceutical hit a new high on May 29. If it weren't for trade issues and The first centralized procurement could maintain positive returns throughout the year.</p><p>Nowadays, trade issues and centralized procurement are no longer problems.</p><p>Biomedicine can basically cross bulls and bears, and we need to strengthen our confidence in times of adversity.</p><p><img src=\"https://static.tigerbbs.com/5f5b8f2da168fb1f06a5f0e28ae3b0b7\" tg-width=\"503\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>About timing</b></p><p>There is an important phenomenon in the adjustment after the end of this spring market, and the trading volume has remained stable.</p><p>Only volume doesn't lie.</p><p>What exactly does this mean?</p><p>The liquidity tightening may not have landed yet, or it is possible that residents' assets have been hedged through funds entering the market.</p><p>Previously, it was estimated that the newly issued fund still had 565.5 billion yuan of funds ready to build positions, and 72 equity funds will be raised soon, with an estimated scale of 327.1 billion yuan.</p><p>Lao Ba's words are full of wisdom and not outdated. Macro forecasts are meaningless for stock investment.</p><p>Things at the macro level are unclear. Whether the bulls and bears will switch later and how liquidity will be tightened, I won't predict it, and it's not too timing.</p><p>What needs to be stable is risk appetite. Are you afraid when it falls, and when it rises, you think why you were afraid in the first place?</p><p>Have you experienced many rounds of warm and cold alternation, or can't you overcome this humanity?</p><p>Long-term investors ignore any fluctuations and are too out of touch. The autumn and winter correction, the spring market, and the subsequent downward killing are very obvious and can be used. However, it is too timely to invest based on the forecast of bull-bear conversion and full-year decline.</p><p>Systemic risks will always pass. As long as there is no thunderstorm in the company itself and the growth logic is still there, it will eventually be repaired.</p><p>The entry of residents' assets into the market is irreversible. It is impossible for young Christians to concentrate their money in traditional industries such as steel, nonferrous metals, coal, and banking. The mainstream is to allocate growth stocks with acceptable fundamentals.</p><p>The problem now is that the valuation is indeed overdrawn too much, and it will be valuable when it falls to a certain level. The top high-quality assets are digesting the valuation and looking for a balanced center. We can observe two anchors, one is Hengrui Medicine. If the existing valuation system does not collapse, it will be the anchor of the entire biomedical sector. The other is when Tongce Medical will stop falling. During the entire pullback/retracement, the volume can be released Not big enough.</p><p>The Shanghai Stock Exchange is still far away from the target position, and the GEM is coming soon. Be cautious enough and don't be too pessimistic.</p><p>High-quality stocks are driven by endogenous growth in the long run. When systemic risks are released, investors' concerns should return to fundamentals and growth.</p><p>Liquidity tightening has no impact on biomedical performance. In the era of stock economy, sustainable high growth is scarce and can enjoy a premium.</p><p>Emotion and timing are not the most important things, but stock selection and allocation are.</p><p><img src=\"https://static.tigerbbs.com/806867c17de68529fb1bfcade404d610\" tg-width=\"508\" tg-height=\"505\" referrerpolicy=\"no-referrer\"></p><p><b>About cognition</b></p><p>The most famous sentence in Sun Tzu's Art of War: Know yourself and the enemy, and you will win a hundred battles. I didn't understand why the bland expression was regarded as the standard before. Now I understand that the most important thing in everything is cognition, and it starts from cognizing yourself. After experiencing this wave of pullback/retracement, your heart should be touched, and you can consider reflecting from the following aspects.</p><p>1. Does the shareholding match your risk appetite? If the risk tolerance is poor, it is recommended not to or cautiously allocate high-valuation, unprofitable, and high-volatility stocks, and not to take heavy positions in vaccine stocks, Hong Kong stocks, and CXOs.</p><p>2. How to deal with short-term and long-term relationships? If you are very concerned about short-term gains, it is recommended not to or to be cautious in allocating stocks with large long-term space but short-term mess.</p><p>3. If you don't understand, don't do it. Sort out the stocks that are beyond the cognitive atmosphere. It is difficult to understand high valuations, large market capitalization, and unprofitable. You can choose the varieties that you can understand, so that your shareholding mentality is more stable.</p><p>4. Don't provoke your weaknesses, give yourself a chance to live, and give good stocks a chance to prove yourself. Tongce Medical, Aier Ophthalmology, Huahan Plastic Surgery, and Kangle Guard have experienced huge declines. How can they feel nothing? There is no need to have a strong heart, and the positions are indexed and decentralized, with ballast stones and a sense of hierarchy. Huahan Plastic Surgery and Recreation Guard have experienced many plunges, but they will rise even higher later, because the configuration is tolerant of short-term errors. Don't give yourself an opportunity for weaknesses to be exposed, and don't push good stocks to the wall.</p><p>The perceptual criterion to measure whether the portfolio position is reasonable is to make yourself feel comfortable and free of pressure.</p><p>Long-term investment will only mature after the change of warm and cold. Everything is not smooth sailing. Measuring investment in years will be much indifferent.</p><p><b>About Tongce</b></p><p>The logic of CXO's high growth is very hard, and the high valuation is not entirely caused by grouping. After the market stabilizes, it will be the sector with the fastest rebound.</p><p>The medical service sector is expected to continue to fluctuate, looking for a valuation center and waiting for the market to reach a consensus again.</p><p>The collapse of fundamentals is a bottomless abyss.</p><p>The fundamentals and growth of Tongce Medical have not changed. The only problem is the high valuation. Short-term fund grouping is controversial, and the bargaining chips are loose.</p><p>According to the Tongce Medical Exchange Meeting, the good business trend continued in the fourth quarter and January this year, and it opened on the fourth day of the new year. The year-on-year growth was good, and the basic market was stable.</p><p>The two growth curves ahead are normal. The dandelion plan is progressing smoothly, and some clinics have reached breakeven in half a year, showing the replicability of the business model. Cunji Hospital outside the province is not as unbearable as expected, and Wuhan has achieved good results. In October 2020, the monthly revenue was about 5.5 million, reaching the break-even line. Xi'an Cunji is the hope of expanding outside the province. It develops better than Wuhan, and its site selection and talents are very good. The trial operation started on October 9th, with an average monthly income of 3 million.</p><p>In the implant business, there are about 300,000 dental implants in Zhejiang Province, compared with 3 million implants a year in South Korea. There is a huge market space for dental implants in Zhejiang Province in the future.</p><p>Orthodontic business, young people have a strong demand for orthodontics. Tongce develops its own digital oral system, which is more conducive to the promotion of orthodontic business.</p><p>The estimated profit in 2020 is 550 million, and it will maintain a growth rate of 30% in the next two years. The profit in 2023 is 1.2 billion, PE70, which means that the performance will be overdrafted for two or three years.</p><p>The question now is whether the market can accept valuation overdraft and maintain a 30% growth rate.</p><p>As the only leader in a good track, it makes exclusive profits, other companies lose money, and has almost no sales expenses, so you can enjoy a high premium.</p><p>The market will find a suitable anchor in the shock, and carefully observe the results first.</p><p>Time will heal everything, this is not chicken soup.</p><p>Dentistry belongs to the national consumer market, and the leading market value is less than 100 billion. Will it be like this forever?</p><p>Volatility is the norm in the market, and sometimes there are extremes that are already doomed at the moment of entering the market., Even after many rounds of ups and downs, we will always be more optimistic when we are optimistic, and more pessimistic when we are pessimistic. Knowing right and wrong, but doing it is another matter.</p><p>Biomedicine is relatively stable most of the time, just like people who don't get sick, who get sick once by chance. One month after the end of the spring market and one month at the end of the year, the beating is relatively miserable.</p><p>When the spring market was at its peak, I expressed a very pessimistic view. Now, I will also say that it will pass.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/I_MyCbUt7XWZgFcEhv2coQ\"> 阿基米德Biotech</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00dac9da971ee0e08b72a17d0d0b507","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/I_MyCbUt7XWZgFcEhv2coQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150364023","content_text":"传说鱼的记忆只有7秒。\n投资者的记忆能有几天？\n我们觉得今天很惨，却忘了去年春节后第一个交易日大盘几乎跌停，更忘了去年2月25日创业板见顶后，最大跌幅20%。\n过段时间又会忘了这几天的苦。\n过段时间世界还是老样子，拥抱核心资产、长持优质公司的局面不会改变的。\n关于周期\n对春节后大跌不过分演绎，暂时看作重复春季行情结束后的标准流程，每年都会发生的事情。\n核心资产跌幅比往年更大，是因为节前上涨过多，所谓残暴的欢愉，必将有残暴的结局。\n春季行情一定会来，即使凄风冷雨的2018年，上证50也出现了19连涨。春季行情也一定会走，告诉你牛市来了的人是最坏的。\n以往春季行情持续2个月左右，最高点几乎与最大成交量对应，在下跌过程中逐步缩量，而且下跌快速，在一个月内见到阶段低点。过去两年，春季行情结束后，上证指数跌幅超过10%，创业板最大跌幅为20%。\n现在大盘跌幅还不及往年。\n历史是一面镜子，不能看见未来，但可以照清我们所在的位置。\n在标准流程走完之后，是否会持续下跌？美国10年期国债收益率持续走高，代表实际利率回升，通胀升温，中国10年期国债收益率，也在同步走高。货币政策已无边际放松的可能，剩下的只是何时转向的问题。\n所以，立即有警告的声音出现：很多人没有经历过完整的周期轮回，看不见商品周期与科技股周期轮回。\n我只想说：去你的周期！\n知道为什么只投资生物医药吗？就是不想关心宏观和周期。\n系统性危机之下，无一幸免。\n但只要渡过主跌浪，进入震荡期，哪怕是阴跌，生物医药都不怕，头部公司确定性增长的优势将体现，回到自己的运行轨道上来，出现结构性行情。\n2018年去杠杆，记忆再不好可能依旧心有戚戚焉，大盘从2月开始为期一年的阴跌，但中证医疗、中证医药却在5月29日创出新高，如果不是贸易问题和第一次集采，全年可维持正收益。\n如今，贸易问题和集采不再是问题。\n生物医药基本上可以穿越牛熊，我们在逆境时需要坚定信心。\n\n关于择时\n这波春季行情结束之后的调整，有一个重要现象，成交量一直保持平稳。\n只有成交量不会撒谎。\n这到底意味着什么呢？\n流动性收紧可能还没落地，也有可能居民资产通过基金入市有所对冲。\n此前新发基金预估仍有5655亿元资金准备建仓，接下来还有72只权益类基金即将募集，规模预估为3271亿元。\n老巴的话充满了智慧，没有过时，宏观预测对股票投资无意义。\n宏观层面的东西扯不清楚，后面牛熊是否转换、流动性如何收紧，就不预测，不过分择时了。\n需要保持平稳的还有风险偏好，是不是跌的时候怕，涨的时候又觉得当初为什么要怕？\n是不是经历过多轮冷暖交替，还是无法克服这种人性？\n长线投资者无视任何波动，太不食人间烟火，秋冬回调、春季行情、随后的下杀，规律非常明显，是可以利用的。但基于牛熊转换、全年下跌的预测来投资，又过于择时了。\n系统性风险始终会过去的，只要公司本身没有暴雷，成长逻辑还在，最后都会修复的。\n居民资产入市是不可逆的，年轻基民的钱不可能集中于钢铁、有色、煤炭、银行这些传统行业，主流还是配置基本面尚可的成长股。\n现在的问题是估值确实透支得太厉害，跌到一定程度就有价值了，头部优质资产正在消化估值，寻找一个平衡的中枢。我们可以观察两个锚，一个是恒瑞医药，如果现有估值体系不崩溃，就是整个生物医药板块的定海神针，另一个是通策医疗什么时候止跌，整个回撤过程中，量能放得不够大。\n上证离目标位还有较大距离，创业板快到了，保持足够谨慎，也不用过于悲观。\n优质股票长期而言是由内生增长驱动，当系统性风险释放后，投资者的关切应回到基本面和成长性上。\n流动性收紧对生物医药业绩无影响，在存量经济时代，可持续的高增长有稀缺性，可享受溢价。\n情绪、择时不是最重要的事情，选股、配置才是。\n\n关于认知\n《孙子兵法》中最出名的一句话：知己知彼,百战不殆。以前不明白为什么很平淡的表述，被奉为圭臬。现在懂了，凡事最重要的是认知，而且是从认知自己开始，经历这波回撤，各位内心应有触动，可考虑从以下方面进行反思。\n1、持股是否与自己的风险偏好匹配？如果风险承受能力差，建议不要或谨慎配置高估值、未盈利、高波动股票，不要重仓疫苗股、港股、CXO。\n2、怎么处理短期和长期的关系？如果非常在意短期收益，建议不要或谨慎配置长期空间大但短期一塌糊涂的股票。\n3、不懂不做，对超出认知氛围的股票进行整理，高估值、大市值、未盈利都难以理解，可以选择能理解的品种，这样持股心态更平稳。\n4、不要去挑衅自己的弱点，给自己活下去的机会，给好股票证明自己的机会。通策医疗、爱尔眼科、华韩整形、康乐卫士跌幅巨大，怎样做到毫无感觉？无需内心强大，对持仓进行指数化分散配置，有压舱石有层次感。华韩整形、康乐卫士经历过多次暴跌，但过后又会涨得更高，因为配置对短期错误有包容性。不要给自己弱点暴露的机会，也不要把好股票逼上绝境。\n衡量组合仓位是否合理的感性标准，就是让自己感到舒服，没有压力。\n长线投资经过冷暖更迭才会成熟，凡事没有一帆风顺的，以年为单位来度量投资会淡然许多。\n关于通策\nCXO高增长逻辑很硬，高估值不完全是抱团所致，市场企稳之后又将是反弹最快的板块。\n病去如抽丝，医疗服务板块估计会持续震荡，寻找估值中枢，等待市场重新达成共识。\n基本面的崩溃是无底深渊。\n通策医疗的基本面和成长性没变，唯一问题是高估值，短期基金抱团受到争议，筹码松动。\n据通策医疗交流会透露，四季度和今年1月份延续良好的经营趋势，年初四就开业，同比增长良好，基本盘是稳定的。\n未来两条增长曲线是正常的。蒲公英计划推进顺利，部分诊所半年达到盈亏平衡，显示商业模式的可复制性。省外存济医院没有预期那么不堪，武汉取得很好效果。2020年10月单月550万左右收入，达到盈亏平衡线。西安存济是省外拓展的希望，比武汉发展更好，选址体量和人才都很好。10月9号开始试营业，平均月收入300万。\n种植业务，浙江全省大约30万颗，对标韩国一年300万颗，浙江省未来种植牙市场空间很大。\n正畸业务，年轻人正畸需求很旺盛，通策开发自己的数字化口腔系统，更有利于推广正畸业务。\n2020年估计利润5.5亿，未来两年维持30%增速，2023年利润12亿，PE70，也就是说业绩透支两三年。\n现在的问题是市场能不能接受估值透支，能不能维持30%增速。\n作为好赛道唯一龙头，独家盈利，别家亏损，销售费用几乎没有，是可以享受高溢价的。\n市场会在震荡中寻找到一个合适的锚，先谨慎观察结果。\n时间会治愈一切，这不是鸡汤。\n牙科属于全民级消费市场，龙头市值不到1000亿，会永远这样吗？\n波动是市场的常态，有时会遇到极端情况，这是进入市场的那一刻已经注定的。，即使经历过多轮涨跌，我们也总是会在乐观时更加乐观，悲观时更加悲观，明知对错，但做起来是另外一回事。\n生物医药大部时间比较平稳，就像不生病的人，偶然生一次病就病来如山倒。春季行情结束后一个月，年末一个月，挨打都比较惨。\n在春季行情最亢奋的时候，表达了非常悲观的看法。现在，我也要说，一切都会过去的。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320345591,"gmtCreate":1615027642013,"gmtModify":1704778277320,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320345591","repostId":"1199184547","repostType":4,"repost":{"id":"1199184547","kind":"news","pubTimestamp":1615005492,"share":"https://ttm.financial/m/news/1199184547?lang=en_US&edition=fundamental","pubTime":"2021-03-06 12:38","market":"us","language":"zh","title":"What to do when U.S. stocks plummet? Warren Buffett said this","url":"https://stock-news.laohu8.com/highlight/detail?id=1199184547","media":" 腾讯美股","summary":"现在，距离一年前那波疫情中的暴跌见底已经将近一年了，美股市场上，崩盘的警告声依然会不时想起，尤其是近期以来，长期利率骤然飙涨，在股市掀起了不小的波乱，也让众多市场参与者的情绪难以平静。也许，大家应该转","content":"<p><i>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</i></p><p><img src=\"https://static.tigerbbs.com/3163bd6dcf7eaee155b980c47d1a1c67\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When panic spreads, the market may collapse. For example, this was the case a year ago in March 2020. The World Health Organization declared the Novel Coronavirus epidemic a major global infectious disease. Soon after, blockade measures were taken across the United States, a large number of enterprises were temporarily closed, and the U.S. economy suddenly stopped. As a result, U.S. stocks plummeted on the spot.</p><p>However, the decline actually didn't last long. After bottoming out in late March, the market turned upward, and this tone lasted throughout the rest of the year. In the end, at the end of 2020, people saw the three mainstream indicators of U.S. stocks rise across the board. The Nasdaq closed up 43.7% for the year, while the S&P 500 and Dow closed up 15.6% and 6.6% respectively.</p><p>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</p><p><b>Psychological preparation</b></p><p>Many people regard Buffett as the greatest investor in history, because he seems to have the magic power to turn market crashes into good opportunities, and then make considerable profits. Buffett firmly believes that in the contemporary investment world, if you want to build wealth, in the long run, only stocks are the best choice. He pointed out that the ups and downs of the market are always inevitable, so investors must make corresponding psychological preparations before entering the market, so that when something happens, everyone will not easily fall into panic.</p><p><b>Reject noise</b></p><p>In fact, many of Buffett's best decisions were born during the market downturn. After the financial crisis broke out in 2008, Berkshire Hathaway seized the opportunity to buy shares of Goldman Sachs at a low price-this world-class investment bank urgently needed to raise capital at that time. Buffett once said that one of the biggest mistakes investors can make is paying too much attention to critics, political shows and market rumors.</p><p>If Buffett is also obsessed with seeking various market forecasts, then he will lose the focus of his observation and thinking, and then miss the rare buying opportunity. By 2011, Berkshire had made $3.7 billion in profits from the injection of capital into Goldman Sachs, of which 34%, or $1.27 billion, came from Dividend. In 2009, Buffett once said, \"Those who only invest when critics are optimistic will ultimately pay a high price for this meaningless sense of peace of mind.\"</p><p><b>Don't speculate</b></p><p>Buffett warned investors: \"What seems the easiest moment is precisely the most dangerous moment to speculate.\" Some people are lucky enough to taste a little sweetness at the beginning of speculation, but in the long run, few of them will be the winners. To reduce market risks, wise investment is the right way in the world. Buffett's advice is to never invest in a business you don't understand. There is only one really valid reason to buy stocks, that is, you really want to own the business.</p><p><b>Focus on the long term</b></p><p>In fact, Buffett prefers long-term investment to short-term operation most of the time. He once said: \"Our ideal holding cycle is forever. If you invest in the right business, you have managed to minimize risks and create long-term wealth.\"</p>","source":"txmg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to do when U.S. stocks plummet? Warren Buffett said this</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to do when U.S. stocks plummet? Warren Buffett said this\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 腾讯美股</strong><span class=\"h-time small\">2021-03-06 12:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</i></p><p><img src=\"https://static.tigerbbs.com/3163bd6dcf7eaee155b980c47d1a1c67\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When panic spreads, the market may collapse. For example, this was the case a year ago in March 2020. The World Health Organization declared the Novel Coronavirus epidemic a major global infectious disease. Soon after, blockade measures were taken across the United States, a large number of enterprises were temporarily closed, and the U.S. economy suddenly stopped. As a result, U.S. stocks plummeted on the spot.</p><p>However, the decline actually didn't last long. After bottoming out in late March, the market turned upward, and this tone lasted throughout the rest of the year. In the end, at the end of 2020, people saw the three mainstream indicators of U.S. stocks rise across the board. The Nasdaq closed up 43.7% for the year, while the S&P 500 and Dow closed up 15.6% and 6.6% respectively.</p><p>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</p><p><b>Psychological preparation</b></p><p>Many people regard Buffett as the greatest investor in history, because he seems to have the magic power to turn market crashes into good opportunities, and then make considerable profits. Buffett firmly believes that in the contemporary investment world, if you want to build wealth, in the long run, only stocks are the best choice. He pointed out that the ups and downs of the market are always inevitable, so investors must make corresponding psychological preparations before entering the market, so that when something happens, everyone will not easily fall into panic.</p><p><b>Reject noise</b></p><p>In fact, many of Buffett's best decisions were born during the market downturn. After the financial crisis broke out in 2008, Berkshire Hathaway seized the opportunity to buy shares of Goldman Sachs at a low price-this world-class investment bank urgently needed to raise capital at that time. Buffett once said that one of the biggest mistakes investors can make is paying too much attention to critics, political shows and market rumors.</p><p>If Buffett is also obsessed with seeking various market forecasts, then he will lose the focus of his observation and thinking, and then miss the rare buying opportunity. By 2011, Berkshire had made $3.7 billion in profits from the injection of capital into Goldman Sachs, of which 34%, or $1.27 billion, came from Dividend. In 2009, Buffett once said, \"Those who only invest when critics are optimistic will ultimately pay a high price for this meaningless sense of peace of mind.\"</p><p><b>Don't speculate</b></p><p>Buffett warned investors: \"What seems the easiest moment is precisely the most dangerous moment to speculate.\" Some people are lucky enough to taste a little sweetness at the beginning of speculation, but in the long run, few of them will be the winners. To reduce market risks, wise investment is the right way in the world. Buffett's advice is to never invest in a business you don't understand. There is only one really valid reason to buy stocks, that is, you really want to own the business.</p><p><b>Focus on the long term</b></p><p>In fact, Buffett prefers long-term investment to short-term operation most of the time. He once said: \"Our ideal holding cycle is forever. If you invest in the right business, you have managed to minimize risks and create long-term wealth.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/tFJM6n-ZNbG6pAlxxwFizg\"> 腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3163bd6dcf7eaee155b980c47d1a1c67","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/tFJM6n-ZNbG6pAlxxwFizg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199184547","content_text":"现在，距离一年前那波疫情中的暴跌见底已经将近一年了，美股市场上，崩盘的警告声依然会不时想起，尤其是近期以来，长期利率骤然飙涨，在股市掀起了不小的波乱，也让众多市场参与者的情绪难以平静。也许，大家应该转向“股神”巴菲特（Warren Buffett）的声音，因为他对崩盘有许多有趣的看法和想法。当恐慌情绪蔓延开来，市场就可能会上演崩盘的行情。比如一年前的2020年3月就是如此。世界卫生组织宣布新冠病毒疫情为全球性重大传染病，之后不久，美国各地纷纷采取封锁措施，大量企业暂时关闭，美国经济骤然停摆。于是乎，美股当场暴跌。然而，跌势其实并没有持续很久。3月下旬见底之后，大盘就翻身上行，这一基调贯穿了全年余下的时间。最终，2020年结束的时候，人们看到美股三大主流指标全线上涨。纳指年度收高43.7%，标普500指数和道指分别收高15.6%和6.6%。现在，距离一年前那波疫情中的暴跌见底已经将近一年了，美股市场上，崩盘的警告声依然会不时想起，尤其是近期以来，长期利率骤然飙涨，在股市掀起了不小的波乱，也让众多市场参与者的情绪难以平静。也许，大家应该转向“股神”巴菲特（Warren Buffett）的声音，因为他对崩盘有许多有趣的看法和想法。心理准备许多人都将巴菲特奉为史上最伟大的投资人，因为他似乎具有魔力，能够将市场崩盘变成良机，进而赚取可观的利润。巴菲特坚信，在当代投资世界当中，想要构筑财富，长期而言，只有股票才是最佳的选择。他指出，市场的起起伏伏总是难免的，因此投资者在进入市场之前就必须做好相应的心理准备，而这样，当变故发生时，大家也就不会轻易坠入恐慌了。拒绝噪音事实上，巴菲特的最佳决策当中颇有不少正是诞生在市场的低迷时期。2008年金融危机爆发后，伯克希尔哈撒韦就抓住机会，低位购入了高盛的股票——这家世界级的大投资银行当时急需筹措资本。巴菲特曾经说过，投资者可能犯下的最大错误之一，就是对那些评论家、政治秀和市场传言给予了过多的关注。如果巴菲特也汲汲于去寻求各种市场预测，那么，他就会失掉自己观察和思考的焦点，进而与难得的买进机会失之交臂。到了2011年，伯克希尔就已经从注资高盛的交易当中获利37亿美元，其中34%，即12.7亿美元都是来自股息。2009年时，巴菲特曾经说过：“那些只有在评论家们态度乐观时才会投资的人，最终都将为了获取这种毫无意义的安心之感付出了昂贵的代价。”切勿投机巴菲特警告投资者：“看上去最容易的时刻，也恰恰是投机最危险的时刻。”有些人运气好，在刚开始投机的时候能够尝到一点甜头，但是长期而言，却几乎没有谁能够成为最后的赢家。要减轻市场的风险，明智投资才是人间正道。巴菲特的建议是，永远不要投资于你不了解的企业。买进股票真正正当的理由只有一个，即，你真心想拥有这家企业。着眼长期事实上，巴菲特大多数时候都更青睐长期投资，而非短线操作。他曾经说过：“我们最理想的持有周期是永远。如果你投资的是正确的企业，你就已经做到了将风险控制到最低，并创造出长期财富。”","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367143047,"gmtCreate":1614926762589,"gmtModify":1704777063340,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Nooooo","listText":"Nooooo","text":"Nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367143047","repostId":"1186621790","repostType":4,"repost":{"id":"1186621790","kind":"news","pubTimestamp":1614924450,"share":"https://ttm.financial/m/news/1186621790?lang=en_US&edition=fundamental","pubTime":"2021-03-05 14:07","market":"us","language":"zh","title":"Nio vehicles: After experiencing \"madness\", can they maintain \"prosperity\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1186621790","media":"盖世汽车每日速递","summary":"3月2日，继理想汽车交出年营收94.6亿元，交付3.26万辆新车的2020年答卷后，作为中国造车新势力上市第一股的蔚来汽车也交出自己的答卷。或在良好业绩的催化下，蔚来汽车股价应声大涨，截止3月2日，该","content":"<p>On March 2, following<a href=\"https://laohu8.com/S/LI\">Li Auto</a>After handing over the 2020 answer sheet of annual revenue of 9.46 billion yuan and delivering 32,600 new cars, as the first listed stock of China's new car-making force<a href=\"https://laohu8.com/S/NIO\">Nio</a>The car also handed over its own answer sheet. Or catalyzed by good performance,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The stock price of automobiles rose sharply. As of March 2, the stock price of the stock rose 8.69%, with a quoted price of US $49.76 per share and a total market value of US $78.1 billion (approximately RMB 505 billion).</p><p>As we all know, Nio vehicles in 2020 can be described as \"a mixture of sorrow and joy\". From burning tens of billions and almost going bankrupt, the market value exceeded 76 billion US dollars (approximately 491 billion yuan) by the end of the year, and it became the second largest market value in the world after<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Toyota and Volkswagen, the fifth largest automaker. Li Bin, the founder of Nio Motors, has also changed from \"the worst person in 2019\" to \"the happiest person in 2020\", as if he had experienced a roller coaster journey.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cc0b98bc9a3eaa3783b8c4cf13440db\" tg-width=\"820\" tg-height=\"581\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile official website</span></p><p>So, how will Nio Motor, which has suffered losses for four consecutive years and has been labeled as the \"king of losses\", perform in 2020? Face<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts, capital seizing the new energy vehicle market... and other challenges. What is the magic weapon for Nio vehicles to deal with in the future? After experiencing madness and enduring loneliness, can Nio vehicles maintain prosperity?</p><p><b>Revenue exceeded 16.2 billion yuan, but still lost 5 billion yuan</b></p><p>as<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similarly, in 2020, Nio Automobile took advantage of the east wind of the \"new energy\" market. Not only did its stock price and market value soar, but its operating performance also improved significantly, staging a wonderful counterattack.</p><p>The financial report shows that Nio's revenue in the fourth quarter of 2020 was 6.64 billion yuan, a year-on-year increase of 133.2%; The net loss was 1.389 billion yuan, a year-on-year decrease of 51.5%. Excluding equity incentive expenses, the adjusted net loss (non-GAAP) was 1.328 billion yuan, a year-on-year decrease of 52.8%; Gross margin on automobile sales was 17.2%, compared with negative 6.0% in the fourth quarter of 2019 and 14.5% in the previous quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3e67abf5dcc77a475db96809a184ad0\" tg-width=\"820\" tg-height=\"838\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>From the perspective of the whole year, the total revenue of Nio vehicles was 16.258 billion yuan, a year-on-year increase of 107.8%; The net loss was 5.304 billion yuan, a year-on-year decrease of 53.0%. Excluding share-based payment expenses, the adjusted net loss (non-GAAP) was 5.117 billion yuan, a year-on-year decrease of 53.3%.</p><p>It is worth noting that in 2020, Nio's gross profit will be 1.873 billion yuan. With the improvement of gross profit, Nio's gross profit margin increased to 11.5% in 2020 (negative 15.3% in 2019), and the gross profit margin of the automotive business increased to 12.7% (negative 9.9% in the previous year). It can be seen that the positive gross profit and gross profit margin means that Nio Motors has been able to \"make money\" by selling cars.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/682f365098a3bac6263cd5d0c2f10a07\" tg-width=\"820\" tg-height=\"691\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>However, under the pressure of high investment, Nio Motor is still in a state of loss. This is also the fifth consecutive year of losses for Nio Motor, which indirectly shows that Nio Motor is still \"burning money\". Compared with Li Auto, which is also a new car-making force, although Nio Automobile has prominent advantages in revenue, Ideal is better than Nio in terms of gross profit margin and net profit. Moreover, Ideal's profit in the fourth quarter of last year has exceeded \"100 million\".</p><p>For an electric vehicle company that is stretched for funds, product sales and continuous financing have become almost everything. Fortunately, Nio's vehicle sales doubled last year. Financial report data shows that Nio delivered 17,353 vehicles in the fourth quarter of 2020. These include 4,873 ES8s, 7,574 ES6s and 4,906 EC6s, with EC6 model sales surpassing the ES8 and ES6 in December.</p><p>The number of vehicles delivered in 2020 was 43,700, a substantial increase of 112.6% year-on-year, and sales doubled.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e952c06cc1088c54006e40312a6f8abb\" tg-width=\"820\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Li Bin said: \"In the fourth quarter of 2020, Nio hit another new quarterly delivery high, reaching 17,353 vehicles, marking a perfect end to the transformative 2020.</p><p>According to data from the Passenger Car Association, in 2020, I<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 1.109 million units, a year-on-year increase of 9.8%. Among them, Tesla sold 143,800 vehicles in the Chinese market, and domestically produced Model 3 accounted for 94%.</p><p>Although Tesla's sales outpaced Nio's, in the conference call, when talking about the market competition faced by Nio, Li Bin said: \"The main competitors of Nio's ES6/EC6/ES8 models are Mercedes-Benz, BMW, and Audi (BBA)) fuel vehicles with similar prices. BBA has done a good job in the field of fuel vehicles, but the electric vehicle business is far behind Nio.\" At the same time, he emphasized that by the end of this year, Nio vehicles will achieve sales network coverage in cities with BBA dealers. It seems that Li Bin does not regard Tesla as a long-term competitor.</p><p><b>R&D investment doubled to 5 billion yuan, and cash reserves reached 42.5 billion yuan</b></p><p>Marketing, selling and administrative expenses, and research and development expenses remain important expenses for Nio, although they all decreased in 2020. This is also an important reason for the narrowing of Nio's automobile losses in 2020.</p><p>According to the financial report data, Nio's automobile market, sales and management expenses in 2020 will be 3.932 billion yuan, a year-on-year decrease of 27.87%. Nio Motor said that the decline in sales and administrative expenses was mainly attributable to the reduction in employee compensation, rent and related expenses brought about by the company's overall cost savings, efficiency improvements and optimization of the sales network structure.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcb7eb5a49d5563c2aeb6bdbbe8ae2a0\" tg-width=\"820\" tg-height=\"827\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Last year, Nio's research and development expenses were 2.488 billion yuan, a year-on-year decrease of 43.82%, accounting for 15.3% of total operating income. Although R&D expenses have dropped significantly, they are twice that of Li Auto (last year, the ideal R&D expenses were 1.1 billion yuan, accounting for 11.63% of the total operating income).</p><p>Regarding the reduction in R&D investment, Nio explained that the reduction in R&D expenses is mainly attributable to the company's overall cost-saving efforts and the improvement of operational efficiency of the R&D function, which has reduced design and development costs and employee compensation.</p><p>In terms of cash flow, Nio vehicles are relatively plentiful. As of December 31, 2020, Nio's cash and cash equivalents were 38.42 billion yuan. Cash reserves (cash and cash equivalents, restricted currency cash, short-term investments) totaled 42.5 billion yuan (Li Auto's cash reserves in 2020 reached 29.87 billion yuan).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b473bb90cfc9bf35c01e824469c11da\" tg-width=\"820\" tg-height=\"995\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Feng Wei, chief financial officer of Nio, said: \"Looking forward to the future, based on Nio's continuous technological innovation and increasing financial performance, the company will continue to invest firmly and efficiently in products, core technologies and user services.\"</p><p>\"Nio plans to double its R&D investment in 2021 to 5 billion yuan,\" Li Bin said during the earnings conference call.</p><p>It can be seen that both Nio and Ideal have doubled their future R&D investment, but what does high R&D investment indicate for the future?</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f0a95bf9557df114e6a0d2542a15edef\" tg-width=\"820\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Gasgoo believes that the development of the new energy vehicle industry is a brand-new road, especially for domestic independent brands. In this market environment of crossing the river by feeling the stones, whoever masters the core technological advantages will master the market. In the face of the intensification of industry reshuffle, there is only continuous technological innovation, and high R&D investment is the magic weapon to win. It is reported that in 2019<a href=\"https://laohu8.com/S/002594\">BYD</a>, Geely and<a href=\"https://laohu8.com/S/02338\">Weichai Power</a>R&D expenses exceed 5 billion yuan,<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>、<a href=\"https://laohu8.com/S/600418\">Jianghuai Motors</a>The R&D investment of other companies has exceeded 1 billion yuan.</p><p>According to Qin Lihong, co-founder and president of Nio Automobile, although Nio is a listed company still losing money, Nio has invested nearly 20 billion RMB in more than five years.</p><p><b>How to do it in 2021? Production capacity will reach 300,000 by the end of the year/enter the European market</b></p><p>\"2020 is an important milestone in the development of Nio. With the support of users and the efforts of the team, the overall operation of Nio is on the right track and has entered a stage of accelerated development.\" Regarding Nio's development last year, Li Bin concluded. In 2021, in the face of gradually rising sales, Nio is also stepping up its layout.</p><p>Compared with Li Auto founder Li Xiang's \"Great Leap Forward\" plan (in 2025, it will become the first<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies; In 2030, it will become the world's number one<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies), Li Bin appears to be more realistic.</p><p>In this regard, Nio has issued the following plans:</p><p><b>1. Nio's monthly production capacity has increased to 7,500 units, and it is planned to achieve a single shift production capacity of 150,000 units/double shift production capacity of 300,000 units by the end of the year;</b></p><p><b>2. In 2021, it is planned to build 20 new Nio centers and 120 Nio spaces, with a total of 366 stores;</b></p><p><b>3. The second-generation battery swap stations will be deployed in 2021, and the total number of battery swap stations nationwide will exceed 500;</b></p><p><b>4. In 2021, it is planned to build a total of 600 supercharging stations and 15,000 destination charging piles;</b></p><p><b>5. In the international market, according to the previous plan, Nio will start sales and services in Europe this year. According to Li Bin, various preparations are currently progressing in an orderly manner;</b></p><p><b>6. Adhere to the high-end positioning, and the NIO brand will definitely not enter the mass market. However, Li Bin also said that there is definitely a possibility, and in the long run, it is a more active way to enter the mass market.</b></p><p>Talking about the most distinctive battery swap technology, Li Bin said that Nio has withstood the test of the market and users. He said that Nio is committed to building an innovative system that separates vehicles and electricity, rents batteries, is rechargeable, replaceable and upgradable, and provides users with full-scenario power-up services.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e48ff9ad7df43e20a6cf9a5eafc7eb8\" tg-width=\"820\" tg-height=\"386\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>With the growing user base and increasingly rich battery pack combinations, more and more users choose Battery as a Service, BaaS. Among the new orders in February 2021, 55% of users chose BaaS. Li Bin believes that BaaS and Nio's complete charging and swapping service system will accelerate the conversion of gasoline vehicle users to pure electric vehicles.</p><p>When referring to the current hot topic of \"chip shortage\", Li Bin said: \"At present, the chip supply of Nio Automobile can basically meet Nio's normal production in Q2, but the risk is very high. What is more urgent is the shortage of power battery supply, especially The supply of 100Kwh power battery packs is less than we expected. The bottleneck of power battery supply is expected to be alleviated around July this year.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c22d5079af505169a7778c307087eb48\" tg-width=\"820\" tg-height=\"475\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>In addition, Li Bin said that from a brand perspective, NIO will not enter the massive market. A few years ago, Nio tried with GAC and Changan through investment, and the current shareholding ratio has dropped from about 40% to about 5%. Nio's main brand is mainly high-end, but it also actively observes how to enter the mass market, which has always been Nio's strategy.</p><p>Finally, Nio Motor made a forecast for sales and revenue in the first quarter of this year.</p><p>Nio expects vehicle deliveries in the first quarter of 2021 to be between 20,000 and 20,500 vehicles, a year-on-year increase of 421% to 434% and a quarter-on-quarter increase of 15% to 18%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3354df34375e38731ba2449587df92af\" tg-width=\"820\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Revenue will be between 7.38 billion yuan and 7.56 billion yuan, a year-on-year increase of 438.1% to 450.8%.</p><p>Data show that in January this year, Nio delivered 7,225 new vehicles, a year-on-year increase of 352.1%. In February, Nio vehicles continued their high-speed growth model, with a year-on-year increase of 689%, doubling the growth rate in January. Among them, 1,327 ES8 units were delivered; Nio ES6 deliveries were 2,216 units; EC6 deliveries were 2,035 units. A total of 12,803 vehicles were delivered in January and February.</p><p><b>Written at the end:</b></p><p>At present, in the first echelon of new car-making forces, only<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>The financial report has not yet been disclosed, but it can be predicted that in 2020<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Under the catalysis of the capital market and the \"new energy east wind\", the performance may not be too bad.</p><p>However, the road to new car-making forces is extremely difficult. On the one hand, there are flowers and applause, and on the other hand, there may be cliffs and failures. What's more, in the past two months of 2021, the new energy track has been \"overcrowded\", whether it is a real estate tycoon, or mobile phone manufacturers or Internet companies all want to get a share of this field.</p><p>Cui Dongshu, secretary-general of the Passenger Car Association, believes that the price of new energy vehicles is currently relatively high in the U.S. capital market, and there is a certain bubble. He said that valuation is a capital market evaluation and has no practical significance for promoting the development of enterprises.</p><p>Therefore, whether it is Nio, Ideal or new energy companies such as XPeng, the track of new energy vehicles in 2021 is still full of unknowns and dangers.</p>","source":"lsy1596524752134","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>Nio vehicles: After experiencing \"madness\", can they maintain \"prosperity\"</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\">\nNio vehicles: After experiencing \"madness\", can they maintain \"prosperity\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">盖世汽车每日速递</strong><span class=\"h-time small\">2021-03-05 14:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On March 2, following<a href=\"https://laohu8.com/S/LI\">Li Auto</a>After handing over the 2020 answer sheet of annual revenue of 9.46 billion yuan and delivering 32,600 new cars, as the first listed stock of China's new car-making force<a href=\"https://laohu8.com/S/NIO\">Nio</a>The car also handed over its own answer sheet. Or catalyzed by good performance,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The stock price of automobiles rose sharply. As of March 2, the stock price of the stock rose 8.69%, with a quoted price of US $49.76 per share and a total market value of US $78.1 billion (approximately RMB 505 billion).</p><p>As we all know, Nio vehicles in 2020 can be described as \"a mixture of sorrow and joy\". From burning tens of billions and almost going bankrupt, the market value exceeded 76 billion US dollars (approximately 491 billion yuan) by the end of the year, and it became the second largest market value in the world after<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Toyota and Volkswagen, the fifth largest automaker. Li Bin, the founder of Nio Motors, has also changed from \"the worst person in 2019\" to \"the happiest person in 2020\", as if he had experienced a roller coaster journey.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cc0b98bc9a3eaa3783b8c4cf13440db\" tg-width=\"820\" tg-height=\"581\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile official website</span></p><p>So, how will Nio Motor, which has suffered losses for four consecutive years and has been labeled as the \"king of losses\", perform in 2020? Face<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts, capital seizing the new energy vehicle market... and other challenges. What is the magic weapon for Nio vehicles to deal with in the future? After experiencing madness and enduring loneliness, can Nio vehicles maintain prosperity?</p><p><b>Revenue exceeded 16.2 billion yuan, but still lost 5 billion yuan</b></p><p>as<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similarly, in 2020, Nio Automobile took advantage of the east wind of the \"new energy\" market. Not only did its stock price and market value soar, but its operating performance also improved significantly, staging a wonderful counterattack.</p><p>The financial report shows that Nio's revenue in the fourth quarter of 2020 was 6.64 billion yuan, a year-on-year increase of 133.2%; The net loss was 1.389 billion yuan, a year-on-year decrease of 51.5%. Excluding equity incentive expenses, the adjusted net loss (non-GAAP) was 1.328 billion yuan, a year-on-year decrease of 52.8%; Gross margin on automobile sales was 17.2%, compared with negative 6.0% in the fourth quarter of 2019 and 14.5% in the previous quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3e67abf5dcc77a475db96809a184ad0\" tg-width=\"820\" tg-height=\"838\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>From the perspective of the whole year, the total revenue of Nio vehicles was 16.258 billion yuan, a year-on-year increase of 107.8%; The net loss was 5.304 billion yuan, a year-on-year decrease of 53.0%. Excluding share-based payment expenses, the adjusted net loss (non-GAAP) was 5.117 billion yuan, a year-on-year decrease of 53.3%.</p><p>It is worth noting that in 2020, Nio's gross profit will be 1.873 billion yuan. With the improvement of gross profit, Nio's gross profit margin increased to 11.5% in 2020 (negative 15.3% in 2019), and the gross profit margin of the automotive business increased to 12.7% (negative 9.9% in the previous year). It can be seen that the positive gross profit and gross profit margin means that Nio Motors has been able to \"make money\" by selling cars.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/682f365098a3bac6263cd5d0c2f10a07\" tg-width=\"820\" tg-height=\"691\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>However, under the pressure of high investment, Nio Motor is still in a state of loss. This is also the fifth consecutive year of losses for Nio Motor, which indirectly shows that Nio Motor is still \"burning money\". Compared with Li Auto, which is also a new car-making force, although Nio Automobile has prominent advantages in revenue, Ideal is better than Nio in terms of gross profit margin and net profit. Moreover, Ideal's profit in the fourth quarter of last year has exceeded \"100 million\".</p><p>For an electric vehicle company that is stretched for funds, product sales and continuous financing have become almost everything. Fortunately, Nio's vehicle sales doubled last year. Financial report data shows that Nio delivered 17,353 vehicles in the fourth quarter of 2020. These include 4,873 ES8s, 7,574 ES6s and 4,906 EC6s, with EC6 model sales surpassing the ES8 and ES6 in December.</p><p>The number of vehicles delivered in 2020 was 43,700, a substantial increase of 112.6% year-on-year, and sales doubled.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e952c06cc1088c54006e40312a6f8abb\" tg-width=\"820\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Li Bin said: \"In the fourth quarter of 2020, Nio hit another new quarterly delivery high, reaching 17,353 vehicles, marking a perfect end to the transformative 2020.</p><p>According to data from the Passenger Car Association, in 2020, I<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 1.109 million units, a year-on-year increase of 9.8%. Among them, Tesla sold 143,800 vehicles in the Chinese market, and domestically produced Model 3 accounted for 94%.</p><p>Although Tesla's sales outpaced Nio's, in the conference call, when talking about the market competition faced by Nio, Li Bin said: \"The main competitors of Nio's ES6/EC6/ES8 models are Mercedes-Benz, BMW, and Audi (BBA)) fuel vehicles with similar prices. BBA has done a good job in the field of fuel vehicles, but the electric vehicle business is far behind Nio.\" At the same time, he emphasized that by the end of this year, Nio vehicles will achieve sales network coverage in cities with BBA dealers. It seems that Li Bin does not regard Tesla as a long-term competitor.</p><p><b>R&D investment doubled to 5 billion yuan, and cash reserves reached 42.5 billion yuan</b></p><p>Marketing, selling and administrative expenses, and research and development expenses remain important expenses for Nio, although they all decreased in 2020. This is also an important reason for the narrowing of Nio's automobile losses in 2020.