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JackyLove

JackyLove

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2021-06-15

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Sorry, the original content has been removed

2021-04-13

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Tencent Holdings: Will raise the limit of medium-term note program to $30 billion

2021-06-15

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Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.

2021-04-26

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$6 billion ran out of the market! Technology stocks are being snubbed by investors

2021-04-24

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Two K-12 giants have released their financial reports one after another. Which one has "TAL Education Group"?

2021-04-15

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Spokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.

2021-04-14

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Total global cryptocurrency market cap has surpassed Apple's market cap

2021-03-24

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Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8

2021-06-08

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Guan Qingyou: The A-share market style has shifted again, and core assets are back?

2021-03-21

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The surge in US Treasury Bond yields is intensifying; will the Federal Reserve "give in"?

Go to Tiger App to see more news

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09:36","market":"us","language":"zh","title":"Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</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>Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.</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\">\nTimes Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.\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\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":5917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182872610,"gmtCreate":1623565601630,"gmtModify":1704206337705,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/182872610","repostId":"1172667270","repostType":4,"isVote":1,"tweetType":1,"viewCount":5769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182876017,"gmtCreate":1623565567139,"gmtModify":1704206335756,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"a","listText":"a","text":"a","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182876017","repostId":"1159028389","repostType":4,"isVote":1,"tweetType":1,"viewCount":4131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117103923,"gmtCreate":1623120045262,"gmtModify":1704196489621,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117103923","repostId":"1151376161","repostType":4,"repost":{"id":"1151376161","kind":"news","pubTimestamp":1623119950,"share":"https://ttm.financial/m/news/1151376161?lang=en_US&edition=fundamental","pubTime":"2021-06-08 10:39","market":"hk","language":"zh","title":"Guan Qingyou: The A-share market style has shifted again, and core assets are back?","url":"https://stock-news.laohu8.com/highlight/detail?id=1151376161","media":"清友会","summary":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲","content":"<p><i><b>Editor's Note:</b></i>Recently, market hotspots have emerged one after another, with stocks, bonds, foreign exchange, and gold surging simultaneously. A-shares have improved, the bond market has recovered, the RMB has appreciated, gold has risen continuously, and commodities have heated up again. The market has changed dramatically, styles have shifted rapidly, and trading has become more difficult. To this end, based on Dean Guan's recent on-site speech at a wealth event, we have compiled a list of the ten most pressing questions for investors.<b>1. Economic slowdown coupled with rising inflation, a stagflation-like cycle is approaching.</b></p><p>Judging the economic cycle can actually simplify complex issues by combining the leading economic indicator PMI with the sensitive economic indicator PPI. Currently, the Chinese economy has gradually entered a stagflation-like state. The PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly due to weakening external demand orders. PPI continues to rise, commodities still have upward momentum, and short-term inflation has not yet peaked. Slowing economic growth and high prices are typical characteristics of stagflation. However, it is not the classic stagflation described in textbooks, where prices rise across the board. This is because this round of recovery has a typical characteristic: uneven and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to weak domestic demand and weak bargaining power, the transmission of PPI to CPI is not smooth, and profits have not improved significantly. As a result, it has also had a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The recovery is likely to peak in the second quarter, and economic growth momentum will weaken in the second half of the year.</b></p><p>This problem can be analyzed from three perspectives:<b>First, the real estate market is likely to face a downward trend in the second half of the year.</b>The real estate market is very resilient, but even the \"invincible cockroach\" cannot withstand daily attacks. Now that mortgage lending is becoming stricter, sales support is weakening, and financing for the real estate market is restricted, new construction starts are slowing down, and investment is likely to gradually decline.<b>Second, infrastructure investment has gradually entered a downward cycle.</b>。 For local governments, preventing risks in the second half of the year is far more important than stabilizing growth. A few days ago, the Ministry of Finance issued a limit for new local government bonds in 2021 that was lower than the budget allocation, and the issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt has not been completely alleviated, so a decline in infrastructure investment is inevitable, and the high growth rate is unsustainable.<b>Third, weak consumption is the most pressing issue.</b>This is because stimulating consumption recovery cannot be achieved overnight; it is a slow process. On the one hand, the impact of the pandemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, which has structural problems.</p><p><b>3. Short-term inflation still has upward momentum and will continue to be \"semi-inflationary,\" but it is basically controllable in the long run.</b></p><p>Currently, there are structural differences in China's price levels. Looking at the CPI and PPI separately, the pressure on CPI is not significant, while the pressure on PPI is considerable. The CPI is easily affected by the pig cycle. Pig prices have entered a downward cycle and are not sufficient to represent the actual price level. The PPI is more sensitive and objective to inflation. At present, the upward pressure on prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also severe, with the CPI reaching its largest year-on-year increase since the 2008 subprime mortgage crisis. This round of inflation may still have upward momentum in the short term. This is because although the recovery on the demand side has slowed down, it is not over and demand remains strong. On the supply side, the worsening of the epidemic in countries such as India and Southeast Asia has affected production and supply. In the short term, the supply side has been damaged, while the demand side is relatively strong, and the supply-demand gap still exists. However, due to the intervention of the top leadership to stabilize commodity prices, it will be alleviated. Although the commodity market has not yet peaked, considering that the rise in upstream commodity prices has seriously affected the operations of some enterprises, the government has already intervened. In addition, the speculation on commodities in the international financial market is indeed very serious, the market is nearing its end, and volatility will increase significantly, making it difficult to control. It is recommended to participate cautiously. In the long run, as vaccine availability increases, enterprise production gradually recovers, the supply-demand gap is repaired, and inflationary pressures are still relatively controllable.</p><p><b>4. Global monetary policy faces a \"three-pronged\" dilemma, with varying boundaries for easing. The global economy is currently struggling to balance economic recovery, price stability, and asset price stability.</b></p><p>First, we need to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go before full employment. Loose monetary stimulus is needed to maintain economic growth and protect employment. Therefore, it is too early for many countries to exit monetary policy. Secondly, commodity prices have risen one after another, inflation expectations are rising, and market concerns about rate hike resisting global inflation are increasing. Third, the massive global monetary easing following the pandemic has spurred an unprecedented asset bull market, and the problem of asset bubbles is worth being wary of. However, major central banks around the world are now afraid to act rashly. The financial market collapse after the Turkish rate hike is a very painful lesson. The Federal Reserve has also been gradually \"held hostage\" by Wall Street and dares not take the initiative to burst the US stock bubble, but it cannot allow asset prices to rise indefinitely.</p><p><b>5. US employment data fell far short of expectations, and the Federal Reserve is likely to continue its easing measures, unlikely to lead to a sudden rate hike.</b></p><p>Federal Reserve rate hike expectations have eased as non-farm payrolls have fallen short of expectations for two consecutive months. April saw a major surprise in U.S. non-farm payrolls, with only 266,000 new jobs added, far below the expected 1 million. May saw an increase of 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved, making it difficult to say whether the Federal Reserve's monetary policy will tighten. However, the minutes of the recent Federal Reserve meeting released several noteworthy signals: First, they have begun to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but they will consider reducing the scale of bond purchases. However, they are only just beginning to \"consider\" it now, and there is no conclusion yet on when the specific scale of reduction will begin. Secondly, it may take some time to achieve the goals of maximizing employment and price stability. This means that the most important thing at this stage is to achieve full employment and continue to maintain easing. Third, we are generally optimistic about inflation. After the short-term effects of inflation subside, it will ease somewhat within the year, and we will maintain a high tolerance for inflation. Overall, the Federal Reserve's stance is more hawkish than before, and it will marginally tighten monetary policy by reducing the scale of bond purchases in the future, but now is not the time.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sudden turns.\" Minor adjustments are possible, but it will not lead to a shift.</b></p><p>A wave of rate hike in emerging markets is about to hit, and countries such as Russia, Brazil, and Türkiye have already begun rate hike to control inflation and prevent the potential impact of the Federal Reserve's rate hike, but it will not spread to China anytime soon. This is because China carried out a relatively thorough financial restructuring after 2017. As a result, we will be affected by US policy adjustments, but our risk resistance will be relatively strong. But unlike us, economies like Russia, Brazil, and Türkiye are much more influenced by the Federal Reserve than we are. Especially after the 2020 pandemic, my country's monetary policy easing was relatively restrained, unlike countries like Europe, the United States, and Japan that practiced MMT and unlimited easing. This is because China's economic development stage and monetary policy transmission mechanism are very different from those of Europe and the United States, and cannot be generalized. At the same time, China still has other potential growth potential and does not necessarily need massive stimulus to stimulate the economy. Therefore, my country's current monetary policy is relatively cautious and rational, and the official government has clearly stated that it will \"not make a sharp turn\" and will focus on \"fine-tuning\".</p><p><b>7. 2021 is a year of low asset yields; expected returns should be lowered. Steady progress is essential for long-term success.</b></p><p>When we looked ahead at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the real estate market. This year's stock market will certainly not be as full of opportunities as it was in 2020; for ordinary investors, the risks outweigh the opportunities. The judgment is mainly based on two points: First, there is not that much water. In 2020, M2 growth was around 21%, while nominal GDP growth was around 16%, a difference of 5%. M2 growth in 2021 is expected to be around 10%, with a real GDP growth target of 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is a 1:1 match and there is not much room for growth. Second, leading stocks are relatively expensive. Core assets have risen too much in groups, deviating from fundamentals, with valuations too high and risk compensation premiums too low, especially the SSE 50, CSI 300, and STAR Market. Therefore, this wave of adjustment after the Spring Festival was within our expectations. Although there will be a phased recovery opportunity after the rapid adjustment, with the onset of a stagflation-like cycle, neither liquidity nor fundamentals can support a comprehensive bull market. We maintain our judgment that this year will be a small year for assets.