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Elaela88

Elaela88

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2022-03-26

Great ariticle, would you like to share it?

@Tiger_comments:What have you learned from the Chinese stock market crisis?

2021-09-10

$AMC Entertainment(AMC)$LETS GOOOOO

2021-09-08

$AMC Entertainment(AMC)$Let’s gooooooo guys[Smile]

2021-09-07

Great ariticle, would you like to share it?

@WYCKOFFPRO:The two proxies to confirm the super bull run

2021-08-20

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Morgan Stanley：China's Regulatory Reset

2021-08-17

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@3Fs:Executing a Game Plan on Averaging Down Investment Strategy

2021-08-13

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@许亚鑫:通脹壓力未減，WTI原油8月月K驚現吞沒形態

2021-08-13

$Palantir Technologies Inc.(PLTR)$?

@dropppie:Palantir: 7 Interesting Things From The Q2 2021 Earnings Call

2021-08-13

$CITY DEVELOPMENTS LIMITED(C09.SI)$Did it just bottomed?

2021-08-10

Great ariticle, would you like to share it?

@thefatboi:$AMC Entertainment(AMC)$Things are looking very good for AMC from the Earnings Call Q2 2021! Below here is a summary of the Earnings Call. •Adam Aaron announced on Twitter and in the call that AMC ended the June 30, 2021 quarter with MORE THAN $2 BILLION OF LIQUIDITY (cash in the bank or undrawn revolving credit line). Right around DOUBLE the highest quarter ending liquidity level AMC has ever had before in our 101 year history!• CEO Adam Aaron has not sold a single share.• There will be a GAMESTOP partnership inquiry coming up. (Potentially hosting gaming tournaments)• AMC will be finding ways to expand their businesses (through Live Events like: Sports, Music, Esports)• 10 new theaters upcoming• AMC reaches deal with Warner Bros. for 45 days th

2021-08-05

$SoFi Technologies Inc.(SOFI)$Let’s go

2021-08-04

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Apple taps more China suppliers for its latest iPhones

2021-08-03

$Robinhood Markets, Inc.(HOOD)$they’re Using this to fund $GameStop(GME)$and $AMC Entertainment(AMC)$losses lol

2021-08-03

People actually listened? Or is it just fake pump

Sorry, the original content has been removed

2021-08-02

Good read

@Ivan_甘灿荣:接下來你一定要小心，最慘的時節可能就要來了

2021-08-02

[Smile]

@SSally:最悲觀的時刻往往是買入的時機

2021-07-30

Hope it fails so badly

Sorry, the original content has been removed

2021-07-29

$Vaxart, Inc(VXRT)$Is it time?

