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2023-01-23

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After half a year, "Wood Sister" sold JD.COM again

2022-11-09

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Volatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?

2022-10-18

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"Car-building Madman" Li Shufu, Difficult to Continue Geely's M&A Myth

2022-09-07

$Drone Delivery CDA Corp(TAKOF)$

2022-09-05

$阿斯麦(ASML)$watch recently bottom， there is a chance to get in

2022-08-28

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Eagle! Read the highlights of Powell's speech at Jackson Hole in one article

2022-08-12

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2022-07-29

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2021-06-08

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[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%

2021-03-20

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2021-03-03

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2021-02-22

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On the occasion of the strong rebound of Chinese stocks, Cathie Wood's fund of \"Wood Sister\" reduced its holdings again<a href=\"https://laohu8.com/S/JD\">Jingdong</a>For the first time since July last year.</p><p>According to a media compilation of ARK's trading data, the ARK Fintech Innovation ETF (<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>) sold 6,645 of JD.com's American Depositary Receipts (ADRs) on Thursday.</p><p>At the closing price of the day, that equates to $390,000 worth of shares. After the sell-off, ARK still holds 150,318 shares of JD.com ARD.</p><p>ARK funds previously sold JD.com consecutively between September 2021 and July 2022, and took JD.com from ARK Automatic&<a href=\"https://laohu8.com/S/300024\">Robot</a>Removed from the Technology ETF (ARK Autonomous Technology & Robotics ETF).</p><p>In the decline of Chinese stocks last year, the share price of JD.COM's U.S. stocks dropped by nearly 70% from the highest level, and now it has rebounded by more than 60% since the low in October last year.</p><p><img src=\"https://static.tigerbbs.com/c72bbbb216a42265184a5a14ec456da0\" tg-width=\"711\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The tech-heavy ARK flagship fund has also picked up this year after plunging 67% last year, rising 11% year-to-date. Currently, the fund is adding positions including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And growth stocks including Coinbase.</p><p></body></html></p>","source":"tencent","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>After half a year, \"Wood Sister\" sold JD.COM again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter half a year, \"Wood Sister\" sold JD.COM again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-01-21 10:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The ARK Fintech Innovation ETF sold 6,645 ADRs of JD.com on Thursday, equivalent to $390,000 worth of shares at the day's closing price. On the occasion of the strong rebound of Chinese stocks, Cathie Wood's fund of \"Wood Sister\" reduced its holdings again<a href=\"https://laohu8.com/S/JD\">Jingdong</a>For the first time since July last year.</p><p>According to a media compilation of ARK's trading data, the ARK Fintech Innovation ETF (<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>) sold 6,645 of JD.com's American Depositary Receipts (ADRs) on Thursday.</p><p>At the closing price of the day, that equates to $390,000 worth of shares. After the sell-off, ARK still holds 150,318 shares of JD.com ARD.</p><p>ARK funds previously sold JD.com consecutively between September 2021 and July 2022, and took JD.com from ARK Automatic&<a href=\"https://laohu8.com/S/300024\">Robot</a>Removed from the Technology ETF (ARK Autonomous Technology & Robotics ETF).</p><p>In the decline of Chinese stocks last year, the share price of JD.COM's U.S. stocks dropped by nearly 70% from the highest level, and now it has rebounded by more than 60% since the low in October last year.</p><p><img src=\"https://static.tigerbbs.com/c72bbbb216a42265184a5a14ec456da0\" tg-width=\"711\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The tech-heavy ARK flagship fund has also picked up this year after plunging 67% last year, rising 11% year-to-date. Currently, the fund is adding positions including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And growth stocks including Coinbase.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2023012110403684072f22&s=b\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0fb0479ff67cd3a760cdce353bcb60ed","relate_stocks":{"LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1142":"互联网与直销零售","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK1575":"同股不同权","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","09618":"京东集团-SW","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","BK1591":"就地过年概念","BK1502":"双十一","JD":"京东","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0052750758.USD":"富兰克林中国基金A Acc"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2023012110403684072f22&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2305998624","content_text":"ARK金融科技创新ETF周四抛售了6645份京东的美国存托凭证，以当日收盘价计算，相当于价值39万美元的股份。中概股强势反弹之际，“木头姐”Cathie Wood旗下基金再度减持京东，为去年七月以来首次。根据媒体汇编ARK的交易数据，ARK金融科技创新ETF（ARK Fintech Innovation ETF）周四抛售了6645份京东的美国存托凭证（ADR）。以当日收盘价计算，相当于价值39万美元的股份。抛售之后，ARK仍持有150318份京东ARD。ARK基金此前在2021年9月至2022年7月期间连续抛售京东，并将京东从ARK自动&机器人技术ETF (ARK Autonomous Technology & Robotics ETF)中剔除。在去年中概股下跌潮中，京东美股股价自高位最深回落近70%，目前自去年10月的低点以来已反弹超60%。重仓科技股的ARK旗舰基金去年暴跌67%后，今年业绩也有所回暖，年初至今上涨了11%。目前该基金正在加仓包括特斯拉和Coinbase在内的成长型股票。","news_type":1,"symbols_score_info":{"JD":0.9,"09618":0.9}},"isVote":1,"tweetType":1,"viewCount":3213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987241573,"gmtCreate":1667943447492,"gmtModify":1676537986247,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987241573","repostId":"2281033994","repostType":4,"repost":{"id":"2281033994","kind":"highlight","pubTimestamp":1667920249,"share":"https://ttm.financial/m/news/2281033994?lang=en_US&edition=fundamental","pubTime":"2022-11-08 23:10","market":"us","language":"zh","title":"Volatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?","url":"https://stock-news.laohu8.com/highlight/detail?id=2281033994","media":"智通财经网","summary":"市场观察人士表示，数千亿美元的波动驱动型产品加剧了市场波动。","content":"<p><html><head></head><body>Over the past decade, as extremely low interest rates have depressed returns on fixed-income assets, Wall Street's top quantitative investment teams have offered investors who want higher yields a sophisticated array of products that allow investors to earn extra returns in flagging markets.</p><p>Now, in the worst bond crash in at least five decades, institutions are scrambling to hedge their positions, buying heavily into derivatives that benefit from rising volatility in a bid to reduce losses.</p><p>But in fact, in the process, they're just adding fuel to the fire. At present, a measure of interest rate volatility is close to its highest level since the global financial crisis, outpacing the wild volatility of stock and foreign exchange markets. At the very least, this increases the risk for bond traders and increases their chances of making a quick profit or loss in the market. The bond market has been hit hard by the Fed's most aggressive rate hike in a year.</p><p>This has raised concerns among some market participants that structural positions in the $24 trillion US Treasury Bond market could trigger unforeseen consequences, just as the liability-driven investment strategy (LDI) intensified the UK Treasury Bond sell-off last month.</p><p>Michael Pintar, head of U.S. capital flow strategy and solutions at Societe Generale, said: \"Many bonds previously issued in a low interest rate and low volatility environment still exist, and institutions need to hedge. This forms a feedback loop.\"</p><p><img src=\"https://static.tigerbbs.com/4a2d8213bf2669dfeff756b73d00e220\" tg-width=\"670\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>This makes it seem like the market this year needs no additional factors to generate huge volatility.</p><p>The surge in U.S. Treasury Bond yields has prompted investors to reduce bond risk by buying derivatives that profit from rising interest rates, including short-term interest rate swaps. According to Danny Dayan, chief investment officer of macro hedge fund Dwd Partners, this, in turn, has fueled traders desperately looking for long-term volatility bets to hedge their exposure.</p><p>As a result, the market's unilateral bets have driven a sharp rise in the MOVE index, which measures the volatility of the U.S. Treasury Bond, this year. Last month, the index topped 160 as the 10-year Treasury Bond yield surged to 4.3%, near its highest since the financial crisis.</p><p><b>Structural problems caused by low volatility bets</b></p><p>Market watchers say hundreds of billions of dollars of volatility-driven products have exacerbated market volatility.</p><p>Simply put, these products are indirect bets on the rise and fall of bond yields. Over the past decade, return-hungry investors have scrambled to buy into these products, betting that the market will be in low volatility.</p><p>These bets are considered a sure bet until the overall environment changes. Investors are suffering huge losses as bond yields soar. For banks, meanwhile, they were supposed to hedge themselves, so they were able to come out of these unilateral bets regardless of market movements, but the volatility of the U.S. Treasury Bond was more intense than they expected.</p><p>Indeed, soaring interest rates are forcing many traders to adjust their positions in response to greater volatility, and other institutions in the market are doing the same.</p><p>LongTail Alpha LLC Founder,<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Vineer Bhansali, former head of portfolio management analytics at the investment management firm, said: \"When you get past the inflection point, traders have to buy in volatility. There's a lot going on this year that leads me to believe we're already on the edge of a free fall – these structures are just one factor.\"</p><p>Many of these volatility-driven products — with incredibly obscure names such as corridor notes, fairway bonds, and range-bearing options — depend on interest rates maintained within preset trading ranges.</p><p>Partial-range interest-bearing options — with an estimated $40 billion outstanding — are tied not only to yields staying low, but also to the shape of the U.S. Treasury Bond curve. Typically, the U.S. Treasury Bond yield curve slopes upward.</p><p>As long as this remains the case, the holders of the product receive coupon payments. On the other hand, to hedge against risk, dealers sell options that can likewise benefit from a positive term structure.</p><p>And when the yield curve first inverted earlier this year, many traders no longer had to pay interest on bonds. But as the yield premium of short-term bonds over longer-term bonds continues to climb, the options they sell become problematic, breaking critical thresholds that make the buyer more and more profitable.</p><p>Essentially, they lose more on hedging than they gain on exposure to long-term volatility. As a result, to protect themselves, traders are starting to buy products that are more volatile, said Societe Generale's Pintar.</p><p>There are other analysts who point to changes in debt supply dynamics that also exacerbate interest rate volatility.</p><p><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Interest rate strategist Amrut Nashikkar said: \"Supply has dried up. At the same time, the demand for volatility has risen as long volatility has been a good deal over the past few years and there is uncertainty about the Fed's actions.\"</p><p><img src=\"https://static.tigerbbs.com/894f289ce79eab3a05c81b4e392e0207\" tg-width=\"678\" tg-height=\"472\" referrerpolicy=\"no-referrer\"/></p><p>For some, fears that more pain may be on the horizon are mounting as Fed rate hike and traders are increasingly forced to hedge their positions and investors continue to buy into volatility. Just last week, swap traders raised expectations that the Fed would raise interest rates to 5.25%, a level that would have been nearly unthinkable a few months ago.</p><p>Britain's pension schemes have also been caught off guard recently: derivatives that would have profited from falling government bond yields have backfired on soaring interest rates. Margin call requirements fueled a forced sell-off in the UK Treasury Bond, which pushed yields up further, which in turn increased the amount of collateral that pension schemes need to pay. Only the Bank of England's intervention halted the plunge.</p><p>While LongTail Alpha's Bhansali sees no structural risks of the same order of magnitude in US Treasury Bond, he sees potential problems.</p><p>\"The curve is so inverted that the MOVE index is almost at an all-time high, which is basically perfectly prepared for a VIX-like crash in the interest rate market (Bhansali is referring to an unexpected surge in the VIX, a measure of US stock market volatility, in 2018),\" Bhansali said.</p><p>While some analysts aren't that pessimistic, most agree that higher rate volatility will persist.</p><p><a href=\"https://laohu8.com/S/MTU\">Mitsubishi UFJ Financial</a>George Goncalves, head of U.S. macro strategy at the Group, said: \"Volatility is fundamentally responsible for the<a href=\"https://laohu8.com/S/600628\">New World</a>Re-pricing, which is an environment with higher interest rates and greater inflation uncertainty. The volatility hedging by traders is adding fuel to the high volatility environment we are currently in. \"</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Volatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVolatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-11-08 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Over the past decade, as extremely low interest rates have depressed returns on fixed-income assets, Wall Street's top quantitative investment teams have offered investors who want higher yields a sophisticated array of products that allow investors to earn extra returns in flagging markets.</p><p>Now, in the worst bond crash in at least five decades, institutions are scrambling to hedge their positions, buying heavily into derivatives that benefit from rising volatility in a bid to reduce losses.</p><p>But in fact, in the process, they're just adding fuel to the fire. At present, a measure of interest rate volatility is close to its highest level since the global financial crisis, outpacing the wild volatility of stock and foreign exchange markets. At the very least, this increases the risk for bond traders and increases their chances of making a quick profit or loss in the market. The bond market has been hit hard by the Fed's most aggressive rate hike in a year.</p><p>This has raised concerns among some market participants that structural positions in the $24 trillion US Treasury Bond market could trigger unforeseen consequences, just as the liability-driven investment strategy (LDI) intensified the UK Treasury Bond sell-off last month.</p><p>Michael Pintar, head of U.S. capital flow strategy and solutions at Societe Generale, said: \"Many bonds previously issued in a low interest rate and low volatility environment still exist, and institutions need to hedge. This forms a feedback loop.\"</p><p><img src=\"https://static.tigerbbs.com/4a2d8213bf2669dfeff756b73d00e220\" tg-width=\"670\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>This makes it seem like the market this year needs no additional factors to generate huge volatility.</p><p>The surge in U.S. Treasury Bond yields has prompted investors to reduce bond risk by buying derivatives that profit from rising interest rates, including short-term interest rate swaps. According to Danny Dayan, chief investment officer of macro hedge fund Dwd Partners, this, in turn, has fueled traders desperately looking for long-term volatility bets to hedge their exposure.</p><p>As a result, the market's unilateral bets have driven a sharp rise in the MOVE index, which measures the volatility of the U.S. Treasury Bond, this year. Last month, the index topped 160 as the 10-year Treasury Bond yield surged to 4.3%, near its highest since the financial crisis.</p><p><b>Structural problems caused by low volatility bets</b></p><p>Market watchers say hundreds of billions of dollars of volatility-driven products have exacerbated market volatility.</p><p>Simply put, these products are indirect bets on the rise and fall of bond yields. Over the past decade, return-hungry investors have scrambled to buy into these products, betting that the market will be in low volatility.</p><p>These bets are considered a sure bet until the overall environment changes. Investors are suffering huge losses as bond yields soar. For banks, meanwhile, they were supposed to hedge themselves, so they were able to come out of these unilateral bets regardless of market movements, but the volatility of the U.S. Treasury Bond was more intense than they expected.</p><p>Indeed, soaring interest rates are forcing many traders to adjust their positions in response to greater volatility, and other institutions in the market are doing the same.</p><p>LongTail Alpha LLC Founder,<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Vineer Bhansali, former head of portfolio management analytics at the investment management firm, said: \"When you get past the inflection point, traders have to buy in volatility. There's a lot going on this year that leads me to believe we're already on the edge of a free fall – these structures are just one factor.\"</p><p>Many of these volatility-driven products — with incredibly obscure names such as corridor notes, fairway bonds, and range-bearing options — depend on interest rates maintained within preset trading ranges.</p><p>Partial-range interest-bearing options — with an estimated $40 billion outstanding — are tied not only to yields staying low, but also to the shape of the U.S. Treasury Bond curve. Typically, the U.S. Treasury Bond yield curve slopes upward.</p><p>As long as this remains the case, the holders of the product receive coupon payments. On the other hand, to hedge against risk, dealers sell options that can likewise benefit from a positive term structure.</p><p>And when the yield curve first inverted earlier this year, many traders no longer had to pay interest on bonds. But as the yield premium of short-term bonds over longer-term bonds continues to climb, the options they sell become problematic, breaking critical thresholds that make the buyer more and more profitable.</p><p>Essentially, they lose more on hedging than they gain on exposure to long-term volatility. As a result, to protect themselves, traders are starting to buy products that are more volatile, said Societe Generale's Pintar.</p><p>There are other analysts who point to changes in debt supply dynamics that also exacerbate interest rate volatility.</p><p><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Interest rate strategist Amrut Nashikkar said: \"Supply has dried up. At the same time, the demand for volatility has risen as long volatility has been a good deal over the past few years and there is uncertainty about the Fed's actions.\"</p><p><img src=\"https://static.tigerbbs.com/894f289ce79eab3a05c81b4e392e0207\" tg-width=\"678\" tg-height=\"472\" referrerpolicy=\"no-referrer\"/></p><p>For some, fears that more pain may be on the horizon are mounting as Fed rate hike and traders are increasingly forced to hedge their positions and investors continue to buy into volatility. Just last week, swap traders raised expectations that the Fed would raise interest rates to 5.25%, a level that would have been nearly unthinkable a few months ago.</p><p>Britain's pension schemes have also been caught off guard recently: derivatives that would have profited from falling government bond yields have backfired on soaring interest rates. Margin call requirements fueled a forced sell-off in the UK Treasury Bond, which pushed yields up further, which in turn increased the amount of collateral that pension schemes need to pay. Only the Bank of England's intervention halted the plunge.</p><p>While LongTail Alpha's Bhansali sees no structural risks of the same order of magnitude in US Treasury Bond, he sees potential problems.</p><p>\"The curve is so inverted that the MOVE index is almost at an all-time high, which is basically perfectly prepared for a VIX-like crash in the interest rate market (Bhansali is referring to an unexpected surge in the VIX, a measure of US stock market volatility, in 2018),\" Bhansali said.</p><p>While some analysts aren't that pessimistic, most agree that higher rate volatility will persist.</p><p><a href=\"https://laohu8.com/S/MTU\">Mitsubishi UFJ Financial</a>George Goncalves, head of U.S. macro strategy at the Group, said: \"Volatility is fundamentally responsible for the<a href=\"https://laohu8.com/S/600628\">New World</a>Re-pricing, which is an environment with higher interest rates and greater inflation uncertainty. The volatility hedging by traders is adding fuel to the high volatility environment we are currently in. \"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/826374.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/55eb327f580527889cf30bafa92692ae","relate_stocks":{},"source_url":"http://www.zhitongcaijing.com/content/detail/826374.