</p><p><b>8. The A-share market presents only structural opportunities, with styles gradually shifting from pro-cyclical to cross-cyclical.</b></p><p>The structural opportunities we mentioned at the end of last year mainly referred to the shift in stock market style from sectors that were favored by institutional investors due to valuation increases in 2020 to performance-driven pro-cyclical sectors. From the recent blue-chip stock market crash around the Spring Festival to the subsequent surge in coal and non-ferrous metals prices triggered by rising commodity prices, our prediction of a pro-cyclical market trend has been largely confirmed. However, the recovery is now slowing down, a stagflation-like cycle is approaching, and market style is rebalancing. The pro-cyclical market is nearing its end due to slowing recovery and previous overdrafts. Although there are still opportunities after the adjustment, it has shifted from a one-sided upward trend to a volatile phase, with increased volatility and greater trading difficulty. Cross-cycle sectors such as consumer and pharmaceutical, especially those companies that can continue to release performance, may still have opportunities as long as there is no significant tightening of liquidity. The counter-cyclical technology growth sector remains under pressure due to marginal tightening of liquidity and low risk appetite, with only a very few performance-driven core leaders able to withstand the pressure.</p><p><b>9. Leading stocks favored by the group showed significant divergence in performance after the adjustment; the \"top student model\" was used to select core assets.</b></p><p>The stock market crash of blue-chip stocks after the Spring Festival was actually expected. Institutional clusters are not a reliable and long-term thing. Once some of these factors change, the clusters will definitely collapse. In 2021, the investment logic was no longer driven by valuations caused by expectations of easing, but by fundamentals after the water level dropped. Whoever made the best profits and had the best stock price value would take the lead.<b>The perspective on blue-chip stocks can be explained using the \"top student model\".</b>Suppose a top student starts dating after the Spring Festival this year, and his academic performance plummets, dropping from the top five in his grade to his twenties. What should you do then? Are they abandoning top students and turning to underachievers? Should we patiently wait for top students to do their ideological work? In fact, it all depends on your understanding of academic superstars. You need to understand that the top student's performance mistake this time was because he wasted time dating? Or is he sick? Or is there a psychological problem? This is the same logic as choosing stocks. True top students are likely to make a comeback, while the probability of underachievers performing exceptionally well is relatively small.<b>Therefore, we advocate continuing to focus on performance. While having fundamental support, investors should withstand the pressure of valuation adjustments in core assets and accompany top students.</b></p><p><b>1</b><b><b>0. Mortgage rates are rising, and the window of opportunity for home purchases is gradually closing.</b></b></p><p>Under easing measures, there is no bear market in the real estate market; similarly, after tightening measures, a bull market in the real estate market is unsustainable. At the end of last year, we said that this year would be a big year for the real estate market. Due to the low base effect and increased efforts to launch new projects, real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, setting a new historical record. The big year for the real estate market has already been booked in advance. However, with changes in liquidity, mortgage rates have been raised across the country, and some cities are even planning to temporarily set loans for second-hand homes. The difficulty and high cost of obtaining loans are inevitable trends, which will inevitably dampen the enthusiasm for buying a house, and the window of opportunity for buying a house is gradually closing.</p>","source":"lsy1615432093283","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>Guan Qingyou: The A-share market style has shifted again, and core assets are back?</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\">\nGuan Qingyou: The A-share market style has shifted again, and core assets are back?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">清友会</strong><span class=\"h-time small\">2021-06-08 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>Editor's Note:</b></i>Recently, market hotspots have emerged one after another, with stocks, bonds, foreign exchange, and gold surging simultaneously. A-shares have improved, the bond market has recovered, the RMB has appreciated, gold has risen continuously, and commodities have heated up again. The market has changed dramatically, styles have shifted rapidly, and trading has become more difficult. To this end, based on Dean Guan's recent on-site speech at a wealth event, we have compiled a list of the ten most pressing questions for investors.<b>1. Economic slowdown coupled with rising inflation, a stagflation-like cycle is approaching.</b></p><p>Judging the economic cycle can actually simplify complex issues by combining the leading economic indicator PMI with the sensitive economic indicator PPI. Currently, the Chinese economy has gradually entered a stagflation-like state. The PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly due to weakening external demand orders. PPI continues to rise, commodities still have upward momentum, and short-term inflation has not yet peaked. Slowing economic growth and high prices are typical characteristics of stagflation. However, it is not the classic stagflation described in textbooks, where prices rise across the board. This is because this round of recovery has a typical characteristic: uneven and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to weak domestic demand and weak bargaining power, the transmission of PPI to CPI is not smooth, and profits have not improved significantly. As a result, it has also had a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The recovery is likely to peak in the second quarter, and economic growth momentum will weaken in the second half of the year.</b></p><p>This problem can be analyzed from three perspectives:<b>First, the real estate market is likely to face a downward trend in the second half of the year.</b>The real estate market is very resilient, but even the \"invincible cockroach\" cannot withstand daily attacks. Now that mortgage lending is becoming stricter, sales support is weakening, and financing for the real estate market is restricted, new construction starts are slowing down, and investment is likely to gradually decline.<b>Second, infrastructure investment has gradually entered a downward cycle.</b>。 For local governments, preventing risks in the second half of the year is far more important than stabilizing growth. A few days ago, the Ministry of Finance issued a limit for new local government bonds in 2021 that was lower than the budget allocation, and the issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt has not been completely alleviated, so a decline in infrastructure investment is inevitable, and the high growth rate is unsustainable.<b>Third, weak consumption is the most pressing issue.</b>This is because stimulating consumption recovery cannot be achieved overnight; it is a slow process. On the one hand, the impact of the pandemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, which has structural problems.</p><p><b>3. Short-term inflation still has upward momentum and will continue to be \"semi-inflationary,\" but it is basically controllable in the long run.</b></p><p>Currently, there are structural differences in China's price levels. Looking at the CPI and PPI separately, the pressure on CPI is not significant, while the pressure on PPI is considerable. The CPI is easily affected by the pig cycle. Pig prices have entered a downward cycle and are not sufficient to represent the actual price level. The PPI is more sensitive and objective to inflation. At present, the upward pressure on prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also severe, with the CPI reaching its largest year-on-year increase since the 2008 subprime mortgage crisis. This round of inflation may still have upward momentum in the short term. This is because although the recovery on the demand side has slowed down, it is not over and demand remains strong. On the supply side, the worsening of the epidemic in countries such as India and Southeast Asia has affected production and supply. In the short term, the supply side has been damaged, while the demand side is relatively strong, and the supply-demand gap still exists. However, due to the intervention of the top leadership to stabilize commodity prices, it will be alleviated. Although the commodity market has not yet peaked, considering that the rise in upstream commodity prices has seriously affected the operations of some enterprises, the government has already intervened. In addition, the speculation on commodities in the international financial market is indeed very serious, the market is nearing its end, and volatility will increase significantly, making it difficult to control. It is recommended to participate cautiously. In the long run, as vaccine availability increases, enterprise production gradually recovers, the supply-demand gap is repaired, and inflationary pressures are still relatively controllable.</p><p><b>4. Global monetary policy faces a \"three-pronged\" dilemma, with varying boundaries for easing. The global economy is currently struggling to balance economic recovery, price stability, and asset price stability.</b></p><p>First, we need to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go before full employment. Loose monetary stimulus is needed to maintain economic growth and protect employment. Therefore, it is too early for many countries to exit monetary policy. Secondly, commodity prices have risen one after another, inflation expectations are rising, and market concerns about rate hike resisting global inflation are increasing. Third, the massive global monetary easing following the pandemic has spurred an unprecedented asset bull market, and the problem of asset bubbles is worth being wary of. However, major central banks around the world are now afraid to act rashly. The financial market collapse after the Turkish rate hike is a very painful lesson. The Federal Reserve has also been gradually \"held hostage\" by Wall Street and dares not take the initiative to burst the US stock bubble, but it cannot allow asset prices to rise indefinitely.</p><p><b>5. US employment data fell far short of expectations, and the Federal Reserve is likely to continue its easing measures, unlikely to lead to a sudden rate hike.</b></p><p>Federal Reserve rate hike expectations have eased as non-farm payrolls have fallen short of expectations for two consecutive months. April saw a major surprise in U.S. non-farm payrolls, with only 266,000 new jobs added, far below the expected 1 million. May saw an increase of 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved, making it difficult to say whether the Federal Reserve's monetary policy will tighten. However, the minutes of the recent Federal Reserve meeting released several noteworthy signals: First, they have begun to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but they will consider reducing the scale of bond purchases. However, they are only just beginning to \"consider\" it now, and there is no conclusion yet on when the specific scale of reduction will begin. Secondly, it may take some time to achieve the goals of maximizing employment and price stability. This means that the most important thing at this stage is to achieve full employment and continue to maintain easing. Third, we are generally optimistic about inflation. After the short-term effects of inflation subside, it will ease somewhat within the year, and we will maintain a high tolerance for inflation. Overall, the Federal Reserve's stance is more hawkish than before, and it will marginally tighten monetary policy by reducing the scale of bond purchases in the future, but now is not the time.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sudden turns.\" Minor adjustments are possible, but it will not lead to a shift.