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2021-06-21

Nooo

Sorry, the original content has been removed

2021-06-20

Lol

This is how the market moved after the decision! Has the Federal Reserve thought of this?

2021-03-25

Nooooo

Chinese stocks have set off a bloody storm. Will this year be a replica of 2018?

2021-03-24

Nooooo

XPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened

2021-03-23

Gooood

Dalio: There will be a bull market in China and it doesn't think there is a super cycle for commodities

2021-03-19

Interesting

Is DocuSign a Buy After Shares Surge 200%?

2021-03-17

Interesting

iQiyi Death Knock Station B: Second Creation Infringement, Traffic Hurt Body

2021-03-10

Again

Sorry, the original content has been removed

2021-03-07

Noooo

Revelation from the sharp drop

2021-03-06

????

How should we respond when US stocks plummet? Warren Buffett said this

2021-03-05

Nooooo

Nio Motor: Having experienced "madness," can it maintain its "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 34, she supported an IPO with 500 tea shops.

2021-02-13

How

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

2021-02-11

Cry

Tesla's stock price fell more than 5%, suggesting it may create its own system to process Bitcoin payments.

2021-02-10

Noted

Reminder: A list of major market closures during the Spring Festival holiday.

2021-01-28

666

Xiaomi Group rose in the short term, maintaining its number one market share in India in Q4.