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2281033994","content_text":"在过去的十年里，由于极低的利率压低了固定收益资产的回报率，华尔街顶级的量化投资团队为那些想要更高收益率的投资者提供了一系列复杂的产品，让投资者能在萎靡不振的市场获得额外的回报率。而现在，在至少五十年来最严重的债券崩盘中，各家机构争相对冲自己的头寸，大量买进从波动率上升中受益的衍生品，以寻求减少损失。但事实上，在这个过程中，他们只是在火上浇油。目前，一项衡量利率波动率的指标已经接近全球金融危机以来的最高水平，超过了股市和汇市的剧烈波动。至少，这增加了债券交易员的风险，增加了他们在市场中快速获利或蒙受损失的机会。一年来，美联储最激进的加息令债市遭受重创。这引发了部分市场人士的担忧，即24万亿美元的美国国债市场中的结构性头寸可能将引发不可预见的后果，就像负债驱动投资策略(LDI)在上月加剧了英国国债抛售一样。法兴银行美国资金流动策略和解决方案主管Michael  Pintar表示：“很多此前在低利率、低波动性环境下发行的债券仍存在，机构需要进行对冲。这就形成了一个反馈循环。”这令今年的市场似乎不需要额外的因素就能产生巨大的波动。美国国债收益率飙升促使投资者通过购买从利率上升中获利的衍生品(包括短期利率掉期期权)来降低债券风险。据宏观对冲基金Dwd  Partners的首席投资官Danny Dayan表示，这反过来又助长了交易商拼命寻找长期波动率押注，以对冲自己的风险敞口。因此，市场的单边押注推动了衡量美国国债波动率的MOVE指数在今年的大幅上涨。上个月，随着10年期国债收益率飙升至4.3%，该指数突破160，接近金融危机以来的最高点。低波动率押注造成的结构性问题市场观察人士表示，数千亿美元的波动驱动型产品加剧了市场波动。简单来说，这些产品是对债券收益率涨跌的间接押注。在过去的十年里，渴望回报的投资者争相买入这些产品，押注市场将处于低波动性。这些押注被认为是稳赚不赔的事，直到整体环境出现变化。随着债券收益率飙升，投资者正承受着巨大的损失。与此同时，对于银行而言，它们本应对冲自己的风险，因此无论市场走势如何，它们都能在这些单边押注中走出来，但美国国债的波动却比它们预期的更为剧烈。事实上，飙升的利率正迫使许多交易商为应对更大的波动性而调整仓位，而市场上的其他机构也在这么做。LongTail Alpha LLC创始人、太平洋投资管理公司前投资组合管理分析部门主管Vineer  Bhansali表示：“当你度过拐点时，交易商必须买入波动率。今年发生了很多事情，这让我相信我们已经处于自由落体的悬崖边上——这些结构只是其中一个因素。”这些波动性驱动的产品——有着走廊票据、球道债券和区间计息期权等难以置信的晦涩名称——许多都取决于维持在预设交易区间内的利率。部分区间计息期权——估计有400亿美元流通在外——不仅与收益率保持在低位有关，还与美国国债曲线的形状有关。通常情况下，美国国债收益率曲线向上倾斜。只要这种情况仍然存在，该产品的持有者就会收取券息付款。另一方面，为了对冲风险，交易商出售同样可以从积极期限结构中受益的期权。而当收益率曲线在今年早些时候首次倒挂时，许多交易商不再需要支付债券的利息。但随着短期债券相对于较长期债券的收益率溢价继续攀升，它们出售的期权就成了问题，突破了关键的阈值，从而使买方的利润越来越高。从本质上讲，他们在对冲上的损失比在长期波动敞口上的收益要多。法兴银行的Pintar表示，因此，为了保护自己，交易商开始买入波动性更大的产品。还有其他分析人士指出，债务供应动态的变化也加剧了利率波动。巴克莱银行利率策略师Amrut  Nashikkar表示：“供应已经枯竭。与此同时，对波动率的需求有所上升，因为过去几年做多波动率一直是一项不错的交易，而且美联储的行动也存在不确定性。”对一些人来说，随着美联储加息和交易商越来越被迫对冲头寸，投资者继续买入波动率，对更多痛苦可能即将到来的担忧正在加剧。就在上周，掉期交易商提高了对美联储将利率提高到5.25%的预期，这一水平在几个月前几乎是不可想象的。最近，英国的养老金计划也被打了个措手不及：原本从政府债券收益率下跌中获利的衍生品，由于利率飙升而产生了事与愿违的效果。追加保证金的要求助长了英国国债的被迫抛售，这进一步推高了收益率，进而增加了养老金计划需要支付的抵押品。只有英国央行的干预才止住了暴跌。虽然LongTail Alpha的Bhansali认为美国国债没有同样数量级的结构性风险，但他还是看到了潜在的问题。Bhansali表示：“曲线如此倒挂，MOVE指数几乎处于历史高位，这基本上为利率市场出现类似VIX的崩盘做好了完美准备(Bhansali指的是在2018年，衡量美国股市波动率的指标VIX意外飙升)。”尽管有分析师并没有那么悲观，但大多数人都认为，较高的利率波动性将持续下去。三菱日联金融集团美国宏观策略主管George  Goncalves表示：“波动性从根本上是在为我们即将走向的新世界重新定价，这是一个利率更高、通胀不确定性更大的环境。交易商进行的波动性对冲，是为我们目前所处的高波动性环境火上浇油。”","news_type":1,"symbols_score_info":{"ZNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983002382,"gmtCreate":1666102860946,"gmtModify":1676537706448,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","listText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","text":"[强] [强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983002382","repostId":"1122318881","repostType":4,"repost":{"id":"1122318881","kind":"news","pubTimestamp":1666102696,"share":"https://ttm.financial/m/news/1122318881?lang=en_US&edition=fundamental","pubTime":"2022-10-18 22:18","market":"hk","language":"zh","title":"\"Car-building Madman\" Li Shufu, Difficult to Continue Geely's M&A Myth","url":"https://stock-news.laohu8.com/highlight/detail?id=1122318881","media":"子弹财观","summary":"2022年进入下半年，很多车企都在讲新产品和新技术，新车的发布会一场接着一场，联合造车的声音是一浪高过一浪。号称“国产一哥”的吉利汽车却显得异常“安静”。除了在9月悄悄地上新了一款路特斯之外，基本没有","content":"<p><html><head></head><body>In the second half of 2022, many car companies are talking about new products and new technologies. The launch conferences of new cars are one after another, and the voice of joint car building is louder than one wave. Geely, known as \"the first brother of domestic production\", is unusually \"quiet\". Except for the quietly launching of a new Lotus in September, there is basically no bright product or technology release, and it is missing the competition for various sales lists.</p><p>However, just around the National Day in 2022, Geely, which seemed obscure, suddenly told its new car-building story in a high-profile way.</p><p><i><b>1、</b></i><b>The chess game of Lucky</b></p><p>On September 30, Geely Holdings announced that it had completed the acquisition of a 7.60% stake in British ultra-luxury brand Aston Martin Lagonda International Holdings.<img src=\"https://static.tigerbbs.com/ed951f7d4db55b95c54f4901232c81f1\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Group Official Website</p><p>On October 8, the Financial Times said: \"Renault's CEO will hold talks with Nissan's CEO over the weekend to discuss Renault's plan to sell its internal combustion engine (fuel engine) business to Geely Holding.\" On the 11th, Renault CEO Luca de Mayo visited the Korean factory jointly ventured with Geely and said that he hoped to carry out a comprehensive restructuring of the alliance so that Renault can focus on electric vehicles.</p><p>Renault's emphasis on electric vehicles and its alienation from fuel engines are closely related to Geely. Not to mention that the destination of Renault CEO's trip to South Korea is a factory cooperating with Geely, and even the potential successor of selling internal combustion engines is Geely. The reason why the talks with Nissan's CEO are involved is based on Renault's partnership with Nissan.</p><p>Renault acquired a 36.8 percent stake in Nissan for $5.4 billion in 1999 and became Nissan's largest shareholder. Later, Renault formed alliances with Nissan and Mitsubishi. Today, the cooperation between Renault and Nissan has gone through 23 years, and technology sharing has long been realized in some key areas of products.</p><p>If Renault successfully sells the internal combustion engine to Geely this time, it will mean transferring Nissan's engine technology to rival Geely.</p><p>Once Renault successfully sells its internal combustion engine business to Geely, the market share of Nissan, a big fuel vehicle player, will be eroded, and Geely, which has Renault's fuel engine technology, may become the biggest winner behind this sale.<img src=\"https://static.tigerbbs.com/246f31ef638c938ba45d37e248b33019\" tg-width=\"1080\" tg-height=\"724\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Renault China's official Weibo</p><p>In just half a month, after Geely completed the acquisition of shares in Aston Martin, it began to acquire Renault internal combustion engine. Although Geely has not launched any new products in the past six months, for Geely, acquiring a century-old luxury brand is no less than rebuilding a new brand; The intention of Renault's fuel engine may change the whole product line of Geely Automobile.</p><p>Of course, some people may think that Geely's acquisition of Aston Martin or Renault is ultimately stuck in the era of fuel vehicles, and the recipients are all enterprises with business problems. Then, the cooperation between Geely, Intel and Nvidia, which came before the National Day, will be the intelligent direction for the future.</p><p>On September 26, Intel's Mobileye and Geely Holdings announced that they will further expand their cooperation in advanced driver assistance systems (ADAS) and autonomous vehicle technology. Following the Extreme Krypton, Geely also plans three other brands under it to launch electric models with Mobileye SuperVision starting in 2023.</p><p>According to the data, Mobileye is an autonomous assisted driving company in Israel. As early as ten years ago, it was the supplier of BMW 5 Series and 6 Series adaptive cruise technology. Later, it provided technical support for Tesla's autonomous driving, and was acquired by Intel in March 2017.</p><p>A few days earlier, on September 21, another semiconductor chip giant, Nvidia, unveiled a new generation of \"DRIVE Thor\" computing platform that will be dedicated to autonomous and assisted driving and a range of digital functions including in-vehicle entertainment.<b>At the same time, it was announced that the first batch of customers of DRIVE Thor were the Ji Krypton brand owned by Geely, a Chinese car company.</b></p><p><img src=\"https://static.tigerbbs.com/c46a3f0cfe9cfde3d760f56fd8e403a9\" tg-width=\"1080\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Figure/NVIDIA DRIVE Thor Computing Platform Launch Conference</p><p>It is a normal cooperation for Geely to cooperate with a single chip giant. However, putting these two cooperations together means that Geely will bring together the two top suppliers of car-machine chips and autonomous driving technology in the industry, and take the Jikrypton brand as the connection point, thus enhancing the overall intelligent development of Geely Automobile.</p><p>Judging from Geely's current layout, with the endorsement of Aston Martin and Renault, the \"back garden\" of Geely's fuel vehicles is safer. With the assistance of Intel and Nvidia, two major automotive intelligent chips, Geely can accelerate the intelligent transformation of products.</p><p>Going hand in hand on the two routes of brand and technology is not only embracing the future, but also taking into account the past. From an objective point of view, Geely's moves are far better than the launch of one or two new cars.</p><p><i><b>2、</b></i><b>The Lost Crown</b></p><p>As the saying goes, the ideal is plump, but the reality is skinny. The reason why Geely tells the story of building cars is undoubtedly in a hurry to show the outside world that it is \"big family and big business\": Volvo in the front, Daimler in the back, Lotus and Aston Martin, and Renault in the future...</p><p>However, it is still too early for Li Shufu's current moves to say that \"one move determines the win or loss\", and it can only be regarded as \"reversing\" Geely's lagging situation. As for whether he can win the final victory, it depends on how to move later.</p><p>Geely, which has a weak sense of existence, can no longer sing a high profile in products today when fuel vehicles switch to new energy tracks. Even the high-spirited Ji Krypton brand is walking on thin ice and hobbling in controversy in the process of development.</p><p>According to the data from the Passenger Car Association, the sales volume of narrow passenger vehicles in China reached 1.922 million units in September, representing a year-on-year increase of 21.5%; The cumulative sales volume in the first three quarters was 14.875 million units, representing a year-on-year increase of 2.4%. On October 10, Geely Automobile released its latest monthly sales data: Geely achieved sales of 130,500 vehicles in September, a year-on-year increase of 26%; From January to September, the cumulative sales volume of 989,600 vehicles was achieved, a year-on-year increase of 7%.</p><p>Judging from the September data alone, Geely's monthly sales and growth rate are not bad, but from the overall sales volume in the first three quarters, there is not much change from the same period last year.</p><p>If Geely Automobile is put in the whole domestic automobile market, whether it is the monthly sales growth rate or the cumulative sales growth rate, there is no doubt that Geely is outperforming the market. In particular, the new energy market has experienced several times of ultra-high growth.</p><p>According to the monthly sales announcement of Geely Automobile, \"Bullet Financial View\" found that Geely's sales volume of generalized new energy models (including pure electric, plug-in hybrid and petrol-electric hybrid) in September was 43,000 units, representing a year-on-year increase of 394%, accounting for 32.95% of the total sales volume; The cumulative sales volume of new energy models in the first three quarters was 240,400 units, representing a year-on-year increase of 433%, accounting for 24.30% of the total sales volume.<img src=\"https://static.tigerbbs.com/030d89cd34fd2f9774becf9177b6d989\" tg-width=\"1080\" tg-height=\"834\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>For a big car company with an annual sales of one million vehicles, it is obviously not in line with common sense to suddenly have a quadruple growth rate. While applauding, we should also be soberly aware of the low base of Geely's new energy vehicles last year, so that there will be high growth. It shows that its new energy started late.</p><p>Of course, this is not a problem of Geely's car company. Traditional large automakers at home and abroad are faced with the problem that new energy starts late and can't catch up.</p><p>What's more noteworthy is that when the growth of new energy models exceeds four times, the overall sales volume has not improved significantly, which means that the sales of fuel vehicles have declined. \"Bullet Financial View\" compiled the data announced by Geely in September and found that the sales volume of Geely's fuel vehicles in September decreased by 8% year-on-year, and the cumulative sales volume in the first three quarters decreased by 15% year-on-year. The accumulated sales of the Lynk & Co brand acquired by Volvo in the first three quarters dropped by 17% year-on-year.</p><p>In the view of Bullet Finance, Geely and Cyrus are facing the same problem: the overall sales volume is weak, and the proportion of new energy is increasing, which means that new energy has eroded fuel vehicles. New brands and new models bring some new market share to a certain extent, but old brands and old models are also losing some market.</p><p>As a result, it seems a little \"tearing down the east wall to make up the west wall\". This time, Geely's car sales and market share didn't keep up, but it also caught up with the product research and development and brand promotion expenses of new brands and new models.</p><p>If we look at the past 20 years, since the mass production time of Geely's first car in 2000, after 19 years of high growth, Geely Automobile achieved an annual sales volume of 1,500,800 units in 2018 and set a record high. Then there was an obvious downward trend, and it stagnated at the level of annual sales of 1.3 million vehicles for three consecutive years.<img src=\"https://static.tigerbbs.com/a274e59f7ad9d07dd5f44d5412753948\" tg-width=\"1080\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Also in 2018, Geely Holding announced that the total sales volume of cars of all brands under Geely Holding reached 2.15 million in 2018. In just four years from 2015 to 2018, the total sales volume of cars of Geely Holding achieved a leap-forward breakthrough from 1 million to 2 million.</p><p>From this point of view, Geely's \"weakness\" did not appear in the last year or two, but in the nearly three years since fuel vehicles switched to new energy tracks.</p><p>This \"pressure code\" Aston Martin is no longer like acquiring Volvo and taking a stake in Daimler. It is obviously unrealistic for Li Shufu to rewrite the myth of mergers and acquisitions of that year, and it is impossible to bet on an unknown future with the current Geely.</p><p><i><b>3、</b></i><b>Li Shufu \"gambled\" several times</b></p><p>\"If I fail, please give me a chance to fail.\" In 1999, a big leader in charge of industry went to Taizhou for investigation. Li Shufu asked the state to give private enterprises a dream of building cars, leaving this sentence behind.</p><p>For more than 20 years, Geely Automobile has conquered cities and territories all the way, and has become more and more brave in \"big gambling\" again and again.<b>Li Shufu, who has a \"gambling\" nature since childhood, has not seized this failure opportunity so far.</b></p><p>In the early 1980s, Li Shufu, who had just graduated from high school, opened a photo studio with a camera worth 120 yuan. After earning the first pot of gold in the photo studio, he founded a refrigerator factory called \"Arctic Flower\". In just a few years, Li Shufu has changed from a literary youth holding a 100-yuan camera to a factory director of a large enterprise with an annual sales of tens of millions.</p><p>Just as the refrigerator factory was in full swing, due to the change of macro policies, Li Shufu decisively made \"concessions\", handed over the factory, workshop, inventory and the deposits in the account to the \"collective\", and went south to Shenzhen University for \"further study\" with nearly 10 million funds.</p><p>In an era when \"ten thousand yuan households\" can be hailed to heaven, the young Li Shufu's cross-border from a photo studio to a refrigerator factory is also doomed to be restless from a hundred yuan to a net worth of tens of millions. Later, Li Shufu once said that this was the \"gambling\" gene he had since childhood.</p><p>After \"further study\" at Shenzhen University, Li Shufu has a broader vision and sees the market of transportation tools. In 1993, Li Shufu had a strong interest in motorcycles. Li Shufu, who just did it, set up a motorcycle factory while the iron was hot. If you don't know the technology, start with disassembly and imitation; Without production qualifications, it acquired a state-owned motorcycle factory that was about to close.</p><p>When Geely's motorcycles entered the streets, Li Shufu smelled the market opportunity of four-wheelers again.</p><p><img src=\"https://static.tigerbbs.com/dbe8fbfcfcad4de97c32ef6d7599ffe0\" tg-width=\"761\" tg-height=\"511\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Official Website</p><p>In 1998, Geely's first car officially rolled off the assembly line. Like Chery Automobile, Geely Automobile also encountered the dilemma of being unable to mass-produce due to the restrictions imposed by the state on the private economy entering the automobile industry. It was not until 2001 that Geely finally obtained the first \"birth certificate\" of a private automobile factory in China. A year later, Geely was among the top ten Chinese car companies.</p><p>\"The bold to death, the timid to death\", Li Shufu used these three seemingly bold entrepreneurial experiences at that time to sow the seeds for the \"big gamble\" of acquiring Volvo later.</p><p>On the eve of the economic crisis in 2006, global asset prices soared, and the bubble was extremely serious. Ford, an American automobile manufacturer that suffered huge losses, had the idea of selling Volvo. But unable to find a suitable buyer, Volvo, which was estimated at $4 billion at that time, had been discounted to $2 billion by 2008.</p><p>After some competition, Geely acquired 100% equity of Volvo in 2010 with a \"down payment\" price of $1.8 billion (about 12 billion yuan). Together with the subsequent $900 million in working capital, the final price of this acquisition is $2.7 billion (about RMB 18 billion).</p><p>But Geely, which just acquired the world's second largest automatic transmission company (DSI) a year ago, where does it have the money to pay the \"down payment\" of $1.8 billion? Even with the $1.8 billion, Volvo suffered a loss of nearly $1 billion in 2009 before it was acquired, and its development prospects are unclear. If you are not careful, Geely may \"draw water from a bamboo basket\".</p><p>According to CCTV, for this acquisition, the Bank of China prepared a five-year loan of $1 billion for Geely, and the Export-Import Bank of China and local governments supported an unknown amount of loan funds, plus loans from European and American financial institutions. In this way, Geely's acquisition seems to be the biggest financial problem, but it is no longer a difficult problem.</p><p><img src=\"https://static.tigerbbs.com/361213eafed2df0d00306975de845623\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It has been reported that in order to speed up the delivery of this merger, Geely also obtained a loan of $200 million from Ford. You can see how eager Ford is to sell the Volvo. Geely, on the other hand, took other people's money and bought other people's assets. This \"big gamble\" also made Geely a god in the overseas merger and acquisition case of Chinese private enterprises.</p><p>Judging from today's results, this is a win-win deal: Ford shed the \"baggage\" and Geely picked up the \"bargain\". But in the environment at that time, it was not so optimistic. Except for China's automobile consumption market, there was hardly any other need worthy of such a \"big gamble\". Although it is not a problem for Geely to raise money, the money is not from the strong wind. The loan has to be repaid and interest has to be paid.</p><p>In addition, facing Volvo with a total price of 18 billion, Geely's revenue in 2010 was only 20 billion. The Volvo bought back, not to mention how much profit it will generate for Geely, is a question when it will turn losses into profits. After all, Volvo, which had been held by Ford for ten years, not only failed to come back to life, but eventually was sold at a discount.</p><p>For Li Shufu, this acquisition case, which is not favored by outsiders, is taking the whole Geely as a \"bet\". Since then, Li Shufu has also been labeled as \"car madman\" and \"car-building madman\".</p><p><img src=\"https://static.tigerbbs.com/09d250b93a49f9590b66bf499f2c275b\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Geely Holding Group Official Website</p><p><i><b>4、</b></i><b>epilogue</b></p><p><b>Without technology, go to learn, go to imitate, learn to imitate not achieve to spend money to buy.</b></p><p><b>Without a brand, go to incubate and build. If incubate and build fails, spend money to buy it.</b></p><p>The automobile industry is a highly integrated industry. Looking at the world, there is almost no automobile manufacturer who can control raw material procurement, product design, vehicle production and channel distribution from upstream to downstream... It is no shame to survive in this industry by relying on the cooperative division of labor in the supply chain.</p><p>Of course, having the independent control of core technologies has a great competitive advantage. Without the accumulation of core technologies, there are some stable and reliable supply chain relationships in this industry, and it can also expand its territory in the automobile industry. Aren't world-class automakers such as Tesla, Volkswagen and Toyota also dependent on external supply chains?