2021-07-28

✨

@美股研究社:AMD二季度淨利同比大增352%，業務增長速度高於市場預測

2021-07-27

Wonder when will this stop. Let’s not catch a falling knife

China shares plunge to 8-month low on regulatory woes

Go to Tiger App to see more news

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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010914533","repostId":"9037641199","repostType":1,"repost":{"id":9037641199,"gmtCreate":1648099609333,"gmtModify":1676534304277,"author":{"id":"3501196737273098","authorId":"3501196737273098","name":"Tiger_comments","avatar":"https://community-static.tradeup.com/news/227887b200e9925968650d5db4a8bfb3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3501196737273098","authorIdStr":"3501196737273098"},"themes":[],"title":"What have you learned from the Chinese stock market crisis?","htmlText":" From the beginning of 2021 to the beginning of 2022, Chinese concept stocks in the American stock market encountered an unprecedented crisis. Take a look at the trend of China Stock ETF and know how tragic this is:<a href=\"https://laohu8.com/S/PGJ\">$Invesco Golden Dragon China ETF(PGJ)$</a>  In this round of stock market collapse, countless people's beliefs collapsed, their wealth was shattered, and even their health was poor. Therefore, we should summarize and reflect to avoid the recurrence of the tragedy. Some investors concluded that this crisis has taught him four lessons: Non-financial factor risk, guard against high growth risk, attach importance to valuation and defensive investment. Non-financial factor risk: It refers to risks other than finance. For example, the \"double","listText":" From the beginning of 2021 to the beginning of 2022, Chinese concept stocks in the American stock market encountered an unprecedented crisis. Take a look at the trend of China Stock ETF and know how tragic this is:<a href=\"https://laohu8.com/S/PGJ\">$Invesco Golden Dragon China ETF(PGJ)$</a>  In this round of stock market collapse, countless people's beliefs collapsed, their wealth was shattered, and even their health was poor. Therefore, we should summarize and reflect to avoid the recurrence of the tragedy. Some investors concluded that this crisis has taught him four lessons: Non-financial factor risk, guard against high growth risk, attach importance to valuation and defensive investment. Non-financial factor risk: It refers to risks other than finance. For example, the \"double","text":"From the beginning of 2021 to the beginning of 2022, Chinese concept stocks in the American stock market encountered an unprecedented crisis. Take a look at the trend of China Stock ETF and know how tragic this is:$Invesco Golden Dragon China ETF(PGJ)$ In this round of stock market collapse, countless people's beliefs collapsed, their wealth was shattered, and even their health was poor. Therefore, we should summarize and reflect to avoid the recurrence of the tragedy. Some investors concluded that this crisis has taught him four lessons: Non-financial factor risk, guard against high growth risk, attach importance to valuation and defensive investment. Non-financial factor risk: It refers to risks other than finance. For example, the \"double","images":[{"img":"https://static.tigerbbs.com/de0925bcc28b900dc2dac410bd069c04","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037641199","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881014282,"gmtCreate":1631281234046,"gmtModify":1676530517801,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>LETS GOOOOO","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>LETS GOOOOO","text":"$AMC Entertainment(AMC)$LETS GOOOOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/881014282","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889931231,"gmtCreate":1631101078323,"gmtModify":1676530467389,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Let’s gooooooo guys[Smile]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Let’s gooooooo guys[Smile]&nbsp;","text":"$AMC Entertainment(AMC)$Let’s gooooooo guys[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/889931231","isVote":1,"tweetType":1,"viewCount":522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817725410,"gmtCreate":1630990776930,"gmtModify":1676530436656,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817725410","repostId":"817935222","repostType":1,"repost":{"id":817935222,"gmtCreate":1630896286966,"gmtModify":1676530415065,"author":{"id":"3574982782498607","authorId":"3574982782498607","name":"WYCKOFFPRO","avatar":"https://static.tigerbbs.com/e6df9a333ebef85a0ceac10611fda7c0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574982782498607","authorIdStr":"3574982782498607"},"themes":[],"title":"The two proxies to confirm the super bull run","htmlText":"Last week I mentioned that we might witness the <a href=\"https://laohu8.com/TW/818340544\" target=\"_blank\">born of a super bull</a>.A few of you pointed out some of the \"red flags\" I covered in the past few weeks that seem in a conflict of the super bull view.There are indeed a number of the red flags brewing and the most obvious is market breadth - the percentage of stocks above 200 MA is deteriorating, which is certainly a divergence with the index.Despite almost the 3 major indices hit historical high (Dow Jones, S&amp;P 500 and NASDAQ) this year, not all stocks are as strong as these indices because only a handful of the stocks, in particular the big &amp; mega cap stocks led the market into historical high. Many stocks especially the small cap (Russell 2000) stocks are laggards.What's","listText":"Last week I mentioned that we might witness the <a href=\"https://laohu8.com/TW/818340544\" target=\"_blank\">born of a super bull</a>.A few of you pointed out some of the \"red flags\" I covered in the past few weeks that seem in a conflict of the super bull view.There are indeed a number of the red flags brewing and the most obvious is market breadth - the percentage of stocks above 200 MA is deteriorating, which is certainly a divergence with the index.Despite almost the 3 major indices hit historical high (Dow Jones, S&amp;P 500 and NASDAQ) this year, not all stocks are as strong as these indices because only a handful of the stocks, in particular the big &amp; mega cap stocks led the market into historical high. Many stocks especially the small cap (Russell 2000) stocks are laggards.What's","text":"Last week I mentioned that we might witness the born of a super bull.A few of you pointed out some of the \"red flags\" I covered in the past few weeks that seem in a conflict of the super bull view.There are indeed a number of the red flags brewing and the most obvious is market breadth - the percentage of stocks above 200 MA is deteriorating, which is certainly a divergence with the index.Despite almost the 3 major indices hit historical high (Dow Jones, S&P 500 and NASDAQ) this year, not all stocks are as strong as these indices because only a handful of the stocks, in particular the big & mega cap stocks led the market into historical high. Many stocks especially the small cap (Russell 2000) stocks are laggards.What's","images":[{"img":"https://static.tigerbbs.com/3da7b4ed6eaf2b5f6ebde28b391c1787","width":"688","height":"351"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817935222","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838758806,"gmtCreate":1629431762805,"gmtModify":1676530039389,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"-","listText":"-","text":"-","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838758806","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"us","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley：China's Regulatory Reset</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley：China's Regulatory Reset\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833027062,"gmtCreate":1629190985056,"gmtModify":1676529960194,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"-","listText":"-","text":"-","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833027062","repostId":"839561366","repostType":1,"repost":{"id":839561366,"gmtCreate":1629166923855,"gmtModify":1676529951615,"author":{"id":"3556134694513016","authorId":"3556134694513016","name":"3Fs","avatar":"https://static.tigerbbs.com/26cf959de8173b4a8aaee5e8568a8eff","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556134694513016","authorIdStr":"3556134694513016"},"themes":[],"title":"Executing a Game Plan on Averaging Down Investment Strategy","htmlText":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing.In this article, we’ll explore a little deeper about devising a game plan on&nbsp;Averaging Down&nbsp;as an investment strategy.Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions.Is Averaging Down an Effective Strategy:First, you need to have resources or what we often termed it as&nbsp;warchest.In an ideal world where we have unlimited warchest, that would be nice.In a real world, many of us have a limited resource.Our funds are likely to be limited and even so, we want to cap the","listText":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing.In this article, we’ll explore a little deeper about devising a game plan on&nbsp;Averaging Down&nbsp;as an investment strategy.Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions.Is Averaging Down an Effective Strategy:First, you need to have resources or what we often termed it as&nbsp;warchest.In an ideal world where we have unlimited warchest, that would be nice.In a real world, many of us have a limited resource.Our funds are likely to be limited and even so, we want to cap the","text":"I wrote about the importance of having the right mental mindset in order to enact a perfect execution strategy in investing.In this article, we’ll explore a little deeper about devising a game plan on Averaging Down as an investment strategy.Do note that the focus is primarily on fundamentals first, technical second. As such, as and when we find that there is sufficient value in the company, we will consider purchasing and will use technical to aid our entry and exit positions.Is Averaging Down an Effective Strategy:First, you need to have resources or what we often termed it as warchest.In an ideal world where we have unlimited warchest, that would be nice.In a real world, many of us have a limited resource.Our funds are likely to be limited and even so, we want to cap the","images":[{"img":"https://static.tigerbbs.com/fc91738e34de3415a5934b20a87ff725","width":"828","height":"128"},{"img":"https://static.tigerbbs.com/53db708ef53e9ede6523833aadeac99b","width":"1024","height":"508"},{"img":"https://static.tigerbbs.com/2af63960cb6fcb2f24c72e2da8283a70","width":"2154","height":"920"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/839561366","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897916178,"gmtCreate":1628867799094,"gmtModify":1676529881483,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"-","listText":"-","text":"-","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/897916178","repostId":"897993139","repostType":1,"repost":{"id":897993139,"gmtCreate":1628866319521,"gmtModify":1676529880845,"author":{"id":"3532831849818465","authorId":"3532831849818465","name":"许亚鑫","avatar":"https://static.tigerbbs.com/72cbe26a31edf2913e619f4aa762d2d4","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3532831849818465","authorIdStr":"3532831849818465"},"themes":[],"title":"通脹壓力未減，WTI原油8月月K驚現吞沒形態","htmlText":"本週，中美均公佈了通脹數據。 先看中國方面，7月份居民消費價格同比上漲1.0%，環比上漲0.3%；7月份PPI同比上漲9.0%，環比上漲0.5%。 生產資料出廠價格漲幅 其中，生活資料出廠價格漲幅同比增0.3%，不過生產資料出廠價格漲幅同比12%，導致PPI增速與CPI的剪刀差進一步擴大至8%。 許導認爲，由於上游原材料價格目前無法向下遊有效傳導，預計未來一個季度左右，PPI同比將會繼續維持在7-9%的高位。隨着生豬價格的企穩回升，第四季度CPI有望出現反彈，屆時剪刀差有望縮窄。 因此，大家要深刻認識到，通脹高溫不退，就意味着此前我們提及的週期性板塊，諸如鋼鐵，煤炭，有色與化工的行情有望延續。與此同時，上下游價格傳導的遲滯，明顯限制了市場對於大消費類個股炒作的空間。爲了緩和下游的成本壓力，近期郭嘉出臺一系列保供穩價的政策，包括拋售儲備，關稅調整，增加煤礦和鐵礦石內礦產能等。 鐵礦石VS螺紋鋼 如上圖所示，鐵礦石與螺紋鋼的價差近期已經逐步縮窄，甚至螺紋價格的漲幅已經有穿越鐵礦的趨勢，這也是爲什麼許導在課程直播裏面，重點讓大家關注這個板塊未來的機會： 鋼鐵板塊 當然，從7月份的社融數據來看，M2同比增長僅8.3%，遠低於預期的8.7%，一定程度上引發了市場的擔憂，此前的降準也許就是央媽先行一步的調控，隨着7月份MPI新出口訂單再度走弱，意味着今年第四季度出口壓力會加大，同時也意味着，四季度降準的窗口有望再次打開。 因此，我們繼續維持大A震盪的結構性行情觀點不變，下週需要留意的時間窗口我寫在隱藏口令好了，這裏空間上就是要注意一下前文《0812：汽車製造霸屏，大盤短期壓力驟顯！》談及的下降壓力線和上升趨勢線反壓。 再看美國方面，7月份CPI同比增5.4%，與上月持平，核心CPI同比增4.3%，較上月放緩。看起來經濟重啓之後所帶來的快速漲價階段已經過去，不過通脹繼續上行的風險仍然未解","listText":"本週，中美均公佈了通脹數據。 