</b></p><p>A wave of rate hike in emerging markets is about to hit, and countries such as Russia, Brazil, and Türkiye have already begun rate hike to control inflation and prevent the potential impact of the Federal Reserve's rate hike, but it will not spread to China anytime soon. This is because China carried out a relatively thorough financial restructuring after 2017. As a result, we will be affected by US policy adjustments, but our risk resistance will be relatively strong. But unlike us, economies like Russia, Brazil, and Türkiye are much more influenced by the Federal Reserve than we are. Especially after the 2020 pandemic, my country's monetary policy easing was relatively restrained, unlike countries like Europe, the United States, and Japan that practiced MMT and unlimited easing. This is because China's economic development stage and monetary policy transmission mechanism are very different from those of Europe and the United States, and cannot be generalized. At the same time, China still has other potential growth potential and does not necessarily need massive stimulus to stimulate the economy. Therefore, my country's current monetary policy is relatively cautious and rational, and the official government has clearly stated that it will \"not make a sharp turn\" and will focus on \"fine-tuning\".</p><p><b>7. 2021 is a year of low asset yields; expected returns should be lowered. Steady progress is essential for long-term success.</b></p><p>When we looked ahead at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the real estate market. This year's stock market will certainly not be as full of opportunities as it was in 2020; for ordinary investors, the risks outweigh the opportunities. The judgment is mainly based on two points: First, there is not that much water. In 2020, M2 growth was around 21%, while nominal GDP growth was around 16%, a difference of 5%. M2 growth in 2021 is expected to be around 10%, with a real GDP growth target of 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is a 1:1 match and there is not much room for growth. Second, leading stocks are relatively expensive. Core assets have risen too much in groups, deviating from fundamentals, with valuations too high and risk compensation premiums too low, especially the SSE 50, CSI 300, and STAR Market. Therefore, this wave of adjustment after the Spring Festival was within our expectations. Although there will be a phased recovery opportunity after the rapid adjustment, with the onset of a stagflation-like cycle, neither liquidity nor fundamentals can support a comprehensive bull market. We maintain our judgment that this year will be a small year for assets.</p><p><b>8. The A-share market presents only structural opportunities, with styles gradually shifting from pro-cyclical to cross-cyclical.</b></p><p>The structural opportunities we mentioned at the end of last year mainly referred to the shift in stock market style from sectors that were favored by institutional investors due to valuation increases in 2020 to performance-driven pro-cyclical sectors. From the recent blue-chip stock market crash around the Spring Festival to the subsequent surge in coal and non-ferrous metals prices triggered by rising commodity prices, our prediction of a pro-cyclical market trend has been largely confirmed. However, the recovery is now slowing down, a stagflation-like cycle is approaching, and market style is rebalancing. The pro-cyclical market is nearing its end due to slowing recovery and previous overdrafts. Although there are still opportunities after the adjustment, it has shifted from a one-sided upward trend to a volatile phase, with increased volatility and greater trading difficulty. Cross-cycle sectors such as consumer and pharmaceutical, especially those companies that can continue to release performance, may still have opportunities as long as there is no significant tightening of liquidity. The counter-cyclical technology growth sector remains under pressure due to marginal tightening of liquidity and low risk appetite, with only a very few performance-driven core leaders able to withstand the pressure.</p><p><b>9. Leading stocks favored by the group showed significant divergence in performance after the adjustment; the \"top student model\" was used to select core assets.</b></p><p>The stock market crash of blue-chip stocks after the Spring Festival was actually expected. Institutional clusters are not a reliable and long-term thing. Once some of these factors change, the clusters will definitely collapse. In 2021, the investment logic was no longer driven by valuations caused by expectations of easing, but by fundamentals after the water level dropped. Whoever made the best profits and had the best stock price value would take the lead.<b>The perspective on blue-chip stocks can be explained using the \"top student model\".</b>Suppose a top student starts dating after the Spring Festival this year, and his academic performance plummets, dropping from the top five in his grade to his twenties. What should you do then? Are they abandoning top students and turning to underachievers? Should we patiently wait for top students to do their ideological work? In fact, it all depends on your understanding of academic superstars. You need to understand that the top student's performance mistake this time was because he wasted time dating? Or is he sick? Or is there a psychological problem? This is the same logic as choosing stocks. True top students are likely to make a comeback, while the probability of underachievers performing exceptionally well is relatively small.<b>Therefore, we advocate continuing to focus on performance. While having fundamental support, investors should withstand the pressure of valuation adjustments in core assets and accompany top students.</b></p><p><b>1</b><b><b>0. Mortgage rates are rising, and the window of opportunity for home purchases is gradually closing.</b></b></p><p>Under easing measures, there is no bear market in the real estate market; similarly, after tightening measures, a bull market in the real estate market is unsustainable. At the end of last year, we said that this year would be a big year for the real estate market. Due to the low base effect and increased efforts to launch new projects, real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, setting a new historical record. The big year for the real estate market has already been booked in advance. However, with changes in liquidity, mortgage rates have been raised across the country, and some cities are even planning to temporarily set loans for second-hand homes. The difficulty and high cost of obtaining loans are inevitable trends, which will inevitably dampen the enthusiasm for buying a house, and the window of opportunity for buying a house is gradually closing.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw\">清友会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151376161","content_text":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲，整理出最受投资者关注的十大问题。\n\n1、经济放缓叠加通胀升温，类滞胀周期正在临近\n对于经济周期的判断，其实可以复杂问题简单化，结合经济先行指标PMI和经济敏感指标PPI判断，当前中国经济已经逐步进入到类滞胀状态。PMI连续两个月回落，经济复苏步伐开始放缓，增长动能有所下滑，主要是外需订单开始走弱。PPI持续上行，大宗商品还有冲高动能，短期通胀尚未见顶。经济增速放缓，物价处于高位，这就是滞胀的典型特征。但并不是教科书里讲的那种经典滞胀，物价全面上行，这是因为本轮复苏有一个典型的特征，那就是不均衡、分化明显，涨价主要集中在上游原材料上，终端由于内需不振、议价能力偏弱，所以PPI向CPI传导并不顺畅，盈利也未能有明显的改善，进而对消费也产生了一定的抑制作用，这种情况比滞胀还要严重。\n2、复苏顶点大概率在二季度出现，下半年经济增长动能会有所衰减\n可以从三个角度来分析这个问题：一是房地产在下半年很可能有回落风险。房地产的韧性很强，但“打不死的小强”也架不住天天打，如今房贷趋严，销售端支撑开始趋弱，再加上房地产的融资端受到了限制，新开工放缓，投资很有可能逐渐回落；二是基建已经逐步进入了下行周期。对于地方政府，下半年防风险远比稳增长更重要，前几天财政部下达的2021年新增地方债限额低于预算安排额度，5月地方政府专项债发行也是不及预期，加之地方债压力仍未彻底缓解，基建投资下滑是在所难免，高增速难以为继；三是消费疲软，这也是最棘手的问题。这是因为刺激消费复苏不能一蹴而就，是个慢活。一方面是疫情对中小企业的冲击并没有完全过去，居民可支配收入增长放缓，另一方面我们也正处于消费增长的减速期，存在结构性问题。\n3、短期通胀仍有上行动力，延续“半通货膨胀”，但长期来看基本可控\n当前中国的物价水平是有结构性差异的，将CPI和PPI分开来看，CPI压力不大，PPI压力不小。CPI容易受猪周期干扰，猪价已进入下行周期，不足以代表实际物价水平，PPI对通胀更加敏感和客观，现阶段物价上涨压力主要集中在生产端，主要原因是供需错配。美国通胀也很严重，CPI已经创下2008年次贷危机以来最大同比增幅。本轮通胀短期可能还有继续上行的动力，这是因为需求端虽然复苏有所放缓，但并未结束，需求依旧强劲，供给端由于印度、东南亚等国家疫情再度恶化，影响生产供给，短期供给侧受损、需求侧相对旺盛，供需缺口依旧存在，但由于高层出手稳定大宗商品价格，会有所缓解。大宗商品行情虽然尚未见顶，但考虑到上游大宗商品涨价已经严重影响到部分企业经营情况，政府已经出手开始干预，加之国际金融市场对商品的炒作确实非常严重，行情已接近尾声，波动也会明显加大，难以把握，建议谨慎参与。长期来看，随着疫苗普及程度提升，企业生产逐渐恢复，供求缺口修复，通胀压力还算可控。\n4、全球货币政策面临“三难”困境，宽松的边界各不相同。当前全球对于经济复苏、物价平稳、资产价格平稳三者之间难以兼顾\n一是要刺激经济的复苏，虽然经济还在复苏过程中，但增速已经开始放缓，离充分就业还有不小的距离，需要宽松的货币刺激来维持经济增长和保障就业，所以对于不少国家货币政策退出还为时尚早；二是大宗商品接连涨价，通胀预期不断升温，市场关于加息抵御全球性通胀的担忧不断提升；三是疫情之后，全球大放水催生了史无前例的资产大牛市，资产泡沫问题值得警惕，但现在全球主要央行都不敢轻举妄动，土耳其加息后金融市场崩盘就是很惨烈的教训，美联储也逐步被华尔街“绑架”，不敢主动戳破美股泡沫，但也不能放任资产价格无限上涨。\n5、美国就业数据远不及预期，美联储大概率持续宽松，不会骤然加息\n由于非农就业连续两个月不及预期，美联储加息预期有所缓解。4月美国非农就业大爆冷，新增就业人数仅26.6万人，远低于100万的预计值，5月增加55.9万，低于预期的67.4万，充分就业和经济复苏的目标远未达成，美联储货币政策难说收紧。但近期的美联储会议纪要释放了几点值得关注的信号：一是开始考虑缩减购债规模，短期不会加息，但会考虑缩减购债规模，但现在仅仅是开始“考虑”，具体什么时候开始缩减还没结论；二是要实现最大化就业和价格稳定目标，可能还需要一段时间，意味着现阶段最重要的是充分就业，还要继续维持宽松；三是对通胀基本持有乐观态度，通胀短期效应消退后，年内会有所缓解，对通胀保持较高的容忍度。综合来看，美联储表态比之前更鹰派一点，未来会通过缩减购债规模来边际收紧货币政策，但现在还不是时候。\n6、中国货币政策维持中性，强调“不急转弯”，可能微调，但不至于转向\n新兴市场加息潮将来袭，俄罗斯、巴西、土耳其等国已经开始加息，一方面是控制通胀，另一方面是防止美联储加息可能带来的冲击，但不会很快蔓延到中国。这是因为中国在2017年之后进行了一场比较彻底的金融大整顿，因此我们受到美国政策调整的影响会有，但是抗风险能力会比较强。可俄罗斯、巴西和土耳其这些经济体和我们不同，它们受到美联储的影响要比我们要大得多。特别是2020年疫情以后，我国货币政策宽松相对克制，并没有像欧美日等国践行MMT，无上限宽松，这是因为中国的经济发展阶段、中国的货币政策传导机制，都和欧美国家有很大差别，不能一概而论。同时中国仍有其他潜在增长潜力，并不一定需要大水漫灌来刺激经济。因此我国当前的货币政策比较谨慎、理性，官方也明确表明“不急转弯”，注重“微调”。\n7、2021年是资产小年，应降低预期收益率，行稳才能致远\n我们在去年年底展望的时候说2020年是股市大年，2021年是楼市大年。今年的股市肯定不会像2020年那样充满机会，对于普通投资者而言，是风险大于机会。主要是基于两点判断：一是水没有那么多。2020年M2在21%左右，名义GDP增速在16%左右，有5%的差值；2021年M2预计在10%左右，实际GDP增速定的目标是6%，预留了边际收紧的空间，通胀目标是3%，名义GDP增速在9%左右，正好1:1匹配，没有太大的空间。二是龙头股偏贵。核心资产抱团涨得太多，脱离基本面，估值太高，风险补偿溢价太低，特别是上证50、沪深300和科创板。所以春节过后的这波调整在我们的预期之中，虽然快速调整之后，会有阶段性的修复机会，但类滞胀周期来袭，流动性和基本面都无法支撑全面的大牛市，维持年内资产小年的判断。\n8、A股只有结构性机会，风格逐渐从顺周期向跨周期切换\n去年年底我们说的结构性的机会，主要指的是股市风格将从2020年估值推升机构抱团的板块，切换为业绩驱动的顺周期板块。从春节前后这一轮白马股股灾，到后来大宗商品价格上涨带来的“煤飞色舞”行情，基本印证了我们预判的顺周期行情。但现在复苏开始放缓，类滞胀周期越来越近，市场风格出现再平衡。顺周期行情由于复苏放缓和前期透支，行情接近尾声，虽然调整后还有机会，但已经从单边上行转向震荡阶段，波动加剧，操作难度加大。跨周期的消费、医药等板块，特别是那些业绩能持续释放的公司，流动性只要没有大的收紧，可能仍有机会。逆周期的科技成长板块，由于流动性边际收紧，风险偏好处于低位，整体依然承压，只有极少数业绩驱动型的核心龙头能扛住。\n9、抱团龙头股调整后走势明显分化，用“学霸模型”选择核心资产\n春节后白马股的股灾其实是在意料中的，机构抱团并不是一件靠谱且长久的事，一旦其中部分要素发生变化，抱团肯定会瓦解。2021年投资逻辑不再是宽松预期导致的估值驱动，而是水位下降之后的基本面驱动，谁盈利好，股价性价比高，谁就能拔得头筹。对于白马股的看法，可以用“学霸模型”来解释一下。假设有一个学霸，在今年春节以后谈恋爱，学习成绩直线下降，一下子从年级前五名掉到了年纪二十多名。这时候你该怎么办？是抛弃学霸转身去找学渣？还是耐心等学霸做好自己的思想工作？其实这一切都取决于你对学霸的理解。你要搞懂这次学霸发挥失误是因为谈恋爱耽误时间了？还是生病了？抑或是心理出现了问题？这和选择股票的逻辑是一样的。真正的学霸大概率会东山再起，学渣超常发挥的概率相对较小。因此我们主张要继续去关注业绩，有基本面支撑的同时，投资者要抗住核心资产的估值调整的压力，陪伴学霸。\n10、房贷利率上调，购房窗口期逐渐关闭\n宽松之下，地产无熊市，同理，紧缩之后，地产牛市难以为继。去年年底我们曾说今年是楼市大年，由于低基数效应和推盘力度加大，一季度地产销量创历史新高，全年销售额有望突破18万亿，创历史记录，楼市大年已经提前预定。但是随着流动性发生变化，各地纷纷上调房贷利率，部分城市甚至计划暂定二手房贷款，贷款难和贷款贵已是大势所趋，势必会打击购房积极性，购房窗口期逐渐关闭。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":6047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135623440,"gmtCreate":1622162055380,"gmtModify":1704180549155,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135623440","repostId":"1139893263","repostType":4,"repost":{"id":"1139893263","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":1621926753,"share":"https://ttm.financial/m/news/1139893263?lang=en_US&edition=fundamental","pubTime":"2021-05-25 15:12","market":"sg","language":"zh","title":"Reminder: US stocks will be closed on May 31st due to Memorial Day.","url":"https://stock-news.laohu8.com/highlight/detail?id=1139893263","media":"老虎资讯综合","summary":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景","content":"<p>It is reported that the US stock market will be closed for one day on May 31 (Monday) due to Memorial Day in the United States, and trading will resume as usual on Tuesday.</p><p>The UK stock market will be closed on Monday, May 31, due to a Bank Holiday, and trading will resume as usual on Tuesday.</p><p>Trading in Hong Kong, A-shares, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p>Memorial Day is a holiday commemorated in most states of the United States. Originally on May 30, after 1971, to ensure that federal employees could enjoy this Day off, many states changed it to the last Monday of May.</p><p>In the American Civil War, countless soldiers died in battle. At the end of the war, many families in the South began to pay tribute to the soldiers who died in the war. They offered flowers to the graves of the dead on both sides in the spring, regardless of whether they were from the north or south. The northerners were deeply moved by this and regarded this act as a symbol of national unity. In 1868, May 30 was officially approved as a day to lay flowers in honor of soldiers who bravely died defending their homeland.</p><p>On Memorial Day, active-duty U.S. soldiers and veterans line up in long lines to the cemetery, fire their guns to pay tribute to the fallen soldiers, and sound the military lights-out bugle to lay them to rest.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" 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>Reminder: US stocks will be closed on May 31st due to Memorial Day.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stocks will be closed on May 31st due to Memorial Day.\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\">2021-05-25 15:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It is reported that the US stock market will be closed for one day on May 31 (Monday) due to Memorial Day in the United States, and trading will resume as usual on Tuesday.</p><p>The UK stock market will be closed on Monday, May 31, due to a Bank Holiday, and trading will resume as usual on Tuesday.