2021-01-27

??fighting

Go to Tiger App to see more news

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13:46","market":"us","language":"zh","title":"This is how the market moved after the decision! Has the Federal Reserve thought of this?","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 following the Federal Reserve's decision was extraordinary from any perspective: the US Dollar Index saw its biggest single-day gain since the COVID-19 pandemic swept the globe in March last year, long-term US Treasury yields fell to their lowest level since February, and some commodity prices fell to their lowest level since March last year, but the Nasdaq index hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>In his report, chief foreign exchange strategist George Saravelos stated that the flattening of the yield curve indicates that the Federal Reserve made a major policy mistake. This is attributed to the market's extremely pessimistic view of the neutral interest rate r*, \"in other words, this is the same argument we made six years ago when we predicted 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 did the market show such an unexpected trend? Deutsche Bank analysts provided their analysis one by one:</p><p>The surge in the US dollar is entirely consistent with the traditional view that the biggest impact on the US Dollar Index is the real interest rate at the front end. Expectations of the Federal Reserve tightening monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year US Treasury yield did not hit a new high, the strong rebound in the US Dollar Index would not be surprising.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The role of the Federal Reserve in pushing up commodity prices should not be underestimated, as can be seen from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also indicated a strong correlation between the Federal Reserve's balance sheet, commodity prices, and inflation expectations, with the 2013 shrinking balance sheet marking the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">Several survey-based indicators, such as the University of Michigan Inflation Expectations Index, also indicate a high correlation between commodity prices and inflation expectations. All of the above arguments demonstrate that the Federal Reserve's ability to influence inflation expectations through the dollar and commodities far exceeds what most people imagine.</p><p>Finally, and most importantly, the bond and neutral interest rate sections. As can be seen from the chart below, the bond market has shown a significant distortion and flattening in the past 48 hours, which is unusual for this to occur before the Federal Reserve has even begun its rate hike.</p><p>This is a repeat of the Fed's rate hike cycle from 2015 to 2019. Although the market has increased its pricing of rate hike in 2023 and 2024, yields have begun to decline after these two points, mainly because the market believes that the most the Fed can do is 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 significant decline in inflation expectations. In fact, the Federal Reserve turned hawkish even before break-even inflation reached the normal range level in 2014. The market is now extremely pessimistic about the neutral interest rate r*.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Federal Reserve decides to act ahead of schedule, then market sentiment indicates that the Fed cannot go far before inflation and growth reach their limits, which has led to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets besides the bond market also reflect pessimism about the neutral interest rate r*, with strong global investor demand for yields driving a stronger dollar and producing a faster-than-expected disinflationary effect. In other words, the global downturn in neutral interest rates has pushed the US neutral interest rate even lower.</p><p>Low neutral interest rates are consistent with a stronger stock market, especially growth stocks that heavily rely on the medium-term discount rate. The performance of US stocks over the past two days reflects the huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warn that this is actually a 2.0 version of the ten-year stagnation in pricing from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While price performance over a day or two does not constitute a trend, strange signals from the market should not be ignored. Deutsche Bank analysts have been emphasizing in recent weeks that many issues remain to be addressed, from a V-shaped recovery to a stable state in the post-COVID era, including the structural damage left by the COVID-19 pandemic to private sector savings rates and the new equilibrium real interest rate level. One can imagine the dire state of the economy without fiscal stimulus measures—without trillions of dollars in new fiscal stimulus each year, could the United States maintain a positive GDP growth rate? What would happen to the inflation rate if the Federal Reserve were forced to cut interest rates before the flames of inflation died down? These are all issues that the market will have to consider in the coming months.</p><p>The biggest question facing the Federal Reserve now is whether it could repeat the mistakes of 1937, when the Fed believed the U.S. economy had improved and began to initiate a rate hike, but the result was that the U.S. economy fell into trouble again, and ultimately the massive fiscal reinflation of World War II saved everything.</p><p>The problem is that the US debt and deficit have now risen to World War II levels. Without war, how can the US government justify its trillions of dollars in fiscal stimulus measures every year? With prices continuing to rise and the economy falling into recession again in 2024, how will the then-Federal Reserve Chairman combat 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>This is how the market moved after the decision! Has the Federal Reserve thought of 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\">\nThis is how the market moved after the decision! Has the Federal Reserve thought of this?\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 following the Federal Reserve's decision was extraordinary from any perspective: the US Dollar Index saw its biggest single-day gain since the COVID-19 pandemic swept the globe in March last year, long-term US Treasury yields fell to their lowest level since February, and some commodity prices fell to their lowest level since March last year, but the Nasdaq index hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>In his report, chief foreign exchange strategist George Saravelos stated that the flattening of the yield curve indicates that the Federal Reserve made a major policy mistake. This is attributed to the market's extremely pessimistic view of the neutral interest rate r*, \"in other words, this is the same argument we made six years ago when we predicted 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 did the market show such an unexpected trend? Deutsche Bank analysts provided their analysis one by one:</p><p>The surge in the US dollar is entirely consistent with the traditional view that the biggest impact on the US Dollar Index is the real interest rate at the front end. Expectations of the Federal Reserve tightening monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year US Treasury yield did not hit a new high, the strong rebound in the US Dollar Index would not be surprising.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The role of the Federal Reserve in pushing up commodity prices should not be underestimated, as can be seen from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also indicated a strong correlation between the Federal Reserve's balance sheet, commodity prices, and inflation expectations, with the 2013 shrinking balance sheet marking the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">Several survey-based indicators, such as the University of Michigan Inflation Expectations Index, also indicate a high correlation between commodity prices and inflation expectations. All of the above arguments demonstrate that the Federal Reserve's ability to influence inflation expectations through the dollar and commodities far exceeds what most people imagine.</p><p>Finally, and most importantly, the bond and neutral interest rate sections. As can be seen from the chart below, the bond market has shown a significant distortion and flattening in the past 48 hours, which is unusual for this to occur before the Federal Reserve has even begun its rate hike.</p><p>This is a repeat of the Fed's rate hike cycle from 2015 to 2019. Although the market has increased its pricing of rate hike in 2023 and 2024, yields have begun to decline after these two points, mainly because the market believes that the most the Fed can do is 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 significant decline in inflation expectations. In fact, the Federal Reserve turned hawkish even before break-even inflation reached the normal range level in 2014. The market is now extremely pessimistic about the neutral interest rate r*.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Federal Reserve decides to act ahead of schedule, then market sentiment indicates that the Fed cannot go far before inflation and growth reach their limits, which has led to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets besides the bond market also reflect pessimism about the neutral interest rate r*, with strong global investor demand for yields driving a stronger dollar and producing a faster-than-expected disinflationary effect. In other words, the global downturn in neutral interest rates has pushed the US neutral interest rate even lower.</p><p>Low neutral interest rates are consistent with a stronger stock market, especially growth stocks that heavily rely on the medium-term discount rate. The performance of US stocks over the past two days reflects the huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warn that this is actually a 2.0 version of the ten-year stagnation in pricing from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While price performance over a day or two does not constitute a trend, strange signals from the market should not be ignored. Deutsche Bank analysts have been emphasizing in recent weeks that many issues remain to be addressed, from a V-shaped recovery to a stable state in the post-COVID era, including the structural damage left by the COVID-19 pandemic to private sector savings rates and the new equilibrium real interest rate level. One can imagine the dire state of the economy without fiscal stimulus measures—without trillions of dollars in new fiscal stimulus each year, could the United States maintain a positive GDP growth rate? What would happen to the inflation rate if the Federal Reserve were forced to cut interest rates before the flames of inflation died down? These are all issues that the market will have to consider in the coming months.</p><p>The biggest question facing the Federal Reserve now is whether it could repeat the mistakes of 1937, when the Fed believed the U.S. economy had improved and began to initiate a rate hike, but the result was that the U.S. economy fell into trouble again, and ultimately the massive fiscal reinflation of World War II saved everything.</p><p>The problem is that the US debt and deficit have now risen to World War II levels. Without war, how can the US government justify its trillions of dollars in fiscal stimulus measures every year? With prices continuing to rise and the economy falling into recession again in 2024, how will the then-Federal Reserve Chairman combat 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博时",".DJI":"道琼斯","SDS":"两倍做空标普500 ETF-ProShares",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","SH":"做空标普500-Proshares","PSQ":"做空纳斯达克100指数ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","OEX":"标普100","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","SDOW":"三倍做空道指30ETF-ProShares","DDM":"2倍做多道指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,".SPX":0.9,"SPXU":0.9,"UPRO":0.9,"QQQ":0.9,"QLD":0.9,"TQQQ":0.9,"SQQQ":0.9,"DOG":0.9,"DXD":0.9,"OEF":0.9,"OEX":0.9,"QID":0.9,".DJI":0.9,"ESmain":0.9,"MNQmain":0.9,"NQmain":0.9,"UDOW":0.9,".IXIC":0.9,"SSO":0.9,"SDOW":0.9,"SH":0.9,"PSQ":0.9,"IVV":0.9,"DJX":0.9,"DDM":0.9,"SPY":0.9,"SDS":0.9}},"isVote":1,"tweetType":1,"viewCount":2810,"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":[],"title":"","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 stocks have set off 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: The Storm Is Coming? Understanding King has been retired for a long time, but the rivers and lakes are still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued its latest notice saying that it had passed temporary amendments to enforce the requirements of the Foreign Corporate Liability Act on information disclosure of listed companies.</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 formally signed the Foreign Company Accountability Act. The bill contains two main elements:</p><p>1. If a foreign company fails to pass the audit of the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be banned from listing on any U.S. exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>It is hard to believe that there is nothing to do with the bill as soon as the gunpowder-filled talks broke up.</p><p>Market analysts generally believe that the official announcement of SEC in the United States means that Chinese stocks listed in the United States will face greater delisting pressure.</p><p>Affected by this, Chinese stocks plummeted collectively last night, driving the Nasdaq to fall by more than 2%. As of the closing of the US stock market, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell by more than 15%, Li Auto Automobile fell by more than 13%, and Nio Automobile fell by more than 10%; Baidu, Pinduoduo and Bilibili all fell by 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 soaring international oil price, almost none of the head stocks were spared.</p><p>Back in China, the stocks that had returned to Hong Kong for listing were dragged down, and the Hang Seng Technology Index once plunged 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>Up to now, Hengke Index has fallen by nearly 2%, JD.COM and Alibaba have both fallen by over 4%, and Xiaomi, Netease, Meituan and other collectively have followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>China 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 may intensify, and liquidity is worried</b></p><p>Around the millennium, China's stock market is still in its infancy, and the threshold for listing is strict. Under the system of audit system and approval system, the time cost of issuing stock financing is relatively large. The most important thing is that the standard of issuing stock 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 stage of development and needed a lot of money to burn.</p><p>Coupled with the lack of domestic funds at that time, the concept of banks was not open, and the issuance of loans was strict. Because they couldn't understand the profit model of technology companies, it was difficult for Internet enterprises to raise financing through big channels.</p><p>Therefore, at that time, the main source of funds for such emerging enterprises was angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The most well-known example is Alibaba's. Jack Ma successfully raised funds from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecommunication-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 is also recognized by Hezhi as circumventing legal policies, and its legality is problematic.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-can't be listed on A shares.</p><p>However, the United States and Hong Kong are both registered, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale and complete the process and compliance requirements, with high financing efficiency.</p><p>Therefore, the phenomenon that Internet companies have gone overseas to list has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing. 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 stocks listed in the United States mainly in technology, consumption and medical care, with a total of 272. According to the latest principles of the Hong Kong Stock Exchange, the return of stocks in the United States and China to listing needs to 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 the research report released by Galaxy Securities on March 2nd this year, there are currently 48 Chinese stock companies that meet the requirements of secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top-level designers and investors with open hands, but the problem that needs to be worried about is that when Internet giants collectively return to Hong Kong, the demand for funds will be a big problem.</p><p>In June last year, Netease went to Hong Kong for a second listing, rising by 6% on the first day, with a turnover of HK$ 7.2 billion. On that day, the Hang Seng Index fell by 2%.</p><p>Hong Kong stocks themselves have insufficient liquidity, and \"blood drawing machines\" are launched one after another, and the market is estimated not to be small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The implementation of the Foreign Company Accountability Act has caused a direct blow to Chinese stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more uneasy.</p><p>Some time ago, when the state 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 harshness of the surrounding environment is perhaps even greater than that of the past.</p><p>During this time, the international drama came one after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions of the EU and China, the European Parliament's decision to cancel the China-EU Comprehensive Investment Agreement yesterday, plus the sudden announcement of HM Company…always gives people the feeling of a storm 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 is difficult for A shares not to be affected.</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 stocks have set off 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: The Storm Is Coming? Understanding King has been retired for a long time, but the rivers and lakes are still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued its latest notice saying that it had passed temporary amendments to enforce the requirements of the Foreign Corporate Liability Act on information disclosure of listed companies.</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 formally signed the Foreign Company Accountability Act. The bill contains two main elements:</p><p>1. If a foreign company fails to pass the audit of the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be banned from listing on any U.S. exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>It is hard to believe that there is nothing to do with the bill as soon as the gunpowder-filled talks broke up.</p><p>Market analysts generally believe that the official announcement of SEC in the United States means that Chinese stocks listed in the United States will face greater delisting pressure.</p><p>Affected by this, Chinese stocks plummeted collectively last night, driving the Nasdaq to fall by more than 2%. As of the closing of the US stock market, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell by more than 15%, Li Auto Automobile fell by more than 13%, and Nio Automobile fell by more than 10%; Baidu, Pinduoduo and Bilibili all fell by 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 soaring international oil price, almost none of the head stocks were spared.</p><p>Back in China, the stocks that had returned to Hong Kong for listing were dragged down, and the Hang Seng Technology Index once plunged 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>Up to now, Hengke Index has fallen by nearly 2%, JD.COM and Alibaba have both fallen by over 4%, and Xiaomi, Netease, Meituan and other collectively have followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>China 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 may intensify, and liquidity is worried</b></p><p>Around the millennium, China's stock market is still in its infancy, and the threshold for listing is strict. Under the system of audit system and approval system, the time cost of issuing stock financing is relatively large. The most important thing is that the standard of issuing stock 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 stage of development and needed a lot of money to burn.</p><p>Coupled with the lack of domestic funds at that time, the concept of banks was not open, and the issuance of loans was strict. Because they couldn't understand the profit model of technology companies, it was difficult for Internet enterprises to raise financing through big channels.</p><p>Therefore, at that time, the main source of funds for such emerging enterprises was angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The most well-known example is Alibaba's. Jack Ma successfully raised funds from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecommunication-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 is also recognized by Hezhi as circumventing legal policies, and its legality is problematic.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-can't be listed on A shares.</p><p>However, the United States and Hong Kong are both registered, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale and complete the process and compliance requirements, with high financing efficiency.</p><p>Therefore, the phenomenon that Internet companies have gone overseas to list has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing. 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 stocks listed in the United States mainly in technology, consumption and medical care, with a total of 272. According to the latest principles of the Hong Kong Stock Exchange, the return of stocks in the United States and China to listing needs to 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 the research report released by Galaxy Securities on March 2nd this year, there are currently 48 Chinese stock companies that meet the requirements of secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top-level designers and investors with open hands, but the problem that needs to be worried about is that when Internet giants collectively return to Hong Kong, the demand for funds will be a big problem.</p><p>In June last year, Netease went to Hong Kong for a second listing, rising by 6% on the first day, with a turnover of HK$ 7.2 billion. On that day, the Hang Seng Index fell by 2%.</p><p>Hong Kong stocks themselves have insufficient liquidity, and \"blood drawing machines\" are launched one after another, and the market is estimated not to be small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The implementation of the Foreign Company Accountability Act has caused a direct blow to Chinese stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more uneasy.</p><p>Some time ago, when the state 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 harshness of the surrounding environment is perhaps even greater than that of the past.</p><p>During this time, the international drama came one after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions of the EU and China, the European Parliament's decision to cancel the China-EU Comprehensive Investment Agreement yesterday, plus the sudden announcement of HM Company…always gives people the feeling of a storm 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 is difficult for A shares not to be affected.</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":3690,"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":[],"title":"","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":"XPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened","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, the intraday decline of new energy vehicle concept stocks widened. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>dropped by more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>It fell by 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>XPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened\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, the intraday decline of new energy vehicle concept stocks widened. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>dropped by more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>It fell by 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":{"XPEV":"小鹏集团","LI":"理想汽车","NIO":"蔚来"},"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":{"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2707,"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":[],"title":"","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 it doesn't think there is 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 22nd, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and Godfather of Investment, had a conversation with Wall Street. Dalio expressed his views on investor concerns 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 on the rise, the RMB is internationalizing, and China's bond 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 over, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, technology and natural disasters are all important factors. In terms of science and technology, there are good investment opportunities in semiconductors and biotechnology. Cyber security also needs to be focused on in the next 5 years.</p><p>Talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market of bonds, Dalio told Wall Street:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover the principal even if they wait for 50 years, and 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 lose a lot if bonds sell 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 Federal Reserve rate hike. It is impossible to tell how far the dollar will weaken now, but historically, we can refer to the conditions of the 1970s. On whether the Fed can control interest rate rises, Dalio believes:</p><p>Referring to history, the current Fed's money printing behavior is controlled. The US has the advantage that the US dollar is the global reserve currency. Now that debt levels are already very high, the gap between rich and poor caused by money printing has created problems. Future investments have to be invested in production, which I don't see right now. The stock market would suffer if it were rate hike. The portfolio must be highly diversified, with stocks, bonds, etc., preferably across the globe. When asked about his views on investment in gold and Bitcoin, Dalio thought:</p><p>It is still recommended to invest 5% of your 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 portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has developed greatly in the past decade, but there are still great risks. In order to diversify your portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has made a lot of progress over the past decade, but there are also big risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between inflation triggered by supply and demand, the rise in commodities now may be triggered by monetary inflation. Monetary inflation usually occurs when the economy is weak. I don't think there is a commodity super cycle right now, and demand is still on the weak side right now. Asked what assets he likes most in China, Dalio said frankly:</p><p>Investors need to pursue balanced investment, 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 it doesn't think there is 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 it doesn't think there is 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 22nd, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and Godfather of Investment, had a conversation with Wall Street. Dalio expressed his views on investor concerns 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 on the rise, the RMB is internationalizing, and China's bond 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 over, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, technology and natural disasters are all important factors. In terms of science and technology, there are good investment opportunities in semiconductors and biotechnology. Cyber security also needs to be focused on in the next 5 years.</p><p>Talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market of bonds, Dalio told Wall Street:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover the principal even if they wait for 50 years, and 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 lose a lot if bonds sell 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 Federal Reserve rate hike. It is impossible to tell how far the dollar will weaken now, but historically, we can refer to the conditions of the 1970s. On whether the Fed can control interest rate rises, Dalio believes:</p><p>Referring to history, the current Fed's money printing behavior is controlled. The US has the advantage that the US dollar is the global reserve currency. Now that debt levels are already very high, the gap between rich and poor caused by money printing has created problems. Future investments have to be invested in production, which I don't see right now. The stock market would suffer if it were rate hike. The portfolio must be highly diversified, with stocks, bonds, etc., preferably across the globe. When asked about his views on investment in gold and Bitcoin, Dalio thought:</p><p>It is still recommended to invest 5% of your 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 portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has developed greatly in the past decade, but there are still great risks. In order to diversify your portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has made a lot of progress over the past decade, but there are also big risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between inflation triggered by supply and demand, the rise in commodities now may be triggered by monetary inflation. Monetary inflation usually occurs when the economy is weak. I don't think there is a commodity super cycle right now, and demand is still on the weak side right now. Asked what assets he likes most in China, Dalio said frankly:</p><p>Investors need to pursue balanced investment, 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":3174,"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":[],"title":"","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 a Buy After Shares Surge 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 have skyrocketed during the pandemic, 2021 has been a really tough time.</p><p>Case in point, electronic signature company DocuSign Inc has been trading in the range since it hit an all-time high last September. The San Francisco-based application software company's digital services have experienced explosive growth, and the company's digital signatures have exploded in popularity amid the shift to remote work at many companies. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna and others.</p><p>While DocuSign's share price is down more than 20% from its 9-year high of $269, its cumulative gain over 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 difficult problem now is whether they can maintain their high growth momentum once the epidemic is under control and enterprises start to function normally? However, the nature of DocuSign's products indicates that the company may still be able to maintain a lot of room for growth after the pandemic. The company's services are expected to have a permanent place in the company's transformation to digital.</p><p>DocuSign currently offers personal e-signature services, with service fees starting at $10 per month, 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 executing the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify problems, 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 growth size of this market is expected to reach $50 billion. In his statement, he said: \"2021 was a landmark year for DocuSign as we became the backbone of the 'work-from-home' economy, allowing people to work from anywhere in the globe, while in the process we grew our business by 50%, reaching $1.5 billion in revenue and a record net retention rate of 123%. We believe that this set of data represents an acceleration in the digital transformation trend of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter and provided a better financial forecast. According to the data released by the company on March 11th, its earnings per share in the fourth quarter were $0.37, up from $0.12 in the same period last year, and its revenue rose from $258 million to $410 million.</p><p>The company is struggling to grow, especially in 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 an impressive $89 million.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not hard 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 steering clear of highly 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 a Buy After Shares Surge 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 a Buy After Shares Surge 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 have skyrocketed during the pandemic, 2021 has been a really tough time.</p><p>Case in point, electronic signature company DocuSign Inc has been trading in the range since it hit an all-time high last September. The San Francisco-based application software company's digital services have experienced explosive growth, and the company's digital signatures have exploded in popularity amid the shift to remote work at many companies. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna and others.</p><p>While DocuSign's share price is down more than 20% from its 9-year high of $269, its cumulative gain over 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 difficult problem now is whether they can maintain their high growth momentum once the epidemic is under control and enterprises start to function normally? However, the nature of DocuSign's products indicates that the company may still be able to maintain a lot of room for growth after the pandemic. The company's services are expected to have a permanent place in the company's transformation to digital.</p><p>DocuSign currently offers personal e-signature services, with service fees starting at $10 per month, 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 executing the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify problems, 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 growth size of this market is expected to reach $50 billion. In his statement, he said: \"2021 was a landmark year for DocuSign as we became the backbone of the 'work-from-home' economy, allowing people to work from anywhere in the globe, while in the process we grew our business by 50%, reaching $1.5 billion in revenue and a record net retention rate of 123%. We believe that this set of data represents an acceleration in the digital transformation trend of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter and provided a better financial forecast. According to the data released by the company on March 11th, its earnings per share in the fourth quarter were $0.37, up from $0.12 in the same period last year, and its revenue rose from $258 million to $410 million.</p><p>The company is struggling to grow, especially in 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 an impressive $89 million.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not hard 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 steering clear of highly 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":3519,"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":[],"title":"","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 Death Knock Station B: Second Creation Infringement, Traffic Hurt 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>In a market cap equal to approximately 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 with a complaint.</p><p>Recently, Tianyan Check APP showed that Beijing iQiyi Technology Co., Ltd. published an article with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Announcement on the opening of court cases related to infringement of the right to disseminate information on the network of works. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main audiovisual operator of Station B.</p><p>According to the announcement, the trial date of the case is March 23, and it will be heard by the Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify the 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 the data of Tianyancha, Shanghai Kuanyu was involved in 328 cases of disputes over infringement of the right to disseminate works information online.</p><p>Among them, take iQiyi as an example. iQiyi has repeatedly gone to court with Station B for its many self-made contents. For example, in May 2018, iQiyi sued Station B to Haidian Court on the grounds of infringing on the right to disseminate work information online. The reason was that its self-made content \"Hip-Hop in China\" was broadcast by Station B without authorization. This lawsuit finally won a total of 53,500 yuan. Last year, iQiyi once again sued 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, and the case is still under trial.</p><p>It is not yet possible to determine the content subject of this new lawsuit. However, some bloggers previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>It said that iQiyi once asked Station B to remove a large number of related edited videos of Ultimate Notes. \"Ultimate Note\" is iQiyi's previous exclusive online drama, because the original work and the CP line in the drama have a high popularity in Station B. The blogger said that the most popular theme video related to the final sandsea linkage has been removed from Station B. \"Excuse me, what's wrong with iQiyi? Others pay people to cut it. What are you doing?\" The blogger said.</p><p>As one of the standards to test the popularity of film and television dramas, the secondary creation content has always been the evergreen tree of Station B. Secondary creation is called re-creation, which is the re-creation of users on the original materials. The 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 clicks, 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 \"Bloodbath\" Station B, which was marked by the birth of several million-click secondary creation videos.</p><p>According to AI Finance and Economics, at present, many content projects will take the initiative to find Station B and ask for secondary creative cooperation in order to drain traffic.</p><p>However, due to the copyright of content material, secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuits to the film commentator Big V Valley Amo within one month, arguing that their interception of original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the owner of Bilibili UP also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, Tianyancha APP shows that Station B also has disputes over information network communication rights with ByteDance, Youku and other platforms. For example, last year, because users uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally won 60,000 yuan.</p><p>With the growth of \"Little Broken Station\" (fans' nickname for Station B), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, fans, ghosts and other contents are in an ambiguous state of copyright supervision. Previously, although Bilibili launched a large-scale review of the content uploaded by users in 2017, and continuously tightened the audit mechanism of manual + algorithm, it was not binding for users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as video, and launch an online content area for UP owners to make secondary creations. At the same time, Station B made great efforts in long-term content last year, such as \"Rap New Generation\", and provided secondary creation materials for UP owners with its own content copyright. However, in the short term, Station B can't be compared with Teng Aiyou in terms of volume and maturity of self-made content. For example, the recently launched \"Mountain and River Order\" has taken over the mantle of \"Chen Qing Ling\" and 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, Second Creation may also have the anxiety of \"making wedding dresses for others\". iQiyi launched its video products last year, as an attempt by iQiyi to get close to \"China YouTube\". According to the relevant data of iQiyi, in 2020, Youth Has You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with interaction at any moment, which coincide with Station B on a large scale. In addition, iQiyi's self-made content copyright is also regarded as an important advantage to attract platform creators to create second creations.</p><p>The growth of traditional long video platforms has peaked, and 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, the revenue of Station B was 12 billion yuan, a year-on-year increase of 77%. As all families enter the stock competition of traffic competition, 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 Death Knock Station B: Second Creation Infringement, Traffic Hurt 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 Death Knock Station B: Second Creation Infringement, Traffic Hurt 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>In a market cap equal to approximately 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 with a complaint.</p><p>Recently, Tianyan Check APP showed that Beijing iQiyi Technology Co., Ltd. published an article with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Announcement on the opening of court cases related to infringement of the right to disseminate information on the network of works. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main audiovisual operator of Station B.</p><p>According to the announcement, the trial date of the case is March 23, and it will be heard by the Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify the 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 the data of Tianyancha, Shanghai Kuanyu was involved in 328 cases of disputes over infringement of the right to disseminate works information online.</p><p>Among them, take iQiyi as an example. iQiyi has repeatedly gone to court with Station B for its many self-made contents. For example, in May 2018, iQiyi sued Station B to Haidian Court on the grounds of infringing on the right to disseminate work information online. The reason was that its self-made content \"Hip-Hop in China\" was broadcast by Station B without authorization. This lawsuit finally won a total of 53,500 yuan. Last year, iQiyi once again sued 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, and the case is still under trial.</p><p>It is not yet possible to determine the content subject of this new lawsuit. However, some bloggers previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>It said that iQiyi once asked Station B to remove a large number of related edited videos of Ultimate Notes. \"Ultimate Note\" is iQiyi's previous exclusive online drama, because the original work and the CP line in the drama have a high popularity in Station B. The blogger said that the most popular theme video related to the final sandsea linkage has been removed from Station B. \"Excuse me, what's wrong with iQiyi? Others pay people to cut it. What are you doing?\" The blogger said.</p><p>As one of the standards to test the popularity of film and television dramas, the secondary creation content has always been the evergreen tree of Station B. Secondary creation is called re-creation, which is the re-creation of users on the original materials. The 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 clicks, 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 \"Bloodbath\" Station B, which was marked by the birth of several million-click secondary creation videos.</p><p>According to AI Finance and Economics, at present, many content projects will take the initiative to find Station B and ask for secondary creative cooperation in order to drain traffic.</p><p>However, due to the copyright of content material, secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuits to the film commentator Big V Valley Amo within one month, arguing that their interception of original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the owner of Bilibili UP also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, Tianyancha APP shows that Station B also has disputes over information network communication rights with ByteDance, Youku and other platforms. For example, last year, because users uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally won 60,000 yuan.</p><p>With the growth of \"Little Broken Station\" (fans' nickname for Station B), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, fans, ghosts and other contents are in an ambiguous state of copyright supervision. Previously, although Bilibili launched a large-scale review of the content uploaded by users in 2017, and continuously tightened the audit mechanism of manual + algorithm, it was not binding for users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as video, and launch an online content area for UP owners to make secondary creations. At the same time, Station B made great efforts in long-term content last year, such as \"Rap New Generation\", and provided secondary creation materials for UP owners with its own content copyright. However, in the short term, Station B can't be compared with Teng Aiyou in terms of volume and maturity of self-made content. For example, the recently launched \"Mountain and River Order\" has taken over the mantle of \"Chen Qing Ling\" and 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, Second Creation may also have the anxiety of \"making wedding dresses for others\". iQiyi launched its video products last year, as an attempt by iQiyi to get close to \"China YouTube\". According to the relevant data of iQiyi, in 2020, Youth Has You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with interaction at any moment, which coincide with Station B on a large scale. In addition, iQiyi's self-made content copyright is also regarded as an important advantage to attract platform creators to create second creations.</p><p>The growth of traditional long video platforms has peaked, and 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, the revenue of Station B was 12 billion yuan, a year-on-year increase of 77%. As all families enter the stock competition of traffic competition, 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":3393,"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":[],"title":"","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":2619,"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":[],"title":"","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":"Revelation from the sharp drop","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 fish only have 7 seconds of memory.</p><p>How many days can an investor's memory last?</p><p>We feel that today is terrible, but we have forgotten that the market almost hit the daily limit down on the first trading day after the Spring Festival last year, and we have also forgotten that the maximum drop was 20% after the ChiNext index peaked on February 25 last year.</p><p>After a while, I'll forget about the hardships of these past few days.</p><p>The world will remain the same for some time to come; the situation of embracing core assets and holding high-quality companies for the long term will not change.</p><p><b>About the cycle</b></p><p>The sharp drop after the Spring Festival should not be overstated; for now, it should be seen as a repetition of the standard process after the end of the spring rally, something that happens every year.</p><p>The decline in core assets was greater than in previous years because they rose too much before the holiday. The so-called brutal pleasure will inevitably have a brutal end.</p><p>A spring rally is bound to come. Even in the bleak and rainy year of 2018, the SSE 50 index saw 19 consecutive days of gains. The spring rally will definitely pass, and I'll tell you that those who experience a bull market are the worst.</p><p>In the past, the spring market would last for about two months, with the highest point almost corresponding to the largest trading volume. During the decline, the volume would gradually decrease, and the decline would be rapid, reaching a low point within a month. Over the past two years, after the spring rally ended, the Shanghai Composite Index fell by more than 10%, and the ChiNext Index saw a maximum drop of 20%.</p><p>The market has fallen less than in previous years.</p><p>History is a mirror that cannot see the future, but it can illuminate where we are.</p><p>Will the price continue to fall after the standard process is completed? The US 10-year Treasury Bond yield continued to rise, indicating a rebound in real interest rates and rising inflation. China's 10-year Treasury Bond yield is also rising in tandem. There is no longer any possibility of marginal easing in monetary policy; the only question left is when to shift.</p><p>Therefore, warnings immediately emerged: many people have not experienced the complete cycle and cannot see the cycle of commodity cycles and technology stock cycles.</p><p>All I want to say is: Fuck your cycle!</p><p>Do you know why we only invest in biopharmaceuticals? I just don't want to care about the macro and cyclical aspects.</p><p>In the midst of a systemic crisis, no one is spared.</p><p>However, as long as the main downturn is weathered and the market enters a period of fluctuation, even if it is a gradual decline, the biopharmaceutical industry is not afraid. The advantages of certain growth of leading companies will be reflected, and they will return to their own trajectory, resulting in a structural market trend.</p><p>The deleveraging in 2018, even if the memories are not good, may still be reminiscent. The market began a year-long decline in February, but CSI Healthcare and CSI Pharmaceutical hit new highs on May 29. If it weren't for trade issues and the first centralized procurement, they could have maintained positive returns throughout the year.</p><p>Today, trade issues and centralized procurement are no longer problems.</p><p>Biomedicine can basically weather bull and bear markets, and we need to have firm confidence in adversity.</p><p><img src=\"https://static.tigerbbs.com/5f5b8f2da168fb1f06a5f0e28ae3b0b7\" tg-width=\"503\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding timing</b></p><p>An important phenomenon in the correction following the end of this spring rally is that trading volume has remained stable.</p><p>Only trading volume doesn't lie.</p><p>What exactly does this mean?</p><p>The liquidity tightening may not have been implemented yet, and it is also possible that residents' assets can be hedged through funds entering the market.</p><p>Previously, it was estimated that newly launched funds still had 565.5 billion yuan to build positions, and 72 more equity funds were about to be raised, with an estimated scale of 327.1 billion yuan.</p><p>Buffett's words are full of wisdom and never outdated; macroeconomic forecasts are meaningless for stock investment.</p><p>The macroeconomic aspects are unclear, so I won't predict whether the bull and bear markets will shift or how liquidity will tighten in the future. I won't exaggerate the timing.</p><p>Risk appetite also needs to be maintained. Are you afraid when it falls, but wonder why you were afraid in the first place when it rises?</p><p>Have you experienced multiple rounds of ups and downs, or are you still unable to overcome this human nature?</p><p>Long-term investors ignore any fluctuations and are too detached from worldly affairs. The pattern of autumn and winter pullbacks, spring rallies, and subsequent sell-offs is very obvious and can be exploited. However, investing based on predictions of bull and bear market shifts and a full-year decline is too timely.</p><p>Systemic risks will eventually pass. As long as the company itself does not collapse and its growth logic remains intact, it will eventually recover.</p><p>The entry of residents' assets into the market is irreversible. Young fund investors' money cannot be concentrated in traditional industries such as steel, non-ferrous metals, coal, and banking. The mainstream investment should still be in growth stocks with decent fundamentals.</p><p>The current problem is that valuations are indeed too overdrawn. Once they fall to a certain level, they become valuable. Leading high-quality assets are digesting their valuations and finding a balanced center. We can observe two anchors: one is Hengrui Medicine, which, if the existing valuation system does not collapse, will be the anchor of the entire biopharmaceutical sector; the other is when Tongce Medical will stop falling, as the trading volume was not large enough during the entire pullback/retracement.</p><p>The Shanghai Composite Index is still a long way from its target level, while the ChiNext Index is almost there. We should remain cautious and not be overly pessimistic.</p><p>High-quality stocks are driven by endogenous growth in the long run. Once systemic risks are released, investors should return to their fundamentals and growth potential.</p><p>liquidity tightening has no impact on biopharmaceutical performance. In the era of stock economy, sustainable high growth is scarce and can enjoy a premium.</p><p>Emotions and timing are not the most important things; 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 quote from Sun Tzu's \"The Art of War\" is: \"Know yourself and know your enemy, and you will never be defeated.\" I didn't understand why such a bland expression was regarded as the golden rule. Now I understand that the most important thing in everything is understanding, and it starts with understanding yourself. Experiencing this wave of pullback/retracement should have touched your hearts, and you can consider reflecting on it from the following aspects.</p><p>1. Do your stock holdings match your risk appetite? If you have a poor risk tolerance, it is recommended to avoid or be cautious about allocating to overvalued, unprofitable, and highly volatile stocks, and to avoid heavily investing in vaccine stocks, Hong Kong stocks, and CXOs.</p><p>2. How to handle the relationship between short-term and long-term? If you are very concerned about short-term returns, it is recommended to avoid or be cautious about allocating to stocks that have great long-term potential but are a mess in the short term.</p><p>3. If you don't understand, don't do it. Organize stocks that are beyond your understanding. High valuations, large market capitalization, and unprofitability are difficult to understand. You can choose stocks that you can understand. This will make your stock holding mindset more stable.</p><p>4. Don't provoke your weaknesses. Give yourself a chance to survive and give good stocks a chance to prove themselves. Tongce Medical, Aier Eye Hospital, Huahan Plastic Surgery, and Kangle Guardian have experienced huge declines. How can they remain completely unnoticed? No need for inner strength; index-based diversified allocation of holdings provides a ballast and a sense of layering. Huahan Plastic Surgery and Kangle Guardian have experienced multiple sharp declines, but they will rise even higher afterward because their allocations are tolerant of short-term mistakes. Don't give yourself a chance to expose your weaknesses, and don't push good stocks to the brink of collapse.</p><p>The emotional standard for measuring whether a portfolio position is reasonable is to feel comfortable and free from pressure.</p><p>Long-term investment matures through ups and downs, and nothing is smooth sailing. Measuring investment on an annual basis is much more relaxed.</p><p><b>About Tongce</b></p><p>The logic behind CXO's high growth is very strong. High valuations are not entirely due to group buying; once the market stabilizes, it will be the sector with the fastest rebound.</p><p>Going away is like pulling silk, and the medical services sector is expected to continue to fluctuate, seeking 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>Tongce Medical's fundamentals and growth potential remain unchanged; the only problem is its high valuation, the controversy surrounding short-term fund alliances, and the loosening of its holdings.</p><p>According to the Tongce Medical Exchange Meeting, the company continued its good operating trend in the fourth quarter and January of this year, opened on the fourth day of the Lunar New Year, achieved good year-on-year growth, and its fundamentals were stable.</p><p>The two future growth curves are normal. The dandelion plan is progressing smoothly, and some clinics have reached break-even within six months, demonstrating the replicability of the business model. Cunji Hospital outside the province is not as bad as expected, and Wuhan has achieved very good results. In October 2020, the company's monthly revenue was around 5.5 million yuan, reaching the break-even point. Xi'an Cunji is a hope for expansion outside the province. It is better developed than Wuhan, and its location and talent pool are excellent. The trial operation began on October 9th, with an average monthly revenue of 3 million.</p><p>In the dental implant business, Zhejiang Province has approximately 300,000 dental implants per year, compared to South Korea's 3 million dental implants per year. Zhejiang Province has a huge future market potential for dental implants.</p><p>In the orthodontic business, young people have a strong demand for orthodontics. Tongce's development of its own digital oral system is more conducive to promoting orthodontic services.</p><p>The estimated profit in 2020 was 550 million yuan, and it is expected to maintain a 30% growth rate over the next two years. The profit in 2023 is 1.2 billion yuan, with a PE ratio of 70, which means that the performance has been overdrawn for two or three years.</p><p>The question now is whether the market can accept valuation overruns and whether it can maintain a 30% growth rate.</p><p>As the only leader in a good sector, it is exclusively profitable, while others suffer losses and have almost no sales expenses, so it can enjoy a high premium.</p><p>The market will find a suitable anchor amidst volatility; first, cautiously observe the results.</p><p>Time heals all; this isn't motivational quotes.</p><p>Dentistry is a nationwide consumer market, with leading companies having a market capitalization of less than 100 billion yuan. Will this remain the case forever?</p><p>Volatility is normal in the market; sometimes extreme situations can occur, which is inevitable from the moment you enter the market. Even after experiencing multiple rounds of ups and downs, we always become more optimistic when we are optimistic and more pessimistic when we are pessimistic. Knowing right from wrong, but acting on it is a different matter.</p><p>Biomedicine is relatively stable most of the time, just like a person who doesn't get sick, who gets sick once and then gets sick like a mountain. The month after the spring rally ended and the month at the end of the year were both severely affected.</p><p>They expressed a very pessimistic view during the peak of the spring market rally. Now, I also want to say, everything 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>Revelation from the sharp drop</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\">\nRevelation from the sharp drop\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 fish only have 7 seconds of memory.</p><p>How many days can an investor's memory last?</p><p>We feel that today is terrible, but we have forgotten that the market almost hit the daily limit down on the first trading day after the Spring Festival last year, and we have also forgotten that the maximum drop was 20% after the ChiNext index peaked on February 25 last year.</p><p>After a while, I'll forget about the hardships of these past few days.</p><p>The world will remain the same for some time to come; the situation of embracing core assets and holding high-quality companies for the long term will not change.</p><p><b>About the cycle</b></p><p>The sharp drop after the Spring Festival should not be overstated; for now, it should be seen as a repetition of the standard process after the end of the spring rally, something that happens every year.</p><p>The decline in core assets was greater than in previous years because they rose too much before the holiday. The so-called brutal pleasure will inevitably have a brutal end.</p><p>A spring rally is bound to come. Even in the bleak and rainy year of 2018, the SSE 50 index saw 19 consecutive days of gains. The spring rally will definitely pass, and I'll tell you that those who experience a bull market are the worst.</p><p>In the past, the spring market would last for about two months, with the highest point almost corresponding to the largest trading volume. During the decline, the volume would gradually decrease, and the decline would be rapid, reaching a low point within a month. Over the past two years, after the spring rally ended, the Shanghai Composite Index fell by more than 10%, and the ChiNext Index saw a maximum drop of 20%.</p><p>The market has fallen less than in previous years.</p><p>History is a mirror that cannot see the future, but it can illuminate where we are.</p><p>Will the price continue to fall after the standard process is completed? The US 10-year Treasury Bond yield continued to rise, indicating a rebound in real interest rates and rising inflation. China's 10-year Treasury Bond yield is also rising in tandem. There is no longer any possibility of marginal easing in monetary policy; the only question left is when to shift.