先看中國方面，7月份居民消費價格同比上漲1.0%，環比上漲0.3%；7月份PPI同比上漲9.0%，環比上漲0.5%。 生產資料出廠價格漲幅 其中，生活資料出廠價格漲幅同比增0.3%，不過生產資料出廠價格漲幅同比12%，導致PPI增速與CPI的剪刀差進一步擴大至8%。 許導認爲，由於上游原材料價格目前無法向下遊有效傳導，預計未來一個季度左右，PPI同比將會繼續維持在7-9%的高位。隨着生豬價格的企穩回升，第四季度CPI有望出現反彈，屆時剪刀差有望縮窄。 因此，大家要深刻認識到，通脹高溫不退，就意味着此前我們提及的週期性板塊，諸如鋼鐵，煤炭，有色與化工的行情有望延續。與此同時，上下游價格傳導的遲滯，明顯限制了市場對於大消費類個股炒作的空間。爲了緩和下游的成本壓力，近期郭嘉出臺一系列保供穩價的政策，包括拋售儲備，關稅調整，增加煤礦和鐵礦石內礦產能等。 鐵礦石VS螺紋鋼 如上圖所示，鐵礦石與螺紋鋼的價差近期已經逐步縮窄，甚至螺紋價格的漲幅已經有穿越鐵礦的趨勢，這也是爲什麼許導在課程直播裏面，重點讓大家關注這個板塊未來的機會： 鋼鐵板塊 當然，從7月份的社融數據來看，M2同比增長僅8.3%，遠低於預期的8.7%，一定程度上引發了市場的擔憂，此前的降準也許就是央媽先行一步的調控，隨着7月份MPI新出口訂單再度走弱，意味着今年第四季度出口壓力會加大，同時也意味着，四季度降準的窗口有望再次打開。 因此，我們繼續維持大A震盪的結構性行情觀點不變，下週需要留意的時間窗口我寫在隱藏口令好了，這裏空間上就是要注意一下前文《0812：汽車製造霸屏，大盤短期壓力驟顯！》談及的下降壓力線和上升趨勢線反壓。 再看美國方面，7月份CPI同比增5.4%，與上月持平，核心CPI同比增4.3%，較上月放緩。看起來經濟重啓之後所帶來的快速漲價階段已經過去，不過通脹繼續上行的風險仍然未解","text":"本週，中美均公佈了通脹數據。 先看中國方面，7月份居民消費價格同比上漲1.0%，環比上漲0.3%；7月份PPI同比上漲9.0%，環比上漲0.5%。 生產資料出廠價格漲幅 其中，生活資料出廠價格漲幅同比增0.3%，不過生產資料出廠價格漲幅同比12%，導致PPI增速與CPI的剪刀差進一步擴大至8%。 許導認爲，由於上游原材料價格目前無法向下遊有效傳導，預計未來一個季度左右，PPI同比將會繼續維持在7-9%的高位。隨着生豬價格的企穩回升，第四季度CPI有望出現反彈，屆時剪刀差有望縮窄。 因此，大家要深刻認識到，通脹高溫不退，就意味着此前我們提及的週期性板塊，諸如鋼鐵，煤炭，有色與化工的行情有望延續。與此同時，上下游價格傳導的遲滯，明顯限制了市場對於大消費類個股炒作的空間。爲了緩和下游的成本壓力，近期郭嘉出臺一系列保供穩價的政策，包括拋售儲備，關稅調整，增加煤礦和鐵礦石內礦產能等。 鐵礦石VS螺紋鋼 如上圖所示，鐵礦石與螺紋鋼的價差近期已經逐步縮窄，甚至螺紋價格的漲幅已經有穿越鐵礦的趨勢，這也是爲什麼許導在課程直播裏面，重點讓大家關注這個板塊未來的機會： 鋼鐵板塊 當然，從7月份的社融數據來看，M2同比增長僅8.3%，遠低於預期的8.7%，一定程度上引發了市場的擔憂，此前的降準也許就是央媽先行一步的調控，隨着7月份MPI新出口訂單再度走弱，意味着今年第四季度出口壓力會加大，同時也意味着，四季度降準的窗口有望再次打開。 因此，我們繼續維持大A震盪的結構性行情觀點不變，下週需要留意的時間窗口我寫在隱藏口令好了，這裏空間上就是要注意一下前文《0812：汽車製造霸屏，大盤短期壓力驟顯！》談及的下降壓力線和上升趨勢線反壓。 再看美國方面，7月份CPI同比增5.4%，與上月持平，核心CPI同比增4.3%，較上月放緩。看起來經濟重啓之後所帶來的快速漲價階段已經過去，不過通脹繼續上行的風險仍然未解","images":[{"img":"https://static.tigerbbs.com/6afe9a28b3166b2f5b7aa5961b7a7995","width":"637","height":"323"},{"img":"https://static.tigerbbs.com/7e743048d545418bd62120a92d141ff3","width":"745","height":"243"},{"img":"https://static.tigerbbs.com/f69986af84ebdbc7935145dc658e4594","width":"660","height":"453"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/897993139","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894768635,"gmtCreate":1628858073727,"gmtModify":1676529876707,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>?","text":"$Palantir Technologies Inc.(PLTR)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894768635","repostId":"894509071","repostType":1,"repost":{"id":894509071,"gmtCreate":1628834636190,"gmtModify":1676529869787,"author":{"id":"3479274806599608","authorId":"3479274806599608","name":"dropppie","avatar":"https://static.tigerbbs.com/66185f45dcdab7c56af7de40dd091b3f","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3479274806599608","authorIdStr":"3479274806599608"},"themes":[],"title":"Palantir: 7 Interesting Things From The Q2 2021 Earnings Call","htmlText":"Summary First, I briefly review the big news and highlights from PLTR's Q2 2021 business update. Second, I cover some of the details that are less well-known, including comments made by leadership on the earnings call. Third, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared. Lastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.&nbsp; It's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth andincreased cash flow outlook. Here, I'll just highlight those numbers then I'll turn to a few things that","listText":"Summary First, I briefly review the big news and highlights from PLTR's Q2 2021 business update. Second, I cover some of the details that are less well-known, including comments made by leadership on the earnings call. Third, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared. Lastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.&nbsp; It's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth andincreased cash flow outlook. Here, I'll just highlight those numbers then I'll turn to a few things that","text":"Summary First, I briefly review the big news and highlights from PLTR's Q2 2021 business update. Second, I cover some of the details that are less well-known, including comments made by leadership on the earnings call. Third, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared. Lastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value. It's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth andincreased cash flow outlook. Here, I'll just highlight those numbers then I'll turn to a few things that","images":[{"img":"https://static.tigerbbs.com/6ad3d9bc5f736b9a33b0a130048ec15c","width":"640","height":"295"},{"img":"https://static.tigerbbs.com/876f68a6fff056f072e916e88ecfb9ad","width":"640","height":"320"},{"img":"https://static.tigerbbs.com/3156d23d24d6af84f01d6192acde0d4d","width":"1536","height":"864"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894509071","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894550545,"gmtCreate":1628842041987,"gmtModify":1676529871605,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Did it just bottomed?","listText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Did it just bottomed?","text":"$CITY DEVELOPMENTS LIMITED(C09.SI)$Did it just bottomed?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894550545","isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579334079758210","authorId":"3579334079758210","name":"Yongkiat","avatar":"https://static.tigerbbs.com/9e7b865ba6ae3db607efa315dee80630","crmLevel":2,"crmLevelSwitch":1,"idStr":"3579334079758210","authorIdStr":"3579334079758210"},"content":"Yes bottom is at 6.6s. High 7s/low 8s in september","text":"Yes bottom is at 6.6s. High 7s/low 8s in september","html":"Yes bottom is at 6.6s. High 7s/low 8s in september"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896252743,"gmtCreate":1628587447182,"gmtModify":1703508621818,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896252743","repostId":"896133983","repostType":1,"repost":{"id":896133983,"gmtCreate":1628560384342,"gmtModify":1703508113837,"author":{"id":"3575124118028153","authorId":"3575124118028153","name":"thefatboi","avatar":"https://static.tigerbbs.com/0c9be39e3426e74fa682cbc28b49c221","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575124118028153","authorIdStr":"3575124118028153"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Things are looking very good for AMC from the Earnings Call Q2 2021! Below here is a summary of the Earnings Call.&nbsp;•Adam Aaron announced on Twitter and in the call that AMC ended the June 30, 2021 quarter with MORE THAN $2 BILLION OF LIQUIDITY (cash in the bank or undrawn revolving credit line). Right around DOUBLE the highest quarter ending liquidity level AMC has ever had before in our 101 year history!• CEO Adam Aaron has not sold a single share.• There will be a GAMESTOP partnership inquiry coming up. (Potentially hosting gaming tournaments)• AMC will be finding ways to expand their businesses (through Live Events like: Sports, Music, Esports)• 10 new theaters upcoming• AMC reaches deal with Warner Bros. for 45 days th","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Things are looking very good for AMC from the Earnings Call Q2 2021! Below here is a summary of the Earnings Call.&nbsp;•Adam Aaron announced on Twitter and in the call that AMC ended the June 30, 2021 quarter with MORE THAN $2 BILLION OF LIQUIDITY (cash in the bank or undrawn revolving credit line). Right around DOUBLE the highest quarter ending liquidity level AMC has ever had before in our 101 year history!• CEO Adam Aaron has not sold a single share.• There will be a GAMESTOP partnership inquiry coming up. (Potentially hosting gaming tournaments)• AMC will be finding ways to expand their businesses (through Live Events like: Sports, Music, Esports)• 10 new theaters upcoming• AMC reaches deal with Warner Bros. for 45 days th","text":"$AMC Entertainment(AMC)$Things are looking very good for AMC from the Earnings Call Q2 2021! Below here is a summary of the Earnings Call. •Adam Aaron announced on Twitter and in the call that AMC ended the June 30, 2021 quarter with MORE THAN $2 BILLION OF LIQUIDITY (cash in the bank or undrawn revolving credit line). Right around DOUBLE the highest quarter ending liquidity level AMC has ever had before in our 101 year history!• CEO Adam Aaron has not sold a single share.• There will be a GAMESTOP partnership inquiry coming up. (Potentially hosting gaming tournaments)• AMC will be finding ways to expand their businesses (through Live Events like: Sports, Music, Esports)• 10 new theaters upcoming• AMC reaches deal with Warner Bros. for 45 days th","images":[{"img":"https://static.tigerbbs.com/fcc5ea1ec13f9a7288ef99643f1d59df","width":"1080","height":"2280"}],"top":1,"highlighted":2,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896133983","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890694313,"gmtCreate":1628102476932,"gmtModify":1703501260193,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>Let’s go","listText":"<a href=\"https://laohu8.com/S/SOFI\">$SoFi Technologies Inc.(SOFI)$</a>Let’s go","text":"$SoFi Technologies Inc.(SOFI)$Let’s go","images":[{"img":"https://static.tigerbbs.com/61aee91b9762e49655713d64f30c4c6f","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890694313","isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807754555,"gmtCreate":1628061785677,"gmtModify":1703500486603,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807754555","repostId":"1162890450","repostType":4,"repost":{"id":"1162890450","pubTimestamp":1628053699,"share":"https://ttm.financial/m/news/1162890450?lang=&edition=fundamental","pubTime":"2021-08-04 13:08","market":"us","language":"en","title":"Apple taps more China suppliers for its latest iPhones","url":"https://stock-news.laohu8.com/highlight/detail?id=1162890450","media":"Nikkei Asia","summary":"Rise of Chinese assemblers and component makers comes amid tech tensions with US\nTAIPEI -- Apple is ","content":"<p>Rise of Chinese assemblers and component makers comes amid tech tensions with US</p>\n<p>TAIPEI -- Apple is tapping more suppliers in China for key roles in producing the latest iPhone, a sign that the country's technological competitiveness is continuing to increase despite Washington's attempts to rein&nbsp;in Beijing's tech ambitions.</p>\n<p>Luxshare Precision Industry will build up to 3% of the upcoming iPhone 13 series, winning orders away from Taiwanese rivals Foxconn and Pegatron, Nikkei Asia has learned. Apple is slated to produce between&nbsp;90 million and 95 million&nbsp;of the new iPhones through January.</p>\n<p>Luxshare will start building the iPhone 13 Pro -- as the premium model is expected to be called -- this month, according to sources, a major breakthrough for a company that has never produced iPhones on its own. Newcomers to the Apple supply chain normally start out making older iPhone models. Two companies that Luxshare acquired last year, South Korean camera module maker Cowell and metal frame maker Casetek of Taiwan, will also supply key components and parts for this year's new iPhones, sources familiar with the matter said.</p>\n<p>\"Although Luxshare only makes a small percentage of iPhones this year, we can't let our guard down,\" said a senior executive at a rival iPhone supplier. \"If we don't strengthen our competitiveness, sooner or later they will be the major source.\"</p>\n<p>Apple boasts the world's most complex consumer electronics supply chain, churning out roughly 200 million iPhones, 20 million MacBooks and tens of millions of AirPods a year. The company's notoriously high manufacturing standards mean that any company in its supply chain is seen as being among the best in its field.</p>\n<p>The rise of Chinese Apple suppliers comes at the expense of rivals in the U.S., Taiwan, Japan and South Korea, several of whom are either seeing their share of orders shrink or who have dropped out of the Apple supply chain completely.</p>\n<p><img src=\"https://static.tigerbbs.com/e1fb5c95212cf97e9a354d35849947b1\" tg-width=\"770\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p>\n<p>China's success also comes despite an ongoing U.S. crackdown on Chinese chipmakers, including trade restrictions aimed at blocking their access to vital American tools and technologies.