</p><p>Trading in Hong Kong, A-shares, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p>Memorial Day is a holiday commemorated in most states of the United States. Originally on May 30, after 1971, to ensure that federal employees could enjoy this Day off, many states changed it to the last Monday of May.</p><p>In the American Civil War, countless soldiers died in battle. At the end of the war, many families in the South began to pay tribute to the soldiers who died in the war. They offered flowers to the graves of the dead on both sides in the spring, regardless of whether they were from the north or south. The northerners were deeply moved by this and regarded this act as a symbol of national unity. In 1868, May 30 was officially approved as a day to lay flowers in honor of soldiers who bravely died defending their homeland.</p><p>On Memorial Day, active-duty U.S. soldiers and veterans line up in long lines to the cemetery, fire their guns to pay tribute to the fallen soldiers, and sound the military lights-out bugle to lay them to rest.<img src=\"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9\" tg-width=\"640\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/98d5ab469653a1d3faf593c83b1649c9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139893263","content_text":"据悉，5月31日（周一）因美国阵亡将士纪念日，美股市场休市一日，周二起照常交易。5月31日（周一）英股市场因Bank Holiday休市一日，周二起照常交易。港股、A股、澳股、新加坡股市照常交易。背景简介：阵亡将士纪念日（Memorial Day）：是美国大多数州都要纪念的节日，时间原为5月30日，1971年以后，为保证联邦雇员都能享有这一休息日，许多州将它改在5月的最后一个星期一。美国南北战争中，无数将士在战火中阵亡。战争结束，南部许多家庭开始祭奠战争中阵亡的将士。他们不分南北双方，在春天向双方死者的墓地都奉献鲜花，北方人为此深受感动，将这一举动视为民族团结的象征。1868年，5月30日这一天被正式批准为向为保卫祖国而英勇牺牲的士兵们敬献鲜花的日子。每逢阵亡将士纪念日，美国现役军人和老战士便排成长长的队伍前往墓地，鸣枪向阵亡将士致意，吹响军中熄灯号让死难将士安息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4005,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192463198,"gmtCreate":1621223004314,"gmtModify":1704354191592,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192463198","repostId":"1173867331","repostType":4,"isVote":1,"tweetType":1,"viewCount":4381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377364484,"gmtCreate":1619498025648,"gmtModify":1704724951825,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/377364484","repostId":"1171495583","repostType":4,"repost":{"id":"1171495583","kind":"news","pubTimestamp":1619497808,"share":"https://ttm.financial/m/news/1171495583?lang=en_US&edition=fundamental","pubTime":"2021-04-27 12:30","market":"sh","language":"zh","title":"Is SAIC, WM Motor, and others focusing on SOA a \"leapfrog development\" under the shift in dimensions?","url":"https://stock-news.laohu8.com/highlight/detail?id=1171495583","media":"投中网","summary":"SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。\n\n是什么成就苹果超2万亿美元的市值？\n凯文·凯利曾在演讲时指出：","content":"<p>The SOA concept may be the vanguard of this transformation, making it more natural. Starting this year, SAIC, WM Motor, Voyah, Nezha, and others have all mentioned SOA architecture when discussing intelligent vehicles. What enabled Apple to achieve a market capitalization of over $2 trillion?</p><p>Kevin Kelly once pointed out in a speech: \"The future of technological innovation lies on the fringes outside the mainstream. For example, when your tractor gets better and better, cars may make a comeback on another technological level. That's the future.\" This statement not only interprets Apple's innovation as a breakthrough in a different dimension, but also implicitly reveals a possible transformative approach for the automotive industry.</p><p>In the post-pandemic era, SDV (Software-Defined Vehicle) has become a buzzword used by automakers, and the term \"user-defined vehicle\" has subsequently emerged. However, automakers mostly want to make it easy for users to understand. When change involves technological research and development, they must consider what concepts to use to design the architecture to support the software and realize the true value of SDV.</p><p>The SOA concept may be the vanguard of this transformation, making it more natural. Starting this year, SAIC, WM Motor, Voyah, Nezha, and others have all mentioned SOA architecture when discussing intelligent vehicles. This month, SAIC also held the Global SOA Platform Developer Conference. What signals does the introduction of SOA architecture into automobiles reveal to the industry?</p><p><b>SOA sets the stage for a revolution in the automotive industry similar to Apple apps.</b></p><p>SOA is not a new term; it has been tried in the automotive industry for a long time. Nio and XPeng are already trying to apply some SOA architecture designs. For example, the relatively mature OTA functions and remote diagnostic functions are all within the scope of SOA architecture applications.</p><p>Taking smartphones as an analogy, Apple iPhones have a similar architecture, manifested in the form of the App Store, a platform open to developers. SOA is to cars what Apple's App Store is to the iPhone; it opens up the car's hardware capabilities for software developers to use to achieve corresponding functions.</p><p>From the release of the iPhone 3G and the opening of the Apple Store to third-party developers, to the fact that there are now more than 5 million apps on the Apple Store, Apple has thus gained a world-leading software ecosystem. With the few sensors and actuators supported by Apple phones, iOS is already capable of providing millions of applications, while the hardware complexity of cars far exceeds that of mobile phones. Incorporating the SOA platform into it has enormous potential.</p><p>An ordinary user who doesn't know how to write code can generate personalized scenarios that meet user needs by integrating the triggers of various modules such as car windows, audio systems, and ambient lighting into their own APP. The APP is uploaded to the APP store and then downloaded to the car, allowing users to use it.</p><p>For example, when the car needs ventilation, the driver wants to open the car's external circulation, while two passengers want to open the window and sunroof respectively. This creates three different needs, which can be fully customized by the user. This is just the simplest way to play. Through a combination of various functions, a massive number of brand-new applications can theoretically be generated, ultimately expanding the capabilities of intelligent vehicles.</p><p>Similar to the App Store, developers can use SOA platforms to provide services to users on a buy-out or subscription basis. Developers can gain commercial revenue, and automakers can also make profits. However, SOA platforms are still in their early stages, and it is unclear how to develop a business model.</p><p>Currently, SAIC Zero Beam and WM Motor are among the few companies that have chosen to build their entire vehicles on SOA platforms, while Nezha and HiPhi have mentioned introducing SOA concepts, but their products have not yet been implemented.</p><p>SAIC Zero Beam has worked with the first batch of developers to develop dozens of exclusive application scenarios for intelligent vehicles, hundreds of user-specific \"personalized\" modes, and some typical automotive intelligent applications. Currently, the platform's software can be used on SAIC's R Auto and Zhiji Auto.</p><p>WM Motor applies the SOA platform in the WM W6 car, launching custom programming functions with over 100 custom scenarios, and synchronizing the mobile device with the in-vehicle infotainment system. The Nezha S will also base its entire system on an SOA architecture, but the product may be officially launched in the second half of 2022.</p><p>Compared to these companies, SAIC and WM Motor have achieved product implementation in their exploration of SOA platforms. SAIC's open process has been faster, while WM Motor's implementation time, that is, its car release time, has been slightly earlier. Nezha, on the other hand, has the slowest progress because the complete vehicle has not been announced.</p><p>Even so, there is still significant room for improvement in the openness of SAIC Zero Beam SOA platform. According to \"Intelligent Relativity\", its platform is divided into three modes. Two versions for ordinary users and third-party developers have been released to the outside world, while the version for OEMs and suppliers has not been specifically shown.</p><p>As a key part of moving towards openness, it is most difficult for automakers to achieve cross-brand and cross-model success. This not only places high demands on the R&D engineering team, but also involves balancing interests with Tier 1 and other OEMs. This also makes people see many difficulties and challenges when looking forward to SOA platforms.</p><p><b>Building a \"stage\" is not easy, and there's also the fear that \"no one will sing opera and no one will support them.\"</b></p><p>Another advantage of using an SOA architecture is that the leadership in software development will return to automakers. As a result, automakers need a lot of research and development work, as well as talent.</p><p>Industry insiders told \"Intelligent Relativity\", \"Architecture engineers are paid very high salaries, but they can't be hired just by offering a high salary, because this position has extremely high requirements for people. They need to have a professional understanding of both cars and software.\"</p><p>In the early stages of defining vehicle functions, the entire SOA team must be involved, which requires a lot of money from SAIC Zero Beam, WM Motor, Nezha, and other automakers. However, apart from the technical aspects, there are still many practical problems, such as how car companies can attract developers to join the platform.</p><p>Taking the above-mentioned auto parts bundle SOA platform as an example, in order to achieve the original intention of encouraging more developers and even ordinary users to continuously participate in software development, it is necessary to lower the entry threshold to expand the user base and help the platform atmosphere become more active. After building good services and features, we can then drive the improvement of the overall platform quality to attract new developers and ultimately feed back into the SOA platform. Once it starts operating, it will have a \"flywheel effect\" and form a scale.</p><p>Many internet phenomena are similar, such as food delivery, group-buying e-commerce, and ride-hailing platforms. The number of merchants and the number of users are mutually reinforcing and mutually reinforcing. In order to expand the scale of both platforms, throwing money into subsidies is often a common practice in a cold start.</p><p>Indeed, developers cannot always \"generate electricity for love\". Similar to the App Store, developing effective incentive plans is an issue that automakers need to consider. Initial investment by automakers is unavoidable, but how to divide the benefits among users, developers, and automakers afterward is crucial, as it is related to the long-term survival of the platform.</p><p>Another key question is how automakers can break down boundaries. When developing mobile software, developers only need to focus on the Android and iOS operating systems, and then perform simple device model adaptation. When the software is installed, there are countless car models and brands available. Whether it's SAIC Zero Beam or WM Motor, the platform is currently only implemented in their models. To open up new growth space for developers in the future, more competitors will undoubtedly need to integrate into the platform.</p><p>The difficulty in this area lies not in how the platform \"adapts\" to competitors, but rather in how the platform \"absorbs\" competitors. The current trend in the automotive industry is that underlying components such as traditional automotive hardware and intelligent hardware are gradually becoming open, standardized, and supported by industrial scale. The competition among these companies is actually a competition at the software and service levels, both of which are things that \"competitors\" are unwilling to lose.</p><p>In addition, security issues are also a necessary consideration for platform development. There are hundreds of pieces of hardware in a car that can be accessed by software. For driving safety reasons, car software has a much lower fault tolerance (such as crashes and outages) than the App Store.</p><p>This means that some functions involving motorsports and autonomous driving cannot be made available to users and can only be designed by OEMs with strong R&D capabilities. This creates a paradox: \"high-tech entry barriers\" and \"attracting more developers\" cannot be achieved simultaneously, because security must be guaranteed.</p><p>WM Motor stated that W6 users can create their own driving mode through \"WM Express,\" including software and hardware settings such as L2 driver assistance systems, music, air conditioning temperature, and seat adjustments, which can be added and configured according to their preferences. When introducing the platform, SAIC Zero Beam focused more on the functions of its lifestyle and entertainment systems.</p><p>The entertainment system function itself has a lower security level than the requirements of other domains and is the easiest to implement, while the opposite is true in the ADAS domain. Therefore, in the development trend of SOA platforms, the functions need to be promoted and improved step by step by SAIC Zero Beam and WM Motor until they are fully integrated.