</p><p>According to the financial report data, Nio's automobile market, sales and management expenses in 2020 will be 3.932 billion yuan, a year-on-year decrease of 27.87%. Nio Motor said that the decline in sales and administrative expenses was mainly attributable to the reduction in employee compensation, rent and related expenses brought about by the company's overall cost savings, efficiency improvements and optimization of the sales network structure.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcb7eb5a49d5563c2aeb6bdbbe8ae2a0\" tg-width=\"820\" tg-height=\"827\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Last year, Nio's research and development expenses were 2.488 billion yuan, a year-on-year decrease of 43.82%, accounting for 15.3% of total operating income. Although R&D expenses have dropped significantly, they are twice that of Li Auto (last year, the ideal R&D expenses were 1.1 billion yuan, accounting for 11.63% of the total operating income).</p><p>Regarding the reduction in R&D investment, Nio explained that the reduction in R&D expenses is mainly attributable to the company's overall cost-saving efforts and the improvement of operational efficiency of the R&D function, which has reduced design and development costs and employee compensation.</p><p>In terms of cash flow, Nio vehicles are relatively plentiful. As of December 31, 2020, Nio's cash and cash equivalents were 38.42 billion yuan. Cash reserves (cash and cash equivalents, restricted currency cash, short-term investments) totaled 42.5 billion yuan (Li Auto's cash reserves in 2020 reached 29.87 billion yuan).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b473bb90cfc9bf35c01e824469c11da\" tg-width=\"820\" tg-height=\"995\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Feng Wei, chief financial officer of Nio, said: \"Looking forward to the future, based on Nio's continuous technological innovation and increasing financial performance, the company will continue to invest firmly and efficiently in products, core technologies and user services.\"</p><p>\"Nio plans to double its R&D investment in 2021 to 5 billion yuan,\" Li Bin said during the earnings conference call.</p><p>It can be seen that both Nio and Ideal have doubled their future R&D investment, but what does high R&D investment indicate for the future?</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f0a95bf9557df114e6a0d2542a15edef\" tg-width=\"820\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Gasgoo believes that the development of the new energy vehicle industry is a brand-new road, especially for domestic independent brands. In this market environment of crossing the river by feeling the stones, whoever masters the core technological advantages will master the market. In the face of the intensification of industry reshuffle, there is only continuous technological innovation, and high R&D investment is the magic weapon to win. It is reported that in 2019<a href=\"https://laohu8.com/S/002594\">BYD</a>, Geely and<a href=\"https://laohu8.com/S/02338\">Weichai Power</a>R&D expenses exceed 5 billion yuan,<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>、<a href=\"https://laohu8.com/S/600418\">Jianghuai Motors</a>The R&D investment of other companies has exceeded 1 billion yuan.</p><p>According to Qin Lihong, co-founder and president of Nio Automobile, although Nio is a listed company still losing money, Nio has invested nearly 20 billion RMB in more than five years.</p><p><b>How to do it in 2021? Production capacity will reach 300,000 by the end of the year/enter the European market</b></p><p>\"2020 is an important milestone in the development of Nio. With the support of users and the efforts of the team, the overall operation of Nio is on the right track and has entered a stage of accelerated development.\" Regarding Nio's development last year, Li Bin concluded. In 2021, in the face of gradually rising sales, Nio is also stepping up its layout.</p><p>Compared with Li Auto founder Li Xiang's \"Great Leap Forward\" plan (in 2025, it will become the first<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies; In 2030, it will become the world's number one<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies), Li Bin appears to be more realistic.</p><p>In this regard, Nio has issued the following plans:</p><p><b>1. Nio's monthly production capacity has increased to 7,500 units, and it is planned to achieve a single shift production capacity of 150,000 units/double shift production capacity of 300,000 units by the end of the year;</b></p><p><b>2. In 2021, it is planned to build 20 new Nio centers and 120 Nio spaces, with a total of 366 stores;</b></p><p><b>3. The second-generation battery swap stations will be deployed in 2021, and the total number of battery swap stations nationwide will exceed 500;</b></p><p><b>4. In 2021, it is planned to build a total of 600 supercharging stations and 15,000 destination charging piles;</b></p><p><b>5. In the international market, according to the previous plan, Nio will start sales and services in Europe this year. According to Li Bin, various preparations are currently progressing in an orderly manner;</b></p><p><b>6. Adhere to the high-end positioning, and the NIO brand will definitely not enter the mass market. However, Li Bin also said that there is definitely a possibility, and in the long run, it is a more active way to enter the mass market.</b></p><p>Talking about the most distinctive battery swap technology, Li Bin said that Nio has withstood the test of the market and users. He said that Nio is committed to building an innovative system that separates vehicles and electricity, rents batteries, is rechargeable, replaceable and upgradable, and provides users with full-scenario power-up services.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e48ff9ad7df43e20a6cf9a5eafc7eb8\" tg-width=\"820\" tg-height=\"386\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>With the growing user base and increasingly rich battery pack combinations, more and more users choose Battery as a Service, BaaS. Among the new orders in February 2021, 55% of users chose BaaS. Li Bin believes that BaaS and Nio's complete charging and swapping service system will accelerate the conversion of gasoline vehicle users to pure electric vehicles.</p><p>When referring to the current hot topic of \"chip shortage\", Li Bin said: \"At present, the chip supply of Nio Automobile can basically meet Nio's normal production in Q2, but the risk is very high. What is more urgent is the shortage of power battery supply, especially The supply of 100Kwh power battery packs is less than we expected. The bottleneck of power battery supply is expected to be alleviated around July this year.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c22d5079af505169a7778c307087eb48\" tg-width=\"820\" tg-height=\"475\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>In addition, Li Bin said that from a brand perspective, NIO will not enter the massive market. A few years ago, Nio tried with GAC and Changan through investment, and the current shareholding ratio has dropped from about 40% to about 5%. Nio's main brand is mainly high-end, but it also actively observes how to enter the mass market, which has always been Nio's strategy.</p><p>Finally, Nio Motor made a forecast for sales and revenue in the first quarter of this year.</p><p>Nio expects vehicle deliveries in the first quarter of 2021 to be between 20,000 and 20,500 vehicles, a year-on-year increase of 421% to 434% and a quarter-on-quarter increase of 15% to 18%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3354df34375e38731ba2449587df92af\" tg-width=\"820\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Revenue will be between 7.38 billion yuan and 7.56 billion yuan, a year-on-year increase of 438.1% to 450.8%.</p><p>Data show that in January this year, Nio delivered 7,225 new vehicles, a year-on-year increase of 352.1%. In February, Nio vehicles continued their high-speed growth model, with a year-on-year increase of 689%, doubling the growth rate in January. Among them, 1,327 ES8 units were delivered; Nio ES6 deliveries were 2,216 units; EC6 deliveries were 2,035 units. A total of 12,803 vehicles were delivered in January and February.</p><p><b>Written at the end:</b></p><p>At present, in the first echelon of new car-making forces, only<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>The financial report has not yet been disclosed, but it can be predicted that in 2020<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Under the catalysis of the capital market and the \"new energy east wind\", the performance may not be too bad.</p><p>However, the road to new car-making forces is extremely difficult. On the one hand, there are flowers and applause, and on the other hand, there may be cliffs and failures. What's more, in the past two months of 2021, the new energy track has been \"overcrowded\", whether it is a real estate tycoon, or mobile phone manufacturers or Internet companies all want to get a share of this field.</p><p>Cui Dongshu, secretary-general of the Passenger Car Association, believes that the price of new energy vehicles is currently relatively high in the U.S. capital market, and there is a certain bubble. He said that valuation is a capital market evaluation and has no practical significance for promoting the development of enterprises.</p><p>Therefore, whether it is Nio, Ideal or new energy companies such as XPeng, the track of new energy vehicles in 2021 is still full of unknowns and dangers.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://mp.weixin.qq.com/s/TySQeiqhZWVzpw7JhjU6wQ\">盖世汽车每日速递</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/feebf0ff4401232c3ecc332f566f18e0","relate_stocks":{"NIO":"蔚来"},"source_url":"http://mp.weixin.qq.com/s/TySQeiqhZWVzpw7JhjU6wQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186621790","content_text":"3月2日，继理想汽车交出年营收94.6亿元，交付3.26万辆新车的2020年答卷后，作为中国造车新势力上市第一股的蔚来汽车也交出自己的答卷。或在良好业绩的催化下，蔚来汽车股价应声大涨，截止3月2日，该股股价大涨8.69%，报价49.76美元/股，总市值781亿美元（约合人民币5050亿元）。\n众所周知，2020年的蔚来汽车可谓“悲喜交加”，从狂烧百亿差点破产，到年底市值突破760亿美元（约合人民币4910亿元）一跃成为全球市值仅次于特斯拉、丰田和大众汽车的第五大汽车制造商。蔚来汽车创始人李斌也从“2019年最惨的人”变成了“2020年最幸福的人”，如同经历了一场过山车式的旅程。\n图片来源：蔚来汽车官网\n那么，连续4年亏损，被戴上“亏损之王”帽子的蔚来汽车2020年经营业绩表现如何？面对特斯拉降价、资本抢滩新能源汽车市场……等挑战蔚来汽车未来有何应对法宝？经历了癫狂，耐住了寂寞后，蔚来汽车能否守得住繁华？\n营收超162亿元，但仍亏损50亿元\n如同理想汽车一样，2020年蔚来汽车乘着“新能源”市场的东风，不仅股价和市值扶摇直上，而且经营业绩也大幅改善，上演了一场精彩的绝地反击。\n财报显示，蔚来2020年第四季营收66.4亿元，同比增长133.2%；净亏损为13.89亿元，同比下降51.5%，除股权激励费用，调整后净亏损（非美国通用会计准则）为13.28亿元，同比下降52.8%；汽车销售毛利率为17.2%，2019年第四季度为负6.0%，上季度为14.5%。\n图片来源：蔚来汽车官方\n从全年来看，蔚来汽车总收入为162.58亿元，同比增加107.8%；净亏损为53.04亿元，同比减少了53.0%，除股份支付费用，调整后净亏损（非美国通用会计准则）为51.170亿元，同比减少了53.3%。\n值得注意的是，2020年，蔚来的毛利润为18.73亿元。而伴随毛利润改善，2020年蔚来的公司毛利率提升至11.5%（2019年为负15.3%），汽车业务毛利率提升至12.7%（上年度为负9.9%）。可以看出，毛利润和毛利率的转正，意味着蔚来汽车已经能够靠卖车“赚钱”。\n图片来源：蔚来汽车官方\n不过，在高投入的压力下，蔚来汽车仍处于亏损状态，这也是蔚来汽车的连续第5年亏损，间接表明蔚来汽车仍然很“烧钱”。相比同为造车新势力的理想汽车，虽然蔚来汽车在营收方面优势凸显，但理想在毛利率和净利润方面均优于蔚来，况且理想去年第四季度盈利已破“亿”。\n对于一家资金捉襟见肘的电动车汽车公司来说，产品销量和不断融资，几乎成为一切，好在去年蔚来汽车销量实现了翻番。财报数据显示，2020年第四季度蔚来交付数量为17353辆。其中包括4873辆ES8，7574辆ES6和4906辆EC6，EC6车型销量在12月超过了ES8和ES6。\n2020年全年交付数量为4.37万辆，同比大幅增长112.6%，实现销量翻番。\n图片来源：蔚来汽车官方\n李斌表示：“2020年第四季度，蔚来再创季度交付新高，达17,353辆，为充满变革意义的2020年划上完美句号。\n据乘联会数据显示，2020年，我国新能源汽车零售110.9万辆，同比增长9.8%。其中，特斯拉在中国市场销量为14.38万辆，国产Model 3占94%。\n虽然特斯拉销量力压蔚来，但在电话会议环节，谈及蔚来面临的市场竞争时，李斌表示：“蔚来ES6/EC6/ES8车型的主要竞品是奔驰、宝马、奥迪（BBA）相近价位的燃油车，BBA在燃油车领域做得很出色，但电动车业务和蔚来相比差得很远。”同时他强调，到今年年底有BBA经销商在的城市，蔚来汽车都会做到销售网络覆盖。看来李斌并没有把特斯拉作为长期竞争者。\n研发投入翻番至50亿元，现金储备达425亿元\n市场、销售和管理费用以及研发费用仍然是蔚来的重要支出，不过2020年均有所减少。这也是2020年蔚来汽车亏损收窄的一个重要原因。\n财报数据显示，2020年蔚来汽车市场、销售和管理费用为39.32亿元，同比下降27.87%。蔚来汽车表示，销售及管理费用的下降主要归因于公司整体的成本节约、效率提升和销售网络结构的优化所带来的员工薪酬、租金和相关费用的降低。\n图片来源：蔚来汽车官方\n去年蔚来的研发费用为24.88亿元，同比下降43.82%，占总营业收入比例为15.3%。虽然研发费用大幅下降，但高于理想汽车一倍（去年理想研发费用为11亿元，占总营业收入比例为11.63%）。\n对于研发投入减少，蔚来解释称，研发费用的减少主要归因于公司整体节约成本的努力以及研发职能部门运营效率的提高，从而降低了设计和开发成本以及员工薪酬。\n现金流方面，蔚来汽车较为宽裕。截至2020年12月31日，蔚来手中的现金及现金等价物为384.2亿元。现金储备（现金及现金等价物、限制性货币现金、短期投资）共计425亿元（理想汽车2020年现金储备达298.7亿元）。\n图片来源：蔚来汽车官方\n蔚来首席财务官奉玮表示：“展望未来，基于蔚来持续的技术创新、不断增强的财务表现，公司将持续在产品、核心技术和用户服务上坚定高效地进行投入。”\n“蔚来2021年研发投入计划翻番至50亿元。”李斌在财报电话会议上表示。\n可以看到，不论是蔚来还是理想其未来研发投入均呈翻倍增长，而高研发投入对未来预示着什么？\n图片来源：蔚来汽车官方\n盖世汽车认为，新能源汽车行业的发展是一条全新的道路，尤其是对于国内自主品牌来说尤为艰难，在这种摸着石头过河的市场环境下，谁掌握了核心技术优势，谁就掌握了市场。面对行业洗牌的加剧，只有不断技术创新，而高研发投入是制胜法宝。据悉，2019年比亚迪、吉利和潍柴动力研发费用均超过50亿元，长城汽车、江淮汽车等公司研发投入均超过10亿元。\n据蔚来汽车联合创始人、总裁秦力洪透露，虽然蔚来目前是一个仍然在亏损的上市公司，但5年多的时间蔚来已经投入接近200多亿的人民币。\n2021年怎么干？年底产能达30万/进军欧洲市场\n“2020年是蔚来发展的一个重要里程碑，在用户的支持和团队的努力下，蔚来整体经营步入正轨并进入了加速发展阶段。”关于蔚来去年的发展，李斌如此总结道。而在2021年，面对逐渐上涨的销量，蔚来也在抓紧布局。\n相比理想汽车创始人李想“大跃进”式规划（2025年，成为中国第一的智能电动车企业；2030年，成为全球第一的智能电动车企业），李斌则显得更加现实。\n对此蔚来发布了以下几项规划：\n1、蔚来月产能已提升至7500台，计划年底实现单班15万/双班30万产能；\n2、2021年计划新建20家蔚来中心和120家蔚来空间，门店总数达366家；\n3、2021年开始部署二代换电站，全国换电站总量将超500座；\n4、2021年计划累计建成600座超充站和15000根目的地充电桩；\n5、在国际市场方面，按照此前计划，今年蔚来将开始在欧洲进行销售和服务。据李斌介绍，目前各项准备正在有序推进之中；\n6、坚持高端定位，NIO品牌肯定不会进入大众市场。但李斌又表示，从可能性的方面肯定是有的，长期是从更积极的方式去进入大众市场。\n谈及最有特色的换电技术，李斌表示蔚来经受住了市场和用户的考验。他表示，蔚来致力于打造车电分离，电池租用，可充可换可升级的创新体系，为用户提供全场景的加电服务。\n图片来源：蔚来汽车官方\n伴随不断增长的用户基数，日益丰富的电池包组合，越来越多的用户选择Battery as a Service, BaaS。2021年2月新增订单中，选择BaaS的用户达到55%，李斌相信BaaS和蔚来完善的充换电服务体系将加速油车用户到纯电车型的转化。\n在涉及当下比火热的“芯片短缺”话题时，李斌表示：“目前，蔚来汽车的芯片供应基本能满足蔚来在Q2的正常生产，但风险很高。比较急切的是动力电池供应不足，尤其是100Kwh的动力电池组供应，比我们预期的要少一些。动力电池供应瓶颈预计会在今年7月左右得到缓解。”\n图片来源：蔚来汽车官方\n另外，李斌表示，从品牌角度，NIO不会进入 massive market （大众市场）。几年前蔚来通过投资，与广汽和长安做过尝试，目前股比从之前的40%左右降到5%左右。蔚来主品牌主要还是做高端，但也积极观察如何进入大众市场，这是蔚来一直以来的战略。\n最后，蔚来汽车对今年一季度的销量和营收做了一个预测。\n蔚来汽车预计2021年第一季度汽车交付量将在2万辆至2.05万辆之间，同比增长421%至434%，环比增长15%至18%。\n图片来源：蔚来汽车官方\n营收将在73.8亿元至75.6亿元之间，同比增长438.1%至450.8%。\n数据显示，今年1月，蔚来汽车新车交付量为7,225辆，同比增长352.1%。2月份蔚来汽车延续了高速增长模式，同比增长689％，比1月份增幅再次翻番。其中，ES8交付为1,327辆；蔚来ES6交付为2,216辆；EC6交付为2,035辆。1、2月累计交付12,803辆。\n写在最后：\n目前，造车新势力第一梯队中，仅剩小鹏汽车财报还未披露，不过可以预判，2020年小鹏汽车在资本市场和“新能源东风”的催化下，表现或许不会太差。\n不过，造车新势力之路及其不易，一面是鲜花与掌声，一面有可能是悬崖与失败，更何况仅过去2个月的2021年，新能源赛道已经“人满为患”，不论是房地产大佬，还是手机厂商，亦或是互联网企业均想在该领域分得一杯羹。\n乘联会秘书长崔东树认为，新能源车目前在美国资本市场价格较高，存在一定的泡沫。他表示，估值是资本市场评价，对企业的发展没有实际的促进意义。\n因此，无论是蔚来还是理想亦或是小鹏等新能源企业，2021年新能源汽车这条赛道上，仍然充满了未知和凶险。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360672200,"gmtCreate":1613915242700,"gmtModify":1704885898577,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360672200","repostId":"1177371356","repostType":4,"repost":{"id":"1177371356","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":1613908733,"share":"https://ttm.financial/m/news/1177371356?lang=en_US&edition=fundamental","pubTime":"2021-02-21 19:58","market":"hk","language":"zh","title":"Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage","url":"https://stock-news.laohu8.com/highlight/detail?id=1177371356","media":"老虎资讯综合","summary":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","content":"<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></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>Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval 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\">\nXiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage\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\">2021-02-21 19:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a05af8ce4f3dfb13a3f12e28b812d9a4","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177371356","content_text":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386521769,"gmtCreate":1613211680751,"gmtModify":1704879454468,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386521769","repostId":"1170563447","repostType":4,"repost":{"id":"1170563447","kind":"news","pubTimestamp":1613190008,"share":"https://ttm.financial/m/news/1170563447?lang=en_US&edition=fundamental","pubTime":"2021-02-13 12:20","market":"hk","language":"zh","title":"At the age of 34, she relied on 500 teahouses to support an IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1170563447","media":"投资界","summary":"2021年，新式茶饮上市潮即将杀到，隐身幕后的年轻创始人们集体登场。\n\n除夕夜，奈雪的茶悄悄递交了IPO招股书。\n投资界消息，2月11日除夕当天，港交所文件显示，奈雪的茶向港交所递交招股书，摩根大通、","content":"<p>In 2021, the wave of new tea drinks is about to be launched, and young founders who are hidden behind the scenes will collectively appear on the stage. On New Year's Eve, Nayuki's Tea quietly submitted its IPO prospectus.</p><p>According to news from the investment community, on New Year's Eve, February 11, documents from the Hong Kong Stock Exchange showed that Nayuki's Tea submitted a prospectus to the Hong Kong Stock Exchange.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CMB International and Huatai International are the sponsors. This means that Nayuki's tea has taken the lead in entering the capital market, and may surpass Heytea to become the first new tea drink.</p><p>Behind Nayuki's tea is a romantic love story. In 2015, Peng Xin, born in the 1980s, and Zhao Lin, born in the 1970s, officially founded Naixue's Tea, and after the A + round of financing in 2018, they became a new tea unicorn with a valuation of 6 billion yuan. Now that three years have passed, the valuation of Nayuki's tea has doubled again-according to Bloomberg News, after the new financing in January 2021, its valuation will be close to US $2 billion (about 13 billion yuan).</p><p>\"Entering 2021, the wave of new tea drinks is about to be launched.\" A primary market investor judged that both Heytea and Nayuki's tea are competing for the first share. Behind these familiar tea brands-Heytea, Naixue's Tea, Tea Yanyuese, etc., is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang.</p><p><b>A tea unicorn with a valuation of 13 billion: it started with a blind date, and the husband and wife opened 500 stores</b></p><p>Nayuki's entrepreneurial story began with a blind date many years ago.</p><p>Peng Xin was born in 1987 and graduated from the School of Business Administration of Jiangxi University of Finance and Economics in 2010. At first, he worked as a brand in a listed IT company, and gradually became the director. But like many girls, Peng Xin has a \"baking dream\" in her heart.</p><p>In December 2012, Peng Xin chose to resign and start a business. At the beginning, she drew up her own business plan, focusing on drinks, baking and teaching, but she had been struggling to find a partner. \"This plan now looks naive and layman. There are too many things to do, and there is no experience and resources.\" Peng Xin once recalled.</p><p>Until I met Zhao Lin. In March 2013, under the recommendation of a friend, Peng Xin met Zhao Lin, who had been working hard in the catering industry for many years at that time. Facing Zhao Lin, a predecessor in the catering industry, Peng Xin spent two hours talking about his entrepreneurial dream Kan Kan. I don't know, Zhao Lin came with the purpose of blind date, and all social activities that were not aimed at blind date had been pushed off by him before.</p><p>Regarding their first encounter, Zhao Lin recalled in a speech: \"After reading her plan, I thought this girl had a lot of ideas, but I also knew in my heart that this project was difficult to succeed, and lack of experience was the biggest shortcoming.\" So, Zhao Lin gave a solution to the problem, that is, Peng Xin became his girlfriend. \"She said yes! Did I say you are serious? She said yes! Since then, we have been together every day, and three months later, we got married.\"</p><p>Soon, Zhao Lin and Peng Xin put their entrepreneurial dream into practice and registered the trademark \"Naixue's Tea\" in 2014.</p><p>The reason why the brand is called \"Naixue\" comes from Peng Xin's screen name. \"When you see this name, some people will think of a beautiful girl making tea, and some people will think of the snow all over the sky... In short, we hope everyone who sees this name can think of beautiful things.\"</p><p><b>During the preparation process of more than a year, the biggest problem encountered by Zhao Lin and Peng Xin was site selection.</b>The area of Nayuki's tea shops is all positioned at more than 200 square meters, which is rare in the world. Peng Xin once revealed: \"At that time, no shopping mall was willing to give a large area of stalls to a tea brand, so it took us more than half a year to find a location.\"</p><p><img src=\"https://static.tigerbbs.com/5e6a199e8df7c77b1d5cda89fd32f946\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In November 2015, Naixue's first tea store, Shenzhen Excellent Century Store, opened, and within a month, Happy Coast Store and Huaqiang North Jiufang Store also opened one after another. Since they started from scratch, Zhao Lin and Peng Xin even mortgaged their houses to the bank in order to open three stores in one breath.</p><p>With such a radical idea, it seems that Zhao Lin and Peng Xin have made the right bet now. With innovative<b>\"Tea + soft European bag\" dual product line model</b>, Nayuki's tea has embarked on the road of rapid expansion. According to the prospectus, as of September 30, 2020, the number of Naixue's tea stores worldwide has reached 422, covering 61 cities in mainland China, as well as Hong Kong and Japan, and has further increased to 507 as of the latest practicable date. According to Bloomberg News, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In November 2020, Nayuki's Tea also opened a new store type \"Nayuki PRO\" in Shenzhen, which is the fourth type of store type after Nayuki's Tea, Nayuki Wine House, and Nayuki DreamWorks. Not only that, it will always<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Nayuki's Tea, which is regarded as an industry benchmark, has also quietly launched 7 types of coffee, which has great potential to make efforts in the coffee track. Obviously, the ambitions of this new tea unicorn go far beyond that.</p><p><b>Income 2.5 billion a year</b></p><p><b>With the latest profit margin of 0.2%, how do tea shops make money?</b></p><p>Selling milk tea and soft bags, how does Naixue rely on to support an IPO?</p><p>According to the prospectus, Naixue's core tea menu currently has more than 25 classic tea drinks and more than 25 classic baked products. Among them, tea drinks include fresh fruit tea, fresh milk tea and pure tea, in addition to providing a variety of retail products, such as tea gift boxes, snacks and ready-to-drink tea drinks.</p><p>Nayuki's Tea relies on the innovative concept of freshly made tea drinks and baked products. Since opening its first tea shop in Shenzhen in 2014, Nayuki's Tea opened 179 and 174 new stores in 2018 and 2019 respectively, which is equivalent to Opening one in two days, the expansion speed is amazing.</p><p>From the perspective of urban layout,<b>First-tier and new first-tier cities are the main positions of Nayuki's tea.</b>As of September 30, 2020, 155 of its 422 stores nationwide cover first-tier cities, 148 cover new first-tier cities, and 98 stores are in second-tier cities.</p><p>From the perspective of daily store sales and store order volume, the data performance gap between Nayuki's tea stores in first-tier cities, new first-tier cities, and second-tier cities is not large, but shows a downward trend year by year.</p><p>According to the prospectus, in 2018, 2019, and the first three quarters of 2020, the average daily sales of each tea shop of Naixue's tea were 307,000 yuan, 277,000 yuan, and 201,000 yuan respectively; The average daily order volume per store has also dropped from 716 orders in 2018 to 465 orders in 2020.</p><p>And<b>With the rapid expansion of stores, Nayuki's tea operating income has also shown explosive growth.</b>According to the prospectus, the revenue of Nayuki's tea in 2018 and 2019 was 1.09 billion yuan and 2.5 billion yuan respectively. Even the outbreak of the black swan incident in COVID-19 pandemic in 2020 did not prevent Nayuki's tea revenue from soaring. The revenue generated by its tea shops in the first three quarters of 2020 was 1.986 billion yuan, compared with 1.6 billion yuan in the same period in 2019.</p><p><img src=\"https://static.tigerbbs.com/02946776e8ed729d7bc18f23d94f2a28\" tg-width=\"689\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>But behind the surge in revenue is the loss problem of Nayuki's tea that cannot be ignored.</p><p>According to the prospectus, Naixue's tea lost 69.73 million yuan, 39.68 million yuan, and 27.51 million yuan in 2018, 2019, and the first three quarters of 2020, respectively. Compared with 2019 and the first nine months of 2020, its profit margin fell from 1% to 0.2%.</p><p>It can be found through the prospectus that,<b>The high operating cost is one of the important reasons for the low profit margin of Nayuki's tea.</b>Among various costs, raw material costs, staff costs, and depreciation of right-of-use assets accounted for 38.4%, 28.6%, and 12.1% respectively in the first nine months of 2020.</p><p>In this regard, Nayuki's Tea admitted frankly in the prospectus that its working capital needs are huge. It has faced a working capital deficit in the past and needs a large amount of funds to provide funds for its operations and respond to business opportunities. If we continue to experience working capital deficits in the future, our business, liquidity, financial condition and results of operations may be materially and adversely affected.</p><p>But the potential of the tea market cannot be ignored. According to data from CIC Consulting, the growth momentum of the tea market is expected to remain strong in the near future, and the market size is expected to further grow to 62.3 billion yuan in 2025, with a compound annual growth rate of 32.7%, far exceeding the overall level of the ready-made tea shops industry.</p><p>Therefore, Nayuki's Tea believes it is in the company's best interest to continue to scale its business in order to leverage the established brand awareness to drive long-term growth. According to the plan, it will open about 300 and 350 Nayuki tea shops mainly in first-tier cities and new first-tier cities in 2021 and 2022, respectively, of which about 70% will be planned as Nayuki PRO tea shops. The number of newly opened Nayuki tea shops in 2023 will be at least the same as the number of newly opened in 2022.</p><p><b>Financing was obtained with a lunch, Tiantu invested for 3 rounds in a row, and well-known PE entered the game</b></p><p>At present, Nayuki's tea has completed 5 rounds of financing.</p><p>In 2017, Nayuki's tea started the road to financing.<b>All the way, VC/PE such as Tiantu Investment, Shenzhen Venture Capital, PAG, and Honghui Capital have been gathered.</b>。 It is worth mentioning that from the angel round, the A round to the A + round, Nayuki's tea has chosen Tiantu Investment.</p><p>Peng Xin once said that it was a training arranged by Tiantu Investment that touched them. \"Feng Weidong, managing partner of Tiantu Investment, specifically gave us a lecture about Tiantu's analysis of the consumer goods field, reports on our industry, and their<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>All the research, the research on our group, and some models they use to judge consumption upgrades, we think this is very thoughtful. \" On the other hand, Tiantu Investment also meets the requirements that Peng Xin and Zhao Lin do not accept gambling or planning.</p><p>And Nayuki's tea's A + round of financing was completed in just one lunch. \"We had lunch with Pan Pan, the managing partner of Tiantu Investment VC Fund, and talked about this year's development plan. We wanted to get another sum of food and grass. He asked me how much money I lacked, and he wanted it all.\" Peng Xin once recalled.</p><p>Pan Pan, a partner of Tiantu Investment, said that from the perspective of the whole world, big consumer goods companies are related to beverages. Coffee categories include Starbucks, COSTA and other brands, with a valuation of over 100 billion dollars.<b>Chinese tea has very good consumption genes, and tea drinks have huge opportunities.</b></p><p>After this round, Naixue's tea was valued at 6 billion yuan, becoming the first unicorn in China's new tea industry. In the following two years, Nayuki's tea has not received any further financing, and its old rival Heytea has also fallen silent in financing. Until June 2020, Naixue's Tea completed a new round of financing, led by Shenzhen Venture Capital.</p><p><b>There is also an episode circulating in the industry.</b>Nayuki's Tea once rejected investment from Xu Xin, founder of Capital Today. \"At that time, Naixue's first tea store opened. She came to drink 6 cups of tea in one afternoon and asked us if we were short of money. We said there was no shortage.\" Peng Xin revealed in an interview.</p><p>The first financing of new tea drinks in 2021 will be spent on Nayuki's tea. On January 1, 2021, the investment community confirmed from Nayuki's tea that it had recently completed the C round of financing of more than 100 million US dollars, led by PAG. This is the first time that Taimeng Investment Group has invested in a domestic tea brand. In the past few years, this well-known Asian PE has mostly invested in financial and technology companies. So far, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In fact, since 2020, there have been uninterrupted rumors about the IPO of Nayuki's tea. At the beginning of 2020, it was reported that Nayuki's tea planned to complete its listing in the United States within that year and planned to raise US $400 million. July 2020, the original<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Chief Technology Officer He Gang joined Naixue as CTO. At that time, it was reported that Naixue introduced He Gang at this time or because it was planning to go public; In September, it was reported that Naixue shifted its planned listing location from the United States to Hong Kong, and planned to list in Hong Kong before the end of 2021.</p><p>All along, Nayuki's tea has always replied to the outside world that \"there is no listing plan\", but unexpectedly, it quietly handed in the form on New Year's Eve.</p><p><b>A new generation of founders collectively debut</b></p><p><b>In 2021, a wave of new tea drinks will be launched</b></p><p>China's new tea drink quietly came to the second half, and the head behind it went to the front desk. Among these familiar tea brands-<b>Behind Heytea, Naixue's Tea, Chayanyuese, Michelle Ice City, etc. is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang</b>。</p><p>The most important opponent of Nayuki's tea, Heytea, is led by a post-90s generation. Nie Yunchen was born in Jiangxi in 1991, and then followed his parents to Jiangmen, Guangdong. After graduating from university in 2010, 19-year-old Nie Yunchen started his business and opened a mobile phone shop in Guangzhou. The mobile phone business was not easy to do. In 2012, Nie Yunchen opened a shop called Huangcha and started a milk tea business.</p><p>In 2016, Nie Yunchen renamed the Huangcha he founded to Heytea, and received 100 million yuan in financing from IDG Capital and angel investor He Boquan. The story of China's new tea began. Since then, Nie Yunchen has led Heytea all the way, and<a href=\"https://laohu8.com/S/YJ\">gather</a>A number of venture capital institutions. In August 2020, Nie Yunchen, the founder of Heytea, ranked 81st in Shenzhen's wealth creation company with a net worth of 4.092 billion yuan, becoming the youngest among them. Prior to this, Heytea received Series C financing jointly led by Hillhouse Capital and Coatue Management, with a valuation of 16 billion.</p><p>Now, in the battle for the first new tea brand, Nayuki's tea has taken another step forward. As for HEYTEA, it was reported in September 2020 that HEYTEA plans to go public in Hong Kong before the end of 2021, and is expected to raise US $400 million to US $500 million. It is generally believed in the industry that the round in March last year was the last round of financing before Heytea's IPO. As early as the end of 2019, Heytea made a number of changes to industrial and commercial information, which was interpreted by the outside world as preparatory work before the IPO.</p><p>According to the latest news, Heytea will submit a prospectus to the Hong Kong Stock Exchange in March this year. Subsequently, Heytea responded that there are currently no listing plans and actions, and there are currently no financing matters in progress.</p><p>However,<b>Another online celebrity brand, Chayanyuese, took a different path.</b>Lu Liang, the founder of Chayanyuese, is a post-80s generation. Like Nie Yunchen, he has gone through several ventures. He has opened an advertising company, sold popcorn, and opened a lo-mei shop. In the winter of 2013, Lu Liang founded the tea brand Chayanyuese in Changsha, and opened its first store. After years of dormancy, Chayanyuese has become a new landmark of Changsha food with the same name as stinky tofu. At the end of 2020, Chayanyuese has just left Hunan. On the other hand, Heytea and Nayuki's tea are already expanding overseas.</p><p>Chayanyuese received investment from Tiantu at the beginning of its establishment. Since then, investors have also included Shunwei Capital, Yuansheng Capital, Source Code Capital, etc. \"Cha Yan Yuese has seen no investors since last year.\" A VC partner close to Cha Yan Yuese revealed to the investment community. In other words, VC/PE can't invest even if they want to.</p><p>In the tea drinking circle, there is another Internet celebrity brand that has to be mentioned, and that is Michelle Ice City. From the roadside cold food stall in 1998, to the first 20-square-meter small shop in 2001, and now to the national chain organization mainly focusing on fresh ice cream-tea drinks, Zhang Hongchao, a native of Henan, performed another grassroots counterattack story.</p><p>Looking back on 2020,<b>Chinese consumer goods companies can be called the IPO explosion</b>-Existing<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>, Blue Moon and other established companies went public, and there are also brands belonging to young people such as Perfect Diary and Bubble Mart ringing the bell. Entering 2021, it is time for the new tea drink company that has been running for many years to move to a higher stage. As many investors have judged, \"the wave of new tea drinks is about to be launched\", and Nayuki's tea has started its first battle.</p>","source":"tzj","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>At the age of 34, she relied on 500 teahouses to support an IPO</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\">\nAt the age of 34, she relied on 500 teahouses to support an IPO\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资界</strong><span class=\"h-time small\">2021-02-13 12:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2021, the wave of new tea drinks is about to be launched, and young founders who are hidden behind the scenes will collectively appear on the stage. On New Year's Eve, Nayuki's Tea quietly submitted its IPO prospectus.</p><p>According to news from the investment community, on New Year's Eve, February 11, documents from the Hong Kong Stock Exchange showed that Nayuki's Tea submitted a prospectus to the Hong Kong Stock Exchange.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CMB International and Huatai International are the sponsors. This means that Nayuki's tea has taken the lead in entering the capital market, and may surpass Heytea to become the first new tea drink.</p><p>Behind Nayuki's tea is a romantic love story. In 2015, Peng Xin, born in the 1980s, and Zhao Lin, born in the 1970s, officially founded Naixue's Tea, and after the A + round of financing in 2018, they became a new tea unicorn with a valuation of 6 billion yuan. Now that three years have passed, the valuation of Nayuki's tea has doubled again-according to Bloomberg News, after the new financing in January 2021, its valuation will be close to US $2 billion (about 13 billion yuan).</p><p>\"Entering 2021, the wave of new tea drinks is about to be launched.\" A primary market investor judged that both Heytea and Nayuki's tea are competing for the first share. Behind these familiar tea brands-Heytea, Naixue's Tea, Tea Yanyuese, etc., is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang.</p><p><b>A tea unicorn with a valuation of 13 billion: it started with a blind date, and the husband and wife opened 500 stores</b></p><p>Nayuki's entrepreneurial story began with a blind date many years ago.</p><p>Peng Xin was born in 1987 and graduated from the School of Business Administration of Jiangxi University of Finance and Economics in 2010. At first, he worked as a brand in a listed IT company, and gradually became the director. But like many girls, Peng Xin has a \"baking dream\" in her heart.</p><p>In December 2012, Peng Xin chose to resign and start a business. At the beginning, she drew up her own business plan, focusing on drinks, baking and teaching, but she had been struggling to find a partner. \"This plan now looks naive and layman. There are too many things to do, and there is no experience and resources.\" Peng Xin once recalled.</p><p>Until I met Zhao Lin. In March 2013, under the recommendation of a friend, Peng Xin met Zhao Lin, who had been working hard in the catering industry for many years at that time. Facing Zhao Lin, a predecessor in the catering industry, Peng Xin spent two hours talking about his entrepreneurial dream Kan Kan. I don't know, Zhao Lin came with the purpose of blind date, and all social activities that were not aimed at blind date had been pushed off by him before.</p><p>Regarding their first encounter, Zhao Lin recalled in a speech: \"After reading her plan, I thought this girl had a lot of ideas, but I also knew in my heart that this project was difficult to succeed, and lack of experience was the biggest shortcoming.\" So, Zhao Lin gave a solution to the problem, that is, Peng Xin became his girlfriend. \"She said yes! Did I say you are serious? She said yes! Since then, we have been together every day, and three months later, we got married.\"</p><p>Soon, Zhao Lin and Peng Xin put their entrepreneurial dream into practice and registered the trademark \"Naixue's Tea\" in 2014.</p><p>The reason why the brand is called \"Naixue\" comes from Peng Xin's screen name. \"When you see this name, some people will think of a beautiful girl making tea, and some people will think of the snow all over the sky... In short, we hope everyone who sees this name can think of beautiful things.\"</p><p><b>During the preparation process of more than a year, the biggest problem encountered by Zhao Lin and Peng Xin was site selection.</b>The area of Nayuki's tea shops is all positioned at more than 200 square meters, which is rare in the world. Peng Xin once revealed: \"At that time, no shopping mall was willing to give a large area of stalls to a tea brand, so it took us more than half a year to find a location.\"</p><p><img src=\"https://static.tigerbbs.com/5e6a199e8df7c77b1d5cda89fd32f946\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In November 2015, Naixue's first tea store, Shenzhen Excellent Century Store, opened, and within a month, Happy Coast Store and Huaqiang North Jiufang Store also opened one after another. Since they started from scratch, Zhao Lin and Peng Xin even mortgaged their houses to the bank in order to open three stores in one breath.</p><p>With such a radical idea, it seems that Zhao Lin and Peng Xin have made the right bet now. With innovative<b>\"Tea + soft European bag\" dual product line model</b>, Nayuki's tea has embarked on the road of rapid expansion. According to the prospectus, as of September 30, 2020, the number of Naixue's tea stores worldwide has reached 422, covering 61 cities in mainland China, as well as Hong Kong and Japan, and has further increased to 507 as of the latest practicable date. According to Bloomberg News, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In November 2020, Nayuki's Tea also opened a new store type \"Nayuki PRO\" in Shenzhen, which is the fourth type of store type after Nayuki's Tea, Nayuki Wine House, and Nayuki DreamWorks. Not only that, it will always<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Nayuki's Tea, which is regarded as an industry benchmark, has also quietly launched 7 types of coffee, which has great potential to make efforts in the coffee track. Obviously, the ambitions of this new tea unicorn go far beyond that.</p><p><b>Income 2.5 billion a year</b></p><p><b>With the latest profit margin of 0.2%, how do tea shops make money?</b></p><p>Selling milk tea and soft bags, how does Naixue rely on to support an IPO?</p><p>According to the prospectus, Naixue's core tea menu currently has more than 25 classic tea drinks and more than 25 classic baked products. Among them, tea drinks include fresh fruit tea, fresh milk tea and pure tea, in addition to providing a variety of retail products, such as tea gift boxes, snacks and ready-to-drink tea drinks.</p><p>Nayuki's Tea relies on the innovative concept of freshly made tea drinks and baked products. Since opening its first tea shop in Shenzhen in 2014, Nayuki's Tea opened 179 and 174 new stores in 2018 and 2019 respectively, which is equivalent to Opening one in two days, the expansion speed is amazing.</p><p>From the perspective of urban layout,<b>First-tier and new first-tier cities are the main positions of Nayuki's tea.</b>As of September 30, 2020, 155 of its 422 stores nationwide cover first-tier cities, 148 cover new first-tier cities, and 98 stores are in second-tier cities.</p><p>From the perspective of daily store sales and store order volume, the data performance gap between Nayuki's tea stores in first-tier cities, new first-tier cities, and second-tier cities is not large, but shows a downward trend year by year.</p><p>According to the prospectus, in 2018, 2019, and the first three quarters of 2020, the average daily sales of each tea shop of Naixue's tea were 307,000 yuan, 277,000 yuan, and 201,000 yuan respectively; The average daily order volume per store has also dropped from 716 orders in 2018 to 465 orders in 2020.</p><p>And<b>With the rapid expansion of stores, Nayuki's tea operating income has also shown explosive growth.</b>According to the prospectus, the revenue of Nayuki's tea in 2018 and 2019 was 1.09 billion yuan and 2.5 billion yuan respectively. Even the outbreak of the black swan incident in COVID-19 pandemic in 2020 did not prevent Nayuki's tea revenue from soaring. The revenue generated by its tea shops in the first three quarters of 2020 was 1.986 billion yuan, compared with 1.6 billion yuan in the same period in 2019.</p><p><img src=\"https://static.tigerbbs.com/02946776e8ed729d7bc18f23d94f2a28\" tg-width=\"689\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>But behind the surge in revenue is the loss problem of Nayuki's tea that cannot be ignored.</p><p>According to the prospectus, Naixue's tea lost 69.73 million yuan, 39.68 million yuan, and 27.51 million yuan in 2018, 2019, and the first three quarters of 2020, respectively. Compared with 2019 and the first nine months of 2020, its profit margin fell from 1% to 0.2%.</p><p>It can be found through the prospectus that,<b>The high operating cost is one of the important reasons for the low profit margin of Nayuki's tea.</b>Among various costs, raw material costs, staff costs, and depreciation of right-of-use assets accounted for 38.4%, 28.6%, and 12.1% respectively in the first nine months of 2020.</p><p>In this regard, Nayuki's Tea admitted frankly in the prospectus that its working capital needs are huge. It has faced a working capital deficit in the past and needs a large amount of funds to provide funds for its operations and respond to business opportunities. If we continue to experience working capital deficits in the future, our business, liquidity, financial condition and results of operations may be materially and adversely affected.</p><p>But the potential of the tea market cannot be ignored. According to data from CIC Consulting, the growth momentum of the tea market is expected to remain strong in the near future, and the market size is expected to further grow to 62.3 billion yuan in 2025, with a compound annual growth rate of 32.7%, far exceeding the overall level of the ready-made tea shops industry.</p><p>Therefore, Nayuki's Tea believes it is in the company's best interest to continue to scale its business in order to leverage the established brand awareness to drive long-term growth. According to the plan, it will open about 300 and 350 Nayuki tea shops mainly in first-tier cities and new first-tier cities in 2021 and 2022, respectively, of which about 70% will be planned as Nayuki PRO tea shops. The number of newly opened Nayuki tea shops in 2023 will be at least the same as the number of newly opened in 2022.</p><p><b>Financing was obtained with a lunch, Tiantu invested for 3 rounds in a row, and well-known PE entered the game</b></p><p>At present, Nayuki's tea has completed 5 rounds of financing.</p><p>In 2017, Nayuki's tea started the road to financing.<b>All the way, VC/PE such as Tiantu Investment, Shenzhen Venture Capital, PAG, and Honghui Capital have been gathered.</b>。 It is worth mentioning that from the angel round, the A round to the A + round, Nayuki's tea has chosen Tiantu Investment.</p><p>Peng Xin once said that it was a training arranged by Tiantu Investment that touched them. \"Feng Weidong, managing partner of Tiantu Investment, specifically gave us a lecture about Tiantu's analysis of the consumer goods field, reports on our industry, and their<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>All the research, the research on our group, and some models they use to judge consumption upgrades, we think this is very thoughtful. \" On the other hand, Tiantu Investment also meets the requirements that Peng Xin and Zhao Lin do not accept gambling or planning.</p><p>And Nayuki's tea's A + round of financing was completed in just one lunch. \"We had lunch with Pan Pan, the managing partner of Tiantu Investment VC Fund, and talked about this year's development plan. We wanted to get another sum of food and grass. He asked me how much money I lacked, and he wanted it all.\" Peng Xin once recalled.