</p>\n<p>Hunan-based Lens Technology previously only supplied glass backs and cover glass for iPhones, but this year will also supply metal casings for the first time, Nikkei has learned, thanks to its acquisition last year of a rival's metal frame and casing plants in China.</p>\n<p>Meanwhile, China's biggest maker of smartphone camera lenses, Sunny Optical Technology, entered the iPhone supply chain for the first time this year, people familiar with the matter said. The Hong Kong-listed company will supply rear camera lenses, though its share is still small, according to the sources.</p>\n<p>Based in Zhejiang Province, Sunny Optical -- a key supplier to China's Xiaomi, Huawei, Oppo and Vivo -- has long been viewed as a key competitor to Largan Precision of Taiwan, the leading maker of premium smartphone lenses and a longtime iPhone supplier. Sunny Optical's revenue nearly tripled from 2016, while its net profit has quadrupled.</p>\n<p>BOE Technology will begin supplying premium organic light-emitting diode displays for the iPhone 13 series as soon as next quarter if it receives Apple's approval this quarter, two people familiar with the situation said. It started providing OLED displays for older iPhone models last year.</p>\n<p>Beijing sees BOE as the country's best hope for challenging Samsung, the world's largest and most advanced OLED supplier. Apple is also keen to bring the Chinese display maker into the iPhone supply chain as a way of increasing its bargaining power with Samsung.</p>\n<p>Several other Chinese companies appeared on Apple's supplier list for the first time last year, including display maker Tianma Micro-Electronics, memory chip maker GigaDevice Semiconductor and Nexperia, owned by China's biggest smartphone assembler, Wingtech Technology.</p>\n<p>Wingtech is also in the process of buying the U.K.'s biggest chip plant, Wales-based Newport Wafer Fab, via Nexperia.</p>\n<p>Shenzhen Everwin Precision Technology, a rival of Taiwan's Catcher Technology and Foxconn's casing unit, also appeared on the top 200 suppliers list for the first time last year.</p>\n<p>Eric Tseng, chief analyst with Isaiah Research, said companies like Luxshare, Goertek, Wingtech and Lens have all been gaining orders in the Apple supply chain recently. The rise of Luxshare -- which started out providing relatively simple components for iPhones just a few years ago -- is likely to be a bargaining chip for Apple against its longtime manufacturing partner Foxconn, he added.</p>\n<p>\"We foresee Apple's need to diversify its sourcing and manage its costs amid the geopolitical uncertainties that will continue to rise in the coming years, which will give Chinese suppliers a good opportunity to expand shares in the supply chains and create bigger pressure on the existing suppliers,\" Tseng told Nikkei Asia.</p>\n<p>Apple, Luxshare, Lens, BOE and Sunny Optical did not respond Nikkei's Asia's requests for comments as of publication.</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>Apple taps more China suppliers for its latest iPhones</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple taps more China suppliers for its latest iPhones\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-04 13:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://asia.nikkei.com/Business/Technology/Apple-taps-more-China-suppliers-for-its-latest-iPhones><strong>Nikkei Asia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rise of Chinese assemblers and component makers comes amid tech tensions with US\nTAIPEI -- Apple is tapping more suppliers in China for key roles in producing the latest iPhone, a sign that the ...</p>\n\n<a href=\"https://asia.nikkei.com/Business/Technology/Apple-taps-more-China-suppliers-for-its-latest-iPhones\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"002475":"立讯精密","02382":"舜宇光学科技","AAPL":"苹果","000725":"京东方A"},"source_url":"https://asia.nikkei.com/Business/Technology/Apple-taps-more-China-suppliers-for-its-latest-iPhones","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162890450","content_text":"Rise of Chinese assemblers and component makers comes amid tech tensions with US\nTAIPEI -- Apple is tapping more suppliers in China for key roles in producing the latest iPhone, a sign that the country's technological competitiveness is continuing to increase despite Washington's attempts to rein in Beijing's tech ambitions.\nLuxshare Precision Industry will build up to 3% of the upcoming iPhone 13 series, winning orders away from Taiwanese rivals Foxconn and Pegatron, Nikkei Asia has learned. Apple is slated to produce between 90 million and 95 million of the new iPhones through January.\nLuxshare will start building the iPhone 13 Pro -- as the premium model is expected to be called -- this month, according to sources, a major breakthrough for a company that has never produced iPhones on its own. Newcomers to the Apple supply chain normally start out making older iPhone models. Two companies that Luxshare acquired last year, South Korean camera module maker Cowell and metal frame maker Casetek of Taiwan, will also supply key components and parts for this year's new iPhones, sources familiar with the matter said.\n\"Although Luxshare only makes a small percentage of iPhones this year, we can't let our guard down,\" said a senior executive at a rival iPhone supplier. \"If we don't strengthen our competitiveness, sooner or later they will be the major source.\"\nApple boasts the world's most complex consumer electronics supply chain, churning out roughly 200 million iPhones, 20 million MacBooks and tens of millions of AirPods a year. The company's notoriously high manufacturing standards mean that any company in its supply chain is seen as being among the best in its field.\nThe rise of Chinese Apple suppliers comes at the expense of rivals in the U.S., Taiwan, Japan and South Korea, several of whom are either seeing their share of orders shrink or who have dropped out of the Apple supply chain completely.\n\nChina's success also comes despite an ongoing U.S. crackdown on Chinese chipmakers, including trade restrictions aimed at blocking their access to vital American tools and technologies.\nHunan-based Lens Technology previously only supplied glass backs and cover glass for iPhones, but this year will also supply metal casings for the first time, Nikkei has learned, thanks to its acquisition last year of a rival's metal frame and casing plants in China.\nMeanwhile, China's biggest maker of smartphone camera lenses, Sunny Optical Technology, entered the iPhone supply chain for the first time this year, people familiar with the matter said. The Hong Kong-listed company will supply rear camera lenses, though its share is still small, according to the sources.\nBased in Zhejiang Province, Sunny Optical -- a key supplier to China's Xiaomi, Huawei, Oppo and Vivo -- has long been viewed as a key competitor to Largan Precision of Taiwan, the leading maker of premium smartphone lenses and a longtime iPhone supplier. Sunny Optical's revenue nearly tripled from 2016, while its net profit has quadrupled.\nBOE Technology will begin supplying premium organic light-emitting diode displays for the iPhone 13 series as soon as next quarter if it receives Apple's approval this quarter, two people familiar with the situation said. It started providing OLED displays for older iPhone models last year.\nBeijing sees BOE as the country's best hope for challenging Samsung, the world's largest and most advanced OLED supplier. Apple is also keen to bring the Chinese display maker into the iPhone supply chain as a way of increasing its bargaining power with Samsung.\nSeveral other Chinese companies appeared on Apple's supplier list for the first time last year, including display maker Tianma Micro-Electronics, memory chip maker GigaDevice Semiconductor and Nexperia, owned by China's biggest smartphone assembler, Wingtech Technology.\nWingtech is also in the process of buying the U.K.'s biggest chip plant, Wales-based Newport Wafer Fab, via Nexperia.\nShenzhen Everwin Precision Technology, a rival of Taiwan's Catcher Technology and Foxconn's casing unit, also appeared on the top 200 suppliers list for the first time last year.\nEric Tseng, chief analyst with Isaiah Research, said companies like Luxshare, Goertek, Wingtech and Lens have all been gaining orders in the Apple supply chain recently. The rise of Luxshare -- which started out providing relatively simple components for iPhones just a few years ago -- is likely to be a bargaining chip for Apple against its longtime manufacturing partner Foxconn, he added.\n\"We foresee Apple's need to diversify its sourcing and manage its costs amid the geopolitical uncertainties that will continue to rise in the coming years, which will give Chinese suppliers a good opportunity to expand shares in the supply chains and create bigger pressure on the existing suppliers,\" Tseng told Nikkei Asia.\nApple, Luxshare, Lens, BOE and Sunny Optical did not respond Nikkei's Asia's requests for comments as of publication.","news_type":1},"isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807106396,"gmtCreate":1628003565815,"gmtModify":1703499533010,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>they’re&nbsp;Using this to fund <a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>and <a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>losses lol","listText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>they’re&nbsp;Using this to fund <a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>and <a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>losses lol","text":"$Robinhood Markets, Inc.(HOOD)$they’re Using this to fund $GameStop(GME)$and $AMC Entertainment(AMC)$losses lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/807106396","isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807103880,"gmtCreate":1628003456940,"gmtModify":1703499528627,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"People actually listened? Or is it just fake pump","listText":"People actually listened? Or is it just fake pump","text":"People actually listened? Or is it just fake pump","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807103880","repostId":"1136280710","repostType":4,"isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804058922,"gmtCreate":1627913361966,"gmtModify":1703497782208,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804058922","repostId":"805697757","repostType":1,"repost":{"id":805697757,"gmtCreate":1627874255276,"gmtModify":1703496972272,"author":{"id":"3534312224764596","authorId":"3534312224764596","name":"Ivan_甘灿荣","avatar":"https://static.tigerbbs.com/88507b8eb15a6e315e004663e5c9e31a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3534312224764596","authorIdStr":"3534312224764596"},"themes":[],"title":"接下來你一定要小心，最慘的時節可能就要來了","htmlText":"此前一直強調的8月份正式到來。8月，將進入全球股市最容易出風險的投資月份。不過看來無需提醒，A50已經先跌爲敬了。 （摘自華爾街見聞） 一、美股指 其實美股的2、5、8、10素來是重要時間點（財報季，財報數據會證實或證僞市場），哪怕沒有利空數據加持，見頂調整之概率均較大。 由於具體哪天見頂，視乎消息決定，所以策略上大家要相對敏感，跌穿均線即對衝。均線有兩條20和60日均線，20日均線就需要試錯避險，做空股指期貨或者買入看跌期權。而60日均線可以理解爲確認曲線，只是從交易上來說，60日均線較滯後，不太建議等到那個時候再處理。下跌幅度初步估計10-15%左右，時間上要視乎下跌速度而定。 二、A50 A50可謂是今年以來最弱的指數，自2月份見頂以來（重要時點），就一直下跌至今。根據A股獨特的時間週期，一直以爲8月份是個高點，然後來個全球共振。但A50最近的破位下跌，看來全球股市走勢是分化的，有可能8月份一起調整完後，A50股率先見底也不奇怪。畢竟A50的也是中國的核心資產，美股若下跌，資金流出美國市場尋找安全資產時，A50或許是個很好的標的，因此跌下來後，抄底A50應該是投資首選。 至於哪個點位抄底A50最安全？那就要使用一年前和大家強調過的A50生命線了。 以當前價格A50仍需下跌10%才能到達黃線位置，具體點位在13400附近。如果下週繼續脈衝，那麼買A50空美股就成爲一個很好的策略。而當前，既然A50已破位，那麼繼續等待即可。 三、貴金屬 既然股市出風險，那麼貴金屬理應是避險資產中的選擇。儘管美聯儲縮表加息對貴金屬有利空效應，但貴金屬畢竟調整了將近1年，目前價格也是市場多種預期博弈後的結果，因此貴金屬價格並不悲觀，況且時間點已到，當前值得逢低做多試錯，對衝美股下跌之預期。 策略上，黃金時間點雖然確認，但仍需做好止損設置，點位在1790附近，預期黃金行情沿着20日均線震盪走高","listText":"此前一直強調的8月份正式到來。8月，將進入全球股市最容易出風險的投資月份。不過看來無需提醒，A50已經先跌爲敬了。 （摘自華爾街見聞） 一、美股指 其實美股的2、5、8、10素來是重要時間點（財報季，財報數據會證實或證僞市場），哪怕沒有利空數據加持，見頂調整之概率均較大。 由於具體哪天見頂，視乎消息決定，所以策略上大家要相對敏感，跌穿均線即對衝。均線有兩條20和60日均線，20日均線就需要試錯避險，做空股指期貨或者買入看跌期權。而60日均線可以理解爲確認曲線，只是從交易上來說，60日均線較滯後，不太建議等到那個時候再處理。下跌幅度初步估計10-15%左右，時間上要視乎下跌速度而定。 二、A50 A50可謂是今年以來最弱的指數，自2月份見頂以來（重要時點），就一直下跌至今。根據A股獨特的時間週期，一直以爲8月份是個高點，然後來個全球共振。但A50最近的破位下跌，看來全球股市走勢是分化的，有可能8月份一起調整完後，A50股率先見底也不奇怪。畢竟A50的也是中國的核心資產，美股若下跌，資金流出美國市場尋找安全資產時，A50或許是個很好的標的，因此跌下來後，抄底A50應該是投資首選。 至於哪個點位抄底A50最安全？那就要使用一年前和大家強調過的A50生命線了。 以當前價格A50仍需下跌10%才能到達黃線位置，具體點位在13400附近。如果下週繼續脈衝，那麼買A50空美股就成爲一個很好的策略。而當前，既然A50已破位，那麼繼續等待即可。 三、貴金屬 既然股市出風險，那麼貴金屬理應是避險資產中的選擇。