</p><p><b>Soul-searching question: Everyone wants to do it, so why should you succeed?</b></p><p>The ideal is lofty, but the reality is somewhat harsh. If automakers want to build a competitive advantage on SOA platforms, the difficulties they face should not be underestimated. As mentioned earlier, SAIC and WM Motor are already eyeing its huge potential, while Nezha and HiPhi are also eager to try SOA architecture.</p><p>Of course, these are only the currently known OEMs. More and more tech and internet giants, including Xiaomi and Didi, are beginning to expand into the field of intelligent vehicles. From \"software-defined cars\" to \"user-defined cars\" becoming popular, it's understandable that companies like Xiaomi and Didi value \"SOA\".</p><p>Leveraging its advantages in hardware manufacturing and software operation in its existing business areas, Xiaomi and Didi have made a new strategic extension in car manufacturing. Xiaomi has a larger user base than traditional automakers, which better supports the commercialization of SOA platforms.</p><p>Xiaomi's car manufacturing system architecture is currently unknown, but given its large number of \"Mi Fans,\" Xiaomi will undoubtedly value their opinions and will most likely introduce \"SOA.\" Through the SOA platform, Mi Fans can generate personalized scenarios that match their own car ownership preferences and driving habits, which aligns with its emphasis on \"user engagement\".</p><p>Compared to their competitors, SAIC Zero Beam and WM Motor have the advantage of being \"first-mover\" and will be able to reach a certain scale earlier. Wang Jun, president of Huawei's Intelligent Vehicle Solutions BU, said at the SAIC Developer Conference that the wider the application range of the software platform, the lower the marginal cost. Scale is undoubtedly the most fundamental business logic for achieving profitability.</p><p>Although several technology and internet companies, including Baidu, Tencent, and Huawei, have discussed potential collaborations with SAIC SOA, they and SAIC will likely have a competitive and cooperative relationship in the future, taking control of these matters. Similarly, other automakers will also build their own SOA platforms, with development strategies such as expanding outwards or choosing to use them themselves, but this also means that SAIC and WM Motor's SOA platforms will lose these resources.</p><p>However, smaller automakers will consider whether their user base can support the commercialization of their self-built platforms. If they decide to use the platforms of large automakers, they will weigh which platform ecosystem is better, so that every link in their own industry chain is expected to benefit from it.</p><p>Therefore, attracting these small automakers will be an important direction for large automakers such as SAIC to expand their \"circle of friends\" in the future. In the long run, as SAIC Zero Beam's SOA platform gradually opens up, it will be tested on other brands of vehicles. Regardless of whether small car companies use their own platforms, the first step can be to unify the interface standards to facilitate their integration into the ecosystem.</p><p>Overall, electrification and intelligentization are shaping a new track for the next round of industrial competition, and SOA platforms have become one of the keys for automakers to gain traction. Everyone wants to create an \"App Store,\" but in the end, there may only be one. Currently, automakers such as SAIC Zero Beam and WM Motor are still in the early stages of \"SOA,\" and the future competitive landscape remains unknown. What we need to do is let the automakers' \"bullets\" fly a little longer.</p>","source":"tzw","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is SAIC, WM Motor, and others focusing on SOA a \"leapfrog development\" under the shift in dimensions?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs SAIC, WM Motor, and others focusing on SOA a \"leapfrog development\" under the shift in dimensions?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2021-04-27 12:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The SOA concept may be the vanguard of this transformation, making it more natural. Starting this year, SAIC, WM Motor, Voyah, Nezha, and others have all mentioned SOA architecture when discussing intelligent vehicles. What enabled Apple to achieve a market capitalization of over $2 trillion?</p><p>Kevin Kelly once pointed out in a speech: \"The future of technological innovation lies on the fringes outside the mainstream. For example, when your tractor gets better and better, cars may make a comeback on another technological level. That's the future.\" This statement not only interprets Apple's innovation as a breakthrough in a different dimension, but also implicitly reveals a possible transformative approach for the automotive industry.</p><p>In the post-pandemic era, SDV (Software-Defined Vehicle) has become a buzzword used by automakers, and the term \"user-defined vehicle\" has subsequently emerged. However, automakers mostly want to make it easy for users to understand. When change involves technological research and development, they must consider what concepts to use to design the architecture to support the software and realize the true value of SDV.</p><p>The SOA concept may be the vanguard of this transformation, making it more natural. Starting this year, SAIC, WM Motor, Voyah, Nezha, and others have all mentioned SOA architecture when discussing intelligent vehicles. This month, SAIC also held the Global SOA Platform Developer Conference. What signals does the introduction of SOA architecture into automobiles reveal to the industry?</p><p><b>SOA sets the stage for a revolution in the automotive industry similar to Apple apps.</b></p><p>SOA is not a new term; it has been tried in the automotive industry for a long time. Nio and XPeng are already trying to apply some SOA architecture designs. For example, the relatively mature OTA functions and remote diagnostic functions are all within the scope of SOA architecture applications.</p><p>Taking smartphones as an analogy, Apple iPhones have a similar architecture, manifested in the form of the App Store, a platform open to developers. SOA is to cars what Apple's App Store is to the iPhone; it opens up the car's hardware capabilities for software developers to use to achieve corresponding functions.</p><p>From the release of the iPhone 3G and the opening of the Apple Store to third-party developers, to the fact that there are now more than 5 million apps on the Apple Store, Apple has thus gained a world-leading software ecosystem. With the few sensors and actuators supported by Apple phones, iOS is already capable of providing millions of applications, while the hardware complexity of cars far exceeds that of mobile phones. Incorporating the SOA platform into it has enormous potential.</p><p>An ordinary user who doesn't know how to write code can generate personalized scenarios that meet user needs by integrating the triggers of various modules such as car windows, audio systems, and ambient lighting into their own APP. The APP is uploaded to the APP store and then downloaded to the car, allowing users to use it.</p><p>For example, when the car needs ventilation, the driver wants to open the car's external circulation, while two passengers want to open the window and sunroof respectively. This creates three different needs, which can be fully customized by the user. This is just the simplest way to play. Through a combination of various functions, a massive number of brand-new applications can theoretically be generated, ultimately expanding the capabilities of intelligent vehicles.</p><p>Similar to the App Store, developers can use SOA platforms to provide services to users on a buy-out or subscription basis. Developers can gain commercial revenue, and automakers can also make profits. However, SOA platforms are still in their early stages, and it is unclear how to develop a business model.</p><p>Currently, SAIC Zero Beam and WM Motor are among the few companies that have chosen to build their entire vehicles on SOA platforms, while Nezha and HiPhi have mentioned introducing SOA concepts, but their products have not yet been implemented.</p><p>SAIC Zero Beam has worked with the first batch of developers to develop dozens of exclusive application scenarios for intelligent vehicles, hundreds of user-specific \"personalized\" modes, and some typical automotive intelligent applications. Currently, the platform's software can be used on SAIC's R Auto and Zhiji Auto.</p><p>WM Motor applies the SOA platform in the WM W6 car, launching custom programming functions with over 100 custom scenarios, and synchronizing the mobile device with the in-vehicle infotainment system. The Nezha S will also base its entire system on an SOA architecture, but the product may be officially launched in the second half of 2022.</p><p>Compared to these companies, SAIC and WM Motor have achieved product implementation in their exploration of SOA platforms. SAIC's open process has been faster, while WM Motor's implementation time, that is, its car release time, has been slightly earlier. Nezha, on the other hand, has the slowest progress because the complete vehicle has not been announced.</p><p>Even so, there is still significant room for improvement in the openness of SAIC Zero Beam SOA platform. According to \"Intelligent Relativity\", its platform is divided into three modes. Two versions for ordinary users and third-party developers have been released to the outside world, while the version for OEMs and suppliers has not been specifically shown.</p><p>As a key part of moving towards openness, it is most difficult for automakers to achieve cross-brand and cross-model success. This not only places high demands on the R&D engineering team, but also involves balancing interests with Tier 1 and other OEMs. This also makes people see many difficulties and challenges when looking forward to SOA platforms.</p><p><b>Building a \"stage\" is not easy, and there's also the fear that \"no one will sing opera and no one will support them.\"</b></p><p>Another advantage of using an SOA architecture is that the leadership in software development will return to automakers. As a result, automakers need a lot of research and development work, as well as talent.</p><p>Industry insiders told \"Intelligent Relativity\", \"Architecture engineers are paid very high salaries, but they can't be hired just by offering a high salary, because this position has extremely high requirements for people. They need to have a professional understanding of both cars and software.\"</p><p>In the early stages of defining vehicle functions, the entire SOA team must be involved, which requires a lot of money from SAIC Zero Beam, WM Motor, Nezha, and other automakers. However, apart from the technical aspects, there are still many practical problems, such as how car companies can attract developers to join the platform.</p><p>Taking the above-mentioned auto parts bundle SOA platform as an example, in order to achieve the original intention of encouraging more developers and even ordinary users to continuously participate in software development, it is necessary to lower the entry threshold to expand the user base and help the platform atmosphere become more active. After building good services and features, we can then drive the improvement of the overall platform quality to attract new developers and ultimately feed back into the SOA platform. Once it starts operating, it will have a \"flywheel effect\" and form a scale.</p><p>Many internet phenomena are similar, such as food delivery, group-buying e-commerce, and ride-hailing platforms. The number of merchants and the number of users are mutually reinforcing and mutually reinforcing. In order to expand the scale of both platforms, throwing money into subsidies is often a common practice in a cold start.</p><p>Indeed, developers cannot always \"generate electricity for love\". Similar to the App Store, developing effective incentive plans is an issue that automakers need to consider. Initial investment by automakers is unavoidable, but how to divide the benefits among users, developers, and automakers afterward is crucial, as it is related to the long-term survival of the platform.</p><p>Another key question is how automakers can break down boundaries. When developing mobile software, developers only need to focus on the Android and iOS operating systems, and then perform simple device model adaptation. When the software is installed, there are countless car models and brands available. Whether it's SAIC Zero Beam or WM Motor, the platform is currently only implemented in their models. To open up new growth space for developers in the future, more competitors will undoubtedly need to integrate into the platform.</p><p>The difficulty in this area lies not in how the platform \"adapts\" to competitors, but rather in how the platform \"absorbs\" competitors. The current trend in the automotive industry is that underlying components such as traditional automotive hardware and intelligent hardware are gradually becoming open, standardized, and supported by industrial scale. The competition among these companies is actually a competition at the software and service levels, both of which are things that \"competitors\" are unwilling to lose.