</p><p>Pan Pan, a partner of Tiantu Investment, said that from the perspective of the whole world, big consumer goods companies are related to beverages. Coffee categories include Starbucks, COSTA and other brands, with a valuation of over 100 billion dollars.<b>Chinese tea has very good consumption genes, and tea drinks have huge opportunities.</b></p><p>After this round, Naixue's tea was valued at 6 billion yuan, becoming the first unicorn in China's new tea industry. In the following two years, Nayuki's tea has not received any further financing, and its old rival Heytea has also fallen silent in financing. Until June 2020, Naixue's Tea completed a new round of financing, led by Shenzhen Venture Capital.</p><p><b>There is also an episode circulating in the industry.</b>Nayuki's Tea once rejected investment from Xu Xin, founder of Capital Today. \"At that time, Naixue's first tea store opened. She came to drink 6 cups of tea in one afternoon and asked us if we were short of money. We said there was no shortage.\" Peng Xin revealed in an interview.</p><p>The first financing of new tea drinks in 2021 will be spent on Nayuki's tea. On January 1, 2021, the investment community confirmed from Nayuki's tea that it had recently completed the C round of financing of more than 100 million US dollars, led by PAG. This is the first time that Taimeng Investment Group has invested in a domestic tea brand. In the past few years, this well-known Asian PE has mostly invested in financial and technology companies. So far, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In fact, since 2020, there have been uninterrupted rumors about the IPO of Nayuki's tea. At the beginning of 2020, it was reported that Nayuki's tea planned to complete its listing in the United States within that year and planned to raise US $400 million. July 2020, the original<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Chief Technology Officer He Gang joined Naixue as CTO. At that time, it was reported that Naixue introduced He Gang at this time or because it was planning to go public; In September, it was reported that Naixue shifted its planned listing location from the United States to Hong Kong, and planned to list in Hong Kong before the end of 2021.</p><p>All along, Nayuki's tea has always replied to the outside world that \"there is no listing plan\", but unexpectedly, it quietly handed in the form on New Year's Eve.</p><p><b>A new generation of founders collectively debut</b></p><p><b>In 2021, a wave of new tea drinks will be launched</b></p><p>China's new tea drink quietly came to the second half, and the head behind it went to the front desk. Among these familiar tea brands-<b>Behind Heytea, Naixue's Tea, Chayanyuese, Michelle Ice City, etc. is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang</b>。</p><p>The most important opponent of Nayuki's tea, Heytea, is led by a post-90s generation. Nie Yunchen was born in Jiangxi in 1991, and then followed his parents to Jiangmen, Guangdong. After graduating from university in 2010, 19-year-old Nie Yunchen started his business and opened a mobile phone shop in Guangzhou. The mobile phone business was not easy to do. In 2012, Nie Yunchen opened a shop called Huangcha and started a milk tea business.</p><p>In 2016, Nie Yunchen renamed the Huangcha he founded to Heytea, and received 100 million yuan in financing from IDG Capital and angel investor He Boquan. The story of China's new tea began. Since then, Nie Yunchen has led Heytea all the way, and<a href=\"https://laohu8.com/S/YJ\">gather</a>A number of venture capital institutions. In August 2020, Nie Yunchen, the founder of Heytea, ranked 81st in Shenzhen's wealth creation company with a net worth of 4.092 billion yuan, becoming the youngest among them. Prior to this, Heytea received Series C financing jointly led by Hillhouse Capital and Coatue Management, with a valuation of 16 billion.</p><p>Now, in the battle for the first new tea brand, Nayuki's tea has taken another step forward. As for HEYTEA, it was reported in September 2020 that HEYTEA plans to go public in Hong Kong before the end of 2021, and is expected to raise US $400 million to US $500 million. It is generally believed in the industry that the round in March last year was the last round of financing before Heytea's IPO. As early as the end of 2019, Heytea made a number of changes to industrial and commercial information, which was interpreted by the outside world as preparatory work before the IPO.</p><p>According to the latest news, Heytea will submit a prospectus to the Hong Kong Stock Exchange in March this year. Subsequently, Heytea responded that there are currently no listing plans and actions, and there are currently no financing matters in progress.</p><p>However,<b>Another online celebrity brand, Chayanyuese, took a different path.</b>Lu Liang, the founder of Chayanyuese, is a post-80s generation. Like Nie Yunchen, he has gone through several ventures. He has opened an advertising company, sold popcorn, and opened a lo-mei shop. In the winter of 2013, Lu Liang founded the tea brand Chayanyuese in Changsha, and opened its first store. After years of dormancy, Chayanyuese has become a new landmark of Changsha food with the same name as stinky tofu. At the end of 2020, Chayanyuese has just left Hunan. On the other hand, Heytea and Nayuki's tea are already expanding overseas.</p><p>Chayanyuese received investment from Tiantu at the beginning of its establishment. Since then, investors have also included Shunwei Capital, Yuansheng Capital, Source Code Capital, etc. \"Cha Yan Yuese has seen no investors since last year.\" A VC partner close to Cha Yan Yuese revealed to the investment community. In other words, VC/PE can't invest even if they want to.</p><p>In the tea drinking circle, there is another Internet celebrity brand that has to be mentioned, and that is Michelle Ice City. From the roadside cold food stall in 1998, to the first 20-square-meter small shop in 2001, and now to the national chain organization mainly focusing on fresh ice cream-tea drinks, Zhang Hongchao, a native of Henan, performed another grassroots counterattack story.</p><p>Looking back on 2020,<b>Chinese consumer goods companies can be called the IPO explosion</b>-Existing<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>, Blue Moon and other established companies went public, and there are also brands belonging to young people such as Perfect Diary and Bubble Mart ringing the bell. Entering 2021, it is time for the new tea drink company that has been running for many years to move to a higher stage. As many investors have judged, \"the wave of new tea drinks is about to be launched\", and Nayuki's tea has started its first battle.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3FzNuQD5JCaSt6WQjxjKBw\">投资界</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5682b0d5fde30269b51bbf6f7d754290","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/3FzNuQD5JCaSt6WQjxjKBw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170563447","content_text":"2021年，新式茶饮上市潮即将杀到，隐身幕后的年轻创始人们集体登场。\n\n除夕夜，奈雪的茶悄悄递交了IPO招股书。\n投资界消息，2月11日除夕当天，港交所文件显示，奈雪的茶向港交所递交招股书，摩根大通、招银国际、华泰国际为保荐人。这意味着，奈雪的茶率先走向了资本市场，或将超越喜茶成为新式茶饮第一股。\n奈雪的茶背后是一个浪漫的爱情故事。2015年，80后彭心与70后赵林夫妻俩正式创办了奈雪的茶，并在2018年A+轮融资后，一跃成为新式茶饮独角兽，估值60亿元。如今三年过去，奈雪的茶估值又涨了一倍——据彭博社消息，2021年1月的新融资过后，其估值将接近20亿美元(约130亿人民币)。\n“进入2021年，新式茶饮上市潮即将杀到。”一位一级市场投资人判断，喜茶和奈雪的茶都在争夺第一股。在这些耳熟能详的茶饮品牌——喜茶、奈雪的茶、茶颜悦色等等的背后，是聂云宸、彭心赵林夫妇、吕良等年轻创始人的集体登场。\n估值130亿的茶饮独角兽：始于一次相亲，夫妻开出500家店\n奈雪的创业故事，始于多年前的一次相亲。\n彭心出生于1987年，2010年从江西财经大学工商管理学院毕业，最初是在一家上市IT公司做品牌工作，并逐步做到了总监一职。但与很多女孩一样，彭心的内心中也有一个“烘焙梦”。\n2012年12月，彭心选择辞职创业。一开始，她自拟了一份商业计划书，主打饮品、烘焙，兼做教学，却一直苦于找不到合作伙伴。“这份方案现在回看起来很幼稚、很外行，想做的东西太多了，又没有经验和资源。”彭心曾回忆。\n直到遇见赵林。2013年3月，在一个朋友的引荐下，彭心见到了当时已在餐饮界打拼多年的赵林。面对赵林这位餐饮界的前辈，彭心花了两个小时的时间围绕自己的创业梦侃侃而谈。熟不知，赵林是抱着相亲的目的前来，不是以相亲为目的的社交活动在这之前都被他推掉了。\n对于二人的初次相遇，赵林在一次演讲中回忆道：“我当时看完她的计划书以后，觉得这个女孩很有想法，但我心里也很清楚这个项目很难成功，没有经验是最大的短板。”于是，赵林给出了一个解决问题的办法，就是彭心成为他的女朋友。“她说可以啊！我说你是认真的吗？她说是的！从此以后，我们俩就每天在一起了，三个月之后我们就领证结婚了。”\n很快，赵林便与彭心将创业梦付诸实践，在2014年注册了“奈雪的茶”这一商标。\n之所以品牌叫做“奈雪”，是源自于彭心的网名，“看到这个名字，有人会联想到一位漂亮的女孩子在泡茶，有人会想到漫天的飘雪……总之，我们希望每个看到这个名字的人，都能联想到到美好的事物。”\n在一年多的筹备过程中，赵林、彭心遇到最大的问题是选址。奈雪的茶门店面积均定位在200㎡以上，这在界内并不多见。彭心曾透露：“在当时，没有购物中心愿意将大面积摊位给一个茶饮品牌，所以我们找位置耗费了大半年。”\n\n2015年11月，奈雪的茶首店——深圳卓越世纪店开业，紧接着一个月内，欢乐海岸店、华强北九方店也陆续开业。由于是白手起家，为了一口气能开三家店，赵林与彭心甚至还将房子抵押给了银行。\n如此激进的想法，现在来看赵林与彭心似乎是赌对了。凭借创新的“茶+软欧包”双产品线模式，奈雪的茶走上了火速扩张之路。招股书显示，截至2020年9月30日，奈雪的茶全球门店数量已达422家，覆盖中国内地61个城市，以及中国香港、日本，并于截至最后实际可行日期进一步增至507家。而根据彭博社消息，奈雪的茶最新估值已达到近20亿美金，约合130亿人民币。\n2020年11月，奈雪的茶还在深圳开出了全新店型“奈雪PRO”，这是继奈雪的茶、奈雪酒屋、奈雪梦工厂之后的第4类店型。不仅如此，一直将星巴克视为行业标杆的奈雪的茶，也悄悄上线了7款咖啡，大有发力咖啡赛道之势。显然，这家新式茶饮独角兽的野心远不止于此。\n一年进账25亿\n最新利润率0.2%，茶饮店如何赚钱？\n卖奶茶和软包，奈雪靠什么撑起一个IPO？\n招股书显示，目前奈雪的茶核心菜单有超过25种经典茶饮，及超过25种经典烘焙产品。其中，茶饮包括鲜果茶、鲜奶茶及纯茶，此外还提供多种零售产品，如茶礼盒、零食及即饮茶饮料。\n奈雪的茶凭借创新的现制茶饮搭配烘焙产品概念，自2014年于深圳开出第一家茶饮店后，2018年、2019年奈雪的茶分别开设179家、174家新店，相当于两天开一家，扩张速度十分惊人。\n从城市布局来看，一线及新一线城市是奈雪的茶的主要阵地。截至2020年9月30日，其全国的422家门店中有155家覆盖在一线城市，148家覆盖在新一线城市，在二线城市有98家门店。\n从每日门店销售额和门店订单量来看，奈雪的茶的门店在一线城市、新一线城市、二线城市的数据表现差距并不大，只是呈现出了逐年下滑的趋势。\n招股书显示，2018年及2019年、2020年前三季度，奈雪的茶每间茶饮店平均每日销售额分别为30.7万元、27.7万元及20.1万元；每间门店平均每天的订单量也由2018年的716单降至2020年的465单。\n而伴随着门店的迅速扩张，奈雪的茶营业收入也呈爆发性增长。招股书显示，奈雪的茶在2018年、2019年的收益分别为10.9亿元人民币、25亿元人民币。即便是2020年新冠疫情这一黑天鹅事件爆发，也并未阻止奈雪的茶营收大涨。其2020年前三季度茶饮店所产生的收益为19.86亿元，2019年同期则为16亿元。\n\n但收入大涨的背后，是奈雪的茶不容忽视的亏损问题。\n招股书显示，奈雪的茶在2018年、2019年及2020年前三季度，分别亏损6973万元、3968万元、2751万元。而对比2019、2020年前9个月，其利润率则由1%下滑到0.2%。\n通过招股书可以发现，经营成本较高是造成奈雪的茶利润率低的重要原因之一。在各项成本中，其2020年前9个月原材料成本、员工成本、使用权资产折旧分别占比38.4%、28.6%、12.1%。\n对此，奈雪的茶在招股书坦言，其营运资金需求巨大，过去曾面临营运资金赤字，需要大量资金来为其运营提供资金并应对商机。倘若未来仍将继续面临营运资金赤字，其业务、流动性、财务状况及经营业绩可能会受到重大不利影响。\n但茶饮市场的潜力同样不容忽视。灼识咨询资料显示，茶饮市场的增长势头预计将在未来近期内保持强劲，市场规模预计将在2025年进一步增长至623亿元，复合年增长率达到32.7%，远超现制茶饮店行业整体水平。\n因此，奈雪的茶认为继续扩大业务规模，以便利用已建立起的品牌知名度推动长期增长符合公司的最佳利益。根据规划，其将于2021年及2022年主要在一线城市及新一线城市，分别开设约300家及350家奈雪的茶茶饮店，其中约70%将规划为奈雪PRO茶饮店，2023年新开设的奈雪的茶茶饮店数量至少与2022年新开设的数量相同。\n一顿午饭搞定融资，天图连投3轮，知名PE入局\n目前，奈雪的茶已完成了5轮融资。\n2017年，奈雪的茶开启融资之路，一路集结了天图投资、深创投、太盟投资集团（PAG）、弘晖资本等VC/PE。值得一提的是，从天使轮、A轮到A+轮，奈雪的茶都选择了天图投资。\n彭心曾说，是天图投资安排的一场培训打动了他们。“天图投资管理合伙人冯卫东专门给我们讲了一堂关于天图对消费品领域的所有分析、对我们行业的报告，以及他们对星巴克的全部研究、对于我们群体的研究，还有就是他们判断消费升级的一些模型，我们觉得这个是很有思考力的。”另一方面，天图投资还满足彭心与赵林不接受对赌，不接受计划性的要求。\n而奈雪的茶这笔A+轮融资，更是只用了一顿午饭的时间便搞定了。“我们和天图投资VC基金管理合伙人潘攀吃了个午饭，说了今年的发展规划，想再拿一笔粮草，他就问我缺多少钱，他全要了。”彭心曾回忆。\n天图投资合伙人潘攀则说，从全世界来看，大的消费品公司都与饮品有关，咖啡品类有星巴克、COSTA等品牌，估值过千亿美金。而中国茶有非常好的消费基因，茶饮品类有巨大机会。\n这一轮之后，奈雪的茶估值60亿元，成为中国新式茶饮行业的首个独角兽。此后两年间，奈雪的茶一直没有再获融资，其老对手喜茶也在融资上陷入沉寂。直到2020年6月，奈雪的茶完成新一轮融资，领投方为深创投。\n业内还流传一个小插曲。奈雪的茶曾经拒绝过来自今日资本创始人徐新的投资。“当时奈雪的茶第一家门店开业，她一个下午来喝了6杯茶，问我们缺不缺钱，我们说不缺。”彭心在一次采访中透露。\n2021年新茶饮的第一笔融资，花落奈雪的茶。2021年1月1日，投资界从奈雪的茶方面确认，其已于日前完成了C轮1亿多美金的融资，领投方为太盟投资集团（PAG）。这是太盟投资集第一次投资国内茶饮品牌，过去数年间，这家知名亚洲PE多投资于金融、科技类公司。至此，奈雪的茶最新估值已达到近20亿美金，约合130亿人民币。\n实际上，自2020年以来，有关于奈雪的茶的IPO传闻一直没有间断过。2020年年初就有消息称，奈雪的茶计划于当年年内在美国完成上市，并计划融资4亿美元。2020年7月，原瑞幸咖啡首席技术官何刚加盟奈雪，任CTO一职。当时曾有消息称，奈雪此时引入何刚或因其正酝酿上市；9月又有报道称，奈雪把计划上市地点由美国转向香港，并计划于2021年底之前在香港上市。\n一直以来，奈雪的茶始终对外回复“没有上市计划”，没想到却在除夕夜悄悄递表了。\n新一代创始人集体登场\n2021年，新茶饮上市潮来了\n中国新茶饮悄悄来至下半场，背后掌门人走到前台。在这些耳熟能详的茶饮品牌——喜茶、奈雪的茶、茶颜悦色、蜜雪冰城等等的背后，是聂云宸、彭心赵林夫妇、吕良等年轻创始人的集体登场。\n奈雪的茶最要紧的对手——喜茶，掌舵人是一名90后。1991年，聂云宸在江西出生，后跟随父母来到广东江门。在2010年大学顺利毕业后，19岁的聂云宸开始创业，在广州开了一家手机店，手机生意并不好做，2012年，聂云宸开了一家名为皇茶的店，做起了奶茶生意。\n2016年，聂云宸将其创办的皇茶更名为喜茶，并获得由IDG资本和天使投资人何伯权的1亿元融资，中国新茶饮的故事由此开始了。自此，聂云宸就带领喜茶一路狂奔，并云集了一众风投机构。2020年8月，喜茶创始人聂云宸以身家40.92亿元列居深圳创富的第81位，成为当中最年轻的一位。在此之前，喜茶拿到高瓴资本和Coatue Management联合领投的C轮融资，估值达到160亿。\n如今，在新茶饮品牌第一股的争夺战上，奈雪的茶又进了一步。而在喜茶方面，2020年9月曾有报道称，喜茶计划于2021年底之前赴香港上市，预计融资4亿美元至5亿美元。业内普遍认为，去年3月的那一轮是喜茶IPO前最后一轮融资。早在2019年底，喜茶曾进行多项工商信息的变更，这一动作被外界解读为IPO前的准备工作。\n最新消息称，喜茶将于今年3月向港交所递交招股说明书。随后，喜茶回应称，目前没有任何上市计划及动作，目前也没有任何融资事项在推进中。\n不过，另一个网红品牌茶颜悦色走了不同的路。茶颜悦色创始人吕良是一位80后，和聂云宸一样经过了几次创业，先后开过广告公司、卖过爆米花、开过卤味店。2013年的冬天，吕良在长沙创办了茶饮品牌茶颜悦色，并开出了第一家店，蛰伏多年后，茶颜悦色已经成为与臭豆腐齐名的长沙美食新地标。2020年底，茶颜悦色刚刚走出湖南，反观喜茶、奈雪的茶等，都已在向海外扩张。\n茶颜悦色在成立之初就获得了天图的投资，此后投资方还包含顺为资本、元生资本、源码资本等。“茶颜悦色从去年开始，已经不见投资人了。”一位接近茶颜悦色的VC合伙人向投资界透露。换言之，VC/PE想投也投不进去了。\n在茶饮圈里，还有一个网红品牌也不得不提，那就是蜜雪冰城。从1998年路边的冷食小摊点，到2001年第一家20平米的小商店，再到如今以新鲜冰淇淋—茶饮为主的全国性连锁机构，河南人张红超演绎了又一个草根逆袭的故事。\n回顾2020年，中国消费品公司堪称IPO大爆炸——既有农夫山泉、蓝月亮等老牌公司上市，也有完美日记、泡泡玛特等属于年轻人的品牌敲钟。进入2021年，狂奔多年的新式茶饮公司是时候迈向更高的舞台，正如众多投资人所判断那样，“新式茶饮上市潮即将杀到”，奈雪的茶打响了第一场战役。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386521531,"gmtCreate":1613211645723,"gmtModify":1704879454307,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"How","listText":"How","text":"How","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386521531","repostId":"1152516731","repostType":4,"repost":{"id":"1152516731","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":1613190086,"share":"https://ttm.financial/m/news/1152516731?lang=en_US&edition=fundamental","pubTime":"2021-02-13 12:21","market":"us","language":"zh","title":"The famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?","url":"https://stock-news.laohu8.com/highlight/detail?id=1152516731","media":"Barrons巴伦","summary":"桑德斯只是遭受了“试图打败华尔街的大众的惯常命运”。\n\n早在GameStop事件很久之前，另一场逼空大战的主角是Piggly Wiggly。\n1923年，一家名叫Piggly Wiggly超市公司（目","content":"<p>Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". Long before the GameStop incident, the protagonist of another short squeeze war was Piggly Wiggly.</p><p>In 1923, a supermarket company called Piggly Wiggly (still operating in the Midwest and South of the United States) became the focus of short selling in the market at that time, echoing today's GameStop.</p><p>As GameStop is now targeted by investors in Meme (concepts and behaviors that spread from person to person, often translated as \"Meme\" in Chinese)<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Like the company, it was once extremely bearish by Wall Street predators. However, this caused an unexpected public sentiment backlash-a kind of dissatisfaction with \"urban elites looking down on rural life and pointing fingers\". So when retail investors fought back and crushed the bears on Wall Street, they gained a sense of victory.</p><p>A newspaper once excitedly said, \"Speculators in New York are forced to lose everything!\" PigglyWiggly's short sellers suffered heavy losses, to the extent that Melvin Capital lost 53% of its capital in January this year, mainly by shorting GameStop, but that's not the whole story. There are big winners and big losers in this short squeeze, but there is no bigger loser than Clarence Saunders, founder and chairman of Piggly Wiggly.</p><p>Barron's reported at the time that \"after a stunning short squeeze against Piggly Wiggly, the Memphis, Tennessee grocer discovered that his'victory 'cost him about $3 million and lost control of the company.\" It also dusted Sanders' legacy for later generations.</p><p>Born in 1881, Saunders escaped poverty through his own efforts, became a pioneer in retail, and in 1916 made Piggly Wiggly (where its name came from is still unclear) the first \"self-service store\" in the United States.</p><p>Prior to this, customers needed to hand over the shopping list to the clerk to pick up the goods according to the order, while Piggly Wiggly allowed customers to walk freely between the shelves and choose goods to check out. This simple idea caught on. By 1921, Piggly Wiggly had opened a chain of 600 stores across the United States, and this model still runs from Kroger to<a href=\"https://laohu8.com/S/WMT\">Walmart</a>And other examples followed by large supermarkets.</p><p>In order to expand his business footprint, Saunders announced the sale of 100,000 new shares of the company in November 1922. The news, which was linked to unrelated news that a Piggly Wiggly franchise filed for bankruptcy, was amplified by the market, leading to a big sell-off in its stock, which dropped all the way from $45 to $30. Subsequently, Merrill Lynch and a number of Wall Street institutions began to increase their short positions, betting that Piggly Wiggly would fall further.</p><p>Describing the crisis as a \"contest between good and evil,\" Sanders shouted to would-be investors, \"Will good business slip by itself, tremble with fear, become a spoils for speculators?\" Sanders is quoted in Mike Freeman's book Clarence Sanders and the Founding of Piggly Wiggly.</p><p>To fight the bears, Sanders borrowed a total of $10 million in margin from numerous investors, planning to buy all of Piggly Wiggly's outstanding shares and push up the stock price. On March 20, 1923, when it was suspended from trading on the New York Stock Exchange, its share price had reached $124.</p><p>\"Barron's Weekly\" commented at the time that \"short sellers once raced to cover frantically\", but the covering strength was not as high as originally expected. The stock showed a downtrend after short covering, and the over-the-counter market (OTC) of this stock gradually disappeared. Finally, \"Sanders and his partners hold 200,000 extremely expensive shares, but there is no market to take over.\"</p><p>In Barron's view, Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". In fact, just three years ago, a short squeeze engineered by the owners of Stutz Motor Co. ended in the bankruptcy of the company and its owners.</p><p>But there are also people in this game, such as a retired grocery store owner in Providence, Rhode Island. Freeman's book mentioned that he bought 1,000 shares of Piggly Wiggly at $38 per share before he was forced to use his Dividend income to support his retirement, but in the end he sold them all in the process of rising from $96 to $124, making a profit of more than $80,000 ($1.2 million at current prices).</p><p>Of course, this is not comparable to the income of the investor named Roaring Kitty in the GameStop incident, who made $48 million with an initial investment of $53,000. But the reality is that over the years, there have always been people who have made a lot of profits when others have lost all their money.</p><p>But today, it's not big investors like Sanders who hold those worthless stocks. Thousands of small retail investors are facing financial tension or even collapse. As for Sanders himself, Barron's reported at the time that he was back in Tennessee, where fellow Memphis still had faith in him. However, the companies he founded in the \"post-Piggly Wiggly era\", including automobile stores like Keedoozle, did mediocre. In 1953, Sanders died, and his dream of \"becoming the Henry Ford of the supermarket industry\" was finally dashed by the unfortunate decision to face Wall Street.</p><p>We will continue to watch for a better ending for GameStop investors.</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>The famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?</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\">\nThe famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?\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\">2021-02-13 12:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". Long before the GameStop incident, the protagonist of another short squeeze war was Piggly Wiggly.</p><p>In 1923, a supermarket company called Piggly Wiggly (still operating in the Midwest and South of the United States) became the focus of short selling in the market at that time, echoing today's GameStop.</p><p>As GameStop is now targeted by investors in Meme (concepts and behaviors that spread from person to person, often translated as \"Meme\" in Chinese)<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Like the company, it was once extremely bearish by Wall Street predators. However, this caused an unexpected public sentiment backlash-a kind of dissatisfaction with \"urban elites looking down on rural life and pointing fingers\". So when retail investors fought back and crushed the bears on Wall Street, they gained a sense of victory.</p><p>A newspaper once excitedly said, \"Speculators in New York are forced to lose everything!\" PigglyWiggly's short sellers suffered heavy losses, to the extent that Melvin Capital lost 53% of its capital in January this year, mainly by shorting GameStop, but that's not the whole story. There are big winners and big losers in this short squeeze, but there is no bigger loser than Clarence Saunders, founder and chairman of Piggly Wiggly.</p><p>Barron's reported at the time that \"after a stunning short squeeze against Piggly Wiggly, the Memphis, Tennessee grocer discovered that his'victory 'cost him about $3 million and lost control of the company.\" It also dusted Sanders' legacy for later generations.</p><p>Born in 1881, Saunders escaped poverty through his own efforts, became a pioneer in retail, and in 1916 made Piggly Wiggly (where its name came from is still unclear) the first \"self-service store\" in the United States.</p><p>Prior to this, customers needed to hand over the shopping list to the clerk to pick up the goods according to the order, while Piggly Wiggly allowed customers to walk freely between the shelves and choose goods to check out. This simple idea caught on. By 1921, Piggly Wiggly had opened a chain of 600 stores across the United States, and this model still runs from Kroger to<a href=\"https://laohu8.com/S/WMT\">Walmart</a>And other examples followed by large supermarkets.</p><p>In order to expand his business footprint, Saunders announced the sale of 100,000 new shares of the company in November 1922. The news, which was linked to unrelated news that a Piggly Wiggly franchise filed for bankruptcy, was amplified by the market, leading to a big sell-off in its stock, which dropped all the way from $45 to $30. Subsequently, Merrill Lynch and a number of Wall Street institutions began to increase their short positions, betting that Piggly Wiggly would fall further.</p><p>Describing the crisis as a \"contest between good and evil,\" Sanders shouted to would-be investors, \"Will good business slip by itself, tremble with fear, become a spoils for speculators?\" Sanders is quoted in Mike Freeman's book Clarence Sanders and the Founding of Piggly Wiggly.</p><p>To fight the bears, Sanders borrowed a total of $10 million in margin from numerous investors, planning to buy all of Piggly Wiggly's outstanding shares and push up the stock price. On March 20, 1923, when it was suspended from trading on the New York Stock Exchange, its share price had reached $124.</p><p>\"Barron's Weekly\" commented at the time that \"short sellers once raced to cover frantically\", but the covering strength was not as high as originally expected. The stock showed a downtrend after short covering, and the over-the-counter market (OTC) of this stock gradually disappeared. Finally, \"Sanders and his partners hold 200,000 extremely expensive shares, but there is no market to take over.\"</p><p>In Barron's view, Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". In fact, just three years ago, a short squeeze engineered by the owners of Stutz Motor Co. ended in the bankruptcy of the company and its owners.</p><p>But there are also people in this game, such as a retired grocery store owner in Providence, Rhode Island. Freeman's book mentioned that he bought 1,000 shares of Piggly Wiggly at $38 per share before he was forced to use his Dividend income to support his retirement, but in the end he sold them all in the process of rising from $96 to $124, making a profit of more than $80,000 ($1.2 million at current prices).</p><p>Of course, this is not comparable to the income of the investor named Roaring Kitty in the GameStop incident, who made $48 million with an initial investment of $53,000. But the reality is that over the years, there have always been people who have made a lot of profits when others have lost all their money.</p><p>But today, it's not big investors like Sanders who hold those worthless stocks. Thousands of small retail investors are facing financial tension or even collapse. As for Sanders himself, Barron's reported at the time that he was back in Tennessee, where fellow Memphis still had faith in him. However, the companies he founded in the \"post-Piggly Wiggly era\", including automobile stores like Keedoozle, did mediocre. In 1953, Sanders died, and his dream of \"becoming the Henry Ford of the supermarket industry\" was finally dashed by the unfortunate decision to face Wall Street.</p><p>We will continue to watch for a better ending for GameStop investors.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152516731","content_text":"桑德斯只是遭受了“试图打败华尔街的大众的惯常命运”。\n\n早在GameStop事件很久之前，另一场逼空大战的主角是Piggly Wiggly。\n1923年，一家名叫Piggly Wiggly超市公司（目前仍在美国中西部和南部经营着）成为了当时市场重点做空的对象，与今天的GameStop遥相呼应。\n正如现在的GameStop和被Meme（在人与人之间传播的概念和行为，中文经常翻译为“梗”）投资者瞄准的AMC院线公司一样，它一度被华尔街的大鳄们极度看空。这却引起了意想不到的大众情绪反弹——一种对“城市精英看低乡村生活并且指手画脚”的不满。因此当散户反击并打压华尔街的空头时，他们获得了一种胜利感。\n曾有一家报纸兴奋地说道：“纽约的投机者们被逼得血本无归！”PigglyWiggly的空头们损失惨重，其程度和今年1月梅尔文资本主要因做空GameStop而损失了53%的资金相差无几，但这并不是故事的全部。这场逼空大战中有大赢家，也有大输家，但没有比Piggly Wiggly的创始人兼主席克拉伦斯•桑德斯（Clarence Saunders）更大的输家了。\n《巴伦周刊》当时报道称，“在对Piggly Wiggly 进行了惊人的逼空之后，这位田纳西孟菲斯的杂货商发现，他的‘胜利’让他损失了约300万美元，还失去了对公司的控制权。”这也令桑德斯给后世留下的遗产蒙尘。\n生于1881年的桑德斯通过自己的努力摆脱了贫困，成为零售业的先驱，并在1916年时把Piggly Wiggly（这家商店的名字从何而来依然还不清楚）打造成全美第一家“自助商店”。\n在此之前，顾客需要把购物单交给店员去照单取货，而Piggly Wiggly让顾客可以自由地在货架间行走并挑选商品去结账。这种简便的理念流行开来。到1921年，Piggly Wiggly在全美开出了600家连锁店，这种模式至今仍然是从Kroger到沃尔玛等大型商超遵循的范例。\n为了扩大自己的商业版图，桑德斯于1922年11月宣布出售10万股公司新股。这一消息与一家Piggly Wiggly加盟店申请破产的不相关消息连在一起，被市场放大了，导致其股票被大抛售，股价从45美元一路下降到30美元。随后，美林和华尔街一众机构开始加码空头，押注Piggly Wiggly会进一步下跌。\n桑德斯将这一危机描述为“善与恶的较量”，并向潜在的投资者喊话，“好生意会自己溜走吗，会因恐惧而颤抖吗，会成为投机者的战利品吗？”麦克·弗里曼的《克拉伦斯•桑德斯和Piggly Wiggly的创立》一书中引用桑德斯的话说。\n为了对抗空头，桑德斯向众多投资者借了总计1000万美元的保证金，计划收购Piggly Wiggly的所有流通股并推高股价。1923年3月20日，当它被纽交所停牌时，其股价已达到124美元。\n《巴伦周刊》在当时评论道，“空头一度竞相疯狂回补”，但回补力度并不如原本预期的那么高。该股在空头回补后就呈现下跌趋势，而这只股票的场外交易市场（OTC）也逐渐消失了。最后，“桑德斯和他的合伙人手上持有了20万股成本极高的股票，但没有市场能够去接盘。”\n在《巴伦周刊》看来，桑德斯只是遭受了“试图打败华尔街的大众的惯常命运”。事实上，就在三年前，斯图茨汽车公司(Stutz Motor Co.)的所有者策划的一次逼空就以该公司及其所有者的破产告终。\n不过这场比赛中也有人坐收渔利，比如罗德岛州普罗维登斯的一位退休的杂货店老板。弗里曼的书中提到，他在逼空前以每股38美元买入了1000股Piggly Wiggly，原本只是希望用股息收入支持他的退休生活，但最后他在股票从96美元涨到124美元的过程中全部卖出，盈利超过8万美元（以现价计算为120万美元）。\n当然，这和GameStop事件中的那位名叫Roaring Kitty的投资者的收益还不能相提并论，后者以5.3万美元的初始投资赚取了4800万美元。但现实是，这些年来总有人在别人亏的血本无归时获利颇丰。\n但是今天，持有那些不值钱的股票的不是像桑德斯一样的大投资人，成千上万个小散户面临着财务紧张甚至崩溃。至于桑德斯本人，《巴伦周刊》当时报道说，他回到了田纳西州，那里的孟菲斯老乡对他仍有信心。不过他在“后Piggly Wiggly时期”创立的公司，包括像 Keedoozle汽车专卖店，都经营得一般。1953年，桑德斯去世，他“成为超市行业的亨利·福特”的梦想终因迎战华尔街这个不幸的决定而破灭。\n我们将继续关注GameStop的投资者们是否能有更好的结局。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388030442,"gmtCreate":1612999917286,"gmtModify":1704877182746,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Cry&nbsp;","listText":"Cry&nbsp;","text":"Cry","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388030442","repostId":"1183810327","repostType":4,"repost":{"id":"1183810327","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":1612970661,"share":"https://ttm.financial/m/news/1183810327?lang=en_US&edition=fundamental","pubTime":"2021-02-10 23:24","market":"us","language":"zh","title":"Tesla falls more than 5%, may create its own system to process Bitcoin payments","url":"https://stock-news.laohu8.com/highlight/detail?id=1183810327","media":"老虎资讯综合","summary":"2月10日，特斯拉短线下挫，跌超5%，消息称特斯拉或会创建自己的系统处理比特币付款。路透社发文称，尽管比特币越来越家喻户晓，但它仍主要被用作一种投资产品，而不是一种支付形式。特斯拉宣布在将来接受比特币","content":"<p>February 10th,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell in the short term, falling more than 5%. It is reported that Tesla may create its own system to handle Bitcoin payments.</p><p><img src=\"https://static.tigerbbs.com/fcfde0718cc74b42107ec2c4552dd45e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Reuters said that although Bitcoin is becoming a household name, it is still mainly used as an investment product rather than a form of payment.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Announcing that it will accept Bitcoin as a form of payment product in the future, if its customers buy Tesla with Bitcoin, Tesla may not immediately liquidate it.</p><p>Some experts see this as a sign that Tesla may retain at least a portion of its Bitcoin. At the same time, experts believe that Tesla may not want any intermediaries in the process of accepting payments from Bitcoin, and may create its own payment system to accept and process Bitcoin payments for its vehicles. In this regard, a relevant representative of Tesla has not responded to more details.</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>Tesla falls more than 5%, may create its own system to process Bitcoin payments</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 falls more than 5%, may create its own system to process Bitcoin payments\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\">2021-02-10 23:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>February 10th,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It fell in the short term, falling more than 5%. It is reported that Tesla may create its own system to handle Bitcoin payments.</p><p><img src=\"https://static.tigerbbs.com/fcfde0718cc74b42107ec2c4552dd45e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Reuters said that although Bitcoin is becoming a household name, it is still mainly used as an investment product rather than a form of payment.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Announcing that it will accept Bitcoin as a form of payment product in the future, if its customers buy Tesla with Bitcoin, Tesla may not immediately liquidate it.</p><p>Some experts see this as a sign that Tesla may retain at least a portion of its Bitcoin. At the same time, experts believe that Tesla may not want any intermediaries in the process of accepting payments from Bitcoin, and may create its own payment system to accept and process Bitcoin payments for its vehicles. In this regard, a relevant representative of Tesla has not responded to more details.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d1f099f6724852eed80c0925003dfca8","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183810327","content_text":"2月10日，特斯拉短线下挫，跌超5%，消息称特斯拉或会创建自己的系统处理比特币付款。路透社发文称，尽管比特币越来越家喻户晓，但它仍主要被用作一种投资产品，而不是一种支付形式。特斯拉宣布在将来接受比特币作为支付产品的形式，如果其客户用比特币购买特斯拉，特斯拉可能不会立即进行清算。一些专家认为这表明特斯拉可能会保留至少一部分比特币。与此同时，专家认为，特斯拉可能并不希望在接受比特币支付的过程中有任何中介，并可能会创建自己的支付系统来接受和处理旗下汽车的比特币付款。对此，目前特斯拉的一名相关代表并没有回应更多细节。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381602411,"gmtCreate":1612958933133,"gmtModify":1704876522410,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381602411","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","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":1612233347,"share":"https://ttm.financial/m/news/1140942389?lang=en_US&edition=fundamental","pubTime":"2021-02-02 10:35","market":"other","language":"zh","title":"Reminder: List of closing arrangements for major markets during the Spring Festival holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。$老虎证券$祝您及家人新春快乐，牛年大吉！2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</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>Reminder: List of closing arrangements for major markets during the Spring Festival holiday</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\">\nReminder: List of closing arrangements for major markets during the Spring Festival holiday\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\">2021-02-02 10:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。老虎证券祝您及家人新春快乐，牛年大吉！春节期间各地股市休市安排如下：(均为当地时间）美股：2月15日（星期一）因美国总统日全天休市。港股：2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月16日（星期二）起照常开市。A股：2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。沪、深股通：2月11日（星期四）至2月17日（星期三）关闭；2月18日（星期四）起照常开通。港股通：2月9日（星期二）至2月17日（星期三）关闭服务，2月18日（星期四）起照常开通。英股：照常交易澳股：照常交易新加坡市场：2月11日（星期四）交易半日。2月12日（星期五）全天休市。期货市场：HKEX下美元黄金、指数类货于2月11日12：30休市，个股期货于2月11日12：00休市；指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12：00（北京时间16日凌晨02:00）提前休市；活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311582445,"gmtCreate":1611813903487,"gmtModify":1704863806746,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/311582445","repostId":"1130910554","repostType":4,"repost":{"id":"1130910554","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":1611812628,"share":"https://ttm.financial/m/news/1130910554?lang=en_US&edition=fundamental","pubTime":"2021-01-28 13:43","market":"hk","language":"zh","title":"Xiaomi Group rose in the short term, maintaining the first market share in India in Q4","url":"https://stock-news.laohu8.com/highlight/detail?id=1130910554","media":"老虎资讯综合","summary":"1月28日讯，小米集团港股短线上扬，涨约2.5%，第四季度小米在印度市场占有率27%保持第一。Canalys发布2020年第四季度印度智能手机市场报告，数据显示，2020年第四季度，印度智能手机市场出","content":"<p>On January 28th, Xiaomi Group's Hong Kong stocks rose in the short term, up about 2.5%. In the fourth quarter, Xiaomi maintained its first market share of 27% in India.</p><p><img src=\"https://static.tigerbbs.com/ca3b1ef8af83878c1248af178b8ff8de\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Canalys released the Indian smartphone market report for the fourth quarter of 2020. Data shows that in the fourth quarter of 2020, the Indian smartphone market shipments reached 43.9 million units, a year-on-year increase of 13%. Among them, Xiaomi's shipments reached 12 million units, with a market share of 27%, a year-on-year increase of 7%, and continues to rank first in the market. In addition to Xiaomi, the top five companies in the market are Samsung with a market share of 21%; vivo's market share is 18%; OPPO's market share is 13%; Realme has a market share of 12%.</p><p><img src=\"https://static.tigerbbs.com/35846f2eaffd9b937e0e3595c876a853\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>Canalys researcher Varun Kannan said that in 2019, Chinese manufacturers contributed 72% of shipments in the Indian smartphone market, and this proportion increased to 77% in 2020. \"The last time the Indian market changed the power structure was from Samsung to Xiaomi, which occurred during the transition from 3G to 4G. With the realization of the prospect of large-scale commercial use of 5G, Chinese manufacturers will further promote the power transfer. Due to China's first mover in 5G layout, this proportion may continue to rise.\"</p><p>Rushabh Doshi, head of research at Canalys, said mobile phone manufacturers are seeing a sustainable market recovery in India. Doshi believes that data on consumer demand in 2020 shows that the rebound in the Indian smartphone market has exceeded expectations, causing both mobile phone manufacturers and channel partners to increase investment. Coupled with the production-related incentive plan implemented by India, long-term 5G expectations, and new entrants. Canalys expects a faster recovery in India in 2021.</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>Xiaomi Group rose in the short term, maintaining the first market share in India in Q4</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\">\nXiaomi Group rose in the short term, maintaining the first market share in India in Q4\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\">2021-01-28 13:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On January 28th, Xiaomi Group's Hong Kong stocks rose in the short term, up about 2.5%. In the fourth quarter, Xiaomi maintained its first market share of 27% in India.</p><p><img src=\"https://static.tigerbbs.com/ca3b1ef8af83878c1248af178b8ff8de\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Canalys released the Indian smartphone market report for the fourth quarter of 2020. Data shows that in the fourth quarter of 2020, the Indian smartphone market shipments reached 43.9 million units, a year-on-year increase of 13%. Among them, Xiaomi's shipments reached 12 million units, with a market share of 27%, a year-on-year increase of 7%, and continues to rank first in the market. In addition to Xiaomi, the top five companies in the market are Samsung with a market share of 21%; vivo's market share is 18%; OPPO's market share is 13%; Realme has a market share of 12%.</p><p><img src=\"https://static.tigerbbs.com/35846f2eaffd9b937e0e3595c876a853\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>Canalys researcher Varun Kannan said that in 2019, Chinese manufacturers contributed 72% of shipments in the Indian smartphone market, and this proportion increased to 77% in 2020. \"The last time the Indian market changed the power structure was from Samsung to Xiaomi, which occurred during the transition from 3G to 4G. With the realization of the prospect of large-scale commercial use of 5G, Chinese manufacturers will further promote the power transfer. Due to China's first mover in 5G layout, this proportion may continue to rise.\"</p><p>Rushabh Doshi, head of research at Canalys, said mobile phone manufacturers are seeing a sustainable market recovery in India. Doshi believes that data on consumer demand in 2020 shows that the rebound in the Indian smartphone market has exceeded expectations, causing both mobile phone manufacturers and channel partners to increase investment. Coupled with the production-related incentive plan implemented by India, long-term 5G expectations, and new entrants. Canalys expects a faster recovery in India in 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3df686d3a6ca977e8c6841905eb7e18c","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130910554","content_text":"1月28日讯，小米集团港股短线上扬，涨约2.5%，第四季度小米在印度市场占有率27%保持第一。Canalys发布2020年第四季度印度智能手机市场报告，数据显示，2020年第四季度，印度智能手机市场出货量达到4390万台，同比增长13%。其中，小米出货量达到1200万台，市场占有率27%，同比增长7%，继续保持市场第一。除小米外，市场前五名分别是三星市场占有率21%；vivo市场占有率18%；OPPO市场占有率13%；Realme市场占有率12%。Canalys研究员Varun Kannan表示，2019年中国厂商合计贡献印度智能手机市场72%的出货量，2020年该比例上升为77%。“印度市场上一次变化权力格局，是从三星到小米，发生于3G向4G转变时期。随着5G大规模商用的前景变现，中国厂商会进一步推进权力转移。由于中国在5G布局上的先发，这一比例还有继续上升的可能。”Canalys研究主管Rushabh Doshi表示，手机厂商在印度看到了可持续的市场复苏。Doshi认为，2020年关于消费者需求的数据显示，印度智能手机市场的反弹超过预期，使手机厂商和渠道合作方都加大了投资。加上印度推行的生产关联激励计划、长期的5G预期、新入局者。Canalys预期2021印度将迎来更快的恢复。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313283364,"gmtCreate":1611722154258,"gmtModify":1704862358121,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573165252847286","idStr":"3573165252847286"},"themes":[],"htmlText":"??fighting&nbsp;","listText":"??fighting&nbsp;","text":"??fighting","images":[{"img":"https://static.tigerbbs.com/2db4e4d476070a101415166cc7ba7b58","width":"1125","height":"3277"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/313283364","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":313283364,"gmtCreate":1611722154258,"gmtModify":1704862358121,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"??fighting&nbsp;","listText":"??fighting&nbsp;","text":"??fighting","images":[{"img":"https://static.tigerbbs.com/2db4e4d476070a101415166cc7ba7b58","width":"1125","height":"3277"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/313283364","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164310627,"gmtCreate":1624170986869,"gmtModify":1703830109663,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164310627","repostId":"2144709321","repostType":4,"repost":{"id":"2144709321","kind":"highlight","pubTimestamp":1624167977,"share":"https://ttm.financial/m/news/2144709321?lang=en_US&edition=fundamental","pubTime":"2021-06-20 13:46","market":"us","language":"zh","title":"The market actually went like this after the resolution! Has the Fed thought of it?","url":"https://stock-news.laohu8.com/highlight/detail?id=2144709321","media":"智通财经网","summary":"德银首席外汇策略师George Saravelos认为，从收益率曲线平坦化可以看出，美联储犯了一个重大的政策错误，市场表明了对中性利率r*的极度悲观态度。","content":"<p>The market performance after the Fed's decision is extraordinary from any angle: the US Dollar Index has recorded its biggest single-day increase since the new crown epidemic swept the world in March last year, long-term U.S. bond yields have fallen to their lowest since February, and some commodity prices have fallen to a new low since March last year, but the Nasdaq index has hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist George Saravelos said in the report that the Fed made a major policy mistake, as can be seen from the flattening of the yield curve. And this comes down to the market's extremely pessimistic view of the neutral interest rate r *, \"in other words, this is the same argument we predicted six years ago that the Fed's rate hike cycle would end in disaster.\"<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">Why is there such an unexpected trend in the market? Deutsche Bank analysts gave analysis one by one:</p><p>The dollar's surge: The performance of the dollar's surge is completely in line with the traditional view, that is, the front-end real interest rate has the greatest impact on the the US Dollar Index. Expectations for the Federal Reserve to tighten monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year U.S. Treasury yield does not hit a new high, it is not surprising that the US Dollar Index has rebounded strongly.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The Fed's role in pushing up commodity prices should not be underestimated, perhaps as we can see from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also showed that there was a strong correlation between the Fed's balance sheet, commodity prices and inflation expectations. The 2013 shrinking balance sheet also marked the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">A number of survey-based indicators, such as the University of Michigan Inflation Expectations Index, also show a high correlation between commodity prices and inflation expectations. The above arguments all show that the Fed's ability to influence inflation expectations through the US dollar and commodities far exceeds the imagination of ordinary people.</p><p>Finally, and most importantly, the bonds and neutral interest rate segments. As can be seen from the chart below, in the past 48 hours, the bond market has experienced obvious distortion flattening, which is unusual when the Federal Reserve has not even started its rate hike.</p><p>Repeating the Fed's rate hike cycle from 2015 to 2019, although the market's pricing of rate hike in 2023 and 2024 has risen, the yield after these two points in time has begun to decline, mainly because the market believes that the Fed can only do at most rate hike in less than two years.<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">This also coincides with a noticeable decline in inflation expectations. In fact, the Fed made a hawkish shift even before breakeven inflation reached the normal range level of 2014. And now the market has taken an extremely pessimistic view on the neutral rate r *.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Fed decides to act early, then market voices say that the Fed cannot go far until inflation and growth reach their speed limits, which also leads to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets outside the bond market also reflect pessimism about the neutral interest rate r *. The huge demand for yields from global investors has driven the dollar stronger and produced a faster-than-expected disinflation impact. In other words, the global downturn in neutral interest rates has pushed the US neutral rate even lower.</p><p>The low neutral interest rate is consistent with the strengthening of the stock market, especially for growth stocks that rely heavily on the medium-term discount rate. The trend of U.S. stocks in the past two days has reflected a huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warned that this is actually version 2.0 of pricing that has been stagnant for a decade from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While a day or two of price performance doesn't constitute a trend, the odd signals from the market should not be ignored. Deutsche Bank analysts have emphasized in the past few weeks that there are still many issues to be resolved from a V-shaped recovery to a post-COVID stable state, including the structural damage left by COVID-19 pandemic to the private sector savings rate and the new equilibrium real interest rate level. Imagine the tragic situation of the economy without fiscal stimulus measures-without trillions of dollars of new fiscal stimulus measures every year, can the United States maintain a positive GDP growth rate? And what will happen to inflation if the Fed is forced to cut interest rates before the inflation fire goes out? These are all questions that the market will have to consider in the coming months.</p><p>The biggest question currently facing the Fed is whether it is possible to repeat the mistakes of 1937, when the Fed believed that the U.S. economy had improved and began to launch a rate hike, but the result was that the U.S. economy fell back into trouble, and ultimately it was massive fiscal reflation during World War II that saved everything.</p><p>But the question is, at present, the debt and deficit of the United States have risen to the level of World War II. Without war, how can the U.S. government justify the annual fiscal stimulus measures of several trillion dollars? When prices continue to rise in 2024 and the economy falls into recession again, how will the then Federal Reserve chairman fight inflation?</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The market actually went like this after the resolution! Has the Fed thought of it?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nThe market actually went like this after the resolution! Has the Fed thought of it?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-06-20 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market performance after the Fed's decision is extraordinary from any angle: the US Dollar Index has recorded its biggest single-day increase since the new crown epidemic swept the world in March last year, long-term U.S. bond yields have fallen to their lowest since February, and some commodity prices have fallen to a new low since March last year, but the Nasdaq index has hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Chief foreign exchange strategist George Saravelos said in the report that the Fed made a major policy mistake, as can be seen from the flattening of the yield curve. And this comes down to the market's extremely pessimistic view of the neutral interest rate r *, \"in other words, this is the same argument we predicted six years ago that the Fed's rate hike cycle would end in disaster.