儘管美聯儲縮表加息對貴金屬有利空效應，但貴金屬畢竟調整了將近1年，目前價格也是市場多種預期博弈後的結果，因此貴金屬價格並不悲觀，況且時間點已到，當前值得逢低做多試錯，對衝美股下跌之預期。 策略上，黃金時間點雖然確認，但仍需做好止損設置，點位在1790附近，預期黃金行情沿着20日均線震盪走高","text":"此前一直強調的8月份正式到來。8月，將進入全球股市最容易出風險的投資月份。不過看來無需提醒，A50已經先跌爲敬了。 （摘自華爾街見聞） 一、美股指 其實美股的2、5、8、10素來是重要時間點（財報季，財報數據會證實或證僞市場），哪怕沒有利空數據加持，見頂調整之概率均較大。 由於具體哪天見頂，視乎消息決定，所以策略上大家要相對敏感，跌穿均線即對衝。均線有兩條20和60日均線，20日均線就需要試錯避險，做空股指期貨或者買入看跌期權。而60日均線可以理解爲確認曲線，只是從交易上來說，60日均線較滯後，不太建議等到那個時候再處理。下跌幅度初步估計10-15%左右，時間上要視乎下跌速度而定。 二、A50 A50可謂是今年以來最弱的指數，自2月份見頂以來（重要時點），就一直下跌至今。根據A股獨特的時間週期，一直以爲8月份是個高點，然後來個全球共振。但A50最近的破位下跌，看來全球股市走勢是分化的，有可能8月份一起調整完後，A50股率先見底也不奇怪。畢竟A50的也是中國的核心資產，美股若下跌，資金流出美國市場尋找安全資產時，A50或許是個很好的標的，因此跌下來後，抄底A50應該是投資首選。 至於哪個點位抄底A50最安全？那就要使用一年前和大家強調過的A50生命線了。 以當前價格A50仍需下跌10%才能到達黃線位置，具體點位在13400附近。如果下週繼續脈衝，那麼買A50空美股就成爲一個很好的策略。而當前，既然A50已破位，那麼繼續等待即可。 三、貴金屬 既然股市出風險，那麼貴金屬理應是避險資產中的選擇。儘管美聯儲縮表加息對貴金屬有利空效應，但貴金屬畢竟調整了將近1年，目前價格也是市場多種預期博弈後的結果，因此貴金屬價格並不悲觀，況且時間點已到，當前值得逢低做多試錯，對衝美股下跌之預期。 策略上，黃金時間點雖然確認，但仍需做好止損設置，點位在1790附近，預期黃金行情沿着20日均線震盪走高","images":[{"img":"https://static.tigerbbs.com/430059e5ead197e634074fd68c2906e9","width":"1270","height":"860"},{"img":"https://static.tigerbbs.com/b20a8ea3b6fe44d00bd2620c60298905","width":"2223","height":"1511"},{"img":"https://static.tigerbbs.com/5398bd9c2183732a8eea8e231f0b82b9","width":"2223","height":"1438"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805697757","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805824751,"gmtCreate":1627871182273,"gmtModify":1703496897648,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/805824751","repostId":"808975760","repostType":1,"repost":{"id":808975760,"gmtCreate":1627554246550,"gmtModify":1703492251254,"author":{"id":"3503101861637632","authorId":"3503101861637632","name":"SSally","avatar":"https://static.tigerbbs.com/47359d8d1cd34a1d4a1e6b243e7814e3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3503101861637632","authorIdStr":"3503101861637632"},"themes":[],"title":"最悲觀的時刻往往是買入的時機","htmlText":"牛市在悲觀中誕生，在懷疑中成長，最悲觀的時刻往往是買入的最佳時機——約翰鄧普頓.——————相信這個時刻應該有不少人對自己持有的標的感到沮喪和懷疑.但是請審視自己的標的是否符合以下要求：1.它是否是賺錢的公司2.股價是否便宜，便宜到一定會有人在未來以高於你成本的價格買入.3.公司經營是否穩定.4.是否是該行業龍頭，有一定的護城河5.成長性（行業是好是壞，未來是否也能賺錢）6.股息優異只要符合以上要求，請堅定信念，適當緩慢的一點點補倉來攤薄成本.跌時耐心播種，漲時惜售捂籌.— 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href=\"https://laohu8.com/S/HUYA\">$虎牙(HUYA)$</a>","text":"牛市在悲觀中誕生，在懷疑中成長，最悲觀的時刻往往是買入的最佳時機——約翰鄧普頓.——————相信這個時刻應該有不少人對自己持有的標的感到沮喪和懷疑.但是請審視自己的標的是否符合以下要求：1.它是否是賺錢的公司2.股價是否便宜，便宜到一定會有人在未來以高於你成本的價格買入.3.公司經營是否穩定.4.是否是該行業龍頭，有一定的護城河5.成長性（行業是好是壞，未來是否也能賺錢）6.股息優異只要符合以上要求，請堅定信念，適當緩慢的一點點補倉來攤薄成本.跌時耐心播種，漲時惜售捂籌.— sally“我從來沒有因爲選擇正確而賺到大錢，唯一讓我賺到大錢的方式是：拿住不動”—巴菲特$阿里巴巴(BABA)$$拼多多(PDD)$$新氧(SY)$$京東(JD)$$虎牙(HUYA)$","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808975760","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806384087,"gmtCreate":1627632981749,"gmtModify":1703493757887,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Hope it fails so badly&nbsp;","listText":"Hope it fails so badly&nbsp;","text":"Hope it fails so badly","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806384087","repostId":"2155840271","repostType":2,"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808139281,"gmtCreate":1627563689643,"gmtModify":1703492426301,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VXRT\">$Vaxart, Inc(VXRT)$</a>Is it time?","listText":"<a href=\"https://laohu8.com/S/VXRT\">$Vaxart, Inc(VXRT)$</a>Is it time?","text":"$Vaxart, Inc(VXRT)$Is it time?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808139281","isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803642943,"gmtCreate":1627438160482,"gmtModify":1703489952947,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"✨","listText":"✨","text":"✨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803642943","repostId":"803668633","repostType":1,"repost":{"id":803668633,"gmtCreate":1627436703922,"gmtModify":1703489907001,"author":{"id":"3503452965237041","authorId":"3503452965237041","name":"美股研究社","avatar":"https://static.tigerbbs.com/a239c7906133df1f3817d0746a8a0ba1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3503452965237041","authorIdStr":"3503452965237041"},"themes":[],"title":"AMD二季度淨利同比大增352%，業務增長速度高於市場預測","htmlText":"美股研究社（meigushe）消息，7月27日美股盤後，AMD<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;發佈2021財年第二季度財報據財報數據顯示，AMD第二季度營收達38.5億美元，同比增長99%，淨利潤達7.1億美元，同比增長352%，每股攤薄收益爲0.58美元其他數據顯示，按照業務劃分，AMD第二季度計算和圖形業務營收達22.5億美元，環比增長12%，運營利潤從去年的2億美元增長到5.26億美元。由於銳龍桌面及筆記本處理器的豐富組合，客戶端處理器ASP均價同比、環比都在上漲，高端的Radeon顯卡均價同樣都在增長。二季度，AMD企業、嵌入式和半定製業務營收達16億美元，同比大漲183%，環比增長19%，主要得益於EPYC霄龍服務器處理器及半定製產品銷售增加。AMD半定製業務主要向遊戲機廠商出售遊戲芯片，目前索尼PS5及微軟Xbox Series兩大主機都是供不應求的狀態。由於業績表現強勢，AMD將2021全年的營收指引上調。此前AMD預期全年增長至少爲50%，本次財報中修正爲全年增長60%。截止7月27日美股收盤，AMD股價跌0.86%，報91.03美元。本文來源：美股研究社，旨在幫助中國投資者理解世界，專注報道美國科技股和中概股，對美股感興趣的朋友趕緊關注我們","listText":"美股研究社（meigushe）消息，7月27日美股盤後，AMD<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>&nbsp;發佈2021財年第二季度財報據財報數據顯示，AMD第二季度營收達38.5億美元，同比增長99%，淨利潤達7.1億美元，同比增長352%，每股攤薄收益爲0.58美元其他數據顯示，按照業務劃分，AMD第二季度計算和圖形業務營收達22.5億美元，環比增長12%，運營利潤從去年的2億美元增長到5.26億美元。由於銳龍桌面及筆記本處理器的豐富組合，客戶端處理器ASP均價同比、環比都在上漲，高端的Radeon顯卡均價同樣都在增長。二季度，AMD企業、嵌入式和半定製業務營收達16億美元，同比大漲183%，環比增長19%，主要得益於EPYC霄龍服務器處理器及半定製產品銷售增加。AMD半定製業務主要向遊戲機廠商出售遊戲芯片，目前索尼PS5及微軟Xbox Series兩大主機都是供不應求的狀態。由於業績表現強勢，AMD將2021全年的營收指引上調。此前AMD預期全年增長至少爲50%，本次財報中修正爲全年增長60%。截止7月27日美股收盤，AMD股價跌0.86%，報91.03美元。本文來源：美股研究社，旨在幫助中國投資者理解世界，專注報道美國科技股和中概股，對美股感興趣的朋友趕緊關注我們","text":"美股研究社（meigushe）消息，7月27日美股盤後，AMD$AMD(AMD)$ 發佈2021財年第二季度財報據財報數據顯示，AMD第二季度營收達38.5億美元，同比增長99%，淨利潤達7.1億美元，同比增長352%，每股攤薄收益爲0.58美元其他數據顯示，按照業務劃分，AMD第二季度計算和圖形業務營收達22.5億美元，環比增長12%，運營利潤從去年的2億美元增長到5.26億美元。由於銳龍桌面及筆記本處理器的豐富組合，客戶端處理器ASP均價同比、環比都在上漲，高端的Radeon顯卡均價同樣都在增長。二季度，AMD企業、嵌入式和半定製業務營收達16億美元，同比大漲183%，環比增長19%，主要得益於EPYC霄龍服務器處理器及半定製產品銷售增加。AMD半定製業務主要向遊戲機廠商出售遊戲芯片，目前索尼PS5及微軟Xbox Series兩大主機都是供不應求的狀態。由於業績表現強勢，AMD將2021全年的營收指引上調。此前AMD預期全年增長至少爲50%，本次財報中修正爲全年增長60%。截止7月27日美股收盤，AMD股價跌0.86%，報91.03美元。本文來源：美股研究社，旨在幫助中國投資者理解世界，專注報道美國科技股和中概股，對美股感興趣的朋友趕緊關注我們","images":[{"img":"https://static.tigerbbs.com/6f59b966625715ce185ee0feb16b53f5","width":"641","height":"354"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803668633","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":60,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809269983,"gmtCreate":1627373235042,"gmtModify":1703488613384,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Wonder when will this stop. Let’s not catch a falling knife","listText":"Wonder when will this stop. Let’s not catch a falling knife","text":"Wonder when will this stop. Let’s not catch a falling knife","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809269983","repostId":"2154813991","repostType":4,"repost":{"id":"2154813991","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1627371927,"share":"https://ttm.financial/m/news/2154813991?lang=&edition=fundamental","pubTime":"2021-07-27 15:45","market":"sh","language":"en","title":"China shares plunge to 8-month low on regulatory woes","url":"https://stock-news.laohu8.com/highlight/detail?id=2154813991","media":"Reuters","summary":"* Property, tech, education hit by regulatory tightening fears. SHANGHAI, July 27  - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.China's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staple","content":"<p>* China, Hong Kong stocks extend steep selloff</p>\n<p>* Property, tech, education hit by regulatory tightening fears</p>\n<p>* Delta variant behind cluster in city of Nanjing</p>\n<p>SHANGHAI, July 27 (Reuters) - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.</p>\n<p>China's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staples and real estate sectors.</p>\n<p>The Shanghai Composite index gave up early gains to end 2.49% lower at 3,381.18, its lowest close since March 25.</p>\n<p>Falls were wide-ranging, with the CSI financial sector sub-index down 3.17%, the consumer staples sector&nbsp;off 4.75% and the healthcare sub-index down 3.9%.</p>\n<p>In late trade in Hong Kong, the benchmark Hang Seng Index&nbsp;was down as much as 5.46% after a 4.1% drop in the previous session, and the Hang Seng China Enterprises Index&nbsp;plunged as much as 6.78%.</p>\n<p>The Hang Seng Tech index crashed through its previous record low, falling more than 9%.</p>\n<p>The rout came after a shakeout on Monday spurred by new rules reining in China's $120 billion private tutoring sector, sending some shares crashing more than 45%, and new regulatory moves targeting technology and property.</p>\n<p>\"Beijing's severe crackdown on the tech and education sectors had ignited the re-pricing of significant regulation risks on investment for Chinese private companies,\" Ken Cheung, chief Asian FX strategist at Mizuhuo Bank, said in a note.</p>\n<p>\"As such, foreign investors will request a deeper discount on such Chinese investment or even cut the exposure on Chinese companies,\" Cheung added.</p>\n<p>Education shares continued to slide on Tuesday, with New Oriental Education &amp; Technology Group Co falling 7.25%, taking its drop over the last three sessions to more than 70%, while the CSI education index tumbled 5.18%.</p>\n<p><b>WORST-CASE SCENARIO</b></p>\n<p>Anita Chu, an analyst at CCB International, said in a research report the unfavourable regulatory environment had left little room for a business turnaround, and issued a downgrade and reduced target price for New Oriental.</p>\n<p>\"If the final version of the policy comes to resemble its current form, we envision a worst-case scenario whereby existing listed-AST (after-school tutoring) operators will be compelled to spin off their K9 AST operations from the listco, or else de-list by way of privatisation,\" Chu said.</p>\n<p>\"According to our estimates, the potential spinoff of K9 AST operations would take 60-70% off the earnings of New Oriental and 80-90% off (New York-listed) TAL Education.\"</p>\n<p>In Hong Kong, heavily indebted developer <a href=\"https://laohu8.com/S/EGRNF\">China Evergrande Group</a> extended its losses, spiralling more than 16% lower to 4-1/2 year lows, after the company said it would cancel a special dividend proposal.</p>\n<p>The broader property sector in Hong Kong sank 3.6% and real estate A-shares ended 4.51% lower.</p>\n<p>Adding to broader concerns about the economic outlook, profit growth at China's industrial firms slowed for a fourth straight month in June, as high raw material prices weighed on factories' margins.</p>\n<p>A surge in highly contagious Delta variant COVID-19 cases centred on the eastern city of Nanjing also spurred concern on Tuesday.</p>\n<p>But Zhiwei Zhang, chief economist at Pinpoint Asset Management, said broader economic concerns were contained for now.</p>\n<p>\"The market correction seems to reflect some investors' concern about government's policy stance on the capital market. We don't think investors are concerned about the economy at this stage,\" he said in an emailed comment.</p>\n<p>But pointing to rising concern late on Tuesday, China's yuan&nbsp;turned around sharply from small gains against the dollar to weaken past the 6.5 per dollar level. It was last quoted at 6.5103 per dollar, 0.43% weaker on the day.</p>\n<p>The offshore yuan also whipsawed lower, blasting through the 6.5 level to a low of 6.5225 per dollar, down more than 0.6% from a day earlier.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China shares plunge to 8-month low on regulatory woes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina shares plunge to 8-month low on regulatory woes\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-27 15:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* China, Hong Kong stocks extend steep selloff</p>\n<p>* Property, tech, education hit by regulatory tightening fears</p>\n<p>* Delta variant behind cluster in city of Nanjing</p>\n<p>SHANGHAI, July 27 (Reuters) - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.</p>\n<p>China's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staples and real estate sectors.</p>\n<p>The Shanghai Composite index gave up early gains to end 2.49% lower at 3,381.18, its lowest close since March 25.</p>\n<p>Falls were wide-ranging, with the CSI financial sector sub-index down 3.17%, the consumer staples sector&nbsp;off 4.75% and the healthcare sub-index down 3.9%.