</p><p>Geely's control over the supply chain, in addition to stabilizing the cooperative relationship between all parties through commercial contracts and order prices like other car companies, prefers to establish equity cooperation contacts with established enterprises in the industry to form a community of interests.</p><p>In this way, whether it is the research and development of new technologies or their use, there is a certain degree of autonomy or priority. The acquisition of Volvo bought not just the trademark of a luxury brand, but also the accumulation of technology from Volvo Cars; It is not only the crown of Mercedes that takes a stake in Daimler, but also to establish a strong cooperative relationship; The same goes for the acquisition of Proton, Lotus, Aston Martin, and the Renault fuel engine business that is currently being talked about.</p><p>If your own brand has little influence, insufficient technology accumulation and insufficient experience in building cars, then you will bundle world-class brands together through equity, and \"if you can't learn, buy them\"-this is Li Shufu taking Geely on a car-building road different from BYD and SAIC. In the future, will the \"God of Gambling\" still stand on Li Shufu's side in the competition field of new energy vehicles?</p><p></body></html></p>","source":"lsy1646061584972","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>\"Car-building Madman\" Li Shufu, Difficult to Continue Geely's M&A Myth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Car-building Madman\" Li Shufu, Difficult to Continue Geely's M&A Myth\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">子弹财观</strong><span class=\"h-time small\">2022-10-18 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In the second half of 2022, many car companies are talking about new products and new technologies. The launch conferences of new cars are one after another, and the voice of joint car building is louder than one wave. Geely, known as \"the first brother of domestic production\", is unusually \"quiet\". Except for the quietly launching of a new Lotus in September, there is basically no bright product or technology release, and it is missing the competition for various sales lists.</p><p>However, just around the National Day in 2022, Geely, which seemed obscure, suddenly told its new car-building story in a high-profile way.</p><p><i><b>1、</b></i><b>The chess game of Lucky</b></p><p>On September 30, Geely Holdings announced that it had completed the acquisition of a 7.60% stake in British ultra-luxury brand Aston Martin Lagonda International Holdings.<img src=\"https://static.tigerbbs.com/ed951f7d4db55b95c54f4901232c81f1\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Group Official Website</p><p>On October 8, the Financial Times said: \"Renault's CEO will hold talks with Nissan's CEO over the weekend to discuss Renault's plan to sell its internal combustion engine (fuel engine) business to Geely Holding.\" On the 11th, Renault CEO Luca de Mayo visited the Korean factory jointly ventured with Geely and said that he hoped to carry out a comprehensive restructuring of the alliance so that Renault can focus on electric vehicles.</p><p>Renault's emphasis on electric vehicles and its alienation from fuel engines are closely related to Geely. Not to mention that the destination of Renault CEO's trip to South Korea is a factory cooperating with Geely, and even the potential successor of selling internal combustion engines is Geely. The reason why the talks with Nissan's CEO are involved is based on Renault's partnership with Nissan.</p><p>Renault acquired a 36.8 percent stake in Nissan for $5.4 billion in 1999 and became Nissan's largest shareholder. Later, Renault formed alliances with Nissan and Mitsubishi. Today, the cooperation between Renault and Nissan has gone through 23 years, and technology sharing has long been realized in some key areas of products.</p><p>If Renault successfully sells the internal combustion engine to Geely this time, it will mean transferring Nissan's engine technology to rival Geely.</p><p>Once Renault successfully sells its internal combustion engine business to Geely, the market share of Nissan, a big fuel vehicle player, will be eroded, and Geely, which has Renault's fuel engine technology, may become the biggest winner behind this sale.<img src=\"https://static.tigerbbs.com/246f31ef638c938ba45d37e248b33019\" tg-width=\"1080\" tg-height=\"724\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Renault China's official Weibo</p><p>In just half a month, after Geely completed the acquisition of shares in Aston Martin, it began to acquire Renault internal combustion engine. Although Geely has not launched any new products in the past six months, for Geely, acquiring a century-old luxury brand is no less than rebuilding a new brand; The intention of Renault's fuel engine may change the whole product line of Geely Automobile.</p><p>Of course, some people may think that Geely's acquisition of Aston Martin or Renault is ultimately stuck in the era of fuel vehicles, and the recipients are all enterprises with business problems. Then, the cooperation between Geely, Intel and Nvidia, which came before the National Day, will be the intelligent direction for the future.</p><p>On September 26, Intel's Mobileye and Geely Holdings announced that they will further expand their cooperation in advanced driver assistance systems (ADAS) and autonomous vehicle technology. Following the Extreme Krypton, Geely also plans three other brands under it to launch electric models with Mobileye SuperVision starting in 2023.</p><p>According to the data, Mobileye is an autonomous assisted driving company in Israel. As early as ten years ago, it was the supplier of BMW 5 Series and 6 Series adaptive cruise technology. Later, it provided technical support for Tesla's autonomous driving, and was acquired by Intel in March 2017.</p><p>A few days earlier, on September 21, another semiconductor chip giant, Nvidia, unveiled a new generation of \"DRIVE Thor\" computing platform that will be dedicated to autonomous and assisted driving and a range of digital functions including in-vehicle entertainment.<b>At the same time, it was announced that the first batch of customers of DRIVE Thor were the Ji Krypton brand owned by Geely, a Chinese car company.</b></p><p><img src=\"https://static.tigerbbs.com/c46a3f0cfe9cfde3d760f56fd8e403a9\" tg-width=\"1080\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Figure/NVIDIA DRIVE Thor Computing Platform Launch Conference</p><p>It is a normal cooperation for Geely to cooperate with a single chip giant. However, putting these two cooperations together means that Geely will bring together the two top suppliers of car-machine chips and autonomous driving technology in the industry, and take the Jikrypton brand as the connection point, thus enhancing the overall intelligent development of Geely Automobile.</p><p>Judging from Geely's current layout, with the endorsement of Aston Martin and Renault, the \"back garden\" of Geely's fuel vehicles is safer. With the assistance of Intel and Nvidia, two major automotive intelligent chips, Geely can accelerate the intelligent transformation of products.</p><p>Going hand in hand on the two routes of brand and technology is not only embracing the future, but also taking into account the past. From an objective point of view, Geely's moves are far better than the launch of one or two new cars.</p><p><i><b>2、</b></i><b>The Lost Crown</b></p><p>As the saying goes, the ideal is plump, but the reality is skinny. The reason why Geely tells the story of building cars is undoubtedly in a hurry to show the outside world that it is \"big family and big business\": Volvo in the front, Daimler in the back, Lotus and Aston Martin, and Renault in the future...</p><p>However, it is still too early for Li Shufu's current moves to say that \"one move determines the win or loss\", and it can only be regarded as \"reversing\" Geely's lagging situation. As for whether he can win the final victory, it depends on how to move later.</p><p>Geely, which has a weak sense of existence, can no longer sing a high profile in products today when fuel vehicles switch to new energy tracks. Even the high-spirited Ji Krypton brand is walking on thin ice and hobbling in controversy in the process of development.</p><p>According to the data from the Passenger Car Association, the sales volume of narrow passenger vehicles in China reached 1.922 million units in September, representing a year-on-year increase of 21.5%; The cumulative sales volume in the first three quarters was 14.875 million units, representing a year-on-year increase of 2.4%. On October 10, Geely Automobile released its latest monthly sales data: Geely achieved sales of 130,500 vehicles in September, a year-on-year increase of 26%; From January to September, the cumulative sales volume of 989,600 vehicles was achieved, a year-on-year increase of 7%.</p><p>Judging from the September data alone, Geely's monthly sales and growth rate are not bad, but from the overall sales volume in the first three quarters, there is not much change from the same period last year.</p><p>If Geely Automobile is put in the whole domestic automobile market, whether it is the monthly sales growth rate or the cumulative sales growth rate, there is no doubt that Geely is outperforming the market. In particular, the new energy market has experienced several times of ultra-high growth.</p><p>According to the monthly sales announcement of Geely Automobile, \"Bullet Financial View\" found that Geely's sales volume of generalized new energy models (including pure electric, plug-in hybrid and petrol-electric hybrid) in September was 43,000 units, representing a year-on-year increase of 394%, accounting for 32.95% of the total sales volume; The cumulative sales volume of new energy models in the first three quarters was 240,400 units, representing a year-on-year increase of 433%, accounting for 24.30% of the total sales volume.<img src=\"https://static.tigerbbs.com/030d89cd34fd2f9774becf9177b6d989\" tg-width=\"1080\" tg-height=\"834\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>For a big car company with an annual sales of one million vehicles, it is obviously not in line with common sense to suddenly have a quadruple growth rate. While applauding, we should also be soberly aware of the low base of Geely's new energy vehicles last year, so that there will be high growth. It shows that its new energy started late.</p><p>Of course, this is not a problem of Geely's car company. Traditional large automakers at home and abroad are faced with the problem that new energy starts late and can't catch up.</p><p>What's more noteworthy is that when the growth of new energy models exceeds four times, the overall sales volume has not improved significantly, which means that the sales of fuel vehicles have declined. \"Bullet Financial View\" compiled the data announced by Geely in September and found that the sales volume of Geely's fuel vehicles in September decreased by 8% year-on-year, and the cumulative sales volume in the first three quarters decreased by 15% year-on-year. The accumulated sales of the Lynk & Co brand acquired by Volvo in the first three quarters dropped by 17% year-on-year.</p><p>In the view of Bullet Finance, Geely and Cyrus are facing the same problem: the overall sales volume is weak, and the proportion of new energy is increasing, which means that new energy has eroded fuel vehicles. New brands and new models bring some new market share to a certain extent, but old brands and old models are also losing some market.</p><p>As a result, it seems a little \"tearing down the east wall to make up the west wall\". This time, Geely's car sales and market share didn't keep up, but it also caught up with the product research and development and brand promotion expenses of new brands and new models.</p><p>If we look at the past 20 years, since the mass production time of Geely's first car in 2000, after 19 years of high growth, Geely Automobile achieved an annual sales volume of 1,500,800 units in 2018 and set a record high. Then there was an obvious downward trend, and it stagnated at the level of annual sales of 1.3 million vehicles for three consecutive years.<img src=\"https://static.tigerbbs.com/a274e59f7ad9d07dd5f44d5412753948\" tg-width=\"1080\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Also in 2018, Geely Holding announced that the total sales volume of cars of all brands under Geely Holding reached 2.15 million in 2018. In just four years from 2015 to 2018, the total sales volume of cars of Geely Holding achieved a leap-forward breakthrough from 1 million to 2 million.</p><p>From this point of view, Geely's \"weakness\" did not appear in the last year or two, but in the nearly three years since fuel vehicles switched to new energy tracks.</p><p>This \"pressure code\" Aston Martin is no longer like acquiring Volvo and taking a stake in Daimler. It is obviously unrealistic for Li Shufu to rewrite the myth of mergers and acquisitions of that year, and it is impossible to bet on an unknown future with the current Geely.</p><p><i><b>3、</b></i><b>Li Shufu \"gambled\" several times</b></p><p>\"If I fail, please give me a chance to fail.\" In 1999, a big leader in charge of industry went to Taizhou for investigation. Li Shufu asked the state to give private enterprises a dream of building cars, leaving this sentence behind.</p><p>For more than 20 years, Geely Automobile has conquered cities and territories all the way, and has become more and more brave in \"big gambling\" again and again.<b>Li Shufu, who has a \"gambling\" nature since childhood, has not seized this failure opportunity so far.</b></p><p>In the early 1980s, Li Shufu, who had just graduated from high school, opened a photo studio with a camera worth 120 yuan. After earning the first pot of gold in the photo studio, he founded a refrigerator factory called \"Arctic Flower\". In just a few years, Li Shufu has changed from a literary youth holding a 100-yuan camera to a factory director of a large enterprise with an annual sales of tens of millions.</p><p>Just as the refrigerator factory was in full swing, due to the change of macro policies, Li Shufu decisively made \"concessions\", handed over the factory, workshop, inventory and the deposits in the account to the \"collective\", and went south to Shenzhen University for \"further study\" with nearly 10 million funds.</p><p>In an era when \"ten thousand yuan households\" can be hailed to heaven, the young Li Shufu's cross-border from a photo studio to a refrigerator factory is also doomed to be restless from a hundred yuan to a net worth of tens of millions. Later, Li Shufu once said that this was the \"gambling\" gene he had since childhood.</p><p>After \"further study\" at Shenzhen University, Li Shufu has a broader vision and sees the market of transportation tools. In 1993, Li Shufu had a strong interest in motorcycles. Li Shufu, who just did it, set up a motorcycle factory while the iron was hot. If you don't know the technology, start with disassembly and imitation; Without production qualifications, it acquired a state-owned motorcycle factory that was about to close.</p><p>When Geely's motorcycles entered the streets, Li Shufu smelled the market opportunity of four-wheelers again.</p><p><img src=\"https://static.tigerbbs.com/dbe8fbfcfcad4de97c32ef6d7599ffe0\" tg-width=\"761\" tg-height=\"511\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Official Website</p><p>In 1998, Geely's first car officially rolled off the assembly line. Like Chery Automobile, Geely Automobile also encountered the dilemma of being unable to mass-produce due to the restrictions imposed by the state on the private economy entering the automobile industry. It was not until 2001 that Geely finally obtained the first \"birth certificate\" of a private automobile factory in China. A year later, Geely was among the top ten Chinese car companies.</p><p>\"The bold to death, the timid to death\", Li Shufu used these three seemingly bold entrepreneurial experiences at that time to sow the seeds for the \"big gamble\" of acquiring Volvo later.</p><p>On the eve of the economic crisis in 2006, global asset prices soared, and the bubble was extremely serious. Ford, an American automobile manufacturer that suffered huge losses, had the idea of selling Volvo. But unable to find a suitable buyer, Volvo, which was estimated at $4 billion at that time, had been discounted to $2 billion by 2008.</p><p>After some competition, Geely acquired 100% equity of Volvo in 2010 with a \"down payment\" price of $1.8 billion (about 12 billion yuan). Together with the subsequent $900 million in working capital, the final price of this acquisition is $2.7 billion (about RMB 18 billion).</p><p>But Geely, which just acquired the world's second largest automatic transmission company (DSI) a year ago, where does it have the money to pay the \"down payment\" of $1.8 billion? Even with the $1.8 billion, Volvo suffered a loss of nearly $1 billion in 2009 before it was acquired, and its development prospects are unclear. If you are not careful, Geely may \"draw water from a bamboo basket\".</p><p>According to CCTV, for this acquisition, the Bank of China prepared a five-year loan of $1 billion for Geely, and the Export-Import Bank of China and local governments supported an unknown amount of loan funds, plus loans from European and American financial institutions. In this way, Geely's acquisition seems to be the biggest financial problem, but it is no longer a difficult problem.</p><p><img src=\"https://static.tigerbbs.com/361213eafed2df0d00306975de845623\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It has been reported that in order to speed up the delivery of this merger, Geely also obtained a loan of $200 million from Ford. You can see how eager Ford is to sell the Volvo. Geely, on the other hand, took other people's money and bought other people's assets. This \"big gamble\" also made Geely a god in the overseas merger and acquisition case of Chinese private enterprises.</p><p>Judging from today's results, this is a win-win deal: Ford shed the \"baggage\" and Geely picked up the \"bargain\". But in the environment at that time, it was not so optimistic. Except for China's automobile consumption market, there was hardly any other need worthy of such a \"big gamble\". Although it is not a problem for Geely to raise money, the money is not from the strong wind. The loan has to be repaid and interest has to be paid.</p><p>In addition, facing Volvo with a total price of 18 billion, Geely's revenue in 2010 was only 20 billion. The Volvo bought back, not to mention how much profit it will generate for Geely, is a question when it will turn losses into profits. After all, Volvo, which had been held by Ford for ten years, not only failed to come back to life, but eventually was sold at a discount.</p><p>For Li Shufu, this acquisition case, which is not favored by outsiders, is taking the whole Geely as a \"bet\". Since then, Li Shufu has also been labeled as \"car madman\" and \"car-building madman\".</p><p><img src=\"https://static.tigerbbs.com/09d250b93a49f9590b66bf499f2c275b\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Geely Holding Group Official Website</p><p><i><b>4、</b></i><b>epilogue</b></p><p><b>Without technology, go to learn, go to imitate, learn to imitate not achieve to spend money to buy.</b></p><p><b>Without a brand, go to incubate and build. If incubate and build fails, spend money to buy it.</b></p><p>The automobile industry is a highly integrated industry. Looking at the world, there is almost no automobile manufacturer who can control raw material procurement, product design, vehicle production and channel distribution from upstream to downstream... It is no shame to survive in this industry by relying on the cooperative division of labor in the supply chain.</p><p>Of course, having the independent control of core technologies has a great competitive advantage. Without the accumulation of core technologies, there are some stable and reliable supply chain relationships in this industry, and it can also expand its territory in the automobile industry. Aren't world-class automakers such as Tesla, Volkswagen and Toyota also dependent on external supply chains?</p><p>Geely's control over the supply chain, in addition to stabilizing the cooperative relationship between all parties through commercial contracts and order prices like other car companies, prefers to establish equity cooperation contacts with established enterprises in the industry to form a community of interests.</p><p>In this way, whether it is the research and development of new technologies or their use, there is a certain degree of autonomy or priority. The acquisition of Volvo bought not just the trademark of a luxury brand, but also the accumulation of technology from Volvo Cars; It is not only the crown of Mercedes that takes a stake in Daimler, but also to establish a strong cooperative relationship; The same goes for the acquisition of Proton, Lotus, Aston Martin, and the Renault fuel engine business that is currently being talked about.</p><p>If your own brand has little influence, insufficient technology accumulation and insufficient experience in building cars, then you will bundle world-class brands together through equity, and \"if you can't learn, buy them\"-this is Li Shufu taking Geely on a car-building road different from BYD and SAIC. In the future, will the \"God of Gambling\" still stand on Li Shufu's side in the competition field of new energy vehicles?