\"<img src=\"https://static.tigerbbs.com/531c16b22c4764b6f441ed19bd04fd96\" tg-width=\"500\" tg-height=\"271\" referrerpolicy=\"no-referrer\">Why is there such an unexpected trend in the market? Deutsche Bank analysts gave analysis one by one:</p><p>The dollar's surge: The performance of the dollar's surge is completely in line with the traditional view, that is, the front-end real interest rate has the greatest impact on the the US Dollar Index. Expectations for the Federal Reserve to tighten monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year U.S. Treasury yield does not hit a new high, it is not surprising that the US Dollar Index has rebounded strongly.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The Fed's role in pushing up commodity prices should not be underestimated, perhaps as we can see from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also showed that there was a strong correlation between the Fed's balance sheet, commodity prices and inflation expectations. The 2013 shrinking balance sheet also marked the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">A number of survey-based indicators, such as the University of Michigan Inflation Expectations Index, also show a high correlation between commodity prices and inflation expectations. The above arguments all show that the Fed's ability to influence inflation expectations through the US dollar and commodities far exceeds the imagination of ordinary people.</p><p>Finally, and most importantly, the bonds and neutral interest rate segments. As can be seen from the chart below, in the past 48 hours, the bond market has experienced obvious distortion flattening, which is unusual when the Federal Reserve has not even started its rate hike.</p><p>Repeating the Fed's rate hike cycle from 2015 to 2019, although the market's pricing of rate hike in 2023 and 2024 has risen, the yield after these two points in time has begun to decline, mainly because the market believes that the Fed can only do at most rate hike in less than two years.<img src=\"https://static.tigerbbs.com/9df9859d8bd5aaac81db8c1c1d9764e2\" tg-width=\"500\" tg-height=\"254\" referrerpolicy=\"no-referrer\">This also coincides with a noticeable decline in inflation expectations. In fact, the Fed made a hawkish shift even before breakeven inflation reached the normal range level of 2014. And now the market has taken an extremely pessimistic view on the neutral rate r *.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Fed decides to act early, then market voices say that the Fed cannot go far until inflation and growth reach their speed limits, which also leads to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets outside the bond market also reflect pessimism about the neutral interest rate r *. The huge demand for yields from global investors has driven the dollar stronger and produced a faster-than-expected disinflation impact. In other words, the global downturn in neutral interest rates has pushed the US neutral rate even lower.</p><p>The low neutral interest rate is consistent with the strengthening of the stock market, especially for growth stocks that rely heavily on the medium-term discount rate. The trend of U.S. stocks in the past two days has reflected a huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warned that this is actually version 2.0 of pricing that has been stagnant for a decade from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While a day or two of price performance doesn't constitute a trend, the odd signals from the market should not be ignored. Deutsche Bank analysts have emphasized in the past few weeks that there are still many issues to be resolved from a V-shaped recovery to a post-COVID stable state, including the structural damage left by COVID-19 pandemic to the private sector savings rate and the new equilibrium real interest rate level. Imagine the tragic situation of the economy without fiscal stimulus measures-without trillions of dollars of new fiscal stimulus measures every year, can the United States maintain a positive GDP growth rate? And what will happen to inflation if the Fed is forced to cut interest rates before the inflation fire goes out? These are all questions that the market will have to consider in the coming months.</p><p>The biggest question currently facing the Fed is whether it is possible to repeat the mistakes of 1937, when the Fed believed that the U.S. economy had improved and began to launch a rate hike, but the result was that the U.S. economy fell back into trouble, and ultimately it was massive fiscal reflation during World War II that saved everything.</p><p>But the question is, at present, the debt and deficit of the United States have risen to the level of World War II. Without war, how can the U.S. government justify the annual fiscal stimulus measures of several trillion dollars? When prices continue to rise in 2024 and the economy falls into recession again, how will the then Federal Reserve chairman fight inflation?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/497227.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85333027402a432a97137c9e6d12fcdc","relate_stocks":{"161125":"标普500","513500":"标普500ETF","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","OEX":"标普100","UDOW":"三倍做多道指30ETF-ProShares","IVV":"标普500ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","DXD":"两倍做空道琼30指数ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空",".DJI":"道琼斯","OEF":"标普100指数ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/497227.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2144709321","content_text":"美联储决议后的市场表现，无论从什么角度来看都非比寻常：美元指数自去年3月新冠疫情席卷全球以来创下单日最大涨幅，长端美债收益率跌至2月以来最低，部分商品价格跌至去年3月以来新低，但纳斯达克指数却创下历史新高。\n市场为何出现如此出乎意料的表现?德意志银行首席外汇策略师George Saravelos在报告中表示，从收益率曲线平坦化可以看出，美联储犯了一个重大的政策错误。而这归结为市场对中性利率r*的极度悲观看法，“换句话说，这与我们六年前预测的，美联储加息周期将以灾难结束时的论点相同。”为何市场会有如此意外走势?德银分析师一一给出分析：\n美元大涨：美元大涨的表现完全符合传统观点，即对美元指数影响最大的是前端实际利率。美联储2023年收紧货币政策的预期已经被重新定价，支撑近期美元强势的表现。即便10年期美债收益率没有创下新高，美元指数强势反弹也并不让人惊讶。商品暴跌：不应低估美联储在推升商品价格方面起到的作用，或许我们从目前美元与基金属价格之前非常高的相关性中可以看出。德银此前的报告也表明，美联储资产负债表、商品价格和通胀预期之间存在强关联性，2013年缩表也标志着当时的通胀预期顶。而多项基于调查的指标，比如密歇根大学通胀预期指数也表明商品价格与通胀预期的高关联性。上述的论据都表明，美联储通过美元和商品影响通胀预期的能力远超一般人想象。\n最后，也是最重要的，债券和中性利率的部分。从下图可以看出，在过去48小时内，债券市场出现明显的扭曲平坦化，在美联储甚至还没开始加息的时候出现这种情况非比寻常。\n重演2015年至2019年美联储加息周期，尽管市场对2023年和2024年加息定价已经上升，但这两个时间点之后的收益率开始下降，主要因市场认为美联储最多能做到的也只有在不到两年时间内加息。这也与通胀预期的明显下降相吻合。事实上，美联储甚至在盈亏平衡通胀率达到2014年正常区间水平前就出现了鹰派的转变。而现在市场对中性利率r*采取了极其悲观的看法。换句话说，如果美联储决定提前行动，那么市场的声音表示，在通胀和增长达到速度极限前，美联储无法走得很远，这也导致市场对美联储第一次加息后的利率预期下降。\n债券市场之外的其他市场也反映出对中性利率r*的悲观，全球投资者对收益率的巨大需求推动美元走强，并产生比预期来得更快的去通胀(通胀放缓，disinflation)影响。换句话说，全球中性利率的低迷将美国中性利率推得更低了。\n而低中性利率与股市走强是相一致的，特别是严重依赖中期贴现利率的成长股。过去两天美股走势反映的是从罗素2000到纳斯达克指数的巨大相对轮动，但德银分析师警告，这其实是2010年到2019年长期停滞十年定价的2.0版本。虽然一两天的价格表现并不能构成趋势，但市场发出的奇怪信号不应被忽略。德银分析师在过去几周一直强调，从V型复苏到后新冠时代的稳定状态，还有许多问题有待解决，包括新冠疫情对私营部门储蓄率，以及新均衡实际利率水平留下的结构性损伤。可以想象，没有财政刺激措施之后经济的悲惨情形——没有每年数万亿美元的新财政刺激措施，美国是否能维持正的GDP增长率?而如果美联储被迫在通胀之火熄灭前就降息，通胀率会怎样?这些都是市场在未来几个月内不得不考虑的问题。\n美联储当前面临的最大问题在于是否可能重蹈1937年覆辙，当时美联储认为美国经济已经好转，并开始启动加息，但结果是美国经济重新陷入困境，最终是二战时期的大规模财政再通胀挽救了一切。\n但问题在于，目前美国的债务和赤字都已经升至二战时的水平，没有战争，美国政府还能如何证明每年几万亿美元的财政刺激措施合理?当2024年物价继续上涨，经济再度陷入衰退，时任的美联储主席要如何抗击通胀?","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"DOG":0.9,"ESmain":0.9,"DDM":0.9,"SQQQ":0.9,"QID":0.9,"MNQmain":0.9,".IXIC":0.9,"OEX":0.9,"SDS":0.9,".SPX":0.9,"TQQQ":0.9,".DJI":0.9,"QLD":0.9,"PSQ":0.9,"SPY":0.9,"NQmain":0.9,"OEF":0.9,"QQQ":0.9,"UPRO":0.9,"UDOW":0.9,"SDOW":0.9,"SSO":0.9,"DJX":0.9,"SPXU":0.9,"IVV":0.9,"SH":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":1263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381602411,"gmtCreate":1612958933133,"gmtModify":1704876522410,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381602411","repostId":"1140942389","repostType":4,"repost":{"id":"1140942389","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":1612233347,"share":"https://ttm.financial/m/news/1140942389?lang=en_US&edition=fundamental","pubTime":"2021-02-02 10:35","market":"other","language":"zh","title":"Reminder: List of closing arrangements for major markets during the Spring Festival holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1140942389","media":"老虎资讯综合","summary":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。$老虎证券$祝您及家人新春快乐，牛年大吉！2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","content":"<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</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>Reminder: List of closing arrangements for major markets during the Spring Festival holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.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\">\nReminder: List of closing arrangements for major markets during the Spring Festival holiday\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\">2021-02-02 10:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Spring Festival holiday is coming, so investors are requested to pay attention to it and make financial arrangements in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>I wish you and your family a happy New Year and good luck in the Year of the Ox!</p><p>During the Spring Festival, the stock market closing arrangements in various places are as follows: (all local time)</p><p><img src=\"https://static.tigerbbs.com/27cfee666051c46a31c824a795046629\" tg-width=\"1790\" tg-height=\"788\"></p><p><b>US stocks:</b></p><p>The market is closed all day on Monday, February 15th for President's Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens in the morning and closes in the afternoon on New Year's Eve on February 11th (Thursday);</p><p>Closed all day from February 12 (Friday) to February 15 (Monday);</p><p>The market will open as usual from February 16th (Tuesday).</p><p><b>A shares:</b></p><p>The market will be closed from February 11th (Thursday) to February 17th (Wednesday), and will open as usual from February 18th (Thursday).</p><p><b>Shanghai and Shenzhen Stock Connect:</b></p><p>Closed Thursday, February 11-Wednesday, February 17; It will be open as usual from February 18th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>The service will be closed from Tuesday, February 9th to Wednesday, February 17th, and will be open as usual from Thursday, February 18th.</p><p><b>British stocks:</b></p><p>Trade as usual</p><p><b>Australian stocks:</b></p><p>Trade as usual</p><p><b>Singapore market:</b></p><p>Half-day trading on Thursday, February 11th.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>U.S. dollar gold and index commodities under HKEX will close at 12:30 on February 11, and individual stock futures will close at 12:00 on February 11; Index futures, RMB, individual stock futures, and US dollar gold will be closed throughout the trading day on February 12 and February 15.</p><p>Foreign exchange, bonds, Bitcoin, stock indexes, energy, and precious metal futures under the GME Group will be closed early at 12:00 on February 15 (02:00 am Beijing time on the 16th); Live livestock, large and small grains, and rice futures will be closed all day on February 15.</p><p>VIX volatility futures under CBOE closed early at 10:00 on February 15.</p><p>The natural rubber cargo under SGX will be closed on February 11, 2021 and the entire trading day of February 12, 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8f89c8af2a895e609af6985ff4ae3ab","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140942389","content_text":"春节假期即将来临，敬请广大投资者留意，提前做好资金安排。老虎证券祝您及家人新春快乐，牛年大吉！春节期间各地股市休市安排如下：(均为当地时间）美股：2月15日（星期一）因美国总统日全天休市。港股：2月11日（星期四）除夕上午开市，下午休市；2月12日（星期五）至2月15日（星期一）全天休市；2月16日（星期二）起照常开市。A股：2月11日（星期四）至2月17日（星期三）休市，2月18日（星期四）起照常开市。沪、深股通：2月11日（星期四）至2月17日（星期三）关闭；2月18日（星期四）起照常开通。港股通：2月9日（星期二）至2月17日（星期三）关闭服务，2月18日（星期四）起照常开通。英股：照常交易澳股：照常交易新加坡市场：2月11日（星期四）交易半日。2月12日（星期五）全天休市。期货市场：HKEX下美元黄金、指数类货于2月11日12：30休市，个股期货于2月11日12：00休市；指数类期货、人民币、个股期货、美元黄金于2月12日以及2月15日整个交易日休市。GME Group下外汇、债券、比特币、股指、能源、贵金属期货于2月15日12：00（北京时间16日凌晨02:00）提前休市；活畜、大小谷物、稻谷期货于2月15日全天休市。CBOE 下 VIX 波动率期货于2月15日10：00提前休市。SGX下天然橡胶货于2021年2月11日以及2021年2月12日整个交易日休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167656075,"gmtCreate":1624266933797,"gmtModify":1703831961845,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Nooo","listText":"Nooo","text":"Nooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167656075","repostId":"2145408990","repostType":4,"repost":{"id":"2145408990","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1624266515,"share":"https://ttm.financial/m/news/2145408990?lang=en_US&edition=fundamental","pubTime":"2021-06-21 17:08","market":"fut","language":"zh","title":"In response to the \"sound\" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions","url":"https://stock-news.laohu8.com/highlight/detail?id=2145408990","media":"券商中国","summary":"6月21日，国家发改委价格司与市场监管总局价监竞争局赴北京铁矿石交易中心开展调研，并召开专题座谈会，研究做好铁矿石等大宗商品保供稳价工作。\n消息刊出，引发市场高度关注。尽管3天前，类似调研在全国煤炭交","content":"<p><img src=\"https://static.tigerbbs.com/bb2f9b038a85a5384d9ad1366425cc63\" tg-width=\"600\" tg-height=\"333\" referrerpolicy=\"no-referrer\">On June 21, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The news was published, which aroused great concern in the market. Although a similar survey was held at the National Coal Trading Center three days ago, the already weak iron ore futures market is still highly sensitive to policy changes, and the decline has increased significantly. At the close of the afternoon that day, the main iron ore futures contract fell by 8.79%, while other black industry chain varieties also fell to varying degrees.</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading. Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9% and a year-on-year increase of 3.18%, setting a new low level in the past 12 months.<img src=\"https://static.tigerbbs.com/1ec9e41c36fab182b0608040d9b355b7\" tg-width=\"828\" tg-height=\"1668\" referrerpolicy=\"no-referrer\">Investigate malicious speculation in the spot market</p><p>On June 21, the National Development and Reform Commission released the latest news. The Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research to learn more about iron ore transactions and price changes this year, and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The meeting pointed out that the price of iron ore has risen sharply and continued to run at a high level, which has increased the pressure on the production and operation of midstream and downstream enterprises and attracted great attention from all sectors of society. The state supports the healthy development of iron ore spot trading platforms and encourages relevant market entities to trade in compliance with laws and regulations. At the same time, it will pay close attention to changes in spot trading prices, promptly investigate abnormal transactions and malicious speculation, and reach and implement monopoly agreements, spread price increase information, Price gouging, hoarding and other behaviors will be severely punished and publicly exposed according to law to maintain good market order.</p><p><img src=\"https://static.tigerbbs.com/2dd8bcf74c36e913c1f3ab97c47d99f1\" tg-width=\"676\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>When this news was published, the already weak iron ore futures price fell further, reaching 8.79%. Other black industry chain varieties, including threads, hot coils, coking coal, coke and other varieties, also experienced significant declines.</p><p><img src=\"https://static.tigerbbs.com/89c9020e72b280be300e41709fc0c89a\" tg-width=\"828\" tg-height=\"1628\" referrerpolicy=\"no-referrer\">Speculation in commodity markets begins to cool</p><p>It is worth noting that just three days ago, Meng Wei, spokesperson of the National Development and Reform Commission, said at a press conference on June 17 that through a series of measures, judging from the current situation, market speculation has begun to cool down, and some commodities, such as The prices of iron ore, steel, copper and other commodities have fallen to varying degrees.</p><p>At the same time, on June 17, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation jointly went to the National Coal Trading Center for investigation to understand the operation of the coal market and price changes, and held a symposium to study the work of ensuring supply and stable prices of coal and other bulk commodities. The meeting also proposed that it will closely monitor the price trend of bulk commodities such as coal, conscientiously do a good job in price forecasting and early warning, keep abreast of the operating conditions of relevant market entities, investigate abnormal transactions and malicious speculation, severely crack down on illegal activities such as hoarding and price gouging, and maintain normal market order. At the same time, in accordance with the newly issued \"Measures for the Administration of Price Index Behavior of Important Commodities and Services (Trial)\", the compilation and release of bulk commodity price indexes will be standardized.</p><p>In May, the National Standing Committee repeatedly named \"commodities\" and took multiple measures to help small and micro enterprises and individual industrial and commercial households cope with the impact of rising prices of upstream raw materials. These measures include strengthening the two-way adjustment of supply and demand, carrying out commodity market supervision, and alleviating the production and operation difficulties of market entities. At the same time, relevant departments jointly interviewed enterprises and associations in key industries, investigated and verified clues about suspected market manipulation and price gouging, and urged relevant market entities to operate in compliance with laws and regulations. Recently, the National Development and Reform Commission, together with the State Administration for Market Regulation and the China Securities Regulatory Commission, has established a regular consultation mechanism for the joint supervision of the futures and spot markets.</p><p>Domestic steel companies further upgrade production restrictions</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading.</p><p>Last weekend, Handan City issued a notice to strengthen control of the steel industry. The control time is from 18:00 on June 19 to 24:00 on June 30. Among them, the production load of all sintering machines in four counties (cities, districts) of Fengfeng Mining Area, Wu'an City, Yongnian District and Shexian County will be reduced by another 30% on the basis of existing control measures. All iron and steel enterprises have one blast furnace. If a single blast furnace enterprise cannot stew the furnace, the production load of the sintering machine will be reduced by another 10% on the basis of the original control measures.</p><p>In addition, some coke enterprises in Shandong (accounting for about 30%, incomplete statistics) have gradually implemented production restrictions. At present, the production restriction ratio is mostly 10-20%, and very few enterprises have a production restriction ratio of more than 30%. The enterprises expect that the subsequent production restriction ratio will gradually increase; Most of the rest of the companies are currently operating normally, but they all indicate that they are ready to limit production. Most companies expect to implement production restrictions one after another by the end of June.</p><p>Amid the escalation of production restrictions, the average operating rate of steel mills fell further last week. Statistics show that last week, the blast furnace operating rate of 247 steel mills across the country was 80.21%, a month-on-month decrease of 0.13% and a year-on-year decrease of 11.33%; The utilization rate of blast furnace ironmaking capacity was 91.67%, a month-on-month decrease of 0.02% and a year-on-year decrease of 0.98%; The profitability rate of steel mills was 86.15%, a month-on-month increase of 0.43% and a year-on-year decrease of 9.09%; The average daily hot metal output was 2.4401 million tons, a month-on-month decrease of 0.05 million tons and a year-on-year decrease of 26,200 tons.</p><p>On June 21, Dazhong Mining, a domestic iron ore production company, stated on the investor interaction platform that the company is implementing production expansion and plans to increase iron ore production to 15 million tons/year.</p><p>The Baocheng Futures research report believes that in the medium term, the future increase in ore supply is expected to be relatively large, and the probability of expected fulfillment is relatively high under high ore prices. At the same time, the recovery of overseas demand is difficult to make up for the reduction. The medium-term supply and demand pattern of ore will change when supply increases and demand decreases, and ore prices are expected to fall back from high levels.</p><p>Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9%, setting a new low level in the past 12 months.</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>In response to the \"sound\" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions</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\">\nIn response to the \"sound\" plummeting! Iron ore futures plummeted after emergency investigation by two ministries and commissions\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-06-21 17:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/bb2f9b038a85a5384d9ad1366425cc63\" tg-width=\"600\" tg-height=\"333\" referrerpolicy=\"no-referrer\">On June 21, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The news was published, which aroused great concern in the market. Although a similar survey was held at the National Coal Trading Center three days ago, the already weak iron ore futures market is still highly sensitive to policy changes, and the decline has increased significantly. At the close of the afternoon that day, the main iron ore futures contract fell by 8.79%, while other black industry chain varieties also fell to varying degrees.</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading. Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9% and a year-on-year increase of 3.18%, setting a new low level in the past 12 months.<img src=\"https://static.tigerbbs.com/1ec9e41c36fab182b0608040d9b355b7\" tg-width=\"828\" tg-height=\"1668\" referrerpolicy=\"no-referrer\">Investigate malicious speculation in the spot market</p><p>On June 21, the National Development and Reform Commission released the latest news. The Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation went to the Beijing Iron Ore Trading Center to conduct research to learn more about iron ore transactions and price changes this year, and held a special symposium to study the work of ensuring the supply and price stability of bulk commodities such as iron ore.</p><p>The meeting pointed out that the price of iron ore has risen sharply and continued to run at a high level, which has increased the pressure on the production and operation of midstream and downstream enterprises and attracted great attention from all sectors of society. The state supports the healthy development of iron ore spot trading platforms and encourages relevant market entities to trade in compliance with laws and regulations. At the same time, it will pay close attention to changes in spot trading prices, promptly investigate abnormal transactions and malicious speculation, and reach and implement monopoly agreements, spread price increase information, Price gouging, hoarding and other behaviors will be severely punished and publicly exposed according to law to maintain good market order.</p><p><img src=\"https://static.tigerbbs.com/2dd8bcf74c36e913c1f3ab97c47d99f1\" tg-width=\"676\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p>When this news was published, the already weak iron ore futures price fell further, reaching 8.79%. Other black industry chain varieties, including threads, hot coils, coking coal, coke and other varieties, also experienced significant declines.</p><p><img src=\"https://static.tigerbbs.com/89c9020e72b280be300e41709fc0c89a\" tg-width=\"828\" tg-height=\"1628\" referrerpolicy=\"no-referrer\">Speculation in commodity markets begins to cool</p><p>It is worth noting that just three days ago, Meng Wei, spokesperson of the National Development and Reform Commission, said at a press conference on June 17 that through a series of measures, judging from the current situation, market speculation has begun to cool down, and some commodities, such as The prices of iron ore, steel, copper and other commodities have fallen to varying degrees.</p><p>At the same time, on June 17, the Price Department of the National Development and Reform Commission and the Price Supervision and Competition Bureau of the State Administration for Market Regulation jointly went to the National Coal Trading Center for investigation to understand the operation of the coal market and price changes, and held a symposium to study the work of ensuring supply and stable prices of coal and other bulk commodities. The meeting also proposed that it will closely monitor the price trend of bulk commodities such as coal, conscientiously do a good job in price forecasting and early warning, keep abreast of the operating conditions of relevant market entities, investigate abnormal transactions and malicious speculation, severely crack down on illegal activities such as hoarding and price gouging, and maintain normal market order. At the same time, in accordance with the newly issued \"Measures for the Administration of Price Index Behavior of Important Commodities and Services (Trial)\", the compilation and release of bulk commodity price indexes will be standardized.</p><p>In May, the National Standing Committee repeatedly named \"commodities\" and took multiple measures to help small and micro enterprises and individual industrial and commercial households cope with the impact of rising prices of upstream raw materials. These measures include strengthening the two-way adjustment of supply and demand, carrying out commodity market supervision, and alleviating the production and operation difficulties of market entities. At the same time, relevant departments jointly interviewed enterprises and associations in key industries, investigated and verified clues about suspected market manipulation and price gouging, and urged relevant market entities to operate in compliance with laws and regulations. Recently, the National Development and Reform Commission, together with the State Administration for Market Regulation and the China Securities Regulatory Commission, has established a regular consultation mechanism for the joint supervision of the futures and spot markets.</p><p>Domestic steel companies further upgrade production restrictions</p><p>It is worth noting that while domestic policies are increasing the supervision of bulk commodities, the extent of production restrictions by domestic steel companies and downstream industrial chains is also further upgrading.</p><p>Last weekend, Handan City issued a notice to strengthen control of the steel industry. The control time is from 18:00 on June 19 to 24:00 on June 30. Among them, the production load of all sintering machines in four counties (cities, districts) of Fengfeng Mining Area, Wu'an City, Yongnian District and Shexian County will be reduced by another 30% on the basis of existing control measures. All iron and steel enterprises have one blast furnace. If a single blast furnace enterprise cannot stew the furnace, the production load of the sintering machine will be reduced by another 10% on the basis of the original control measures.</p><p>In addition, some coke enterprises in Shandong (accounting for about 30%, incomplete statistics) have gradually implemented production restrictions. At present, the production restriction ratio is mostly 10-20%, and very few enterprises have a production restriction ratio of more than 30%. The enterprises expect that the subsequent production restriction ratio will gradually increase; Most of the rest of the companies are currently operating normally, but they all indicate that they are ready to limit production. Most companies expect to implement production restrictions one after another by the end of June.</p><p>Amid the escalation of production restrictions, the average operating rate of steel mills fell further last week. Statistics show that last week, the blast furnace operating rate of 247 steel mills across the country was 80.21%, a month-on-month decrease of 0.13% and a year-on-year decrease of 11.33%; The utilization rate of blast furnace ironmaking capacity was 91.67%, a month-on-month decrease of 0.02% and a year-on-year decrease of 0.98%; The profitability rate of steel mills was 86.15%, a month-on-month increase of 0.43% and a year-on-year decrease of 9.09%; The average daily hot metal output was 2.4401 million tons, a month-on-month decrease of 0.05 million tons and a year-on-year decrease of 26,200 tons.</p><p>On June 21, Dazhong Mining, a domestic iron ore production company, stated on the investor interaction platform that the company is implementing production expansion and plans to increase iron ore production to 15 million tons/year.</p><p>The Baocheng Futures research report believes that in the medium term, the future increase in ore supply is expected to be relatively large, and the probability of expected fulfillment is relatively high under high ore prices. At the same time, the recovery of overseas demand is difficult to make up for the reduction. The medium-term supply and demand pattern of ore will change when supply increases and demand decreases, and ore prices are expected to fall back from high levels.</p><p>Driven by policies, iron ore imports in May were 89.79 million tons, a month-on-month decrease of 8.9%, setting a new low level in the past 12 months.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb2f9b038a85a5384d9ad1366425cc63","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145408990","content_text":"6月21日，国家发改委价格司与市场监管总局价监竞争局赴北京铁矿石交易中心开展调研，并召开专题座谈会，研究做好铁矿石等大宗商品保供稳价工作。\n消息刊出，引发市场高度关注。尽管3天前，类似调研在全国煤炭交易中心举行，但是本已弱势的铁矿石期货市场仍然高度敏感政策变化，跌幅明显加大。当日下午收盘时，铁矿石期货主力合约跌幅达到8.79%，而其他黑色产业链品种也出现不同程度下跌。\n值得关注的是，在国内政策加大对于大宗商品监管力度的同时，国内钢铁企业和下游产业链限产的幅度也在进一步升级。在政策推动下，5月份铁矿石进口量为8979万吨，环比下降8.9%，同比增长3.18%，创下近12个月内新低水平。排查现货市场恶意炒作行为\n6月21日，国家发改委发布最新消息，国家发改委价格司与市场监管总局价监竞争局赴北京铁矿石交易中心开展调研，详细了解今年以来铁矿石交易及价格变化情况，并召开专题座谈会，研究做好铁矿石等大宗商品保供稳价工作。\n此次会议指出，铁矿石价格大幅上涨并持续高位运行，加大了中下游企业生产经营压力，引起社会各方面高度关注。国家支持铁矿石现货交易平台健康发展，鼓励相关市场主体依法合规交易，同时将密切关注现货交易价格变化，及时排查异常交易和恶意炒作行为，对达成实施垄断协议、散播涨价信息、哄抬价格、囤积居奇等行为将依法予以严厉处罚并公开曝光，维护良好市场秩序。\n\n这一消息刊出，本已弱势的铁矿石期货价格跌幅进一步加大，达到8.79%。其他黑色产业链品种，包括螺纹、热卷、焦煤、焦炭等品种跌幅也明显加大。\n大宗商品市场投机炒作开始降温\n值得注意的是，就在3天前，国家发改委新闻发言人孟玮6月17日在新闻发布会上表示，通过一系列举措，从目前情况看，市场投机炒作开始降温，部分大宗商品，比如铁矿石、钢材、铜等商品价格出现了不同程度回落。\n同时在6月17日，国家发展改革委价格司与市场监管总局价监竞争局联合赴全国煤炭交易中心调研，了解煤炭市场运行和价格变动情况，并召开座谈会，研究做好煤炭等大宗商品保供稳价工作。会议同样提出，将密切监测煤炭等大宗商品价格走势，认真做好价格预测预警工作，及时了解有关市场主体经营情况，排查异常交易和恶意炒作，严厉打击囤积居奇、哄抬价格等违法违规行为，维护正常市场秩序。同时，按照刚出台的《重要商品和服务价格指数行为管理办法(试行)》，规范做好大宗商品价格指数编制和发布工作。\n5月份，国常会多次点名“大宗商品”，多措并举帮助小微企业、个体工商户应对上游原材料涨价影响。这些举措包括加强供需双向调节、开展大宗商品市场监管、纾解市场主体生产经营困难等。同时，有关部门联合约谈重点行业企业及协会，调查核实涉嫌操纵市场、哄抬价格问题有关线索，督促有关市场主体守法合规经营。近日，国家发改委还会同市场监管总局、证监会建立了期现货市场联动监管定期会商机制。\n国内钢企限产进一步升级\n值得关注的是，在国内政策加大对于大宗商品监管力度的同时，国内钢铁企业和下游产业链限产的幅度也在进一步升级。\n上周末，邯郸市发布对钢铁行业加强管控的通知，管控时间为6月19日18：00至6月30日24：00。其中峰峰矿区、武安市、永年区、涉县四个县（市、区）所有烧结机在现有管控措施基础上生产负荷再减30%。所有钢铁企业一座高炉焖炉，如为单高炉企业无法焖炉，在原管控措施基础上烧结机生产负荷再减10%。\n此外，山东已有部分焦企（约占30%，不完全统计）逐步执行限产，目前限产比例多为10-20%，极个别企业限产比例30%以上，企业预计后续限产比例将逐步加大；其余企业目前多正常生产，但都表示已做好限产的准备，企业多预计到6月底前会陆续将限产执行到位。\n在限产升级的情况下，上周钢厂平均开工率进一步下降。统计显示，上周，全国247家钢厂高炉开工率80.21%，环比降0.13%，同比降11.33%；高炉炼铁产能利用率91.67%，环比降0.02%，同比降0.98%；钢厂盈利率86.15%，环比增0.43%，同比降9.09%；日均铁水产量244.01万吨，环比降0.05万吨，同比降2.62万吨。\n6月21日，国内铁矿石生产企业——大中矿业在在投资者互动平台表示，公司正在实施扩产，计划铁矿石产量提升到1500万吨/年。\n宝城期货研究报告认为，中期来看，矿石供应未来增量预期较大，且高矿价下预期兑现概率较大，而国内压减粗钢产量和碳中和政策驱动下，中期需求将迎来减量，同时海外需求复苏难以弥补减量，供增需减情况下矿石中期供需格局将转变，矿价有望高位回落。\n在政策推动下，5月份铁矿石进口量为8979万吨，环比下降8.9%，创下近12个月内新低水平。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358051253,"gmtCreate":1616643603572,"gmtModify":1704796831992,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Nooooo","listText":"Nooooo","text":"Nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358051253","repostId":"1190595276","repostType":4,"repost":{"id":"1190595276","kind":"news","pubTimestamp":1616642731,"share":"https://ttm.financial/m/news/1190595276?lang=en_US&edition=fundamental","pubTime":"2021-03-25 11:25","market":"us","language":"zh","title":"Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?","url":"https://stock-news.laohu8.com/highlight/detail?id=1190595276","media":"格隆汇","summary":"摘要：山雨欲来？\n\n懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。\n昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。\n\n2020","content":"<p>Summary: Is the mountain rain coming? Knowing that Wang has retired for a long time, but the Jianghu is still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued the latest notice saying that it had passed a temporary amendment to implement the information disclosure requirements of listed companies under the Foreign Company Responsibility Act.</p><p><img src=\"https://static.tigerbbs.com/cbfb5123c1497d7570dd3fc6ff9e1cab\" tg-width=\"692\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>In December 2020, then US President Trump officially signed the Holding Foreign Companies Accountable Act. The bill mainly contains two contents:</p><p>1. If a foreign company fails to pass the audit of the American Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be prohibited from listing on any American exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>As soon as the Sino-US talks full of gunpowder broke up in discord, the bill landed immediately. It is hard to believe that there is no relationship between the two.</p><p>Market analysts generally believe that the official announcement of the US SEC means that Chinese concept stocks listed in the US will face greater delisting pressure.</p><p>Affected by this, Chinese concept stocks collectively plummeted last night, driving the Nasdaq to fall by more than 2%. As of the close of U.S. stocks, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell more than 15%, Li Auto Automobile fell more than 13%, and Nio Automobile fell more than 10%; Baidu, Pinduoduo, and Bilibili all fell about 9%.</p><p><img src=\"https://static.tigerbbs.com/7990411053bdd2c68ced8d126b1faf69\" tg-width=\"534\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Except for PetroChina and Sinopec, which escaped due to the surge in international oil prices, almost none of the top Chinese concept stocks were spared.</p><p>Back in China, stocks that have returned to Hong Kong for listing have been dragged down, and the Hang Seng Technology Index once fell by more than 4% at the opening.</p><p><img src=\"https://static.tigerbbs.com/937f24a8781c59f9fd396711afef4fbc\" tg-width=\"691\" tg-height=\"422\" referrerpolicy=\"no-referrer\"></p><p>So far, the Hengke Index has fallen by nearly 2%, JD.com and Alibaba have both fallen by more than 4%, and Xiaomi, NetEase, Meituan, etc. have collectively followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Chinese concept stocks are dominated by technology companies, and there are profound historical reasons behind this phenomenon.</p><p><b>1. The tide of returning to Hong Kong market may intensify, and liquidity concerns are hidden</b></p><p>Around the millennium, China's stock market was still in its infancy, and the threshold for listing was relatively strict. Under the system of audit system and approval system, the time cost of issuing stocks for financing is relatively large. The most important thing is that the standard of issuing stocks and listing financing in China is relatively high, which requires the company's assets to reach a certain scale, make profits for three consecutive years, and the return on net assets should reach 10%.</p><p>It is difficult for innovative Internet companies with high risks to meet the standards, but at that time, the domestic Internet industry was in the early stages of development and needed to burn a lot of money.</p><p>Coupled with the lack of domestic funds at that time, the philosophy of banks was not open, and the issuance of loans was relatively strict. Because they could not understand the profit model of technology companies, it was difficult for Internet companies to raise funds through large channels.</p><p>Therefore, at that time, the main sources of funds for such emerging enterprises were angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The best-known example is Alibaba, which Jack Ma successfully raised from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecom-related enterprises (including the Internet), and it is basically impossible for joint ventures to be approved. In order to solve this problem, joint ventures have adopted VIE structure to bypass this layer of policy supervision.</p><p>However, the VIE architecture has also been recognized by Intelligence as circumventing legal policies, and its legality is questionable.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-unable to be listed on A-shares.</p><p>However, the United States and Hong Kong are both registration systems, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale, complete process and compliance requirements, and their financing efficiency is high.</p><p>Therefore, the phenomenon that Internet companies have gone public overseas has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing of Chinese concept stocks. It is expected that after the implementation of the US bill, this trend will intensify under the \"delisting anxiety\".</p><p>According to Wind statistics, there are currently 272 Chinese concept stocks listed in the United States mainly in technology, consumption and medical care. According to the latest principles of the Hong Kong Stock Exchange, the return of listing of U.S. and Chinese concept stocks must meet one of the following two requirements: one is that the market value is greater than HK $40 billion, and the other is that the market value is greater than HK $10 billion and the current income exceeds HK $1 billion. According to a research report released by Galaxy Securities on March 2 this year, there are currently 48 Chinese concept stock companies that meet the requirements for secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top designers and investors with open hands, but the problem that needs to be worried about is that the demand for funds will be a big problem when Internet giants collectively return to Hong Kong.</p><p>In June last year, NetEase went public in Hong Kong for the second time. On the first day, it rose 6%, with a turnover of HK $7.2 billion. On that day, the Hang Seng Index fell 2%.</p><p>The Hong Kong stock market itself has a situation of insufficient liquidity. The \"blood drawing machines\" are launched one after another, and the market is estimated to be not small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The landing of Holding Foreign Companies Accountable Act has dealt a direct blow to Chinese concept stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more disturbing.</p><p>Some time ago, when the country began to collect liquidity, many people were speculating whether this year would be a replica of 2018.</p><p><img src=\"https://static.tigerbbs.com/867e30311670e615ad48558e6158ee1a\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p>But now, it seems that the harsh degree of the surrounding environment may still be exceeding that of that year.</p><p>During this period, there have been one international drama after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions imposed by the European Union and China, yesterday's European Parliament's decision to cancel the China-EU Comprehensive Agreement on Investment, coupled with the sudden announcement of HM Company... always gives people a feeling that the mountain rain is coming.</p><p>The importance of a stable macro environment to the market is self-evident. If the turmoil in the surrounding environment intensifies, it will be difficult for A shares to remain unaffected.</p>","source":"gelonghui_highlight","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>Chinese concept stocks have caused a bloody storm. 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Will this year be a replica of 2018?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-03-25 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary: Is the mountain rain coming? Knowing that Wang has retired for a long time, but the Jianghu is still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued the latest notice saying that it had passed a temporary amendment to implement the information disclosure requirements of listed companies under the Foreign Company Responsibility Act.</p><p><img src=\"https://static.tigerbbs.com/cbfb5123c1497d7570dd3fc6ff9e1cab\" tg-width=\"692\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>In December 2020, then US President Trump officially signed the Holding Foreign Companies Accountable Act. The bill mainly contains two contents:</p><p>1. If a foreign company fails to pass the audit of the American Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be prohibited from listing on any American exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>As soon as the Sino-US talks full of gunpowder broke up in discord, the bill landed immediately. It is hard to believe that there is no relationship between the two.</p><p>Market analysts generally believe that the official announcement of the US SEC means that Chinese concept stocks listed in the US will face greater delisting pressure.</p><p>Affected by this, Chinese concept stocks collectively plummeted last night, driving the Nasdaq to fall by more than 2%. As of the close of U.S. stocks, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell more than 15%, Li Auto Automobile fell more than 13%, and Nio Automobile fell more than 10%; Baidu, Pinduoduo, and Bilibili all fell about 9%.</p><p><img src=\"https://static.tigerbbs.com/7990411053bdd2c68ced8d126b1faf69\" tg-width=\"534\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Except for PetroChina and Sinopec, which escaped due to the surge in international oil prices, almost none of the top Chinese concept stocks were spared.</p><p>Back in China, stocks that have returned to Hong Kong for listing have been dragged down, and the Hang Seng Technology Index once fell by more than 4% at the opening.</p><p><img src=\"https://static.tigerbbs.com/937f24a8781c59f9fd396711afef4fbc\" tg-width=\"691\" tg-height=\"422\" referrerpolicy=\"no-referrer\"></p><p>So far, the Hengke Index has fallen by nearly 2%, JD.com and Alibaba have both fallen by more than 4%, and Xiaomi, NetEase, Meituan, etc. have collectively followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Chinese concept stocks are dominated by technology companies, and there are profound historical reasons behind this phenomenon.</p><p><b>1. The tide of returning to Hong Kong market may intensify, and liquidity concerns are hidden</b></p><p>Around the millennium, China's stock market was still in its infancy, and the threshold for listing was relatively strict. Under the system of audit system and approval system, the time cost of issuing stocks for financing is relatively large. The most important thing is that the standard of issuing stocks and listing financing in China is relatively high, which requires the company's assets to reach a certain scale, make profits for three consecutive years, and the return on net assets should reach 10%.</p><p>It is difficult for innovative Internet companies with high risks to meet the standards, but at that time, the domestic Internet industry was in the early stages of development and needed to burn a lot of money.</p><p>Coupled with the lack of domestic funds at that time, the philosophy of banks was not open, and the issuance of loans was relatively strict. Because they could not understand the profit model of technology companies, it was difficult for Internet companies to raise funds through large channels.</p><p>Therefore, at that time, the main sources of funds for such emerging enterprises were angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The best-known example is Alibaba, which Jack Ma successfully raised from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecom-related enterprises (including the Internet), and it is basically impossible for joint ventures to be approved. In order to solve this problem, joint ventures have adopted VIE structure to bypass this layer of policy supervision.</p><p>However, the VIE architecture has also been recognized by Intelligence as circumventing legal policies, and its legality is questionable.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-unable to be listed on A-shares.</p><p>However, the United States and Hong Kong are both registration systems, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale, complete process and compliance requirements, and their financing efficiency is high.</p><p>Therefore, the phenomenon that Internet companies have gone public overseas has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing of Chinese concept stocks. It is expected that after the implementation of the US bill, this trend will intensify under the \"delisting anxiety\".</p><p>According to Wind statistics, there are currently 272 Chinese concept stocks listed in the United States mainly in technology, consumption and medical care. According to the latest principles of the Hong Kong Stock Exchange, the return of listing of U.S. and Chinese concept stocks must meet one of the following two requirements: one is that the market value is greater than HK $40 billion, and the other is that the market value is greater than HK $10 billion and the current income exceeds HK $1 billion. According to a research report released by Galaxy Securities on March 2 this year, there are currently 48 Chinese concept stock companies that meet the requirements for secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top designers and investors with open hands, but the problem that needs to be worried about is that the demand for funds will be a big problem when Internet giants collectively return to Hong Kong.