</p>\n<p>In late trade in Hong Kong, the benchmark Hang Seng Index&nbsp;was down as much as 5.46% after a 4.1% drop in the previous session, and the Hang Seng China Enterprises Index&nbsp;plunged as much as 6.78%.</p>\n<p>The Hang Seng Tech index crashed through its previous record low, falling more than 9%.</p>\n<p>The rout came after a shakeout on Monday spurred by new rules reining in China's $120 billion private tutoring sector, sending some shares crashing more than 45%, and new regulatory moves targeting technology and property.</p>\n<p>\"Beijing's severe crackdown on the tech and education sectors had ignited the re-pricing of significant regulation risks on investment for Chinese private companies,\" Ken Cheung, chief Asian FX strategist at Mizuhuo Bank, said in a note.</p>\n<p>\"As such, foreign investors will request a deeper discount on such Chinese investment or even cut the exposure on Chinese companies,\" Cheung added.</p>\n<p>Education shares continued to slide on Tuesday, with New Oriental Education &amp; Technology Group Co falling 7.25%, taking its drop over the last three sessions to more than 70%, while the CSI education index tumbled 5.18%.</p>\n<p><b>WORST-CASE SCENARIO</b></p>\n<p>Anita Chu, an analyst at CCB International, said in a research report the unfavourable regulatory environment had left little room for a business turnaround, and issued a downgrade and reduced target price for New Oriental.</p>\n<p>\"If the final version of the policy comes to resemble its current form, we envision a worst-case scenario whereby existing listed-AST (after-school tutoring) operators will be compelled to spin off their K9 AST operations from the listco, or else de-list by way of privatisation,\" Chu said.</p>\n<p>\"According to our estimates, the potential spinoff of K9 AST operations would take 60-70% off the earnings of New Oriental and 80-90% off (New York-listed) TAL Education.\"</p>\n<p>In Hong Kong, heavily indebted developer <a href=\"https://laohu8.com/S/EGRNF\">China Evergrande Group</a> extended its losses, spiralling more than 16% lower to 4-1/2 year lows, after the company said it would cancel a special dividend proposal.</p>\n<p>The broader property sector in Hong Kong sank 3.6% and real estate A-shares ended 4.51% lower.</p>\n<p>Adding to broader concerns about the economic outlook, profit growth at China's industrial firms slowed for a fourth straight month in June, as high raw material prices weighed on factories' margins.</p>\n<p>A surge in highly contagious Delta variant COVID-19 cases centred on the eastern city of Nanjing also spurred concern on Tuesday.</p>\n<p>But Zhiwei Zhang, chief economist at Pinpoint Asset Management, said broader economic concerns were contained for now.</p>\n<p>\"The market correction seems to reflect some investors' concern about government's policy stance on the capital market. We don't think investors are concerned about the economy at this stage,\" he said in an emailed comment.</p>\n<p>But pointing to rising concern late on Tuesday, China's yuan&nbsp;turned around sharply from small gains against the dollar to weaken past the 6.5 per dollar level. It was last quoted at 6.5103 per dollar, 0.43% weaker on the day.</p>\n<p>The offshore yuan also whipsawed lower, blasting through the 6.5 level to a low of 6.5225 per dollar, down more than 0.6% from a day earlier.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数","HSI":"恒生指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154813991","content_text":"* China, Hong Kong stocks extend steep selloff\n* Property, tech, education hit by regulatory tightening fears\n* Delta variant behind cluster in city of Nanjing\nSHANGHAI, July 27 (Reuters) - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.\nChina's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staples and real estate sectors.\nThe Shanghai Composite index gave up early gains to end 2.49% lower at 3,381.18, its lowest close since March 25.\nFalls were wide-ranging, with the CSI financial sector sub-index down 3.17%, the consumer staples sector off 4.75% and the healthcare sub-index down 3.9%.\nIn late trade in Hong Kong, the benchmark Hang Seng Index was down as much as 5.46% after a 4.1% drop in the previous session, and the Hang Seng China Enterprises Index plunged as much as 6.78%.\nThe Hang Seng Tech index crashed through its previous record low, falling more than 9%.\nThe rout came after a shakeout on Monday spurred by new rules reining in China's $120 billion private tutoring sector, sending some shares crashing more than 45%, and new regulatory moves targeting technology and property.\n\"Beijing's severe crackdown on the tech and education sectors had ignited the re-pricing of significant regulation risks on investment for Chinese private companies,\" Ken Cheung, chief Asian FX strategist at Mizuhuo Bank, said in a note.\n\"As such, foreign investors will request a deeper discount on such Chinese investment or even cut the exposure on Chinese companies,\" Cheung added.\nEducation shares continued to slide on Tuesday, with New Oriental Education & Technology Group Co falling 7.25%, taking its drop over the last three sessions to more than 70%, while the CSI education index tumbled 5.18%.\nWORST-CASE SCENARIO\nAnita Chu, an analyst at CCB International, said in a research report the unfavourable regulatory environment had left little room for a business turnaround, and issued a downgrade and reduced target price for New Oriental.\n\"If the final version of the policy comes to resemble its current form, we envision a worst-case scenario whereby existing listed-AST (after-school tutoring) operators will be compelled to spin off their K9 AST operations from the listco, or else de-list by way of privatisation,\" Chu said.\n\"According to our estimates, the potential spinoff of K9 AST operations would take 60-70% off the earnings of New Oriental and 80-90% off (New York-listed) TAL Education.\"\nIn Hong Kong, heavily indebted developer China Evergrande Group extended its losses, spiralling more than 16% lower to 4-1/2 year lows, after the company said it would cancel a special dividend proposal.\nThe broader property sector in Hong Kong sank 3.6% and real estate A-shares ended 4.51% lower.\nAdding to broader concerns about the economic outlook, profit growth at China's industrial firms slowed for a fourth straight month in June, as high raw material prices weighed on factories' margins.\nA surge in highly contagious Delta variant COVID-19 cases centred on the eastern city of Nanjing also spurred concern on Tuesday.\nBut Zhiwei Zhang, chief economist at Pinpoint Asset Management, said broader economic concerns were contained for now.\n\"The market correction seems to reflect some investors' concern about government's policy stance on the capital market. We don't think investors are concerned about the economy at this stage,\" he said in an emailed comment.\nBut pointing to rising concern late on Tuesday, China's yuan turned around sharply from small gains against the dollar to weaken past the 6.5 per dollar level. It was last quoted at 6.5103 per dollar, 0.43% weaker on the day.\nThe offshore yuan also whipsawed lower, blasting through the 6.5 level to a low of 6.5225 per dollar, down more than 0.6% from a day earlier.","news_type":1},"isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":348477897,"gmtCreate":1617958289219,"gmtModify":1704705310325,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Dividends soon","listText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Dividends soon","text":"$CITY DEVELOPMENTS LIMITED(C09.SI)$Dividends soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":1,"link":"https://ttm.financial/post/348477897","isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3558320691865701","authorId":"3558320691865701","name":"K_K_Hau","avatar":"https://static.tigerbbs.com/7ccee9741a4c4733ac685ef2926a1ee3","crmLevel":1,"crmLevelSwitch":0,"idStr":"3558320691865701","authorIdStr":"3558320691865701"},"content":"How much Dividends? [Miser] [Miser] [Miser]","text":"How much Dividends? [Miser] [Miser] [Miser]","html":"How much Dividends? [Miser] [Miser] [Miser]"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152038854,"gmtCreate":1625240306078,"gmtModify":1703739298468,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Holding up pretty well [Smile]&nbsp;we can do this!!","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Holding up pretty well [Smile]&nbsp;we can do this!!","text":"$AMC Entertainment(AMC)$Holding up pretty well [Smile] we can do this!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/152038854","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3558784528814795","authorId":"3558784528814795","name":"Zee0505","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"idStr":"3558784528814795","authorIdStr":"3558784528814795"},"content":"we will see u cry like baby next week","text":"we will see u cry like baby next week","html":"we will see u cry like baby next week"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171369917,"gmtCreate":1626706702439,"gmtModify":1703763783880,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"LOL","listText":"LOL","text":"LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/171369917","repostId":"1146536243","repostType":4,"repost":{"id":"1146536243","pubTimestamp":1626683272,"share":"https://ttm.financial/m/news/1146536243?lang=&edition=fundamental","pubTime":"2021-07-19 16:27","market":"us","language":"en","title":"Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual","url":"https://stock-news.laohu8.com/highlight/detail?id=1146536243","media":"zerohedge","summary":"This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","content":"<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p>\n<p>The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p>\n<p>But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p>\n<p>Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p>\n<p>Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p>\n<p>If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p>\n<p>Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p>\n<p>Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p>\n<p><img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p>\n<p>All this has a number of implications:</p>\n<ul>\n <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>\n <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>\n <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>\n <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li>\n</ul>\n<p>This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 16:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle '...</p>\n\n<a href=\"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146536243","content_text":"We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.\nBut 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.\nInstead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.\nWas last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.\nIf it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should continue to do so.\nSpecifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).\nBecause one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.\nThisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',and since 1980, it has taken an average of 35 months to get there after 'downturn' ends. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.It also hints at another possibility: this hotter cycle could be shorter.This is our thesis, and it’s showing up in our quantitative measure.\nAll this has a number of implications:\n\nThe shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.\nIn many of those periods, more mixed credit performance occurs despite default rates remaining low. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.\nIn equities, we think that our model supports more balance in portfolios. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.\nInterest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.