</p><p>Therefore, warnings immediately emerged: many people have not experienced the complete cycle and cannot see the cycle of commodity cycles and technology stock cycles.</p><p>All I want to say is: Fuck your cycle!</p><p>Do you know why we only invest in biopharmaceuticals? I just don't want to care about the macro and cyclical aspects.</p><p>In the midst of a systemic crisis, no one is spared.</p><p>However, as long as the main downturn is weathered and the market enters a period of fluctuation, even if it is a gradual decline, the biopharmaceutical industry is not afraid. The advantages of certain growth of leading companies will be reflected, and they will return to their own trajectory, resulting in a structural market trend.</p><p>The deleveraging in 2018, even if the memories are not good, may still be reminiscent. The market began a year-long decline in February, but CSI Healthcare and CSI Pharmaceutical hit new highs on May 29. If it weren't for trade issues and the first centralized procurement, they could have maintained positive returns throughout the year.</p><p>Today, trade issues and centralized procurement are no longer problems.</p><p>Biomedicine can basically weather bull and bear markets, and we need to have firm confidence in adversity.</p><p><img src=\"https://static.tigerbbs.com/5f5b8f2da168fb1f06a5f0e28ae3b0b7\" tg-width=\"503\" tg-height=\"402\" referrerpolicy=\"no-referrer\"></p><p><b>Regarding timing</b></p><p>An important phenomenon in the correction following the end of this spring rally is that trading volume has remained stable.</p><p>Only trading volume doesn't lie.</p><p>What exactly does this mean?</p><p>The liquidity tightening may not have been implemented yet, and it is also possible that residents' assets can be hedged through funds entering the market.</p><p>Previously, it was estimated that newly launched funds still had 565.5 billion yuan to build positions, and 72 more equity funds were about to be raised, with an estimated scale of 327.1 billion yuan.</p><p>Buffett's words are full of wisdom and never outdated; macroeconomic forecasts are meaningless for stock investment.</p><p>The macroeconomic aspects are unclear, so I won't predict whether the bull and bear markets will shift or how liquidity will tighten in the future. I won't exaggerate the timing.</p><p>Risk appetite also needs to be maintained. Are you afraid when it falls, but wonder why you were afraid in the first place when it rises?</p><p>Have you experienced multiple rounds of ups and downs, or are you still unable to overcome this human nature?</p><p>Long-term investors ignore any fluctuations and are too detached from worldly affairs. The pattern of autumn and winter pullbacks, spring rallies, and subsequent sell-offs is very obvious and can be exploited. However, investing based on predictions of bull and bear market shifts and a full-year decline is too timely.</p><p>Systemic risks will eventually pass. As long as the company itself does not collapse and its growth logic remains intact, it will eventually recover.</p><p>The entry of residents' assets into the market is irreversible. Young fund investors' money cannot be concentrated in traditional industries such as steel, non-ferrous metals, coal, and banking. The mainstream investment should still be in growth stocks with decent fundamentals.</p><p>The current problem is that valuations are indeed too overdrawn. Once they fall to a certain level, they become valuable. Leading high-quality assets are digesting their valuations and finding a balanced center. We can observe two anchors: one is Hengrui Medicine, which, if the existing valuation system does not collapse, will be the anchor of the entire biopharmaceutical sector; the other is when Tongce Medical will stop falling, as the trading volume was not large enough during the entire pullback/retracement.</p><p>The Shanghai Composite Index is still a long way from its target level, while the ChiNext Index is almost there. We should remain cautious and not be overly pessimistic.</p><p>High-quality stocks are driven by endogenous growth in the long run. Once systemic risks are released, investors should return to their fundamentals and growth potential.</p><p>liquidity tightening has no impact on biopharmaceutical performance. In the era of stock economy, sustainable high growth is scarce and can enjoy a premium.</p><p>Emotions and timing are not the most important things; 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 quote from Sun Tzu's \"The Art of War\" is: \"Know yourself and know your enemy, and you will never be defeated.\" I didn't understand why such a bland expression was regarded as the golden rule. Now I understand that the most important thing in everything is understanding, and it starts with understanding yourself. Experiencing this wave of pullback/retracement should have touched your hearts, and you can consider reflecting on it from the following aspects.</p><p>1. Do your stock holdings match your risk appetite? If you have a poor risk tolerance, it is recommended to avoid or be cautious about allocating to overvalued, unprofitable, and highly volatile stocks, and to avoid heavily investing in vaccine stocks, Hong Kong stocks, and CXOs.</p><p>2. How to handle the relationship between short-term and long-term? If you are very concerned about short-term returns, it is recommended to avoid or be cautious about allocating to stocks that have great long-term potential but are a mess in the short term.</p><p>3. If you don't understand, don't do it. Organize stocks that are beyond your understanding. High valuations, large market capitalization, and unprofitability are difficult to understand. You can choose stocks that you can understand. This will make your stock holding mindset more stable.</p><p>4. Don't provoke your weaknesses. Give yourself a chance to survive and give good stocks a chance to prove themselves. Tongce Medical, Aier Eye Hospital, Huahan Plastic Surgery, and Kangle Guardian have experienced huge declines. How can they remain completely unnoticed? No need for inner strength; index-based diversified allocation of holdings provides a ballast and a sense of layering. Huahan Plastic Surgery and Kangle Guardian have experienced multiple sharp declines, but they will rise even higher afterward because their allocations are tolerant of short-term mistakes. Don't give yourself a chance to expose your weaknesses, and don't push good stocks to the brink of collapse.</p><p>The emotional standard for measuring whether a portfolio position is reasonable is to feel comfortable and free from pressure.</p><p>Long-term investment matures through ups and downs, and nothing is smooth sailing. Measuring investment on an annual basis is much more relaxed.</p><p><b>About Tongce</b></p><p>The logic behind CXO's high growth is very strong. High valuations are not entirely due to group buying; once the market stabilizes, it will be the sector with the fastest rebound.</p><p>Going away is like pulling silk, and the medical services sector is expected to continue to fluctuate, seeking 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>Tongce Medical's fundamentals and growth potential remain unchanged; the only problem is its high valuation, the controversy surrounding short-term fund alliances, and the loosening of its holdings.</p><p>According to the Tongce Medical Exchange Meeting, the company continued its good operating trend in the fourth quarter and January of this year, opened on the fourth day of the Lunar New Year, achieved good year-on-year growth, and its fundamentals were stable.</p><p>The two future growth curves are normal. The dandelion plan is progressing smoothly, and some clinics have reached break-even within six months, demonstrating the replicability of the business model. Cunji Hospital outside the province is not as bad as expected, and Wuhan has achieved very good results. In October 2020, the company's monthly revenue was around 5.5 million yuan, reaching the break-even point. Xi'an Cunji is a hope for expansion outside the province. It is better developed than Wuhan, and its location and talent pool are excellent. The trial operation began on October 9th, with an average monthly revenue of 3 million.</p><p>In the dental implant business, Zhejiang Province has approximately 300,000 dental implants per year, compared to South Korea's 3 million dental implants per year. Zhejiang Province has a huge future market potential for dental implants.</p><p>In the orthodontic business, young people have a strong demand for orthodontics. Tongce's development of its own digital oral system is more conducive to promoting orthodontic services.</p><p>The estimated profit in 2020 was 550 million yuan, and it is expected to maintain a 30% growth rate over the next two years. The profit in 2023 is 1.2 billion yuan, with a PE ratio of 70, which means that the performance has been overdrawn for two or three years.</p><p>The question now is whether the market can accept valuation overruns and whether it can maintain a 30% growth rate.</p><p>As the only leader in a good sector, it is exclusively profitable, while others suffer losses and have almost no sales expenses, so it can enjoy a high premium.</p><p>The market will find a suitable anchor amidst volatility; first, cautiously observe the results.</p><p>Time heals all; this isn't motivational quotes.</p><p>Dentistry is a nationwide consumer market, with leading companies having a market capitalization of less than 100 billion yuan. Will this remain the case forever?</p><p>Volatility is normal in the market; sometimes extreme situations can occur, which is inevitable from the moment you enter the market. Even after experiencing multiple rounds of ups and downs, we always become more optimistic when we are optimistic and more pessimistic when we are pessimistic. Knowing right from wrong, but acting on it is a different matter.</p><p>Biomedicine is relatively stable most of the time, just like a person who doesn't get sick, who gets sick once and then gets sick like a mountain. The month after the spring rally ended and the month at the end of the year were both severely affected.</p><p>They expressed a very pessimistic view during the peak of the spring market rally. Now, I also want to say, everything 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":2691,"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":[],"title":"","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":"How should we respond when US 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, almost a year has passed since the crash bottomed out during the pandemic a year ago, and warnings of a collapse still echo from time to time in the US stock market. In particular, the recent surge in long-term interest rates has caused considerable turmoil in the stock market and made it difficult for many market participants to calm down. Perhaps we should turn to the voice of Warren Buffett, the \"Oracle of Omaha,\" 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 experience a market crash. For example, this was the case a year ago in March 2020. Shortly after the World Health Organization declared the COVID-19 pandemic a major global infectious disease, lockdown measures were implemented across the United States, many businesses were temporarily closed, and the U.S. economy came to a sudden standstill. As a result, US stocks plummeted on the spot.</p><p>However, the downward trend did not last long. After bottoming out in late March, the market turned around and rose, a trend that continued throughout the rest of the year. Ultimately, at the end of 2020, people saw all three major indicators of US stocks rise. The Nasdaq closed up 43.7% for the year, while the S&P 500 and Dow Jones Industrial Average rose 15.6% and 6.6%, respectively.</p><p>Now, almost a year has passed since the crash bottomed out during the pandemic a year ago, and warnings of a collapse still echo from time to time in the US stock market. In particular, the recent surge in long-term interest rates has caused considerable turmoil in the stock market and made it difficult for many market participants to calm down. Perhaps we should turn to the voice of Warren Buffett, the \"Oracle of Omaha,\" 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 of all time because he seems to have the magic to turn a market crash into an opportunity and thus make substantial profits. Buffett firmly believes that in the contemporary investment world, stocks are the best option for building wealth in the long run. He pointed out that market ups and downs are inevitable, so investors must be mentally prepared before entering the market. In this way, when something unexpected happens, people will not easily panic.</p><p><b>Reject noise</b></p><p>In fact, many of Buffett's best decisions were made during market downturns. After the 2008 financial crisis, Berkshire Hathaway seized the opportunity to buy Goldman Sachs shares at a low price—the world's largest investment bank was in dire need of capital at the time. Warren Buffett once said that one of the biggest mistakes investors can make is paying too much attention to commentators, political shows, and market rumors.</p><p>If Buffett is also preoccupied with seeking various market predictions, he will lose the focus of his observation and thinking, and thus miss out on rare buying opportunities. By 2011, Berkshire had profited $3.7 billion from its Goldman Sachs injection, of which 34%, or $1.27 billion, came from Dividend. In 2009, Buffett said, \"Those who only invest when critics are optimistic will ultimately pay a high price for this meaningless sense of security.\"</p><p><b>Never speculate</b></p><p>Warren Buffett warns investors: \"The easiest moments are actually the most dangerous moments of speculation.\" Some people are lucky and can taste some success at the beginning of speculation, but in the long run, almost no one becomes the ultimate winner. To mitigate market risks, wise investment is the right path. Buffett's advice is to never invest in companies you don't understand. There is only one really legitimate reason to buy stock: you really want to own the company.</p><p><b>Looking to the long term</b></p><p>In fact, Buffett mostly prefers long-term investments to short-term trading. He once said, \"Our ideal holding period is forever. If you invest in the right companies, you have already minimized risk and created 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>How should we respond when US 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\">\nHow should we respond when US 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, almost a year has passed since the crash bottomed out during the pandemic a year ago, and warnings of a collapse still echo from time to time in the US stock market. In particular, the recent surge in long-term interest rates has caused considerable turmoil in the stock market and made it difficult for many market participants to calm down. Perhaps we should turn to the voice of Warren Buffett, the \"Oracle of Omaha,\" 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 experience a market crash. For example, this was the case a year ago in March 2020. Shortly after the World Health Organization declared the COVID-19 pandemic a major global infectious disease, lockdown measures were implemented across the United States, many businesses were temporarily closed, and the U.S. economy came to a sudden standstill. As a result, US stocks plummeted on the spot.</p><p>However, the downward trend did not last long. After bottoming out in late March, the market turned around and rose, a trend that continued throughout the rest of the year. Ultimately, at the end of 2020, people saw all three major indicators of US stocks rise. The Nasdaq closed up 43.7% for the year, while the S&P 500 and Dow Jones Industrial Average rose 15.6% and 6.6%, respectively.</p><p>Now, almost a year has passed since the crash bottomed out during the pandemic a year ago, and warnings of a collapse still echo from time to time in the US stock market. In particular, the recent surge in long-term interest rates has caused considerable turmoil in the stock market and made it difficult for many market participants to calm down. Perhaps we should turn to the voice of Warren Buffett, the \"Oracle of Omaha,\" 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 of all time because he seems to have the magic to turn a market crash into an opportunity and thus make substantial profits. Buffett firmly believes that in the contemporary investment world, stocks are the best option for building wealth in the long run. He pointed out that market ups and downs are inevitable, so investors must be mentally prepared before entering the market. In this way, when something unexpected happens, people will not easily panic.</p><p><b>Reject noise</b></p><p>In fact, many of Buffett's best decisions were made during market downturns. After the 2008 financial crisis, Berkshire Hathaway seized the opportunity to buy Goldman Sachs shares at a low price—the world's largest investment bank was in dire need of capital at the time. Warren Buffett once said that one of the biggest mistakes investors can make is paying too much attention to commentators, political shows, and market rumors.</p><p>If Buffett is also preoccupied with seeking various market predictions, he will lose the focus of his observation and thinking, and thus miss out on rare buying opportunities. By 2011, Berkshire had profited $3.7 billion from its Goldman Sachs injection, of which 34%, or $1.27 billion, came from Dividend. In 2009, Buffett said, \"Those who only invest when critics are optimistic will ultimately pay a high price for this meaningless sense of security.\"</p><p><b>Never speculate</b></p><p>Warren Buffett warns investors: \"The easiest moments are actually the most dangerous moments of speculation.\" Some people are lucky and can taste some success at the beginning of speculation, but in the long run, almost no one becomes the ultimate winner. To mitigate market risks, wise investment is the right path. Buffett's advice is to never invest in companies you don't understand. There is only one really legitimate reason to buy stock: you really want to own the company.</p><p><b>Looking to the long term</b></p><p>In fact, Buffett mostly prefers long-term investments to short-term trading. He once said, \"Our ideal holding period is forever. If you invest in the right companies, you have already minimized risk and created 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":3206,"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":[],"title":"","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 Motor: Having experienced \"madness,\" can it maintain its \"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 delivering annual revenue of 9.46 billion yuan and delivering 32,600 new vehicles in 2020, as the first listed emerging Chinese electric vehicle manufacturer...<a href=\"https://laohu8.com/S/NIO\">Nio</a>Cars have also delivered their answer. Or catalyzed by good performance,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automotive stock prices surged in response, rising 8.69% to $49.76 per share as of March 2, with a total market capitalization of $78.1 billion (approximately RMB 505 billion).</p><p>As is well known, 2020 was a year of mixed sorrow and joy for Nio. From burning billions of dollars to nearly going bankrupt, to surpassing $76 billion (approximately RMB 491 billion) in market capitalization by the end of the year, it jumped to become the second largest automaker in the world by market capitalization.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is the fifth largest automaker after Toyota and Volkswagen. Nio founder Li Bin also transformed from \"the worst person in 2019\" to \"the happiest person in 2020,\" experiencing a rollercoaster ride.</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 Motors official website</span></p><p>So, how did Nio Automotive, which has suffered losses for four consecutive years and has been dubbed the \"King of Losses,\" perform in 2020? Facing<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts, capital scrambling to enter the new energy vehicle market... what strategies does Nio have to cope with these challenges in the future? After experiencing madness and enduring loneliness, can Nio Motors maintain its prosperity?</p><p><b>Revenue exceeded 16.2 billion yuan, but it still suffered a loss of 5 billion yuan.</b></p><p>as<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similarly, in 2020, Nio Automobile riding the wave of the \"new energy\" market not only saw its stock price and market value soar, but its operating performance also improved significantly, staging a remarkable comeback.</p><p>Financial reports show that Nio reported revenue of 6.64 billion yuan in the fourth quarter of 2020, a year-on-year increase of 133.2%; The net loss was RMB 1.389 billion, a year-on-year decrease of 51.5%. Excluding share-based compensation expenses, the adjusted net loss (non-GAAP) was RMB 1.328 billion, a year-on-year decrease of 52.8%. The gross profit margin for automobile sales was 17.2%, compared to -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 Motor Company official website</span></p><p>For the whole year, Nio Automobile's total revenue was 16.258 billion yuan, an increase of 107.8% year-on-year; The net loss was RMB 5.304 billion, a decrease of 53.0% year-on-year. Excluding share-based payment expenses, the adjusted net loss (non-GAAP) was RMB 5.117 billion, a decrease of 53.3% year-on-year.</p><p>It is worth noting that in 2020, Nio' gross profit was 1.873 billion yuan. With the improvement in gross profit, Nio' gross profit margin rose to 11.5% in 2020 (from -15.3% in 2019), and the gross profit margin of its automotive business rose to 12.7% (from -9.9% in the previous year). It can be seen that the positive gross profit and gross profit margin mean that Nio Automobile is now 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 Motor Company official website</span></p><p>However, under the pressure of high investment, Nio is still operating at a loss, marking the fifth consecutive year of losses for Nio, which indirectly indicates that Nio is still burning through cash. Compared to Li Auto, another emerging electric vehicle manufacturer, although Nio Auto has a prominent advantage in revenue, Li Auto is better than Nio in both gross profit margin and net profit. Moreover, Li Auto's profit in the fourth quarter of last year exceeded \"100 million yuan\".</p><p>For a cash-strapped electric vehicle company, product sales and continuous financing are almost everything. Fortunately, car sales in Nio doubled last year. Financial reports show that Nio delivered 17,353 vehicles in the fourth quarter of 2020. This includes 4,873 ES8s, 7,574 ES6s, and 4,906 EC6s. The EC6 model outsold the ES8 and ES6 in December.</p><p>The total number of vehicles delivered in 2020 was 43,700, a significant increase of 112.6% year-on-year, doubling sales.</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 Motor Company official website</span></p><p>Li Bin stated, \"In the fourth quarter of 2020, Nio achieved a new quarterly delivery record of 17,353 vehicles, bringing a perfect end to a transformative 2020.\"</p><p>According to data from the China Passenger Car Association, in 2020, I<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Automobile retail sales reached 1.109 million units, a year-on-year increase of 9.8%. Of these, Tesla sold 143,800 units in the Chinese market, with the domestically produced Model 3 accounting for 94%.</p><p>Although Tesla's sales surpass those of Nio, during the conference call, when discussing the market competition facing Nio, Li Bin stated, \"The main competitors of the Nio ES6/EC6/ES8 models are gasoline-powered vehicles from Mercedes-Benz, BMW, and Audi (BBA) in similar price ranges. BBA has done very well in the gasoline-powered vehicle sector, but its electric vehicle business lags far behind Nio.\" He also emphasized that by the end of this year, Nio will have achieved sales network coverage in cities with BBA dealerships. It seems that Li Bin does not consider Tesla 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 why Nio Automobile's losses narrowed in 2020.</p><p>Financial reports show that in 2020, Nio Automobile's market, sales and administrative expenses were 3.932 billion yuan, a year-on-year decrease of 27.87%. Nio Motor Company stated that the decrease in sales and administrative expenses was mainly attributed to reductions in employee compensation, rent, and related expenses resulting from 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 Motor Company official website</span></p><p>Last year, Nio' R&D expenses were 2.488 billion yuan, a year-on-year decrease of 43.82%, accounting for 15.3% of total operating revenue. Although R&D expenses have dropped significantly, they are more than double those of Li Auto (last year, Ideal's R&D expenses were 1.1 billion yuan, accounting for 11.63% of total operating revenue).</p><p>Regarding the reduction in R&D investment, Nio explained that the decrease in R&D expenses was mainly attributed to the company's overall cost-saving efforts and the improved operational efficiency of the R&D function, which reduced design and development costs and employee compensation.</p><p>In terms of cash flow, Nio Automobile has relatively ample cash flow. As of December 31, 2020, Nio held RMB 38.42 billion in cash and cash equivalents. Cash reserves (cash and cash equivalents, restricted monetary cash, and short-term investments) totaled RMB 42.5 billion (Li Auto’s cash reserves reached RMB 29.87 billion in 2020).</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 Motor Company official website</span></p><p>Nio Chief Financial Officer Feng Wei said, \"Looking ahead, based on Nio' continuous technological innovation and enhanced 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 to 5 billion yuan in 2021,\" Li Bin said in the earnings call.</p><p>As can be seen, both Nio and Li Auto have doubled their R&D investment in the future. 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 Motor Company official website</span></p><p>Gasgoo believes that the development of the new energy vehicle industry is a completely new path, especially difficult for domestic independent brands. In this market environment where people are feeling their way across the river, whoever masters the core technological advantages will control the market. Faced with intensifying industry reshuffling, only continuous technological innovation, and high R&D investment, is the key to success. It is understood 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 all exceed 5 billion yuan,<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>、<a href=\"https://laohu8.com/S/600418\">JAC Motors</a>The companies have all invested more than 1 billion yuan in R&D.</p><p>According to Qin Lihong, co-founder and president of NIO, although Nio is currently a listed company that is still operating at a loss, Nio has invested nearly 20 billion yuan in more than five years.</p><p><b>What should we do in 2021? Production capacity to reach 300,000 units by the end of the year / Entering the European market</b></p><p>\"2020 was an important milestone in the development of Nio. With the support of users and the efforts of the team, the overall operation of Nio got on track and entered a stage of accelerated development,\" Li Bin summarized the development of Nio last year. In 2021, facing gradually rising sales, Nio was also accelerating its strategic planning.</p><p>Compared to Li Auto founder Li Xiang's \"Great Leap Forward\" plan (to become China's number one by 2025)...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies; By 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 more realistic.</p><p>In response, Nio released the following plans:</p><p><b>1. Nio has increased its monthly production capacity to 7,500 units, and plans to achieve a single-shift capacity of 150,000 units and a double-shift 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, bringing the total number of stores to 366;</b></p><p><b>3. Second-generation battery swapping stations will be deployed starting in 2021, bringing the total number of battery swapping stations nationwide to over 500;</b></p><p><b>4. In 2021, a total of 600 supercharging stations and 15,000 destination charging piles are planned to be built;</b></p><p><b>5. Regarding the international market, as previously planned, Nio will begin sales and service in Europe this year. According to Li Bin, all preparations are progressing in an orderly manner;</b></p><p><b>6. By adhering to its high-end positioning, the NIO brand will definitely not enter the mass market. However, Li Bin also stated that there are definitely possibilities, and in the long run, the goal is to enter the mass market in a more proactive manner.</b></p><p>When discussing its most distinctive battery swapping technology, Li Bin said that Nio has withstood the test of the market and users. He stated that Nio is committed to building an innovative system that separates vehicles from batteries, enables battery rental, and allows for charging, swapping, and upgrading, providing users with full-scenario charging 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 Motor Company official website</span></p><p>With a growing user base and an increasingly diverse range of battery pack options, more and more users are choosing... Battery as a Service, BaaS. In February 2021, 55% of new orders chose BaaS. Li Bin believes that BaaS and Nio’s comprehensive charging and battery swapping service system will accelerate the conversion of gasoline vehicle users to pure electric vehicles.</p><p>When discussing the currently hot topic of \"chip shortage,\" Li Bin stated, \"Currently, Nio Automobile's chip supply is basically sufficient to meet the normal production needs of Nio in Q2, but the risks are high. The more pressing issue is the insufficient supply of power batteries, especially the supply of 100Kwh power battery packs, which is less than we expected. The power battery supply bottleneck 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 Motor Company official website</span></p><p>In addition, Li Bin stated that from a brand perspective, NIO will not enter the mass market. A few years ago, Nio made experiments with GAC and Changan through investment, and its current shareholding ratio has dropped from about 40% to about 5%. Nio' main brand mainly focuses on the high-end market, but it is also actively observing how to enter the mass market, which has always been a strategy of Nio.</p><p>Finally, Nio made a forecast for its sales and revenue in the first quarter of this year.