</p><p>In June last year, NetEase went public in Hong Kong for the second time. On the first day, it rose 6%, with a turnover of HK $7.2 billion. On that day, the Hang Seng Index fell 2%.</p><p>The Hong Kong stock market itself has a situation of insufficient liquidity. The \"blood drawing machines\" are launched one after another, and the market is estimated to be not small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The landing of Holding Foreign Companies Accountable Act has dealt a direct blow to Chinese concept stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more disturbing.</p><p>Some time ago, when the country began to collect liquidity, many people were speculating whether this year would be a replica of 2018.</p><p><img src=\"https://static.tigerbbs.com/867e30311670e615ad48558e6158ee1a\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p>But now, it seems that the harsh degree of the surrounding environment may still be exceeding that of that year.</p><p>During this period, there have been one international drama after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions imposed by the European Union and China, yesterday's European Parliament's decision to cancel the China-EU Comprehensive Agreement on Investment, coupled with the sudden announcement of HM Company... always gives people a feeling that the mountain rain is coming.</p><p>The importance of a stable macro environment to the market is self-evident. If the turmoil in the surrounding environment intensifies, it will be difficult for A shares to remain unaffected.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.gelonghui.com/p/453979\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://www.gelonghui.com/p/453979","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1190595276","content_text":"摘要：山雨欲来？\n\n懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。\n昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。\n\n2020年12月，时任美国总统特朗普正式签署了《外国公司问责法案》。该法案主要包含两项内容：\n1、如果外国公司连续三年未能通过美国公众公司会计监督委员会（PCAOB）的审计，将被禁止在美国任何交易所上市；\n2、上市公司需披露自己与该国政府的关系。\n充满了火药味的中美会谈刚刚不欢而散，法案就立马落地，很难让人相信二者之间没有什么关系。\n市场分析普遍认为，美国SEC正式通告，意味着在美上市的中概股将面临更大的退市压力。\n受此影响，昨夜中概股集体暴跌，带动纳指的跌幅超过2%。截至美股收市，腾讯音乐跌27%，唯品会跌21%，爱奇艺跌近20%；新能车小鹏汽车跌超15%，理想汽车跌超13%，蔚来汽车跌超10%；百度、拼多多、哔哩哔哩均跌9%左右。\n\n除了中石油、中石化因为国际油价的大涨逃过一劫，头部中概股几乎无一幸免。\n回到中国，已经回港上市的个股均被拖累，恒生科技指数开盘一度大跌超4%。\n\n截止目前，恒科指跌近2%，京东、阿里巴巴均跌4超%，小米、网易、美团等集体跟跌。\n\n中概股以科技公司为主，而这种现象的背后有着深刻的历史原因。\n1、回港市场潮或加剧，流动性隐忧\n千禧年前后，中国的股票市场还处在起步阶段，上市的门槛较为严格。在审核制、核准制的制度下，发行股票融资的时间成本比较大，最重要的是我国发行股票上市融资的标准比较高，需要公司资产达到一定规模，连续三年盈利且净资产收益率要达到10%。\n创新型的具有高风险的互联网公司很难达到标准，但彼时国内互联网行业正值发展初期，需要大量烧钱。\n加上彼时国内资金缺乏，银行的理念并不开放，贷款的发放较为严格，因为看不懂科技公司的盈利模式，导致互联网型企业很难通过大渠道融资。\n所以，当时这类新兴企业主要的资金来源是天使投资+风险投资+私募基金，而当年这些投资机构大多来自境外。最为人所知的例子就是阿里巴巴了，马云就是从日本风投公司软银那里成功融到资的。\n但是，我国法律对境外资金投资电信相关企业（含互联网在内）有非常严格的限制，合资企业基本上不可能获批，为了解决这个问题，合资企业纷纷采取VIE架构，绕过这一层政策监管。\n但VIE架构也被和智能将会认定为规避法律政策，其合法性有问题。\n所以就成了一个无解的局面：缺钱——引入外资——变成合资企业——采取VIE架构——没法在A股上市。\n而美国、香港都是注册制，上市门槛很低，甚至不盈利的公司，只要满足一定的规模，完成流程和合规方面的要求，都能上市，融资效率高。\n因此，才形成了互联网公司纷纷赴海外上市的现象。\n近几年，出于各种考虑，中概股回港二次上市的公司越来越多。预计美国法案落地之后，在“退市焦虑”之下，这股风潮将会加剧。\n根据Wind数据统计，目前在美上市的中概股以科技、消费及医疗为主，共计272家。根据港交所的最新原则，在美中概股回归上市需符合以下两点要求中的其中一点：其一为市值大于400亿港元，其二为市值大于100亿港元且当期收入超过10亿港元。根据银河证券今年3月2日发布的研报，目前有48家符合在香港二次上市要求的中概股公司。\n优质资产的回归，无论是顶层设计者还是投资者自然是张开双手欢迎的，只是需要担心的问题是，互联网巨头集体回港，对资金的需求将是一个很大的问题。\n去年6月网易赴港二次上市，首日涨6%，成交额72亿港元，当天恒指跌了2%。\n港股本身就存在流动性不足的情况，“抽血机”一个接一个发动，市场估计不会小。\n2、今年会是2018年的翻版吗？\n《外国公司问责法案》的落地，对中概股造成直接的打击，但更大的问题是在这背后，我们看到周围的环境愈发让人感到不安了。\n前段时间，国家开始收流动性的时候，很多人都在猜测今年会不会是2018年的翻版。\n\n但是现在看来，周围环境的恶劣程度和当年相比或许犹有过之。\n这段时间的国际上的大戏一出接着一出。充满火药味连午饭都不吃了的中美交谈会，欧盟和中国的制裁与反制裁，昨天欧洲议会决定取消《中欧全面投资协定》，再加上突如其来的HM公司的声明……总给人一种山雨欲来的感觉。\n稳定的宏观环境对市场的重要性不言而喻，如果周围环境动荡加剧，A股很难不受影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351530237,"gmtCreate":1616601597129,"gmtModify":1704796357229,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Nooooo","listText":"Nooooo","text":"Nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351530237","repostId":"1137636484","repostType":4,"repost":{"id":"1137636484","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":1616601051,"share":"https://ttm.financial/m/news/1137636484?lang=en_US&edition=fundamental","pubTime":"2021-03-24 23:50","market":"us","language":"zh","title":"China's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1137636484","media":"老虎资讯综合","summary":"周三，新能源汽车概念股盘中跌幅扩大，截至发稿，小鹏汽车跌超10%，理想汽车跌超9%，蔚来跌超6%。","content":"<p>On Wednesday, new energy vehicle concept stocks expanded their intraday losses. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Fell more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Fell more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Fell more than 6%.</p><p><img src=\"https://static.tigerbbs.com/abc953c2b114dc1280367a6354fcd568\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/05e32baacdabd33868a79869cebb67ce\" tg-width=\"840\" tg-height=\"470\"></p><p><img src=\"https://static.tigerbbs.com/bd7c71654ca7c9cdec2813e85ccd03d9\" tg-width=\"840\" tg-height=\"470\"></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>China's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%</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\">\nChina's new car-making forces collectively weakened, and XPeng vehicles fell by more than 10%\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\">2021-03-24 23:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Wednesday, new energy vehicle concept stocks expanded their intraday losses. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Fell more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Fell more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Fell more than 6%.</p><p><img src=\"https://static.tigerbbs.com/abc953c2b114dc1280367a6354fcd568\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/05e32baacdabd33868a79869cebb67ce\" tg-width=\"840\" tg-height=\"470\"></p><p><img src=\"https://static.tigerbbs.com/bd7c71654ca7c9cdec2813e85ccd03d9\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/401f7adefb705cb1d679bb39b97c03e1","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137636484","content_text":"周三，新能源汽车概念股盘中跌幅扩大，截至发稿，小鹏汽车跌超10%，理想汽车跌超9%，蔚来跌超6%。","news_type":1,"symbols_score_info":{"XPEV":0.9,"LI":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353987756,"gmtCreate":1616455864475,"gmtModify":1704794240598,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Gooood","listText":"Gooood","text":"Gooood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353987756","repostId":"1103659578","repostType":4,"repost":{"id":"1103659578","kind":"news","pubTimestamp":1616424704,"share":"https://ttm.financial/m/news/1103659578?lang=en_US&edition=fundamental","pubTime":"2021-03-22 22:51","market":"sh","language":"zh","title":"Dalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities","url":"https://stock-news.laohu8.com/highlight/detail?id=1103659578","media":"华尔街见闻","summary":"达利欧表示，目前的趋势非常清楚，中国正在崛起，人民币正在国际化。","content":"<p>On the evening of March 22, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and \"godfather of investment\", talked to Wall Street. Dalio expressed his views on issues of concern to investors such as whether rising U.S. bond yields will end the 40-year bull market in bonds and whether commodities are in a new super cycle.</p><p>Dalio said that the current trend is very clear. China is rising, the RMB is internationalizing, and China's bonds and stock markets will surpass western markets in the next 10 years. At present, the level of global allocation to China is still low. Considering China's outstanding performance in the pandemic, overseas funds will flow to China.</p><p>Dalio believes that the 40-year bull market of U.S. debt may be coming to an end, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, science and technology and natural disasters are important influencing factors. In terms of technology, semiconductors and biotechnology have good investment opportunities. Network security also needs to be focused on in the next five years.</p><p>When talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market in bonds, Dalio told Wall Street News:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover their principal after waiting for 50 years, and at the same time, they will not be able to meet the requirements of pension funds. At present, the bond market has not yet entered the end of the cycle, and investors may suffer a lot of losses when bonds are sold off in the future. In the next few quarters, the imbalance between supply and demand of U.S. bonds will intensify, inflationary pressures will rise, and the Federal Reserve will be forced to buy more Treasury Bond. If the economy accelerates in the future, the Fed rate hike. It is impossible to judge how much the dollar will weaken now, but historically we can refer to the situation in the 1970s. Regarding whether the Federal Reserve can control interest rate increases, Dalio believes:</p><p>Referring to history, the current money printing behavior of the Federal Reserve is controlled. The advantage of the United States is that the US dollar is the global reserve currency. Now that the debt level is very high, the gap between the rich and the poor caused by money printing has caused problems. Future investments have to be invested in the production sector, and I don't see it now. If rate hike, the stock market will suffer. The portfolio must be diversified enough, including stocks, bonds, etc., preferably all over the world. When asked about his investment views on gold and Bitcoin, Dalio believes:</p><p>It is still recommended to invest 5% of the funds in gold. It is not recommended to hold cash. Gold and silver are still the central bank's reserve means. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past 10 years, but there are still great risks. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past decade, but there are also great risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between supply and demand-triggered inflation, the current rise in commodities may be triggered by monetary inflation. Monetary inflation usually happens when the economy is weak. I don't think there is a commodity supercycle now, and demand is still weak now. When asked what Chinese assets he likes best, Dalio said frankly:</p><p>Investors need to pursue balanced investments and then make tactical adjustments. In most cases, investors need to find their own balance and build an all-weather portfolio.</p>","source":"highlight_wallstreetcn","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>Dalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities</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\">\nDalio: There will be a bull market in China, and I don't think there will be a super cycle for commodities\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\">2021-03-22 22:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of March 22, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and \"godfather of investment\", talked to Wall Street. Dalio expressed his views on issues of concern to investors such as whether rising U.S. bond yields will end the 40-year bull market in bonds and whether commodities are in a new super cycle.</p><p>Dalio said that the current trend is very clear. China is rising, the RMB is internationalizing, and China's bonds and stock markets will surpass western markets in the next 10 years. At present, the level of global allocation to China is still low. Considering China's outstanding performance in the pandemic, overseas funds will flow to China.</p><p>Dalio believes that the 40-year bull market of U.S. debt may be coming to an end, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, science and technology and natural disasters are important influencing factors. In terms of technology, semiconductors and biotechnology have good investment opportunities. Network security also needs to be focused on in the next five years.</p><p>When talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market in bonds, Dalio told Wall Street News:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover their principal after waiting for 50 years, and at the same time, they will not be able to meet the requirements of pension funds. At present, the bond market has not yet entered the end of the cycle, and investors may suffer a lot of losses when bonds are sold off in the future. In the next few quarters, the imbalance between supply and demand of U.S. bonds will intensify, inflationary pressures will rise, and the Federal Reserve will be forced to buy more Treasury Bond. If the economy accelerates in the future, the Fed rate hike. It is impossible to judge how much the dollar will weaken now, but historically we can refer to the situation in the 1970s. Regarding whether the Federal Reserve can control interest rate increases, Dalio believes:</p><p>Referring to history, the current money printing behavior of the Federal Reserve is controlled. The advantage of the United States is that the US dollar is the global reserve currency. Now that the debt level is very high, the gap between the rich and the poor caused by money printing has caused problems. Future investments have to be invested in the production sector, and I don't see it now. If rate hike, the stock market will suffer. The portfolio must be diversified enough, including stocks, bonds, etc., preferably all over the world. When asked about his investment views on gold and Bitcoin, Dalio believes:</p><p>It is still recommended to invest 5% of the funds in gold. It is not recommended to hold cash. Gold and silver are still the central bank's reserve means. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past 10 years, but there are still great risks. In order to diversify your investment portfolio, it is best to invest in many aspects, including Bitcoin. Bitcoin has made great progress in the past decade, but there are also great risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between supply and demand-triggered inflation, the current rise in commodities may be triggered by monetary inflation. Monetary inflation usually happens when the economy is weak. I don't think there is a commodity supercycle now, and demand is still weak now. When asked what Chinese assets he likes best, Dalio said frankly:</p><p>Investors need to pursue balanced investments and then make tactical adjustments. In most cases, investors need to find their own balance and build an all-weather portfolio.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3624599\">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/61ac6f61084482a9c0c70291c78e92f5","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3624599","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1103659578","content_text":"3月22日晚，全球最大对冲基金桥水创始人、《原则》作者、“投资教父”瑞·达利欧（Ray Dalio）对话华尔街见闻。达利欧就美债收益率上升是否会终结债券40年牛市、商品是否处于新超级周期等投资者关心问题发表了他的看法。\n达利欧表示，目前的趋势非常清楚，中国正在崛起，人民币正在国际化，中国债券及股市在未来10年将超过西方市场。目前全球对于中国配置的水平依然较低。考虑到中国在疫情中的杰出表现，海外资金将流向中国。\n达利欧认为，美债40年的牛市可能要结束了，目前短债不是很好的选择。考虑大国兴衰，科技及天灾都是重要影响因素。科技方面，半导体、生物科技都有很好的投资机会。未来5年网络安全也需要重点关注。\n在谈及美债收益率的快速上涨是否会终结债券40年牛市，达利欧向华尔街见闻表示：\n\n 西方国家利率都比较低，甚至为负。如果现在进行投资，投资者等上50年也无法收回本金，同时更不能满足养老基金的要求。目前债市还没有进入周期的末端，未来债券遭遇抛售投资者可能损失很大。未来几个季度美债供需不平衡加剧，通胀压力将会升高，美联储将被迫买更多国债。如果未来经济加速，美联储加息。现在无法判断美元会走弱到什么程度，但历史上可以参考上个世纪70年代的状况。\n\n对于美联储是否能够控制利率上涨，达利欧认为：\n\n 参考历史，目前美联储的印钞行为是控制的。美国的优势在于美元是全球储备货币。现在债务水平已经非常高了，印钞带来的贫富差距已经产生问题。未来投资必须投资在生产领域，而我现在没有看到。如果加息的话，股市会受到影响。投资组合必须分散程度足够高，有股票债券等，最好还是分散在全球各地。\n\n在被问及对于黄金和比特币的投资看法时，达利欧认为：\n\n 依然建议拿出5%的资金投资黄金。不建议持有现金。黄金白银依然是央行的储备手段。为了让自己的投资组合多样化的话，最好进行多方面的投资，这也包括比特币。比特币在过去10年有很大发展，但依然有很大风险。为了让自己的投资组合多样化的话，最好进行多方面的投资，这也包括比特币。过去十年比特币取得了很大的发展，但是也有很大的风险。\n\n对于目前商品是否处于超级周期的提问，达利欧认为：\n\n 要区分供需引发的通胀，现在大宗商品的上涨可能是货币通胀引发的。货币通胀通常发生在经济很弱的时候。我不认为现在存在大宗商品超级周期，现在需求依然偏弱。\n\n在被问及最喜欢中国什么资产，达利欧坦言：\n\n 投资者需要追求平衡性的投资，然后进行战术性调整，大多数情况下投资者要找到自己的平衡性，建立全天候的组合。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350982070,"gmtCreate":1616149766290,"gmtModify":1704791557996,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350982070","repostId":"1158653971","repostType":4,"repost":{"id":"1158653971","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1616148882,"share":"https://ttm.financial/m/news/1158653971?lang=en_US&edition=fundamental","pubTime":"2021-03-19 18:14","market":"us","language":"zh","title":"Is DocuSign Still a Buy After Stock Surges 200%?","url":"https://stock-news.laohu8.com/highlight/detail?id=1158653971","media":"英为财情Investing","summary":"对于很多在疫情期间飙升的成长型公司来说，2021年的日子真的很艰难。\n一个典型的例子是，电子签名公司DocuSign Inc在去年9月创下历史新高以来，就一直在区间内交易。这家总部位于旧金山的应用软件","content":"<p>For a lot of growth companies that soared during the pandemic, 2021 has been really tough.</p><p>A prime example is that e-signature company DocuSign Inc has been trading in a range since it hit a record high last September. The San Francisco-based application software company has experienced explosive growth in its digital services, and its digital signatures have become huge in popularity amid many companies shifting to remote work. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna, etc.</p><p>Although DocuSign's share price has fallen by more than 20% from its September high of $269, the cumulative increase in its share price in the past year is still 192% higher than last year. The stock closed Thursday at $204.80, down 4% on the day.</p><p><img src=\"https://static.tigerbbs.com/0f8ef609a451f8213887a5f98e5ef4c2\" tg-width=\"840\" tg-height=\"470\">DocuSign Weekly Chart</p><p>For investors interested in these new technology companies, a conundrum now facing is whether they can maintain the rapid growth momentum once the epidemic is under control and companies begin to operate normally. However, the nature of DocuSign's products suggests that the company may still have a large room for growth after the epidemic. The company's services are expected to have a permanent place in the company's transition to digital.</p><p>DocuSign currently offers personal electronic signature services, with a monthly service fee starting at $10, and also offers enterprise service packages for large companies. The company believes that this is a market of at least $50 billion.</p><p>DocuSign's tools help companies digitally manage the end-to-end agreement process, from the initial draft to execution of the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify issues, assess risks, and build smart, custom contracts from scratch.</p><p>According to DocuSign CEO Dan Springer, DocuSign is still in the early stages of development, and the potential development size of this market is expected to reach $50 billion. He said in the statement: \"For DocuSign, 2021 is a landmark year. We have become the backbone of the'work-from-home 'economy, allowing people to work from anywhere in the world, and in the process, our business grew 50%, revenue reached $1.5 billion, and net retention reached a record 123%. We believe this series of data represents an acceleration in the trend towards digital transformation of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter, and provided a good financial forecast. Data released by the company on March 11 showed that its fourth-quarter earnings per share were US $0.37, higher than US $0.12 in the same period last year, and revenue rose from US $258 million to US $410 million.</p><p>The company is struggling to grow, especially overseas markets, which currently account for only 21% of its revenue. In the fourth quarter of last year, the company's sales from international customers increased by 83% year-on-year to $89 million, which is impressive.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not difficult to see DocuSign continuing to grow in the post-pandemic era, its stock price is unlikely to repeat last year's performance. A big challenge for high-momentum stocks like DocuSign is that investors are also avoiding high-valued companies that have been frustrated by rising interest rates.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is DocuSign Still a Buy After Stock Surges 200%?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs DocuSign Still a Buy After Stock Surges 200%?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-03-19 18:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>For a lot of growth companies that soared during the pandemic, 2021 has been really tough.</p><p>A prime example is that e-signature company DocuSign Inc has been trading in a range since it hit a record high last September. The San Francisco-based application software company has experienced explosive growth in its digital services, and its digital signatures have become huge in popularity amid many companies shifting to remote work. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna, etc.</p><p>Although DocuSign's share price has fallen by more than 20% from its September high of $269, the cumulative increase in its share price in the past year is still 192% higher than last year. The stock closed Thursday at $204.80, down 4% on the day.</p><p><img src=\"https://static.tigerbbs.com/0f8ef609a451f8213887a5f98e5ef4c2\" tg-width=\"840\" tg-height=\"470\">DocuSign Weekly Chart</p><p>For investors interested in these new technology companies, a conundrum now facing is whether they can maintain the rapid growth momentum once the epidemic is under control and companies begin to operate normally. However, the nature of DocuSign's products suggests that the company may still have a large room for growth after the epidemic. The company's services are expected to have a permanent place in the company's transition to digital.</p><p>DocuSign currently offers personal electronic signature services, with a monthly service fee starting at $10, and also offers enterprise service packages for large companies. The company believes that this is a market of at least $50 billion.</p><p>DocuSign's tools help companies digitally manage the end-to-end agreement process, from the initial draft to execution of the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify issues, assess risks, and build smart, custom contracts from scratch.</p><p>According to DocuSign CEO Dan Springer, DocuSign is still in the early stages of development, and the potential development size of this market is expected to reach $50 billion. He said in the statement: \"For DocuSign, 2021 is a landmark year. We have become the backbone of the'work-from-home 'economy, allowing people to work from anywhere in the world, and in the process, our business grew 50%, revenue reached $1.5 billion, and net retention reached a record 123%. We believe this series of data represents an acceleration in the trend towards digital transformation of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter, and provided a good financial forecast. Data released by the company on March 11 showed that its fourth-quarter earnings per share were US $0.37, higher than US $0.12 in the same period last year, and revenue rose from US $258 million to US $410 million.</p><p>The company is struggling to grow, especially overseas markets, which currently account for only 21% of its revenue. In the fourth quarter of last year, the company's sales from international customers increased by 83% year-on-year to $89 million, which is impressive.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not difficult to see DocuSign continuing to grow in the post-pandemic era, its stock price is unlikely to repeat last year's performance. A big challenge for high-momentum stocks like DocuSign is that investors are also avoiding high-valued companies that have been frustrated by rising interest rates.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"DOCU":"Docusign"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158653971","content_text":"对于很多在疫情期间飙升的成长型公司来说，2021年的日子真的很艰难。\n一个典型的例子是，电子签名公司DocuSign Inc在去年9月创下历史新高以来，就一直在区间内交易。这家总部位于旧金山的应用软件公司的数字服务经历了爆炸式的增长，在很多公司向远程工作转变的背景下，公司的数字签名大受欢迎。而这一趋势也让DocuSign成为了华尔街2020年最受欢迎的个股之一，仅次于Zoom、特斯拉、Moderna等。\n尽管DocuSign的股价较其9越是的高点269美元下跌逾20%，但是过去一年股价累计涨幅仍然比去年高出了192%。该股周四收于204.80美元，当日下跌4%。\nDocuSign周线图\n对于这些新科 技公司感兴趣的投资者，眼下面临的一个难题是，一旦疫情得到控制，企业开始正常运转，它们能否维持高速的增长势头？不过，DocuSign产品的性质表明，公司或许可以在疫情过后仍保有较大的增长空间。公司的服务有望在公司向数字化转型的过程中拥有永久的地位。\nDocuSign目前提供的个人电子签名服务，每月的服务费10美元起，还对大公司提供企业服务套餐。公司认为，这是一个至少500亿美元的市场。\nDocuSign的工具帮助公司可以数字化地管理端到端的协议流程，从最初的草稿到执行合同，以及在签署后管理合同。其协议云套件还可以让客户使用人工智能功能来检查合同，以识别问题、评估风险，并从零开始构建智能定制合同。\n根据DocuSign首席执行官Dan Springer的说法，DocuSign仍然处于早期发展阶段，预计这个市场潜在的发展规模将达到500亿美元。他在声明中表示：“对于DocuSign来说，2021年是具有里程碑意义的一年，我们成为了‘在家办公’经济的支柱，让人们可以在全球的任何一个地方工作，而在这个过程中我们的业务增长了50%，营收达到了15亿美元，净留存率达到了创纪录的123%。我们相信，这一系列数据代表了协议数字化转型趋势的加速。”\nDocuSign在最近一个季度的收入和收益都超过了预期，并且提供了一个较好的财测。公司3月11日发布数据显示，其四季度每股盈利为0.37美元，高于去年同期的0.12美元，营收从2.58亿美元升至了4.1亿美元。\n该公司正在努力实现增长，尤其是海外市场，目前海外市场仅占其收入的21%。去年四季度，公司来自国际客户的销售额同比增长了83%，达到了8900万美元，令人印象深刻。\nDocuSign应该是一只值得持有高增长投资组合的投资者关注的好股票。\n总体而言，虽然不难看到DocuSign在后疫情时代继续增长，但是其股价不太可能重复去年的表现。对于DocuSign这样的高动能股来说，一个巨大的挑战是，投资者也正在避开那些由于利率上升而受挫的高估值公司。","news_type":1,"symbols_score_info":{"DOCU":0.9}},"isVote":1,"tweetType":1,"viewCount":1667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324124289,"gmtCreate":1615976339141,"gmtModify":1704789166582,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324124289","repostId":"1158580129","repostType":4,"repost":{"id":"1158580129","kind":"news","pubTimestamp":1615973801,"share":"https://ttm.financial/m/news/1158580129?lang=en_US&edition=fundamental","pubTime":"2021-03-17 17:36","market":"us","language":"zh","title":"IQiyi struggles with Station B: Second creation infringement, traffic hurts the body","url":"https://stock-news.laohu8.com/highlight/detail?id=1158580129","media":"AI财经社","summary":"3月17日，爱奇艺一纸诉状将两者间的冲突公诸于众。","content":"<p>Text/Huang Yunteng</p><p>The market value is approximately equal to two<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>In the future, Station B and iQiyi have a new intersection. On March 17th, iQiyi made the conflict between the two public in a complaint.</p><p>Recently, the Tianyancha APP showed that Beijing iQiyi Technology Co., Ltd. published a statement with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Co., Ltd. 's announcement on the opening of disputes over infringement of the right to disseminate works information on the Internet. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main body of audio-visual operation at station B.</p><p>According to this announcement, the court date of the case is March 23rd, and it will be tried by Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify specific claims.</p><p>AI Finance and Economics sent inquiries to Station B and iQiyi, but there was no response as of press time. However, AI Finance and Economics noticed that this is not the first time that Shanghai Kuanyu has faced an information infringement lawsuit. According to Tianyancha data, Shanghai Kuanyu has been prosecuted in 328 cases involving infringement of the right to disseminate works information on the Internet in the past.</p><p>Among them, taking iQiyi as an example, iQiyi has repeatedly gone to court with Bilibili over its multiple self-produced content. For example, in May 2018, iQiyi sued Bilibili to Haidian Court on the grounds of infringing the right to disseminate works information on the Internet. The reason was that its self-produced content \"Hip Hop in China\" was broadcast by Bilibili without authorization. This lawsuit was finally awarded a total of 53,500 yuan. Last year, iQiyi once again took Shanghai Kuanyu to court, arguing that the defendant provided the online on-demand service of the exclusive content \"Kung Fu Yoga\", thus claiming 200,000 yuan. The case is still under trial.</p><p>At present, it is not possible to determine the content subject involved in this new lawsuit. However, some bloggers have previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>He said that iQiyi once asked Station B to remove a large number of related editing videos of \"Ultimate Notes\". \"Ultimate Notes\" is iQiyi's previous solo online drama, because the original work and the CP line in the drama have a high popularity in bilibili. The blogger said that the most popular video related to the final sand-sea linkage has been removed from the shelves of Station B. \"What's wrong with iQiyi? Others are paying someone to cut it, what are you doing?\" The blogger said.</p><p>As one of the criteria for testing the popularity of film and television dramas, secondary creation content has always been an evergreen tree of traffic in bilibili. Secondary creation is called re-creation, which is the re-creation of the original material by users, and its embodiment forms include but are not limited to fans, ghosts and animals, etc. After 2017, film and television dramas have entered the era of tens of billions of hits, and the secondary creation is regarded as a sign that film and television dramas are out of the circle. In 2019, \"Chen Qing Ling\" exploded in the \"bloodbath\" of Station B, and its symbol was the birth of multiple secondary creation videos with millions of hits.</p><p>According to the understanding of AI Finance and Economics, at present, many content projects will take the initiative to find station B and request secondary creative cooperation in order to attract traffic.</p><p>However, due to the copyright issue of content materials, the secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuit letters to the film commentator V Valley Amo within one month, arguing that their interception of the original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the UP owner of Station B also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, the Tianyancha APP shows that Station B also has disputes over information network dissemination rights with multiple platforms such as ByteDance and Youku. For example, last year, because a user uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally received 60,000 yuan.</p><p>With the growing growth of \"Xiaopozhan\" (fans' nickname for bilibili), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, content such as fans, ghosts and animals are in an ambiguous state of copyright supervision. Previously, although Station B launched a large-scale review of content uploaded by users in 2017, and continued to tighten the manual + algorithm review mechanism, it was not very binding on users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as videos, and launch an online content area for UP owners to carry out secondary creation. At the same time, Station B launched long-term content last year, such as \"New Generation of Rap\", etc., and used its own content copyright to provide secondary creation materials for UP owners. However, in the short term, Station B cannot compare with the three Teng Aiyou companies in terms of volume and maturity of self-produced content. For example, the recently launched \"The Order of Mountains and Rivers\" has taken over the mantle of \"Chen Qing Ling\" and has become the second creation material of many UP owners, and the exclusive broadcast platform of this drama is Youku.</p><p>For platforms such as iQiyi and Youku, Erchuang may also have the anxiety of \"making wedding dresses for others\". IQiyi launched the Chinese video product Suike last year, as iQiyi's attempt to get close to \"Chinese YouTube\". According to relevant data from iQiyi, in 2020, Youth With You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with the amount of interaction at the moment, showing a large-scale overlap with Station B. In addition, Suike also regards iQiyi's self-made content copyright as an important advantage to attract platform creators to create secondary creations.</p><p>The growth of traditional long video platforms has peaked. According to the financial report, in the fourth quarter of 2020, the average monthly active users of Station B reached 202 million, an increase of nearly 55% from 130 million in the same period last year. In 2020, Station B's revenue was 12 billion yuan, a year-on-year increase of 77%. As all companies enter the stock competition for traffic, containment or outflanking will become the norm.</p>","source":"AI财经社","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>IQiyi struggles with Station B: Second creation infringement, traffic hurts the body</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\">\nIQiyi struggles with Station B: Second creation infringement, traffic hurts the body\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AI财经社</strong><span class=\"h-time small\">2021-03-17 17:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Text/Huang Yunteng</p><p>The market value is approximately equal to two<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>In the future, Station B and iQiyi have a new intersection. On March 17th, iQiyi made the conflict between the two public in a complaint.</p><p>Recently, the Tianyancha APP showed that Beijing iQiyi Technology Co., Ltd. published a statement with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Co., Ltd. 's announcement on the opening of disputes over infringement of the right to disseminate works information on the Internet. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main body of audio-visual operation at station B.</p><p>According to this announcement, the court date of the case is March 23rd, and it will be tried by Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify specific claims.</p><p>AI Finance and Economics sent inquiries to Station B and iQiyi, but there was no response as of press time. However, AI Finance and Economics noticed that this is not the first time that Shanghai Kuanyu has faced an information infringement lawsuit. According to Tianyancha data, Shanghai Kuanyu has been prosecuted in 328 cases involving infringement of the right to disseminate works information on the Internet in the past.</p><p>Among them, taking iQiyi as an example, iQiyi has repeatedly gone to court with Bilibili over its multiple self-produced content. For example, in May 2018, iQiyi sued Bilibili to Haidian Court on the grounds of infringing the right to disseminate works information on the Internet. The reason was that its self-produced content \"Hip Hop in China\" was broadcast by Bilibili without authorization. This lawsuit was finally awarded a total of 53,500 yuan. Last year, iQiyi once again took Shanghai Kuanyu to court, arguing that the defendant provided the online on-demand service of the exclusive content \"Kung Fu Yoga\", thus claiming 200,000 yuan. The case is still under trial.</p><p>At present, it is not possible to determine the content subject involved in this new lawsuit. However, some bloggers have previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>He said that iQiyi once asked Station B to remove a large number of related editing videos of \"Ultimate Notes\". \"Ultimate Notes\" is iQiyi's previous solo online drama, because the original work and the CP line in the drama have a high popularity in bilibili. The blogger said that the most popular video related to the final sand-sea linkage has been removed from the shelves of Station B. \"What's wrong with iQiyi? Others are paying someone to cut it, what are you doing?\" The blogger said.</p><p>As one of the criteria for testing the popularity of film and television dramas, secondary creation content has always been an evergreen tree of traffic in bilibili. Secondary creation is called re-creation, which is the re-creation of the original material by users, and its embodiment forms include but are not limited to fans, ghosts and animals, etc. After 2017, film and television dramas have entered the era of tens of billions of hits, and the secondary creation is regarded as a sign that film and television dramas are out of the circle. In 2019, \"Chen Qing Ling\" exploded in the \"bloodbath\" of Station B, and its symbol was the birth of multiple secondary creation videos with millions of hits.</p><p>According to the understanding of AI Finance and Economics, at present, many content projects will take the initiative to find station B and request secondary creative cooperation in order to attract traffic.</p><p>However, due to the copyright issue of content materials, the secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuit letters to the film commentator V Valley Amo within one month, arguing that their interception of the original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the UP owner of Station B also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, the Tianyancha APP shows that Station B also has disputes over information network dissemination rights with multiple platforms such as ByteDance and Youku. For example, last year, because a user uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally received 60,000 yuan.</p><p>With the growing growth of \"Xiaopozhan\" (fans' nickname for bilibili), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, content such as fans, ghosts and animals are in an ambiguous state of copyright supervision. Previously, although Station B launched a large-scale review of content uploaded by users in 2017, and continued to tighten the manual + algorithm review mechanism, it was not very binding on users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as videos, and launch an online content area for UP owners to carry out secondary creation. At the same time, Station B launched long-term content last year, such as \"New Generation of Rap\", etc., and used its own content copyright to provide secondary creation materials for UP owners. However, in the short term, Station B cannot compare with the three Teng Aiyou companies in terms of volume and maturity of self-produced content. For example, the recently launched \"The Order of Mountains and Rivers\" has taken over the mantle of \"Chen Qing Ling\" and has become the second creation material of many UP owners, and the exclusive broadcast platform of this drama is Youku.</p><p>For platforms such as iQiyi and Youku, Erchuang may also have the anxiety of \"making wedding dresses for others\". IQiyi launched the Chinese video product Suike last year, as iQiyi's attempt to get close to \"Chinese YouTube\". According to relevant data from iQiyi, in 2020, Youth With You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with the amount of interaction at the moment, showing a large-scale overlap with Station B. In addition, Suike also regards iQiyi's self-made content copyright as an important advantage to attract platform creators to create secondary creations.</p><p>The growth of traditional long video platforms has peaked. According to the financial report, in the fourth quarter of 2020, the average monthly active users of Station B reached 202 million, an increase of nearly 55% from 130 million in the same period last year. In 2020, Station B's revenue was 12 billion yuan, a year-on-year increase of 77%. As all companies enter the stock competition for traffic, containment or outflanking will become the norm.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.aicaijing.com.cn/overview?article_id=5739\">AI财经社</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cea71e9a05be63df6c4a96b806ea5689","relate_stocks":{"IQ":"爱奇艺","BILI":"哔哩哔哩"},"source_url":"https://www.aicaijing.com.cn/overview?article_id=5739","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158580129","content_text":"文／黄云腾\n在市值约等于两个爱奇艺以后，B站与爱奇艺有了新的交集。3月17日，爱奇艺一纸诉状将两者间的冲突公诸于众。\n近日，天眼查APP显示，北京爱奇艺科技有限公司公开一则与上海宽娱数码科技有限公司相关侵害作品信息网络传播权纠纷案件的开庭公告。原告为北京爱奇艺科技有限公司，被告为上海宽娱数码科技有限公司，后者即为B站视听运营主体。\n根据这份公告，该案开庭日期为3月23日，由北京互联网法院审理。该份开庭公告并未公布双方因何进行侵权诉讼，也未点明具体的索赔诉求。\nAI财经社向B站及爱奇艺发去问询，截至发稿前均无回应。不过，AI财经社注意到，这也并不是上海宽娱第一次面临信息侵权诉讼。根据天眼查数据显示，上海宽娱过去涉及的侵害作品信息网络传播权纠纷的被起诉案件达到328条。\n其中，以爱奇艺为例，爱奇艺此前就已先后多次就旗下多档自制内容与B站对簿公堂。例如，2018年5月，爱奇艺以侵害作品信息网络传播权为由将B站诉至海淀法院，原因是其自制内容《中国有嘻哈》被B站擅自播出，这起诉讼最终获赔共计53500元。去年，爱奇艺再次将上海宽娱告上法庭，认为被告提供了独家内容《功夫瑜伽》的在线点播服务，由此索赔20万元，该案仍在审理当中。\n目前尚不能确定这起新诉讼涉及的内容主体。不过，有博主此前在微博表示，爱奇艺曾经要求B站下架《终极笔记》的大批相关剪辑视频。《终极笔记》即为爱奇艺此前的独播网剧，因为原著及剧中的CP线在B站拥有很高的热度。该博主称，热度最高的终笔沙海联动相关主题视频已经在B站下架，“请问爱奇艺有什么毛病？别人都花钱请人剪，你在干什么？”这位博主表示。\n作为检验影视剧热度的标准之一，二次创作内容一直是B站的流量常青树。二次创作被称为re-creation，是用户在原有素材上的再创作，体现形式则包括但不仅限于同人、鬼畜等。2017年后，影视剧纷纷迈进百亿点击时代，二次创作更被视为影视剧出圈的标志。2019年时，《陈情令》大爆“血洗”B站，其标志即为诞生了多个百万点击的二次创作视频。\n根据AI财经社了解，目前，还会有不少内容项目主动找到B站，要求二次创作合作，以期引流。\n不过，由于内容素材的版权问题，二次创作也始终处于灰色地带。其中的标志性事件，是2017年，曾有三家电影公司在一个月内分别向电影解说大V谷阿莫发去诉讼函，认为其截取原电影素材的行为已经涉嫌侵权。而在去年，为规避版权冲突，B站UP主也曾在翻唱周杰伦的《Mojito》时进行了片段消音。\n除爱奇艺外，天眼查APP显示，B站也与字节跳动、优酷等多个平台有信息网络传播权纠纷诉讼。例如，在去年，由于用户上传《我不是药神》音频到B站，优酷以此向B站索赔30万元，最终获赔6万元。\n随着“小破站”（粉丝对B站的爱称）的越发壮大，其用户体量已然超出了其管辖边界。在版权意识淡薄的互联网生态中，同人、鬼畜等内容均处于版权监管的暧昧状态当中。此前，虽然B站于2017年曾经发起针对用户上传内容的大审查，并不断加严人工+算法的审核机制，不过对于用户来说约束力不大。\nB站也曾与腾讯视频等外部平台合作，上线内容专区供UP主进行二次创作，同时，B站在去年发力长内容，如《说唱新世代》等，以自有内容版权为UP主提供二创素材。不过，短期内，B站在自制内容的声量和成熟度上还无法与腾爱优三家相提并论。例如近期上线的《山河令》，已经接过《陈情令》的衣钵，成为许多UP主的二创素材，而这部剧的独播平台正是优酷。\n而二创对于爱奇艺、优酷等平台而言，或许也有“为他人做嫁衣”的焦虑。爱奇艺曾于去年上线中视频产品随刻，作为爱奇艺挺近“中国YouTube”的尝试。而根据爱奇艺相关数据显示，2020年，青春有你、史莱姆、潮玩盲盒、迷你世界、萌宠、汉服等是随刻互动量TOP10的圈子，与B站呈现大规模重合。此外，随刻也将爱奇艺的自制内容版权作为吸引平台创作者二创的重要优势。\n传统长视频平台的增长已经见顶，而根据财报显示，2020年第四季度，B站平均月活用户达2.02亿，较去年同期的1.3亿增长近55%，2020年，B站营收120亿元，同比增长77％。随着各家都进入到流量争夺的存量竞争，围堵或包抄都将成为常态。","news_type":1,"symbols_score_info":{"IQ":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":1516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323624555,"gmtCreate":1615339437177,"gmtModify":1704781344720,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Again","listText":"Again","text":"Again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323624555","repostId":"2118647020","repostType":4,"isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320651189,"gmtCreate":1615098031941,"gmtModify":1704778656881,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Noooo","listText":"Noooo","text":"Noooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320651189","repostId":"1150364023","repostType":4,"repost":{"id":"1150364023","kind":"news","pubTimestamp":1615082582,"share":"https://ttm.financial/m/news/1150364023?lang=en_US&edition=fundamental","pubTime":"2021-03-07 10:03","market":"sh","language":"zh","title":"Apocalypse of the Big Fall","url":"https://stock-news.laohu8.com/highlight/detail?id=1150364023","media":" 阿基米德Biotech","summary":"传说鱼的记忆只有7秒。\n投资者的记忆能有几天？\n我们觉得今天很惨，却忘了去年春节后第一个交易日大盘几乎跌停，更忘了去年2月25日创业板见顶后，最大跌幅20%。\n过段时间又会忘了这几天的苦。\n过段时间世","content":"<p>Legend has it that a fish's memory is only 7 seconds.</p><p>How many days can investors remember?</p><p>We feel miserable today, but we forget that the market almost fell to the limit on the first trading day after the Spring Festival last year, and we even forget that after the GEM peaked on February 25th last year, the biggest drop was 20%.</p><p>After a while, I will forget the suffering of these days.</p><p>After a while, the world will remain the same, and the situation of embracing core assets and holding high-quality companies for a long time will not change.</p><p><b>About Cycle</b></p><p>It is not too much interpretation of the sharp drop after the Spring Festival. It is temporarily regarded as repeating the standard process after the end of the spring market, which happens every year.</p><p>The decline of core assets is even greater than in previous years, because it rose too much before the holiday. The so-called brutal joy is bound to have a brutal ending.</p><p>The spring market will definitely come. Even in the bleak and rainy 2018, the Shanghai Stock Exchange 50 has experienced 19 consecutive gains. The spring market will definitely go, and those who tell you that the bull market is coming are the worst.</p><p>In the past, the spring market lasted for about 2 months, and the highest point almost corresponded to the maximum trading volume. During the decline, the volume gradually shrank, and the decline was rapid, reaching a stage low within one month. In the past two years, after the end of the spring market, the Shanghai Composite Index fell by more than 10%, and the biggest drop of the GEM was 20%.</p><p>Now the decline of the market is not as good as in previous years.</p><p>History is a mirror that can't see the future, but it can clearly illuminate where we are.</p><p>Will it continue to fall after the standard process is completed? The U.S. 10-year Treasury Bond yield continues to rise, representing a rebound in real interest rates and rising inflation. The Chinese 10-year Treasury Bond yield is also rising simultaneously. There is no boundary possibility of monetary policy relaxation, and all that remains is the question of when to turn.</p><p>Therefore, a warning voice immediately appeared: many people have not experienced a complete cycle, and cannot see the cycle of commodity cycles and technology stocks.</p><p>I just want to say: Fuck your cycle!</p><p>Any idea why you only invest in biomedicine? Just don't want to care about macro and cycles.</p><p>Under the systemic crisis, no one is spared.</p><p>But as long as we survive the main decline and enter a period of shock, even if it is a negative decline, biomedicine is not afraid. The advantages of deterministic growth of leading companies will be reflected, and they will return to their own operating track, and a structural market will emerge.</p><p>Deleveraging in 2018, no matter how bad the memory is, you may still feel sad. The market began to decline for a year in February, but CSI Medical and CSI Pharmaceutical hit a new high on May 29. If it weren't for trade issues and The first centralized procurement could maintain positive returns throughout the year.</p><p>Nowadays, trade issues and centralized procurement are no longer problems.</p><p>Biomedicine can basically cross bulls and bears, and we need to strengthen our confidence in times of adversity.</p><p><img src=\"https://static.tigerbbs.com/5f5b8f2da168fb1f06a5f0e28ae3b0b7\" tg-width=\"503\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>About timing</b></p><p>There is an important phenomenon in the adjustment after the end of this spring market, and the trading volume has remained stable.