</p><p>In addition, security issues are also a necessary consideration for platform development. There are hundreds of pieces of hardware in a car that can be accessed by software. For driving safety reasons, car software has a much lower fault tolerance (such as crashes and outages) than the App Store.</p><p>This means that some functions involving motorsports and autonomous driving cannot be made available to users and can only be designed by OEMs with strong R&D capabilities. This creates a paradox: \"high-tech entry barriers\" and \"attracting more developers\" cannot be achieved simultaneously, because security must be guaranteed.</p><p>WM Motor stated that W6 users can create their own driving mode through \"WM Express,\" including software and hardware settings such as L2 driver assistance systems, music, air conditioning temperature, and seat adjustments, which can be added and configured according to their preferences. When introducing the platform, SAIC Zero Beam focused more on the functions of its lifestyle and entertainment systems.</p><p>The entertainment system function itself has a lower security level than the requirements of other domains and is the easiest to implement, while the opposite is true in the ADAS domain. Therefore, in the development trend of SOA platforms, the functions need to be promoted and improved step by step by SAIC Zero Beam and WM Motor until they are fully integrated.</p><p><b>Soul-searching question: Everyone wants to do it, so why should you succeed?</b></p><p>The ideal is lofty, but the reality is somewhat harsh. If automakers want to build a competitive advantage on SOA platforms, the difficulties they face should not be underestimated. As mentioned earlier, SAIC and WM Motor are already eyeing its huge potential, while Nezha and HiPhi are also eager to try SOA architecture.</p><p>Of course, these are only the currently known OEMs. More and more tech and internet giants, including Xiaomi and Didi, are beginning to expand into the field of intelligent vehicles. From \"software-defined cars\" to \"user-defined cars\" becoming popular, it's understandable that companies like Xiaomi and Didi value \"SOA\".</p><p>Leveraging its advantages in hardware manufacturing and software operation in its existing business areas, Xiaomi and Didi have made a new strategic extension in car manufacturing. Xiaomi has a larger user base than traditional automakers, which better supports the commercialization of SOA platforms.</p><p>Xiaomi's car manufacturing system architecture is currently unknown, but given its large number of \"Mi Fans,\" Xiaomi will undoubtedly value their opinions and will most likely introduce \"SOA.\" Through the SOA platform, Mi Fans can generate personalized scenarios that match their own car ownership preferences and driving habits, which aligns with its emphasis on \"user engagement\".</p><p>Compared to their competitors, SAIC Zero Beam and WM Motor have the advantage of being \"first-mover\" and will be able to reach a certain scale earlier. Wang Jun, president of Huawei's Intelligent Vehicle Solutions BU, said at the SAIC Developer Conference that the wider the application range of the software platform, the lower the marginal cost. Scale is undoubtedly the most fundamental business logic for achieving profitability.</p><p>Although several technology and internet companies, including Baidu, Tencent, and Huawei, have discussed potential collaborations with SAIC SOA, they and SAIC will likely have a competitive and cooperative relationship in the future, taking control of these matters. Similarly, other automakers will also build their own SOA platforms, with development strategies such as expanding outwards or choosing to use them themselves, but this also means that SAIC and WM Motor's SOA platforms will lose these resources.</p><p>However, smaller automakers will consider whether their user base can support the commercialization of their self-built platforms. If they decide to use the platforms of large automakers, they will weigh which platform ecosystem is better, so that every link in their own industry chain is expected to benefit from it.</p><p>Therefore, attracting these small automakers will be an important direction for large automakers such as SAIC to expand their \"circle of friends\" in the future. In the long run, as SAIC Zero Beam's SOA platform gradually opens up, it will be tested on other brands of vehicles. Regardless of whether small car companies use their own platforms, the first step can be to unify the interface standards to facilitate their integration into the ecosystem.</p><p>Overall, electrification and intelligentization are shaping a new track for the next round of industrial competition, and SOA platforms have become one of the keys for automakers to gain traction. Everyone wants to create an \"App Store,\" but in the end, there may only be one. Currently, automakers such as SAIC Zero Beam and WM Motor are still in the early stages of \"SOA,\" and the future competitive landscape remains unknown. What we need to do is let the automakers' \"bullets\" fly a little longer.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.chinaventure.com.cn/news/78-20210427-361891.html\">投中网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/edb5904d62b10798f760277be625646d","relate_stocks":{},"source_url":"https://www.chinaventure.com.cn/news/78-20210427-361891.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171495583","content_text":"SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。\n\n是什么成就苹果超2万亿美元的市值？\n凯文·凯利曾在演讲时指出：“未来技术革新的所在，是在主流之外的边缘地带，比如当你的拖拉机越造越好的时候，汽车也许在另一个技术层面上逆袭。这就是未来的所在。”这句话不仅诠释苹果的创新是换一种维度的突破，也无形中道出汽车产业一种可能的变革思路。\n后疫情时代，SDV（软件定义汽车）成为被车企们讲烂的词汇，随后还诞生出“用户定义汽车”这一说法。但是，车企更多还是想让用户好理解罢了，当变革关乎到技术研发时，必然要考虑用什么理念设计架构以承载软件，发挥SDV的真正价值。\n而SOA理念可能就是这次变革的马前卒，可以让这场变革更加水到渠成。今年开始，上汽、威马、岚图、哪吒等谈及智能汽车时，都有提及SOA架构。这个月，上汽还举办了全球SOA平台开发者大会。SOA架构被引入汽车，透露出行业的哪些信号？\nSOA搭“戏台”，汽车玩起“苹果APP”式革命\nSOA并不是个新名词，在汽车行业也早有尝试。蔚来、小鹏实际上已经在尝试进行一些SOA架构设计的运用，比如目前已经较为成熟的OTA功能以及远程诊断功能，都在SOA架构的运用范畴之内。\n拿智能手机类比，苹果手机就具有相似的架构，表现出来的形式就是向开发者开放的平台——App Store。SOA之于汽车，就好比苹果App Store之于iPhone，它将汽车的硬件能力开放出来，供软件开发者调用，以实现相应的功能。\n从iPhone 3G问世并向第三方开发者开放Apple Store，到如今Apple Store上已经有超过500万应用，苹果由此拥有了全球领先的软件生态。在苹果手机上为数不多的传感器、执行器支持下，iOS已能够提供百万级应用，而汽车的硬件复杂程度远超手机，将SOA平台导入其中，背后的想象空间是巨大的。\n一个不懂编写代码的普通用户，可以通过将车窗、音响、氛围灯等各个模块的触发条件集合到自己的APP中，生成符合用户需求的个性化场景。APP上传到应用商店再下载到车上，用户便可使用。\n比如，车内需要透气时，司机希望打开汽车外循环，同时两位乘客分别希望打开车窗和天窗，这样就出现三个不同的需求，而它们完全可以通过用户自我定制来实现。这只是最简单的玩法，通过多种功能组合，理论上可产生海量全新的应用，最终拓展智能汽车的能力。\n类似于App Store，开发者利用SOA平台向用户提供服务时，可以采用买断式或订阅式收费。开发者取得商业收益，车企也可以获得利润。只是，SOA平台尚在起步阶段，如何制定商业模式还不明朗。\n目前选择将整车搭建SOA平台，上汽零束、威马是为数不多的两家，而哪吒、高合有提及引入SOA理念，不过产品目前没有落地。\n上汽零束已经与首批开发者一起，开发了几十个智能车专属应用场景，几百个用户“千人千面”模式，以及部分典型的汽车智能化应用，目前平台的软件可以在上汽旗下R汽车和智己汽车上通用。\n威马在威马W6汽车中应用SOA平台，上线了自定义编程功能，自定义场景超100个，手机端与车机端同步；哪吒S也将整个系统基于SOA架构，不过产品正式上市时间可能在2022年下半年。\n对比这几家，上汽、威马在SOA平台上的探索是有产品落地的，其中上汽的开放进程跑得更快，威马的落地时间即汽车发布时间则稍早一些。而哪吒因为整车未公布，进度最慢。\n即便如此，上汽零束SOA平台的开放性都仍有大幅提升空间。「智能相对论」了解到，其平台分为三种模式，面向普通用户、第三方开发者的两种版本已对外界公布，而面向OEM和供应商的版本并未具体展示。\n作为走向开放的关键部分，车企想让其实现跨品牌、跨车型是最为困难的，不仅对研发工程师团队提出高要求，而且还要关系到和Tier1、其他OEM的利益权衡。这也让大家期待SOA平台时，看到了很多的困难和挑战。\n搭“戏台”不易，还怕“没人唱戏、没人捧场”\n通过SOA架构，还有一层好处是，软件的开发主导权会回归车企。随之而来的是，车企需要大量研发工作，也需要人才。\n业内人士告诉「智能相对论」，“架构工程师薪酬就很高，可不是开高薪就能招到的，因为这个职位对人的要求极高，他要对车和软件都有专业的理解。”\n在整车功能定义初期，整个SOA团队就必须要参与进来，这个无论是上汽零束、威马、哪吒，还是其他车企都要花费一大笔钱。但除开技术层面，之后还有许多现实问题存在，比如车企如何吸引开发者入驻平台？\n以上汽零束SOA平台为例，若要达到让更多开发者甚至普通用户，持续参与软件开发的初衷，需要降低进入门槛来扩大用户基数，帮助平台氛围活跃起来。打造好服务和功能后，再带动整个平台质量提高以吸引新的开发者，最终反哺SOA平台。一旦运转起来就会有“飞轮效应”，形成规模化。\n许多互联网现象都与此类似，比如外卖、拼购电商、网约车平台，商家量和用户量是相互促进、互为前提的。平台为了扩大两者规模，砸钱补贴往往是冷启动常见的做法。\n事实的确如此，开发者不可能一直是“为爱发电”。类似于App Store，做好激励方案是车企需要思考的问题。车企前期投入难以避免，而之后，用户、开发者、车企三者之间的利益如何划分十分重要，这关乎到平台的长期生存。\n还有一个关键问题是，车企如何打破边界？手机软件开发者在开发时，只需要围绕安卓和iOS两个系统，再简单进行机型适配即可。而软件上车时，有着数不清的车型、品牌。无论是上汽零束还是威马，目前平台还只是落地在旗下车型，未来开发者规模要打开新的增长空间，无疑需要更多友商融入平台。\n这一块的困难其实不在于平台如何“适配”友商，更在于平台如何“吸纳”友商。汽车行业当下的趋势是，传统汽车硬件、智能化硬件这类底层的东西逐渐变成开放的、标准化、有产业规模支撑的。各家的竞争反而是软件层和服务层的竞争，它们都是“友商”不愿失去的。\n此外，安全问题也是平台发展的必要考量。汽车上有数百个硬件可供软件调用，考虑到驾驶安全，因此汽车软件的容错率（如闪退、崩溃）要远远低于App Store。\n这就意味着，一些涉及汽车运动、自动驾驶的功能无法开放给用户，只能交由研发能力强的OEM自己设计。这也就产生一个矛盾的事实：“高技术准入门槛”和“吸引更多开发者”不可兼得，因为安全必须得到保证。\n威马表示，W6用户可以通过“威马快捷”，创建属于自己的驾驶模式，包括L2驾驶辅助系统、音乐、空调温度、座椅调整等用户偏好的软硬件设置，按照自己的喜好进行添加和设置。而上汽零束在介绍平台时，具体谈的更多也是生活、娱乐系统功能。\n娱乐系统功能本身的安全等级低于其他域的要求，是最为容易实现的，而ADAS域内则完全相反。所以在SOA平台发展趋势中，功能需要上汽零束、威马一步一步去推、去完善，直至完全打通。\n灵魂拷问：大家都想做，凭什么你成功？\n理想很丰满，现实却有些骨感。车企若想建立起SOA平台这条护城河，其面临的难度不可小觑。此前提及到，盯住其巨大潜能的车企已有上汽、威马，哪吒、高合也对SOA架构跃跃欲试。\n当然，这些只是目前已知的主机厂。包括小米、滴滴等在内，愈多科技互联网巨头开始布局智能汽车领域。从“软件定义汽车”到“用户定义汽车”成为热门，小米、滴滴们重视“SOA”是可以想象的。\n小米滴滴凭借在原有业务领域的硬件制造、软件运营等优势，造车算是做了一次新相关战略延伸。其中小米背后有着比传统车企更庞大的用户量，更能够支撑起SOA平台的商业化想象。\n小米造车的体系架构目前尚不可知，但面对其数量庞大的“米粉”们，小米无疑会重视他们的意见，很大概率会引入“SOA”。通过SOA平台，“米粉”可以生成符合自己拥车偏好及驾驶习惯的个性化场景，这与其强调“用户参与感”是相契合的。\n相比于友商们，上汽零束、威马的优势在于“先发”，会更早地跑出一定规模。华为智能汽车解决方案BU总裁王军在上汽开发者大会就表示，软件平台应用范围越广，边际成本越低。规模化俨然是实现盈利最根本的商业逻辑。\n尽管百度、腾讯、华为等多家科技互联网公司都谈到自身与上汽SOA之间的可能性合作，但它们和上汽未来更会是竞合关系，把这些东西掌握在自己手里。同样地，其他车企也会搭建自己的SOA平台，发展思路可以是向外扩张或者选择自用，但也意味着上汽、威马SOA平台失去这部分资源。\n可是对于小车企而言，它们会去考虑用户规模能否支撑自建平台做好商业化。若决定使用大型车企的平台，它们会去权衡哪个平台生态做得更好，这样自身产业链每一环都有望从中受益。\n因此，吸纳这部分小车企会是将来上汽等大型车企扩大“朋友圈”的重要方向。长期来看，随着上汽零束SOA平台逐步开放，其将会在其他品牌车上测试。无论小车企是否采用自己的平台，第一步可以先把接口标准统一，便于小车企融入生态。\n总的来看，电动化、智能化正在构筑起下一轮产业竞争的新赛道，而SOA平台成为一众车企抢夺声量的关键之一。人人都想做“App Store”，可最后可能只会有一个，目前上汽零束、威马等车企在“SOA”方向尚处起步阶段，未来竞争业态仍是未知。而我们需要做的则是，让车企的“子弹”再飞一会儿。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374324050,"gmtCreate":1619422100770,"gmtModify":1704723580629,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374324050","repostId":"1182402252","repostType":4,"repost":{"id":"1182402252","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619421307,"share":"https://ttm.financial/m/news/1182402252?lang=en_US&edition=fundamental","pubTime":"2021-04-26 15:15","market":"us","language":"zh","title":"$6 billion ran out of the market! Technology stocks are being snubbed by investors","url":"https://stock-news.laohu8.com/highlight/detail?id=1182402252","media":"英为财情Investing","summary":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自20","content":"<p>U.S. tech stocks performed poorly last week, prompting investors to sell billions of dollars of stock and exit the market ahead of tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 ETF ((NASDAQ:QQQ)) saw a net outflow of $6 billion last week, the largest outflow since the bursting of the dot-com bubble in 2000, marking the ETF's first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Last year, technology stocks were sought after by investors, but the situation has been completely different this year. Since 2021, ETFs tracking finance have attracted $15.7 billion in inflows, while energy and materials funds have attracted $14.4 billion and $4.9 billion respectively. However, technology ETFs have only seen $3.9 billion in inflows so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investors' expectations for technology stocks may be too high as earnings season kicks off, and he is focusing on the materials, energy, and financial sectors, which could see growth of up to 80%.</p><p>After Netflix released its disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many tech giants are set to release their financial reports this week.</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>$6 billion ran out of the market! Technology stocks are being snubbed by investors</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$6 billion ran out of the market! Technology stocks are being snubbed by investors\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-26 15:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. tech stocks performed poorly last week, prompting investors to sell billions of dollars of stock and exit the market ahead of tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 ETF ((NASDAQ:QQQ)) saw a net outflow of $6 billion last week, the largest outflow since the bursting of the dot-com bubble in 2000, marking the ETF's first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Last year, technology stocks were sought after by investors, but the situation has been completely different this year. Since 2021, ETFs tracking finance have attracted $15.7 billion in inflows, while energy and materials funds have attracted $14.4 billion and $4.9 billion respectively. However, technology ETFs have only seen $3.9 billion in inflows so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investors' expectations for technology stocks may be too high as earnings season kicks off, and he is focusing on the materials, energy, and financial sectors, which could see growth of up to 80%.</p><p>After Netflix released its disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many tech giants are set to release their financial reports this week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/48729940b5a815d99b2cb055fae07190","relate_stocks":{".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182402252","content_text":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自2000年互联网泡沫破裂以来流出规模最大的一次，这也使得该ETF在一个多月来首次出现了周下跌。\n\n去年，科技股受到了投资者的追捧，但今年以来形势却完全不同。2021年以来，追踪金融的ETF已经吸引了157亿美元的资金流入，而能源和材料基金分别吸引了144亿美元和49亿美元的资金流入，但科技ETF今年迄今的资金流入却仅有39亿美元。\nMoors＆Cabot Inc.董事总经理James Pillow表示，随着财报季拉开序幕，投资者们对科技股的预期可能过高，他正在关注材料、能源和金融板块，这些板块的增长可能高达80%。