</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/t1IbD5VgD-hnwHT8icfJdQ\">子弹财观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5a4a0d90587b4a1f8e70e6ef9eb66019","relate_stocks":{"00175":"吉利汽车"},"source_url":"https://mp.weixin.qq.com/s/t1IbD5VgD-hnwHT8icfJdQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122318881","content_text":"2022年进入下半年，很多车企都在讲新产品和新技术，新车的发布会一场接着一场，联合造车的声音是一浪高过一浪。号称“国产一哥”的吉利汽车却显得异常“安静”。除了在9月悄悄地上新了一款路特斯之外，基本没有什么亮眼的产品或技术的发布，更是无缘各种销量榜单的争夺。然而，就在2022年的国庆前后，看似默默无闻的吉利，突然高调地讲起了自己新的造车故事。1、吉利的棋局9月30日，吉利控股宣布，完成对英国超豪华品牌阿斯顿·马丁·拉贡达国际控股7.60%的股份收购。图 / 吉利控股集团官网10月8日，英国《金融时报》表示：“雷诺CEO将在周末与日产CEO举行会谈，讨论雷诺向吉利控股出售内燃机（燃油发动机）业务的计划。”11日，雷诺CEO卢卡·德·梅奥参观和吉利合营的韩国工厂并表示，希望对联盟开展全面重组，以使雷诺能够专注于电动汽车。雷诺对电动车的重视和对燃油机的疏离，都和吉利有着密切的关系。且不说雷诺CEO的此次赴韩的目的地是和吉利合作的工厂，就连出售内燃机的潜在接手方也是吉利。之所以牵扯到与日产CEO的会谈，则是基于雷诺与日产的合作关系。1999年日产汽车经营不善，雷诺以54亿美元的价格收购日产的36.8%股份，并成为日产的最大股东，后来雷诺和日产以及三菱又建立起了联盟关系。时至今日，雷诺和日产的合作已经走过了23年，在一些产品的关键领域早已实现了技术的共享。若此次雷诺将内燃机成功出售给吉利，也就意味着将日产的发动机技术转让给竞争对手吉利。一旦雷诺将内燃机业务顺利地卖给了吉利，燃油车大户日产的市场份额必将受到侵蚀，而拥有雷诺燃油机技术的吉利或许将成为这笔买卖背后的最大赢家。图 / 雷诺中国官方微博短短半个月时间内，吉利在完成对阿斯顿·马丁的股份收购后，又开始着手对雷诺内燃机的收购。虽然，近半年来吉利并没有什么新产品上市，但于吉利而言，收购一个百年的豪华品牌，丝毫不亚于重新打造一个新品牌；对雷诺燃油机的意向，或将改变整个吉利汽车的产品线。当然，可能会有人觉得吉利对阿斯顿·马丁或雷诺的收购，终究是停留在燃油车时代，且被收方都是一些经营出现问题的企业。那么，在国庆节前传来的吉利和英特尔以及英伟达的合作，将是面向未来的智能化方向。9月26日，英特尔旗下Mobileye和吉利控股宣布，将进一步扩大双方在高级驾驶辅助系统（ADAS）和自动驾驶汽车技术方面的合作。继极氪之后，吉利还计划旗下的另外三个品牌将在2023年开始推出搭载Mobileye SuperVision的电动车型。资料显示，Mobileye是以色列的一家自动辅助驾驶公司，早在十年前就是宝马5系和6系自适应巡航技术的供应商了，后来又为特斯拉的自动驾驶做技术支持，并于2017年3月被英特尔收购。再早几天的9月21日，另一个半导体芯片巨头英伟达公布了新一代“DRIVE Thor”计算平台，将致力于自动驾驶和辅助驾驶以及包括车载娱乐在内的一系列数字功能。同时宣布DRIVE Thor第一批客户是中国车企吉利旗下的极氪品牌。图 / 英伟达DRIVE Thor计算平台发布会若和单个芯片巨头合作，对于吉利而言是一个很正常的合作。但是将这两个合作放在一起来看，就是吉利将行业内两个最顶尖的车机芯片和自动驾驶技术供应商聚集在一起，以极氪品牌为连接点，进而提升吉利汽车整体的智能化发展。从吉利当前的布局看，有了阿斯顿·马丁和雷诺的背书，吉利燃油车的“后花园”更加安全了。而有了英特尔和英伟达两大汽车智能化芯片的助攻，吉利可以加速产品的智能化转型。在品牌和技术两条路线上的齐头并进，既是在拥抱未来，也是在兼顾过去。从客观层面来看，吉利下的这几步棋，已远胜一两辆新车的上市。2、丢失的皇冠俗话说，理想丰满，现实骨感。吉利之所以大讲造车故事，无疑是急着在向外界展示自己“家大业大”：前有沃尔沃，后有戴姆勒，再有路特斯和阿斯顿·马丁，将来还有雷诺……不过，李书福当前这几步棋说是“一招定输赢”还为时尚早，勉强只能算是“扭转”了吉利滞后的局势，至于能否取得最终的胜利，还得看后边该如何落子。存在感不强的吉利，在燃油车向新能源赛道切换的今天，在产品上已无法再唱高调了，即便是意气风发的极氪品牌，在发展过程中也未尝不是如履薄冰，在争议中蹒跚踱步。「子弹财观」从乘联会数据得知，9月国内狭义乘用车销量达192.2万辆，同比增长21.5%；前三季度累计销量1487.5万辆，同比增长2.4%。10月10日，吉利汽车发布最新月度销量数据：吉利9月实现13.05万辆的销量，同比增长26%；1-9月累计实现98.96万辆的销量，同比增长7%。单从9月数据来看，吉利汽车的单月销量及增速还不错，但从前三季度的整体销量来看，则和上年同期并没什么太大的变化。若再将吉利汽车放在整个国内汽车市场中来看，无论是月度销量增速，还是累计销量增速，毫无疑问，吉利是跑赢大市的。尤其新能源市场更是出现了数倍的超高速增长。「子弹财观」从吉利汽车月度销量公告发现，吉利9月的广义新能源车型（包含：纯电动、插电混动和油电混动）销量为4.30万辆，同比增长394%，占总销量的32.95%；前三季度新能源车型累计销量为24.04万辆，同比增长433%，占总销量的24.30%。对于一家年销百万辆的大车企而言，突然出现四倍增速，显然是不太符合常理的。在拍手叫好的同时，也该清醒地认识到吉利新能源汽车在去年的基数之低，如此才会出现高增长。足见其新能源的起步之晚。当然，这也并非吉利一家车企的问题，国内外的传统大型汽车制造商都面临着新能源起步晚，赶不上的问题。更值得注意的是，在新能源车型超四倍的增长时，整体销量并没有明显的提升，意味着燃油车销量出现了下滑。「子弹财观」整理吉利9月公告数据发现，9月吉利燃油车销量同比下降8%，前三季度累计销量同比下降15%。而收购沃尔沃换得的领克品牌，在前三季度的累计销量更是出现了同比17%大跌。在「子弹财观」看来，吉利和赛力斯面临着同样的一个问题：整体销量疲软，新能源占比提升，这也就意味着新能源侵蚀了燃油车。新品牌和新车型，在一定程度上带来一部分新的市场份额，但老品牌和老车型同样在丢失一部分市场。如此一来，似乎有点“拆了东墙补西墙”，此番折腾下吉利不但汽车的销量和市场的份额都没跟上来，反倒还搭上了新品牌及新车型的产品研发和品牌推广开支。若是从过去的20年来看，吉利汽车自2000年首辆车的量产时间算起，在经历了长达19年的高增长后，于2018年以150.08万辆的年销量并创下了历史新高。随后便出现了明显的下行走势，并连续三年在年销130万辆的水平线上停滞不前。同在2018年，吉利控股宣布，2018年吉利控股旗下各品牌的汽车总销量达215万辆，从2015年到2018年的短短四年时间，吉利控股的汽车总销量实现了从100万到200万的跨越式突破。如此来看，吉利的“疲软乏力”并非出现在最近的一两年，而是在燃油车向新能源赛道切换的近三年多时间里。这次的“压码”阿斯顿·马丁，已不再像收购沃尔沃，入股戴姆勒那样的大步快走。李书福想重新书写当年的并购神话显然已不太现实，更不可能再以当前的吉利为赌注，去豪赌一场不可知的未来。3、李书福数次“豪赌”“如果失败的话，请给我一个失败的机会吧。”1999年主管工业的大领导到台州调研，李书福当面请命，请国家给民营企业一个造车梦，留下了这句话。二十多年来，吉利汽车一路攻城略地，在一次次“豪赌”中越战越勇。自小就有着“好赌”天性的李书福，至今都没有抓住这个失败机会。20世纪80年代初，刚高中毕业的李书福，拿着120元钱的照相机开了一家照相馆。在照相馆赚到了第一桶金后，又创办了一家名为“北极花”的冰箱厂。短短几年间，李书福从手持百元相机的文艺青年，摇身一变成年销千万的大企业厂长。正当冰箱厂办得如日中天时，因宏观政策的转变，李书福果断作出“让步”，将工厂、车间、存货连同账上的存款全都上交给了“集体”，带着近千万资金南下深圳大学“进修”。在一个“万元户”都能被捧上天的年代里，年轻的李书福从照相馆到冰箱厂的跨界，也注定了从百元起跑到千万身家的不安分。后来，李书福曾对外表示，这是他从小就有的“豪赌”基因。深大“进修”后的李书福眼界更为开阔，看到了代步工具的市场。1993年李书福对摩托车兴趣浓厚，说干就干的李书福趁热打铁办起了摩托车厂。不懂技术，就从拆件模仿开始做起；没有生产资质，收购了一家即将倒闭的国有摩托车厂。当吉利的摩托车走入大街小巷时，李书福又嗅到了四轮车的市场机遇。图 / 吉利控股官网1998年吉利第一辆汽车正式下线，同奇瑞汽车所处的环境一样，由于国家对私人经济进入汽车行业的限制，吉利汽车也遇到了无法量产的困局。直到2001年，吉利终于获得了全国第一张民营汽车厂的“准生证”。一年后，吉利便跻身中国汽车企业十强之列。“撑死胆大的，饿死胆小的”，李书福用这三段在当时看来极为大胆的创业经历，为后来收购沃尔沃的“豪赌”埋下了种子。2006年经济危机前夕，全球资产价格大涨，泡沫化异常严重，陷入巨额亏损的美国汽车厂福特有了卖掉沃尔沃的念头。但因找不到合适的买主，彼时估价40亿美元的沃尔沃，到了2008年已经被折价到20亿美元。在一番角逐后，吉利于2010年以18亿美元（约120亿人民币）的“首付”价格，获得沃尔沃100%股权。再加上后续9亿美元的运营资金，这笔收购案的最终价格为27亿美元（约180亿人民币）。可刚在一年前收购全球第二大自动变速器公司（DSI）的吉利，哪里有钱去支付这18亿美元的“首付款”？即便是拿出了这18亿美元，被收购前的沃尔沃在2009年还出现了近10亿美元的亏损，发展前景未明。如稍有不慎，吉利或将“竹篮打水一场空”。据央视的报道，为了这笔收购案，中国银行给吉利准备了10亿美元的五年期贷款，国家进出口银行以及地方政府均支持了金额不详的贷款资金，外加吉利从欧美金融机构拿到的贷款。如此，吉利的这笔收购案看似最大的资金问题，已经不是什么难题了。曾有报道指出，为了加速推进这笔并购案的交割，吉利还获得福特的2亿美元贷款。可见，福特出售沃尔沃是多么迫不及待。而吉利，则是拿着别人的钱，买了别人的资产。这场“豪赌”也让吉利在中国民营企业海外并购案上一战封神。从今天的结果来推算，这是一笔双赢的买卖：福特甩掉了“包袱”，吉利捡到了“便宜”。可放在当时的环境来看，却并没有这么乐观，除了中国汽车消费市场一片大好外，几乎看不到其他任何值得如此“豪赌”的必要。吉利虽然筹钱不是问题，但这钱不是大风刮来的，贷款得还，还得支付利息。此外，面对总价180亿的沃尔沃，吉利2010年全年的营收也才200亿。买回来的沃尔沃，且不说为吉利创造多大的收益，何时扭亏为盈都是个问题。毕竟被福特手握十年的沃尔沃，不但没能起死回生最终还惨遭折价出售。这场不被外人看好的收购案，于李书福而言就是在拿整个吉利作为“赌注”。自此，李书福也被贴上了“汽车疯子”和“造车狂人”的标签。图 / 吉利控股集团官网4、结语没有技术，去学习，去模仿，学习模仿不成就去花钱买。没有品牌，去孵化，去打造，孵化打造不成就去花钱买。汽车行业，本就是一个集成度较高的行业，放眼全球几乎没有一家汽车厂商，能把控从上游到下游的原料采购、产品设计、整车生产、渠道分销……依靠供应链的合作分工存活于在这个行业，也并不是什么丢人的事。当然，能拥有核心技术的自主掌控就有很大的竞争优势，如若没有核心技术的积累，在这个行业内有一些稳定且可靠的供应链关系，同样可以在汽车行业开疆拓土，如特斯拉、大众、丰田等世界级汽车制造商，不也是依赖外部的供应链吗？吉利对供应链的掌控，除了和其他车企一样通过商业合同、订单价格去稳固各方的合作关系，更喜欢选择和业内的老牌企业建立股权合作联系，形成一个利益共同体。如此一来，无论是新技术的研发，还是投入使用上，都有一定的自主权或优先权。收购沃尔沃买来的不仅仅只是一个豪华品牌的商标，还有沃尔沃汽车的技术积累；入股戴姆勒看中的不仅仅是梅赛德斯这个皇冠，更是想以此建立一个牢固的合作关系；收购宝腾汽车、路特斯、阿斯顿·马丁，以及当下正在谈的雷诺燃油机业务亦是如此。自有品牌影响力不大，技术积累不够，造车经验不足，那就通过股权将世界级品牌捆绑在一起，“学不来，就去买”——这是李书福带着吉利走上了一条有别于比亚迪和上汽的造车路。未来，在新能源汽车的竞赛场上，“赌神”还会站在李书福这边吗？","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":2932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931771347,"gmtCreate":1662515718889,"gmtModify":1676537078160,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TAKOF\">$Drone Delivery CDA Corp(TAKOF)$</a>","listText":"<a href=\"https://ttm.financial/S/TAKOF\">$Drone Delivery CDA Corp(TAKOF)$</a>","text":"$Drone Delivery CDA Corp(TAKOF)$","images":[{"img":"https://community-static.tradeup.com/news/9adaf29c98554afbeec10767c51822ce","width":"1125","height":"1740"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931771347","isVote":1,"tweetType":1,"viewCount":2817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9931074674,"gmtCreate":1662373363298,"gmtModify":1676537047690,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ASML\">$阿斯麦(ASML)$</a>watch recently bottom， there is a chance to get&nbsp;in","listText":"<a href=\"https://ttm.financial/S/ASML\">$阿斯麦(ASML)$</a>watch recently bottom， there is a chance to get&nbsp;in","text":"$阿斯麦(ASML)$watch recently bottom， there is a chance to get in","images":[{"img":"https://community-static.tradeup.com/news/77f4c7692267ddc2795a4ed7450f4725","width":"1242","height":"2738"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931074674","isVote":1,"tweetType":1,"viewCount":3557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9994458968,"gmtCreate":1661678374359,"gmtModify":1676536560293,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994458968","repostId":"1135834316","repostType":4,"repost":{"id":"1135834316","kind":"news","pubTimestamp":1661523572,"share":"https://ttm.financial/m/news/1135834316?lang=en_US&edition=fundamental","pubTime":"2022-08-26 22:19","market":"us","language":"zh","title":"Eagle! Read the highlights of Powell's speech at Jackson Hole in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1135834316","media":"Wind资讯","summary":"美联储主席鲍威尔星期五做出了遏制通货膨胀的严厉承诺。他警告说，他预计美联储将继续以一种会给美国经济带来“一些痛苦”的方式加息。在鲍威尔开始讲话后，美股跳水，纳指跌幅1%，道指大跌近200点。鲍威尔在怀","content":"<p><html><head></head><body>Federal Reserve Chairman Powell made a tough pledge Friday to curb inflation. He warned that he expects the Fed to continue to rate hike in a way that will cause \"some pain\" to the U.S. economy.</p><p>After Powell began speaking, U.S. stocks plunged, with the Nasdaq falling 1% and the Dow plunging nearly 200 points.</p><p>In his highly anticipated annual policy address in Jackson Hole, Wyoming, Powell reiterated that the Fed will \"use our tools forcefully\" to combat inflation, which remains near its highest level in more than 40 years.</p><p>While the Fed has had four consecutive rate hike, totaling a rate hike of 2.25 percentage points, there is \"no room to stop or pause,\" Powell said, even though the benchmark interest rate is likely to be at a level that is neither stimulating nor restrictive to economic growth.</p><p>\"While rising interest rates, slowing economic growth and a weak job market will drive down inflation, it will also cause some pain for households and businesses,\" he said in his speech. \"This is the unfortunate price to bring down inflation. But failing to restore price stability will mean even more pain.\"</p><p>Meanwhile, there are signs that inflation may have peaked but is not showing any obvious signs of declining. Two closely watched indicators, the Consumer Price Index and the Personal Consumption Expenditure Price Index, showed little change in prices in July, largely due to a sharp drop in energy costs.</p><p>Meanwhile, other areas of the economy are slowing. The housing market, in particular, is declining rapidly, and economists expect hiring, which has increased significantly over the past year and a half, could cool.</p><p>However, Powell warned that the Fed is focused on more than just a month or two of data, and that it will push ahead until inflation falls close to its long-term target of 2%.</p><p>\"We have purposefully adjusted our policy stance to a level sufficient to limit inflation back to 2%,\" he said. Looking ahead, he added, \"Restoring price stability may require a restrictive policy stance for some time. The historical record raises a strong warning against premature easing.\"</p><p>While Fed leaders, including Powell, have often used the Jackson Hole symposium as an opportunity to outline broad policy shifts, he noted in his opening remarks that his \"speech will be shorter, my focus will be narrower, and my message will be more direct.\"</p><p>\"Price stability is the responsibility of the Federal Reserve and the cornerstone of our economy,\" he said. \"Without price stability, the economy is not for anyone.\"</p><p>The Fed is using past lessons as a guide for current policy. In particular, Powell noted that 40-year-old inflation offers three lessons for the current Fed: that central banks like the Fed have a responsibility to manage inflation, that expectations matter, and that \"we have to stick with it until the job is done.\"</p><p>Powell noted that the failure of the Federal Reserve to act forcefully in the 1970s led to the perpetuation of high inflation expectations, which led to a harsh rate hike in the early 1980s. At the time, Paul Volcker, then chairman of the Federal Reserve, dragged the economy into a recession to curb inflation.</p><p>While Powell has repeatedly said he does not see a U.S. recession as an inevitable outcome, he noted that managing expectations is critical if the Fed is to avoid a Volcker-style outcome.</p><p>In the early 1980s, Powell said, \"in order to curb high inflation and start bringing it down to a low and stable level, it ultimately took a long period of very strict monetary policy, a process that didn't become the norm until last spring.\"\"Our goal is to avoid that outcome by taking firm action now.\"</p><p>\"Of course, almost everyone is focused on inflation at the moment, which highlights a particular risk today: the longer the current round of high inflation lasts, the more likely it is that expectations of rising inflation will become more entrenched,\" he said.</p><p></body></html></p>","source":"wind","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>Eagle! Read the highlights of Powell's speech at Jackson Hole in one article</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEagle! Read the highlights of Powell's speech at Jackson Hole in one article\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2022-08-26 22:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Federal Reserve Chairman Powell made a tough pledge Friday to curb inflation. He warned that he expects the Fed to continue to rate hike in a way that will cause \"some pain\" to the U.S. economy.</p><p>After Powell began speaking, U.S. stocks plunged, with the Nasdaq falling 1% and the Dow plunging nearly 200 points.</p><p>In his highly anticipated annual policy address in Jackson Hole, Wyoming, Powell reiterated that the Fed will \"use our tools forcefully\" to combat inflation, which remains near its highest level in more than 40 years.</p><p>While the Fed has had four consecutive rate hike, totaling a rate hike of 2.25 percentage points, there is \"no room to stop or pause,\" Powell said, even though the benchmark interest rate is likely to be at a level that is neither stimulating nor restrictive to economic growth.</p><p>\"While rising interest rates, slowing economic growth and a weak job market will drive down inflation, it will also cause some pain for households and businesses,\" he said in his speech. \"This is the unfortunate price to bring down inflation. But failing to restore price stability will mean even more pain.\"</p><p>Meanwhile, there are signs that inflation may have peaked but is not showing any obvious signs of declining. Two closely watched indicators, the Consumer Price Index and the Personal Consumption Expenditure Price Index, showed little change in prices in July, largely due to a sharp drop in energy costs.</p><p>Meanwhile, other areas of the economy are slowing. The housing market, in particular, is declining rapidly, and economists expect hiring, which has increased significantly over the past year and a half, could cool.</p><p>However, Powell warned that the Fed is focused on more than just a month or two of data, and that it will push ahead until inflation falls close to its long-term target of 2%.</p><p>\"We have purposefully adjusted our policy stance to a level sufficient to limit inflation back to 2%,\" he said. Looking ahead, he added, \"Restoring price stability may require a restrictive policy stance for some time. The historical record raises a strong warning against premature easing.\"</p><p>While Fed leaders, including Powell, have often used the Jackson Hole symposium as an opportunity to outline broad policy shifts, he noted in his opening remarks that his \"speech will be shorter, my focus will be narrower, and my message will be more direct.\"</p><p>\"Price stability is the responsibility of the Federal Reserve and the cornerstone of our economy,\" he said. \"Without price stability, the economy is not for anyone.\"</p><p>The Fed is using past lessons as a guide for current policy. In particular, Powell noted that 40-year-old inflation offers three lessons for the current Fed: that central banks like the Fed have a responsibility to manage inflation, that expectations matter, and that \"we have to stick with it until the job is done.\"</p><p>Powell noted that the failure of the Federal Reserve to act forcefully in the 1970s led to the perpetuation of high inflation expectations, which led to a harsh rate hike in the early 1980s. At the time, Paul Volcker, then chairman of the Federal Reserve, dragged the economy into a recession to curb inflation.</p><p>While Powell has repeatedly said he does not see a U.S. recession as an inevitable outcome, he noted that managing expectations is critical if the Fed is to avoid a Volcker-style outcome.</p><p>In the early 1980s, Powell said, \"in order to curb high inflation and start bringing it down to a low and stable level, it ultimately took a long period of very strict monetary policy, a process that didn't become the norm until last spring.\"\"Our goal is to avoid that outcome by taking firm action now.\"</p><p>\"Of course, almost everyone is focused on inflation at the moment, which highlights a particular risk today: the longer the current round of high inflation lasts, the more likely it is that expectations of rising inflation will become more entrenched,\" he said.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://t.wind.com.cn/mobwftweb/M/news.html?share=wechat&show=wft&shareCode=45590b8720c3be8d1069d5ef3c0d2096&code=EACEC9EC2548&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.7.0#/67C0E94E4BD479965E8229A272D6A4DE\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/909f0c076f3fff78497a5c9be00e5429","relate_stocks":{".IXIC":"NASDAQ Composite"},"source_url":"https://t.wind.com.cn/mobwftweb/M/news.html?share=wechat&show=wft&shareCode=45590b8720c3be8d1069d5ef3c0d2096&code=EACEC9EC2548&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.7.0#/67C0E94E4BD479965E8229A272D6A4DE","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135834316","content_text":"美联储主席鲍威尔星期五做出了遏制通货膨胀的严厉承诺。他警告说，他预计美联储将继续以一种会给美国经济带来“一些痛苦”的方式加息。在鲍威尔开始讲话后，美股跳水，纳指跌幅1%，道指大跌近200点。鲍威尔在怀俄明州杰克逊霍尔发表备受期待的年度政策讲话时重申，美联储将“强有力地使用我们的工具”来打击仍处于40多年来最高水平附近的通货膨胀。鲍威尔表示，尽管美联储已连续四次加息，总计加息2.25个百分点，但\"没有空间可以停下来或暂停\"，尽管指标利率可能处于对经济成长既不刺激也不限制的水平。他在讲话中表示:“尽管利率上升、经济增长放缓和就业市场疲软将压低通胀，但也会给家庭和企业带来一些痛苦。”“这是降低通胀的不幸代价。但不能恢复价格稳定将意味着更大的痛苦。”与此同时，有迹象显示，通胀可能已经见顶，但没有显示出任何明显的下降迹象。消费者价格指数和个人消费支出价格指数这两个备受关注的指标显示，7月份物价变化不大，主要原因是能源成本大幅下降。与此同时，其他经济领域正在放缓。尤其是房地产市场正在迅速下滑，经济学家预计，过去一年半大幅增加的招聘可能会降温。然而，鲍威尔警告说，美联储关注的不仅仅是一两个月的数据，它将继续推进，直到通胀率下降到接近2%的长期目标。他说:“我们有目的地将我们的政策立场调整到一个足以限制通胀回到2%的水平。”展望未来，他补充说，“恢复物价稳定可能需要在一段时间内保持限制性的政策立场。历史记录对过早放松政策提出了强烈警告。”尽管包括鲍威尔在内的美联储领导人经常利用杰克逊霍尔研讨会的机会概述广泛的政策转变，但他在开场白中指出，他的“讲话将更简短，我的重点将更狭窄，我要传达的信息将更直接。”他说:“物价稳定是美联储的责任，也是我们经济的基石。”“没有价格稳定，经济就不适合任何人。”美联储正在用过去的经验教训作为当前政策的指引。鲍威尔特别指出，40年前的通货膨胀为当前的美联储提供了三个教训:像美联储这样的中央银行有责任管理通货膨胀，预期至关重要，以及“我们必须坚持下去，直到工作完成。”鲍威尔指出，上世纪70年代美联储未能采取有力行动，导致高通胀预期长期存在，从而导致上世纪80年代初的严厉加息。当时，时任美联储主席的沃尔克(Paul Volcker)将经济拖入衰退，以遏制通胀。虽然鲍威尔一再表示，他不认为美国经济衰退是不可避免的结果，但他指出，如果美联储要避免沃尔克式的结果，管理预期是至关重要的。鲍威尔说，在上世纪80年代初，\"为了遏制高通胀，并开始将通胀降至较低且稳定的水平，最终需要一段长时间的非常严格的货币政策，而这一过程直到去年春天才成为常态。\"“我们的目标是通过现在采取坚定行动来避免这种结果。”他说:“当然，目前几乎所有人都在关注通胀，这凸显了今天的一种特殊风险:当前一轮高通胀持续的时间越长，通胀上升预期变得更加根深蒂固的可能性就越大。”","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990378773,"gmtCreate":1660299337798,"gmtModify":1676533446797,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990378773","repostId":"2258579460","repostType":4,"isVote":1,"tweetType":1,"viewCount":3378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9903200020,"gmtCreate":1659034713760,"gmtModify":1676536246182,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9903200020","repostId":"1191917445","repostType":4,"isVote":1,"tweetType":1,"viewCount":3947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180022770,"gmtCreate":1623165326490,"gmtModify":1704197550109,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"wwa","listText":"wwa","text":"wwa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180022770","repostId":"1180401775","repostType":2,"repost":{"id":"1180401775","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623160529,"share":"https://ttm.financial/m/news/1180401775?lang=en_US&edition=fundamental","pubTime":"2021-06-08 21:55","market":"us","language":"zh","title":"[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1180401775","media":"老虎资讯综合","summary":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。","content":"<p>On June 8th, retail investors' group stocks collectively pushed up,<a href=\"https://laohu8.com/S/GME\">Game Station</a>Up more than 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>It rose by more than 12%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>rose by more than 7%,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the spree of trading in MEME stocks to ensure market stability. Some brokers have taken action to raise the margin requirement for AMC Cinemas and Game Station to 100%, which means that investors need to buy these two securities in cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 8th, retail investors' group stocks collectively pushed up,<a href=\"https://laohu8.com/S/GME\">Game Station</a>Up more than 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>It rose by more than 12%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>rose by more than 7%,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the spree of trading in MEME stocks to ensure market stability. Some brokers have taken action to raise the margin requirement for AMC Cinemas and Game Station to 100%, which means that investors need to buy these two securities in cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2946b9cd4befcf808691bc00a8ecb1be","relate_stocks":{"GME":"游戏驿站"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180401775","content_text":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。