</p><p>Nio expects vehicle deliveries to be between 20,000 and 20,500 vehicles in the first quarter of 2021, representing 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 Motor Company official website</span></p><p>Revenue is expected to be between RMB 7.38 billion and RMB 7.56 billion, representing a year-on-year increase of 438.1% to 450.8%.</p><p>Data shows that in January this year, Nio delivered 7,225 new cars, a year-on-year increase of 352.1%. In February, Nio vehicles continued their high-speed growth model, increasing by 689% year-on-year, more than double the growth rate in January. Of these, 1,327 ES8 units were delivered; Nio delivered 2,216 ES6 units; 2,035 EC6 units were delivered. A total of 12,803 vehicles were delivered in January and February.</p><p><b>At the end:</b></p><p>Currently, among the top tier of emerging electric vehicle manufacturers, only...<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>The financial report has not yet been released, but it can be predicted that in 2020...<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Catalyzed by the capital market and the \"new energy boom,\" its performance may not be too bad.</p><p>However, the path of emerging electric vehicle manufacturers is extremely difficult. On one hand, there are flowers and applause, and on the other hand, there may be cliffs and failures. Moreover, in just the past two months of 2021, the new energy vehicle sector has already been \"overcrowded\". Whether it is real estate tycoons, mobile phone manufacturers, or Internet companies, they all want to get a share of the pie in this field.</p><p>Cui Dongshu, Secretary-General of the China Passenger Car Association, believes that new energy vehicles are currently expensive in the US capital market, indicating a certain bubble. He stated that valuation is a capital market evaluation and has no practical significance in promoting the development of enterprises.</p><p>Therefore, whether it is Nio, Li Auto, or new energy companies such as XPeng, the new energy vehicle market 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 Motor: Having experienced \"madness,\" can it maintain its \"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 Motor: Having experienced \"madness,\" can it maintain its \"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 delivering annual revenue of 9.46 billion yuan and delivering 32,600 new vehicles in 2020, as the first listed emerging Chinese electric vehicle manufacturer...<a href=\"https://laohu8.com/S/NIO\">Nio</a>Cars have also delivered their answer. Or catalyzed by good performance,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Automotive stock prices surged in response, rising 8.69% to $49.76 per share as of March 2, with a total market capitalization of $78.1 billion (approximately RMB 505 billion).</p><p>As is well known, 2020 was a year of mixed sorrow and joy for Nio. From burning billions of dollars to nearly going bankrupt, to surpassing $76 billion (approximately RMB 491 billion) in market capitalization by the end of the year, it jumped to become the second largest automaker in the world by market capitalization.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It is the fifth largest automaker after Toyota and Volkswagen. Nio founder Li Bin also transformed from \"the worst person in 2019\" to \"the happiest person in 2020,\" experiencing a rollercoaster ride.</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 Motors official website</span></p><p>So, how did Nio Automotive, which has suffered losses for four consecutive years and has been dubbed the \"King of Losses,\" perform in 2020? Facing<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Price cuts, capital scrambling to enter the new energy vehicle market... what strategies does Nio have to cope with these challenges in the future? After experiencing madness and enduring loneliness, can Nio Motors maintain its prosperity?</p><p><b>Revenue exceeded 16.2 billion yuan, but it still suffered a loss of 5 billion yuan.</b></p><p>as<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Similarly, in 2020, Nio Automobile riding the wave of the \"new energy\" market not only saw its stock price and market value soar, but its operating performance also improved significantly, staging a remarkable comeback.</p><p>Financial reports show that Nio reported revenue of 6.64 billion yuan in the fourth quarter of 2020, a year-on-year increase of 133.2%; The net loss was RMB 1.389 billion, a year-on-year decrease of 51.5%. Excluding share-based compensation expenses, the adjusted net loss (non-GAAP) was RMB 1.328 billion, a year-on-year decrease of 52.8%. The gross profit margin for automobile sales was 17.2%, compared to -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 Motor Company official website</span></p><p>For the whole year, Nio Automobile's total revenue was 16.258 billion yuan, an increase of 107.8% year-on-year; The net loss was RMB 5.304 billion, a decrease of 53.0% year-on-year. Excluding share-based payment expenses, the adjusted net loss (non-GAAP) was RMB 5.117 billion, a decrease of 53.3% year-on-year.</p><p>It is worth noting that in 2020, Nio' gross profit was 1.873 billion yuan. With the improvement in gross profit, Nio' gross profit margin rose to 11.5% in 2020 (from -15.3% in 2019), and the gross profit margin of its automotive business rose to 12.7% (from -9.9% in the previous year). It can be seen that the positive gross profit and gross profit margin mean that Nio Automobile is now 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 Motor Company official website</span></p><p>However, under the pressure of high investment, Nio is still operating at a loss, marking the fifth consecutive year of losses for Nio, which indirectly indicates that Nio is still burning through cash. Compared to Li Auto, another emerging electric vehicle manufacturer, although Nio Auto has a prominent advantage in revenue, Li Auto is better than Nio in both gross profit margin and net profit. Moreover, Li Auto's profit in the fourth quarter of last year exceeded \"100 million yuan\".</p><p>For a cash-strapped electric vehicle company, product sales and continuous financing are almost everything. Fortunately, car sales in Nio doubled last year. Financial reports show that Nio delivered 17,353 vehicles in the fourth quarter of 2020. This includes 4,873 ES8s, 7,574 ES6s, and 4,906 EC6s. The EC6 model outsold the ES8 and ES6 in December.</p><p>The total number of vehicles delivered in 2020 was 43,700, a significant increase of 112.6% year-on-year, doubling sales.</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 Motor Company official website</span></p><p>Li Bin stated, \"In the fourth quarter of 2020, Nio achieved a new quarterly delivery record of 17,353 vehicles, bringing a perfect end to a transformative 2020.\"</p><p>According to data from the China Passenger Car Association, in 2020, I<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Automobile retail sales reached 1.109 million units, a year-on-year increase of 9.8%. Of these, Tesla sold 143,800 units in the Chinese market, with the domestically produced Model 3 accounting for 94%.</p><p>Although Tesla's sales surpass those of Nio, during the conference call, when discussing the market competition facing Nio, Li Bin stated, \"The main competitors of the Nio ES6/EC6/ES8 models are gasoline-powered vehicles from Mercedes-Benz, BMW, and Audi (BBA) in similar price ranges. BBA has done very well in the gasoline-powered vehicle sector, but its electric vehicle business lags far behind Nio.\" He also emphasized that by the end of this year, Nio will have achieved sales network coverage in cities with BBA dealerships. It seems that Li Bin does not consider Tesla 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 why Nio Automobile's losses narrowed in 2020.</p><p>Financial reports show that in 2020, Nio Automobile's market, sales and administrative expenses were 3.932 billion yuan, a year-on-year decrease of 27.87%. Nio Motor Company stated that the decrease in sales and administrative expenses was mainly attributed to reductions in employee compensation, rent, and related expenses resulting from 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 Motor Company official website</span></p><p>Last year, Nio' R&D expenses were 2.488 billion yuan, a year-on-year decrease of 43.82%, accounting for 15.3% of total operating revenue. Although R&D expenses have dropped significantly, they are more than double those of Li Auto (last year, Ideal's R&D expenses were 1.1 billion yuan, accounting for 11.63% of total operating revenue).</p><p>Regarding the reduction in R&D investment, Nio explained that the decrease in R&D expenses was mainly attributed to the company's overall cost-saving efforts and the improved operational efficiency of the R&D function, which reduced design and development costs and employee compensation.</p><p>In terms of cash flow, Nio Automobile has relatively ample cash flow. As of December 31, 2020, Nio held RMB 38.42 billion in cash and cash equivalents. Cash reserves (cash and cash equivalents, restricted monetary cash, and short-term investments) totaled RMB 42.5 billion (Li Auto’s cash reserves reached RMB 29.87 billion in 2020).</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 Motor Company official website</span></p><p>Nio Chief Financial Officer Feng Wei said, \"Looking ahead, based on Nio' continuous technological innovation and enhanced 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 to 5 billion yuan in 2021,\" Li Bin said in the earnings call.</p><p>As can be seen, both Nio and Li Auto have doubled their R&D investment in the future. 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 Motor Company official website</span></p><p>Gasgoo believes that the development of the new energy vehicle industry is a completely new path, especially difficult for domestic independent brands. In this market environment where people are feeling their way across the river, whoever masters the core technological advantages will control the market. Faced with intensifying industry reshuffling, only continuous technological innovation, and high R&D investment, is the key to success. It is understood 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 all exceed 5 billion yuan,<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>、<a href=\"https://laohu8.com/S/600418\">JAC Motors</a>The companies have all invested more than 1 billion yuan in R&D.</p><p>According to Qin Lihong, co-founder and president of NIO, although Nio is currently a listed company that is still operating at a loss, Nio has invested nearly 20 billion yuan in more than five years.</p><p><b>What should we do in 2021? Production capacity to reach 300,000 units by the end of the year / Entering the European market</b></p><p>\"2020 was an important milestone in the development of Nio. With the support of users and the efforts of the team, the overall operation of Nio got on track and entered a stage of accelerated development,\" Li Bin summarized the development of Nio last year. In 2021, facing gradually rising sales, Nio was also accelerating its strategic planning.</p><p>Compared to Li Auto founder Li Xiang's \"Great Leap Forward\" plan (to become China's number one by 2025)...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric vehicle companies; By 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 more realistic.</p><p>In response, Nio released the following plans:</p><p><b>1. Nio has increased its monthly production capacity to 7,500 units, and plans to achieve a single-shift capacity of 150,000 units and a double-shift 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, bringing the total number of stores to 366;</b></p><p><b>3. Second-generation battery swapping stations will be deployed starting in 2021, bringing the total number of battery swapping stations nationwide to over 500;</b></p><p><b>4. In 2021, a total of 600 supercharging stations and 15,000 destination charging piles are planned to be built;</b></p><p><b>5. Regarding the international market, as previously planned, Nio will begin sales and service in Europe this year. According to Li Bin, all preparations are progressing in an orderly manner;</b></p><p><b>6. By adhering to its high-end positioning, the NIO brand will definitely not enter the mass market. However, Li Bin also stated that there are definitely possibilities, and in the long run, the goal is to enter the mass market in a more proactive manner.</b></p><p>When discussing its most distinctive battery swapping technology, Li Bin said that Nio has withstood the test of the market and users. He stated that Nio is committed to building an innovative system that separates vehicles from batteries, enables battery rental, and allows for charging, swapping, and upgrading, providing users with full-scenario charging 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 Motor Company official website</span></p><p>With a growing user base and an increasingly diverse range of battery pack options, more and more users are choosing... Battery as a Service, BaaS. In February 2021, 55% of new orders chose BaaS. Li Bin believes that BaaS and Nio’s comprehensive charging and battery swapping service system will accelerate the conversion of gasoline vehicle users to pure electric vehicles.</p><p>When discussing the currently hot topic of \"chip shortage,\" Li Bin stated, \"Currently, Nio Automobile's chip supply is basically sufficient to meet the normal production needs of Nio in Q2, but the risks are high. The more pressing issue is the insufficient supply of power batteries, especially the supply of 100Kwh power battery packs, which is less than we expected. The power battery supply bottleneck 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 Motor Company official website</span></p><p>In addition, Li Bin stated that from a brand perspective, NIO will not enter the mass market. A few years ago, Nio made experiments with GAC and Changan through investment, and its current shareholding ratio has dropped from about 40% to about 5%. Nio' main brand mainly focuses on the high-end market, but it is also actively observing how to enter the mass market, which has always been a strategy of Nio.</p><p>Finally, Nio made a forecast for its sales and revenue in the first quarter of this year.</p><p>Nio expects vehicle deliveries to be between 20,000 and 20,500 vehicles in the first quarter of 2021, representing 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 Motor Company official website</span></p><p>Revenue is expected to be between RMB 7.38 billion and RMB 7.56 billion, representing a year-on-year increase of 438.1% to 450.8%.</p><p>Data shows that in January this year, Nio delivered 7,225 new cars, a year-on-year increase of 352.1%. In February, Nio vehicles continued their high-speed growth model, increasing by 689% year-on-year, more than double the growth rate in January. Of these, 1,327 ES8 units were delivered; Nio delivered 2,216 ES6 units; 2,035 EC6 units were delivered. A total of 12,803 vehicles were delivered in January and February.</p><p><b>At the end:</b></p><p>Currently, among the top tier of emerging electric vehicle manufacturers, only...<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>The financial report has not yet been released, but it can be predicted that in 2020...<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Catalyzed by the capital market and the \"new energy boom,\" its performance may not be too bad.</p><p>However, the path of emerging electric vehicle manufacturers is extremely difficult. On one hand, there are flowers and applause, and on the other hand, there may be cliffs and failures. Moreover, in just the past two months of 2021, the new energy vehicle sector has already been \"overcrowded\". Whether it is real estate tycoons, mobile phone manufacturers, or Internet companies, they all want to get a share of the pie in this field.</p><p>Cui Dongshu, Secretary-General of the China Passenger Car Association, believes that new energy vehicles are currently expensive in the US capital market, indicating a certain bubble. He stated that valuation is a capital market evaluation and has no practical significance in promoting the development of enterprises.</p><p>Therefore, whether it is Nio, Li Auto, or new energy companies such as XPeng, the new energy vehicle market 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":722,"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":[],"title":"","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>February 21 - Xiaomi Group issued an announcement in Hong Kong, noting recent media reports that the Group intends to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem and conducting continuous assessment and research on the relevant industry trends. 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>February 21 - Xiaomi Group issued an announcement in Hong Kong, noting recent media reports that the Group intends to enter the electric vehicle manufacturing industry. The Group has been paying close attention to the development of the electric vehicle ecosystem and conducting continuous assessment and research on the relevant industry trends. 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":757,"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":[],"title":"","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 34, she supported an IPO with 500 tea shops.","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, a wave of new-style tea beverage launches is about to arrive, and young founders who have been hiding behind the scenes are making their debut. On New Year's Eve, Nayuki Tea quietly submitted its IPO prospectus.</p><p>According to investment news, on February 11th, Lunar New Year's Eve, Hong Kong Stock Exchange documents showed that Nayuki Tea submitted its 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-style tea beverage stock.</p><p>Behind Nayuki's tea lies a romantic love story. In 2015, Peng Xin, a couple born in the 1980s, and Zhao Lin, a couple born in the 1970s, officially founded Nayuki Tea. After raising funds in the Series A+ round in 2018, they became a new-style tea beverage unicorn with a valuation of 6 billion yuan. Now, three years later, Nayuki's tea valuation has doubled again—according to Bloomberg, its valuation will approach $2 billion (approximately RMB 13 billion) after a new funding round in January 2021.</p><p>\"Entering 2021, a wave of new-style tea beverage IPOs is about to arrive.\" A primary market investor judged that both Xicha and Nayuki's tea are vying for the first listing. Behind these well-known tea brands—Heytea, Nayuki, Modern China Tea Shop, and so on—is the collective appearance of young founders such as Nie Yunchen, Peng Xin and Zhao Lin, and Lü Liang.</p><p><b>A tea beverage unicorn valued at 13 billion: Starting with a blind date, the couple 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. She initially worked in branding at a listed IT company and gradually rose to the position of director. But like many girls, Peng Xin also has a \"baking dream\" in her heart.</p><p>In December 2012, Peng Xin chose to resign and start her own business. Initially, she created her own business plan, focusing on beverages and baking, while also teaching, but she struggled to find partners. \"Looking back now, this plan seems very naive and amateurish. There were too many things I wanted to do, but I had no experience or resources,\" Peng Xin recalled.</p><p>Until I met Zhao Lin. In March 2013, through a friend's introduction, Peng Xin met Zhao Lin, who had been working in the catering industry for many years at the time. Peng Xin spent two hours talking to Zhao Lin, a veteran in the catering industry, about her entrepreneurial dream. Unbeknownst to them, Zhao Lin had come with the intention of going on a blind date; he had previously turned down all social activities not intended for blind dates.</p><p>Regarding their first meeting, Zhao Lin recalled in a speech: \"After reading her proposal, I thought the girl had a lot of ideas, but I also knew very well that this project would be difficult to succeed, and the lack of experience was the biggest weakness.\" So, Zhao Lin offered a solution: Peng Xin became his girlfriend. “She said sure! I asked her, ‘Are you serious?’ She said yes! From then on, we were together every day, and three months later we got married.”</p><p>Soon, Zhao Lin and Peng Xin put their entrepreneurial dream into practice, registering the trademark \"Nayuki Tea\" in 2014.</p><p>The brand is called \"Nayuki\" because it comes from Peng Xin's online name. \"When you see this name, some people think of a beautiful girl making tea, while others think of snowfall... In short, we hope that everyone who sees this name can think of beautiful things.\"</p><p><b>During the more than a year of preparation, the biggest problem Zhao Lin and Peng Xin encountered was site selection.</b>Nayuki's tea stores are all positioned to be over 200 square meters in size, which is rare in the industry. 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, Nayuki's first tea store, the Shenzhen Excellence Century Store, opened. Within a month, the Happy Coast Store and the Huaqiangbei Jiufang Store also opened one after another. Since they started from scratch, Zhao Lin and Peng Xin even mortgaged their house to the bank in order to open three stores at once.</p><p>With such radical ideas, it seems that Zhao Lin and Peng Xin made the right bet. With innovation<b>\"Tea + Soft European Bread\" dual product line model</b>Nayuki's tea embarked on a path of rapid expansion. According to the prospectus, as of September 30, 2020, Nayuki had 422 stores worldwide, covering 61 cities in mainland China, as well as Hong Kong and Japan, and further increased to 507 stores as of the Latest Practicable Date. According to Bloomberg, Nayuki's latest valuation has reached nearly $2 billion, equivalent to approximately 13 billion RMB.</p><p>In November 2020, Nayuki Tea also launched a brand new store type, \"Nayuki PRO,\" in Shenzhen. This is the fourth store type after Nayuki Tea, Nayuki Sake House, and Nayuki Dream Factory. Not only that, but always<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Nayuki, considered an industry benchmark, has quietly launched seven coffee products, showing a strong momentum to expand into the coffee market. Clearly, this new-style tea beverage unicorn's ambitions go far beyond this.</p><p><b>Annual revenue of 2.5 billion</b></p><p><b>With a latest profit margin of 0.2%, how can tea shops make money?</b></p><p>How did Nayuki manage its IPO by selling milk tea and soft packs?</p><p>According to the prospectus, Nayuki's core tea menu currently includes more than 25 classic tea drinks and more than 25 classic baked goods. Among them, tea beverages include fresh fruit tea, fresh milk tea and pure tea, in addition to a variety of retail products such as tea gift boxes, snacks and ready-to-drink tea beverages.</p><p>With its innovative concept of combining freshly made tea drinks with baked goods, Nayuki opened its first tea shop in Shenzhen in 2014. In 2018 and 2019, Nayuki opened 179 and 174 new stores respectively, which is equivalent to opening one store every two days, and the expansion speed is astonishing.</p><p>From the perspective of urban layout<b>First-tier and new first-tier cities are Nayuki's main strongholds.</b>As of September 30, 2020, of its 422 stores nationwide, 155 were located in first-tier cities, 148 in new first-tier cities, and 98 stores in second-tier cities.</p><p>In terms of daily store sales and order volume, the performance of Nayuki's stores in first-tier cities, new first-tier cities, and second-tier cities is not significantly different; it has only shown a downward trend year by year.</p><p>According to the prospectus, in 2018, 2019, and the first three quarters of 2020, Nayuki's average daily sales per tea shop were RMB 307,000, RMB 277,000, and RMB 201,000, respectively. The average daily order volume per store also decreased from 716 orders in 2018 to 465 orders in 2020.</p><p>And<b>With the rapid expansion of its stores, Nayuki's tea revenue has also experienced explosive growth.</b>According to the prospectus, Nayuki Tea's revenue was RMB 1.09 billion and RMB 2.5 billion in 2018 and 2019, respectively. Even the outbreak of the COVID-19 pandemic in 2020, a black swan event, did not stop Nayuki's tea revenue from surging. Its tea shop revenue in the first three quarters of 2020 was RMB 1.986 billion, compared to RMB 1.6 billion in the same period of 2019.</p><p><img src=\"https://static.tigerbbs.com/02946776e8ed729d7bc18f23d94f2a28\" tg-width=\"689\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>However, behind the surge in revenue lies the significant loss problem that Nayuki Tea cannot ignore.</p><p>According to the prospectus, Nayuki Tea suffered losses of RMB 69.73 million, RMB 39.68 million and RMB 27.51 million in 2018, 2019 and the first three quarters of 2020, respectively. Compared to the first nine months of 2019 and 2020, its profit margin declined from 1% to 0.2%.</p><p>The prospectus reveals that<b>High operating costs are one of the important reasons for Nayuki's low profit margin.</b>Among the various costs, raw material costs, employee 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 response, Nayuki Tea admitted in its prospectus that it has a huge need for working capital and has faced a working capital deficit in the past, requiring a large amount of funds to fund its operations and address business opportunities. If it continues to experience a working capital deficit in the future, its business, liquidity, financial condition and results of operations may be materially and adversely affected.</p><p>However, the potential of the tea beverage market cannot be ignored. According to data from Frost & Sullivan, the growth momentum of the tea beverage market is expected to remain strong in the near future, with the market size expected to further grow to RMB 62.3 billion by 2025, with a compound annual growth rate of 32.7%, far exceeding the overall level of the freshly made tea shop industry.</p><p>Therefore, Nayuki believes that it is in the company's best interest to continue expanding its business in order to leverage its established brand awareness to drive long-term growth. According to the plan, it will open approximately 300 and 350 Nayuki tea shops in first-tier cities and new first-tier cities in 2021 and 2022, respectively, of which approximately 70% will be planned as Nayuki PRO tea shops. The number of new Nayuki tea shops opened in 2023 will be at least the same as the number opened in 2022.</p><p><b>Securing financing over lunch, Tiantu has invested in three consecutive rounds, with a well-known PE firm entering the market.</b></p><p>Currently, Nayuki Tea has completed five rounds of financing.</p><p>In 2017, Nayuki Tea embarked on its financing journey.<b>It has brought together VC/PE firms such as Tiantu Investment, Shenzhen Capital Group, PAG, and Honghui Capital.</b>。 It's worth mentioning that Nayuki Tea has chosen Tiantu Investment for all its angel rounds, A rounds, and A+ rounds.</p><p>Peng Xin once said that it was a training session arranged by Tiantu Investment that moved them. \"Feng Weidong, Managing Partner of Tiantu Investment, gave us a special lecture on Tiantu's analysis of the consumer goods sector, its reports on our industry, and their insights into...\"<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>All of their research, their research on our group, and their models for judging consumption upgrading, we think this is very thought-provoking. On the other hand, Tiantu Investment also met Peng Xin and Zhao Lin's requirements not to accept performance-based agreements or planning.</p><p>Nayuki's Tea completed its Series A+ funding round in just one lunch. “We had lunch with Pan Pan, the managing partner of Tiantu Investment’s VC fund, and talked about this year’s development plan. We wanted to get another sum of money, so he asked me how much money I needed, and he took it all,” Peng Xin recalled.</p><p>Pan Pan, a partner at Tiantu Investment, said that from a global perspective, large consumer goods companies are all related to beverages, including coffee brands such as Starbucks and COSTA, which are valued at over 100 billion US dollars.<b>Chinese tea has a very good consumer gene, and there are huge opportunities in the tea beverage category.</b></p><p>Following this round, Nayuki's tea was valued at 6 billion yuan, becoming the first unicorn in China's new-style tea beverage industry. In the following two years, Nayuki's Tea did not receive any further funding, and its old rival Heytea also fell into silence in terms of funding. Until June 2020, Nayuki completed a new round of financing, led by Shenzhen Capital Group.</p><p><b>There's also a little anecdote circulating in the industry.</b>Nayuki's Tea once rejected investment from Xu Xin, founder of Today Capital. \"When Nayuki's first tea store opened, she came and drank six cups of tea in one afternoon. She asked us if we were short of money, and we said no,\" Peng Xin revealed in an interview.</p><p>The first round of financing for New Tea Beverage in 2021 went to Nayuki's Tea. On January 1, 2021, the investment community confirmed from Nayuki that it had recently completed a Series C financing round of over US$100 million, led by PAG. This is PAG Group's first investment in a domestic tea beverage brand. In the past few years, this well-known Asian private equity firm has mostly invested in financial and technology companies. With this, Nayuki's latest valuation has reached nearly US$2 billion, equivalent to approximately RMB 13 billion.</p><p>In fact, since 2020, rumors about Nayuki's tea's IPO have never stopped. In early 2020, it was reported that Nayuki Tea planned to complete its IPO in the United States within that year and planned to raise $400 million. In July 2020, the former<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Chief Technology Officer He Gang has joined Nayuki as CTO. There were reports at the time that Nayuki's introduction of He Gang at this time might be because it was considering an IPO; In September, it was reported that Nayuki had 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>Nayuki's Tea has always replied that it has \"no plans to go public,\" but unexpectedly, it quietly submitted its application on New Year's Eve.</p><p><b>A new generation of founders made their debut.</b></p><p><b>In 2021, a wave of new tea beverage launches arrived.</b></p><p>China's new tea drinking industry has quietly entered its second phase, with the leader behind it stepping to the forefront. Among these well-known tea brands—<b>Behind Heytea, Nayuki, Modern China Tea Shop, Mixue Ice Cream, and others lies the collective appearance of young founders such as Nie Yunchen, Peng Xin and Zhao Lin, and Lü Liang.</b>。