</p><p>Only volume doesn't lie.</p><p>What exactly does this mean?</p><p>The liquidity tightening may not have landed yet, or it is possible that residents' assets have been hedged through funds entering the market.</p><p>Previously, it was estimated that the newly issued fund still had 565.5 billion yuan of funds ready to build positions, and 72 equity funds will be raised soon, with an estimated scale of 327.1 billion yuan.</p><p>Lao Ba's words are full of wisdom and not outdated. Macro forecasts are meaningless for stock investment.</p><p>Things at the macro level are unclear. Whether the bulls and bears will switch later and how liquidity will be tightened, I won't predict it, and it's not too timing.</p><p>What needs to be stable is risk appetite. Are you afraid when it falls, and when it rises, you think why you were afraid in the first place?</p><p>Have you experienced many rounds of warm and cold alternation, or can't you overcome this humanity?</p><p>Long-term investors ignore any fluctuations and are too out of touch. The autumn and winter correction, the spring market, and the subsequent downward killing are very obvious and can be used. However, it is too timely to invest based on the forecast of bull-bear conversion and full-year decline.</p><p>Systemic risks will always pass. As long as there is no thunderstorm in the company itself and the growth logic is still there, it will eventually be repaired.</p><p>The entry of residents' assets into the market is irreversible. It is impossible for young Christians to concentrate their money in traditional industries such as steel, nonferrous metals, coal, and banking. The mainstream is to allocate growth stocks with acceptable fundamentals.</p><p>The problem now is that the valuation is indeed overdrawn too much, and it will be valuable when it falls to a certain level. The top high-quality assets are digesting the valuation and looking for a balanced center. We can observe two anchors, one is Hengrui Medicine. If the existing valuation system does not collapse, it will be the anchor of the entire biomedical sector. The other is when Tongce Medical will stop falling. During the entire pullback/retracement, the volume can be released Not big enough.</p><p>The Shanghai Stock Exchange is still far away from the target position, and the GEM is coming soon. Be cautious enough and don't be too pessimistic.</p><p>High-quality stocks are driven by endogenous growth in the long run. When systemic risks are released, investors' concerns should return to fundamentals and growth.</p><p>Liquidity tightening has no impact on biomedical performance. In the era of stock economy, sustainable high growth is scarce and can enjoy a premium.</p><p>Emotion and timing are not the most important things, but stock selection and allocation are.</p><p><img src=\"https://static.tigerbbs.com/806867c17de68529fb1bfcade404d610\" tg-width=\"508\" tg-height=\"505\" referrerpolicy=\"no-referrer\"></p><p><b>About cognition</b></p><p>The most famous sentence in Sun Tzu's Art of War: Know yourself and the enemy, and you will win a hundred battles. I didn't understand why the bland expression was regarded as the standard before. Now I understand that the most important thing in everything is cognition, and it starts from cognizing yourself. After experiencing this wave of pullback/retracement, your heart should be touched, and you can consider reflecting from the following aspects.</p><p>1. Does the shareholding match your risk appetite? If the risk tolerance is poor, it is recommended not to or cautiously allocate high-valuation, unprofitable, and high-volatility stocks, and not to take heavy positions in vaccine stocks, Hong Kong stocks, and CXOs.</p><p>2. How to deal with short-term and long-term relationships? If you are very concerned about short-term gains, it is recommended not to or to be cautious in allocating stocks with large long-term space but short-term mess.</p><p>3. If you don't understand, don't do it. Sort out the stocks that are beyond the cognitive atmosphere. It is difficult to understand high valuations, large market capitalization, and unprofitable. You can choose the varieties that you can understand, so that your shareholding mentality is more stable.</p><p>4. Don't provoke your weaknesses, give yourself a chance to live, and give good stocks a chance to prove yourself. Tongce Medical, Aier Ophthalmology, Huahan Plastic Surgery, and Kangle Guard have experienced huge declines. How can they feel nothing? There is no need to have a strong heart, and the positions are indexed and decentralized, with ballast stones and a sense of hierarchy. Huahan Plastic Surgery and Recreation Guard have experienced many plunges, but they will rise even higher later, because the configuration is tolerant of short-term errors. Don't give yourself an opportunity for weaknesses to be exposed, and don't push good stocks to the wall.</p><p>The perceptual criterion to measure whether the portfolio position is reasonable is to make yourself feel comfortable and free of pressure.</p><p>Long-term investment will only mature after the change of warm and cold. Everything is not smooth sailing. Measuring investment in years will be much indifferent.</p><p><b>About Tongce</b></p><p>The logic of CXO's high growth is very hard, and the high valuation is not entirely caused by grouping. After the market stabilizes, it will be the sector with the fastest rebound.</p><p>The medical service sector is expected to continue to fluctuate, looking for a valuation center and waiting for the market to reach a consensus again.</p><p>The collapse of fundamentals is a bottomless abyss.</p><p>The fundamentals and growth of Tongce Medical have not changed. The only problem is the high valuation. Short-term fund grouping is controversial, and the bargaining chips are loose.</p><p>According to the Tongce Medical Exchange Meeting, the good business trend continued in the fourth quarter and January this year, and it opened on the fourth day of the new year. The year-on-year growth was good, and the basic market was stable.</p><p>The two growth curves ahead are normal. The dandelion plan is progressing smoothly, and some clinics have reached breakeven in half a year, showing the replicability of the business model. Cunji Hospital outside the province is not as unbearable as expected, and Wuhan has achieved good results. In October 2020, the monthly revenue was about 5.5 million, reaching the break-even line. Xi'an Cunji is the hope of expanding outside the province. It develops better than Wuhan, and its site selection and talents are very good. The trial operation started on October 9th, with an average monthly income of 3 million.</p><p>In the implant business, there are about 300,000 dental implants in Zhejiang Province, compared with 3 million implants a year in South Korea. There is a huge market space for dental implants in Zhejiang Province in the future.</p><p>Orthodontic business, young people have a strong demand for orthodontics. Tongce develops its own digital oral system, which is more conducive to the promotion of orthodontic business.</p><p>The estimated profit in 2020 is 550 million, and it will maintain a growth rate of 30% in the next two years. The profit in 2023 is 1.2 billion, PE70, which means that the performance will be overdrafted for two or three years.</p><p>The question now is whether the market can accept valuation overdraft and maintain a 30% growth rate.</p><p>As the only leader in a good track, it makes exclusive profits, other companies lose money, and has almost no sales expenses, so you can enjoy a high premium.</p><p>The market will find a suitable anchor in the shock, and carefully observe the results first.</p><p>Time will heal everything, this is not chicken soup.</p><p>Dentistry belongs to the national consumer market, and the leading market value is less than 100 billion. Will it be like this forever?</p><p>Volatility is the norm in the market, and sometimes there are extremes that are already doomed at the moment of entering the market., Even after many rounds of ups and downs, we will always be more optimistic when we are optimistic, and more pessimistic when we are pessimistic. Knowing right and wrong, but doing it is another matter.</p><p>Biomedicine is relatively stable most of the time, just like people who don't get sick, who get sick once by chance. One month after the end of the spring market and one month at the end of the year, the beating is relatively miserable.</p><p>When the spring market was at its peak, I expressed a very pessimistic view. Now, I will also say that it will pass.</p>","source":"lsy1611662960640","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>Apocalypse of the Big Fall</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\">\nApocalypse of the Big Fall\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 阿基米德Biotech</strong><span class=\"h-time small\">2021-03-07 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Legend has it that a fish's memory is only 7 seconds.</p><p>How many days can investors remember?</p><p>We feel miserable today, but we forget that the market almost fell to the limit on the first trading day after the Spring Festival last year, and we even forget that after the GEM peaked on February 25th last year, the biggest drop was 20%.</p><p>After a while, I will forget the suffering of these days.</p><p>After a while, the world will remain the same, and the situation of embracing core assets and holding high-quality companies for a long time will not change.</p><p><b>About Cycle</b></p><p>It is not too much interpretation of the sharp drop after the Spring Festival. It is temporarily regarded as repeating the standard process after the end of the spring market, which happens every year.</p><p>The decline of core assets is even greater than in previous years, because it rose too much before the holiday. The so-called brutal joy is bound to have a brutal ending.</p><p>The spring market will definitely come. Even in the bleak and rainy 2018, the Shanghai Stock Exchange 50 has experienced 19 consecutive gains. The spring market will definitely go, and those who tell you that the bull market is coming are the worst.</p><p>In the past, the spring market lasted for about 2 months, and the highest point almost corresponded to the maximum trading volume. During the decline, the volume gradually shrank, and the decline was rapid, reaching a stage low within one month. In the past two years, after the end of the spring market, the Shanghai Composite Index fell by more than 10%, and the biggest drop of the GEM was 20%.</p><p>Now the decline of the market is not as good as in previous years.</p><p>History is a mirror that can't see the future, but it can clearly illuminate where we are.</p><p>Will it continue to fall after the standard process is completed? The U.S. 10-year Treasury Bond yield continues to rise, representing a rebound in real interest rates and rising inflation. The Chinese 10-year Treasury Bond yield is also rising simultaneously. There is no boundary possibility of monetary policy relaxation, and all that remains is the question of when to turn.</p><p>Therefore, a warning voice immediately appeared: many people have not experienced a complete cycle, and cannot see the cycle of commodity cycles and technology stocks.</p><p>I just want to say: Fuck your cycle!</p><p>Any idea why you only invest in biomedicine? Just don't want to care about macro and cycles.</p><p>Under the systemic crisis, no one is spared.</p><p>But as long as we survive the main decline and enter a period of shock, even if it is a negative decline, biomedicine is not afraid. The advantages of deterministic growth of leading companies will be reflected, and they will return to their own operating track, and a structural market will emerge.</p><p>Deleveraging in 2018, no matter how bad the memory is, you may still feel sad. The market began to decline for a year in February, but CSI Medical and CSI Pharmaceutical hit a new high on May 29. If it weren't for trade issues and The first centralized procurement could maintain positive returns throughout the year.</p><p>Nowadays, trade issues and centralized procurement are no longer problems.</p><p>Biomedicine can basically cross bulls and bears, and we need to strengthen our confidence in times of adversity.</p><p><img src=\"https://static.tigerbbs.com/5f5b8f2da168fb1f06a5f0e28ae3b0b7\" tg-width=\"503\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>About timing</b></p><p>There is an important phenomenon in the adjustment after the end of this spring market, and the trading volume has remained stable.</p><p>Only volume doesn't lie.</p><p>What exactly does this mean?</p><p>The liquidity tightening may not have landed yet, or it is possible that residents' assets have been hedged through funds entering the market.</p><p>Previously, it was estimated that the newly issued fund still had 565.5 billion yuan of funds ready to build positions, and 72 equity funds will be raised soon, with an estimated scale of 327.1 billion yuan.</p><p>Lao Ba's words are full of wisdom and not outdated. Macro forecasts are meaningless for stock investment.</p><p>Things at the macro level are unclear. Whether the bulls and bears will switch later and how liquidity will be tightened, I won't predict it, and it's not too timing.</p><p>What needs to be stable is risk appetite. Are you afraid when it falls, and when it rises, you think why you were afraid in the first place?</p><p>Have you experienced many rounds of warm and cold alternation, or can't you overcome this humanity?</p><p>Long-term investors ignore any fluctuations and are too out of touch. The autumn and winter correction, the spring market, and the subsequent downward killing are very obvious and can be used. However, it is too timely to invest based on the forecast of bull-bear conversion and full-year decline.</p><p>Systemic risks will always pass. As long as there is no thunderstorm in the company itself and the growth logic is still there, it will eventually be repaired.</p><p>The entry of residents' assets into the market is irreversible. It is impossible for young Christians to concentrate their money in traditional industries such as steel, nonferrous metals, coal, and banking. The mainstream is to allocate growth stocks with acceptable fundamentals.</p><p>The problem now is that the valuation is indeed overdrawn too much, and it will be valuable when it falls to a certain level. The top high-quality assets are digesting the valuation and looking for a balanced center. We can observe two anchors, one is Hengrui Medicine. If the existing valuation system does not collapse, it will be the anchor of the entire biomedical sector. The other is when Tongce Medical will stop falling. During the entire pullback/retracement, the volume can be released Not big enough.</p><p>The Shanghai Stock Exchange is still far away from the target position, and the GEM is coming soon. Be cautious enough and don't be too pessimistic.</p><p>High-quality stocks are driven by endogenous growth in the long run. When systemic risks are released, investors' concerns should return to fundamentals and growth.</p><p>Liquidity tightening has no impact on biomedical performance. In the era of stock economy, sustainable high growth is scarce and can enjoy a premium.</p><p>Emotion and timing are not the most important things, but stock selection and allocation are.</p><p><img src=\"https://static.tigerbbs.com/806867c17de68529fb1bfcade404d610\" tg-width=\"508\" tg-height=\"505\" referrerpolicy=\"no-referrer\"></p><p><b>About cognition</b></p><p>The most famous sentence in Sun Tzu's Art of War: Know yourself and the enemy, and you will win a hundred battles. I didn't understand why the bland expression was regarded as the standard before. Now I understand that the most important thing in everything is cognition, and it starts from cognizing yourself. After experiencing this wave of pullback/retracement, your heart should be touched, and you can consider reflecting from the following aspects.</p><p>1. Does the shareholding match your risk appetite? If the risk tolerance is poor, it is recommended not to or cautiously allocate high-valuation, unprofitable, and high-volatility stocks, and not to take heavy positions in vaccine stocks, Hong Kong stocks, and CXOs.</p><p>2. How to deal with short-term and long-term relationships? If you are very concerned about short-term gains, it is recommended not to or to be cautious in allocating stocks with large long-term space but short-term mess.</p><p>3. If you don't understand, don't do it. Sort out the stocks that are beyond the cognitive atmosphere. It is difficult to understand high valuations, large market capitalization, and unprofitable. You can choose the varieties that you can understand, so that your shareholding mentality is more stable.</p><p>4. Don't provoke your weaknesses, give yourself a chance to live, and give good stocks a chance to prove yourself. Tongce Medical, Aier Ophthalmology, Huahan Plastic Surgery, and Kangle Guard have experienced huge declines. How can they feel nothing? There is no need to have a strong heart, and the positions are indexed and decentralized, with ballast stones and a sense of hierarchy. Huahan Plastic Surgery and Recreation Guard have experienced many plunges, but they will rise even higher later, because the configuration is tolerant of short-term errors. Don't give yourself an opportunity for weaknesses to be exposed, and don't push good stocks to the wall.</p><p>The perceptual criterion to measure whether the portfolio position is reasonable is to make yourself feel comfortable and free of pressure.</p><p>Long-term investment will only mature after the change of warm and cold. Everything is not smooth sailing. Measuring investment in years will be much indifferent.</p><p><b>About Tongce</b></p><p>The logic of CXO's high growth is very hard, and the high valuation is not entirely caused by grouping. After the market stabilizes, it will be the sector with the fastest rebound.</p><p>The medical service sector is expected to continue to fluctuate, looking for a valuation center and waiting for the market to reach a consensus again.</p><p>The collapse of fundamentals is a bottomless abyss.</p><p>The fundamentals and growth of Tongce Medical have not changed. The only problem is the high valuation. Short-term fund grouping is controversial, and the bargaining chips are loose.</p><p>According to the Tongce Medical Exchange Meeting, the good business trend continued in the fourth quarter and January this year, and it opened on the fourth day of the new year. The year-on-year growth was good, and the basic market was stable.</p><p>The two growth curves ahead are normal. The dandelion plan is progressing smoothly, and some clinics have reached breakeven in half a year, showing the replicability of the business model. Cunji Hospital outside the province is not as unbearable as expected, and Wuhan has achieved good results. In October 2020, the monthly revenue was about 5.5 million, reaching the break-even line. Xi'an Cunji is the hope of expanding outside the province. It develops better than Wuhan, and its site selection and talents are very good. The trial operation started on October 9th, with an average monthly income of 3 million.</p><p>In the implant business, there are about 300,000 dental implants in Zhejiang Province, compared with 3 million implants a year in South Korea. There is a huge market space for dental implants in Zhejiang Province in the future.</p><p>Orthodontic business, young people have a strong demand for orthodontics. Tongce develops its own digital oral system, which is more conducive to the promotion of orthodontic business.</p><p>The estimated profit in 2020 is 550 million, and it will maintain a growth rate of 30% in the next two years. The profit in 2023 is 1.2 billion, PE70, which means that the performance will be overdrafted for two or three years.</p><p>The question now is whether the market can accept valuation overdraft and maintain a 30% growth rate.</p><p>As the only leader in a good track, it makes exclusive profits, other companies lose money, and has almost no sales expenses, so you can enjoy a high premium.</p><p>The market will find a suitable anchor in the shock, and carefully observe the results first.</p><p>Time will heal everything, this is not chicken soup.</p><p>Dentistry belongs to the national consumer market, and the leading market value is less than 100 billion. Will it be like this forever?</p><p>Volatility is the norm in the market, and sometimes there are extremes that are already doomed at the moment of entering the market., Even after many rounds of ups and downs, we will always be more optimistic when we are optimistic, and more pessimistic when we are pessimistic. Knowing right and wrong, but doing it is another matter.</p><p>Biomedicine is relatively stable most of the time, just like people who don't get sick, who get sick once by chance. One month after the end of the spring market and one month at the end of the year, the beating is relatively miserable.</p><p>When the spring market was at its peak, I expressed a very pessimistic view. Now, I will also say that it will pass.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/I_MyCbUt7XWZgFcEhv2coQ\"> 阿基米德Biotech</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00dac9da971ee0e08b72a17d0d0b507","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/I_MyCbUt7XWZgFcEhv2coQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150364023","content_text":"传说鱼的记忆只有7秒。\n投资者的记忆能有几天？\n我们觉得今天很惨，却忘了去年春节后第一个交易日大盘几乎跌停，更忘了去年2月25日创业板见顶后，最大跌幅20%。\n过段时间又会忘了这几天的苦。\n过段时间世界还是老样子，拥抱核心资产、长持优质公司的局面不会改变的。\n关于周期\n对春节后大跌不过分演绎，暂时看作重复春季行情结束后的标准流程，每年都会发生的事情。\n核心资产跌幅比往年更大，是因为节前上涨过多，所谓残暴的欢愉，必将有残暴的结局。\n春季行情一定会来，即使凄风冷雨的2018年，上证50也出现了19连涨。春季行情也一定会走，告诉你牛市来了的人是最坏的。\n以往春季行情持续2个月左右，最高点几乎与最大成交量对应，在下跌过程中逐步缩量，而且下跌快速，在一个月内见到阶段低点。过去两年，春季行情结束后，上证指数跌幅超过10%，创业板最大跌幅为20%。\n现在大盘跌幅还不及往年。\n历史是一面镜子，不能看见未来，但可以照清我们所在的位置。\n在标准流程走完之后，是否会持续下跌？美国10年期国债收益率持续走高，代表实际利率回升，通胀升温，中国10年期国债收益率，也在同步走高。货币政策已无边际放松的可能，剩下的只是何时转向的问题。\n所以，立即有警告的声音出现：很多人没有经历过完整的周期轮回，看不见商品周期与科技股周期轮回。\n我只想说：去你的周期！\n知道为什么只投资生物医药吗？就是不想关心宏观和周期。\n系统性危机之下，无一幸免。\n但只要渡过主跌浪，进入震荡期，哪怕是阴跌，生物医药都不怕，头部公司确定性增长的优势将体现，回到自己的运行轨道上来，出现结构性行情。\n2018年去杠杆，记忆再不好可能依旧心有戚戚焉，大盘从2月开始为期一年的阴跌，但中证医疗、中证医药却在5月29日创出新高，如果不是贸易问题和第一次集采，全年可维持正收益。\n如今，贸易问题和集采不再是问题。\n生物医药基本上可以穿越牛熊，我们在逆境时需要坚定信心。\n\n关于择时\n这波春季行情结束之后的调整，有一个重要现象，成交量一直保持平稳。\n只有成交量不会撒谎。\n这到底意味着什么呢？\n流动性收紧可能还没落地，也有可能居民资产通过基金入市有所对冲。\n此前新发基金预估仍有5655亿元资金准备建仓，接下来还有72只权益类基金即将募集，规模预估为3271亿元。\n老巴的话充满了智慧，没有过时，宏观预测对股票投资无意义。\n宏观层面的东西扯不清楚，后面牛熊是否转换、流动性如何收紧，就不预测，不过分择时了。\n需要保持平稳的还有风险偏好，是不是跌的时候怕，涨的时候又觉得当初为什么要怕？\n是不是经历过多轮冷暖交替，还是无法克服这种人性？\n长线投资者无视任何波动，太不食人间烟火，秋冬回调、春季行情、随后的下杀，规律非常明显，是可以利用的。但基于牛熊转换、全年下跌的预测来投资，又过于择时了。\n系统性风险始终会过去的，只要公司本身没有暴雷，成长逻辑还在，最后都会修复的。\n居民资产入市是不可逆的，年轻基民的钱不可能集中于钢铁、有色、煤炭、银行这些传统行业，主流还是配置基本面尚可的成长股。\n现在的问题是估值确实透支得太厉害，跌到一定程度就有价值了，头部优质资产正在消化估值，寻找一个平衡的中枢。我们可以观察两个锚，一个是恒瑞医药，如果现有估值体系不崩溃，就是整个生物医药板块的定海神针，另一个是通策医疗什么时候止跌，整个回撤过程中，量能放得不够大。\n上证离目标位还有较大距离，创业板快到了，保持足够谨慎，也不用过于悲观。\n优质股票长期而言是由内生增长驱动，当系统性风险释放后，投资者的关切应回到基本面和成长性上。\n流动性收紧对生物医药业绩无影响，在存量经济时代，可持续的高增长有稀缺性，可享受溢价。\n情绪、择时不是最重要的事情，选股、配置才是。\n\n关于认知\n《孙子兵法》中最出名的一句话：知己知彼,百战不殆。以前不明白为什么很平淡的表述，被奉为圭臬。现在懂了，凡事最重要的是认知，而且是从认知自己开始，经历这波回撤，各位内心应有触动，可考虑从以下方面进行反思。\n1、持股是否与自己的风险偏好匹配？如果风险承受能力差，建议不要或谨慎配置高估值、未盈利、高波动股票，不要重仓疫苗股、港股、CXO。\n2、怎么处理短期和长期的关系？如果非常在意短期收益，建议不要或谨慎配置长期空间大但短期一塌糊涂的股票。\n3、不懂不做，对超出认知氛围的股票进行整理，高估值、大市值、未盈利都难以理解，可以选择能理解的品种，这样持股心态更平稳。\n4、不要去挑衅自己的弱点，给自己活下去的机会，给好股票证明自己的机会。通策医疗、爱尔眼科、华韩整形、康乐卫士跌幅巨大，怎样做到毫无感觉？无需内心强大，对持仓进行指数化分散配置，有压舱石有层次感。华韩整形、康乐卫士经历过多次暴跌，但过后又会涨得更高，因为配置对短期错误有包容性。不要给自己弱点暴露的机会，也不要把好股票逼上绝境。\n衡量组合仓位是否合理的感性标准，就是让自己感到舒服，没有压力。\n长线投资经过冷暖更迭才会成熟，凡事没有一帆风顺的，以年为单位来度量投资会淡然许多。\n关于通策\nCXO高增长逻辑很硬，高估值不完全是抱团所致，市场企稳之后又将是反弹最快的板块。\n病去如抽丝，医疗服务板块估计会持续震荡，寻找估值中枢，等待市场重新达成共识。\n基本面的崩溃是无底深渊。\n通策医疗的基本面和成长性没变，唯一问题是高估值，短期基金抱团受到争议，筹码松动。\n据通策医疗交流会透露，四季度和今年1月份延续良好的经营趋势，年初四就开业，同比增长良好，基本盘是稳定的。\n未来两条增长曲线是正常的。蒲公英计划推进顺利，部分诊所半年达到盈亏平衡，显示商业模式的可复制性。省外存济医院没有预期那么不堪，武汉取得很好效果。2020年10月单月550万左右收入，达到盈亏平衡线。西安存济是省外拓展的希望，比武汉发展更好，选址体量和人才都很好。10月9号开始试营业，平均月收入300万。\n种植业务，浙江全省大约30万颗，对标韩国一年300万颗，浙江省未来种植牙市场空间很大。\n正畸业务，年轻人正畸需求很旺盛，通策开发自己的数字化口腔系统，更有利于推广正畸业务。\n2020年估计利润5.5亿，未来两年维持30%增速，2023年利润12亿，PE70，也就是说业绩透支两三年。\n现在的问题是市场能不能接受估值透支，能不能维持30%增速。\n作为好赛道唯一龙头，独家盈利，别家亏损，销售费用几乎没有，是可以享受高溢价的。\n市场会在震荡中寻找到一个合适的锚，先谨慎观察结果。\n时间会治愈一切，这不是鸡汤。\n牙科属于全民级消费市场，龙头市值不到1000亿，会永远这样吗？\n波动是市场的常态，有时会遇到极端情况，这是进入市场的那一刻已经注定的。，即使经历过多轮涨跌，我们也总是会在乐观时更加乐观，悲观时更加悲观，明知对错，但做起来是另外一回事。\n生物医药大部时间比较平稳，就像不生病的人，偶然生一次病就病来如山倒。春季行情结束后一个月，年末一个月，挨打都比较惨。\n在春季行情最亢奋的时候，表达了非常悲观的看法。现在，我也要说，一切都会过去的。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320345591,"gmtCreate":1615027642013,"gmtModify":1704778277320,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320345591","repostId":"1199184547","repostType":4,"repost":{"id":"1199184547","kind":"news","pubTimestamp":1615005492,"share":"https://ttm.financial/m/news/1199184547?lang=en_US&edition=fundamental","pubTime":"2021-03-06 12:38","market":"us","language":"zh","title":"What to do when U.S. stocks plummet? Warren Buffett said this","url":"https://stock-news.laohu8.com/highlight/detail?id=1199184547","media":" 腾讯美股","summary":"现在，距离一年前那波疫情中的暴跌见底已经将近一年了，美股市场上，崩盘的警告声依然会不时想起，尤其是近期以来，长期利率骤然飙涨，在股市掀起了不小的波乱，也让众多市场参与者的情绪难以平静。也许，大家应该转","content":"<p><i>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</i></p><p><img src=\"https://static.tigerbbs.com/3163bd6dcf7eaee155b980c47d1a1c67\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When panic spreads, the market may collapse. For example, this was the case a year ago in March 2020. The World Health Organization declared the Novel Coronavirus epidemic a major global infectious disease. Soon after, blockade measures were taken across the United States, a large number of enterprises were temporarily closed, and the U.S. economy suddenly stopped. As a result, U.S. stocks plummeted on the spot.</p><p>However, the decline actually didn't last long. After bottoming out in late March, the market turned upward, and this tone lasted throughout the rest of the year. In the end, at the end of 2020, people saw the three mainstream indicators of U.S. stocks rise across the board. The Nasdaq closed up 43.7% for the year, while the S&P 500 and Dow closed up 15.6% and 6.6% respectively.</p><p>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</p><p><b>Psychological preparation</b></p><p>Many people regard Buffett as the greatest investor in history, because he seems to have the magic power to turn market crashes into good opportunities, and then make considerable profits. Buffett firmly believes that in the contemporary investment world, if you want to build wealth, in the long run, only stocks are the best choice. He pointed out that the ups and downs of the market are always inevitable, so investors must make corresponding psychological preparations before entering the market, so that when something happens, everyone will not easily fall into panic.</p><p><b>Reject noise</b></p><p>In fact, many of Buffett's best decisions were born during the market downturn. After the financial crisis broke out in 2008, Berkshire Hathaway seized the opportunity to buy shares of Goldman Sachs at a low price-this world-class investment bank urgently needed to raise capital at that time. Buffett once said that one of the biggest mistakes investors can make is paying too much attention to critics, political shows and market rumors.</p><p>If Buffett is also obsessed with seeking various market forecasts, then he will lose the focus of his observation and thinking, and then miss the rare buying opportunity. By 2011, Berkshire had made $3.7 billion in profits from the injection of capital into Goldman Sachs, of which 34%, or $1.27 billion, came from Dividend. In 2009, Buffett once said, \"Those who only invest when critics are optimistic will ultimately pay a high price for this meaningless sense of peace of mind.\"</p><p><b>Don't speculate</b></p><p>Buffett warned investors: \"What seems the easiest moment is precisely the most dangerous moment to speculate.\" Some people are lucky enough to taste a little sweetness at the beginning of speculation, but in the long run, few of them will be the winners. To reduce market risks, wise investment is the right way in the world. Buffett's advice is to never invest in a business you don't understand. There is only one really valid reason to buy stocks, that is, you really want to own the business.</p><p><b>Focus on the long term</b></p><p>In fact, Buffett prefers long-term investment to short-term operation most of the time. He once said: \"Our ideal holding cycle is forever. If you invest in the right business, you have managed to minimize risks and create long-term wealth.\"</p>","source":"txmg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to do when U.S. stocks plummet? Warren Buffett said this</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat to do when U.S. stocks plummet? Warren Buffett said this\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 腾讯美股</strong><span class=\"h-time small\">2021-03-06 12:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</i></p><p><img src=\"https://static.tigerbbs.com/3163bd6dcf7eaee155b980c47d1a1c67\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>When panic spreads, the market may collapse. For example, this was the case a year ago in March 2020. The World Health Organization declared the Novel Coronavirus epidemic a major global infectious disease. Soon after, blockade measures were taken across the United States, a large number of enterprises were temporarily closed, and the U.S. economy suddenly stopped. As a result, U.S. stocks plummeted on the spot.</p><p>However, the decline actually didn't last long. After bottoming out in late March, the market turned upward, and this tone lasted throughout the rest of the year. In the end, at the end of 2020, people saw the three mainstream indicators of U.S. stocks rise across the board. The Nasdaq closed up 43.7% for the year, while the S&P 500 and Dow closed up 15.6% and 6.6% respectively.</p><p>Now, it has been nearly a year since the plunge in the epidemic bottomed out a year ago. In the U.S. stock market, warnings of crashes are still reminded from time to time, especially recently, long-term interest rates have suddenly soared, causing a lot of trouble in the stock market. The small chaos has also made it difficult for many market participants to calm down. Perhaps, everyone should turn to the voice of Warren Buffett, the \"stock god\", because he has many interesting views and ideas on the crash.</p><p><b>Psychological preparation</b></p><p>Many people regard Buffett as the greatest investor in history, because he seems to have the magic power to turn market crashes into good opportunities, and then make considerable profits. Buffett firmly believes that in the contemporary investment world, if you want to build wealth, in the long run, only stocks are the best choice. He pointed out that the ups and downs of the market are always inevitable, so investors must make corresponding psychological preparations before entering the market, so that when something happens, everyone will not easily fall into panic.</p><p><b>Reject noise</b></p><p>In fact, many of Buffett's best decisions were born during the market downturn. After the financial crisis broke out in 2008, Berkshire Hathaway seized the opportunity to buy shares of Goldman Sachs at a low price-this world-class investment bank urgently needed to raise capital at that time. Buffett once said that one of the biggest mistakes investors can make is paying too much attention to critics, political shows and market rumors.</p><p>If Buffett is also obsessed with seeking various market forecasts, then he will lose the focus of his observation and thinking, and then miss the rare buying opportunity. By 2011, Berkshire had made $3.7 billion in profits from the injection of capital into Goldman Sachs, of which 34%, or $1.27 billion, came from Dividend. In 2009, Buffett once said, \"Those who only invest when critics are optimistic will ultimately pay a high price for this meaningless sense of peace of mind.\"</p><p><b>Don't speculate</b></p><p>Buffett warned investors: \"What seems the easiest moment is precisely the most dangerous moment to speculate.\" Some people are lucky enough to taste a little sweetness at the beginning of speculation, but in the long run, few of them will be the winners. To reduce market risks, wise investment is the right way in the world. Buffett's advice is to never invest in a business you don't understand. There is only one really valid reason to buy stocks, that is, you really want to own the business.</p><p><b>Focus on the long term</b></p><p>In fact, Buffett prefers long-term investment to short-term operation most of the time. He once said: \"Our ideal holding cycle is forever. If you invest in the right business, you have managed to minimize risks and create long-term wealth.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/tFJM6n-ZNbG6pAlxxwFizg\"> 腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3163bd6dcf7eaee155b980c47d1a1c67","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/tFJM6n-ZNbG6pAlxxwFizg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199184547","content_text":"现在，距离一年前那波疫情中的暴跌见底已经将近一年了，美股市场上，崩盘的警告声依然会不时想起，尤其是近期以来，长期利率骤然飙涨，在股市掀起了不小的波乱，也让众多市场参与者的情绪难以平静。也许，大家应该转向“股神”巴菲特（Warren Buffett）的声音，因为他对崩盘有许多有趣的看法和想法。当恐慌情绪蔓延开来，市场就可能会上演崩盘的行情。比如一年前的2020年3月就是如此。世界卫生组织宣布新冠病毒疫情为全球性重大传染病，之后不久，美国各地纷纷采取封锁措施，大量企业暂时关闭，美国经济骤然停摆。于是乎，美股当场暴跌。然而，跌势其实并没有持续很久。3月下旬见底之后，大盘就翻身上行，这一基调贯穿了全年余下的时间。最终，2020年结束的时候，人们看到美股三大主流指标全线上涨。纳指年度收高43.7%，标普500指数和道指分别收高15.6%和6.6%。现在，距离一年前那波疫情中的暴跌见底已经将近一年了，美股市场上，崩盘的警告声依然会不时想起，尤其是近期以来，长期利率骤然飙涨，在股市掀起了不小的波乱，也让众多市场参与者的情绪难以平静。也许，大家应该转向“股神”巴菲特（Warren Buffett）的声音，因为他对崩盘有许多有趣的看法和想法。心理准备许多人都将巴菲特奉为史上最伟大的投资人，因为他似乎具有魔力，能够将市场崩盘变成良机，进而赚取可观的利润。巴菲特坚信，在当代投资世界当中，想要构筑财富，长期而言，只有股票才是最佳的选择。他指出，市场的起起伏伏总是难免的，因此投资者在进入市场之前就必须做好相应的心理准备，而这样，当变故发生时，大家也就不会轻易坠入恐慌了。拒绝噪音事实上，巴菲特的最佳决策当中颇有不少正是诞生在市场的低迷时期。2008年金融危机爆发后，伯克希尔哈撒韦就抓住机会，低位购入了高盛的股票——这家世界级的大投资银行当时急需筹措资本。巴菲特曾经说过，投资者可能犯下的最大错误之一，就是对那些评论家、政治秀和市场传言给予了过多的关注。如果巴菲特也汲汲于去寻求各种市场预测，那么，他就会失掉自己观察和思考的焦点，进而与难得的买进机会失之交臂。到了2011年，伯克希尔就已经从注资高盛的交易当中获利37亿美元，其中34%，即12.7亿美元都是来自股息。2009年时，巴菲特曾经说过：“那些只有在评论家们态度乐观时才会投资的人，最终都将为了获取这种毫无意义的安心之感付出了昂贵的代价。”切勿投机巴菲特警告投资者：“看上去最容易的时刻，也恰恰是投机最危险的时刻。”有些人运气好，在刚开始投机的时候能够尝到一点甜头，但是长期而言，却几乎没有谁能够成为最后的赢家。要减轻市场的风险，明智投资才是人间正道。巴菲特的建议是，永远不要投资于你不了解的企业。买进股票真正正当的理由只有一个，即，你真心想拥有这家企业。着眼长期事实上，巴菲特大多数时候都更青睐长期投资，而非短线操作。他曾经说过：“我们最理想的持有周期是永远。如果你投资的是正确的企业，你就已经做到了将风险控制到最低，并创造出长期财富。”","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367143047,"gmtCreate":1614926762589,"gmtModify":1704777063340,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Nooooo","listText":"Nooooo","text":"Nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367143047","repostId":"1186621790","repostType":4,"repost":{"id":"1186621790","kind":"news","pubTimestamp":1614924450,"share":"https://ttm.financial/m/news/1186621790?lang=en_US&edition=fundamental","pubTime":"2021-03-05 14:07","market":"us","language":"zh","title":"Nio vehicles: After experiencing \"madness\", can they maintain \"prosperity\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1186621790","media":"盖世汽车每日速递","summary":"3月2日，继理想汽车交出年营收94.6亿元，交付3.26万辆新车的2020年答卷后，作为中国造车新势力上市第一股的蔚来汽车也交出自己的答卷。或在良好业绩的催化下，蔚来汽车股价应声大涨，截止3月2日，该","content":"<p>On March 2, following<a href=\"https://laohu8.com/S/LI\">Li Auto</a>After handing over the 2020 answer sheet of annual revenue of 9.46 billion yuan and delivering 32,600 new cars, as the first listed stock of China's new car-making force<a href=\"https://laohu8.com/S/NIO\">Nio</a>The car also handed over its own answer sheet. Or catalyzed by good performance,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The stock price of automobiles rose sharply. As of March 2, the stock price of the stock rose 8.69%, with a quoted price of US $49.76 per share and a total market value of US $78.1 billion (approximately RMB 505 billion).</p><p>As we all know, Nio vehicles in 2020 can be described as \"a mixture of sorrow and joy\". From burning tens of billions and almost going bankrupt, the market value exceeded 76 billion US dollars (approximately 491 billion yuan) by the end of the year, and it became the second largest market value in the world after<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Toyota and Volkswagen, the fifth largest automaker. Li Bin, the founder of Nio Motors, has also changed from \"the worst person in 2019\" to \"the happiest person in 2020\", as if he had experienced a roller coaster journey.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cc0b98bc9a3eaa3783b8c4cf13440db\" tg-width=\"820\" tg-height=\"581\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile official website</span></p><p>So, how will Nio Motor, which has suffered losses for four consecutive years and has been labeled as the \"king of losses\", perform in 2020? Face<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts, capital seizing the new energy vehicle market... and other challenges. What is the magic weapon for Nio vehicles to deal with in the future? After experiencing madness and enduring loneliness, can Nio vehicles maintain prosperity?</p><p><b>Revenue exceeded 16.2 billion yuan, but still lost 5 billion yuan</b></p><p>as<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similarly, in 2020, Nio Automobile took advantage of the east wind of the \"new energy\" market. Not only did its stock price and market value soar, but its operating performance also improved significantly, staging a wonderful counterattack.</p><p>The financial report shows that Nio's revenue in the fourth quarter of 2020 was 6.64 billion yuan, a year-on-year increase of 133.2%; The net loss was 1.389 billion yuan, a year-on-year decrease of 51.5%. Excluding equity incentive expenses, the adjusted net loss (non-GAAP) was 1.328 billion yuan, a year-on-year decrease of 52.8%; Gross margin on automobile sales was 17.2%, compared with negative 6.0% in the fourth quarter of 2019 and 14.5% in the previous quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3e67abf5dcc77a475db96809a184ad0\" tg-width=\"820\" tg-height=\"838\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>From the perspective of the whole year, the total revenue of Nio vehicles was 16.258 billion yuan, a year-on-year increase of 107.8%; The net loss was 5.304 billion yuan, a year-on-year decrease of 53.0%. Excluding share-based payment expenses, the adjusted net loss (non-GAAP) was 5.117 billion yuan, a year-on-year decrease of 53.3%.</p><p>It is worth noting that in 2020, Nio's gross profit will be 1.873 billion yuan. With the improvement of gross profit, Nio's gross profit margin increased to 11.5% in 2020 (negative 15.3% in 2019), and the gross profit margin of the automotive business increased to 12.7% (negative 9.9% in the previous year). It can be seen that the positive gross profit and gross profit margin means that Nio Motors has been able to \"make money\" by selling cars.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/682f365098a3bac6263cd5d0c2f10a07\" tg-width=\"820\" tg-height=\"691\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>However, under the pressure of high investment, Nio Motor is still in a state of loss. This is also the fifth consecutive year of losses for Nio Motor, which indirectly shows that Nio Motor is still \"burning money\". Compared with Li Auto, which is also a new car-making force, although Nio Automobile has prominent advantages in revenue, Ideal is better than Nio in terms of gross profit margin and net profit. Moreover, Ideal's profit in the fourth quarter of last year has exceeded \"100 million\".</p><p>For an electric vehicle company that is stretched for funds, product sales and continuous financing have become almost everything. Fortunately, Nio's vehicle sales doubled last year. Financial report data shows that Nio delivered 17,353 vehicles in the fourth quarter of 2020. These include 4,873 ES8s, 7,574 ES6s and 4,906 EC6s, with EC6 model sales surpassing the ES8 and ES6 in December.</p><p>The number of vehicles delivered in 2020 was 43,700, a substantial increase of 112.6% year-on-year, and sales doubled.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e952c06cc1088c54006e40312a6f8abb\" tg-width=\"820\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Li Bin said: \"In the fourth quarter of 2020, Nio hit another new quarterly delivery high, reaching 17,353 vehicles, marking a perfect end to the transformative 2020.</p><p>According to data from the Passenger Car Association, in 2020, I<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 1.109 million units, a year-on-year increase of 9.8%. Among them, Tesla sold 143,800 vehicles in the Chinese market, and domestically produced Model 3 accounted for 94%.</p><p>Although Tesla's sales outpaced Nio's, in the conference call, when talking about the market competition faced by Nio, Li Bin said: \"The main competitors of Nio's ES6/EC6/ES8 models are Mercedes-Benz, BMW, and Audi (BBA)) fuel vehicles with similar prices. BBA has done a good job in the field of fuel vehicles, but the electric vehicle business is far behind Nio.\" At the same time, he emphasized that by the end of this year, Nio vehicles will achieve sales network coverage in cities with BBA dealers. It seems that Li Bin does not regard Tesla as a long-term competitor.</p><p><b>R&D investment doubled to 5 billion yuan, and cash reserves reached 42.5 billion yuan</b></p><p>Marketing, selling and administrative expenses, and research and development expenses remain important expenses for Nio, although they all decreased in 2020. This is also an important reason for the narrowing of Nio's automobile losses in 2020.</p><p>According to the financial report data, Nio's automobile market, sales and management expenses in 2020 will be 3.932 billion yuan, a year-on-year decrease of 27.87%. Nio Motor said that the decline in sales and administrative expenses was mainly attributable to the reduction in employee compensation, rent and related expenses brought about by the company's overall cost savings, efficiency improvements and optimization of the sales network structure.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcb7eb5a49d5563c2aeb6bdbbe8ae2a0\" tg-width=\"820\" tg-height=\"827\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Last year, Nio's research and development expenses were 2.488 billion yuan, a year-on-year decrease of 43.82%, accounting for 15.3% of total operating income. Although R&D expenses have dropped significantly, they are twice that of Li Auto (last year, the ideal R&D expenses were 1.1 billion yuan, accounting for 11.63% of the total operating income).</p><p>Regarding the reduction in R&D investment, Nio explained that the reduction in R&D expenses is mainly attributable to the company's overall cost-saving efforts and the improvement of operational efficiency of the R&D function, which has reduced design and development costs and employee compensation.</p><p>In terms of cash flow, Nio vehicles are relatively plentiful. As of December 31, 2020, Nio's cash and cash equivalents were 38.42 billion yuan. Cash reserves (cash and cash equivalents, restricted currency cash, short-term investments) totaled 42.5 billion yuan (Li Auto's cash reserves in 2020 reached 29.87 billion yuan).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b473bb90cfc9bf35c01e824469c11da\" tg-width=\"820\" tg-height=\"995\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Feng Wei, chief financial officer of Nio, said: \"Looking forward to the future, based on Nio's continuous technological innovation and increasing financial performance, the company will continue to invest firmly and efficiently in products, core technologies and user services.\"</p><p>\"Nio plans to double its R&D investment in 2021 to 5 billion yuan,\" Li Bin said during the earnings conference call.</p><p>It can be seen that both Nio and Ideal have doubled their future R&D investment, but what does high R&D investment indicate for the future?</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f0a95bf9557df114e6a0d2542a15edef\" tg-width=\"820\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Gasgoo believes that the development of the new energy vehicle industry is a brand-new road, especially for domestic independent brands. In this market environment of crossing the river by feeling the stones, whoever masters the core technological advantages will master the market. In the face of the intensification of industry reshuffle, there is only continuous technological innovation, and high R&D investment is the magic weapon to win. It is reported that in 2019<a href=\"https://laohu8.com/S/002594\">BYD</a>, Geely and<a href=\"https://laohu8.com/S/02338\">Weichai Power</a>R&D expenses exceed 5 billion yuan,<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>、<a href=\"https://laohu8.com/S/600418\">Jianghuai Motors</a>The R&D investment of other companies has exceeded 1 billion yuan.</p><p>According to Qin Lihong, co-founder and president of Nio Automobile, although Nio is a listed company still losing money, Nio has invested nearly 20 billion RMB in more than five years.</p><p><b>How to do it in 2021? Production capacity will reach 300,000 by the end of the year/enter the European market</b></p><p>\"2020 is an important milestone in the development of Nio. With the support of users and the efforts of the team, the overall operation of Nio is on the right track and has entered a stage of accelerated development.\" Regarding Nio's development last year, Li Bin concluded. In 2021, in the face of gradually rising sales, Nio is also stepping up its layout.