有券商已经采取行动，将AMC院线和游戏驿站的保证金要求提高到100%，这意味着投资者需要用现金购买这两只证券。","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350823189,"gmtCreate":1616189278541,"gmtModify":1704791984933,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"ready 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flying！","images":[{"img":"https://static.tigerbbs.com/31e360201507ab11c82f73c8c71b837e","width":"1125","height":"2442"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365634580","isVote":1,"tweetType":1,"viewCount":1047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":360518850,"gmtCreate":1613955573270,"gmtModify":1704886082371,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575790689237418","idStr":"3575790689237418"},"themes":[],"htmlText":"great potential，long run","listText":"great potential，long run","text":"great potential，long run","images":[{"img":"https://static.tigerbbs.com/b7549e383fc6b50f973981d598dc67be","width":"1125","height":"2279"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360518850","isVote":1,"tweetType":1,"viewCount":1031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":9903200020,"gmtCreate":1659034713760,"gmtModify":1676536246182,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9903200020","repostId":"1191917445","repostType":4,"isVote":1,"tweetType":1,"viewCount":3947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931074674,"gmtCreate":1662373363298,"gmtModify":1676537047690,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ASML\">$阿斯麦(ASML)$</a>watch recently bottom， there is a chance to get&nbsp;in","listText":"<a href=\"https://ttm.financial/S/ASML\">$阿斯麦(ASML)$</a>watch recently bottom， there is a chance to get&nbsp;in","text":"$阿斯麦(ASML)$watch recently bottom， there is a chance to get in","images":[{"img":"https://community-static.tradeup.com/news/77f4c7692267ddc2795a4ed7450f4725","width":"1242","height":"2738"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931074674","isVote":1,"tweetType":1,"viewCount":3557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9952309493,"gmtCreate":1674429134513,"gmtModify":1676538939834,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952309493","repostId":"2305998624","repostType":4,"repost":{"id":"2305998624","kind":"news","pubTimestamp":1674268686,"share":"https://ttm.financial/m/news/2305998624?lang=en_US&edition=fundamental","pubTime":"2023-01-21 10:38","market":"us","language":"zh","title":"After half a year, \"Wood Sister\" sold JD.COM again","url":"https://stock-news.laohu8.com/highlight/detail?id=2305998624","media":"华尔街见闻","summary":"中概股强势反弹之际，“木头姐”Cathie Wood旗下基金再度减持京东，为去年七月以来首次。以当日收盘价计算，相当于价值39万美元的股份。抛售之后，ARK仍持有150318份京东ARD。ARK基金此前在2021年9月至2022年7月期间连续抛售京东，并将京东从ARK自动&机器人技术ETF 中剔除。在去年中概股下跌潮中，京东美股股价自高位最深回落近70%，目前自去年10月的低点以来已反弹超60%。重仓科技股的ARK旗舰基金去年暴跌67%后，今年业绩也有所回暖，年初至今上涨了11%。","content":"<p><html><head></head><body>The ARK Fintech Innovation ETF sold 6,645 ADRs of JD.com on Thursday, equivalent to $390,000 worth of shares at the day's closing price. On the occasion of the strong rebound of Chinese stocks, Cathie Wood's fund of \"Wood Sister\" reduced its holdings again<a href=\"https://laohu8.com/S/JD\">Jingdong</a>For the first time since July last year.</p><p>According to a media compilation of ARK's trading data, the ARK Fintech Innovation ETF (<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>) sold 6,645 of JD.com's American Depositary Receipts (ADRs) on Thursday.</p><p>At the closing price of the day, that equates to $390,000 worth of shares. After the sell-off, ARK still holds 150,318 shares of JD.com ARD.</p><p>ARK funds previously sold JD.com consecutively between September 2021 and July 2022, and took JD.com from ARK Automatic&<a href=\"https://laohu8.com/S/300024\">Robot</a>Removed from the Technology ETF (ARK Autonomous Technology & Robotics ETF).</p><p>In the decline of Chinese stocks last year, the share price of JD.COM's U.S. stocks dropped by nearly 70% from the highest level, and now it has rebounded by more than 60% since the low in October last year.</p><p><img src=\"https://static.tigerbbs.com/c72bbbb216a42265184a5a14ec456da0\" tg-width=\"711\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The tech-heavy ARK flagship fund has also picked up this year after plunging 67% last year, rising 11% year-to-date. Currently, the fund is adding positions including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And growth stocks including Coinbase.</p><p></body></html></p>","source":"tencent","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>After half a year, \"Wood Sister\" sold JD.COM again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter half a year, \"Wood Sister\" sold JD.COM again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-01-21 10:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The ARK Fintech Innovation ETF sold 6,645 ADRs of JD.com on Thursday, equivalent to $390,000 worth of shares at the day's closing price. On the occasion of the strong rebound of Chinese stocks, Cathie Wood's fund of \"Wood Sister\" reduced its holdings again<a href=\"https://laohu8.com/S/JD\">Jingdong</a>For the first time since July last year.</p><p>According to a media compilation of ARK's trading data, the ARK Fintech Innovation ETF (<a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a>) sold 6,645 of JD.com's American Depositary Receipts (ADRs) on Thursday.</p><p>At the closing price of the day, that equates to $390,000 worth of shares. After the sell-off, ARK still holds 150,318 shares of JD.com ARD.</p><p>ARK funds previously sold JD.com consecutively between September 2021 and July 2022, and took JD.com from ARK Automatic&<a href=\"https://laohu8.com/S/300024\">Robot</a>Removed from the Technology ETF (ARK Autonomous Technology & Robotics ETF).</p><p>In the decline of Chinese stocks last year, the share price of JD.COM's U.S. stocks dropped by nearly 70% from the highest level, and now it has rebounded by more than 60% since the low in October last year.</p><p><img src=\"https://static.tigerbbs.com/c72bbbb216a42265184a5a14ec456da0\" tg-width=\"711\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The tech-heavy ARK flagship fund has also picked up this year after plunging 67% last year, rising 11% year-to-date. Currently, the fund is adding positions including<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And growth stocks including Coinbase.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2023012110403684072f22&s=b\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0fb0479ff67cd3a760cdce353bcb60ed","relate_stocks":{"LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1142":"互联网与直销零售","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK1575":"同股不同权","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","09618":"京东集团-SW","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0594300419.USD":"富达中国消费基金A","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","BK1591":"就地过年概念","BK1502":"双十一","JD":"京东","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1044876610.USD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1642822792.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"A\" (SGD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0052750758.USD":"富兰克林中国基金A Acc"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2023012110403684072f22&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2305998624","content_text":"ARK金融科技创新ETF周四抛售了6645份京东的美国存托凭证，以当日收盘价计算，相当于价值39万美元的股份。中概股强势反弹之际，“木头姐”Cathie Wood旗下基金再度减持京东，为去年七月以来首次。根据媒体汇编ARK的交易数据，ARK金融科技创新ETF（ARK Fintech Innovation ETF）周四抛售了6645份京东的美国存托凭证（ADR）。以当日收盘价计算，相当于价值39万美元的股份。抛售之后，ARK仍持有150318份京东ARD。ARK基金此前在2021年9月至2022年7月期间连续抛售京东，并将京东从ARK自动&机器人技术ETF (ARK Autonomous Technology & Robotics ETF)中剔除。在去年中概股下跌潮中，京东美股股价自高位最深回落近70%，目前自去年10月的低点以来已反弹超60%。重仓科技股的ARK旗舰基金去年暴跌67%后，今年业绩也有所回暖，年初至今上涨了11%。目前该基金正在加仓包括特斯拉和Coinbase在内的成长型股票。","news_type":1,"symbols_score_info":{"JD":0.9,"09618":0.9}},"isVote":1,"tweetType":1,"viewCount":3213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987241573,"gmtCreate":1667943447492,"gmtModify":1676537986247,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987241573","repostId":"2281033994","repostType":4,"repost":{"id":"2281033994","kind":"highlight","pubTimestamp":1667920249,"share":"https://ttm.financial/m/news/2281033994?lang=en_US&edition=fundamental","pubTime":"2022-11-08 23:10","market":"us","language":"zh","title":"Volatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?","url":"https://stock-news.laohu8.com/highlight/detail?id=2281033994","media":"智通财经网","summary":"市场观察人士表示，数千亿美元的波动驱动型产品加剧了市场波动。","content":"<p><html><head></head><body>Over the past decade, as extremely low interest rates have depressed returns on fixed-income assets, Wall Street's top quantitative investment teams have offered investors who want higher yields a sophisticated array of products that allow investors to earn extra returns in flagging markets.</p><p>Now, in the worst bond crash in at least five decades, institutions are scrambling to hedge their positions, buying heavily into derivatives that benefit from rising volatility in a bid to reduce losses.</p><p>But in fact, in the process, they're just adding fuel to the fire. At present, a measure of interest rate volatility is close to its highest level since the global financial crisis, outpacing the wild volatility of stock and foreign exchange markets. At the very least, this increases the risk for bond traders and increases their chances of making a quick profit or loss in the market. The bond market has been hit hard by the Fed's most aggressive rate hike in a year.</p><p>This has raised concerns among some market participants that structural positions in the $24 trillion US Treasury Bond market could trigger unforeseen consequences, just as the liability-driven investment strategy (LDI) intensified the UK Treasury Bond sell-off last month.</p><p>Michael Pintar, head of U.S. capital flow strategy and solutions at Societe Generale, said: \"Many bonds previously issued in a low interest rate and low volatility environment still exist, and institutions need to hedge. This forms a feedback loop.\"</p><p><img src=\"https://static.tigerbbs.com/4a2d8213bf2669dfeff756b73d00e220\" tg-width=\"670\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>This makes it seem like the market this year needs no additional factors to generate huge volatility.</p><p>The surge in U.S. Treasury Bond yields has prompted investors to reduce bond risk by buying derivatives that profit from rising interest rates, including short-term interest rate swaps. According to Danny Dayan, chief investment officer of macro hedge fund Dwd Partners, this, in turn, has fueled traders desperately looking for long-term volatility bets to hedge their exposure.</p><p>As a result, the market's unilateral bets have driven a sharp rise in the MOVE index, which measures the volatility of the U.S. Treasury Bond, this year. Last month, the index topped 160 as the 10-year Treasury Bond yield surged to 4.3%, near its highest since the financial crisis.</p><p><b>Structural problems caused by low volatility bets</b></p><p>Market watchers say hundreds of billions of dollars of volatility-driven products have exacerbated market volatility.</p><p>Simply put, these products are indirect bets on the rise and fall of bond yields. Over the past decade, return-hungry investors have scrambled to buy into these products, betting that the market will be in low volatility.</p><p>These bets are considered a sure bet until the overall environment changes. Investors are suffering huge losses as bond yields soar. For banks, meanwhile, they were supposed to hedge themselves, so they were able to come out of these unilateral bets regardless of market movements, but the volatility of the U.S. Treasury Bond was more intense than they expected.</p><p>Indeed, soaring interest rates are forcing many traders to adjust their positions in response to greater volatility, and other institutions in the market are doing the same.</p><p>LongTail Alpha LLC Founder,<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Vineer Bhansali, former head of portfolio management analytics at the investment management firm, said: \"When you get past the inflection point, traders have to buy in volatility. There's a lot going on this year that leads me to believe we're already on the edge of a free fall – these structures are just one factor.\"</p><p>Many of these volatility-driven products — with incredibly obscure names such as corridor notes, fairway bonds, and range-bearing options — depend on interest rates maintained within preset trading ranges.</p><p>Partial-range interest-bearing options — with an estimated $40 billion outstanding — are tied not only to yields staying low, but also to the shape of the U.S. Treasury Bond curve. Typically, the U.S. Treasury Bond yield curve slopes upward.</p><p>As long as this remains the case, the holders of the product receive coupon payments. On the other hand, to hedge against risk, dealers sell options that can likewise benefit from a positive term structure.</p><p>And when the yield curve first inverted earlier this year, many traders no longer had to pay interest on bonds. But as the yield premium of short-term bonds over longer-term bonds continues to climb, the options they sell become problematic, breaking critical thresholds that make the buyer more and more profitable.</p><p>Essentially, they lose more on hedging than they gain on exposure to long-term volatility. As a result, to protect themselves, traders are starting to buy products that are more volatile, said Societe Generale's Pintar.</p><p>There are other analysts who point to changes in debt supply dynamics that also exacerbate interest rate volatility.</p><p><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Interest rate strategist Amrut Nashikkar said: \"Supply has dried up. At the same time, the demand for volatility has risen as long volatility has been a good deal over the past few years and there is uncertainty about the Fed's actions.\"</p><p><img src=\"https://static.tigerbbs.com/894f289ce79eab3a05c81b4e392e0207\" tg-width=\"678\" tg-height=\"472\" referrerpolicy=\"no-referrer\"/></p><p>For some, fears that more pain may be on the horizon are mounting as Fed rate hike and traders are increasingly forced to hedge their positions and investors continue to buy into volatility. Just last week, swap traders raised expectations that the Fed would raise interest rates to 5.25%, a level that would have been nearly unthinkable a few months ago.</p><p>Britain's pension schemes have also been caught off guard recently: derivatives that would have profited from falling government bond yields have backfired on soaring interest rates. Margin call requirements fueled a forced sell-off in the UK Treasury Bond, which pushed yields up further, which in turn increased the amount of collateral that pension schemes need to pay. Only the Bank of England's intervention halted the plunge.</p><p>While LongTail Alpha's Bhansali sees no structural risks of the same order of magnitude in US Treasury Bond, he sees potential problems.</p><p>\"The curve is so inverted that the MOVE index is almost at an all-time high, which is basically perfectly prepared for a VIX-like crash in the interest rate market (Bhansali is referring to an unexpected surge in the VIX, a measure of US stock market volatility, in 2018),\" Bhansali said.</p><p>While some analysts aren't that pessimistic, most agree that higher rate volatility will persist.</p><p><a href=\"https://laohu8.com/S/MTU\">Mitsubishi UFJ Financial</a>George Goncalves, head of U.S. macro strategy at the Group, said: \"Volatility is fundamentally responsible for the<a href=\"https://laohu8.com/S/600628\">New World</a>Re-pricing, which is an environment with higher interest rates and greater inflation uncertainty. The volatility hedging by traders is adding fuel to the high volatility environment we are currently in. \"</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Volatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVolatility Nears Highest Since Financial Crisis! Will US debt collapse like UK debt?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-11-08 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Over the past decade, as extremely low interest rates have depressed returns on fixed-income assets, Wall Street's top quantitative investment teams have offered investors who want higher yields a sophisticated array of products that allow investors to earn extra returns in flagging markets.</p><p>Now, in the worst bond crash in at least five decades, institutions are scrambling to hedge their positions, buying heavily into derivatives that benefit from rising volatility in a bid to reduce losses.</p><p>But in fact, in the process, they're just adding fuel to the fire. At present, a measure of interest rate volatility is close to its highest level since the global financial crisis, outpacing the wild volatility of stock and foreign exchange markets. At the very least, this increases the risk for bond traders and increases their chances of making a quick profit or loss in the market. The bond market has been hit hard by the Fed's most aggressive rate hike in a year.</p><p>This has raised concerns among some market participants that structural positions in the $24 trillion US Treasury Bond market could trigger unforeseen consequences, just as the liability-driven investment strategy (LDI) intensified the UK Treasury Bond sell-off last month.</p><p>Michael Pintar, head of U.S. capital flow strategy and solutions at Societe Generale, said: \"Many bonds previously issued in a low interest rate and low volatility environment still exist, and institutions need to hedge. This forms a feedback loop.\"</p><p><img src=\"https://static.tigerbbs.com/4a2d8213bf2669dfeff756b73d00e220\" tg-width=\"670\" tg-height=\"376\" referrerpolicy=\"no-referrer\"/></p><p>This makes it seem like the market this year needs no additional factors to generate huge volatility.</p><p>The surge in U.S. Treasury Bond yields has prompted investors to reduce bond risk by buying derivatives that profit from rising interest rates, including short-term interest rate swaps. According to Danny Dayan, chief investment officer of macro hedge fund Dwd Partners, this, in turn, has fueled traders desperately looking for long-term volatility bets to hedge their exposure.</p><p>As a result, the market's unilateral bets have driven a sharp rise in the MOVE index, which measures the volatility of the U.S. Treasury Bond, this year. Last month, the index topped 160 as the 10-year Treasury Bond yield surged to 4.3%, near its highest since the financial crisis.</p><p><b>Structural problems caused by low volatility bets</b></p><p>Market watchers say hundreds of billions of dollars of volatility-driven products have exacerbated market volatility.</p><p>Simply put, these products are indirect bets on the rise and fall of bond yields. Over the past decade, return-hungry investors have scrambled to buy into these products, betting that the market will be in low volatility.</p><p>These bets are considered a sure bet until the overall environment changes. Investors are suffering huge losses as bond yields soar. For banks, meanwhile, they were supposed to hedge themselves, so they were able to come out of these unilateral bets regardless of market movements, but the volatility of the U.S. Treasury Bond was more intense than they expected.</p><p>Indeed, soaring interest rates are forcing many traders to adjust their positions in response to greater volatility, and other institutions in the market are doing the same.</p><p>LongTail Alpha LLC Founder,<a href=\"https://laohu8.com/S/601099\">Pacific Ocean</a>Vineer Bhansali, former head of portfolio management analytics at the investment management firm, said: \"When you get past the inflection point, traders have to buy in volatility. There's a lot going on this year that leads me to believe we're already on the edge of a free fall – these structures are just one factor.\"</p><p>Many of these volatility-driven products — with incredibly obscure names such as corridor notes, fairway bonds, and range-bearing options — depend on interest rates maintained within preset trading ranges.</p><p>Partial-range interest-bearing options — with an estimated $40 billion outstanding — are tied not only to yields staying low, but also to the shape of the U.S. Treasury Bond curve. Typically, the U.S. Treasury Bond yield curve slopes upward.</p><p>As long as this remains the case, the holders of the product receive coupon payments. On the other hand, to hedge against risk, dealers sell options that can likewise benefit from a positive term structure.</p><p>And when the yield curve first inverted earlier this year, many traders no longer had to pay interest on bonds. But as the yield premium of short-term bonds over longer-term bonds continues to climb, the options they sell become problematic, breaking critical thresholds that make the buyer more and more profitable.</p><p>Essentially, they lose more on hedging than they gain on exposure to long-term volatility. As a result, to protect themselves, traders are starting to buy products that are more volatile, said Societe Generale's Pintar.</p><p>There are other analysts who point to changes in debt supply dynamics that also exacerbate interest rate volatility.</p><p><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Interest rate strategist Amrut Nashikkar said: \"Supply has dried up. At the same time, the demand for volatility has risen as long volatility has been a good deal over the past few years and there is uncertainty about the Fed's actions.\"</p><p><img src=\"https://static.tigerbbs.com/894f289ce79eab3a05c81b4e392e0207\" tg-width=\"678\" tg-height=\"472\" referrerpolicy=\"no-referrer\"/></p><p>For some, fears that more pain may be on the horizon are mounting as Fed rate hike and traders are increasingly forced to hedge their positions and investors continue to buy into volatility. Just last week, swap traders raised expectations that the Fed would raise interest rates to 5.25%, a level that would have been nearly unthinkable a few months ago.</p><p>Britain's pension schemes have also been caught off guard recently: derivatives that would have profited from falling government bond yields have backfired on soaring interest rates. Margin call requirements fueled a forced sell-off in the UK Treasury Bond, which pushed yields up further, which in turn increased the amount of collateral that pension schemes need to pay. Only the Bank of England's intervention halted the plunge.</p><p>While LongTail Alpha's Bhansali sees no structural risks of the same order of magnitude in US Treasury Bond, he sees potential problems.</p><p>\"The curve is so inverted that the MOVE index is almost at an all-time high, which is basically perfectly prepared for a VIX-like crash in the interest rate market (Bhansali is referring to an unexpected surge in the VIX, a measure of US stock market volatility, in 2018),\" Bhansali said.