\n在上周奈飞公布了令人失望的财务报告后，亚马逊、苹果、微软等诸多科技巨头即将在本周公布财报。","news_type":1,"symbols_score_info":{".IXIC":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372251330,"gmtCreate":1619223070920,"gmtModify":1704721409806,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"Z","listText":"Z","text":"Z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/372251330","repostId":"2129035903","repostType":4,"repost":{"id":"2129035903","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619191931,"share":"https://ttm.financial/m/news/2129035903?lang=en_US&edition=fundamental","pubTime":"2021-04-23 23:32","market":"us","language":"zh","title":"Two K-12 giants have released their financial reports one after another. Which one has \"TAL Education Group\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2129035903","media":"英为财情Investing","summary":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这","content":"<p>China's two major education giants recently released their latest financial reports one after the other. After a highly volatile first quarter, the financial reports of these two companies have attracted close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market have both fallen by more than 12% this year. This is not only significantly weaker than the performance of the US stock market, but also does not conform to the trend of vigorous economic recovery in the \"post-pandemic\" era.</p><p>The weakness of Chinese concept education stocks can be traced back to January of this year, when the website of the Central Commission for Discipline Inspection and the National Supervisory Commission published an article directly pointing out the various problems existing in online education. There are also media reports that after-school tutoring institutions have been subject to surprise inspections by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>They remained noncommittal about this news.</p><p>In the following months, online education was frequently named by relevant departments and state media, and the question of how to regulate the education and training industry also sparked heated discussions in society. Education Minister Chen Baosheng recently stated that a major effort will be made to regulate and rectify after-school training institutions this year. On March 31, Lu Yugang, Director of the Department of Basic Education of the Ministry of Education, said at a press conference held by the State Council Information Office that the Ministry of Education has included the governance of training institutions in its key tasks this year and will further strengthen the governance of after-school training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under strict regulations, Wall Street has also shifted its focus.<a href=\"https://laohu8.com/S/C\">Citi</a>Analysts will<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jeffrey</a>Analysts believe that regulation will not have a significant impact on leading companies. However, the investment bank also stated that, given the current abundance of news, investors have chosen to \"vote with their feet\" and sell their stocks first, which is a common way for Wall Street investors to handle negative news about international stocks.</p><p><b>1、</b>TAL Education Group</p><p>According to the latest data released by TAL Education Group, the company's revenue in the fourth quarter of fiscal year 2021 was US$1.36 billion, a year-on-year increase of 59%, exceeding the guidance forecast of US$1.175 billion to US$1.2 billion announced in Q3. The company achieved revenue of approximately US$4.5 billion for the whole year, a year-on-year increase of 37.3%. However, its losses also widened, with a net loss of $169 million in the fourth quarter, an 87.56% increase from a net loss of $90 million in the same period last year, and a net loss of $116 million for the whole year.</p><p>It should be noted that TAL Education Group's increased losses are mainly due to the significant increase in marketing expenses brought about by the online education war. Recently, competition among leading online education institutions has intensified, leading to a further surge in the company's advertising investment and a significant increase in overall marketing expenses. Specifically, the company's sales expenses reached $660 million in Q4, a significant increase of 172% year-on-year; Sales expenses for the year reached 1.68 billion yuan, a significant increase of 37.4% year-on-year.</p><p>Despite being backed by a strict regulatory environment and the issue of excessive advertising before the winter break, which has attracted the attention of regulatory authorities, the company's online course revenue in Q4 was approximately $440 million, a year-on-year increase of 115%, accounting for a significant increase from 24% in the same period last year to 32%. The number of participants in long-term full-price courses increased by 71% year-on-year to 3.5 million, and the full-price course ASP increased by 9% year-on-year.</p><p>According to market data from Investing.com, when TAL Education Group first released its financial report, the market gave the stock a relatively positive reaction (up about 6% in pre-market trading), but the stock price subsequently fell and ultimately closed down 2.16%.</p><p>Market analysts believe that despite the severe pressure of college entrance examinations in China, the company still has huge opportunities in the after-school tutoring market. Although the competition is fierce, the competition will become calmer under the background of stricter regulations, and its management of marketing expenses is also expected to improve. The company will be more rational in its online expansion in the future. Moreover, its cash flow is still as high as $5.938 billion.</p><p>TAL Education Group expects its revenue to increase by 43%-45% year-on-year in Q1 of fiscal year 2022 (the three months ended May 31, 2021), to be between US$1,302.2 billion and US$1,320.5 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, TAL Education Group's number one competitor, New Oriental, also released its financial report. Data shows that in the third quarter of fiscal year 2021, New Oriental's net revenue exceeded US$1.19 billion, a year-on-year increase of 29%, and in addition, Q3 revenue was US$3.151 billion, a year-on-year increase of 9.9%. Earnings per ADS were $0.09, unchanged from $0.09 in the same period last year, compared to market expectations of $0.06.</p><p>Like TAL Education Group, facing a fiercely competitive environment, the company's business expansion has also led to increased costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of its OMO system, investing US$59 million to pilot OMO online courses in existing cities and 25 new satellite cities in the surrounding area. (The OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate Online and Offline channels. It is considered the business model with the greatest improvement in market efficiency after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US$1.089 billion, an increase of 35.1% year-over-year; Cost of revenue was $529.5 million, a year-over-year increase of 35.3%; Selling and marketing expenses were US$156.1 million, representing a year-on-year increase of 32.0%; General and administrative expenses amounted to US$393.4 million, representing a year-on-year increase of 36.1%. However, rising costs have also suppressed the company's profit margins.</p><p>However, New Oriental remained profitable, which made Wall Street investors more \"tolerant\" of it. On the day the earnings report was released, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China effectively controlling the pandemic, offline education has also rebounded, and the two educational methods can complement each other, helping established educational institutions like New Oriental seize more market share and resources. However, it is undeniable that in the fiercely competitive environment, the erosion of the stock's market share by other industry players cannot be ignored.</p><p>New Oriental forecasts that its revenue will increase by 38%-43% year-over-year in Q4 of fiscal year 2021 (the three months ended May 31, 2021), to between US$1,101.9 billion and US$1,141.8 billion.</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>Two K-12 giants have released their financial reports one after another. Which one has \"TAL Education Group\"?</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\">\nTwo K-12 giants have released their financial reports one after another. Which one has \"TAL Education Group\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's two major education giants recently released their latest financial reports one after the other. After a highly volatile first quarter, the financial reports of these two companies have attracted close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market have both fallen by more than 12% this year. This is not only significantly weaker than the performance of the US stock market, but also does not conform to the trend of vigorous economic recovery in the \"post-pandemic\" era.</p><p>The weakness of Chinese concept education stocks can be traced back to January of this year, when the website of the Central Commission for Discipline Inspection and the National Supervisory Commission published an article directly pointing out the various problems existing in online education. There are also media reports that after-school tutoring institutions have been subject to surprise inspections by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>They remained noncommittal about this news.</p><p>In the following months, online education was frequently named by relevant departments and state media, and the question of how to regulate the education and training industry also sparked heated discussions in society. Education Minister Chen Baosheng recently stated that a major effort will be made to regulate and rectify after-school training institutions this year. On March 31, Lu Yugang, Director of the Department of Basic Education of the Ministry of Education, said at a press conference held by the State Council Information Office that the Ministry of Education has included the governance of training institutions in its key tasks this year and will further strengthen the governance of after-school training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under strict regulations, Wall Street has also shifted its focus.<a href=\"https://laohu8.com/S/C\">Citi</a>Analysts will<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jeffrey</a>Analysts believe that regulation will not have a significant impact on leading companies. However, the investment bank also stated that, given the current abundance of news, investors have chosen to \"vote with their feet\" and sell their stocks first, which is a common way for Wall Street investors to handle negative news about international stocks.</p><p><b>1、</b>TAL Education Group</p><p>According to the latest data released by TAL Education Group, the company's revenue in the fourth quarter of fiscal year 2021 was US$1.36 billion, a year-on-year increase of 59%, exceeding the guidance forecast of US$1.175 billion to US$1.2 billion announced in Q3. The company achieved revenue of approximately US$4.5 billion for the whole year, a year-on-year increase of 37.3%. However, its losses also widened, with a net loss of $169 million in the fourth quarter, an 87.56% increase from a net loss of $90 million in the same period last year, and a net loss of $116 million for the whole year.</p><p>It should be noted that TAL Education Group's increased losses are mainly due to the significant increase in marketing expenses brought about by the online education war. Recently, competition among leading online education institutions has intensified, leading to a further surge in the company's advertising investment and a significant increase in overall marketing expenses. Specifically, the company's sales expenses reached $660 million in Q4, a significant increase of 172% year-on-year; Sales expenses for the year reached 1.68 billion yuan, a significant increase of 37.4% year-on-year.</p><p>Despite being backed by a strict regulatory environment and the issue of excessive advertising before the winter break, which has attracted the attention of regulatory authorities, the company's online course revenue in Q4 was approximately $440 million, a year-on-year increase of 115%, accounting for a significant increase from 24% in the same period last year to 32%. The number of participants in long-term full-price courses increased by 71% year-on-year to 3.5 million, and the full-price course ASP increased by 9% year-on-year.</p><p>According to market data from Investing.com, when TAL Education Group first released its financial report, the market gave the stock a relatively positive reaction (up about 6% in pre-market trading), but the stock price subsequently fell and ultimately closed down 2.16%.</p><p>Market analysts believe that despite the severe pressure of college entrance examinations in China, the company still has huge opportunities in the after-school tutoring market. Although the competition is fierce, the competition will become calmer under the background of stricter regulations, and its management of marketing expenses is also expected to improve. The company will be more rational in its online expansion in the future. Moreover, its cash flow is still as high as $5.938 billion.