</p><p>Compared with Li Auto founder Li Xiang's \"Great Leap Forward\" plan (in 2025, it will become the first<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies; In 2030, it will become the world's number one<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies), Li Bin appears to be more realistic.</p><p>In this regard, Nio has issued the following plans:</p><p><b>1. Nio's monthly production capacity has increased to 7,500 units, and it is planned to achieve a single shift production capacity of 150,000 units/double shift production capacity of 300,000 units by the end of the year;</b></p><p><b>2. In 2021, it is planned to build 20 new Nio centers and 120 Nio spaces, with a total of 366 stores;</b></p><p><b>3. The second-generation battery swap stations will be deployed in 2021, and the total number of battery swap stations nationwide will exceed 500;</b></p><p><b>4. In 2021, it is planned to build a total of 600 supercharging stations and 15,000 destination charging piles;</b></p><p><b>5. In the international market, according to the previous plan, Nio will start sales and services in Europe this year. According to Li Bin, various preparations are currently progressing in an orderly manner;</b></p><p><b>6. Adhere to the high-end positioning, and the NIO brand will definitely not enter the mass market. However, Li Bin also said that there is definitely a possibility, and in the long run, it is a more active way to enter the mass market.</b></p><p>Talking about the most distinctive battery swap technology, Li Bin said that Nio has withstood the test of the market and users. He said that Nio is committed to building an innovative system that separates vehicles and electricity, rents batteries, is rechargeable, replaceable and upgradable, and provides users with full-scenario power-up services.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e48ff9ad7df43e20a6cf9a5eafc7eb8\" tg-width=\"820\" tg-height=\"386\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>With the growing user base and increasingly rich battery pack combinations, more and more users choose Battery as a Service, BaaS. Among the new orders in February 2021, 55% of users chose BaaS. Li Bin believes that BaaS and Nio's complete charging and swapping service system will accelerate the conversion of gasoline vehicle users to pure electric vehicles.</p><p>When referring to the current hot topic of \"chip shortage\", Li Bin said: \"At present, the chip supply of Nio Automobile can basically meet Nio's normal production in Q2, but the risk is very high. What is more urgent is the shortage of power battery supply, especially The supply of 100Kwh power battery packs is less than we expected. The bottleneck of power battery supply is expected to be alleviated around July this year.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c22d5079af505169a7778c307087eb48\" tg-width=\"820\" tg-height=\"475\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>In addition, Li Bin said that from a brand perspective, NIO will not enter the massive market. A few years ago, Nio tried with GAC and Changan through investment, and the current shareholding ratio has dropped from about 40% to about 5%. Nio's main brand is mainly high-end, but it also actively observes how to enter the mass market, which has always been Nio's strategy.</p><p>Finally, Nio Motor made a forecast for sales and revenue in the first quarter of this year.</p><p>Nio expects vehicle deliveries in the first quarter of 2021 to be between 20,000 and 20,500 vehicles, a year-on-year increase of 421% to 434% and a quarter-on-quarter increase of 15% to 18%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3354df34375e38731ba2449587df92af\" tg-width=\"820\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Revenue will be between 7.38 billion yuan and 7.56 billion yuan, a year-on-year increase of 438.1% to 450.8%.</p><p>Data show that in January this year, Nio delivered 7,225 new vehicles, a year-on-year increase of 352.1%. In February, Nio vehicles continued their high-speed growth model, with a year-on-year increase of 689%, doubling the growth rate in January. Among them, 1,327 ES8 units were delivered; Nio ES6 deliveries were 2,216 units; EC6 deliveries were 2,035 units. A total of 12,803 vehicles were delivered in January and February.</p><p><b>Written at the end:</b></p><p>At present, in the first echelon of new car-making forces, only<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>The financial report has not yet been disclosed, but it can be predicted that in 2020<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Under the catalysis of the capital market and the \"new energy east wind\", the performance may not be too bad.</p><p>However, the road to new car-making forces is extremely difficult. On the one hand, there are flowers and applause, and on the other hand, there may be cliffs and failures. What's more, in the past two months of 2021, the new energy track has been \"overcrowded\", whether it is a real estate tycoon, or mobile phone manufacturers or Internet companies all want to get a share of this field.</p><p>Cui Dongshu, secretary-general of the Passenger Car Association, believes that the price of new energy vehicles is currently relatively high in the U.S. capital market, and there is a certain bubble. He said that valuation is a capital market evaluation and has no practical significance for promoting the development of enterprises.</p><p>Therefore, whether it is Nio, Ideal or new energy companies such as XPeng, the track of new energy vehicles in 2021 is still full of unknowns and dangers.</p>","source":"lsy1596524752134","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>Nio vehicles: After experiencing \"madness\", can they maintain \"prosperity\"</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\">\nNio vehicles: After experiencing \"madness\", can they maintain \"prosperity\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">盖世汽车每日速递</strong><span class=\"h-time small\">2021-03-05 14:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On March 2, following<a href=\"https://laohu8.com/S/LI\">Li Auto</a>After handing over the 2020 answer sheet of annual revenue of 9.46 billion yuan and delivering 32,600 new cars, as the first listed stock of China's new car-making force<a href=\"https://laohu8.com/S/NIO\">Nio</a>The car also handed over its own answer sheet. Or catalyzed by good performance,<a href=\"https://laohu8.com/S/NIO\">Nio</a>The stock price of automobiles rose sharply. As of March 2, the stock price of the stock rose 8.69%, with a quoted price of US $49.76 per share and a total market value of US $78.1 billion (approximately RMB 505 billion).</p><p>As we all know, Nio vehicles in 2020 can be described as \"a mixture of sorrow and joy\". From burning tens of billions and almost going bankrupt, the market value exceeded 76 billion US dollars (approximately 491 billion yuan) by the end of the year, and it became the second largest market value in the world after<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, Toyota and Volkswagen, the fifth largest automaker. Li Bin, the founder of Nio Motors, has also changed from \"the worst person in 2019\" to \"the happiest person in 2020\", as if he had experienced a roller coaster journey.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cc0b98bc9a3eaa3783b8c4cf13440db\" tg-width=\"820\" tg-height=\"581\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile official website</span></p><p>So, how will Nio Motor, which has suffered losses for four consecutive years and has been labeled as the \"king of losses\", perform in 2020? Face<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts, capital seizing the new energy vehicle market... and other challenges. What is the magic weapon for Nio vehicles to deal with in the future? After experiencing madness and enduring loneliness, can Nio vehicles maintain prosperity?</p><p><b>Revenue exceeded 16.2 billion yuan, but still lost 5 billion yuan</b></p><p>as<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similarly, in 2020, Nio Automobile took advantage of the east wind of the \"new energy\" market. Not only did its stock price and market value soar, but its operating performance also improved significantly, staging a wonderful counterattack.</p><p>The financial report shows that Nio's revenue in the fourth quarter of 2020 was 6.64 billion yuan, a year-on-year increase of 133.2%; The net loss was 1.389 billion yuan, a year-on-year decrease of 51.5%. Excluding equity incentive expenses, the adjusted net loss (non-GAAP) was 1.328 billion yuan, a year-on-year decrease of 52.8%; Gross margin on automobile sales was 17.2%, compared with negative 6.0% in the fourth quarter of 2019 and 14.5% in the previous quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3e67abf5dcc77a475db96809a184ad0\" tg-width=\"820\" tg-height=\"838\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>From the perspective of the whole year, the total revenue of Nio vehicles was 16.258 billion yuan, a year-on-year increase of 107.8%; The net loss was 5.304 billion yuan, a year-on-year decrease of 53.0%. Excluding share-based payment expenses, the adjusted net loss (non-GAAP) was 5.117 billion yuan, a year-on-year decrease of 53.3%.</p><p>It is worth noting that in 2020, Nio's gross profit will be 1.873 billion yuan. With the improvement of gross profit, Nio's gross profit margin increased to 11.5% in 2020 (negative 15.3% in 2019), and the gross profit margin of the automotive business increased to 12.7% (negative 9.9% in the previous year). It can be seen that the positive gross profit and gross profit margin means that Nio Motors has been able to \"make money\" by selling cars.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/682f365098a3bac6263cd5d0c2f10a07\" tg-width=\"820\" tg-height=\"691\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>However, under the pressure of high investment, Nio Motor is still in a state of loss. This is also the fifth consecutive year of losses for Nio Motor, which indirectly shows that Nio Motor is still \"burning money\". Compared with Li Auto, which is also a new car-making force, although Nio Automobile has prominent advantages in revenue, Ideal is better than Nio in terms of gross profit margin and net profit. Moreover, Ideal's profit in the fourth quarter of last year has exceeded \"100 million\".</p><p>For an electric vehicle company that is stretched for funds, product sales and continuous financing have become almost everything. Fortunately, Nio's vehicle sales doubled last year. Financial report data shows that Nio delivered 17,353 vehicles in the fourth quarter of 2020. These include 4,873 ES8s, 7,574 ES6s and 4,906 EC6s, with EC6 model sales surpassing the ES8 and ES6 in December.</p><p>The number of vehicles delivered in 2020 was 43,700, a substantial increase of 112.6% year-on-year, and sales doubled.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e952c06cc1088c54006e40312a6f8abb\" tg-width=\"820\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Li Bin said: \"In the fourth quarter of 2020, Nio hit another new quarterly delivery high, reaching 17,353 vehicles, marking a perfect end to the transformative 2020.</p><p>According to data from the Passenger Car Association, in 2020, I<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Automobile retail sales were 1.109 million units, a year-on-year increase of 9.8%. Among them, Tesla sold 143,800 vehicles in the Chinese market, and domestically produced Model 3 accounted for 94%.</p><p>Although Tesla's sales outpaced Nio's, in the conference call, when talking about the market competition faced by Nio, Li Bin said: \"The main competitors of Nio's ES6/EC6/ES8 models are Mercedes-Benz, BMW, and Audi (BBA)) fuel vehicles with similar prices. BBA has done a good job in the field of fuel vehicles, but the electric vehicle business is far behind Nio.\" At the same time, he emphasized that by the end of this year, Nio vehicles will achieve sales network coverage in cities with BBA dealers. It seems that Li Bin does not regard Tesla as a long-term competitor.</p><p><b>R&D investment doubled to 5 billion yuan, and cash reserves reached 42.5 billion yuan</b></p><p>Marketing, selling and administrative expenses, and research and development expenses remain important expenses for Nio, although they all decreased in 2020. This is also an important reason for the narrowing of Nio's automobile losses in 2020.</p><p>According to the financial report data, Nio's automobile market, sales and management expenses in 2020 will be 3.932 billion yuan, a year-on-year decrease of 27.87%. Nio Motor said that the decline in sales and administrative expenses was mainly attributable to the reduction in employee compensation, rent and related expenses brought about by the company's overall cost savings, efficiency improvements and optimization of the sales network structure.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bcb7eb5a49d5563c2aeb6bdbbe8ae2a0\" tg-width=\"820\" tg-height=\"827\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Last year, Nio's research and development expenses were 2.488 billion yuan, a year-on-year decrease of 43.82%, accounting for 15.3% of total operating income. Although R&D expenses have dropped significantly, they are twice that of Li Auto (last year, the ideal R&D expenses were 1.1 billion yuan, accounting for 11.63% of the total operating income).</p><p>Regarding the reduction in R&D investment, Nio explained that the reduction in R&D expenses is mainly attributable to the company's overall cost-saving efforts and the improvement of operational efficiency of the R&D function, which has reduced design and development costs and employee compensation.</p><p>In terms of cash flow, Nio vehicles are relatively plentiful. As of December 31, 2020, Nio's cash and cash equivalents were 38.42 billion yuan. Cash reserves (cash and cash equivalents, restricted currency cash, short-term investments) totaled 42.5 billion yuan (Li Auto's cash reserves in 2020 reached 29.87 billion yuan).</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b473bb90cfc9bf35c01e824469c11da\" tg-width=\"820\" tg-height=\"995\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Feng Wei, chief financial officer of Nio, said: \"Looking forward to the future, based on Nio's continuous technological innovation and increasing financial performance, the company will continue to invest firmly and efficiently in products, core technologies and user services.\"</p><p>\"Nio plans to double its R&D investment in 2021 to 5 billion yuan,\" Li Bin said during the earnings conference call.</p><p>It can be seen that both Nio and Ideal have doubled their future R&D investment, but what does high R&D investment indicate for the future?</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f0a95bf9557df114e6a0d2542a15edef\" tg-width=\"820\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Gasgoo believes that the development of the new energy vehicle industry is a brand-new road, especially for domestic independent brands. In this market environment of crossing the river by feeling the stones, whoever masters the core technological advantages will master the market. In the face of the intensification of industry reshuffle, there is only continuous technological innovation, and high R&D investment is the magic weapon to win. It is reported that in 2019<a href=\"https://laohu8.com/S/002594\">BYD</a>, Geely and<a href=\"https://laohu8.com/S/02338\">Weichai Power</a>R&D expenses exceed 5 billion yuan,<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>、<a href=\"https://laohu8.com/S/600418\">Jianghuai Motors</a>The R&D investment of other companies has exceeded 1 billion yuan.</p><p>According to Qin Lihong, co-founder and president of Nio Automobile, although Nio is a listed company still losing money, Nio has invested nearly 20 billion RMB in more than five years.</p><p><b>How to do it in 2021? Production capacity will reach 300,000 by the end of the year/enter the European market</b></p><p>\"2020 is an important milestone in the development of Nio. With the support of users and the efforts of the team, the overall operation of Nio is on the right track and has entered a stage of accelerated development.\" Regarding Nio's development last year, Li Bin concluded. In 2021, in the face of gradually rising sales, Nio is also stepping up its layout.</p><p>Compared with Li Auto founder Li Xiang's \"Great Leap Forward\" plan (in 2025, it will become the first<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies; In 2030, it will become the world's number one<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies), Li Bin appears to be more realistic.</p><p>In this regard, Nio has issued the following plans:</p><p><b>1. Nio's monthly production capacity has increased to 7,500 units, and it is planned to achieve a single shift production capacity of 150,000 units/double shift production capacity of 300,000 units by the end of the year;</b></p><p><b>2. In 2021, it is planned to build 20 new Nio centers and 120 Nio spaces, with a total of 366 stores;</b></p><p><b>3. The second-generation battery swap stations will be deployed in 2021, and the total number of battery swap stations nationwide will exceed 500;</b></p><p><b>4. In 2021, it is planned to build a total of 600 supercharging stations and 15,000 destination charging piles;</b></p><p><b>5. In the international market, according to the previous plan, Nio will start sales and services in Europe this year. According to Li Bin, various preparations are currently progressing in an orderly manner;</b></p><p><b>6. Adhere to the high-end positioning, and the NIO brand will definitely not enter the mass market. However, Li Bin also said that there is definitely a possibility, and in the long run, it is a more active way to enter the mass market.</b></p><p>Talking about the most distinctive battery swap technology, Li Bin said that Nio has withstood the test of the market and users. He said that Nio is committed to building an innovative system that separates vehicles and electricity, rents batteries, is rechargeable, replaceable and upgradable, and provides users with full-scenario power-up services.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e48ff9ad7df43e20a6cf9a5eafc7eb8\" tg-width=\"820\" tg-height=\"386\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>With the growing user base and increasingly rich battery pack combinations, more and more users choose Battery as a Service, BaaS. Among the new orders in February 2021, 55% of users chose BaaS. Li Bin believes that BaaS and Nio's complete charging and swapping service system will accelerate the conversion of gasoline vehicle users to pure electric vehicles.</p><p>When referring to the current hot topic of \"chip shortage\", Li Bin said: \"At present, the chip supply of Nio Automobile can basically meet Nio's normal production in Q2, but the risk is very high. What is more urgent is the shortage of power battery supply, especially The supply of 100Kwh power battery packs is less than we expected. The bottleneck of power battery supply is expected to be alleviated around July this year.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c22d5079af505169a7778c307087eb48\" tg-width=\"820\" tg-height=\"475\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>In addition, Li Bin said that from a brand perspective, NIO will not enter the massive market. A few years ago, Nio tried with GAC and Changan through investment, and the current shareholding ratio has dropped from about 40% to about 5%. Nio's main brand is mainly high-end, but it also actively observes how to enter the mass market, which has always been Nio's strategy.</p><p>Finally, Nio Motor made a forecast for sales and revenue in the first quarter of this year.</p><p>Nio expects vehicle deliveries in the first quarter of 2021 to be between 20,000 and 20,500 vehicles, a year-on-year increase of 421% to 434% and a quarter-on-quarter increase of 15% to 18%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3354df34375e38731ba2449587df92af\" tg-width=\"820\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><span>Image source: Nio Automobile Official</span></p><p>Revenue will be between 7.38 billion yuan and 7.56 billion yuan, a year-on-year increase of 438.1% to 450.8%.</p><p>Data show that in January this year, Nio delivered 7,225 new vehicles, a year-on-year increase of 352.1%. In February, Nio vehicles continued their high-speed growth model, with a year-on-year increase of 689%, doubling the growth rate in January. Among them, 1,327 ES8 units were delivered; Nio ES6 deliveries were 2,216 units; EC6 deliveries were 2,035 units. A total of 12,803 vehicles were delivered in January and February.</p><p><b>Written at the end:</b></p><p>At present, in the first echelon of new car-making forces, only<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>The financial report has not yet been disclosed, but it can be predicted that in 2020<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Under the catalysis of the capital market and the \"new energy east wind\", the performance may not be too bad.</p><p>However, the road to new car-making forces is extremely difficult. On the one hand, there are flowers and applause, and on the other hand, there may be cliffs and failures. What's more, in the past two months of 2021, the new energy track has been \"overcrowded\", whether it is a real estate tycoon, or mobile phone manufacturers or Internet companies all want to get a share of this field.</p><p>Cui Dongshu, secretary-general of the Passenger Car Association, believes that the price of new energy vehicles is currently relatively high in the U.S. capital market, and there is a certain bubble. He said that valuation is a capital market evaluation and has no practical significance for promoting the development of enterprises.</p><p>Therefore, whether it is Nio, Ideal or new energy companies such as XPeng, the track of new energy vehicles in 2021 is still full of unknowns and dangers.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://mp.weixin.qq.com/s/TySQeiqhZWVzpw7JhjU6wQ\">盖世汽车每日速递</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/feebf0ff4401232c3ecc332f566f18e0","relate_stocks":{"NIO":"蔚来"},"source_url":"http://mp.weixin.qq.com/s/TySQeiqhZWVzpw7JhjU6wQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186621790","content_text":"3月2日，继理想汽车交出年营收94.6亿元，交付3.26万辆新车的2020年答卷后，作为中国造车新势力上市第一股的蔚来汽车也交出自己的答卷。或在良好业绩的催化下，蔚来汽车股价应声大涨，截止3月2日，该股股价大涨8.69%，报价49.76美元/股，总市值781亿美元（约合人民币5050亿元）。\n众所周知，2020年的蔚来汽车可谓“悲喜交加”，从狂烧百亿差点破产，到年底市值突破760亿美元（约合人民币4910亿元）一跃成为全球市值仅次于特斯拉、丰田和大众汽车的第五大汽车制造商。蔚来汽车创始人李斌也从“2019年最惨的人”变成了“2020年最幸福的人”，如同经历了一场过山车式的旅程。\n图片来源：蔚来汽车官网\n那么，连续4年亏损，被戴上“亏损之王”帽子的蔚来汽车2020年经营业绩表现如何？面对特斯拉降价、资本抢滩新能源汽车市场……等挑战蔚来汽车未来有何应对法宝？经历了癫狂，耐住了寂寞后，蔚来汽车能否守得住繁华？\n营收超162亿元，但仍亏损50亿元\n如同理想汽车一样，2020年蔚来汽车乘着“新能源”市场的东风，不仅股价和市值扶摇直上，而且经营业绩也大幅改善，上演了一场精彩的绝地反击。\n财报显示，蔚来2020年第四季营收66.4亿元，同比增长133.2%；净亏损为13.89亿元，同比下降51.5%，除股权激励费用，调整后净亏损（非美国通用会计准则）为13.28亿元，同比下降52.8%；汽车销售毛利率为17.2%，2019年第四季度为负6.0%，上季度为14.5%。\n图片来源：蔚来汽车官方\n从全年来看，蔚来汽车总收入为162.58亿元，同比增加107.8%；净亏损为53.04亿元，同比减少了53.0%，除股份支付费用，调整后净亏损（非美国通用会计准则）为51.170亿元，同比减少了53.3%。\n值得注意的是，2020年，蔚来的毛利润为18.73亿元。而伴随毛利润改善，2020年蔚来的公司毛利率提升至11.5%（2019年为负15.3%），汽车业务毛利率提升至12.7%（上年度为负9.9%）。可以看出，毛利润和毛利率的转正，意味着蔚来汽车已经能够靠卖车“赚钱”。\n图片来源：蔚来汽车官方\n不过，在高投入的压力下，蔚来汽车仍处于亏损状态，这也是蔚来汽车的连续第5年亏损，间接表明蔚来汽车仍然很“烧钱”。相比同为造车新势力的理想汽车，虽然蔚来汽车在营收方面优势凸显，但理想在毛利率和净利润方面均优于蔚来，况且理想去年第四季度盈利已破“亿”。\n对于一家资金捉襟见肘的电动车汽车公司来说，产品销量和不断融资，几乎成为一切，好在去年蔚来汽车销量实现了翻番。财报数据显示，2020年第四季度蔚来交付数量为17353辆。其中包括4873辆ES8，7574辆ES6和4906辆EC6，EC6车型销量在12月超过了ES8和ES6。\n2020年全年交付数量为4.37万辆，同比大幅增长112.6%，实现销量翻番。\n图片来源：蔚来汽车官方\n李斌表示：“2020年第四季度，蔚来再创季度交付新高，达17,353辆，为充满变革意义的2020年划上完美句号。\n据乘联会数据显示，2020年，我国新能源汽车零售110.9万辆，同比增长9.8%。其中，特斯拉在中国市场销量为14.38万辆，国产Model 3占94%。\n虽然特斯拉销量力压蔚来，但在电话会议环节，谈及蔚来面临的市场竞争时，李斌表示：“蔚来ES6/EC6/ES8车型的主要竞品是奔驰、宝马、奥迪（BBA）相近价位的燃油车，BBA在燃油车领域做得很出色，但电动车业务和蔚来相比差得很远。”同时他强调，到今年年底有BBA经销商在的城市，蔚来汽车都会做到销售网络覆盖。看来李斌并没有把特斯拉作为长期竞争者。\n研发投入翻番至50亿元，现金储备达425亿元\n市场、销售和管理费用以及研发费用仍然是蔚来的重要支出，不过2020年均有所减少。这也是2020年蔚来汽车亏损收窄的一个重要原因。\n财报数据显示，2020年蔚来汽车市场、销售和管理费用为39.32亿元，同比下降27.87%。蔚来汽车表示，销售及管理费用的下降主要归因于公司整体的成本节约、效率提升和销售网络结构的优化所带来的员工薪酬、租金和相关费用的降低。\n图片来源：蔚来汽车官方\n去年蔚来的研发费用为24.88亿元，同比下降43.82%，占总营业收入比例为15.3%。虽然研发费用大幅下降，但高于理想汽车一倍（去年理想研发费用为11亿元，占总营业收入比例为11.63%）。\n对于研发投入减少，蔚来解释称，研发费用的减少主要归因于公司整体节约成本的努力以及研发职能部门运营效率的提高，从而降低了设计和开发成本以及员工薪酬。\n现金流方面，蔚来汽车较为宽裕。截至2020年12月31日，蔚来手中的现金及现金等价物为384.2亿元。现金储备（现金及现金等价物、限制性货币现金、短期投资）共计425亿元（理想汽车2020年现金储备达298.7亿元）。\n图片来源：蔚来汽车官方\n蔚来首席财务官奉玮表示：“展望未来，基于蔚来持续的技术创新、不断增强的财务表现，公司将持续在产品、核心技术和用户服务上坚定高效地进行投入。”\n“蔚来2021年研发投入计划翻番至50亿元。”李斌在财报电话会议上表示。\n可以看到，不论是蔚来还是理想其未来研发投入均呈翻倍增长，而高研发投入对未来预示着什么？\n图片来源：蔚来汽车官方\n盖世汽车认为，新能源汽车行业的发展是一条全新的道路，尤其是对于国内自主品牌来说尤为艰难，在这种摸着石头过河的市场环境下，谁掌握了核心技术优势，谁就掌握了市场。面对行业洗牌的加剧，只有不断技术创新，而高研发投入是制胜法宝。据悉，2019年比亚迪、吉利和潍柴动力研发费用均超过50亿元，长城汽车、江淮汽车等公司研发投入均超过10亿元。\n据蔚来汽车联合创始人、总裁秦力洪透露，虽然蔚来目前是一个仍然在亏损的上市公司，但5年多的时间蔚来已经投入接近200多亿的人民币。\n2021年怎么干？年底产能达30万/进军欧洲市场\n“2020年是蔚来发展的一个重要里程碑，在用户的支持和团队的努力下，蔚来整体经营步入正轨并进入了加速发展阶段。”关于蔚来去年的发展，李斌如此总结道。而在2021年，面对逐渐上涨的销量，蔚来也在抓紧布局。\n相比理想汽车创始人李想“大跃进”式规划（2025年，成为中国第一的智能电动车企业；2030年，成为全球第一的智能电动车企业），李斌则显得更加现实。\n对此蔚来发布了以下几项规划：\n1、蔚来月产能已提升至7500台，计划年底实现单班15万/双班30万产能；\n2、2021年计划新建20家蔚来中心和120家蔚来空间，门店总数达366家；\n3、2021年开始部署二代换电站，全国换电站总量将超500座；\n4、2021年计划累计建成600座超充站和15000根目的地充电桩；\n5、在国际市场方面，按照此前计划，今年蔚来将开始在欧洲进行销售和服务。据李斌介绍，目前各项准备正在有序推进之中；\n6、坚持高端定位，NIO品牌肯定不会进入大众市场。但李斌又表示，从可能性的方面肯定是有的，长期是从更积极的方式去进入大众市场。\n谈及最有特色的换电技术，李斌表示蔚来经受住了市场和用户的考验。他表示，蔚来致力于打造车电分离，电池租用，可充可换可升级的创新体系，为用户提供全场景的加电服务。\n图片来源：蔚来汽车官方\n伴随不断增长的用户基数，日益丰富的电池包组合，越来越多的用户选择Battery as a Service, BaaS。2021年2月新增订单中，选择BaaS的用户达到55%，李斌相信BaaS和蔚来完善的充换电服务体系将加速油车用户到纯电车型的转化。\n在涉及当下比火热的“芯片短缺”话题时，李斌表示：“目前，蔚来汽车的芯片供应基本能满足蔚来在Q2的正常生产，但风险很高。比较急切的是动力电池供应不足，尤其是100Kwh的动力电池组供应，比我们预期的要少一些。动力电池供应瓶颈预计会在今年7月左右得到缓解。”\n图片来源：蔚来汽车官方\n另外，李斌表示，从品牌角度，NIO不会进入 massive market （大众市场）。几年前蔚来通过投资，与广汽和长安做过尝试，目前股比从之前的40%左右降到5%左右。蔚来主品牌主要还是做高端，但也积极观察如何进入大众市场，这是蔚来一直以来的战略。\n最后，蔚来汽车对今年一季度的销量和营收做了一个预测。\n蔚来汽车预计2021年第一季度汽车交付量将在2万辆至2.05万辆之间，同比增长421%至434%，环比增长15%至18%。\n图片来源：蔚来汽车官方\n营收将在73.8亿元至75.6亿元之间，同比增长438.1%至450.8%。\n数据显示，今年1月，蔚来汽车新车交付量为7,225辆，同比增长352.1%。2月份蔚来汽车延续了高速增长模式，同比增长689％，比1月份增幅再次翻番。其中，ES8交付为1,327辆；蔚来ES6交付为2,216辆；EC6交付为2,035辆。1、2月累计交付12,803辆。\n写在最后：\n目前，造车新势力第一梯队中，仅剩小鹏汽车财报还未披露，不过可以预判，2020年小鹏汽车在资本市场和“新能源东风”的催化下，表现或许不会太差。\n不过，造车新势力之路及其不易，一面是鲜花与掌声，一面有可能是悬崖与失败，更何况仅过去2个月的2021年，新能源赛道已经“人满为患”，不论是房地产大佬，还是手机厂商，亦或是互联网企业均想在该领域分得一杯羹。\n乘联会秘书长崔东树认为，新能源车目前在美国资本市场价格较高，存在一定的泡沫。他表示，估值是资本市场评价，对企业的发展没有实际的促进意义。\n因此，无论是蔚来还是理想亦或是小鹏等新能源企业，2021年新能源汽车这条赛道上，仍然充满了未知和凶险。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360672200,"gmtCreate":1613915242700,"gmtModify":1704885898577,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360672200","repostId":"1177371356","repostType":4,"repost":{"id":"1177371356","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":1613908733,"share":"https://ttm.financial/m/news/1177371356?lang=en_US&edition=fundamental","pubTime":"2021-02-21 19:58","market":"hk","language":"zh","title":"Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage","url":"https://stock-news.laohu8.com/highlight/detail?id=1177371356","media":"老虎资讯综合","summary":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","content":"<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></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>Xiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval 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\">\nXiaomi Group: Research on electric vehicle manufacturing business has not yet reached the formal project approval stage\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\">2021-02-21 19:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On February 21, Xiaomi Group announced in Hong Kong that it had noticed recent media reports about the Group's intention to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem, and continuously evaluating and studying the relevant industry situation. The Group's research on the electric vehicle manufacturing business has not yet reached the formal project approval stage.</p><p><img src=\"https://static.tigerbbs.com/3de0ddb17380d1d3e70b53261cff1cdc\"></p><p><br></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a05af8ce4f3dfb13a3f12e28b812d9a4","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177371356","content_text":"2月21日讯，小米集团在港公告，注意到近日若干媒体有关本集团拟进入电动汽车制造行业的报导。本集团一直关注电动汽车生态的发展，并就相关行业态势进行持续评估及研究。本集团就电动汽车制造业务的研究还没有到正式立项阶段。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386521769,"gmtCreate":1613211680751,"gmtModify":1704879454468,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386521769","repostId":"1170563447","repostType":4,"repost":{"id":"1170563447","kind":"news","pubTimestamp":1613190008,"share":"https://ttm.financial/m/news/1170563447?lang=en_US&edition=fundamental","pubTime":"2021-02-13 12:20","market":"hk","language":"zh","title":"At the age of 34, she relied on 500 teahouses to support an IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1170563447","media":"投资界","summary":"2021年，新式茶饮上市潮即将杀到，隐身幕后的年轻创始人们集体登场。\n\n除夕夜，奈雪的茶悄悄递交了IPO招股书。\n投资界消息，2月11日除夕当天，港交所文件显示，奈雪的茶向港交所递交招股书，摩根大通、","content":"<p>In 2021, the wave of new tea drinks is about to be launched, and young founders who are hidden behind the scenes will collectively appear on the stage. On New Year's Eve, Nayuki's Tea quietly submitted its IPO prospectus.</p><p>According to news from the investment community, on New Year's Eve, February 11, documents from the Hong Kong Stock Exchange showed that Nayuki's Tea submitted a prospectus to the Hong Kong Stock Exchange.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CMB International and Huatai International are the sponsors. This means that Nayuki's tea has taken the lead in entering the capital market, and may surpass Heytea to become the first new tea drink.</p><p>Behind Nayuki's tea is a romantic love story. In 2015, Peng Xin, born in the 1980s, and Zhao Lin, born in the 1970s, officially founded Naixue's Tea, and after the A + round of financing in 2018, they became a new tea unicorn with a valuation of 6 billion yuan. Now that three years have passed, the valuation of Nayuki's tea has doubled again-according to Bloomberg News, after the new financing in January 2021, its valuation will be close to US $2 billion (about 13 billion yuan).</p><p>\"Entering 2021, the wave of new tea drinks is about to be launched.\" A primary market investor judged that both Heytea and Nayuki's tea are competing for the first share. Behind these familiar tea brands-Heytea, Naixue's Tea, Tea Yanyuese, etc., is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang.</p><p><b>A tea unicorn with a valuation of 13 billion: it started with a blind date, and the husband and wife opened 500 stores</b></p><p>Nayuki's entrepreneurial story began with a blind date many years ago.</p><p>Peng Xin was born in 1987 and graduated from the School of Business Administration of Jiangxi University of Finance and Economics in 2010. At first, he worked as a brand in a listed IT company, and gradually became the director. But like many girls, Peng Xin has a \"baking dream\" in her heart.</p><p>In December 2012, Peng Xin chose to resign and start a business. At the beginning, she drew up her own business plan, focusing on drinks, baking and teaching, but she had been struggling to find a partner. \"This plan now looks naive and layman. There are too many things to do, and there is no experience and resources.\" Peng Xin once recalled.</p><p>Until I met Zhao Lin. In March 2013, under the recommendation of a friend, Peng Xin met Zhao Lin, who had been working hard in the catering industry for many years at that time. Facing Zhao Lin, a predecessor in the catering industry, Peng Xin spent two hours talking about his entrepreneurial dream Kan Kan. I don't know, Zhao Lin came with the purpose of blind date, and all social activities that were not aimed at blind date had been pushed off by him before.</p><p>Regarding their first encounter, Zhao Lin recalled in a speech: \"After reading her plan, I thought this girl had a lot of ideas, but I also knew in my heart that this project was difficult to succeed, and lack of experience was the biggest shortcoming.\" So, Zhao Lin gave a solution to the problem, that is, Peng Xin became his girlfriend. \"She said yes! Did I say you are serious? She said yes! Since then, we have been together every day, and three months later, we got married.\"</p><p>Soon, Zhao Lin and Peng Xin put their entrepreneurial dream into practice and registered the trademark \"Naixue's Tea\" in 2014.</p><p>The reason why the brand is called \"Naixue\" comes from Peng Xin's screen name. \"When you see this name, some people will think of a beautiful girl making tea, and some people will think of the snow all over the sky... In short, we hope everyone who sees this name can think of beautiful things.\"</p><p><b>During the preparation process of more than a year, the biggest problem encountered by Zhao Lin and Peng Xin was site selection.</b>The area of Nayuki's tea shops is all positioned at more than 200 square meters, which is rare in the world. Peng Xin once revealed: \"At that time, no shopping mall was willing to give a large area of stalls to a tea brand, so it took us more than half a year to find a location.\"</p><p><img src=\"https://static.tigerbbs.com/5e6a199e8df7c77b1d5cda89fd32f946\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In November 2015, Naixue's first tea store, Shenzhen Excellent Century Store, opened, and within a month, Happy Coast Store and Huaqiang North Jiufang Store also opened one after another. Since they started from scratch, Zhao Lin and Peng Xin even mortgaged their houses to the bank in order to open three stores in one breath.</p><p>With such a radical idea, it seems that Zhao Lin and Peng Xin have made the right bet now. With innovative<b>\"Tea + soft European bag\" dual product line model</b>, Nayuki's tea has embarked on the road of rapid expansion. According to the prospectus, as of September 30, 2020, the number of Naixue's tea stores worldwide has reached 422, covering 61 cities in mainland China, as well as Hong Kong and Japan, and has further increased to 507 as of the latest practicable date. According to Bloomberg News, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In November 2020, Nayuki's Tea also opened a new store type \"Nayuki PRO\" in Shenzhen, which is the fourth type of store type after Nayuki's Tea, Nayuki Wine House, and Nayuki DreamWorks. Not only that, it will always<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Nayuki's Tea, which is regarded as an industry benchmark, has also quietly launched 7 types of coffee, which has great potential to make efforts in the coffee track. Obviously, the ambitions of this new tea unicorn go far beyond that.</p><p><b>Income 2.5 billion a year</b></p><p><b>With the latest profit margin of 0.2%, how do tea shops make money?</b></p><p>Selling milk tea and soft bags, how does Naixue rely on to support an IPO?</p><p>According to the prospectus, Naixue's core tea menu currently has more than 25 classic tea drinks and more than 25 classic baked products. Among them, tea drinks include fresh fruit tea, fresh milk tea and pure tea, in addition to providing a variety of retail products, such as tea gift boxes, snacks and ready-to-drink tea drinks.</p><p>Nayuki's Tea relies on the innovative concept of freshly made tea drinks and baked products. Since opening its first tea shop in Shenzhen in 2014, Nayuki's Tea opened 179 and 174 new stores in 2018 and 2019 respectively, which is equivalent to Opening one in two days, the expansion speed is amazing.</p><p>From the perspective of urban layout,<b>First-tier and new first-tier cities are the main positions of Nayuki's tea.</b>As of September 30, 2020, 155 of its 422 stores nationwide cover first-tier cities, 148 cover new first-tier cities, and 98 stores are in second-tier cities.</p><p>From the perspective of daily store sales and store order volume, the data performance gap between Nayuki's tea stores in first-tier cities, new first-tier cities, and second-tier cities is not large, but shows a downward trend year by year.</p><p>According to the prospectus, in 2018, 2019, and the first three quarters of 2020, the average daily sales of each tea shop of Naixue's tea were 307,000 yuan, 277,000 yuan, and 201,000 yuan respectively; The average daily order volume per store has also dropped from 716 orders in 2018 to 465 orders in 2020.</p><p>And<b>With the rapid expansion of stores, Nayuki's tea operating income has also shown explosive growth.</b>According to the prospectus, the revenue of Nayuki's tea in 2018 and 2019 was 1.09 billion yuan and 2.5 billion yuan respectively. Even the outbreak of the black swan incident in COVID-19 pandemic in 2020 did not prevent Nayuki's tea revenue from soaring. The revenue generated by its tea shops in the first three quarters of 2020 was 1.986 billion yuan, compared with 1.6 billion yuan in the same period in 2019.</p><p><img src=\"https://static.tigerbbs.com/02946776e8ed729d7bc18f23d94f2a28\" tg-width=\"689\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>But behind the surge in revenue is the loss problem of Nayuki's tea that cannot be ignored.</p><p>According to the prospectus, Naixue's tea lost 69.73 million yuan, 39.68 million yuan, and 27.51 million yuan in 2018, 2019, and the first three quarters of 2020, respectively. Compared with 2019 and the first nine months of 2020, its profit margin fell from 1% to 0.2%.</p><p>It can be found through the prospectus that,<b>The high operating cost is one of the important reasons for the low profit margin of Nayuki's tea.</b>Among various costs, raw material costs, staff costs, and depreciation of right-of-use assets accounted for 38.4%, 28.6%, and 12.1% respectively in the first nine months of 2020.</p><p>In this regard, Nayuki's Tea admitted frankly in the prospectus that its working capital needs are huge. It has faced a working capital deficit in the past and needs a large amount of funds to provide funds for its operations and respond to business opportunities. If we continue to experience working capital deficits in the future, our business, liquidity, financial condition and results of operations may be materially and adversely affected.</p><p>But the potential of the tea market cannot be ignored. According to data from CIC Consulting, the growth momentum of the tea market is expected to remain strong in the near future, and the market size is expected to further grow to 62.3 billion yuan in 2025, with a compound annual growth rate of 32.7%, far exceeding the overall level of the ready-made tea shops industry.</p><p>Therefore, Nayuki's Tea believes it is in the company's best interest to continue to scale its business in order to leverage the established brand awareness to drive long-term growth. According to the plan, it will open about 300 and 350 Nayuki tea shops mainly in first-tier cities and new first-tier cities in 2021 and 2022, respectively, of which about 70% will be planned as Nayuki PRO tea shops. The number of newly opened Nayuki tea shops in 2023 will be at least the same as the number of newly opened in 2022.</p><p><b>Financing was obtained with a lunch, Tiantu invested for 3 rounds in a row, and well-known PE entered the game</b></p><p>At present, Nayuki's tea has completed 5 rounds of financing.</p><p>In 2017, Nayuki's tea started the road to financing.<b>All the way, VC/PE such as Tiantu Investment, Shenzhen Venture Capital, PAG, and Honghui Capital have been gathered.</b>。 It is worth mentioning that from the angel round, the A round to the A + round, Nayuki's tea has chosen Tiantu Investment.</p><p>Peng Xin once said that it was a training arranged by Tiantu Investment that touched them. \"Feng Weidong, managing partner of Tiantu Investment, specifically gave us a lecture about Tiantu's analysis of the consumer goods field, reports on our industry, and their<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>All the research, the research on our group, and some models they use to judge consumption upgrades, we think this is very thoughtful. \" On the other hand, Tiantu Investment also meets the requirements that Peng Xin and Zhao Lin do not accept gambling or planning.</p><p>And Nayuki's tea's A + round of financing was completed in just one lunch. \"We had lunch with Pan Pan, the managing partner of Tiantu Investment VC Fund, and talked about this year's development plan. We wanted to get another sum of food and grass. He asked me how much money I lacked, and he wanted it all.\" Peng Xin once recalled.</p><p>Pan Pan, a partner of Tiantu Investment, said that from the perspective of the whole world, big consumer goods companies are related to beverages. Coffee categories include Starbucks, COSTA and other brands, with a valuation of over 100 billion dollars.<b>Chinese tea has very good consumption genes, and tea drinks have huge opportunities.</b></p><p>After this round, Naixue's tea was valued at 6 billion yuan, becoming the first unicorn in China's new tea industry. In the following two years, Nayuki's tea has not received any further financing, and its old rival Heytea has also fallen silent in financing. Until June 2020, Naixue's Tea completed a new round of financing, led by Shenzhen Venture Capital.</p><p><b>There is also an episode circulating in the industry.</b>Nayuki's Tea once rejected investment from Xu Xin, founder of Capital Today. \"At that time, Naixue's first tea store opened. She came to drink 6 cups of tea in one afternoon and asked us if we were short of money. We said there was no shortage.\" Peng Xin revealed in an interview.</p><p>The first financing of new tea drinks in 2021 will be spent on Nayuki's tea. On January 1, 2021, the investment community confirmed from Nayuki's tea that it had recently completed the C round of financing of more than 100 million US dollars, led by PAG. This is the first time that Taimeng Investment Group has invested in a domestic tea brand. In the past few years, this well-known Asian PE has mostly invested in financial and technology companies. So far, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In fact, since 2020, there have been uninterrupted rumors about the IPO of Nayuki's tea. At the beginning of 2020, it was reported that Nayuki's tea planned to complete its listing in the United States within that year and planned to raise US $400 million. July 2020, the original<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Chief Technology Officer He Gang joined Naixue as CTO. At that time, it was reported that Naixue introduced He Gang at this time or because it was planning to go public; In September, it was reported that Naixue shifted its planned listing location from the United States to Hong Kong, and planned to list in Hong Kong before the end of 2021.</p><p>All along, Nayuki's tea has always replied to the outside world that \"there is no listing plan\", but unexpectedly, it quietly handed in the form on New Year's Eve.</p><p><b>A new generation of founders collectively debut</b></p><p><b>In 2021, a wave of new tea drinks will be launched</b></p><p>China's new tea drink quietly came to the second half, and the head behind it went to the front desk. Among these familiar tea brands-<b>Behind Heytea, Naixue's Tea, Chayanyuese, Michelle Ice City, etc. is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang</b>。</p><p>The most important opponent of Nayuki's tea, Heytea, is led by a post-90s generation. Nie Yunchen was born in Jiangxi in 1991, and then followed his parents to Jiangmen, Guangdong. After graduating from university in 2010, 19-year-old Nie Yunchen started his business and opened a mobile phone shop in Guangzhou. The mobile phone business was not easy to do. In 2012, Nie Yunchen opened a shop called Huangcha and started a milk tea business.</p><p>In 2016, Nie Yunchen renamed the Huangcha he founded to Heytea, and received 100 million yuan in financing from IDG Capital and angel investor He Boquan. The story of China's new tea began. Since then, Nie Yunchen has led Heytea all the way, and<a href=\"https://laohu8.com/S/YJ\">gather</a>A number of venture capital institutions. In August 2020, Nie Yunchen, the founder of Heytea, ranked 81st in Shenzhen's wealth creation company with a net worth of 4.092 billion yuan, becoming the youngest among them. Prior to this, Heytea received Series C financing jointly led by Hillhouse Capital and Coatue Management, with a valuation of 16 billion.</p><p>Now, in the battle for the first new tea brand, Nayuki's tea has taken another step forward. As for HEYTEA, it was reported in September 2020 that HEYTEA plans to go public in Hong Kong before the end of 2021, and is expected to raise US $400 million to US $500 million. It is generally believed in the industry that the round in March last year was the last round of financing before Heytea's IPO. As early as the end of 2019, Heytea made a number of changes to industrial and commercial information, which was interpreted by the outside world as preparatory work before the IPO.</p><p>According to the latest news, Heytea will submit a prospectus to the Hong Kong Stock Exchange in March this year. Subsequently, Heytea responded that there are currently no listing plans and actions, and there are currently no financing matters in progress.</p><p>However,<b>Another online celebrity brand, Chayanyuese, took a different path.</b>Lu Liang, the founder of Chayanyuese, is a post-80s generation. Like Nie Yunchen, he has gone through several ventures. He has opened an advertising company, sold popcorn, and opened a lo-mei shop. In the winter of 2013, Lu Liang founded the tea brand Chayanyuese in Changsha, and opened its first store. After years of dormancy, Chayanyuese has become a new landmark of Changsha food with the same name as stinky tofu. At the end of 2020, Chayanyuese has just left Hunan. On the other hand, Heytea and Nayuki's tea are already expanding overseas.