\n\nThis cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807106396,"gmtCreate":1628003565815,"gmtModify":1703499533010,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>they’re&nbsp;Using this to fund <a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>and <a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>losses lol","listText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>they’re&nbsp;Using this to fund <a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>and <a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>losses lol","text":"$Robinhood Markets, Inc.(HOOD)$they’re Using this to fund $GameStop(GME)$and $AMC Entertainment(AMC)$losses lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/807106396","isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146374654,"gmtCreate":1626056402778,"gmtModify":1703752478369,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Good time to average down or wait awhile more?&nbsp;","listText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Good time to average down or wait awhile more?&nbsp;","text":"$CITY DEVELOPMENTS LIMITED(C09.SI)$Good time to average down or wait awhile more?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/146374654","isVote":1,"tweetType":1,"viewCount":1423,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579649763008380","authorId":"3579649763008380","name":"AlexWalker","avatar":"https://static.tigerbbs.com/ee89dbc4d7580cddfb2c14896b9377ef","crmLevel":4,"crmLevelSwitch":0,"idStr":"3579649763008380","authorIdStr":"3579649763008380"},"content":"Please wait for it","text":"Please wait for it","html":"Please wait for it"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121262796,"gmtCreate":1624466013515,"gmtModify":1703837718886,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>14.94% short interest, 297.2m shares shorted. By ortex","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>14.94% short interest, 297.2m shares shorted. By ortex","text":"$Sundial Growers Inc.(SNDL)$14.94% short interest, 297.2m shares shorted. By ortex","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/121262796","isVote":1,"tweetType":1,"viewCount":1983,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3549489176132085","authorId":"3549489176132085","name":"乘风破浪 激流","avatar":"https://static.tigerbbs.com/f9dad4c3d29328bca3ed9a178794332a","crmLevel":1,"crmLevelSwitch":0,"idStr":"3549489176132085","authorIdStr":"3549489176132085"},"content":"The interest rate is so high","text":"The interest rate is so high","html":"The interest rate is so high"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168004417,"gmtCreate":1623942703139,"gmtModify":1703824236593,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>FINALLYYYYY","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>FINALLYYYYY","text":"$AMC Entertainment(AMC)$FINALLYYYYY","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168004417","isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104588048,"gmtCreate":1620397968684,"gmtModify":1704343160771,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/OXY\">$Occidental(OXY)$</a>Wonder if their financials will be good this time?&nbsp;","listText":"<a href=\"https://laohu8.com/S/OXY\">$Occidental(OXY)$</a>Wonder if their financials will be good this time?&nbsp;","text":"$Occidental(OXY)$Wonder if their financials will be good this time?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/104588048","isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"262190804341046","authorId":"262190804341046","name":"Jason1205","avatar":"https://static.tigerbbs.com/a22c3af3bb938bf74c151660df1d68dd","crmLevel":9,"crmLevelSwitch":0,"idStr":"262190804341046","authorIdStr":"262190804341046"},"content":"No difference, the oil price in the first quarter was at a high level.","text":"No difference, the oil price in the first quarter was at a high level.","html":"No difference, the oil price in the first quarter was at a high level."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123478394,"gmtCreate":1624436830918,"gmtModify":1703836644518,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>can’t wait for the day. We can do this!! Time to take back money from the hedge funds who stole our $$. When in doubt, just go on YouTube or Reddit for conviction.&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>can’t wait for the day. We can do this!! Time to take back money from the hedge funds who stole our $$. When in doubt, just go on YouTube or Reddit for conviction.&nbsp;","text":"$AMC Entertainment(AMC)$can’t wait for the day. We can do this!! Time to take back money from the hedge funds who stole our $$. When in doubt, just go on YouTube or Reddit for conviction.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123478394","isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169473975,"gmtCreate":1623849428097,"gmtModify":1703821302983,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>watch Matt Kohrs on YouTube for LIVE AMC updates and talk :)","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>watch Matt Kohrs on YouTube for LIVE AMC updates and talk :)","text":"$AMC Entertainment(AMC)$watch Matt Kohrs on YouTube for LIVE AMC updates and talk :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/169473975","isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157737632,"gmtCreate":1625615157926,"gmtModify":1703744824111,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Are we going to let them win? :(","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Are we going to let them win? :(","text":"$AMC Entertainment(AMC)$Are we going to let them win? :(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/157737632","isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156342634,"gmtCreate":1625198522428,"gmtModify":1703738197287,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Is today the day??Apple lettting marijuana delivery to their app stores","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Is today the day??Apple lettting marijuana delivery to their app stores","text":"$Sundial Growers Inc.(SNDL)$Is today the day??Apple lettting marijuana delivery to their app stores","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/156342634","isVote":1,"tweetType":1,"viewCount":834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111120684,"gmtCreate":1622665795148,"gmtModify":1704188404545,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>im thinking,&nbsp;If game stop can reach $200+ so can AMC!&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>im thinking,&nbsp;If game stop can reach $200+ so can AMC!&nbsp;","text":"$AMC Entertainment(AMC)$im thinking, If game stop can reach $200+ so can AMC!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111120684","isVote":1,"tweetType":1,"viewCount":122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358739930,"gmtCreate":1616728583320,"gmtModify":1704797979533,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Why is it dropping today? Anyone knows?&nbsp;","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Why is it dropping today? Anyone knows?&nbsp;","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$Why is it dropping today? Anyone knows?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/358739930","isVote":1,"tweetType":1,"viewCount":2147,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3547548309087852","authorId":"3547548309087852","name":"Frank369","avatar":"https://static.tigerbbs.com/d5c563916b660e41dd0dd21c6ff5674a","crmLevel":1,"crmLevelSwitch":0,"idStr":"3547548309087852","authorIdStr":"3547548309087852"},"content":"Taiwan's oil tankers play in the Suez Canal, affecting the global supply of goods including oil","text":"Taiwan's oil tankers play in the Suez Canal, affecting the global supply of goods including oil","html":"Taiwan's oil tankers play in the Suez Canal, affecting the global supply of goods including oil"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186090055,"gmtCreate":1623464257677,"gmtModify":1704204333180,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"Are the green days back?&nbsp;","listText":"Are the green days back?&nbsp;","text":"Are the green days back?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/186090055","repostId":"1117150461","repostType":4,"repost":{"id":"1117150461","pubTimestamp":1623461758,"share":"https://ttm.financial/m/news/1117150461?lang=&edition=fundamental","pubTime":"2021-06-12 09:35","market":"us","language":"en","title":"Cramer’s week ahead: Don’t underestimate the market’s small gains","url":"https://stock-news.laohu8.com/highlight/detail?id=1117150461","media":"cnbc","summary":"KEY POINTS\n\nCNBC’s Jim Cramer said not to underestimate the small gains stocks have put up in recent","content":"<div>\n<p>KEY POINTS\n\nCNBC’s Jim Cramer said not to underestimate the small gains stocks have put up in recent days.\n“Some would say it’s the calm before the storm ... I learned a long time ago that you never ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/cramers-week-ahead-dont-underestimate-the-markets-small-gains.html\">Web Link</a>\n\n</div>\n","source":"cnbc_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>Cramer’s week ahead: Don’t underestimate the market’s small gains</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCramer’s week ahead: Don’t underestimate the market’s small gains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/11/cramers-week-ahead-dont-underestimate-the-markets-small-gains.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nCNBC’s Jim Cramer said not to underestimate the small gains stocks have put up in recent days.\n“Some would say it’s the calm before the storm ... I learned a long time ago that you never ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/cramers-week-ahead-dont-underestimate-the-markets-small-gains.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/11/cramers-week-ahead-dont-underestimate-the-markets-small-gains.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1117150461","content_text":"KEY POINTS\n\nCNBC’s Jim Cramer said not to underestimate the small gains stocks have put up in recent days.\n“Some would say it’s the calm before the storm ... I learned a long time ago that you never short a dull market,” the “Mad Money” host said.\n“I want you to find relatively inexpensive stocks of good companies and then you can buy them on the cheap because of this genuine Wall Street gibberish that drives down some stocks unfairly,” he said.\n\nAfter stocks muscled their way slightly higher on Friday, CNBC’s Jim Cramer advised investors not to underestimate a market that’s putting up small gains.\nTheS&P 500crawled 0.19% higher to 4,247.44, a record close.\n“Some would say it’s the calm before the storm ... I learned a long time ago that you never short a dull market,” the “Mad Money” host said. “It’s good news that we’re being lulled to record highs and the market keeps shrugging off negatives, including yesterday’s scorching hot inflation numbers.”\nElsewhere, theDow Jones Industrial Indexinched up 0.04% to 34,479.60. TheNasdaq Compositeincreased 0.35% to settle at 14,069.42.\nIn the week ahead, Wall Street will turn its attentions to producer price index data on Tuesday and a readout from the Federal Reserve’s meeting on Wednesday. The producer price index, which measures how much companies pay producers for goods, could also be hot, Cramer said.\nEither way, investors may be able to find opportunities in the market, he said.\n“I want you to find relatively inexpensive stocks of good companies, and then you can buy them on the cheap because of this genuine Wall Street gibberish that drives down some stocks unfairly,” he said. “Whether they’re value or growth names makes no difference to me or to Cramerica.”\nCramer gave viewers a preview of the upcoming corporate earnings reports he has circled on his calendar. Projections for revenue and earnings per share are based on FactSet estimates:\nTuesday: Oracle\nOracle\n\nQ4 2021 earnings release: after market; conference call: 5 p.m.\nProjected EPS: $1.31\nProjected revenue: $11.02 billion\n\n“This boring, old-school enterprise software company has seen its stock surge 28% year-to-date, thanks to a remarkable acceleration in its core businesses,” Cramer said. “I bet it reports a fine quarter.”\nWednesday: Lennar\nLennar\n\nQ2 2021 earnings release: after market; conference call: Thursday, 10:30 a.m.