</p><p>Nayuki Tea's biggest competitor, Heytea, is led by a man born in the 1990s. Nie Yunchen was born in Jiangxi in 1991 and later moved to Jiangmen, Guangdong with his parents. After successfully graduating from university in 2010, 19-year-old Nie Yunchen started his own business, opening a mobile phone store in Guangzhou. The mobile phone business was not easy to do, but in 2012, Nie Yunchen opened a shop called Royal Tea and started a milk tea business.</p><p>In 2016, Nie Yunchen renamed his company Royal Tea to Heytea and received 100 million yuan in funding from IDG Capital and angel investor He Boquan, thus beginning the story of China's new tea drinks. From then on, Nie Yunchen led Heytea on a rapid run, and<a href=\"https://laohu8.com/S/YJ\">gather</a>It attracted a number of venture capital firms. In August 2020, Heytea founder Nie Yunchen ranked 81st in Shenzhen's wealth creation list with a net worth of 4.092 billion yuan, becoming the youngest among them. Prior to this, Heytea secured Series C funding jointly led by Hillhouse Capital and Coatue Management, valuing it at 16 billion yuan.</p><p>Now, Nayuki has taken another step forward in the battle to become the first new tea beverage brand to be listed on the stock exchange. As for Heytea, it was reported in September 2020 that Heytea planned to list in Hong Kong before the end of 2021, with an expected financing of US$400 million to US$500 million. Industry insiders generally believe that the round in March last year was Heytea's last round of financing before its IPO. As early as the end of 2019, Heytea made several changes to its business registration information, which was interpreted by outsiders as preparations for its IPO.</p><p>According to the latest news, Heytea will submit its prospectus to the Hong Kong Stock Exchange in March this year. Heytea subsequently responded that it currently has no IPO plans or actions, and no financing matters are currently underway.</p><p>However,<b>Another internet celebrity brand, Modern China Tea Shop, has taken a different path.</b>Lü Liang, the founder of Modern China Tea Shop, is a post-80s generation. Like Nie Yunchen, he has started several businesses, including opening an advertising company, selling popcorn, and opening a braised food restaurant. In the winter of 2013, Lü Liang founded the tea beverage brand Modern China Tea Shop in Changsha and opened its first store. After years of dormancy, Modern China Tea Shop has become a new culinary landmark in Changsha, on par with stinky tofu. At the end of 2020, Modern China Tea Shop had just ventured out of Hunan, while brands such as Heytea and Nayuki were already expanding overseas.</p><p>Modern China Tea Shop received investment from Tiantu at its inception, and subsequent investors included Shunwei Capital, Yuansheng Capital, and Source Code Capital. \"Modern China Tea Shop hasn't seen any investors since last year,\" a VC partner close to Modern China Tea Shop told the investment community. In other words, VC/PE firms can't invest even if they want to.</p><p>In the tea beverage industry, there is another popular brand that deserves mention: Mixue Ice Cream. From a roadside cold food stall in 1998 to the first 20-square-meter shop in 2001, and now to a nationwide chain mainly selling fresh ice cream and tea, Zhang Hongchao, a native of Henan, has created another story of grassroots success.</p><p>Looking back on 2020,<b>Chinese consumer goods companies are experiencing a major IPO explosion.</b>—Existing<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>Established companies such as Blue Moon have gone public, while brands catering to young people such as Perfect Diary and Pop Mart have also rung the bell. Entering 2021, it's time for new-style tea beverage companies, which have been racing for many years, to step onto a higher stage. Just as many investors have judged, \"the wave of new-style tea beverage IPOs is about to arrive,\" and Nayuki Tea has launched 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 34, she supported an IPO with 500 tea shops.</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 34, she supported an IPO with 500 tea shops.\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, a wave of new-style tea beverage launches is about to arrive, and young founders who have been hiding behind the scenes are making their debut. On New Year's Eve, Nayuki Tea quietly submitted its IPO prospectus.</p><p>According to investment news, on February 11th, Lunar New Year's Eve, Hong Kong Stock Exchange documents showed that Nayuki Tea submitted its 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-style tea beverage stock.</p><p>Behind Nayuki's tea lies a romantic love story. In 2015, Peng Xin, a couple born in the 1980s, and Zhao Lin, a couple born in the 1970s, officially founded Nayuki Tea. After raising funds in the Series A+ round in 2018, they became a new-style tea beverage unicorn with a valuation of 6 billion yuan. Now, three years later, Nayuki's tea valuation has doubled again—according to Bloomberg, its valuation will approach $2 billion (approximately RMB 13 billion) after a new funding round in January 2021.</p><p>\"Entering 2021, a wave of new-style tea beverage IPOs is about to arrive.\" A primary market investor judged that both Xicha and Nayuki's tea are vying for the first listing. Behind these well-known tea brands—Heytea, Nayuki, Modern China Tea Shop, and so on—is the collective appearance of young founders such as Nie Yunchen, Peng Xin and Zhao Lin, and Lü Liang.</p><p><b>A tea beverage unicorn valued at 13 billion: Starting with a blind date, the couple 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. She initially worked in branding at a listed IT company and gradually rose to the position of director. But like many girls, Peng Xin also has a \"baking dream\" in her heart.</p><p>In December 2012, Peng Xin chose to resign and start her own business. Initially, she created her own business plan, focusing on beverages and baking, while also teaching, but she struggled to find partners. \"Looking back now, this plan seems very naive and amateurish. There were too many things I wanted to do, but I had no experience or resources,\" Peng Xin recalled.</p><p>Until I met Zhao Lin. In March 2013, through a friend's introduction, Peng Xin met Zhao Lin, who had been working in the catering industry for many years at the time. Peng Xin spent two hours talking to Zhao Lin, a veteran in the catering industry, about her entrepreneurial dream. Unbeknownst to them, Zhao Lin had come with the intention of going on a blind date; he had previously turned down all social activities not intended for blind dates.</p><p>Regarding their first meeting, Zhao Lin recalled in a speech: \"After reading her proposal, I thought the girl had a lot of ideas, but I also knew very well that this project would be difficult to succeed, and the lack of experience was the biggest weakness.\" So, Zhao Lin offered a solution: Peng Xin became his girlfriend. “She said sure! I asked her, ‘Are you serious?’ She said yes! From then on, we were together every day, and three months later we got married.”</p><p>Soon, Zhao Lin and Peng Xin put their entrepreneurial dream into practice, registering the trademark \"Nayuki Tea\" in 2014.</p><p>The brand is called \"Nayuki\" because it comes from Peng Xin's online name. \"When you see this name, some people think of a beautiful girl making tea, while others think of snowfall... In short, we hope that everyone who sees this name can think of beautiful things.\"</p><p><b>During the more than a year of preparation, the biggest problem Zhao Lin and Peng Xin encountered was site selection.</b>Nayuki's tea stores are all positioned to be over 200 square meters in size, which is rare in the industry. 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, Nayuki's first tea store, the Shenzhen Excellence Century Store, opened. Within a month, the Happy Coast Store and the Huaqiangbei Jiufang Store also opened one after another. Since they started from scratch, Zhao Lin and Peng Xin even mortgaged their house to the bank in order to open three stores at once.</p><p>With such radical ideas, it seems that Zhao Lin and Peng Xin made the right bet. With innovation<b>\"Tea + Soft European Bread\" dual product line model</b>Nayuki's tea embarked on a path of rapid expansion. According to the prospectus, as of September 30, 2020, Nayuki had 422 stores worldwide, covering 61 cities in mainland China, as well as Hong Kong and Japan, and further increased to 507 stores as of the Latest Practicable Date. According to Bloomberg, Nayuki's latest valuation has reached nearly $2 billion, equivalent to approximately 13 billion RMB.</p><p>In November 2020, Nayuki Tea also launched a brand new store type, \"Nayuki PRO,\" in Shenzhen. This is the fourth store type after Nayuki Tea, Nayuki Sake House, and Nayuki Dream Factory. Not only that, but always<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>Nayuki, considered an industry benchmark, has quietly launched seven coffee products, showing a strong momentum to expand into the coffee market. Clearly, this new-style tea beverage unicorn's ambitions go far beyond this.</p><p><b>Annual revenue of 2.5 billion</b></p><p><b>With a latest profit margin of 0.2%, how can tea shops make money?</b></p><p>How did Nayuki manage its IPO by selling milk tea and soft packs?</p><p>According to the prospectus, Nayuki's core tea menu currently includes more than 25 classic tea drinks and more than 25 classic baked goods. Among them, tea beverages include fresh fruit tea, fresh milk tea and pure tea, in addition to a variety of retail products such as tea gift boxes, snacks and ready-to-drink tea beverages.</p><p>With its innovative concept of combining freshly made tea drinks with baked goods, Nayuki opened its first tea shop in Shenzhen in 2014. In 2018 and 2019, Nayuki opened 179 and 174 new stores respectively, which is equivalent to opening one store every two days, and the expansion speed is astonishing.</p><p>From the perspective of urban layout<b>First-tier and new first-tier cities are Nayuki's main strongholds.</b>As of September 30, 2020, of its 422 stores nationwide, 155 were located in first-tier cities, 148 in new first-tier cities, and 98 stores in second-tier cities.</p><p>In terms of daily store sales and order volume, the performance of Nayuki's stores in first-tier cities, new first-tier cities, and second-tier cities is not significantly different; it has only shown a downward trend year by year.</p><p>According to the prospectus, in 2018, 2019, and the first three quarters of 2020, Nayuki's average daily sales per tea shop were RMB 307,000, RMB 277,000, and RMB 201,000, respectively. The average daily order volume per store also decreased from 716 orders in 2018 to 465 orders in 2020.</p><p>And<b>With the rapid expansion of its stores, Nayuki's tea revenue has also experienced explosive growth.</b>According to the prospectus, Nayuki Tea's revenue was RMB 1.09 billion and RMB 2.5 billion in 2018 and 2019, respectively. Even the outbreak of the COVID-19 pandemic in 2020, a black swan event, did not stop Nayuki's tea revenue from surging. Its tea shop revenue in the first three quarters of 2020 was RMB 1.986 billion, compared to RMB 1.6 billion in the same period of 2019.</p><p><img src=\"https://static.tigerbbs.com/02946776e8ed729d7bc18f23d94f2a28\" tg-width=\"689\" tg-height=\"738\" referrerpolicy=\"no-referrer\"></p><p>However, behind the surge in revenue lies the significant loss problem that Nayuki Tea cannot ignore.</p><p>According to the prospectus, Nayuki Tea suffered losses of RMB 69.73 million, RMB 39.68 million and RMB 27.51 million in 2018, 2019 and the first three quarters of 2020, respectively. Compared to the first nine months of 2019 and 2020, its profit margin declined from 1% to 0.2%.</p><p>The prospectus reveals that<b>High operating costs are one of the important reasons for Nayuki's low profit margin.</b>Among the various costs, raw material costs, employee 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 response, Nayuki Tea admitted in its prospectus that it has a huge need for working capital and has faced a working capital deficit in the past, requiring a large amount of funds to fund its operations and address business opportunities. If it continues to experience a working capital deficit in the future, its business, liquidity, financial condition and results of operations may be materially and adversely affected.</p><p>However, the potential of the tea beverage market cannot be ignored. According to data from Frost & Sullivan, the growth momentum of the tea beverage market is expected to remain strong in the near future, with the market size expected to further grow to RMB 62.3 billion by 2025, with a compound annual growth rate of 32.7%, far exceeding the overall level of the freshly made tea shop industry.</p><p>Therefore, Nayuki believes that it is in the company's best interest to continue expanding its business in order to leverage its established brand awareness to drive long-term growth. According to the plan, it will open approximately 300 and 350 Nayuki tea shops in first-tier cities and new first-tier cities in 2021 and 2022, respectively, of which approximately 70% will be planned as Nayuki PRO tea shops. The number of new Nayuki tea shops opened in 2023 will be at least the same as the number opened in 2022.</p><p><b>Securing financing over lunch, Tiantu has invested in three consecutive rounds, with a well-known PE firm entering the market.</b></p><p>Currently, Nayuki Tea has completed five rounds of financing.</p><p>In 2017, Nayuki Tea embarked on its financing journey.<b>It has brought together VC/PE firms such as Tiantu Investment, Shenzhen Capital Group, PAG, and Honghui Capital.</b>。 It's worth mentioning that Nayuki Tea has chosen Tiantu Investment for all its angel rounds, A rounds, and A+ rounds.</p><p>Peng Xin once said that it was a training session arranged by Tiantu Investment that moved them. \"Feng Weidong, Managing Partner of Tiantu Investment, gave us a special lecture on Tiantu's analysis of the consumer goods sector, its reports on our industry, and their insights into...\"<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>All of their research, their research on our group, and their models for judging consumption upgrading, we think this is very thought-provoking. On the other hand, Tiantu Investment also met Peng Xin and Zhao Lin's requirements not to accept performance-based agreements or planning.</p><p>Nayuki's Tea completed its Series A+ funding round in just one lunch. “We had lunch with Pan Pan, the managing partner of Tiantu Investment’s VC fund, and talked about this year’s development plan. We wanted to get another sum of money, so he asked me how much money I needed, and he took it all,” Peng Xin recalled.</p><p>Pan Pan, a partner at Tiantu Investment, said that from a global perspective, large consumer goods companies are all related to beverages, including coffee brands such as Starbucks and COSTA, which are valued at over 100 billion US dollars.<b>Chinese tea has a very good consumer gene, and there are huge opportunities in the tea beverage category.</b></p><p>Following this round, Nayuki's tea was valued at 6 billion yuan, becoming the first unicorn in China's new-style tea beverage industry. In the following two years, Nayuki's Tea did not receive any further funding, and its old rival Heytea also fell into silence in terms of funding. Until June 2020, Nayuki completed a new round of financing, led by Shenzhen Capital Group.</p><p><b>There's also a little anecdote circulating in the industry.</b>Nayuki's Tea once rejected investment from Xu Xin, founder of Today Capital. \"When Nayuki's first tea store opened, she came and drank six cups of tea in one afternoon. She asked us if we were short of money, and we said no,\" Peng Xin revealed in an interview.</p><p>The first round of financing for New Tea Beverage in 2021 went to Nayuki's Tea. On January 1, 2021, the investment community confirmed from Nayuki that it had recently completed a Series C financing round of over US$100 million, led by PAG. This is PAG Group's first investment in a domestic tea beverage brand. In the past few years, this well-known Asian private equity firm has mostly invested in financial and technology companies. With this, Nayuki's latest valuation has reached nearly US$2 billion, equivalent to approximately RMB 13 billion.</p><p>In fact, since 2020, rumors about Nayuki's tea's IPO have never stopped. In early 2020, it was reported that Nayuki Tea planned to complete its IPO in the United States within that year and planned to raise $400 million. In July 2020, the former<a href=\"https://laohu8.com/S/LK\">Luckin Coffee</a>Chief Technology Officer He Gang has joined Nayuki as CTO. There were reports at the time that Nayuki's introduction of He Gang at this time might be because it was considering an IPO; In September, it was reported that Nayuki had 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>Nayuki's Tea has always replied that it has \"no plans to go public,\" but unexpectedly, it quietly submitted its application on New Year's Eve.</p><p><b>A new generation of founders made their debut.</b></p><p><b>In 2021, a wave of new tea beverage launches arrived.</b></p><p>China's new tea drinking industry has quietly entered its second phase, with the leader behind it stepping to the forefront. Among these well-known tea brands—<b>Behind Heytea, Nayuki, Modern China Tea Shop, Mixue Ice Cream, and others lies the collective appearance of young founders such as Nie Yunchen, Peng Xin and Zhao Lin, and Lü Liang.</b>。</p><p>Nayuki Tea's biggest competitor, Heytea, is led by a man born in the 1990s. Nie Yunchen was born in Jiangxi in 1991 and later moved to Jiangmen, Guangdong with his parents. After successfully graduating from university in 2010, 19-year-old Nie Yunchen started his own business, opening a mobile phone store in Guangzhou. The mobile phone business was not easy to do, but in 2012, Nie Yunchen opened a shop called Royal Tea and started a milk tea business.</p><p>In 2016, Nie Yunchen renamed his company Royal Tea to Heytea and received 100 million yuan in funding from IDG Capital and angel investor He Boquan, thus beginning the story of China's new tea drinks. From then on, Nie Yunchen led Heytea on a rapid run, and<a href=\"https://laohu8.com/S/YJ\">gather</a>It attracted a number of venture capital firms. In August 2020, Heytea founder Nie Yunchen ranked 81st in Shenzhen's wealth creation list with a net worth of 4.092 billion yuan, becoming the youngest among them. Prior to this, Heytea secured Series C funding jointly led by Hillhouse Capital and Coatue Management, valuing it at 16 billion yuan.</p><p>Now, Nayuki has taken another step forward in the battle to become the first new tea beverage brand to be listed on the stock exchange. As for Heytea, it was reported in September 2020 that Heytea planned to list in Hong Kong before the end of 2021, with an expected financing of US$400 million to US$500 million. Industry insiders generally believe that the round in March last year was Heytea's last round of financing before its IPO. As early as the end of 2019, Heytea made several changes to its business registration information, which was interpreted by outsiders as preparations for its IPO.</p><p>According to the latest news, Heytea will submit its prospectus to the Hong Kong Stock Exchange in March this year. Heytea subsequently responded that it currently has no IPO plans or actions, and no financing matters are currently underway.</p><p>However,<b>Another internet celebrity brand, Modern China Tea Shop, has taken a different path.</b>Lü Liang, the founder of Modern China Tea Shop, is a post-80s generation. Like Nie Yunchen, he has started several businesses, including opening an advertising company, selling popcorn, and opening a braised food restaurant. In the winter of 2013, Lü Liang founded the tea beverage brand Modern China Tea Shop in Changsha and opened its first store. After years of dormancy, Modern China Tea Shop has become a new culinary landmark in Changsha, on par with stinky tofu. At the end of 2020, Modern China Tea Shop had just ventured out of Hunan, while brands such as Heytea and Nayuki were already expanding overseas.</p><p>Modern China Tea Shop received investment from Tiantu at its inception, and subsequent investors included Shunwei Capital, Yuansheng Capital, and Source Code Capital. \"Modern China Tea Shop hasn't seen any investors since last year,\" a VC partner close to Modern China Tea Shop told the investment community. In other words, VC/PE firms can't invest even if they want to.</p><p>In the tea beverage industry, there is another popular brand that deserves mention: Mixue Ice Cream. From a roadside cold food stall in 1998 to the first 20-square-meter shop in 2001, and now to a nationwide chain mainly selling fresh ice cream and tea, Zhang Hongchao, a native of Henan, has created another story of grassroots success.</p><p>Looking back on 2020,<b>Chinese consumer goods companies are experiencing a major IPO explosion.</b>—Existing<a href=\"https://laohu8.com/S/09633\">Nongfu Spring</a>Established companies such as Blue Moon have gone public, while brands catering to young people such as Perfect Diary and Pop Mart have also rung the bell. Entering 2021, it's time for new-style tea beverage companies, which have been racing for many years, to step onto a higher stage. Just as many investors have judged, \"the wave of new-style tea beverage IPOs is about to arrive,\" and Nayuki Tea has launched 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":1113,"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":[],"title":"","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 those 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 beat Wall Street.\" Long before the GameStop incident, the protagonist of another short squeeze was Piggly Wiggly.</p><p>In 1923, a supermarket company called Piggly Wiggly (which still operates in the Midwest and South of the United States) became a key target of short selling in the market at the time, echoing today's GameStop.</p><p>Just as GameStop is now being targeted by Meme investors (concepts and behaviors that spread between people, often translated as \"memes\" in Chinese).<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Like the company, it was once extremely bearish on Wall Street giants. This, however, provoked an unexpected backlash of public sentiment—a dissatisfaction with \"urban elites looking down on rural life and pointing fingers.\" Therefore, when retail investors fight back and suppress Wall Street's short sellers, they gain a sense of victory.</p><p>One newspaper excitedly remarked, \"New York speculators have been forced to lose everything!\" PigglyWiggly's short sellers suffered heavy losses, almost as much as Melvin Capital lost 53% of its funds in January of this year, mainly due to shorting GameStop, but that's not the whole story. There were big winners and big losers in this short squeeze, but none bigger than Clarence Saunders, founder and chairman of Piggly Wiggly.</p><p>Barron's reported at the time that \"after a stunning short squeeze on Piggly Wiggly, the Memphis, Tennessee grocer discovered that his 'victory' cost him about $3 million and he lost control of the company.\" This also tarnished Sanders' legacy for posterity.</p><p>Born in 1881, Sanders worked his way out of poverty, became a pioneer in retail, and in 1916 established Piggly Wiggly (the store's name remains unclear) as the nation's first \"self-service store.\"</p><p>Prior to this, customers needed to hand their shopping slips to the store staff to pick up their orders, while Piggly Wiggly allowed customers to freely walk between the shelves and select items to check out. This simple idea became popular. By 1921, Piggly Wiggly had opened 600 chain stores across the United States, a model that still exists today, from Kroger to...<a href=\"https://laohu8.com/S/WMT\">Walmart</a>This is a model followed by large supermarkets.</p><p>To expand his business empire, Sanders announced the sale of 100,000 new shares of the company in November 1922. This news, coupled with unrelated news that a Piggly Wiggly franchise had filed for bankruptcy, was amplified by the market, leading to a massive sell-off of its stock, with the share price falling 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>Sanders described the crisis as a “contest between good and evil” and appealed to potential investors, “Will good businesses slip away on their own, tremble with fear, or become prey to speculators?” Sanders was quoted as saying in Mike Freeman’s book, “Clarence Sanders and the Founding of Piggly Wiggly.”</p><p>To combat the short sellers, Sanders borrowed a total of $10 million in margin from numerous investors, planning to acquire all of Piggly Wiggly's outstanding shares and drive up the stock price. On March 20, 1923, when it was suspended from trading on the New York Stock Exchange, its stock price had reached $124.</p><p>Barron's commented at the time that \"short sellers were frantically covering the market,\" but the coverage was not as strong as originally expected. The stock began to decline after short covering, and the over-the-counter (OTC) market for the stock gradually disappeared. Finally, \"Sanders and his partners held 200,000 shares of extremely high-cost stock, but there was no market to buy them.\"</p><p>According to Barron's, Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street.\" In fact, just three years ago, a short squeeze orchestrated by the owners of Stutz Motor Co. ended in the bankruptcy of the company and its owners.</p><p>However, some people have also benefited from this competition, such as a retired grocer in Providence, Rhode Island. In his book, Freeman mentions that he bought 1,000 shares of Piggly Wiggly at $38 per share before going short, originally hoping to use his Dividend income to support his retirement. However, he eventually sold them all as the stock rose 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 returns of the investor named Roaring Kitty in the GameStop incident, who earned $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 huge profits while others have lost everything.</p><p>But today, those worthless stocks are not held by big investors like Sanders; thousands of small retail investors are facing financial strain or even collapse. As for Sanders himself, Barron's reported at the time that he had returned to Tennessee, where his fellow Memphis countrymen still had faith in him. However, the companies he founded in the \"post-Piggly Wiggly era,\" including car dealerships like Keedoozle, all fared mediocre. In 1953, Sanders died, and his dream of \"becoming the Henry Ford of the supermarket industry\" was finally shattered by the unfortunate decision to take on Wall Street.</p><p>We will continue to monitor whether GameStop investors can have a better ending.</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 those 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 those 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 beat Wall Street.\" Long before the GameStop incident, the protagonist of another short squeeze was Piggly Wiggly.</p><p>In 1923, a supermarket company called Piggly Wiggly (which still operates in the Midwest and South of the United States) became a key target of short selling in the market at the time, echoing today's GameStop.</p><p>Just as GameStop is now being targeted by Meme investors (concepts and behaviors that spread between people, often translated as \"memes\" in Chinese).<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>Like the company, it was once extremely bearish on Wall Street giants. This, however, provoked an unexpected backlash of public sentiment—a dissatisfaction with \"urban elites looking down on rural life and pointing fingers.\" Therefore, when retail investors fight back and suppress Wall Street's short sellers, they gain a sense of victory.</p><p>One newspaper excitedly remarked, \"New York speculators have been forced to lose everything!\" PigglyWiggly's short sellers suffered heavy losses, almost as much as Melvin Capital lost 53% of its funds in January of this year, mainly due to shorting GameStop, but that's not the whole story. There were big winners and big losers in this short squeeze, but none bigger than Clarence Saunders, founder and chairman of Piggly Wiggly.</p><p>Barron's reported at the time that \"after a stunning short squeeze on Piggly Wiggly, the Memphis, Tennessee grocer discovered that his 'victory' cost him about $3 million and he lost control of the company.\" This also tarnished Sanders' legacy for posterity.</p><p>Born in 1881, Sanders worked his way out of poverty, became a pioneer in retail, and in 1916 established Piggly Wiggly (the store's name remains unclear) as the nation's first \"self-service store.\"</p><p>Prior to this, customers needed to hand their shopping slips to the store staff to pick up their orders, while Piggly Wiggly allowed customers to freely walk between the shelves and select items to check out. This simple idea became popular. By 1921, Piggly Wiggly had opened 600 chain stores across the United States, a model that still exists today, from Kroger to...<a href=\"https://laohu8.com/S/WMT\">Walmart</a>This is a model followed by large supermarkets.</p><p>To expand his business empire, Sanders announced the sale of 100,000 new shares of the company in November 1922. This news, coupled with unrelated news that a Piggly Wiggly franchise had filed for bankruptcy, was amplified by the market, leading to a massive sell-off of its stock, with the share price falling 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>Sanders described the crisis as a “contest between good and evil” and appealed to potential investors, “Will good businesses slip away on their own, tremble with fear, or become prey to speculators?” Sanders was quoted as saying in Mike Freeman’s book, “Clarence Sanders and the Founding of Piggly Wiggly.”</p><p>To combat the short sellers, Sanders borrowed a total of $10 million in margin from numerous investors, planning to acquire all of Piggly Wiggly's outstanding shares and drive up the stock price. On March 20, 1923, when it was suspended from trading on the New York Stock Exchange, its stock price had reached $124.</p><p>Barron's commented at the time that \"short sellers were frantically covering the market,\" but the coverage was not as strong as originally expected. The stock began to decline after short covering, and the over-the-counter (OTC) market for the stock gradually disappeared. Finally, \"Sanders and his partners held 200,000 shares of extremely high-cost stock, but there was no market to buy them.\"</p><p>According to Barron's, Sanders simply suffered \"the usual fate of the masses trying to defeat Wall Street.\" In fact, just three years ago, a short squeeze orchestrated by the owners of Stutz Motor Co. ended in the bankruptcy of the company and its owners.