</p><p>While some analysts aren't that pessimistic, most agree that higher rate volatility will persist.</p><p><a href=\"https://laohu8.com/S/MTU\">Mitsubishi UFJ Financial</a>George Goncalves, head of U.S. macro strategy at the Group, said: \"Volatility is fundamentally responsible for the<a href=\"https://laohu8.com/S/600628\">New World</a>Re-pricing, which is an environment with higher interest rates and greater inflation uncertainty. The volatility hedging by traders is adding fuel to the high volatility environment we are currently in. \"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/826374.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/55eb327f580527889cf30bafa92692ae","relate_stocks":{},"source_url":"http://www.zhitongcaijing.com/content/detail/826374.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2281033994","content_text":"在过去的十年里，由于极低的利率压低了固定收益资产的回报率，华尔街顶级的量化投资团队为那些想要更高收益率的投资者提供了一系列复杂的产品，让投资者能在萎靡不振的市场获得额外的回报率。而现在，在至少五十年来最严重的债券崩盘中，各家机构争相对冲自己的头寸，大量买进从波动率上升中受益的衍生品，以寻求减少损失。但事实上，在这个过程中，他们只是在火上浇油。目前，一项衡量利率波动率的指标已经接近全球金融危机以来的最高水平，超过了股市和汇市的剧烈波动。至少，这增加了债券交易员的风险，增加了他们在市场中快速获利或蒙受损失的机会。一年来，美联储最激进的加息令债市遭受重创。这引发了部分市场人士的担忧，即24万亿美元的美国国债市场中的结构性头寸可能将引发不可预见的后果，就像负债驱动投资策略(LDI)在上月加剧了英国国债抛售一样。法兴银行美国资金流动策略和解决方案主管Michael  Pintar表示：“很多此前在低利率、低波动性环境下发行的债券仍存在，机构需要进行对冲。这就形成了一个反馈循环。”这令今年的市场似乎不需要额外的因素就能产生巨大的波动。美国国债收益率飙升促使投资者通过购买从利率上升中获利的衍生品(包括短期利率掉期期权)来降低债券风险。据宏观对冲基金Dwd  Partners的首席投资官Danny Dayan表示，这反过来又助长了交易商拼命寻找长期波动率押注，以对冲自己的风险敞口。因此，市场的单边押注推动了衡量美国国债波动率的MOVE指数在今年的大幅上涨。上个月，随着10年期国债收益率飙升至4.3%，该指数突破160，接近金融危机以来的最高点。低波动率押注造成的结构性问题市场观察人士表示，数千亿美元的波动驱动型产品加剧了市场波动。简单来说，这些产品是对债券收益率涨跌的间接押注。在过去的十年里，渴望回报的投资者争相买入这些产品，押注市场将处于低波动性。这些押注被认为是稳赚不赔的事，直到整体环境出现变化。随着债券收益率飙升，投资者正承受着巨大的损失。与此同时，对于银行而言，它们本应对冲自己的风险，因此无论市场走势如何，它们都能在这些单边押注中走出来，但美国国债的波动却比它们预期的更为剧烈。事实上，飙升的利率正迫使许多交易商为应对更大的波动性而调整仓位，而市场上的其他机构也在这么做。LongTail Alpha LLC创始人、太平洋投资管理公司前投资组合管理分析部门主管Vineer  Bhansali表示：“当你度过拐点时，交易商必须买入波动率。今年发生了很多事情，这让我相信我们已经处于自由落体的悬崖边上——这些结构只是其中一个因素。”这些波动性驱动的产品——有着走廊票据、球道债券和区间计息期权等难以置信的晦涩名称——许多都取决于维持在预设交易区间内的利率。部分区间计息期权——估计有400亿美元流通在外——不仅与收益率保持在低位有关，还与美国国债曲线的形状有关。通常情况下，美国国债收益率曲线向上倾斜。只要这种情况仍然存在，该产品的持有者就会收取券息付款。另一方面，为了对冲风险，交易商出售同样可以从积极期限结构中受益的期权。而当收益率曲线在今年早些时候首次倒挂时，许多交易商不再需要支付债券的利息。但随着短期债券相对于较长期债券的收益率溢价继续攀升，它们出售的期权就成了问题，突破了关键的阈值，从而使买方的利润越来越高。从本质上讲，他们在对冲上的损失比在长期波动敞口上的收益要多。法兴银行的Pintar表示，因此，为了保护自己，交易商开始买入波动性更大的产品。还有其他分析人士指出，债务供应动态的变化也加剧了利率波动。巴克莱银行利率策略师Amrut  Nashikkar表示：“供应已经枯竭。与此同时，对波动率的需求有所上升，因为过去几年做多波动率一直是一项不错的交易，而且美联储的行动也存在不确定性。”对一些人来说，随着美联储加息和交易商越来越被迫对冲头寸，投资者继续买入波动率，对更多痛苦可能即将到来的担忧正在加剧。就在上周，掉期交易商提高了对美联储将利率提高到5.25%的预期，这一水平在几个月前几乎是不可想象的。最近，英国的养老金计划也被打了个措手不及：原本从政府债券收益率下跌中获利的衍生品，由于利率飙升而产生了事与愿违的效果。追加保证金的要求助长了英国国债的被迫抛售，这进一步推高了收益率，进而增加了养老金计划需要支付的抵押品。只有英国央行的干预才止住了暴跌。虽然LongTail Alpha的Bhansali认为美国国债没有同样数量级的结构性风险，但他还是看到了潜在的问题。Bhansali表示：“曲线如此倒挂，MOVE指数几乎处于历史高位，这基本上为利率市场出现类似VIX的崩盘做好了完美准备(Bhansali指的是在2018年，衡量美国股市波动率的指标VIX意外飙升)。”尽管有分析师并没有那么悲观，但大多数人都认为，较高的利率波动性将持续下去。三菱日联金融集团美国宏观策略主管George  Goncalves表示：“波动性从根本上是在为我们即将走向的新世界重新定价，这是一个利率更高、通胀不确定性更大的环境。交易商进行的波动性对冲，是为我们目前所处的高波动性环境火上浇油。”","news_type":1,"symbols_score_info":{"ZNmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983002382,"gmtCreate":1666102860946,"gmtModify":1676537706448,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","listText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","text":"[强] [强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983002382","repostId":"1122318881","repostType":4,"repost":{"id":"1122318881","kind":"news","pubTimestamp":1666102696,"share":"https://ttm.financial/m/news/1122318881?lang=en_US&edition=fundamental","pubTime":"2022-10-18 22:18","market":"hk","language":"zh","title":"\"Car-building Madman\" Li Shufu, Difficult to Continue Geely's M&A Myth","url":"https://stock-news.laohu8.com/highlight/detail?id=1122318881","media":"子弹财观","summary":"2022年进入下半年，很多车企都在讲新产品和新技术，新车的发布会一场接着一场，联合造车的声音是一浪高过一浪。号称“国产一哥”的吉利汽车却显得异常“安静”。除了在9月悄悄地上新了一款路特斯之外，基本没有","content":"<p><html><head></head><body>In the second half of 2022, many car companies are talking about new products and new technologies. The launch conferences of new cars are one after another, and the voice of joint car building is louder than one wave. Geely, known as \"the first brother of domestic production\", is unusually \"quiet\". Except for the quietly launching of a new Lotus in September, there is basically no bright product or technology release, and it is missing the competition for various sales lists.</p><p>However, just around the National Day in 2022, Geely, which seemed obscure, suddenly told its new car-building story in a high-profile way.</p><p><i><b>1、</b></i><b>The chess game of Lucky</b></p><p>On September 30, Geely Holdings announced that it had completed the acquisition of a 7.60% stake in British ultra-luxury brand Aston Martin Lagonda International Holdings.<img src=\"https://static.tigerbbs.com/ed951f7d4db55b95c54f4901232c81f1\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Group Official Website</p><p>On October 8, the Financial Times said: \"Renault's CEO will hold talks with Nissan's CEO over the weekend to discuss Renault's plan to sell its internal combustion engine (fuel engine) business to Geely Holding.\" On the 11th, Renault CEO Luca de Mayo visited the Korean factory jointly ventured with Geely and said that he hoped to carry out a comprehensive restructuring of the alliance so that Renault can focus on electric vehicles.</p><p>Renault's emphasis on electric vehicles and its alienation from fuel engines are closely related to Geely. Not to mention that the destination of Renault CEO's trip to South Korea is a factory cooperating with Geely, and even the potential successor of selling internal combustion engines is Geely. The reason why the talks with Nissan's CEO are involved is based on Renault's partnership with Nissan.</p><p>Renault acquired a 36.8 percent stake in Nissan for $5.4 billion in 1999 and became Nissan's largest shareholder. Later, Renault formed alliances with Nissan and Mitsubishi. Today, the cooperation between Renault and Nissan has gone through 23 years, and technology sharing has long been realized in some key areas of products.</p><p>If Renault successfully sells the internal combustion engine to Geely this time, it will mean transferring Nissan's engine technology to rival Geely.</p><p>Once Renault successfully sells its internal combustion engine business to Geely, the market share of Nissan, a big fuel vehicle player, will be eroded, and Geely, which has Renault's fuel engine technology, may become the biggest winner behind this sale.<img src=\"https://static.tigerbbs.com/246f31ef638c938ba45d37e248b33019\" tg-width=\"1080\" tg-height=\"724\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Renault China's official Weibo</p><p>In just half a month, after Geely completed the acquisition of shares in Aston Martin, it began to acquire Renault internal combustion engine. Although Geely has not launched any new products in the past six months, for Geely, acquiring a century-old luxury brand is no less than rebuilding a new brand; The intention of Renault's fuel engine may change the whole product line of Geely Automobile.</p><p>Of course, some people may think that Geely's acquisition of Aston Martin or Renault is ultimately stuck in the era of fuel vehicles, and the recipients are all enterprises with business problems. Then, the cooperation between Geely, Intel and Nvidia, which came before the National Day, will be the intelligent direction for the future.</p><p>On September 26, Intel's Mobileye and Geely Holdings announced that they will further expand their cooperation in advanced driver assistance systems (ADAS) and autonomous vehicle technology. Following the Extreme Krypton, Geely also plans three other brands under it to launch electric models with Mobileye SuperVision starting in 2023.</p><p>According to the data, Mobileye is an autonomous assisted driving company in Israel. As early as ten years ago, it was the supplier of BMW 5 Series and 6 Series adaptive cruise technology. Later, it provided technical support for Tesla's autonomous driving, and was acquired by Intel in March 2017.</p><p>A few days earlier, on September 21, another semiconductor chip giant, Nvidia, unveiled a new generation of \"DRIVE Thor\" computing platform that will be dedicated to autonomous and assisted driving and a range of digital functions including in-vehicle entertainment.<b>At the same time, it was announced that the first batch of customers of DRIVE Thor were the Ji Krypton brand owned by Geely, a Chinese car company.</b></p><p><img src=\"https://static.tigerbbs.com/c46a3f0cfe9cfde3d760f56fd8e403a9\" tg-width=\"1080\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Figure/NVIDIA DRIVE Thor Computing Platform Launch Conference</p><p>It is a normal cooperation for Geely to cooperate with a single chip giant. However, putting these two cooperations together means that Geely will bring together the two top suppliers of car-machine chips and autonomous driving technology in the industry, and take the Jikrypton brand as the connection point, thus enhancing the overall intelligent development of Geely Automobile.</p><p>Judging from Geely's current layout, with the endorsement of Aston Martin and Renault, the \"back garden\" of Geely's fuel vehicles is safer. With the assistance of Intel and Nvidia, two major automotive intelligent chips, Geely can accelerate the intelligent transformation of products.</p><p>Going hand in hand on the two routes of brand and technology is not only embracing the future, but also taking into account the past. From an objective point of view, Geely's moves are far better than the launch of one or two new cars.</p><p><i><b>2、</b></i><b>The Lost Crown</b></p><p>As the saying goes, the ideal is plump, but the reality is skinny. The reason why Geely tells the story of building cars is undoubtedly in a hurry to show the outside world that it is \"big family and big business\": Volvo in the front, Daimler in the back, Lotus and Aston Martin, and Renault in the future...</p><p>However, it is still too early for Li Shufu's current moves to say that \"one move determines the win or loss\", and it can only be regarded as \"reversing\" Geely's lagging situation. As for whether he can win the final victory, it depends on how to move later.</p><p>Geely, which has a weak sense of existence, can no longer sing a high profile in products today when fuel vehicles switch to new energy tracks. Even the high-spirited Ji Krypton brand is walking on thin ice and hobbling in controversy in the process of development.</p><p>According to the data from the Passenger Car Association, the sales volume of narrow passenger vehicles in China reached 1.922 million units in September, representing a year-on-year increase of 21.5%; The cumulative sales volume in the first three quarters was 14.875 million units, representing a year-on-year increase of 2.4%. On October 10, Geely Automobile released its latest monthly sales data: Geely achieved sales of 130,500 vehicles in September, a year-on-year increase of 26%; From January to September, the cumulative sales volume of 989,600 vehicles was achieved, a year-on-year increase of 7%.</p><p>Judging from the September data alone, Geely's monthly sales and growth rate are not bad, but from the overall sales volume in the first three quarters, there is not much change from the same period last year.</p><p>If Geely Automobile is put in the whole domestic automobile market, whether it is the monthly sales growth rate or the cumulative sales growth rate, there is no doubt that Geely is outperforming the market. In particular, the new energy market has experienced several times of ultra-high growth.</p><p>According to the monthly sales announcement of Geely Automobile, \"Bullet Financial View\" found that Geely's sales volume of generalized new energy models (including pure electric, plug-in hybrid and petrol-electric hybrid) in September was 43,000 units, representing a year-on-year increase of 394%, accounting for 32.95% of the total sales volume; The cumulative sales volume of new energy models in the first three quarters was 240,400 units, representing a year-on-year increase of 433%, accounting for 24.30% of the total sales volume.<img src=\"https://static.tigerbbs.com/030d89cd34fd2f9774becf9177b6d989\" tg-width=\"1080\" tg-height=\"834\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>For a big car company with an annual sales of one million vehicles, it is obviously not in line with common sense to suddenly have a quadruple growth rate. While applauding, we should also be soberly aware of the low base of Geely's new energy vehicles last year, so that there will be high growth. It shows that its new energy started late.</p><p>Of course, this is not a problem of Geely's car company. Traditional large automakers at home and abroad are faced with the problem that new energy starts late and can't catch up.</p><p>What's more noteworthy is that when the growth of new energy models exceeds four times, the overall sales volume has not improved significantly, which means that the sales of fuel vehicles have declined. \"Bullet Financial View\" compiled the data announced by Geely in September and found that the sales volume of Geely's fuel vehicles in September decreased by 8% year-on-year, and the cumulative sales volume in the first three quarters decreased by 15% year-on-year. The accumulated sales of the Lynk & Co brand acquired by Volvo in the first three quarters dropped by 17% year-on-year.</p><p>In the view of Bullet Finance, Geely and Cyrus are facing the same problem: the overall sales volume is weak, and the proportion of new energy is increasing, which means that new energy has eroded fuel vehicles. New brands and new models bring some new market share to a certain extent, but old brands and old models are also losing some market.</p><p>As a result, it seems a little \"tearing down the east wall to make up the west wall\". This time, Geely's car sales and market share didn't keep up, but it also caught up with the product research and development and brand promotion expenses of new brands and new models.</p><p>If we look at the past 20 years, since the mass production time of Geely's first car in 2000, after 19 years of high growth, Geely Automobile achieved an annual sales volume of 1,500,800 units in 2018 and set a record high. Then there was an obvious downward trend, and it stagnated at the level of annual sales of 1.3 million vehicles for three consecutive years.<img src=\"https://static.tigerbbs.com/a274e59f7ad9d07dd5f44d5412753948\" tg-width=\"1080\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Also in 2018, Geely Holding announced that the total sales volume of cars of all brands under Geely Holding reached 2.15 million in 2018. In just four years from 2015 to 2018, the total sales volume of cars of Geely Holding achieved a leap-forward breakthrough from 1 million to 2 million.</p><p>From this point of view, Geely's \"weakness\" did not appear in the last year or two, but in the nearly three years since fuel vehicles switched to new energy tracks.</p><p>This \"pressure code\" Aston Martin is no longer like acquiring Volvo and taking a stake in Daimler. It is obviously unrealistic for Li Shufu to rewrite the myth of mergers and acquisitions of that year, and it is impossible to bet on an unknown future with the current Geely.</p><p><i><b>3、</b></i><b>Li Shufu \"gambled\" several times</b></p><p>\"If I fail, please give me a chance to fail.\" In 1999, a big leader in charge of industry went to Taizhou for investigation. Li Shufu asked the state to give private enterprises a dream of building cars, leaving this sentence behind.</p><p>For more than 20 years, Geely Automobile has conquered cities and territories all the way, and has become more and more brave in \"big gambling\" again and again.<b>Li Shufu, who has a \"gambling\" nature since childhood, has not seized this failure opportunity so far.</b></p><p>In the early 1980s, Li Shufu, who had just graduated from high school, opened a photo studio with a camera worth 120 yuan. After earning the first pot of gold in the photo studio, he founded a refrigerator factory called \"Arctic Flower\". In just a few years, Li Shufu has changed from a literary youth holding a 100-yuan camera to a factory director of a large enterprise with an annual sales of tens of millions.</p><p>Just as the refrigerator factory was in full swing, due to the change of macro policies, Li Shufu decisively made \"concessions\", handed over the factory, workshop, inventory and the deposits in the account to the \"collective\", and went south to Shenzhen University for \"further study\" with nearly 10 million funds.</p><p>In an era when \"ten thousand yuan households\" can be hailed to heaven, the young Li Shufu's cross-border from a photo studio to a refrigerator factory is also doomed to be restless from a hundred yuan to a net worth of tens of millions. Later, Li Shufu once said that this was the \"gambling\" gene he had since childhood.</p><p>After \"further study\" at Shenzhen University, Li Shufu has a broader vision and sees the market of transportation tools. In 1993, Li Shufu had a strong interest in motorcycles. Li Shufu, who just did it, set up a motorcycle factory while the iron was hot. If you don't know the technology, start with disassembly and imitation; Without production qualifications, it acquired a state-owned motorcycle factory that was about to close.</p><p>When Geely's motorcycles entered the streets, Li Shufu smelled the market opportunity of four-wheelers again.</p><p><img src=\"https://static.tigerbbs.com/dbe8fbfcfcad4de97c32ef6d7599ffe0\" tg-width=\"761\" tg-height=\"511\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Official Website</p><p>In 1998, Geely's first car officially rolled off the assembly line. Like Chery Automobile, Geely Automobile also encountered the dilemma of being unable to mass-produce due to the restrictions imposed by the state on the private economy entering the automobile industry. It was not until 2001 that Geely finally obtained the first \"birth certificate\" of a private automobile factory in China. A year later, Geely was among the top ten Chinese car companies.</p><p>\"The bold to death, the timid to death\", Li Shufu used these three seemingly bold entrepreneurial experiences at that time to sow the seeds for the \"big gamble\" of acquiring Volvo later.</p><p>On the eve of the economic crisis in 2006, global asset prices soared, and the bubble was extremely serious. Ford, an American automobile manufacturer that suffered huge losses, had the idea of selling Volvo. But unable to find a suitable buyer, Volvo, which was estimated at $4 billion at that time, had been discounted to $2 billion by 2008.</p><p>After some competition, Geely acquired 100% equity of Volvo in 2010 with a \"down payment\" price of $1.8 billion (about 12 billion yuan). Together with the subsequent $900 million in working capital, the final price of this acquisition is $2.7 billion (about RMB 18 billion).</p><p>But Geely, which just acquired the world's second largest automatic transmission company (DSI) a year ago, where does it have the money to pay the \"down payment\" of $1.8 billion? Even with the $1.8 billion, Volvo suffered a loss of nearly $1 billion in 2009 before it was acquired, and its development prospects are unclear. If you are not careful, Geely may \"draw water from a bamboo basket\".</p><p>According to CCTV, for this acquisition, the Bank of China prepared a five-year loan of $1 billion for Geely, and the Export-Import Bank of China and local governments supported an unknown amount of loan funds, plus loans from European and American financial institutions. In this way, Geely's acquisition seems to be the biggest financial problem, but it is no longer a difficult problem.</p><p><img src=\"https://static.tigerbbs.com/361213eafed2df0d00306975de845623\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It has been reported that in order to speed up the delivery of this merger, Geely also obtained a loan of $200 million from Ford. You can see how eager Ford is to sell the Volvo. Geely, on the other hand, took other people's money and bought other people's assets. This \"big gamble\" also made Geely a god in the overseas merger and acquisition case of Chinese private enterprises.</p><p>Judging from today's results, this is a win-win deal: Ford shed the \"baggage\" and Geely picked up the \"bargain\". But in the environment at that time, it was not so optimistic. Except for China's automobile consumption market, there was hardly any other need worthy of such a \"big gamble\". Although it is not a problem for Geely to raise money, the money is not from the strong wind. The loan has to be repaid and interest has to be paid.</p><p>In addition, facing Volvo with a total price of 18 billion, Geely's revenue in 2010 was only 20 billion. The Volvo bought back, not to mention how much profit it will generate for Geely, is a question when it will turn losses into profits. After all, Volvo, which had been held by Ford for ten years, not only failed to come back to life, but eventually was sold at a discount.</p><p>For Li Shufu, this acquisition case, which is not favored by outsiders, is taking the whole Geely as a \"bet\". Since then, Li Shufu has also been labeled as \"car madman\" and \"car-building madman\".</p><p><img src=\"https://static.tigerbbs.com/09d250b93a49f9590b66bf499f2c275b\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Geely Holding Group Official Website</p><p><i><b>4、</b></i><b>epilogue</b></p><p><b>Without technology, go to learn, go to imitate, learn to imitate not achieve to spend money to buy.