\nProjected EPS: $2.37\nProjected revenue: $6.10 billion\n\n“Stuart Miller, the former CEO and current executive chairman, likes to give you the state of the state on housing on that conference call,” he said. “We know there’s been an immense amount of inflation in the raw materials that go into a house, although lumber’s come down. But the final cost barely creeps up and that’s thanks to the ingenuity of these excellent builders.”\nThursday: Kroger, Jabil, Adobe\nKroger\n\nQ1 2021 earnings release: before market; conference call: 10 a.m.\nProjected EPS: 98 cents\nProjected revenue: $39.56 billion\n\n“Kroger’s stock has become a standout performer, and that’s because it’s a major beneficiary from inflation,” Cramer said. “I actually do expect a terrific number from Kroger, not many people are thinking that.”\nJabil\n\nQ3 2021 earnings release: before market; conference call: 8:30 a.m.\nProjected EPS: $1.04\nProjected revenue: $6.95 billion\n\n“Jabil does a lot of business with Apple, and Wall Street loves playing silly guessing games by trying to extrapolate from Jabil’s results to Apple’s,” he said. “I wish they’d just focus on Jabil itself, which has been an amazing stock, up 36% for the year. Another unsung stock of an unsung company in an unsung bull market.”\nAdobe\n\nQ2 2021 earnings release: after market; conference call: 5 p.m.\nProjected EPS: $2.81\nProjected revenue: $3.73 billion\n\n“Lately [this] stock’s been meandering and that has usually been the best time to buy it,” the host said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3554964479320407","authorId":"3554964479320407","name":"SGpHANtom","avatar":"https://static.tigerbbs.com/bb33f070d9bea74315c46e4e5e8cedf8","crmLevel":6,"crmLevelSwitch":1,"idStr":"3554964479320407","authorIdStr":"3554964479320407"},"content":"depends if you are looking at value or growth stocks","text":"depends if you are looking at value or growth stocks","html":"depends if you are looking at value or growth stocks"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189392178,"gmtCreate":1623244187094,"gmtModify":1704199139877,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Last week it rose onweds ?","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Last week it rose onweds ?","text":"$AMC Entertainment(AMC)$Last week it rose onweds ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189392178","isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349495088,"gmtCreate":1617630734444,"gmtModify":1704701105550,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/IPOE\">$Social Capital Hedosophia Holdings Corp. V(IPOE)$</a>So weird, why is it not rising?","listText":"<a href=\"https://laohu8.com/S/IPOE\">$Social Capital Hedosophia Holdings Corp. V(IPOE)$</a>So weird, why is it not rising?","text":"$Social Capital Hedosophia Holdings Corp. V(IPOE)$So weird, why is it not rising?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/349495088","isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566818689084776","authorId":"3566818689084776","name":"Chickenbreas","avatar":"https://static.tigerbbs.com/9c47d69d91648dd0557acedf25e0c585","crmLevel":2,"crmLevelSwitch":0,"idStr":"3566818689084776","authorIdStr":"3566818689084776"},"content":"Not rising because the delay of merge, was suppose to be end of March. but the merge will be big so just wait","text":"Not rising because the delay of merge, was suppose to be end of March. but the merge will be big so just wait","html":"Not rising because the delay of merge, was suppose to be end of March. but the merge will be big so just wait"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381221677,"gmtCreate":1612968587499,"gmtModify":1704876727052,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GSAT\">$Globalstar(GSAT)$</a>Let’s break past 3!!!","listText":"<a href=\"https://laohu8.com/S/GSAT\">$Globalstar(GSAT)$</a>Let’s break past 3!!!","text":"$Globalstar(GSAT)$Let’s break past 3!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381221677","isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881014282,"gmtCreate":1631281234046,"gmtModify":1676530517801,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>LETS GOOOOO","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>LETS GOOOOO","text":"$AMC Entertainment(AMC)$LETS GOOOOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/881014282","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147519912,"gmtCreate":1626363222436,"gmtModify":1703758801976,"author":{"id":"3574259724752092","authorId":"3574259724752092","name":"Elaela88","avatar":"https://static.tigerbbs.com/3156a5038d2c649a96845e535f028f53","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574259724752092","authorIdStr":"3574259724752092"},"themes":[],"htmlText":"No tapering yet cause the delta variant going to hit them :,)","listText":"No tapering yet cause the delta variant going to hit them :,)","text":"No tapering yet cause the delta variant going to hit them :,)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147519912","repostId":"1198426679","repostType":4,"repost":{"id":"1198426679","pubTimestamp":1626362298,"share":"https://ttm.financial/m/news/1198426679?lang=&edition=fundamental","pubTime":"2021-07-15 23:18","market":"us","language":"en","title":"Fed's Powell rapped on inflation, regulations in Senate hearing","url":"https://stock-news.laohu8.com/highlight/detail?id=1198426679","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell faced sharp questions about inflation","content":"<p>WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell faced sharp questions about inflation and banking regulation in a hearing before the Senate Banking Committee on Thursday, issues likely to be at the forefront in his possible renomination to the top Fed post.</p>\n<p>Powell delivered the same pledge of “powerful support” to complete the U.S. economic recovery as he did on Wednesday before the House Financial Services Committee, an indication he sees no need to rush the withdrawal of support from the economy because of a recent jump in inflation.</p>\n<p>Republicans on the panel, however, picked up where their House colleagues left off, challenging Powell on whether the sharp acceleration in inflation will, as the Fed expects, prove temporary or not.</p>\n<p>“The Fed’s current paradigm almost guarantees the Fed will be behind the curve,” in keeping inflation anchored at the central bank’s 2% average target, said Pennsylvania Republican Pat Toomey. The central bank’s ongoing bond purchases, particularly of mortgage-backed securities, “is puzzling,” he added, at a time when house prices are rocketing higher.</p>\n<p>The panel’s Democratic chair, Sherrod Brown of Ohio, in his opening statement and in questions to Powell argued the central bank had weakened the regulation of big banks, allowing them to boost dividends and stock buybacks.</p>\n<p>“The Fed has rolled back important safeguards making it easier for the banks to pump up the price of their stock,” Brown said.</p>\n<p>Powell pushed back, saying that the Fed was closely watching the path of inflation but considers it “unique in history,” an offshoot of the pandemic reopening and not likely to persist. The level of capital banks are currently required to set aside, unavailable for dividend or other payments, is “about right,” he said.</p>\n<p>Those issues - Powell’s oversight of a possibly overheating economy, and his supervision of Wall Street - will be core to the Biden administration’s decision of whether to renominate him to a second 4-year term when his current one expires early next year.</p>\n<p>The Senate Banking Committee would be the first stop in his confirmation.</p>\n<p>Powell has made a point of building relationships on Capitol Hill - and particularly with the banking panel, which provides direct oversight in the form of twice-yearly monetary policy hearings.</p>\n<p>A Reuters analysis of Powell’s meeting calendar shows that in his 3-1/2 years as Fed chair he has met personally with every current member of the banking committee, splitting the meetings evenly between Democrats and Republicans. He has spent eight hours just with Brown.</p>\n<p>That may have paid off in some good will.</p>\n<p>Republican Senator John Kennedy of Louisiana thanked Powell for keeping the economy “in the middle of the road” through the pandemic, even if it was sometimes done with “spit and happy thoughts.”</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>Fed's Powell rapped on inflation, regulations in Senate hearing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed's Powell rapped on inflation, regulations in Senate hearing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 23:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-fed/update-1-feds-powell-rapped-on-inflation-regulations-in-senate-hearing-idUSL1N2OR1BY><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell faced sharp questions about inflation and banking regulation in a hearing before the Senate Banking Committee on Thursday, issues likely ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-fed/update-1-feds-powell-rapped-on-inflation-regulations-in-senate-hearing-idUSL1N2OR1BY\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-fed/update-1-feds-powell-rapped-on-inflation-regulations-in-senate-hearing-idUSL1N2OR1BY","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198426679","content_text":"WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell faced sharp questions about inflation and banking regulation in a hearing before the Senate Banking Committee on Thursday, issues likely to be at the forefront in his possible renomination to the top Fed post.\nPowell delivered the same pledge of “powerful support” to complete the U.S. economic recovery as he did on Wednesday before the House Financial Services Committee, an indication he sees no need to rush the withdrawal of support from the economy because of a recent jump in inflation.\nRepublicans on the panel, however, picked up where their House colleagues left off, challenging Powell on whether the sharp acceleration in inflation will, as the Fed expects, prove temporary or not.\n“The Fed’s current paradigm almost guarantees the Fed will be behind the curve,” in keeping inflation anchored at the central bank’s 2% average target, said Pennsylvania Republican Pat Toomey. The central bank’s ongoing bond purchases, particularly of mortgage-backed securities, “is puzzling,” he added, at a time when house prices are rocketing higher.\nThe panel’s Democratic chair, Sherrod Brown of Ohio, in his opening statement and in questions to Powell argued the central bank had weakened the regulation of big banks, allowing them to boost dividends and stock buybacks.\n“The Fed has rolled back important safeguards making it easier for the banks to pump up the price of their stock,” Brown said.\nPowell pushed back, saying that the Fed was closely watching the path of inflation but considers it “unique in history,” an offshoot of the pandemic reopening and not likely to persist. The level of capital banks are currently required to set aside, unavailable for dividend or other payments, is “about right,” he said.\nThose issues - Powell’s oversight of a possibly overheating economy, and his supervision of Wall Street - will be core to the Biden administration’s decision of whether to renominate him to a second 4-year term when his current one expires early next year.\nThe Senate Banking Committee would be the first stop in his confirmation.\nPowell has made a point of building relationships on Capitol Hill - and particularly with the banking panel, which provides direct oversight in the form of twice-yearly monetary policy hearings.\nA Reuters analysis of Powell’s meeting calendar shows that in his 3-1/2 years as Fed chair he has met personally with every current member of the banking committee, splitting the meetings evenly between Democrats and Republicans. He has spent eight hours just with Brown.\nThat may have paid off in some good will.\nRepublican Senator John Kennedy of Louisiana thanked Powell for keeping the economy “in the middle of the road” through the pandemic, even if it was sometimes done with “spit and happy thoughts.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}