</p><p>However, some people have also benefited from this competition, such as a retired grocer in Providence, Rhode Island. In his book, Freeman mentions that he bought 1,000 shares of Piggly Wiggly at $38 per share before going short, originally hoping to use his Dividend income to support his retirement. However, he eventually sold them all as the stock rose 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 returns of the investor named Roaring Kitty in the GameStop incident, who earned $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 huge profits while others have lost everything.</p><p>But today, those worthless stocks are not held by big investors like Sanders; thousands of small retail investors are facing financial strain or even collapse. As for Sanders himself, Barron's reported at the time that he had returned to Tennessee, where his fellow Memphis countrymen still had faith in him. However, the companies he founded in the \"post-Piggly Wiggly era,\" including car dealerships like Keedoozle, all fared mediocre. In 1953, Sanders died, and his dream of \"becoming the Henry Ford of the supermarket industry\" was finally shattered by the unfortunate decision to take on Wall Street.</p><p>We will continue to monitor whether GameStop investors can have a better ending.</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":998,"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":[],"title":"","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's stock price fell more than 5%, suggesting it 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>Tesla shares fell more than 5% in the short term after reports that Tesla may create its own system to process Bitcoin payments.</p><p><img src=\"https://static.tigerbbs.com/fcfde0718cc74b42107ec2c4552dd45e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Reuters reported that although Bitcoin is becoming increasingly well-known, it is still primarily used as an investment product rather than a form of payment.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Tesla announced that it will accept Bitcoin as a form of payment product in the future, but if its customers use Bitcoin to purchase Teslas, Tesla may not immediately liquidate the company.</p><p>Some experts believe this indicates that Tesla may retain at least some of its Bitcoin. Meanwhile, experts believe that Tesla may not want any intermediaries in the process of accepting Bitcoin payments and may create its own payment system to accept and process Bitcoin payments for its vehicles. A Tesla representative has not yet provided further 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's stock price fell more than 5%, suggesting it 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's stock price fell more than 5%, suggesting it 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>Tesla shares fell more than 5% in the short term after reports that Tesla may create its own system to process Bitcoin payments.</p><p><img src=\"https://static.tigerbbs.com/fcfde0718cc74b42107ec2c4552dd45e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Reuters reported that although Bitcoin is becoming increasingly well-known, it is still primarily used as an investment product rather than a form of payment.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Tesla announced that it will accept Bitcoin as a form of payment product in the future, but if its customers use Bitcoin to purchase Teslas, Tesla may not immediately liquidate the company.</p><p>Some experts believe this indicates that Tesla may retain at least some of its Bitcoin. Meanwhile, experts believe that Tesla may not want any intermediaries in the process of accepting Bitcoin payments and may create its own payment system to accept and process Bitcoin payments for its vehicles. A Tesla representative has not yet provided further 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":807,"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":[],"title":"","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":"hk","language":"zh","title":"Reminder: A list of major market closures 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>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</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 will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK 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 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and 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: A list of major market closures 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: A list of major market closures 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>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</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 will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK 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 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and 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":692,"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":[],"title":"","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 its number one 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>January 28 - Xiaomi Group's Hong Kong-listed shares rose in the short term, gaining about 2.5%. In the fourth quarter, Xiaomi maintained its leading market share in India at 27%.</p><p><img src=\"https://static.tigerbbs.com/ca3b1ef8af83878c1248af178b8ff8de\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Canalys released its Q4 2020 India Smartphone Market Report. Data shows that smartphone shipments in India reached 43.9 million units in the fourth quarter of 2020, a year-on-year increase of 13%. Among them, Xiaomi shipped 12 million units, with a market share of 27%, a year-on-year increase of 7%, continuing to maintain its leading position in the market. Besides Xiaomi, the top five companies in the market are Samsung, with a market share of 21%. vivo has a market share of 18%; OPPO has a market share of 13%; Realme has a 12% market share.</p><p><img src=\"https://static.tigerbbs.com/35846f2eaffd9b937e0e3595c876a853\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>According to Canalys researcher Varun Kannan, Chinese manufacturers collectively contributed 72% of Indian smartphone shipments in 2019, and that proportion rose to 77% in 2020. \"A shift in the power structure in the Indian market occurred during the transition from 3G to 4G, from Samsung to Xiaomi. As the prospects for large-scale commercialization of 5G materialize, Chinese manufacturers will further promote the transfer of power. Due to China's early adoption of 5G, this proportion may continue to rise.\"</p><p>Rushabh Doshi, head of research at Canalys, said that mobile phone manufacturers are seeing a sustainable market recovery in India. Doshi believes that data on consumer demand in 2020 showed that the rebound in the Indian smartphone market exceeded expectations, prompting both mobile phone manufacturers and channel partners to increase investment. In addition, India's production-linked incentive program, 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 its number one 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 its number one 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>January 28 - Xiaomi Group's Hong Kong-listed shares rose in the short term, gaining about 2.5%. In the fourth quarter, Xiaomi maintained its leading market share in India at 27%.</p><p><img src=\"https://static.tigerbbs.com/ca3b1ef8af83878c1248af178b8ff8de\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Canalys released its Q4 2020 India Smartphone Market Report. Data shows that smartphone shipments in India reached 43.9 million units in the fourth quarter of 2020, a year-on-year increase of 13%. Among them, Xiaomi shipped 12 million units, with a market share of 27%, a year-on-year increase of 7%, continuing to maintain its leading position in the market. Besides Xiaomi, the top five companies in the market are Samsung, with a market share of 21%. vivo has a market share of 18%; OPPO has a market share of 13%; Realme has a 12% market share.</p><p><img src=\"https://static.tigerbbs.com/35846f2eaffd9b937e0e3595c876a853\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\"></p><p>According to Canalys researcher Varun Kannan, Chinese manufacturers collectively contributed 72% of Indian smartphone shipments in 2019, and that proportion rose to 77% in 2020. \"A shift in the power structure in the Indian market occurred during the transition from 3G to 4G, from Samsung to Xiaomi. As the prospects for large-scale commercialization of 5G materialize, Chinese manufacturers will further promote the transfer of power. Due to China's early adoption of 5G, this proportion may continue to rise.\"</p><p>Rushabh Doshi, head of research at Canalys, said that mobile phone manufacturers are seeing a sustainable market recovery in India. Doshi believes that data on consumer demand in 2020 showed that the rebound in the Indian smartphone market exceeded expectations, prompting both mobile phone manufacturers and channel partners to increase investment. In addition, India's production-linked incentive program, 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":655,"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":[],"title":"","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":834,"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":[],"title":"","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":834,"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":[],"title":"","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":"This is how the market moved after the decision! Has the Federal Reserve thought of this?","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 following the Federal Reserve's decision was extraordinary from any perspective: the US Dollar Index saw its biggest single-day gain since the COVID-19 pandemic swept the globe in March last year, long-term US Treasury yields fell to their lowest level since February, and some commodity prices fell to their lowest level since March last year, but the Nasdaq index hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>In his report, chief foreign exchange strategist George Saravelos stated that the flattening of the yield curve indicates that the Federal Reserve made a major policy mistake. This is attributed to the market's extremely pessimistic view of the neutral interest rate r*, \"in other words, this is the same argument we made six years ago when we predicted 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 did the market show such an unexpected trend? Deutsche Bank analysts provided their analysis one by one:</p><p>The surge in the US dollar is entirely consistent with the traditional view that the biggest impact on the US Dollar Index is the real interest rate at the front end. Expectations of the Federal Reserve tightening monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year US Treasury yield did not hit a new high, the strong rebound in the US Dollar Index would not be surprising.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The role of the Federal Reserve in pushing up commodity prices should not be underestimated, as can be seen from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also indicated a strong correlation between the Federal Reserve's balance sheet, commodity prices, and inflation expectations, with the 2013 shrinking balance sheet marking the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">Several survey-based indicators, such as the University of Michigan Inflation Expectations Index, also indicate a high correlation between commodity prices and inflation expectations. All of the above arguments demonstrate that the Federal Reserve's ability to influence inflation expectations through the dollar and commodities far exceeds what most people imagine.</p><p>Finally, and most importantly, the bond and neutral interest rate sections. As can be seen from the chart below, the bond market has shown a significant distortion and flattening in the past 48 hours, which is unusual for this to occur before the Federal Reserve has even begun its rate hike.</p><p>This is a repeat of the Fed's rate hike cycle from 2015 to 2019. Although the market has increased its pricing of rate hike in 2023 and 2024, yields have begun to decline after these two points, mainly because the market believes that the most the Fed can do is 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 significant decline in inflation expectations. In fact, the Federal Reserve turned hawkish even before break-even inflation reached the normal range level in 2014. The market is now extremely pessimistic about the neutral interest rate r*.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Federal Reserve decides to act ahead of schedule, then market sentiment indicates that the Fed cannot go far before inflation and growth reach their limits, which has led to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets besides the bond market also reflect pessimism about the neutral interest rate r*, with strong global investor demand for yields driving a stronger dollar and producing a faster-than-expected disinflationary effect. In other words, the global downturn in neutral interest rates has pushed the US neutral interest rate even lower.</p><p>Low neutral interest rates are consistent with a stronger stock market, especially growth stocks that heavily rely on the medium-term discount rate. The performance of US stocks over the past two days reflects the huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warn that this is actually a 2.0 version of the ten-year stagnation in pricing from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While price performance over a day or two does not constitute a trend, strange signals from the market should not be ignored. Deutsche Bank analysts have been emphasizing in recent weeks that many issues remain to be addressed, from a V-shaped recovery to a stable state in the post-COVID era, including the structural damage left by the COVID-19 pandemic to private sector savings rates and the new equilibrium real interest rate level. One can imagine the dire state of the economy without fiscal stimulus measures—without trillions of dollars in new fiscal stimulus each year, could the United States maintain a positive GDP growth rate? What would happen to the inflation rate if the Federal Reserve were forced to cut interest rates before the flames of inflation died down? These are all issues that the market will have to consider in the coming months.</p><p>The biggest question facing the Federal Reserve now is whether it could repeat the mistakes of 1937, when the Fed believed the U.S. economy had improved and began to initiate a rate hike, but the result was that the U.S. economy fell into trouble again, and ultimately the massive fiscal reinflation of World War II saved everything.</p><p>The problem is that the US debt and deficit have now risen to World War II levels. Without war, how can the US government justify its trillions of dollars in fiscal stimulus measures every year? With prices continuing to rise and the economy falling into recession again in 2024, how will the then-Federal Reserve Chairman combat 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>This is how the market moved after the decision! Has the Federal Reserve thought of 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\">\nThis is how the market moved after the decision! Has the Federal Reserve thought of this?\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 following the Federal Reserve's decision was extraordinary from any perspective: the US Dollar Index saw its biggest single-day gain since the COVID-19 pandemic swept the globe in March last year, long-term US Treasury yields fell to their lowest level since February, and some commodity prices fell to their lowest level since March last year, but the Nasdaq index hit a record high.</p><p>Why did the market perform so unexpectedly?<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>In his report, chief foreign exchange strategist George Saravelos stated that the flattening of the yield curve indicates that the Federal Reserve made a major policy mistake. This is attributed to the market's extremely pessimistic view of the neutral interest rate r*, \"in other words, this is the same argument we made six years ago when we predicted 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 did the market show such an unexpected trend? Deutsche Bank analysts provided their analysis one by one:</p><p>The surge in the US dollar is entirely consistent with the traditional view that the biggest impact on the US Dollar Index is the real interest rate at the front end. Expectations of the Federal Reserve tightening monetary policy in 2023 have been repriced, supporting the recent strength of the dollar. Even if the 10-year US Treasury yield did not hit a new high, the strong rebound in the US Dollar Index would not be surprising.<img src=\"https://static.tigerbbs.com/55140d5c720ec904810eff37a21a9a99\" tg-width=\"500\" tg-height=\"423\" referrerpolicy=\"no-referrer\">Commodity plunge: The role of the Federal Reserve in pushing up commodity prices should not be underestimated, as can be seen from the current very high correlation between the US dollar and base metal prices. Deutsche Bank's previous report also indicated a strong correlation between the Federal Reserve's balance sheet, commodity prices, and inflation expectations, with the 2013 shrinking balance sheet marking the peak of inflation expectations at that time.<img src=\"https://static.tigerbbs.com/16ddc2ef3dd4221af38423d4be2d5b54\" tg-width=\"500\" tg-height=\"404\" referrerpolicy=\"no-referrer\">Several survey-based indicators, such as the University of Michigan Inflation Expectations Index, also indicate a high correlation between commodity prices and inflation expectations. All of the above arguments demonstrate that the Federal Reserve's ability to influence inflation expectations through the dollar and commodities far exceeds what most people imagine.</p><p>Finally, and most importantly, the bond and neutral interest rate sections. As can be seen from the chart below, the bond market has shown a significant distortion and flattening in the past 48 hours, which is unusual for this to occur before the Federal Reserve has even begun its rate hike.</p><p>This is a repeat of the Fed's rate hike cycle from 2015 to 2019. Although the market has increased its pricing of rate hike in 2023 and 2024, yields have begun to decline after these two points, mainly because the market believes that the most the Fed can do is 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 significant decline in inflation expectations. In fact, the Federal Reserve turned hawkish even before break-even inflation reached the normal range level in 2014. The market is now extremely pessimistic about the neutral interest rate r*.<img src=\"https://static.tigerbbs.com/9676f27f16093d1d7ed45606d48f0913\" tg-width=\"500\" tg-height=\"248\" referrerpolicy=\"no-referrer\">In other words, if the Federal Reserve decides to act ahead of schedule, then market sentiment indicates that the Fed cannot go far before inflation and growth reach their limits, which has led to a decline in market expectations for interest rates after the Fed's first rate hike.</p><p>Other markets besides the bond market also reflect pessimism about the neutral interest rate r*, with strong global investor demand for yields driving a stronger dollar and producing a faster-than-expected disinflationary effect. In other words, the global downturn in neutral interest rates has pushed the US neutral interest rate even lower.</p><p>Low neutral interest rates are consistent with a stronger stock market, especially growth stocks that heavily rely on the medium-term discount rate. The performance of US stocks over the past two days reflects the huge relative rotation from the Russell 2000 to the Nasdaq index, but Deutsche Bank analysts warn that this is actually a 2.0 version of the ten-year stagnation in pricing from 2010 to 2019.<img src=\"https://static.tigerbbs.com/b8d22b5805d705bf59b246a7ea496732\" tg-width=\"500\" tg-height=\"270\" referrerpolicy=\"no-referrer\">While price performance over a day or two does not constitute a trend, strange signals from the market should not be ignored. Deutsche Bank analysts have been emphasizing in recent weeks that many issues remain to be addressed, from a V-shaped recovery to a stable state in the post-COVID era, including the structural damage left by the COVID-19 pandemic to private sector savings rates and the new equilibrium real interest rate level. One can imagine the dire state of the economy without fiscal stimulus measures—without trillions of dollars in new fiscal stimulus each year, could the United States maintain a positive GDP growth rate? What would happen to the inflation rate if the Federal Reserve were forced to cut interest rates before the flames of inflation died down? These are all issues that the market will have to consider in the coming months.</p><p>The biggest question facing the Federal Reserve now is whether it could repeat the mistakes of 1937, when the Fed believed the U.S. economy had improved and began to initiate a rate hike, but the result was that the U.S. economy fell into trouble again, and ultimately the massive fiscal reinflation of World War II saved everything.</p><p>The problem is that the US debt and deficit have now risen to World War II levels. Without war, how can the US government justify its trillions of dollars in fiscal stimulus measures every year? With prices continuing to rise and the economy falling into recession again in 2024, how will the then-Federal Reserve Chairman combat 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博时",".DJI":"道琼斯","SDS":"两倍做空标普500 ETF-ProShares",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","SH":"做空标普500-Proshares","PSQ":"做空纳斯达克100指数ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","OEX":"标普100","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","SDOW":"三倍做空道指30ETF-ProShares","DDM":"2倍做多道指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,".SPX":0.9,"SPXU":0.9,"UPRO":0.9,"QQQ":0.9,"QLD":0.9,"TQQQ":0.9,"SQQQ":0.9,"DOG":0.9,"DXD":0.9,"OEF":0.9,"OEX":0.9,"QID":0.9,".DJI":0.9,"ESmain":0.9,"MNQmain":0.9,"NQmain":0.9,"UDOW":0.9,".IXIC":0.9,"SSO":0.9,"SDOW":0.9,"SH":0.9,"PSQ":0.9,"IVV":0.9,"DJX":0.9,"DDM":0.9,"SPY":0.9,"SDS":0.9}},"isVote":1,"tweetType":1,"viewCount":2810,"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":[],"title":"","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":"hk","language":"zh","title":"Reminder: A list of major market closures 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>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</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 will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK 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 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and 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: A list of major market closures 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.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: A list of major market closures 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>With the Spring Festival holiday approaching, investors are advised to pay attention and make preparations for their funds in advance.<a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a>Wishing you and your family a Happy Chinese New Year and a prosperous Year of the Ox!</p><p>The stock market closure arrangements for various regions during the Spring Festival are as follows: (All times are local)</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 will be closed all day on Monday, February 15th for Presidents' Day.</p><p><b>Hong Kong stocks:</b></p><p>The market opens on the morning of Thursday, February 11th, Lunar New Year's Eve, and closes in the afternoon.</p><p>The market will be closed from February 12th (Friday) to February 15th (Monday).</p><p>The market will reopen as usual from Tuesday, February 16.</p><p><b>A-shares:</b></p><p>The market will be closed from February 11 (Thursday) to February 17 (Wednesday), and will reopen as usual from February 18 (Thursday).</p><p><b>Shanghai-Hong Kong Stock Connect and</b></p><p>Closed from Thursday, February 11 to Wednesday, February 17; It will reopen as usual from Thursday, February 18.</p><p><b>Hong Kong Stock Connect:</b></p><p>Services will be closed from Tuesday, February 9 to Wednesday, February 17, and will reopen as usual from Thursday, February 18.</p><p><b>UK 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 11.</p><p>The market will be closed all day on Friday, February 12.</p><p><b>Futures market:</b></p><p>On the HKEX, US dollar gold and index futures will be closed at 12:30 on February 11, and individual stock futures will be closed at 12:00 on February 11. Index futures, RMB futures, individual stock futures, USD futures, and gold will be closed for the entire trading day on February 12 and 15.</p><p>GME Group's foreign exchange, bond, Bitcoin, stock index, energy, and precious metals futures markets will be closed early at 12:00 on February 15 (02:00 AM Beijing time on February 16). Live animal, grain and rice futures will be closed all day on February 15.</p><p>CBOE VIX volatility futures closed early at 10:00 AM on February 15th.</p><p>The market for natural rubber commodities under the SGX was closed for the entire trading day on February 11, 2021 and 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":692,"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":[],"title":"","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,"isVote":1,"tweetType":1,"viewCount":3335,"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":[],"title":"","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 stocks have set off 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: The Storm Is Coming? Understanding King has been retired for a long time, but the rivers and lakes are still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued its latest notice saying that it had passed temporary amendments to enforce the requirements of the Foreign Corporate Liability Act on information disclosure of listed companies.</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 formally signed the Foreign Company Accountability Act. The bill contains two main elements:</p><p>1. If a foreign company fails to pass the audit of the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be banned from listing on any U.S. exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>It is hard to believe that there is nothing to do with the bill as soon as the gunpowder-filled talks broke up.</p><p>Market analysts generally believe that the official announcement of SEC in the United States means that Chinese stocks listed in the United States will face greater delisting pressure.</p><p>Affected by this, Chinese stocks plummeted collectively last night, driving the Nasdaq to fall by more than 2%. As of the closing of the US stock market, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell by more than 15%, Li Auto Automobile fell by more than 13%, and Nio Automobile fell by more than 10%; Baidu, Pinduoduo and Bilibili all fell by 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 soaring international oil price, almost none of the head stocks were spared.</p><p>Back in China, the stocks that had returned to Hong Kong for listing were dragged down, and the Hang Seng Technology Index once plunged 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>Up to now, Hengke Index has fallen by nearly 2%, JD.COM and Alibaba have both fallen by over 4%, and Xiaomi, Netease, Meituan and other collectively have followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>China 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 may intensify, and liquidity is worried</b></p><p>Around the millennium, China's stock market is still in its infancy, and the threshold for listing is strict. Under the system of audit system and approval system, the time cost of issuing stock financing is relatively large. The most important thing is that the standard of issuing stock 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 stage of development and needed a lot of money to burn.</p><p>Coupled with the lack of domestic funds at that time, the concept of banks was not open, and the issuance of loans was strict. Because they couldn't understand the profit model of technology companies, it was difficult for Internet enterprises to raise financing through big channels.</p><p>Therefore, at that time, the main source of funds for such emerging enterprises was angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The most well-known example is Alibaba's. Jack Ma successfully raised funds from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecommunication-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 is also recognized by Hezhi as circumventing legal policies, and its legality is problematic.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-can't be listed on A shares.</p><p>However, the United States and Hong Kong are both registered, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale and complete the process and compliance requirements, with high financing efficiency.</p><p>Therefore, the phenomenon that Internet companies have gone overseas to list has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing. 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 stocks listed in the United States mainly in technology, consumption and medical care, with a total of 272. According to the latest principles of the Hong Kong Stock Exchange, the return of stocks in the United States and China to listing needs to 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 the research report released by Galaxy Securities on March 2nd this year, there are currently 48 Chinese stock companies that meet the requirements of secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top-level designers and investors with open hands, but the problem that needs to be worried about is that when Internet giants collectively return to Hong Kong, the demand for funds will be a big problem.</p><p>In June last year, Netease went to Hong Kong for a second listing, rising by 6% on the first day, with a turnover of HK$ 7.2 billion. On that day, the Hang Seng Index fell by 2%.</p><p>Hong Kong stocks themselves have insufficient liquidity, and \"blood drawing machines\" are launched one after another, and the market is estimated not to be small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The implementation of the Foreign Company Accountability Act has caused a direct blow to Chinese stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more uneasy.