</b></p><p><b>Without a brand, go to incubate and build. If incubate and build fails, spend money to buy it.</b></p><p>The automobile industry is a highly integrated industry. Looking at the world, there is almost no automobile manufacturer who can control raw material procurement, product design, vehicle production and channel distribution from upstream to downstream... It is no shame to survive in this industry by relying on the cooperative division of labor in the supply chain.</p><p>Of course, having the independent control of core technologies has a great competitive advantage. Without the accumulation of core technologies, there are some stable and reliable supply chain relationships in this industry, and it can also expand its territory in the automobile industry. Aren't world-class automakers such as Tesla, Volkswagen and Toyota also dependent on external supply chains?</p><p>Geely's control over the supply chain, in addition to stabilizing the cooperative relationship between all parties through commercial contracts and order prices like other car companies, prefers to establish equity cooperation contacts with established enterprises in the industry to form a community of interests.</p><p>In this way, whether it is the research and development of new technologies or their use, there is a certain degree of autonomy or priority. The acquisition of Volvo bought not just the trademark of a luxury brand, but also the accumulation of technology from Volvo Cars; It is not only the crown of Mercedes that takes a stake in Daimler, but also to establish a strong cooperative relationship; The same goes for the acquisition of Proton, Lotus, Aston Martin, and the Renault fuel engine business that is currently being talked about.</p><p>If your own brand has little influence, insufficient technology accumulation and insufficient experience in building cars, then you will bundle world-class brands together through equity, and \"if you can't learn, buy them\"-this is Li Shufu taking Geely on a car-building road different from BYD and SAIC. In the future, will the \"God of Gambling\" still stand on Li Shufu's side in the competition field of new energy vehicles?</p><p></body></html></p>","source":"lsy1646061584972","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>\"Car-building Madman\" Li Shufu, Difficult to Continue Geely's M&A Myth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Car-building Madman\" Li Shufu, Difficult to Continue Geely's M&A Myth\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">子弹财观</strong><span class=\"h-time small\">2022-10-18 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In the second half of 2022, many car companies are talking about new products and new technologies. The launch conferences of new cars are one after another, and the voice of joint car building is louder than one wave. Geely, known as \"the first brother of domestic production\", is unusually \"quiet\". Except for the quietly launching of a new Lotus in September, there is basically no bright product or technology release, and it is missing the competition for various sales lists.</p><p>However, just around the National Day in 2022, Geely, which seemed obscure, suddenly told its new car-building story in a high-profile way.</p><p><i><b>1、</b></i><b>The chess game of Lucky</b></p><p>On September 30, Geely Holdings announced that it had completed the acquisition of a 7.60% stake in British ultra-luxury brand Aston Martin Lagonda International Holdings.<img src=\"https://static.tigerbbs.com/ed951f7d4db55b95c54f4901232c81f1\" tg-width=\"1080\" tg-height=\"488\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Group Official Website</p><p>On October 8, the Financial Times said: \"Renault's CEO will hold talks with Nissan's CEO over the weekend to discuss Renault's plan to sell its internal combustion engine (fuel engine) business to Geely Holding.\" On the 11th, Renault CEO Luca de Mayo visited the Korean factory jointly ventured with Geely and said that he hoped to carry out a comprehensive restructuring of the alliance so that Renault can focus on electric vehicles.</p><p>Renault's emphasis on electric vehicles and its alienation from fuel engines are closely related to Geely. Not to mention that the destination of Renault CEO's trip to South Korea is a factory cooperating with Geely, and even the potential successor of selling internal combustion engines is Geely. The reason why the talks with Nissan's CEO are involved is based on Renault's partnership with Nissan.</p><p>Renault acquired a 36.8 percent stake in Nissan for $5.4 billion in 1999 and became Nissan's largest shareholder. Later, Renault formed alliances with Nissan and Mitsubishi. Today, the cooperation between Renault and Nissan has gone through 23 years, and technology sharing has long been realized in some key areas of products.</p><p>If Renault successfully sells the internal combustion engine to Geely this time, it will mean transferring Nissan's engine technology to rival Geely.</p><p>Once Renault successfully sells its internal combustion engine business to Geely, the market share of Nissan, a big fuel vehicle player, will be eroded, and Geely, which has Renault's fuel engine technology, may become the biggest winner behind this sale.<img src=\"https://static.tigerbbs.com/246f31ef638c938ba45d37e248b33019\" tg-width=\"1080\" tg-height=\"724\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Renault China's official Weibo</p><p>In just half a month, after Geely completed the acquisition of shares in Aston Martin, it began to acquire Renault internal combustion engine. Although Geely has not launched any new products in the past six months, for Geely, acquiring a century-old luxury brand is no less than rebuilding a new brand; The intention of Renault's fuel engine may change the whole product line of Geely Automobile.</p><p>Of course, some people may think that Geely's acquisition of Aston Martin or Renault is ultimately stuck in the era of fuel vehicles, and the recipients are all enterprises with business problems. Then, the cooperation between Geely, Intel and Nvidia, which came before the National Day, will be the intelligent direction for the future.</p><p>On September 26, Intel's Mobileye and Geely Holdings announced that they will further expand their cooperation in advanced driver assistance systems (ADAS) and autonomous vehicle technology. Following the Extreme Krypton, Geely also plans three other brands under it to launch electric models with Mobileye SuperVision starting in 2023.</p><p>According to the data, Mobileye is an autonomous assisted driving company in Israel. As early as ten years ago, it was the supplier of BMW 5 Series and 6 Series adaptive cruise technology. Later, it provided technical support for Tesla's autonomous driving, and was acquired by Intel in March 2017.</p><p>A few days earlier, on September 21, another semiconductor chip giant, Nvidia, unveiled a new generation of \"DRIVE Thor\" computing platform that will be dedicated to autonomous and assisted driving and a range of digital functions including in-vehicle entertainment.<b>At the same time, it was announced that the first batch of customers of DRIVE Thor were the Ji Krypton brand owned by Geely, a Chinese car company.</b></p><p><img src=\"https://static.tigerbbs.com/c46a3f0cfe9cfde3d760f56fd8e403a9\" tg-width=\"1080\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Figure/NVIDIA DRIVE Thor Computing Platform Launch Conference</p><p>It is a normal cooperation for Geely to cooperate with a single chip giant. However, putting these two cooperations together means that Geely will bring together the two top suppliers of car-machine chips and autonomous driving technology in the industry, and take the Jikrypton brand as the connection point, thus enhancing the overall intelligent development of Geely Automobile.</p><p>Judging from Geely's current layout, with the endorsement of Aston Martin and Renault, the \"back garden\" of Geely's fuel vehicles is safer. With the assistance of Intel and Nvidia, two major automotive intelligent chips, Geely can accelerate the intelligent transformation of products.</p><p>Going hand in hand on the two routes of brand and technology is not only embracing the future, but also taking into account the past. From an objective point of view, Geely's moves are far better than the launch of one or two new cars.</p><p><i><b>2、</b></i><b>The Lost Crown</b></p><p>As the saying goes, the ideal is plump, but the reality is skinny. The reason why Geely tells the story of building cars is undoubtedly in a hurry to show the outside world that it is \"big family and big business\": Volvo in the front, Daimler in the back, Lotus and Aston Martin, and Renault in the future...</p><p>However, it is still too early for Li Shufu's current moves to say that \"one move determines the win or loss\", and it can only be regarded as \"reversing\" Geely's lagging situation. As for whether he can win the final victory, it depends on how to move later.</p><p>Geely, which has a weak sense of existence, can no longer sing a high profile in products today when fuel vehicles switch to new energy tracks. Even the high-spirited Ji Krypton brand is walking on thin ice and hobbling in controversy in the process of development.</p><p>According to the data from the Passenger Car Association, the sales volume of narrow passenger vehicles in China reached 1.922 million units in September, representing a year-on-year increase of 21.5%; The cumulative sales volume in the first three quarters was 14.875 million units, representing a year-on-year increase of 2.4%. On October 10, Geely Automobile released its latest monthly sales data: Geely achieved sales of 130,500 vehicles in September, a year-on-year increase of 26%; From January to September, the cumulative sales volume of 989,600 vehicles was achieved, a year-on-year increase of 7%.</p><p>Judging from the September data alone, Geely's monthly sales and growth rate are not bad, but from the overall sales volume in the first three quarters, there is not much change from the same period last year.</p><p>If Geely Automobile is put in the whole domestic automobile market, whether it is the monthly sales growth rate or the cumulative sales growth rate, there is no doubt that Geely is outperforming the market. In particular, the new energy market has experienced several times of ultra-high growth.</p><p>According to the monthly sales announcement of Geely Automobile, \"Bullet Financial View\" found that Geely's sales volume of generalized new energy models (including pure electric, plug-in hybrid and petrol-electric hybrid) in September was 43,000 units, representing a year-on-year increase of 394%, accounting for 32.95% of the total sales volume; The cumulative sales volume of new energy models in the first three quarters was 240,400 units, representing a year-on-year increase of 433%, accounting for 24.30% of the total sales volume.<img src=\"https://static.tigerbbs.com/030d89cd34fd2f9774becf9177b6d989\" tg-width=\"1080\" tg-height=\"834\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>For a big car company with an annual sales of one million vehicles, it is obviously not in line with common sense to suddenly have a quadruple growth rate. While applauding, we should also be soberly aware of the low base of Geely's new energy vehicles last year, so that there will be high growth. It shows that its new energy started late.</p><p>Of course, this is not a problem of Geely's car company. Traditional large automakers at home and abroad are faced with the problem that new energy starts late and can't catch up.</p><p>What's more noteworthy is that when the growth of new energy models exceeds four times, the overall sales volume has not improved significantly, which means that the sales of fuel vehicles have declined. \"Bullet Financial View\" compiled the data announced by Geely in September and found that the sales volume of Geely's fuel vehicles in September decreased by 8% year-on-year, and the cumulative sales volume in the first three quarters decreased by 15% year-on-year. The accumulated sales of the Lynk & Co brand acquired by Volvo in the first three quarters dropped by 17% year-on-year.</p><p>In the view of Bullet Finance, Geely and Cyrus are facing the same problem: the overall sales volume is weak, and the proportion of new energy is increasing, which means that new energy has eroded fuel vehicles. New brands and new models bring some new market share to a certain extent, but old brands and old models are also losing some market.</p><p>As a result, it seems a little \"tearing down the east wall to make up the west wall\". This time, Geely's car sales and market share didn't keep up, but it also caught up with the product research and development and brand promotion expenses of new brands and new models.</p><p>If we look at the past 20 years, since the mass production time of Geely's first car in 2000, after 19 years of high growth, Geely Automobile achieved an annual sales volume of 1,500,800 units in 2018 and set a record high. Then there was an obvious downward trend, and it stagnated at the level of annual sales of 1.3 million vehicles for three consecutive years.<img src=\"https://static.tigerbbs.com/a274e59f7ad9d07dd5f44d5412753948\" tg-width=\"1080\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Also in 2018, Geely Holding announced that the total sales volume of cars of all brands under Geely Holding reached 2.15 million in 2018. In just four years from 2015 to 2018, the total sales volume of cars of Geely Holding achieved a leap-forward breakthrough from 1 million to 2 million.</p><p>From this point of view, Geely's \"weakness\" did not appear in the last year or two, but in the nearly three years since fuel vehicles switched to new energy tracks.</p><p>This \"pressure code\" Aston Martin is no longer like acquiring Volvo and taking a stake in Daimler. It is obviously unrealistic for Li Shufu to rewrite the myth of mergers and acquisitions of that year, and it is impossible to bet on an unknown future with the current Geely.</p><p><i><b>3、</b></i><b>Li Shufu \"gambled\" several times</b></p><p>\"If I fail, please give me a chance to fail.\" In 1999, a big leader in charge of industry went to Taizhou for investigation. Li Shufu asked the state to give private enterprises a dream of building cars, leaving this sentence behind.</p><p>For more than 20 years, Geely Automobile has conquered cities and territories all the way, and has become more and more brave in \"big gambling\" again and again.<b>Li Shufu, who has a \"gambling\" nature since childhood, has not seized this failure opportunity so far.</b></p><p>In the early 1980s, Li Shufu, who had just graduated from high school, opened a photo studio with a camera worth 120 yuan. After earning the first pot of gold in the photo studio, he founded a refrigerator factory called \"Arctic Flower\". In just a few years, Li Shufu has changed from a literary youth holding a 100-yuan camera to a factory director of a large enterprise with an annual sales of tens of millions.</p><p>Just as the refrigerator factory was in full swing, due to the change of macro policies, Li Shufu decisively made \"concessions\", handed over the factory, workshop, inventory and the deposits in the account to the \"collective\", and went south to Shenzhen University for \"further study\" with nearly 10 million funds.</p><p>In an era when \"ten thousand yuan households\" can be hailed to heaven, the young Li Shufu's cross-border from a photo studio to a refrigerator factory is also doomed to be restless from a hundred yuan to a net worth of tens of millions. Later, Li Shufu once said that this was the \"gambling\" gene he had since childhood.</p><p>After \"further study\" at Shenzhen University, Li Shufu has a broader vision and sees the market of transportation tools. In 1993, Li Shufu had a strong interest in motorcycles. Li Shufu, who just did it, set up a motorcycle factory while the iron was hot. If you don't know the technology, start with disassembly and imitation; Without production qualifications, it acquired a state-owned motorcycle factory that was about to close.</p><p>When Geely's motorcycles entered the streets, Li Shufu smelled the market opportunity of four-wheelers again.</p><p><img src=\"https://static.tigerbbs.com/dbe8fbfcfcad4de97c32ef6d7599ffe0\" tg-width=\"761\" tg-height=\"511\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Photo/Geely Holding Official Website</p><p>In 1998, Geely's first car officially rolled off the assembly line. Like Chery Automobile, Geely Automobile also encountered the dilemma of being unable to mass-produce due to the restrictions imposed by the state on the private economy entering the automobile industry. It was not until 2001 that Geely finally obtained the first \"birth certificate\" of a private automobile factory in China. A year later, Geely was among the top ten Chinese car companies.</p><p>\"The bold to death, the timid to death\", Li Shufu used these three seemingly bold entrepreneurial experiences at that time to sow the seeds for the \"big gamble\" of acquiring Volvo later.</p><p>On the eve of the economic crisis in 2006, global asset prices soared, and the bubble was extremely serious. Ford, an American automobile manufacturer that suffered huge losses, had the idea of selling Volvo. But unable to find a suitable buyer, Volvo, which was estimated at $4 billion at that time, had been discounted to $2 billion by 2008.</p><p>After some competition, Geely acquired 100% equity of Volvo in 2010 with a \"down payment\" price of $1.8 billion (about 12 billion yuan). Together with the subsequent $900 million in working capital, the final price of this acquisition is $2.7 billion (about RMB 18 billion).</p><p>But Geely, which just acquired the world's second largest automatic transmission company (DSI) a year ago, where does it have the money to pay the \"down payment\" of $1.8 billion? Even with the $1.8 billion, Volvo suffered a loss of nearly $1 billion in 2009 before it was acquired, and its development prospects are unclear. If you are not careful, Geely may \"draw water from a bamboo basket\".</p><p>According to CCTV, for this acquisition, the Bank of China prepared a five-year loan of $1 billion for Geely, and the Export-Import Bank of China and local governments supported an unknown amount of loan funds, plus loans from European and American financial institutions. In this way, Geely's acquisition seems to be the biggest financial problem, but it is no longer a difficult problem.</p><p><img src=\"https://static.tigerbbs.com/361213eafed2df0d00306975de845623\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It has been reported that in order to speed up the delivery of this merger, Geely also obtained a loan of $200 million from Ford. You can see how eager Ford is to sell the Volvo. Geely, on the other hand, took other people's money and bought other people's assets. This \"big gamble\" also made Geely a god in the overseas merger and acquisition case of Chinese private enterprises.</p><p>Judging from today's results, this is a win-win deal: Ford shed the \"baggage\" and Geely picked up the \"bargain\". But in the environment at that time, it was not so optimistic. Except for China's automobile consumption market, there was hardly any other need worthy of such a \"big gamble\". Although it is not a problem for Geely to raise money, the money is not from the strong wind. The loan has to be repaid and interest has to be paid.</p><p>In addition, facing Volvo with a total price of 18 billion, Geely's revenue in 2010 was only 20 billion. The Volvo bought back, not to mention how much profit it will generate for Geely, is a question when it will turn losses into profits. After all, Volvo, which had been held by Ford for ten years, not only failed to come back to life, but eventually was sold at a discount.</p><p>For Li Shufu, this acquisition case, which is not favored by outsiders, is taking the whole Geely as a \"bet\". Since then, Li Shufu has also been labeled as \"car madman\" and \"car-building madman\".</p><p><img src=\"https://static.tigerbbs.com/09d250b93a49f9590b66bf499f2c275b\" tg-width=\"1080\" tg-height=\"477\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Photo/Geely Holding Group Official Website</p><p><i><b>4、</b></i><b>epilogue</b></p><p><b>Without technology, go to learn, go to imitate, learn to imitate not achieve to spend money to buy.</b></p><p><b>Without a brand, go to incubate and build. If incubate and build fails, spend money to buy it.</b></p><p>The automobile industry is a highly integrated industry. Looking at the world, there is almost no automobile manufacturer who can control raw material procurement, product design, vehicle production and channel distribution from upstream to downstream... It is no shame to survive in this industry by relying on the cooperative division of labor in the supply chain.</p><p>Of course, having the independent control of core technologies has a great competitive advantage. Without the accumulation of core technologies, there are some stable and reliable supply chain relationships in this industry, and it can also expand its territory in the automobile industry. Aren't world-class automakers such as Tesla, Volkswagen and Toyota also dependent on external supply chains?</p><p>Geely's control over the supply chain, in addition to stabilizing the cooperative relationship between all parties through commercial contracts and order prices like other car companies, prefers to establish equity cooperation contacts with established enterprises in the industry to form a community of interests.