</p><p>Chayanyuese received investment from Tiantu at the beginning of its establishment. Since then, investors have also included Shunwei Capital, Yuansheng Capital, Source Code Capital, etc. \"Cha Yan Yuese has seen no investors since last year.\" A VC partner close to Cha Yan Yuese revealed to the investment community. In other words, VC/PE can't invest even if they want to.</p><p>In the tea drinking circle, there is another Internet celebrity brand that has to be mentioned, and that is Michelle Ice City. From the roadside cold food stall in 1998, to the first 20-square-meter small shop in 2001, and now to the national chain organization mainly focusing on fresh ice cream-tea drinks, Zhang Hongchao, a native of Henan, performed another grassroots counterattack story.</p><p>Looking back on 2020,<b>Chinese consumer goods companies can be called the IPO explosion</b>-Existing<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>, Blue Moon and other established companies went public, and there are also brands belonging to young people such as Perfect Diary and Bubble Mart ringing the bell. Entering 2021, it is time for the new tea drink company that has been running for many years to move to a higher stage. As many investors have judged, \"the wave of new tea drinks is about to be launched\", and Nayuki's tea has started its first battle.</p>","source":"tzj","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>At the age of 34, she relied on 500 teahouses to support an IPO</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\">\nAt the age of 34, she relied on 500 teahouses to support an IPO\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资界</strong><span class=\"h-time small\">2021-02-13 12:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2021, the wave of new tea drinks is about to be launched, and young founders who are hidden behind the scenes will collectively appear on the stage. On New Year's Eve, Nayuki's Tea quietly submitted its IPO prospectus.</p><p>According to news from the investment community, on New Year's Eve, February 11, documents from the Hong Kong Stock Exchange showed that Nayuki's Tea submitted a prospectus to the Hong Kong Stock Exchange.<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>CMB International and Huatai International are the sponsors. This means that Nayuki's tea has taken the lead in entering the capital market, and may surpass Heytea to become the first new tea drink.</p><p>Behind Nayuki's tea is a romantic love story. In 2015, Peng Xin, born in the 1980s, and Zhao Lin, born in the 1970s, officially founded Naixue's Tea, and after the A + round of financing in 2018, they became a new tea unicorn with a valuation of 6 billion yuan. Now that three years have passed, the valuation of Nayuki's tea has doubled again-according to Bloomberg News, after the new financing in January 2021, its valuation will be close to US $2 billion (about 13 billion yuan).</p><p>\"Entering 2021, the wave of new tea drinks is about to be launched.\" A primary market investor judged that both Heytea and Nayuki's tea are competing for the first share. Behind these familiar tea brands-Heytea, Naixue's Tea, Tea Yanyuese, etc., is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang.</p><p><b>A tea unicorn with a valuation of 13 billion: it started with a blind date, and the husband and wife opened 500 stores</b></p><p>Nayuki's entrepreneurial story began with a blind date many years ago.</p><p>Peng Xin was born in 1987 and graduated from the School of Business Administration of Jiangxi University of Finance and Economics in 2010. At first, he worked as a brand in a listed IT company, and gradually became the director. But like many girls, Peng Xin has a \"baking dream\" in her heart.</p><p>In December 2012, Peng Xin chose to resign and start a business. At the beginning, she drew up her own business plan, focusing on drinks, baking and teaching, but she had been struggling to find a partner. \"This plan now looks naive and layman. There are too many things to do, and there is no experience and resources.\" Peng Xin once recalled.</p><p>Until I met Zhao Lin. In March 2013, under the recommendation of a friend, Peng Xin met Zhao Lin, who had been working hard in the catering industry for many years at that time. Facing Zhao Lin, a predecessor in the catering industry, Peng Xin spent two hours talking about his entrepreneurial dream Kan Kan. I don't know, Zhao Lin came with the purpose of blind date, and all social activities that were not aimed at blind date had been pushed off by him before.</p><p>Regarding their first encounter, Zhao Lin recalled in a speech: \"After reading her plan, I thought this girl had a lot of ideas, but I also knew in my heart that this project was difficult to succeed, and lack of experience was the biggest shortcoming.\" So, Zhao Lin gave a solution to the problem, that is, Peng Xin became his girlfriend. \"She said yes! Did I say you are serious? She said yes! Since then, we have been together every day, and three months later, we got married.\"</p><p>Soon, Zhao Lin and Peng Xin put their entrepreneurial dream into practice and registered the trademark \"Naixue's Tea\" in 2014.</p><p>The reason why the brand is called \"Naixue\" comes from Peng Xin's screen name. \"When you see this name, some people will think of a beautiful girl making tea, and some people will think of the snow all over the sky... In short, we hope everyone who sees this name can think of beautiful things.\"</p><p><b>During the preparation process of more than a year, the biggest problem encountered by Zhao Lin and Peng Xin was site selection.</b>The area of Nayuki's tea shops is all positioned at more than 200 square meters, which is rare in the world. Peng Xin once revealed: \"At that time, no shopping mall was willing to give a large area of stalls to a tea brand, so it took us more than half a year to find a location.\"</p><p><img src=\"https://static.tigerbbs.com/5e6a199e8df7c77b1d5cda89fd32f946\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In November 2015, Naixue's first tea store, Shenzhen Excellent Century Store, opened, and within a month, Happy Coast Store and Huaqiang North Jiufang Store also opened one after another. Since they started from scratch, Zhao Lin and Peng Xin even mortgaged their houses to the bank in order to open three stores in one breath.</p><p>With such a radical idea, it seems that Zhao Lin and Peng Xin have made the right bet now. With innovative<b>\"Tea + soft European bag\" dual product line model</b>, Nayuki's tea has embarked on the road of rapid expansion. According to the prospectus, as of September 30, 2020, the number of Naixue's tea stores worldwide has reached 422, covering 61 cities in mainland China, as well as Hong Kong and Japan, and has further increased to 507 as of the latest practicable date. According to Bloomberg News, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In November 2020, Nayuki's Tea also opened a new store type \"Nayuki PRO\" in Shenzhen, which is the fourth type of store type after Nayuki's Tea, Nayuki Wine House, and Nayuki DreamWorks. Not only that, it will always<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Nayuki's Tea, which is regarded as an industry benchmark, has also quietly launched 7 types of coffee, which has great potential to make efforts in the coffee track. Obviously, the ambitions of this new tea unicorn go far beyond that.</p><p><b>Income 2.5 billion a year</b></p><p><b>With the latest profit margin of 0.2%, how do tea shops make money?</b></p><p>Selling milk tea and soft bags, how does Naixue rely on to support an IPO?</p><p>According to the prospectus, Naixue's core tea menu currently has more than 25 classic tea drinks and more than 25 classic baked products. Among them, tea drinks include fresh fruit tea, fresh milk tea and pure tea, in addition to providing a variety of retail products, such as tea gift boxes, snacks and ready-to-drink tea drinks.</p><p>Nayuki's Tea relies on the innovative concept of freshly made tea drinks and baked products. Since opening its first tea shop in Shenzhen in 2014, Nayuki's Tea opened 179 and 174 new stores in 2018 and 2019 respectively, which is equivalent to Opening one in two days, the expansion speed is amazing.</p><p>From the perspective of urban layout,<b>First-tier and new first-tier cities are the main positions of Nayuki's tea.</b>As of September 30, 2020, 155 of its 422 stores nationwide cover first-tier cities, 148 cover new first-tier cities, and 98 stores are in second-tier cities.</p><p>From the perspective of daily store sales and store order volume, the data performance gap between Nayuki's tea stores in first-tier cities, new first-tier cities, and second-tier cities is not large, but shows a downward trend year by year.</p><p>According to the prospectus, in 2018, 2019, and the first three quarters of 2020, the average daily sales of each tea shop of Naixue's tea were 307,000 yuan, 277,000 yuan, and 201,000 yuan respectively; The average daily order volume per store has also dropped from 716 orders in 2018 to 465 orders in 2020.</p><p>And<b>With the rapid expansion of stores, Nayuki's tea operating income has also shown explosive growth.</b>According to the prospectus, the revenue of Nayuki's tea in 2018 and 2019 was 1.09 billion yuan and 2.5 billion yuan respectively. Even the outbreak of the black swan incident in COVID-19 pandemic in 2020 did not prevent Nayuki's tea revenue from soaring. The revenue generated by its tea shops in the first three quarters of 2020 was 1.986 billion yuan, compared with 1.6 billion yuan in the same period in 2019.</p><p><img src=\"https://static.tigerbbs.com/02946776e8ed729d7bc18f23d94f2a28\" tg-width=\"689\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>But behind the surge in revenue is the loss problem of Nayuki's tea that cannot be ignored.</p><p>According to the prospectus, Naixue's tea lost 69.73 million yuan, 39.68 million yuan, and 27.51 million yuan in 2018, 2019, and the first three quarters of 2020, respectively. Compared with 2019 and the first nine months of 2020, its profit margin fell from 1% to 0.2%.</p><p>It can be found through the prospectus that,<b>The high operating cost is one of the important reasons for the low profit margin of Nayuki's tea.</b>Among various costs, raw material costs, staff costs, and depreciation of right-of-use assets accounted for 38.4%, 28.6%, and 12.1% respectively in the first nine months of 2020.</p><p>In this regard, Nayuki's Tea admitted frankly in the prospectus that its working capital needs are huge. It has faced a working capital deficit in the past and needs a large amount of funds to provide funds for its operations and respond to business opportunities. If we continue to experience working capital deficits in the future, our business, liquidity, financial condition and results of operations may be materially and adversely affected.</p><p>But the potential of the tea market cannot be ignored. According to data from CIC Consulting, the growth momentum of the tea market is expected to remain strong in the near future, and the market size is expected to further grow to 62.3 billion yuan in 2025, with a compound annual growth rate of 32.7%, far exceeding the overall level of the ready-made tea shops industry.</p><p>Therefore, Nayuki's Tea believes it is in the company's best interest to continue to scale its business in order to leverage the established brand awareness to drive long-term growth. According to the plan, it will open about 300 and 350 Nayuki tea shops mainly in first-tier cities and new first-tier cities in 2021 and 2022, respectively, of which about 70% will be planned as Nayuki PRO tea shops. The number of newly opened Nayuki tea shops in 2023 will be at least the same as the number of newly opened in 2022.</p><p><b>Financing was obtained with a lunch, Tiantu invested for 3 rounds in a row, and well-known PE entered the game</b></p><p>At present, Nayuki's tea has completed 5 rounds of financing.</p><p>In 2017, Nayuki's tea started the road to financing.<b>All the way, VC/PE such as Tiantu Investment, Shenzhen Venture Capital, PAG, and Honghui Capital have been gathered.</b>。 It is worth mentioning that from the angel round, the A round to the A + round, Nayuki's tea has chosen Tiantu Investment.</p><p>Peng Xin once said that it was a training arranged by Tiantu Investment that touched them. \"Feng Weidong, managing partner of Tiantu Investment, specifically gave us a lecture about Tiantu's analysis of the consumer goods field, reports on our industry, and their<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>All the research, the research on our group, and some models they use to judge consumption upgrades, we think this is very thoughtful. \" On the other hand, Tiantu Investment also meets the requirements that Peng Xin and Zhao Lin do not accept gambling or planning.</p><p>And Nayuki's tea's A + round of financing was completed in just one lunch. \"We had lunch with Pan Pan, the managing partner of Tiantu Investment VC Fund, and talked about this year's development plan. We wanted to get another sum of food and grass. He asked me how much money I lacked, and he wanted it all.\" Peng Xin once recalled.</p><p>Pan Pan, a partner of Tiantu Investment, said that from the perspective of the whole world, big consumer goods companies are related to beverages. Coffee categories include Starbucks, COSTA and other brands, with a valuation of over 100 billion dollars.<b>Chinese tea has very good consumption genes, and tea drinks have huge opportunities.</b></p><p>After this round, Naixue's tea was valued at 6 billion yuan, becoming the first unicorn in China's new tea industry. In the following two years, Nayuki's tea has not received any further financing, and its old rival Heytea has also fallen silent in financing. Until June 2020, Naixue's Tea completed a new round of financing, led by Shenzhen Venture Capital.</p><p><b>There is also an episode circulating in the industry.</b>Nayuki's Tea once rejected investment from Xu Xin, founder of Capital Today. \"At that time, Naixue's first tea store opened. She came to drink 6 cups of tea in one afternoon and asked us if we were short of money. We said there was no shortage.\" Peng Xin revealed in an interview.</p><p>The first financing of new tea drinks in 2021 will be spent on Nayuki's tea. On January 1, 2021, the investment community confirmed from Nayuki's tea that it had recently completed the C round of financing of more than 100 million US dollars, led by PAG. This is the first time that Taimeng Investment Group has invested in a domestic tea brand. In the past few years, this well-known Asian PE has mostly invested in financial and technology companies. So far, the latest valuation of Nayuki's tea has reached nearly 2 billion US dollars, or about 13 billion yuan.</p><p>In fact, since 2020, there have been uninterrupted rumors about the IPO of Nayuki's tea. At the beginning of 2020, it was reported that Nayuki's tea planned to complete its listing in the United States within that year and planned to raise US $400 million. July 2020, the original<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Chief Technology Officer He Gang joined Naixue as CTO. At that time, it was reported that Naixue introduced He Gang at this time or because it was planning to go public; In September, it was reported that Naixue shifted its planned listing location from the United States to Hong Kong, and planned to list in Hong Kong before the end of 2021.</p><p>All along, Nayuki's tea has always replied to the outside world that \"there is no listing plan\", but unexpectedly, it quietly handed in the form on New Year's Eve.</p><p><b>A new generation of founders collectively debut</b></p><p><b>In 2021, a wave of new tea drinks will be launched</b></p><p>China's new tea drink quietly came to the second half, and the head behind it went to the front desk. Among these familiar tea brands-<b>Behind Heytea, Naixue's Tea, Chayanyuese, Michelle Ice City, etc. is the collective appearance of young founders such as Nie Yunchen, Peng Xin, Zhao Lin and his wife, and Lu Liang</b>。</p><p>The most important opponent of Nayuki's tea, Heytea, is led by a post-90s generation. Nie Yunchen was born in Jiangxi in 1991, and then followed his parents to Jiangmen, Guangdong. After graduating from university in 2010, 19-year-old Nie Yunchen started his business and opened a mobile phone shop in Guangzhou. The mobile phone business was not easy to do. In 2012, Nie Yunchen opened a shop called Huangcha and started a milk tea business.</p><p>In 2016, Nie Yunchen renamed the Huangcha he founded to Heytea, and received 100 million yuan in financing from IDG Capital and angel investor He Boquan. The story of China's new tea began. Since then, Nie Yunchen has led Heytea all the way, and<a href=\"https://laohu8.com/S/YJ\">gather</a>A number of venture capital institutions. In August 2020, Nie Yunchen, the founder of Heytea, ranked 81st in Shenzhen's wealth creation company with a net worth of 4.092 billion yuan, becoming the youngest among them. Prior to this, Heytea received Series C financing jointly led by Hillhouse Capital and Coatue Management, with a valuation of 16 billion.</p><p>Now, in the battle for the first new tea brand, Nayuki's tea has taken another step forward. As for HEYTEA, it was reported in September 2020 that HEYTEA plans to go public in Hong Kong before the end of 2021, and is expected to raise US $400 million to US $500 million. It is generally believed in the industry that the round in March last year was the last round of financing before Heytea's IPO. As early as the end of 2019, Heytea made a number of changes to industrial and commercial information, which was interpreted by the outside world as preparatory work before the IPO.</p><p>According to the latest news, Heytea will submit a prospectus to the Hong Kong Stock Exchange in March this year. Subsequently, Heytea responded that there are currently no listing plans and actions, and there are currently no financing matters in progress.</p><p>However,<b>Another online celebrity brand, Chayanyuese, took a different path.</b>Lu Liang, the founder of Chayanyuese, is a post-80s generation. Like Nie Yunchen, he has gone through several ventures. He has opened an advertising company, sold popcorn, and opened a lo-mei shop. In the winter of 2013, Lu Liang founded the tea brand Chayanyuese in Changsha, and opened its first store. After years of dormancy, Chayanyuese has become a new landmark of Changsha food with the same name as stinky tofu. At the end of 2020, Chayanyuese has just left Hunan. On the other hand, Heytea and Nayuki's tea are already expanding overseas.</p><p>Chayanyuese received investment from Tiantu at the beginning of its establishment. Since then, investors have also included Shunwei Capital, Yuansheng Capital, Source Code Capital, etc. \"Cha Yan Yuese has seen no investors since last year.\" A VC partner close to Cha Yan Yuese revealed to the investment community. In other words, VC/PE can't invest even if they want to.</p><p>In the tea drinking circle, there is another Internet celebrity brand that has to be mentioned, and that is Michelle Ice City. From the roadside cold food stall in 1998, to the first 20-square-meter small shop in 2001, and now to the national chain organization mainly focusing on fresh ice cream-tea drinks, Zhang Hongchao, a native of Henan, performed another grassroots counterattack story.</p><p>Looking back on 2020,<b>Chinese consumer goods companies can be called the IPO explosion</b>-Existing<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>, Blue Moon and other established companies went public, and there are also brands belonging to young people such as Perfect Diary and Bubble Mart ringing the bell. Entering 2021, it is time for the new tea drink company that has been running for many years to move to a higher stage. As many investors have judged, \"the wave of new tea drinks is about to be launched\", and Nayuki's tea has started its first battle.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/3FzNuQD5JCaSt6WQjxjKBw\">投资界</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5682b0d5fde30269b51bbf6f7d754290","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/3FzNuQD5JCaSt6WQjxjKBw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170563447","content_text":"2021年，新式茶饮上市潮即将杀到，隐身幕后的年轻创始人们集体登场。\n\n除夕夜，奈雪的茶悄悄递交了IPO招股书。\n投资界消息，2月11日除夕当天，港交所文件显示，奈雪的茶向港交所递交招股书，摩根大通、招银国际、华泰国际为保荐人。这意味着，奈雪的茶率先走向了资本市场，或将超越喜茶成为新式茶饮第一股。\n奈雪的茶背后是一个浪漫的爱情故事。2015年，80后彭心与70后赵林夫妻俩正式创办了奈雪的茶，并在2018年A+轮融资后，一跃成为新式茶饮独角兽，估值60亿元。如今三年过去，奈雪的茶估值又涨了一倍——据彭博社消息，2021年1月的新融资过后，其估值将接近20亿美元(约130亿人民币)。\n“进入2021年，新式茶饮上市潮即将杀到。”一位一级市场投资人判断，喜茶和奈雪的茶都在争夺第一股。在这些耳熟能详的茶饮品牌——喜茶、奈雪的茶、茶颜悦色等等的背后，是聂云宸、彭心赵林夫妇、吕良等年轻创始人的集体登场。\n估值130亿的茶饮独角兽：始于一次相亲，夫妻开出500家店\n奈雪的创业故事，始于多年前的一次相亲。\n彭心出生于1987年，2010年从江西财经大学工商管理学院毕业，最初是在一家上市IT公司做品牌工作，并逐步做到了总监一职。但与很多女孩一样，彭心的内心中也有一个“烘焙梦”。\n2012年12月，彭心选择辞职创业。一开始，她自拟了一份商业计划书，主打饮品、烘焙，兼做教学，却一直苦于找不到合作伙伴。“这份方案现在回看起来很幼稚、很外行，想做的东西太多了，又没有经验和资源。”彭心曾回忆。\n直到遇见赵林。2013年3月，在一个朋友的引荐下，彭心见到了当时已在餐饮界打拼多年的赵林。面对赵林这位餐饮界的前辈，彭心花了两个小时的时间围绕自己的创业梦侃侃而谈。熟不知，赵林是抱着相亲的目的前来，不是以相亲为目的的社交活动在这之前都被他推掉了。\n对于二人的初次相遇，赵林在一次演讲中回忆道：“我当时看完她的计划书以后，觉得这个女孩很有想法，但我心里也很清楚这个项目很难成功，没有经验是最大的短板。”于是，赵林给出了一个解决问题的办法，就是彭心成为他的女朋友。“她说可以啊！我说你是认真的吗？她说是的！从此以后，我们俩就每天在一起了，三个月之后我们就领证结婚了。”\n很快，赵林便与彭心将创业梦付诸实践，在2014年注册了“奈雪的茶”这一商标。\n之所以品牌叫做“奈雪”，是源自于彭心的网名，“看到这个名字，有人会联想到一位漂亮的女孩子在泡茶，有人会想到漫天的飘雪……总之，我们希望每个看到这个名字的人，都能联想到到美好的事物。”\n在一年多的筹备过程中，赵林、彭心遇到最大的问题是选址。奈雪的茶门店面积均定位在200㎡以上，这在界内并不多见。彭心曾透露：“在当时，没有购物中心愿意将大面积摊位给一个茶饮品牌，所以我们找位置耗费了大半年。”\n\n2015年11月，奈雪的茶首店——深圳卓越世纪店开业，紧接着一个月内，欢乐海岸店、华强北九方店也陆续开业。由于是白手起家，为了一口气能开三家店，赵林与彭心甚至还将房子抵押给了银行。\n如此激进的想法，现在来看赵林与彭心似乎是赌对了。凭借创新的“茶+软欧包”双产品线模式，奈雪的茶走上了火速扩张之路。招股书显示，截至2020年9月30日，奈雪的茶全球门店数量已达422家，覆盖中国内地61个城市，以及中国香港、日本，并于截至最后实际可行日期进一步增至507家。而根据彭博社消息，奈雪的茶最新估值已达到近20亿美金，约合130亿人民币。\n2020年11月，奈雪的茶还在深圳开出了全新店型“奈雪PRO”，这是继奈雪的茶、奈雪酒屋、奈雪梦工厂之后的第4类店型。不仅如此，一直将星巴克视为行业标杆的奈雪的茶，也悄悄上线了7款咖啡，大有发力咖啡赛道之势。显然，这家新式茶饮独角兽的野心远不止于此。\n一年进账25亿\n最新利润率0.2%，茶饮店如何赚钱？\n卖奶茶和软包，奈雪靠什么撑起一个IPO？\n招股书显示，目前奈雪的茶核心菜单有超过25种经典茶饮，及超过25种经典烘焙产品。其中，茶饮包括鲜果茶、鲜奶茶及纯茶，此外还提供多种零售产品，如茶礼盒、零食及即饮茶饮料。\n奈雪的茶凭借创新的现制茶饮搭配烘焙产品概念，自2014年于深圳开出第一家茶饮店后，2018年、2019年奈雪的茶分别开设179家、174家新店，相当于两天开一家，扩张速度十分惊人。\n从城市布局来看，一线及新一线城市是奈雪的茶的主要阵地。截至2020年9月30日，其全国的422家门店中有155家覆盖在一线城市，148家覆盖在新一线城市，在二线城市有98家门店。\n从每日门店销售额和门店订单量来看，奈雪的茶的门店在一线城市、新一线城市、二线城市的数据表现差距并不大，只是呈现出了逐年下滑的趋势。\n招股书显示，2018年及2019年、2020年前三季度，奈雪的茶每间茶饮店平均每日销售额分别为30.7万元、27.7万元及20.1万元；每间门店平均每天的订单量也由2018年的716单降至2020年的465单。\n而伴随着门店的迅速扩张，奈雪的茶营业收入也呈爆发性增长。招股书显示，奈雪的茶在2018年、2019年的收益分别为10.9亿元人民币、25亿元人民币。即便是2020年新冠疫情这一黑天鹅事件爆发，也并未阻止奈雪的茶营收大涨。其2020年前三季度茶饮店所产生的收益为19.86亿元，2019年同期则为16亿元。\n\n但收入大涨的背后，是奈雪的茶不容忽视的亏损问题。\n招股书显示，奈雪的茶在2018年、2019年及2020年前三季度，分别亏损6973万元、3968万元、2751万元。而对比2019、2020年前9个月，其利润率则由1%下滑到0.2%。\n通过招股书可以发现，经营成本较高是造成奈雪的茶利润率低的重要原因之一。在各项成本中，其2020年前9个月原材料成本、员工成本、使用权资产折旧分别占比38.4%、28.6%、12.1%。\n对此，奈雪的茶在招股书坦言，其营运资金需求巨大，过去曾面临营运资金赤字，需要大量资金来为其运营提供资金并应对商机。倘若未来仍将继续面临营运资金赤字，其业务、流动性、财务状况及经营业绩可能会受到重大不利影响。\n但茶饮市场的潜力同样不容忽视。灼识咨询资料显示，茶饮市场的增长势头预计将在未来近期内保持强劲，市场规模预计将在2025年进一步增长至623亿元，复合年增长率达到32.7%，远超现制茶饮店行业整体水平。\n因此，奈雪的茶认为继续扩大业务规模，以便利用已建立起的品牌知名度推动长期增长符合公司的最佳利益。根据规划，其将于2021年及2022年主要在一线城市及新一线城市，分别开设约300家及350家奈雪的茶茶饮店，其中约70%将规划为奈雪PRO茶饮店，2023年新开设的奈雪的茶茶饮店数量至少与2022年新开设的数量相同。\n一顿午饭搞定融资，天图连投3轮，知名PE入局\n目前，奈雪的茶已完成了5轮融资。\n2017年，奈雪的茶开启融资之路，一路集结了天图投资、深创投、太盟投资集团（PAG）、弘晖资本等VC/PE。值得一提的是，从天使轮、A轮到A+轮，奈雪的茶都选择了天图投资。\n彭心曾说，是天图投资安排的一场培训打动了他们。“天图投资管理合伙人冯卫东专门给我们讲了一堂关于天图对消费品领域的所有分析、对我们行业的报告，以及他们对星巴克的全部研究、对于我们群体的研究，还有就是他们判断消费升级的一些模型，我们觉得这个是很有思考力的。”另一方面，天图投资还满足彭心与赵林不接受对赌，不接受计划性的要求。\n而奈雪的茶这笔A+轮融资，更是只用了一顿午饭的时间便搞定了。“我们和天图投资VC基金管理合伙人潘攀吃了个午饭，说了今年的发展规划，想再拿一笔粮草，他就问我缺多少钱，他全要了。”彭心曾回忆。\n天图投资合伙人潘攀则说，从全世界来看，大的消费品公司都与饮品有关，咖啡品类有星巴克、COSTA等品牌，估值过千亿美金。而中国茶有非常好的消费基因，茶饮品类有巨大机会。\n这一轮之后，奈雪的茶估值60亿元，成为中国新式茶饮行业的首个独角兽。此后两年间，奈雪的茶一直没有再获融资，其老对手喜茶也在融资上陷入沉寂。直到2020年6月，奈雪的茶完成新一轮融资，领投方为深创投。\n业内还流传一个小插曲。奈雪的茶曾经拒绝过来自今日资本创始人徐新的投资。“当时奈雪的茶第一家门店开业，她一个下午来喝了6杯茶，问我们缺不缺钱，我们说不缺。”彭心在一次采访中透露。\n2021年新茶饮的第一笔融资，花落奈雪的茶。2021年1月1日，投资界从奈雪的茶方面确认，其已于日前完成了C轮1亿多美金的融资，领投方为太盟投资集团（PAG）。这是太盟投资集第一次投资国内茶饮品牌，过去数年间，这家知名亚洲PE多投资于金融、科技类公司。至此，奈雪的茶最新估值已达到近20亿美金，约合130亿人民币。\n实际上，自2020年以来，有关于奈雪的茶的IPO传闻一直没有间断过。2020年年初就有消息称，奈雪的茶计划于当年年内在美国完成上市，并计划融资4亿美元。2020年7月，原瑞幸咖啡首席技术官何刚加盟奈雪，任CTO一职。当时曾有消息称，奈雪此时引入何刚或因其正酝酿上市；9月又有报道称，奈雪把计划上市地点由美国转向香港，并计划于2021年底之前在香港上市。\n一直以来，奈雪的茶始终对外回复“没有上市计划”，没想到却在除夕夜悄悄递表了。\n新一代创始人集体登场\n2021年，新茶饮上市潮来了\n中国新茶饮悄悄来至下半场，背后掌门人走到前台。在这些耳熟能详的茶饮品牌——喜茶、奈雪的茶、茶颜悦色、蜜雪冰城等等的背后，是聂云宸、彭心赵林夫妇、吕良等年轻创始人的集体登场。\n奈雪的茶最要紧的对手——喜茶，掌舵人是一名90后。1991年，聂云宸在江西出生，后跟随父母来到广东江门。在2010年大学顺利毕业后，19岁的聂云宸开始创业，在广州开了一家手机店，手机生意并不好做，2012年，聂云宸开了一家名为皇茶的店，做起了奶茶生意。\n2016年，聂云宸将其创办的皇茶更名为喜茶，并获得由IDG资本和天使投资人何伯权的1亿元融资，中国新茶饮的故事由此开始了。自此，聂云宸就带领喜茶一路狂奔，并云集了一众风投机构。2020年8月，喜茶创始人聂云宸以身家40.92亿元列居深圳创富的第81位，成为当中最年轻的一位。在此之前，喜茶拿到高瓴资本和Coatue Management联合领投的C轮融资，估值达到160亿。\n如今，在新茶饮品牌第一股的争夺战上，奈雪的茶又进了一步。而在喜茶方面，2020年9月曾有报道称，喜茶计划于2021年底之前赴香港上市，预计融资4亿美元至5亿美元。业内普遍认为，去年3月的那一轮是喜茶IPO前最后一轮融资。早在2019年底，喜茶曾进行多项工商信息的变更，这一动作被外界解读为IPO前的准备工作。\n最新消息称，喜茶将于今年3月向港交所递交招股说明书。随后，喜茶回应称，目前没有任何上市计划及动作，目前也没有任何融资事项在推进中。\n不过，另一个网红品牌茶颜悦色走了不同的路。茶颜悦色创始人吕良是一位80后，和聂云宸一样经过了几次创业，先后开过广告公司、卖过爆米花、开过卤味店。2013年的冬天，吕良在长沙创办了茶饮品牌茶颜悦色，并开出了第一家店，蛰伏多年后，茶颜悦色已经成为与臭豆腐齐名的长沙美食新地标。2020年底，茶颜悦色刚刚走出湖南，反观喜茶、奈雪的茶等，都已在向海外扩张。\n茶颜悦色在成立之初就获得了天图的投资，此后投资方还包含顺为资本、元生资本、源码资本等。“茶颜悦色从去年开始，已经不见投资人了。”一位接近茶颜悦色的VC合伙人向投资界透露。换言之，VC/PE想投也投不进去了。\n在茶饮圈里，还有一个网红品牌也不得不提，那就是蜜雪冰城。从1998年路边的冷食小摊点，到2001年第一家20平米的小商店，再到如今以新鲜冰淇淋—茶饮为主的全国性连锁机构，河南人张红超演绎了又一个草根逆袭的故事。\n回顾2020年，中国消费品公司堪称IPO大爆炸——既有农夫山泉、蓝月亮等老牌公司上市，也有完美日记、泡泡玛特等属于年轻人的品牌敲钟。进入2021年，狂奔多年的新式茶饮公司是时候迈向更高的舞台，正如众多投资人所判断那样，“新式茶饮上市潮即将杀到”，奈雪的茶打响了第一场战役。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386521531,"gmtCreate":1613211645723,"gmtModify":1704879454307,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"How","listText":"How","text":"How","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386521531","repostId":"1152516731","repostType":4,"repost":{"id":"1152516731","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":1613190086,"share":"https://ttm.financial/m/news/1152516731?lang=en_US&edition=fundamental","pubTime":"2021-02-13 12:21","market":"us","language":"zh","title":"The famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?","url":"https://stock-news.laohu8.com/highlight/detail?id=1152516731","media":"Barrons巴伦","summary":"桑德斯只是遭受了“试图打败华尔街的大众的惯常命运”。\n\n早在GameStop事件很久之前，另一场逼空大战的主角是Piggly Wiggly。\n1923年，一家名叫Piggly Wiggly超市公司（目","content":"<p>Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". Long before the GameStop incident, the protagonist of another short squeeze war was Piggly Wiggly.</p><p>In 1923, a supermarket company called Piggly Wiggly (still operating in the Midwest and South of the United States) became the focus of short selling in the market at that time, echoing today's GameStop.</p><p>As GameStop is now targeted by investors in Meme (concepts and behaviors that spread from person to person, often translated as \"Meme\" in Chinese)<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Like the company, it was once extremely bearish by Wall Street predators. However, this caused an unexpected public sentiment backlash-a kind of dissatisfaction with \"urban elites looking down on rural life and pointing fingers\". So when retail investors fought back and crushed the bears on Wall Street, they gained a sense of victory.</p><p>A newspaper once excitedly said, \"Speculators in New York are forced to lose everything!\" PigglyWiggly's short sellers suffered heavy losses, to the extent that Melvin Capital lost 53% of its capital in January this year, mainly by shorting GameStop, but that's not the whole story. There are big winners and big losers in this short squeeze, but there is no bigger loser than Clarence Saunders, founder and chairman of Piggly Wiggly.</p><p>Barron's reported at the time that \"after a stunning short squeeze against Piggly Wiggly, the Memphis, Tennessee grocer discovered that his'victory 'cost him about $3 million and lost control of the company.\" It also dusted Sanders' legacy for later generations.</p><p>Born in 1881, Saunders escaped poverty through his own efforts, became a pioneer in retail, and in 1916 made Piggly Wiggly (where its name came from is still unclear) the first \"self-service store\" in the United States.</p><p>Prior to this, customers needed to hand over the shopping list to the clerk to pick up the goods according to the order, while Piggly Wiggly allowed customers to walk freely between the shelves and choose goods to check out. This simple idea caught on. By 1921, Piggly Wiggly had opened a chain of 600 stores across the United States, and this model still runs from Kroger to<a href=\"https://laohu8.com/S/WMT\">Walmart</a>And other examples followed by large supermarkets.</p><p>In order to expand his business footprint, Saunders announced the sale of 100,000 new shares of the company in November 1922. The news, which was linked to unrelated news that a Piggly Wiggly franchise filed for bankruptcy, was amplified by the market, leading to a big sell-off in its stock, which dropped all the way from $45 to $30. Subsequently, Merrill Lynch and a number of Wall Street institutions began to increase their short positions, betting that Piggly Wiggly would fall further.</p><p>Describing the crisis as a \"contest between good and evil,\" Sanders shouted to would-be investors, \"Will good business slip by itself, tremble with fear, become a spoils for speculators?\" Sanders is quoted in Mike Freeman's book Clarence Sanders and the Founding of Piggly Wiggly.</p><p>To fight the bears, Sanders borrowed a total of $10 million in margin from numerous investors, planning to buy all of Piggly Wiggly's outstanding shares and push up the stock price. On March 20, 1923, when it was suspended from trading on the New York Stock Exchange, its share price had reached $124.</p><p>\"Barron's Weekly\" commented at the time that \"short sellers once raced to cover frantically\", but the covering strength was not as high as originally expected. The stock showed a downtrend after short covering, and the over-the-counter market (OTC) of this stock gradually disappeared. Finally, \"Sanders and his partners hold 200,000 extremely expensive shares, but there is no market to take over.\"</p><p>In Barron's view, Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". In fact, just three years ago, a short squeeze engineered by the owners of Stutz Motor Co. ended in the bankruptcy of the company and its owners.</p><p>But there are also people in this game, such as a retired grocery store owner in Providence, Rhode Island. Freeman's book mentioned that he bought 1,000 shares of Piggly Wiggly at $38 per share before he was forced to use his Dividend income to support his retirement, but in the end he sold them all in the process of rising from $96 to $124, making a profit of more than $80,000 ($1.2 million at current prices).</p><p>Of course, this is not comparable to the income of the investor named Roaring Kitty in the GameStop incident, who made $48 million with an initial investment of $53,000. But the reality is that over the years, there have always been people who have made a lot of profits when others have lost all their money.</p><p>But today, it's not big investors like Sanders who hold those worthless stocks. Thousands of small retail investors are facing financial tension or even collapse. As for Sanders himself, Barron's reported at the time that he was back in Tennessee, where fellow Memphis still had faith in him. However, the companies he founded in the \"post-Piggly Wiggly era\", including automobile stores like Keedoozle, did mediocre. In 1953, Sanders died, and his dream of \"becoming the Henry Ford of the supermarket industry\" was finally dashed by the unfortunate decision to face Wall Street.</p><p>We will continue to watch for a better ending for GameStop investors.</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>The famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?</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\">\nThe famous short squeeze in history: what happened to the people who tried to beat Wall Street in the end?\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\">2021-02-13 12:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". Long before the GameStop incident, the protagonist of another short squeeze war was Piggly Wiggly.</p><p>In 1923, a supermarket company called Piggly Wiggly (still operating in the Midwest and South of the United States) became the focus of short selling in the market at that time, echoing today's GameStop.</p><p>As GameStop is now targeted by investors in Meme (concepts and behaviors that spread from person to person, often translated as \"Meme\" in Chinese)<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Like the company, it was once extremely bearish by Wall Street predators. However, this caused an unexpected public sentiment backlash-a kind of dissatisfaction with \"urban elites looking down on rural life and pointing fingers\". So when retail investors fought back and crushed the bears on Wall Street, they gained a sense of victory.</p><p>A newspaper once excitedly said, \"Speculators in New York are forced to lose everything!\" PigglyWiggly's short sellers suffered heavy losses, to the extent that Melvin Capital lost 53% of its capital in January this year, mainly by shorting GameStop, but that's not the whole story. There are big winners and big losers in this short squeeze, but there is no bigger loser than Clarence Saunders, founder and chairman of Piggly Wiggly.</p><p>Barron's reported at the time that \"after a stunning short squeeze against Piggly Wiggly, the Memphis, Tennessee grocer discovered that his'victory 'cost him about $3 million and lost control of the company.\" It also dusted Sanders' legacy for later generations.</p><p>Born in 1881, Saunders escaped poverty through his own efforts, became a pioneer in retail, and in 1916 made Piggly Wiggly (where its name came from is still unclear) the first \"self-service store\" in the United States.</p><p>Prior to this, customers needed to hand over the shopping list to the clerk to pick up the goods according to the order, while Piggly Wiggly allowed customers to walk freely between the shelves and choose goods to check out. This simple idea caught on. By 1921, Piggly Wiggly had opened a chain of 600 stores across the United States, and this model still runs from Kroger to<a href=\"https://laohu8.com/S/WMT\">Walmart</a>And other examples followed by large supermarkets.</p><p>In order to expand his business footprint, Saunders announced the sale of 100,000 new shares of the company in November 1922. The news, which was linked to unrelated news that a Piggly Wiggly franchise filed for bankruptcy, was amplified by the market, leading to a big sell-off in its stock, which dropped all the way from $45 to $30. Subsequently, Merrill Lynch and a number of Wall Street institutions began to increase their short positions, betting that Piggly Wiggly would fall further.</p><p>Describing the crisis as a \"contest between good and evil,\" Sanders shouted to would-be investors, \"Will good business slip by itself, tremble with fear, become a spoils for speculators?\" Sanders is quoted in Mike Freeman's book Clarence Sanders and the Founding of Piggly Wiggly.</p><p>To fight the bears, Sanders borrowed a total of $10 million in margin from numerous investors, planning to buy all of Piggly Wiggly's outstanding shares and push up the stock price. On March 20, 1923, when it was suspended from trading on the New York Stock Exchange, its share price had reached $124.</p><p>\"Barron's Weekly\" commented at the time that \"short sellers once raced to cover frantically\", but the covering strength was not as high as originally expected. The stock showed a downtrend after short covering, and the over-the-counter market (OTC) of this stock gradually disappeared. Finally, \"Sanders and his partners hold 200,000 extremely expensive shares, but there is no market to take over.\"</p><p>In Barron's view, Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street\". In fact, just three years ago, a short squeeze engineered by the owners of Stutz Motor Co. ended in the bankruptcy of the company and its owners.</p><p>But there are also people in this game, such as a retired grocery store owner in Providence, Rhode Island. Freeman's book mentioned that he bought 1,000 shares of Piggly Wiggly at $38 per share before he was forced to use his Dividend income to support his retirement, but in the end he sold them all in the process of rising from $96 to $124, making a profit of more than $80,000 ($1.2 million at current prices).</p><p>Of course, this is not comparable to the income of the investor named Roaring Kitty in the GameStop incident, who made $48 million with an initial investment of $53,000. But the reality is that over the years, there have always been people who have made a lot of profits when others have lost all their money.</p><p>But today, it's not big investors like Sanders who hold those worthless stocks. Thousands of small retail investors are facing financial tension or even collapse. As for Sanders himself, Barron's reported at the time that he was back in Tennessee, where fellow Memphis still had faith in him. However, the companies he founded in the \"post-Piggly Wiggly era\", including automobile stores like Keedoozle, did mediocre. In 1953, Sanders died, and his dream of \"becoming the Henry Ford of the supermarket industry\" was finally dashed by the unfortunate decision to face Wall Street.</p><p>We will continue to watch for a better ending for GameStop investors.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152516731","content_text":"桑德斯只是遭受了“试图打败华尔街的大众的惯常命运”。\n\n早在GameStop事件很久之前，另一场逼空大战的主角是Piggly Wiggly。\n1923年，一家名叫Piggly Wiggly超市公司（目前仍在美国中西部和南部经营着）成为了当时市场重点做空的对象，与今天的GameStop遥相呼应。\n正如现在的GameStop和被Meme（在人与人之间传播的概念和行为，中文经常翻译为“梗”）投资者瞄准的AMC院线公司一样，它一度被华尔街的大鳄们极度看空。这却引起了意想不到的大众情绪反弹——一种对“城市精英看低乡村生活并且指手画脚”的不满。因此当散户反击并打压华尔街的空头时，他们获得了一种胜利感。\n曾有一家报纸兴奋地说道：“纽约的投机者们被逼得血本无归！”PigglyWiggly的空头们损失惨重，其程度和今年1月梅尔文资本主要因做空GameStop而损失了53%的资金相差无几，但这并不是故事的全部。这场逼空大战中有大赢家，也有大输家，但没有比Piggly Wiggly的创始人兼主席克拉伦斯•桑德斯（Clarence Saunders）更大的输家了。\n《巴伦周刊》当时报道称，“在对Piggly Wiggly 进行了惊人的逼空之后，这位田纳西孟菲斯的杂货商发现，他的‘胜利’让他损失了约300万美元，还失去了对公司的控制权。”这也令桑德斯给后世留下的遗产蒙尘。\n生于1881年的桑德斯通过自己的努力摆脱了贫困，成为零售业的先驱，并在1916年时把Piggly Wiggly（这家商店的名字从何而来依然还不清楚）打造成全美第一家“自助商店”。\n在此之前，顾客需要把购物单交给店员去照单取货，而Piggly Wiggly让顾客可以自由地在货架间行走并挑选商品去结账。这种简便的理念流行开来。到1921年，Piggly Wiggly在全美开出了600家连锁店，这种模式至今仍然是从Kroger到沃尔玛等大型商超遵循的范例。\n为了扩大自己的商业版图，桑德斯于1922年11月宣布出售10万股公司新股。这一消息与一家Piggly Wiggly加盟店申请破产的不相关消息连在一起，被市场放大了，导致其股票被大抛售，股价从45美元一路下降到30美元。随后，美林和华尔街一众机构开始加码空头，押注Piggly Wiggly会进一步下跌。\n桑德斯将这一危机描述为“善与恶的较量”，并向潜在的投资者喊话，“好生意会自己溜走吗，会因恐惧而颤抖吗，会成为投机者的战利品吗？”麦克·弗里曼的《克拉伦斯•桑德斯和Piggly Wiggly的创立》一书中引用桑德斯的话说。\n为了对抗空头，桑德斯向众多投资者借了总计1000万美元的保证金，计划收购Piggly Wiggly的所有流通股并推高股价。1923年3月20日，当它被纽交所停牌时，其股价已达到124美元。\n《巴伦周刊》在当时评论道，“空头一度竞相疯狂回补”，但回补力度并不如原本预期的那么高。该股在空头回补后就呈现下跌趋势，而这只股票的场外交易市场（OTC）也逐渐消失了。最后，“桑德斯和他的合伙人手上持有了20万股成本极高的股票，但没有市场能够去接盘。”\n在《巴伦周刊》看来，桑德斯只是遭受了“试图打败华尔街的大众的惯常命运”。事实上，就在三年前，斯图茨汽车公司(Stutz Motor Co.)的所有者策划的一次逼空就以该公司及其所有者的破产告终。\n不过这场比赛中也有人坐收渔利，比如罗德岛州普罗维登斯的一位退休的杂货店老板。弗里曼的书中提到，他在逼空前以每股38美元买入了1000股Piggly Wiggly，原本只是希望用股息收入支持他的退休生活，但最后他在股票从96美元涨到124美元的过程中全部卖出，盈利超过8万美元（以现价计算为120万美元）。\n当然，这和GameStop事件中的那位名叫Roaring Kitty的投资者的收益还不能相提并论，后者以5.3万美元的初始投资赚取了4800万美元。但现实是，这些年来总有人在别人亏的血本无归时获利颇丰。\n但是今天，持有那些不值钱的股票的不是像桑德斯一样的大投资人，成千上万个小散户面临着财务紧张甚至崩溃。至于桑德斯本人，《巴伦周刊》当时报道说，他回到了田纳西州，那里的孟菲斯老乡对他仍有信心。不过他在“后Piggly Wiggly时期”创立的公司，包括像 Keedoozle汽车专卖店，都经营得一般。1953年，桑德斯去世，他“成为超市行业的亨利·福特”的梦想终因迎战华尔街这个不幸的决定而破灭。\n我们将继续关注GameStop的投资者们是否能有更好的结局。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388030442,"gmtCreate":1612999917286,"gmtModify":1704877182746,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"Cry&nbsp;","listText":"Cry&nbsp;","text":"Cry","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/388030442","repostId":"1183810327","repostType":4,"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311582445,"gmtCreate":1611813903487,"gmtModify":1704863806746,"author":{"id":"3573165252847286","authorId":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573165252847286","authorIdStr":"3573165252847286"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/311582445","repostId":"1130910554","repostType":4,"repost":{"id":"1130910554","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":1611812628,"share":"https://ttm.financial/m/news/1130910554?lang=en_US&edition=fundamental","pubTime":"2021-01-28 13:43","market":"hk","language":"zh","title":"Xiaomi Group rose in the short term, maintaining the first market share in India in Q4","url":"https://stock-news.laohu8.com/highlight/detail?id=1130910554","media":"老虎资讯综合","summary":"1月28日讯，小米集团港股短线上扬，涨约2.5%，第四季度小米在印度市场占有率27%保持第一。Canalys发布2020年第四季度印度智能手机市场报告，数据显示，2020年第四季度，印度智能手机市场出","content":"<p>On January 28th, Xiaomi Group's Hong Kong stocks rose in the short term, up about 2.5%. In the fourth quarter, Xiaomi maintained its first market share of 27% in India.</p><p><img src=\"https://static.tigerbbs.com/ca3b1ef8af83878c1248af178b8ff8de\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Canalys released the Indian smartphone market report for the fourth quarter of 2020. Data shows that in the fourth quarter of 2020, the Indian smartphone market shipments reached 43.9 million units, a year-on-year increase of 13%. Among them, Xiaomi's shipments reached 12 million units, with a market share of 27%, a year-on-year increase of 7%, and continues to rank first in the market. In addition to Xiaomi, the top five companies in the market are Samsung with a market share of 21%; vivo's market share is 18%; OPPO's market share is 13%; Realme has a market share of 12%.</p><p><img src=\"https://static.tigerbbs.com/35846f2eaffd9b937e0e3595c876a853\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>Canalys researcher Varun Kannan said that in 2019, Chinese manufacturers contributed 72% of shipments in the Indian smartphone market, and this proportion increased to 77% in 2020. \"The last time the Indian market changed the power structure was from Samsung to Xiaomi, which occurred during the transition from 3G to 4G. With the realization of the prospect of large-scale commercial use of 5G, Chinese manufacturers will further promote the power transfer. Due to China's first mover in 5G layout, this proportion may continue to rise.\"</p><p>Rushabh Doshi, head of research at Canalys, said mobile phone manufacturers are seeing a sustainable market recovery in India. Doshi believes that data on consumer demand in 2020 shows that the rebound in the Indian smartphone market has exceeded expectations, causing both mobile phone manufacturers and channel partners to increase investment. Coupled with the production-related incentive plan implemented by India, long-term 5G expectations, and new entrants. Canalys expects a faster recovery in India in 2021.</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>Xiaomi Group rose in the short term, maintaining the first market share in India in Q4</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\">\nXiaomi Group rose in the short term, maintaining the first market share in India in Q4\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\">2021-01-28 13:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On January 28th, Xiaomi Group's Hong Kong stocks rose in the short term, up about 2.5%. In the fourth quarter, Xiaomi maintained its first market share of 27% in India.</p><p><img src=\"https://static.tigerbbs.com/ca3b1ef8af83878c1248af178b8ff8de\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Canalys released the Indian smartphone market report for the fourth quarter of 2020. Data shows that in the fourth quarter of 2020, the Indian smartphone market shipments reached 43.9 million units, a year-on-year increase of 13%. Among them, Xiaomi's shipments reached 12 million units, with a market share of 27%, a year-on-year increase of 7%, and continues to rank first in the market. In addition to Xiaomi, the top five companies in the market are Samsung with a market share of 21%; vivo's market share is 18%; OPPO's market share is 13%; Realme has a market share of 12%.</p><p><img src=\"https://static.tigerbbs.com/35846f2eaffd9b937e0e3595c876a853\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>Canalys researcher Varun Kannan said that in 2019, Chinese manufacturers contributed 72% of shipments in the Indian smartphone market, and this proportion increased to 77% in 2020. \"The last time the Indian market changed the power structure was from Samsung to Xiaomi, which occurred during the transition from 3G to 4G. With the realization of the prospect of large-scale commercial use of 5G, Chinese manufacturers will further promote the power transfer. Due to China's first mover in 5G layout, this proportion may continue to rise.\"</p><p>Rushabh Doshi, head of research at Canalys, said mobile phone manufacturers are seeing a sustainable market recovery in India. Doshi believes that data on consumer demand in 2020 shows that the rebound in the Indian smartphone market has exceeded expectations, causing both mobile phone manufacturers and channel partners to increase investment. Coupled with the production-related incentive plan implemented by India, long-term 5G expectations, and new entrants. Canalys expects a faster recovery in India in 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3df686d3a6ca977e8c6841905eb7e18c","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130910554","content_text":"1月28日讯，小米集团港股短线上扬，涨约2.5%，第四季度小米在印度市场占有率27%保持第一。Canalys发布2020年第四季度印度智能手机市场报告，数据显示，2020年第四季度，印度智能手机市场出货量达到4390万台，同比增长13%。其中，小米出货量达到1200万台，市场占有率27%，同比增长7%，继续保持市场第一。除小米外，市场前五名分别是三星市场占有率21%；vivo市场占有率18%；OPPO市场占有率13%；Realme市场占有率12%。Canalys研究员Varun Kannan表示，2019年中国厂商合计贡献印度智能手机市场72%的出货量，2020年该比例上升为77%。“印度市场上一次变化权力格局，是从三星到小米，发生于3G向4G转变时期。随着5G大规模商用的前景变现，中国厂商会进一步推进权力转移。由于中国在5G布局上的先发，这一比例还有继续上升的可能。”Canalys研究主管Rushabh Doshi表示，手机厂商在印度看到了可持续的市场复苏。Doshi认为，2020年关于消费者需求的数据显示，印度智能手机市场的反弹超过预期，使手机厂商和渠道合作方都加大了投资。加上印度推行的生产关联激励计划、长期的5G预期、新入局者。Canalys预期2021印度将迎来更快的恢复。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}