</p><p>Some time ago, when the state 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 harshness of the surrounding environment is perhaps even greater than that of the past.</p><p>During this time, the international drama came one after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions of the EU and China, the European Parliament's decision to cancel the China-EU Comprehensive Investment Agreement yesterday, plus the sudden announcement of HM Company…always gives people the feeling of a storm 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 is difficult for A shares not to be affected.</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 stocks have set off 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: The Storm Is Coming? Understanding King has been retired for a long time, but the rivers and lakes are still causing a bloody storm because of him.</p><p>Last night, the U.S. Securities and Exchange Commission (SEC) issued its latest notice saying that it had passed temporary amendments to enforce the requirements of the Foreign Corporate Liability Act on information disclosure of listed companies.</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 formally signed the Foreign Company Accountability Act. The bill contains two main elements:</p><p>1. If a foreign company fails to pass the audit of the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be banned from listing on any U.S. exchange;</p><p>2. Listed companies need to disclose their relationship with the government of that country.</p><p>It is hard to believe that there is nothing to do with the bill as soon as the gunpowder-filled talks broke up.</p><p>Market analysts generally believe that the official announcement of SEC in the United States means that Chinese stocks listed in the United States will face greater delisting pressure.</p><p>Affected by this, Chinese stocks plummeted collectively last night, driving the Nasdaq to fall by more than 2%. As of the closing of the US stock market, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell by more than 15%, Li Auto Automobile fell by more than 13%, and Nio Automobile fell by more than 10%; Baidu, Pinduoduo and Bilibili all fell by 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 soaring international oil price, almost none of the head stocks were spared.</p><p>Back in China, the stocks that had returned to Hong Kong for listing were dragged down, and the Hang Seng Technology Index once plunged 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>Up to now, Hengke Index has fallen by nearly 2%, JD.COM and Alibaba have both fallen by over 4%, and Xiaomi, Netease, Meituan and other collectively have followed suit.</p><p><img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>China 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 may intensify, and liquidity is worried</b></p><p>Around the millennium, China's stock market is still in its infancy, and the threshold for listing is strict. Under the system of audit system and approval system, the time cost of issuing stock financing is relatively large. The most important thing is that the standard of issuing stock 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 stage of development and needed a lot of money to burn.</p><p>Coupled with the lack of domestic funds at that time, the concept of banks was not open, and the issuance of loans was strict. Because they couldn't understand the profit model of technology companies, it was difficult for Internet enterprises to raise financing through big channels.</p><p>Therefore, at that time, the main source of funds for such emerging enterprises was angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The most well-known example is Alibaba's. Jack Ma successfully raised funds from SoftBank, a Japanese venture capital firm.</p><p>However, China's laws have very strict restrictions on overseas capital investment in telecommunication-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 is also recognized by Hezhi as circumventing legal policies, and its legality is problematic.</p><p>Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-can't be listed on A shares.</p><p>However, the United States and Hong Kong are both registered, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale and complete the process and compliance requirements, with high financing efficiency.</p><p>Therefore, the phenomenon that Internet companies have gone overseas to list has been formed.</p><p>In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing. 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 stocks listed in the United States mainly in technology, consumption and medical care, with a total of 272. According to the latest principles of the Hong Kong Stock Exchange, the return of stocks in the United States and China to listing needs to 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 the research report released by Galaxy Securities on March 2nd this year, there are currently 48 Chinese stock companies that meet the requirements of secondary listing in Hong Kong.</p><p>The return of high-quality assets is naturally welcomed by both top-level designers and investors with open hands, but the problem that needs to be worried about is that when Internet giants collectively return to Hong Kong, the demand for funds will be a big problem.</p><p>In June last year, Netease went to Hong Kong for a second listing, rising by 6% on the first day, with a turnover of HK$ 7.2 billion. On that day, the Hang Seng Index fell by 2%.</p><p>Hong Kong stocks themselves have insufficient liquidity, and \"blood drawing machines\" are launched one after another, and the market is estimated not to be small.</p><p><b>2. Will this year be a replica of 2018?</b></p><p>The implementation of the Foreign Company Accountability Act has caused a direct blow to Chinese stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more uneasy.</p><p>Some time ago, when the state 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 harshness of the surrounding environment is perhaps even greater than that of the past.</p><p>During this time, the international drama came one after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions of the EU and China, the European Parliament's decision to cancel the China-EU Comprehensive Investment Agreement yesterday, plus the sudden announcement of HM Company…always gives people the feeling of a storm 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 is difficult for A shares not to be affected.</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":3690,"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":[],"title":"","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":"XPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened","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, the intraday decline of new energy vehicle concept stocks widened. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>dropped by more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>It fell by 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>XPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXPeng Automobile dropped more than 10% as new car-making forces in China collectively weakened\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, the intraday decline of new energy vehicle concept stocks widened. As of press time,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>dropped by more than 10%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell by more than 9%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>It fell by 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":{"XPEV":"小鹏集团","LI":"理想汽车","NIO":"蔚来"},"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":{"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2707,"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":[],"title":"","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 it doesn't think there is 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 22nd, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and Godfather of Investment, had a conversation with Wall Street. Dalio expressed his views on investor concerns 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 on the rise, the RMB is internationalizing, and China's bond 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 over, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, technology and natural disasters are all important factors. In terms of science and technology, there are good investment opportunities in semiconductors and biotechnology. Cyber security also needs to be focused on in the next 5 years.</p><p>Talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market of bonds, Dalio told Wall Street:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover the principal even if they wait for 50 years, and 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 lose a lot if bonds sell 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 Federal Reserve rate hike. It is impossible to tell how far the dollar will weaken now, but historically, we can refer to the conditions of the 1970s. On whether the Fed can control interest rate rises, Dalio believes:</p><p>Referring to history, the current Fed's money printing behavior is controlled. The US has the advantage that the US dollar is the global reserve currency. Now that debt levels are already very high, the gap between rich and poor caused by money printing has created problems. Future investments have to be invested in production, which I don't see right now. The stock market would suffer if it were rate hike. The portfolio must be highly diversified, with stocks, bonds, etc., preferably across the globe. When asked about his views on investment in gold and Bitcoin, Dalio thought:</p><p>It is still recommended to invest 5% of your 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 portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has developed greatly in the past decade, but there are still great risks. In order to diversify your portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has made a lot of progress over the past decade, but there are also big risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between inflation triggered by supply and demand, the rise in commodities now may be triggered by monetary inflation. Monetary inflation usually occurs when the economy is weak. I don't think there is a commodity super cycle right now, and demand is still on the weak side right now. Asked what assets he likes most in China, Dalio said frankly:</p><p>Investors need to pursue balanced investment, 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 it doesn't think there is 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 it doesn't think there is 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 22nd, Ray Dalio, founder of Bridgewater, the world's largest hedge fund, author of Principles and Godfather of Investment, had a conversation with Wall Street. Dalio expressed his views on investor concerns 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 on the rise, the RMB is internationalizing, and China's bond 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 over, and short-term debt is not a good choice at present. Considering the rise and fall of great powers, technology and natural disasters are all important factors. In terms of science and technology, there are good investment opportunities in semiconductors and biotechnology. Cyber security also needs to be focused on in the next 5 years.</p><p>Talking about whether the rapid rise in U.S. bond yields will end the 40-year bull market of bonds, Dalio told Wall Street:</p><p>Interest rates in western countries are relatively low or even negative. If you invest now, investors will not be able to recover the principal even if they wait for 50 years, and 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 lose a lot if bonds sell 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 Federal Reserve rate hike. It is impossible to tell how far the dollar will weaken now, but historically, we can refer to the conditions of the 1970s. On whether the Fed can control interest rate rises, Dalio believes:</p><p>Referring to history, the current Fed's money printing behavior is controlled. The US has the advantage that the US dollar is the global reserve currency. Now that debt levels are already very high, the gap between rich and poor caused by money printing has created problems. Future investments have to be invested in production, which I don't see right now. The stock market would suffer if it were rate hike. The portfolio must be highly diversified, with stocks, bonds, etc., preferably across the globe. When asked about his views on investment in gold and Bitcoin, Dalio thought:</p><p>It is still recommended to invest 5% of your 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 portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has developed greatly in the past decade, but there are still great risks. In order to diversify your portfolio, it's best to invest in many aspects, including Bitcoin. Bitcoin has made a lot of progress over the past decade, but there are also big risks. Regarding the question of whether the current commodity is in a super cycle, Dalio believes that:</p><p>To distinguish between inflation triggered by supply and demand, the rise in commodities now may be triggered by monetary inflation. Monetary inflation usually occurs when the economy is weak. I don't think there is a commodity super cycle right now, and demand is still on the weak side right now. Asked what assets he likes most in China, Dalio said frankly:</p><p>Investors need to pursue balanced investment, 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":3174,"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":[],"title":"","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 a Buy After Shares Surge 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 have skyrocketed during the pandemic, 2021 has been a really tough time.</p><p>Case in point, electronic signature company DocuSign Inc has been trading in the range since it hit an all-time high last September. The San Francisco-based application software company's digital services have experienced explosive growth, and the company's digital signatures have exploded in popularity amid the shift to remote work at many companies. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna and others.</p><p>While DocuSign's share price is down more than 20% from its 9-year high of $269, its cumulative gain over 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 difficult problem now is whether they can maintain their high growth momentum once the epidemic is under control and enterprises start to function normally? However, the nature of DocuSign's products indicates that the company may still be able to maintain a lot of room for growth after the pandemic. The company's services are expected to have a permanent place in the company's transformation to digital.</p><p>DocuSign currently offers personal e-signature services, with service fees starting at $10 per month, 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 executing the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify problems, 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 growth size of this market is expected to reach $50 billion. In his statement, he said: \"2021 was a landmark year for DocuSign as we became the backbone of the 'work-from-home' economy, allowing people to work from anywhere in the globe, while in the process we grew our business by 50%, reaching $1.5 billion in revenue and a record net retention rate of 123%. We believe that this set of data represents an acceleration in the digital transformation trend of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter and provided a better financial forecast. According to the data released by the company on March 11th, its earnings per share in the fourth quarter were $0.37, up from $0.12 in the same period last year, and its revenue rose from $258 million to $410 million.</p><p>The company is struggling to grow, especially in 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 an impressive $89 million.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not hard 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 steering clear of highly 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 a Buy After Shares Surge 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 a Buy After Shares Surge 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 have skyrocketed during the pandemic, 2021 has been a really tough time.</p><p>Case in point, electronic signature company DocuSign Inc has been trading in the range since it hit an all-time high last September. The San Francisco-based application software company's digital services have experienced explosive growth, and the company's digital signatures have exploded in popularity amid the shift to remote work at many companies. And this trend has also made DocuSign one of the most popular stocks on Wall Street in 2020, second only to Zoom, Tesla, Moderna and others.</p><p>While DocuSign's share price is down more than 20% from its 9-year high of $269, its cumulative gain over 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 difficult problem now is whether they can maintain their high growth momentum once the epidemic is under control and enterprises start to function normally? However, the nature of DocuSign's products indicates that the company may still be able to maintain a lot of room for growth after the pandemic. The company's services are expected to have a permanent place in the company's transformation to digital.</p><p>DocuSign currently offers personal e-signature services, with service fees starting at $10 per month, 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 executing the contract, and managing the contract after signing. Its protocol cloud suite also lets customers use AI capabilities to examine contracts to identify problems, 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 growth size of this market is expected to reach $50 billion. In his statement, he said: \"2021 was a landmark year for DocuSign as we became the backbone of the 'work-from-home' economy, allowing people to work from anywhere in the globe, while in the process we grew our business by 50%, reaching $1.5 billion in revenue and a record net retention rate of 123%. We believe that this set of data represents an acceleration in the digital transformation trend of protocols. \"</p><p>DocuSign beat revenue and earnings estimates in the most recent quarter and provided a better financial forecast. According to the data released by the company on March 11th, its earnings per share in the fourth quarter were $0.37, up from $0.12 in the same period last year, and its revenue rose from $258 million to $410 million.</p><p>The company is struggling to grow, especially in 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 an impressive $89 million.</p><p>DocuSign should be a good stock to watch for investors with high-growth portfolios.</p><p>Overall, while it is not hard 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 steering clear of highly 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":3519,"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":[],"title":"","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 Death Knock Station B: Second Creation Infringement, Traffic Hurt 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>In a market cap equal to approximately 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 with a complaint.</p><p>Recently, Tianyan Check APP showed that Beijing iQiyi Technology Co., Ltd. published an article with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Announcement on the opening of court cases related to infringement of the right to disseminate information on the network of works. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main audiovisual operator of Station B.</p><p>According to the announcement, the trial date of the case is March 23, and it will be heard by the Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify the 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 the data of Tianyancha, Shanghai Kuanyu was involved in 328 cases of disputes over infringement of the right to disseminate works information online.</p><p>Among them, take iQiyi as an example. iQiyi has repeatedly gone to court with Station B for its many self-made contents. For example, in May 2018, iQiyi sued Station B to Haidian Court on the grounds of infringing on the right to disseminate work information online. The reason was that its self-made content \"Hip-Hop in China\" was broadcast by Station B without authorization. This lawsuit finally won a total of 53,500 yuan. Last year, iQiyi once again sued 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, and the case is still under trial.</p><p>It is not yet possible to determine the content subject of this new lawsuit. However, some bloggers previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>It said that iQiyi once asked Station B to remove a large number of related edited videos of Ultimate Notes. \"Ultimate Note\" is iQiyi's previous exclusive online drama, because the original work and the CP line in the drama have a high popularity in Station B. The blogger said that the most popular theme video related to the final sandsea linkage has been removed from Station B. \"Excuse me, what's wrong with iQiyi? Others pay people to cut it. What are you doing?\" The blogger said.</p><p>As one of the standards to test the popularity of film and television dramas, the secondary creation content has always been the evergreen tree of Station B. Secondary creation is called re-creation, which is the re-creation of users on the original materials. The 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 clicks, 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 \"Bloodbath\" Station B, which was marked by the birth of several million-click secondary creation videos.</p><p>According to AI Finance and Economics, at present, many content projects will take the initiative to find Station B and ask for secondary creative cooperation in order to drain traffic.</p><p>However, due to the copyright of content material, secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuits to the film commentator Big V Valley Amo within one month, arguing that their interception of original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the owner of Bilibili UP also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, Tianyancha APP shows that Station B also has disputes over information network communication rights with ByteDance, Youku and other platforms. For example, last year, because users uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally won 60,000 yuan.</p><p>With the growth of \"Little Broken Station\" (fans' nickname for Station B), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, fans, ghosts and other contents are in an ambiguous state of copyright supervision. Previously, although Bilibili launched a large-scale review of the content uploaded by users in 2017, and continuously tightened the audit mechanism of manual + algorithm, it was not binding for users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as video, and launch an online content area for UP owners to make secondary creations. At the same time, Station B made great efforts in long-term content last year, such as \"Rap New Generation\", and provided secondary creation materials for UP owners with its own content copyright. However, in the short term, Station B can't be compared with Teng Aiyou in terms of volume and maturity of self-made content. For example, the recently launched \"Mountain and River Order\" has taken over the mantle of \"Chen Qing Ling\" and 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, Second Creation may also have the anxiety of \"making wedding dresses for others\". iQiyi launched its video products last year, as an attempt by iQiyi to get close to \"China YouTube\". According to the relevant data of iQiyi, in 2020, Youth Has You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with interaction at any moment, which coincide with Station B on a large scale. In addition, iQiyi's self-made content copyright is also regarded as an important advantage to attract platform creators to create second creations.</p><p>The growth of traditional long video platforms has peaked, and 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, the revenue of Station B was 12 billion yuan, a year-on-year increase of 77%. As all families enter the stock competition of traffic competition, 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 Death Knock Station B: Second Creation Infringement, Traffic Hurt 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 Death Knock Station B: Second Creation Infringement, Traffic Hurt 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>In a market cap equal to approximately 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 with a complaint.</p><p>Recently, Tianyan Check APP showed that Beijing iQiyi Technology Co., Ltd. published an article with Shanghai Kuanyu<a href=\"https://laohu8.com/S/300079\">Digital Technology</a>Announcement on the opening of court cases related to infringement of the right to disseminate information on the network of works. The plaintiff is Beijing iQiyi Technology Co., Ltd., and the defendant is Shanghai Kuanyu Digital Technology Co., Ltd., which is the main audiovisual operator of Station B.</p><p>According to the announcement, the trial date of the case is March 23, and it will be heard by the Beijing Internet Court. The court announcement did not announce why the two parties engaged in infringement lawsuits, nor did it specify the 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 the data of Tianyancha, Shanghai Kuanyu was involved in 328 cases of disputes over infringement of the right to disseminate works information online.</p><p>Among them, take iQiyi as an example. iQiyi has repeatedly gone to court with Station B for its many self-made contents. For example, in May 2018, iQiyi sued Station B to Haidian Court on the grounds of infringing on the right to disseminate work information online. The reason was that its self-made content \"Hip-Hop in China\" was broadcast by Station B without authorization. This lawsuit finally won a total of 53,500 yuan. Last year, iQiyi once again sued 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, and the case is still under trial.</p><p>It is not yet possible to determine the content subject of this new lawsuit. However, some bloggers previously<a href=\"https://laohu8.com/S/WB\">Weibo</a>It said that iQiyi once asked Station B to remove a large number of related edited videos of Ultimate Notes. \"Ultimate Note\" is iQiyi's previous exclusive online drama, because the original work and the CP line in the drama have a high popularity in Station B. The blogger said that the most popular theme video related to the final sandsea linkage has been removed from Station B. \"Excuse me, what's wrong with iQiyi? Others pay people to cut it. What are you doing?\" The blogger said.</p><p>As one of the standards to test the popularity of film and television dramas, the secondary creation content has always been the evergreen tree of Station B. Secondary creation is called re-creation, which is the re-creation of users on the original materials. The 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 clicks, 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 \"Bloodbath\" Station B, which was marked by the birth of several million-click secondary creation videos.</p><p>According to AI Finance and Economics, at present, many content projects will take the initiative to find Station B and ask for secondary creative cooperation in order to drain traffic.</p><p>However, due to the copyright of content material, secondary creation is always in a gray area. One of the landmark events is that in 2017, three film companies sent lawsuits to the film commentator Big V Valley Amo within one month, arguing that their interception of original film materials had been suspected of infringement. Last year, in order to avoid copyright conflicts, the owner of Bilibili UP also silenced a clip when covering Jay Chou's \"Mojito\".</p><p>In addition to iQiyi, Tianyancha APP shows that Station B also has disputes over information network communication rights with ByteDance, Youku and other platforms. For example, last year, because users uploaded the audio of \"I'm not the God of Medicine\" to Station B, Youku claimed 300,000 yuan from Station B, and finally won 60,000 yuan.</p><p>With the growth of \"Little Broken Station\" (fans' nickname for Station B), its user volume has exceeded its jurisdiction. In the Internet ecology with weak copyright awareness, fans, ghosts and other contents are in an ambiguous state of copyright supervision. Previously, although Bilibili launched a large-scale review of the content uploaded by users in 2017, and continuously tightened the audit mechanism of manual + algorithm, it was not binding for users.</p><p>Station B has also worked with<a href=\"https://laohu8.com/S/00700\">Tencent</a>Cooperate with external platforms such as video, and launch an online content area for UP owners to make secondary creations. At the same time, Station B made great efforts in long-term content last year, such as \"Rap New Generation\", and provided secondary creation materials for UP owners with its own content copyright. However, in the short term, Station B can't be compared with Teng Aiyou in terms of volume and maturity of self-made content. For example, the recently launched \"Mountain and River Order\" has taken over the mantle of \"Chen Qing Ling\" and 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, Second Creation may also have the anxiety of \"making wedding dresses for others\". iQiyi launched its video products last year, as an attempt by iQiyi to get close to \"China YouTube\". According to the relevant data of iQiyi, in 2020, Youth Has You, Slime, Chaowan Blind Box, Mini World, Cute Pet, Hanfu, etc. are the TOP10 circles with interaction at any moment, which coincide with Station B on a large scale. In addition, iQiyi's self-made content copyright is also regarded as an important advantage to attract platform creators to create second creations.</p><p>The growth of traditional long video platforms has peaked, and 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, the revenue of Station B was 12 billion yuan, a year-on-year increase of 77%. As all families enter the stock competition of traffic competition, 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":3393,"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":[],"title":"","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":2619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}