</p><p>In this way, whether it is the research and development of new technologies or their use, there is a certain degree of autonomy or priority. The acquisition of Volvo bought not just the trademark of a luxury brand, but also the accumulation of technology from Volvo Cars; It is not only the crown of Mercedes that takes a stake in Daimler, but also to establish a strong cooperative relationship; The same goes for the acquisition of Proton, Lotus, Aston Martin, and the Renault fuel engine business that is currently being talked about.</p><p>If your own brand has little influence, insufficient technology accumulation and insufficient experience in building cars, then you will bundle world-class brands together through equity, and \"if you can't learn, buy them\"-this is Li Shufu taking Geely on a car-building road different from BYD and SAIC. In the future, will the \"God of Gambling\" still stand on Li Shufu's side in the competition field of new energy vehicles?</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/t1IbD5VgD-hnwHT8icfJdQ\">子弹财观</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5a4a0d90587b4a1f8e70e6ef9eb66019","relate_stocks":{"00175":"吉利汽车"},"source_url":"https://mp.weixin.qq.com/s/t1IbD5VgD-hnwHT8icfJdQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122318881","content_text":"2022年进入下半年，很多车企都在讲新产品和新技术，新车的发布会一场接着一场，联合造车的声音是一浪高过一浪。号称“国产一哥”的吉利汽车却显得异常“安静”。除了在9月悄悄地上新了一款路特斯之外，基本没有什么亮眼的产品或技术的发布，更是无缘各种销量榜单的争夺。然而，就在2022年的国庆前后，看似默默无闻的吉利，突然高调地讲起了自己新的造车故事。1、吉利的棋局9月30日，吉利控股宣布，完成对英国超豪华品牌阿斯顿·马丁·拉贡达国际控股7.60%的股份收购。图 / 吉利控股集团官网10月8日，英国《金融时报》表示：“雷诺CEO将在周末与日产CEO举行会谈，讨论雷诺向吉利控股出售内燃机（燃油发动机）业务的计划。”11日，雷诺CEO卢卡·德·梅奥参观和吉利合营的韩国工厂并表示，希望对联盟开展全面重组，以使雷诺能够专注于电动汽车。雷诺对电动车的重视和对燃油机的疏离，都和吉利有着密切的关系。且不说雷诺CEO的此次赴韩的目的地是和吉利合作的工厂，就连出售内燃机的潜在接手方也是吉利。之所以牵扯到与日产CEO的会谈，则是基于雷诺与日产的合作关系。1999年日产汽车经营不善，雷诺以54亿美元的价格收购日产的36.8%股份，并成为日产的最大股东，后来雷诺和日产以及三菱又建立起了联盟关系。时至今日，雷诺和日产的合作已经走过了23年，在一些产品的关键领域早已实现了技术的共享。若此次雷诺将内燃机成功出售给吉利，也就意味着将日产的发动机技术转让给竞争对手吉利。一旦雷诺将内燃机业务顺利地卖给了吉利，燃油车大户日产的市场份额必将受到侵蚀，而拥有雷诺燃油机技术的吉利或许将成为这笔买卖背后的最大赢家。图 / 雷诺中国官方微博短短半个月时间内，吉利在完成对阿斯顿·马丁的股份收购后，又开始着手对雷诺内燃机的收购。虽然，近半年来吉利并没有什么新产品上市，但于吉利而言，收购一个百年的豪华品牌，丝毫不亚于重新打造一个新品牌；对雷诺燃油机的意向，或将改变整个吉利汽车的产品线。当然，可能会有人觉得吉利对阿斯顿·马丁或雷诺的收购，终究是停留在燃油车时代，且被收方都是一些经营出现问题的企业。那么，在国庆节前传来的吉利和英特尔以及英伟达的合作，将是面向未来的智能化方向。9月26日，英特尔旗下Mobileye和吉利控股宣布，将进一步扩大双方在高级驾驶辅助系统（ADAS）和自动驾驶汽车技术方面的合作。继极氪之后，吉利还计划旗下的另外三个品牌将在2023年开始推出搭载Mobileye SuperVision的电动车型。资料显示，Mobileye是以色列的一家自动辅助驾驶公司，早在十年前就是宝马5系和6系自适应巡航技术的供应商了，后来又为特斯拉的自动驾驶做技术支持，并于2017年3月被英特尔收购。再早几天的9月21日，另一个半导体芯片巨头英伟达公布了新一代“DRIVE Thor”计算平台，将致力于自动驾驶和辅助驾驶以及包括车载娱乐在内的一系列数字功能。同时宣布DRIVE Thor第一批客户是中国车企吉利旗下的极氪品牌。图 / 英伟达DRIVE Thor计算平台发布会若和单个芯片巨头合作，对于吉利而言是一个很正常的合作。但是将这两个合作放在一起来看，就是吉利将行业内两个最顶尖的车机芯片和自动驾驶技术供应商聚集在一起，以极氪品牌为连接点，进而提升吉利汽车整体的智能化发展。从吉利当前的布局看，有了阿斯顿·马丁和雷诺的背书，吉利燃油车的“后花园”更加安全了。而有了英特尔和英伟达两大汽车智能化芯片的助攻，吉利可以加速产品的智能化转型。在品牌和技术两条路线上的齐头并进，既是在拥抱未来，也是在兼顾过去。从客观层面来看，吉利下的这几步棋，已远胜一两辆新车的上市。2、丢失的皇冠俗话说，理想丰满，现实骨感。吉利之所以大讲造车故事，无疑是急着在向外界展示自己“家大业大”：前有沃尔沃，后有戴姆勒，再有路特斯和阿斯顿·马丁，将来还有雷诺……不过，李书福当前这几步棋说是“一招定输赢”还为时尚早，勉强只能算是“扭转”了吉利滞后的局势，至于能否取得最终的胜利，还得看后边该如何落子。存在感不强的吉利，在燃油车向新能源赛道切换的今天，在产品上已无法再唱高调了，即便是意气风发的极氪品牌，在发展过程中也未尝不是如履薄冰，在争议中蹒跚踱步。「子弹财观」从乘联会数据得知，9月国内狭义乘用车销量达192.2万辆，同比增长21.5%；前三季度累计销量1487.5万辆，同比增长2.4%。10月10日，吉利汽车发布最新月度销量数据：吉利9月实现13.05万辆的销量，同比增长26%；1-9月累计实现98.96万辆的销量，同比增长7%。单从9月数据来看，吉利汽车的单月销量及增速还不错，但从前三季度的整体销量来看，则和上年同期并没什么太大的变化。若再将吉利汽车放在整个国内汽车市场中来看，无论是月度销量增速，还是累计销量增速，毫无疑问，吉利是跑赢大市的。尤其新能源市场更是出现了数倍的超高速增长。「子弹财观」从吉利汽车月度销量公告发现，吉利9月的广义新能源车型（包含：纯电动、插电混动和油电混动）销量为4.30万辆，同比增长394%，占总销量的32.95%；前三季度新能源车型累计销量为24.04万辆，同比增长433%，占总销量的24.30%。对于一家年销百万辆的大车企而言，突然出现四倍增速，显然是不太符合常理的。在拍手叫好的同时，也该清醒地认识到吉利新能源汽车在去年的基数之低，如此才会出现高增长。足见其新能源的起步之晚。当然，这也并非吉利一家车企的问题，国内外的传统大型汽车制造商都面临着新能源起步晚，赶不上的问题。更值得注意的是，在新能源车型超四倍的增长时，整体销量并没有明显的提升，意味着燃油车销量出现了下滑。「子弹财观」整理吉利9月公告数据发现，9月吉利燃油车销量同比下降8%，前三季度累计销量同比下降15%。而收购沃尔沃换得的领克品牌，在前三季度的累计销量更是出现了同比17%大跌。在「子弹财观」看来，吉利和赛力斯面临着同样的一个问题：整体销量疲软，新能源占比提升，这也就意味着新能源侵蚀了燃油车。新品牌和新车型，在一定程度上带来一部分新的市场份额，但老品牌和老车型同样在丢失一部分市场。如此一来，似乎有点“拆了东墙补西墙”，此番折腾下吉利不但汽车的销量和市场的份额都没跟上来，反倒还搭上了新品牌及新车型的产品研发和品牌推广开支。若是从过去的20年来看，吉利汽车自2000年首辆车的量产时间算起，在经历了长达19年的高增长后，于2018年以150.08万辆的年销量并创下了历史新高。随后便出现了明显的下行走势，并连续三年在年销130万辆的水平线上停滞不前。同在2018年，吉利控股宣布，2018年吉利控股旗下各品牌的汽车总销量达215万辆，从2015年到2018年的短短四年时间，吉利控股的汽车总销量实现了从100万到200万的跨越式突破。如此来看，吉利的“疲软乏力”并非出现在最近的一两年，而是在燃油车向新能源赛道切换的近三年多时间里。这次的“压码”阿斯顿·马丁，已不再像收购沃尔沃，入股戴姆勒那样的大步快走。李书福想重新书写当年的并购神话显然已不太现实，更不可能再以当前的吉利为赌注，去豪赌一场不可知的未来。3、李书福数次“豪赌”“如果失败的话，请给我一个失败的机会吧。”1999年主管工业的大领导到台州调研，李书福当面请命，请国家给民营企业一个造车梦，留下了这句话。二十多年来，吉利汽车一路攻城略地，在一次次“豪赌”中越战越勇。自小就有着“好赌”天性的李书福，至今都没有抓住这个失败机会。20世纪80年代初，刚高中毕业的李书福，拿着120元钱的照相机开了一家照相馆。在照相馆赚到了第一桶金后，又创办了一家名为“北极花”的冰箱厂。短短几年间，李书福从手持百元相机的文艺青年，摇身一变成年销千万的大企业厂长。正当冰箱厂办得如日中天时，因宏观政策的转变，李书福果断作出“让步”，将工厂、车间、存货连同账上的存款全都上交给了“集体”，带着近千万资金南下深圳大学“进修”。在一个“万元户”都能被捧上天的年代里，年轻的李书福从照相馆到冰箱厂的跨界，也注定了从百元起跑到千万身家的不安分。后来，李书福曾对外表示，这是他从小就有的“豪赌”基因。深大“进修”后的李书福眼界更为开阔，看到了代步工具的市场。1993年李书福对摩托车兴趣浓厚，说干就干的李书福趁热打铁办起了摩托车厂。不懂技术，就从拆件模仿开始做起；没有生产资质，收购了一家即将倒闭的国有摩托车厂。当吉利的摩托车走入大街小巷时，李书福又嗅到了四轮车的市场机遇。图 / 吉利控股官网1998年吉利第一辆汽车正式下线，同奇瑞汽车所处的环境一样，由于国家对私人经济进入汽车行业的限制，吉利汽车也遇到了无法量产的困局。直到2001年，吉利终于获得了全国第一张民营汽车厂的“准生证”。一年后，吉利便跻身中国汽车企业十强之列。“撑死胆大的，饿死胆小的”，李书福用这三段在当时看来极为大胆的创业经历，为后来收购沃尔沃的“豪赌”埋下了种子。2006年经济危机前夕，全球资产价格大涨，泡沫化异常严重，陷入巨额亏损的美国汽车厂福特有了卖掉沃尔沃的念头。但因找不到合适的买主，彼时估价40亿美元的沃尔沃，到了2008年已经被折价到20亿美元。在一番角逐后，吉利于2010年以18亿美元（约120亿人民币）的“首付”价格，获得沃尔沃100%股权。再加上后续9亿美元的运营资金，这笔收购案的最终价格为27亿美元（约180亿人民币）。可刚在一年前收购全球第二大自动变速器公司（DSI）的吉利，哪里有钱去支付这18亿美元的“首付款”？即便是拿出了这18亿美元，被收购前的沃尔沃在2009年还出现了近10亿美元的亏损，发展前景未明。如稍有不慎，吉利或将“竹篮打水一场空”。据央视的报道，为了这笔收购案，中国银行给吉利准备了10亿美元的五年期贷款，国家进出口银行以及地方政府均支持了金额不详的贷款资金，外加吉利从欧美金融机构拿到的贷款。如此，吉利的这笔收购案看似最大的资金问题，已经不是什么难题了。曾有报道指出，为了加速推进这笔并购案的交割，吉利还获得福特的2亿美元贷款。可见，福特出售沃尔沃是多么迫不及待。而吉利，则是拿着别人的钱，买了别人的资产。这场“豪赌”也让吉利在中国民营企业海外并购案上一战封神。从今天的结果来推算，这是一笔双赢的买卖：福特甩掉了“包袱”，吉利捡到了“便宜”。可放在当时的环境来看，却并没有这么乐观，除了中国汽车消费市场一片大好外，几乎看不到其他任何值得如此“豪赌”的必要。吉利虽然筹钱不是问题，但这钱不是大风刮来的，贷款得还，还得支付利息。此外，面对总价180亿的沃尔沃，吉利2010年全年的营收也才200亿。买回来的沃尔沃，且不说为吉利创造多大的收益，何时扭亏为盈都是个问题。毕竟被福特手握十年的沃尔沃，不但没能起死回生最终还惨遭折价出售。这场不被外人看好的收购案，于李书福而言就是在拿整个吉利作为“赌注”。自此，李书福也被贴上了“汽车疯子”和“造车狂人”的标签。图 / 吉利控股集团官网4、结语没有技术，去学习，去模仿，学习模仿不成就去花钱买。没有品牌，去孵化，去打造，孵化打造不成就去花钱买。汽车行业，本就是一个集成度较高的行业，放眼全球几乎没有一家汽车厂商，能把控从上游到下游的原料采购、产品设计、整车生产、渠道分销……依靠供应链的合作分工存活于在这个行业，也并不是什么丢人的事。当然，能拥有核心技术的自主掌控就有很大的竞争优势，如若没有核心技术的积累，在这个行业内有一些稳定且可靠的供应链关系，同样可以在汽车行业开疆拓土，如特斯拉、大众、丰田等世界级汽车制造商，不也是依赖外部的供应链吗？吉利对供应链的掌控，除了和其他车企一样通过商业合同、订单价格去稳固各方的合作关系，更喜欢选择和业内的老牌企业建立股权合作联系，形成一个利益共同体。如此一来，无论是新技术的研发，还是投入使用上，都有一定的自主权或优先权。收购沃尔沃买来的不仅仅只是一个豪华品牌的商标，还有沃尔沃汽车的技术积累；入股戴姆勒看中的不仅仅是梅赛德斯这个皇冠，更是想以此建立一个牢固的合作关系；收购宝腾汽车、路特斯、阿斯顿·马丁，以及当下正在谈的雷诺燃油机业务亦是如此。自有品牌影响力不大，技术积累不够，造车经验不足，那就通过股权将世界级品牌捆绑在一起，“学不来，就去买”——这是李书福带着吉利走上了一条有别于比亚迪和上汽的造车路。未来，在新能源汽车的竞赛场上，“赌神”还会站在李书福这边吗？","news_type":1,"symbols_score_info":{"00175":0.9}},"isVote":1,"tweetType":1,"viewCount":2932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931771347,"gmtCreate":1662515718889,"gmtModify":1676537078160,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"<a 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Corp(TAKOF)$","images":[{"img":"https://community-static.tradeup.com/news/9adaf29c98554afbeec10767c51822ce","width":"1125","height":"1740"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931771347","isVote":1,"tweetType":1,"viewCount":2817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9994458968,"gmtCreate":1661678374359,"gmtModify":1676536560293,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994458968","repostId":"1135834316","repostType":4,"repost":{"id":"1135834316","kind":"news","pubTimestamp":1661523572,"share":"https://ttm.financial/m/news/1135834316?lang=en_US&edition=fundamental","pubTime":"2022-08-26 22:19","market":"us","language":"zh","title":"Eagle! Read the highlights of Powell's speech at Jackson Hole in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1135834316","media":"Wind资讯","summary":"美联储主席鲍威尔星期五做出了遏制通货膨胀的严厉承诺。他警告说，他预计美联储将继续以一种会给美国经济带来“一些痛苦”的方式加息。在鲍威尔开始讲话后，美股跳水，纳指跌幅1%，道指大跌近200点。鲍威尔在怀","content":"<p><html><head></head><body>Federal Reserve Chairman Powell made a tough pledge Friday to curb inflation. He warned that he expects the Fed to continue to rate hike in a way that will cause \"some pain\" to the U.S. economy.</p><p>After Powell began speaking, U.S. stocks plunged, with the Nasdaq falling 1% and the Dow plunging nearly 200 points.</p><p>In his highly anticipated annual policy address in Jackson Hole, Wyoming, Powell reiterated that the Fed will \"use our tools forcefully\" to combat inflation, which remains near its highest level in more than 40 years.</p><p>While the Fed has had four consecutive rate hike, totaling a rate hike of 2.25 percentage points, there is \"no room to stop or pause,\" Powell said, even though the benchmark interest rate is likely to be at a level that is neither stimulating nor restrictive to economic growth.</p><p>\"While rising interest rates, slowing economic growth and a weak job market will drive down inflation, it will also cause some pain for households and businesses,\" he said in his speech. \"This is the unfortunate price to bring down inflation. But failing to restore price stability will mean even more pain.\"</p><p>Meanwhile, there are signs that inflation may have peaked but is not showing any obvious signs of declining. Two closely watched indicators, the Consumer Price Index and the Personal Consumption Expenditure Price Index, showed little change in prices in July, largely due to a sharp drop in energy costs.</p><p>Meanwhile, other areas of the economy are slowing. The housing market, in particular, is declining rapidly, and economists expect hiring, which has increased significantly over the past year and a half, could cool.</p><p>However, Powell warned that the Fed is focused on more than just a month or two of data, and that it will push ahead until inflation falls close to its long-term target of 2%.</p><p>\"We have purposefully adjusted our policy stance to a level sufficient to limit inflation back to 2%,\" he said. Looking ahead, he added, \"Restoring price stability may require a restrictive policy stance for some time. The historical record raises a strong warning against premature easing.\"</p><p>While Fed leaders, including Powell, have often used the Jackson Hole symposium as an opportunity to outline broad policy shifts, he noted in his opening remarks that his \"speech will be shorter, my focus will be narrower, and my message will be more direct.\"</p><p>\"Price stability is the responsibility of the Federal Reserve and the cornerstone of our economy,\" he said. \"Without price stability, the economy is not for anyone.\"</p><p>The Fed is using past lessons as a guide for current policy. In particular, Powell noted that 40-year-old inflation offers three lessons for the current Fed: that central banks like the Fed have a responsibility to manage inflation, that expectations matter, and that \"we have to stick with it until the job is done.\"</p><p>Powell noted that the failure of the Federal Reserve to act forcefully in the 1970s led to the perpetuation of high inflation expectations, which led to a harsh rate hike in the early 1980s. At the time, Paul Volcker, then chairman of the Federal Reserve, dragged the economy into a recession to curb inflation.</p><p>While Powell has repeatedly said he does not see a U.S. recession as an inevitable outcome, he noted that managing expectations is critical if the Fed is to avoid a Volcker-style outcome.</p><p>In the early 1980s, Powell said, \"in order to curb high inflation and start bringing it down to a low and stable level, it ultimately took a long period of very strict monetary policy, a process that didn't become the norm until last spring.\"\"Our goal is to avoid that outcome by taking firm action now.\"</p><p>\"Of course, almost everyone is focused on inflation at the moment, which highlights a particular risk today: the longer the current round of high inflation lasts, the more likely it is that expectations of rising inflation will become more entrenched,\" he said.</p><p></body></html></p>","source":"wind","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>Eagle! Read the highlights of Powell's speech at Jackson Hole in one article</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEagle! Read the highlights of Powell's speech at Jackson Hole in one article\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2022-08-26 22:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Federal Reserve Chairman Powell made a tough pledge Friday to curb inflation. He warned that he expects the Fed to continue to rate hike in a way that will cause \"some pain\" to the U.S. economy.</p><p>After Powell began speaking, U.S. stocks plunged, with the Nasdaq falling 1% and the Dow plunging nearly 200 points.</p><p>In his highly anticipated annual policy address in Jackson Hole, Wyoming, Powell reiterated that the Fed will \"use our tools forcefully\" to combat inflation, which remains near its highest level in more than 40 years.</p><p>While the Fed has had four consecutive rate hike, totaling a rate hike of 2.25 percentage points, there is \"no room to stop or pause,\" Powell said, even though the benchmark interest rate is likely to be at a level that is neither stimulating nor restrictive to economic growth.</p><p>\"While rising interest rates, slowing economic growth and a weak job market will drive down inflation, it will also cause some pain for households and businesses,\" he said in his speech. \"This is the unfortunate price to bring down inflation. But failing to restore price stability will mean even more pain.\"</p><p>Meanwhile, there are signs that inflation may have peaked but is not showing any obvious signs of declining. Two closely watched indicators, the Consumer Price Index and the Personal Consumption Expenditure Price Index, showed little change in prices in July, largely due to a sharp drop in energy costs.</p><p>Meanwhile, other areas of the economy are slowing. The housing market, in particular, is declining rapidly, and economists expect hiring, which has increased significantly over the past year and a half, could cool.</p><p>However, Powell warned that the Fed is focused on more than just a month or two of data, and that it will push ahead until inflation falls close to its long-term target of 2%.</p><p>\"We have purposefully adjusted our policy stance to a level sufficient to limit inflation back to 2%,\" he said. Looking ahead, he added, \"Restoring price stability may require a restrictive policy stance for some time. The historical record raises a strong warning against premature easing.\"</p><p>While Fed leaders, including Powell, have often used the Jackson Hole symposium as an opportunity to outline broad policy shifts, he noted in his opening remarks that his \"speech will be shorter, my focus will be narrower, and my message will be more direct.\"</p><p>\"Price stability is the responsibility of the Federal Reserve and the cornerstone of our economy,\" he said. \"Without price stability, the economy is not for anyone.\"</p><p>The Fed is using past lessons as a guide for current policy. In particular, Powell noted that 40-year-old inflation offers three lessons for the current Fed: that central banks like the Fed have a responsibility to manage inflation, that expectations matter, and that \"we have to stick with it until the job is done.\"</p><p>Powell noted that the failure of the Federal Reserve to act forcefully in the 1970s led to the perpetuation of high inflation expectations, which led to a harsh rate hike in the early 1980s. At the time, Paul Volcker, then chairman of the Federal Reserve, dragged the economy into a recession to curb inflation.</p><p>While Powell has repeatedly said he does not see a U.S. recession as an inevitable outcome, he noted that managing expectations is critical if the Fed is to avoid a Volcker-style outcome.</p><p>In the early 1980s, Powell said, \"in order to curb high inflation and start bringing it down to a low and stable level, it ultimately took a long period of very strict monetary policy, a process that didn't become the norm until last spring.\"\"Our goal is to avoid that outcome by taking firm action now.\"</p><p>\"Of course, almost everyone is focused on inflation at the moment, which highlights a particular risk today: the longer the current round of high inflation lasts, the more likely it is that expectations of rising inflation will become more entrenched,\" he said.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://t.wind.com.cn/mobwftweb/M/news.html?share=wechat&show=wft&shareCode=45590b8720c3be8d1069d5ef3c0d2096&code=EACEC9EC2548&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.7.0#/67C0E94E4BD479965E8229A272D6A4DE\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/909f0c076f3fff78497a5c9be00e5429","relate_stocks":{".IXIC":"NASDAQ Composite"},"source_url":"https://t.wind.com.cn/mobwftweb/M/news.html?share=wechat&show=wft&shareCode=45590b8720c3be8d1069d5ef3c0d2096&code=EACEC9EC2548&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.7.0#/67C0E94E4BD479965E8229A272D6A4DE","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135834316","content_text":"美联储主席鲍威尔星期五做出了遏制通货膨胀的严厉承诺。他警告说，他预计美联储将继续以一种会给美国经济带来“一些痛苦”的方式加息。在鲍威尔开始讲话后，美股跳水，纳指跌幅1%，道指大跌近200点。鲍威尔在怀俄明州杰克逊霍尔发表备受期待的年度政策讲话时重申，美联储将“强有力地使用我们的工具”来打击仍处于40多年来最高水平附近的通货膨胀。鲍威尔表示，尽管美联储已连续四次加息，总计加息2.25个百分点，但\"没有空间可以停下来或暂停\"，尽管指标利率可能处于对经济成长既不刺激也不限制的水平。他在讲话中表示:“尽管利率上升、经济增长放缓和就业市场疲软将压低通胀，但也会给家庭和企业带来一些痛苦。”“这是降低通胀的不幸代价。但不能恢复价格稳定将意味着更大的痛苦。”与此同时，有迹象显示，通胀可能已经见顶，但没有显示出任何明显的下降迹象。消费者价格指数和个人消费支出价格指数这两个备受关注的指标显示，7月份物价变化不大，主要原因是能源成本大幅下降。与此同时，其他经济领域正在放缓。尤其是房地产市场正在迅速下滑，经济学家预计，过去一年半大幅增加的招聘可能会降温。然而，鲍威尔警告说，美联储关注的不仅仅是一两个月的数据，它将继续推进，直到通胀率下降到接近2%的长期目标。他说:“我们有目的地将我们的政策立场调整到一个足以限制通胀回到2%的水平。”展望未来，他补充说，“恢复物价稳定可能需要在一段时间内保持限制性的政策立场。历史记录对过早放松政策提出了强烈警告。”尽管包括鲍威尔在内的美联储领导人经常利用杰克逊霍尔研讨会的机会概述广泛的政策转变，但他在开场白中指出，他的“讲话将更简短，我的重点将更狭窄，我要传达的信息将更直接。”他说:“物价稳定是美联储的责任，也是我们经济的基石。”“没有价格稳定，经济就不适合任何人。”美联储正在用过去的经验教训作为当前政策的指引。鲍威尔特别指出，40年前的通货膨胀为当前的美联储提供了三个教训:像美联储这样的中央银行有责任管理通货膨胀，预期至关重要，以及“我们必须坚持下去，直到工作完成。”鲍威尔指出，上世纪70年代美联储未能采取有力行动，导致高通胀预期长期存在，从而导致上世纪80年代初的严厉加息。当时，时任美联储主席的沃尔克(Paul Volcker)将经济拖入衰退，以遏制通胀。虽然鲍威尔一再表示，他不认为美国经济衰退是不可避免的结果，但他指出，如果美联储要避免沃尔克式的结果，管理预期是至关重要的。鲍威尔说，在上世纪80年代初，\"为了遏制高通胀，并开始将通胀降至较低且稳定的水平，最终需要一段长时间的非常严格的货币政策，而这一过程直到去年春天才成为常态。\"“我们的目标是通过现在采取坚定行动来避免这种结果。”他说:“当然，目前几乎所有人都在关注通胀，这凸显了今天的一种特殊风险:当前一轮高通胀持续的时间越长，通胀上升预期变得更加根深蒂固的可能性就越大。”","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990378773,"gmtCreate":1660299337798,"gmtModify":1676533446797,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990378773","repostId":"2258579460","repostType":4,"isVote":1,"tweetType":1,"viewCount":3378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180022770,"gmtCreate":1623165326490,"gmtModify":1704197550109,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"wwa","listText":"wwa","text":"wwa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180022770","repostId":"1180401775","repostType":2,"repost":{"id":"1180401775","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623160529,"share":"https://ttm.financial/m/news/1180401775?lang=en_US&edition=fundamental","pubTime":"2021-06-08 21:55","market":"us","language":"zh","title":"[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1180401775","media":"老虎资讯综合","summary":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。","content":"<p>On June 8th, retail investors' group stocks collectively pushed up,<a href=\"https://laohu8.com/S/GME\">Game Station</a>Up more than 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>It rose by more than 12%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>rose by more than 7%,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the spree of trading in MEME stocks to ensure market stability. Some brokers have taken action to raise the margin requirement for AMC Cinemas and Game Station to 100%, which means that investors need to buy these two securities in cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Movement] Retail investors' group stocks soared, and game stations rose by more than 20%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-08 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 8th, retail investors' group stocks collectively pushed up,<a href=\"https://laohu8.com/S/GME\">Game Station</a>Up more than 20%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>It rose by more than 12%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>rose by more than 7%,<a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>Up nearly 6%.</p><p>On Monday, the U.S. Securities and Exchange Commission (SEC) said it was closely monitoring the spree of trading in MEME stocks to ensure market stability. Some brokers have taken action to raise the margin requirement for AMC Cinemas and Game Station to 100%, which means that investors need to buy these two securities in cash.</p><p><img src=\"https://static.tigerbbs.com/98e0075756d5292a3b8bcd86e1085893\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2946b9cd4befcf808691bc00a8ecb1be","relate_stocks":{"GME":"游戏驿站"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180401775","content_text":"6月8日，散户抱团股集体发力拉升，游戏驿站涨超20%，高斯电子涨超12%，黑莓涨超7%，AMC院线涨近6%。周一，美国证券交易委员会(SEC)表示，正在密切关注MEME股票的疯狂交易，以确保市场稳定。有券商已经采取行动，将AMC院线和游戏驿站的保证金要求提高到100%，这意味着投资者需要用现金购买这两只证券。","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":3745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350823189,"gmtCreate":1616189278541,"gmtModify":1704791984933,"author":{"id":"3575790689237418","authorId":"3575790689237418","name":"熊也赚钱","avatar":"https://static.tigerbbs.com/c8904569094dabce050ca2c86654aba6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575790689237418","authorIdStr":"3575790689237418"},"themes":[],"htmlText":"ready to fly","listText":"ready to fly","text":"ready to fly","images":[{"img":"https://static.tigerbbs.com/a14071b7bd6a9fc90bb4d98c5cb46176","width":"1125","height":"2523"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350823189","isVote":1,"tweetType":1,"viewCount":3511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}