</p><p>TAL Education Group expects its revenue to increase by 43%-45% year-on-year in Q1 of fiscal year 2022 (the three months ended May 31, 2021), to be between US$1,302.2 billion and US$1,320.5 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, TAL Education Group's number one competitor, New Oriental, also released its financial report. Data shows that in the third quarter of fiscal year 2021, New Oriental's net revenue exceeded US$1.19 billion, a year-on-year increase of 29%, and in addition, Q3 revenue was US$3.151 billion, a year-on-year increase of 9.9%. Earnings per ADS were $0.09, unchanged from $0.09 in the same period last year, compared to market expectations of $0.06.</p><p>Like TAL Education Group, facing a fiercely competitive environment, the company's business expansion has also led to increased costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of its OMO system, investing US$59 million to pilot OMO online courses in existing cities and 25 new satellite cities in the surrounding area. (The OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate Online and Offline channels. It is considered the business model with the greatest improvement in market efficiency after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US$1.089 billion, an increase of 35.1% year-over-year; Cost of revenue was $529.5 million, a year-over-year increase of 35.3%; Selling and marketing expenses were US$156.1 million, representing a year-on-year increase of 32.0%; General and administrative expenses amounted to US$393.4 million, representing a year-on-year increase of 36.1%. However, rising costs have also suppressed the company's profit margins.</p><p>However, New Oriental remained profitable, which made Wall Street investors more \"tolerant\" of it. On the day the earnings report was released, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China effectively controlling the pandemic, offline education has also rebounded, and the two educational methods can complement each other, helping established educational institutions like New Oriental seize more market share and resources. However, it is undeniable that in the fiercely competitive environment, the erosion of the stock's market share by other industry players cannot be ignored.</p><p>New Oriental forecasts that its revenue will increase by 38%-43% year-over-year in Q4 of fiscal year 2021 (the three months ended May 31, 2021), to between US$1,101.9 billion and US$1,141.8 billion.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/95a52bac654e212de5e6a737e01fc5ff","relate_stocks":{"EDU":"新东方","TAL":"好未来","09901":"新东方-S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129035903","content_text":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这不仅大幅弱于美股大盘的走势，也并不符合“后疫情”时代经济蓬勃复苏的趋势。\n中概教育股的弱势，可以追溯到今年1月，彼时，中央纪委国家监委网站发文直指在线教育存在的种种问题。还有媒体消息称，课后辅导机构受到了相关监管部门的突击检查。而当时新东方对这一消息不置可否。\n接下来的几个月里，在线教育频频被有关部门和官媒点名，关于如何规范教培行业的问题也引发了社会热议。教育部部长陈宝生近期表示，今年要大力度治理整顿校外培训机构。3月31日，教育部基础教育司司长吕玉刚在国新办发布会上表示，今年教育部把培训机构治理工作列入重点工作任务，进一步加大校外培训机构治理力度。随着监管政策的陆续出台，2021年也被视作教培行业变革性的一年。\n严监管环境下，华尔街也纷纷转向，花旗的分析师将好未来的目标价下调了20美元；而杰富瑞的分析师则认为，监管对于龙头企业的影响不会太大。但是该投行也表示，在当前消息较多的情况下，投资者选择了“用脚投票”，先抛售股票，这是华尔街投资者对国际股票负面消息常见的处理方式。\n1、好未来\n好未来最新公布的数据显示，公司2021财年Q4季度营收为13.6亿美元，同比增长59%，优于公司Q3时公布的指引预期11.75-12亿美元之间，全年公司实现收入约45亿美元，同比增长37.3%。但是，其亏损也放大，第四季净亏损为1.69亿美元，较上年同期的净亏损0.90亿美元扩大87.56%，全年净亏损为1.160亿美元。\n需要注意的是，好未来的亏损加大，主要是因为线上教育大战所带来的营销费用大幅增长。近期，各大头部在线教育机构之间的竞争越发激烈，公司的广告投入也进一步激增，整体营销费用大幅飙升。具体而言，公司Q4销售费用达到6.6亿美元，同比大增172%；全年销售费用16.8亿元，同比大增37.4%。\n虽然背靠严监管环境，而且寒假前的广告大量投放问题，被监管部门关注，但是Q4公司在线课程实现收入约4.4亿美元，同比增长115%，占比从去年同期的24%大幅增至32%，长期正价课程的参培人数同比增长71%达到350万人，正价课程ASP同比增长9%。\n根据英为财情Investing.com的行情数据显示，在好未来公布财报之初，市场给予该股较为正面的反应(盘前涨约6%)，但是随后股价回落，最终收跌2.16%。\n市场分析师认为，在中国严峻的升学压力之下，公司在课外辅导市场仍然具备巨大机会，虽然竞争激烈，但是在监管趋严的背景下，竞争会更加趋于冷静，其在营销费用的管理方面也有望提升。公司后市在线上扩张方面更理性。而且其现金流仍然高达59.38亿美元。\n好未来预计，2022财年Q1(截至2021年5月31日止三个月)，其营收同比增长43%-45%，至13.022亿美元-13.205亿美元之间。\n2、新东方\n本周稍早前，好未来的头号竞争对手新东方也发布了财报。数据显示，2021财年第三季度，新东方净收入超11.9亿美元，同比增长29%，此外，Q31.51亿美元，同比增长9.9%。每ADS盈利0.09美元，和去年同期的0.09美元持平，市场预期0.06美元。\n和好未来一样，面对激烈的竞争环境，公司业务扩张也导致了成本的增加，数据显示，2021财年Q3，新东方继续扩大OMO系统的覆盖范围，投入5900万美元，在现有城市和周围的25个新的卫星城市中试用OMO在线课程。(OMO战略是指Online-Merge-Offline模式，旨在深度融合线上和线下渠道，被认为是继O2O之后市场效率更大提升的商业模式。)\n在2021财年第三季度，新东方运营成本和开支为10.890亿美元，同比增长35.1%；营收成本为5.295亿美元，同比增长35.3%；销售及营销开支为1.561亿美元，同比增长32.0%；总务及行政开支为3.934亿美元，同比增长36.1%。不过成本的增长也导致了公司的利润空间受到压制。\n不过，新东方仍然盈利，这也让华尔街的投资者对其更为“宽容”，在财报发布当日，公司股价收盘涨超6.4%。\n分析师认为，在中国较好地控制疫情的情况下，线下教育也已经回暖，两种教育方式就能得到相互补充，可以帮助新东方这样的老牌教育机构抢占更多市场和资源。但是不可否认的是，激烈的竞争环境中，其他行业参与者对该股市场份额的侵蚀也不容忽视。\n新东方预测，2021财年Q4(截至2021年5月31日止三个月)，其营收同比增长38%-43%，至11.019亿美元-11.418亿美元之间。","news_type":1,"symbols_score_info":{"EDU":0.9,"09901":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":5144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371426656,"gmtCreate":1618966908875,"gmtModify":1704717582321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/371426656","repostId":"2129231758","repostType":4,"repost":{"id":"2129231758","kind":"news","pubTimestamp":1618956775,"share":"https://ttm.financial/m/news/2129231758?lang=en_US&edition=fundamental","pubTime":"2021-04-21 06:12","market":"us","language":"zh","title":"Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September","url":"https://stock-news.laohu8.com/highlight/detail?id=2129231758","media":"腾讯美股","summary":"腾讯证券4月21日讯，国际日化巨头宝洁公司今年秋季将开始提高从尿布到卫生棉条等日常用品的价格。宝洁是最新一家宣布涨价的消费品公司，也是规模最大的一家。与此同时，宝洁公布了其季度财报。这标志着宝洁自2018年以来最慢的整体销售增长，此前一年疫情肆虐导致宝洁旗下清洁用品、纸巾和厕纸等产品供不应求。该公司表示，此次涨价将于9月份生效，涉及婴儿产品、成人纸尿裤和女性护理品牌，价格涨幅将在中至高个位数百分点。","content":"<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Securities April 21st, international daily chemical giant<a href=\"https://laohu8.com/S/PG\">P&G</a>Companies will start raising prices for everyday items from diapers to tampons this fall. Procter & Gamble is the latest consumer goods company to announce price increases and the largest.</p><p>The maker, which owns Gillette razors and Tide washing powder, said the price increase was mainly due to higher costs of raw materials such as resin and pulp, as well as higher transportation costs.</p><p>Meanwhile, P&G reported its quarterly earnings. Last month, rival Kimberly-Clark made a similar move.</p><p>Procter & Gamble said its sales rose 4 percent in the quarter ended March 31, with the beauty, fabric and home care segments seeing the biggest increases.</p><p>This marks P&G's slowest overall sales growth since 2018, after a year of pandemic-ravaging products such as cleaning supplies, paper towels and toilet paper were in short supply.</p><p>Jon Moeller, the company's chief operating officer, said in an interview: \"This is a completely different situation than a year ago. In terms of getting out of the pandemic, the situation is different all over the world. But consumption in all sectors is very strong.\"</p><p>While sales of some products are cooling, demand is picking up for others, such as beauty products and supplies sold directly to businesses reopening after widespread closures, according to Mohler.</p><p>Procter & Gamble's goal is to improve the product, add features, and consumers will feel they are getting more when the company raises prices, Moller said. The price increase, which takes effect in September and involves baby products, adult diapers and feminine care brands, will be in the mid to high single digit percentage points, the company said.</p><p>The last time big consumer goods companies raised prices dramatically because of material costs was in 2018, when soaring pulp prices pushed up the cost of diapers, toilet paper and other products.</p><p>Kimberly-Clark, a maker of Huggies diapers and Scott paper products, said its increases would be between the median and high single digits, effective at the end of June. The products will be suitable for the company's baby and child care, adult care, and Scott's bathroom tissue businesses.</p><p>Several food producers have also raised prices.<a href=\"https://laohu8.com/S/HRL\">Hormel</a>The food company said in February that it had raised prices for some columns of turkey products in response to rising grain prices. J.M. Smucker said they recently raised the price of Jif peanut butter, and they may also raise the price of pet food due to higher shipping costs and other inflationary pressures.</p><p>The U.S. Consumer Price Index (CPI), which measures how much consumers pay for everyday items such as groceries, clothing, recreational activities and cars, jumped 2.6% in the year to March, the largest 12-month increase since August 2018, the Labor Department said last week.</p><p>In the first quarter, P&G's net sales rose 5% to $18.1 billion, topping the consensus forecast of $18 billion among analysts polled by FactSet. Volumes were flat for the first time in years, while prices and mixed prices were both up 2%.</p><p>P&G reported net income of $3.27 billion, or $1.26 a share, up from $2.92 billion and $1.12 a share a year earlier. Analysts expect the company to earn a net income of $3.09 billion.</p><p>For the fiscal year ended June 30, the company maintained its sales growth forecast of 5% to 6%. (Midsummer)</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>Another one! International daily chemical giant Procter & Gamble will raise the prices of its products in September</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\">\nAnother one! International daily chemical giant Procter & Gamble will raise the prices of its products in September\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-04-21 06:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/00700\">Tencent</a>Securities April 21st, international daily chemical giant<a href=\"https://laohu8.com/S/PG\">P&G</a>Companies will start raising prices for everyday items from diapers to tampons this fall. Procter & Gamble is the latest consumer goods company to announce price increases and the largest.</p><p>The maker, which owns Gillette razors and Tide washing powder, said the price increase was mainly due to higher costs of raw materials such as resin and pulp, as well as higher transportation costs.</p><p>Meanwhile, P&G reported its quarterly earnings. Last month, rival Kimberly-Clark made a similar move.</p><p>Procter & Gamble said its sales rose 4 percent in the quarter ended March 31, with the beauty, fabric and home care segments seeing the biggest increases.</p><p>This marks P&G's slowest overall sales growth since 2018, after a year of pandemic-ravaging products such as cleaning supplies, paper towels and toilet paper were in short supply.</p><p>Jon Moeller, the company's chief operating officer, said in an interview: \"This is a completely different situation than a year ago. In terms of getting out of the pandemic, the situation is different all over the world. But consumption in all sectors is very strong.\"</p><p>While sales of some products are cooling, demand is picking up for others, such as beauty products and supplies sold directly to businesses reopening after widespread closures, according to Mohler.</p><p>Procter & Gamble's goal is to improve the product, add features, and consumers will feel they are getting more when the company raises prices, Moller said. The price increase, which takes effect in September and involves baby products, adult diapers and feminine care brands, will be in the mid to high single digit percentage points, the company said.</p><p>The last time big consumer goods companies raised prices dramatically because of material costs was in 2018, when soaring pulp prices pushed up the cost of diapers, toilet paper and other products.</p><p>Kimberly-Clark, a maker of Huggies diapers and Scott paper products, said its increases would be between the median and high single digits, effective at the end of June. The products will be suitable for the company's baby and child care, adult care, and Scott's bathroom tissue businesses.</p><p>Several food producers have also raised prices.<a href=\"https://laohu8.com/S/HRL\">Hormel</a>The food company said in February that it had raised prices for some columns of turkey products in response to rising grain prices. J.M. Smucker said they recently raised the price of Jif peanut butter, and they may also raise the price of pet food due to higher shipping costs and other inflationary pressures.</p><p>The U.S. Consumer Price Index (CPI), which measures how much consumers pay for everyday items such as groceries, clothing, recreational activities and cars, jumped 2.6% in the year to March, the largest 12-month increase since August 2018, the Labor Department said last week.</p><p>In the first quarter, P&G's net sales rose 5% to $18.1 billion, topping the consensus forecast of $18 billion among analysts polled by FactSet. Volumes were flat for the first time in years, while prices and mixed prices were both up 2%.</p><p>P&G reported net income of $3.27 billion, or $1.26 a share, up from $2.92 billion and $1.12 a share a year earlier. Analysts expect the company to earn a net income of $3.09 billion.</p><p>For the fiscal year ended June 30, the company maintained its sales growth forecast of 5% to 6%. (Midsummer)</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=nesSN20210421061344774c0a92&s=b\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f0b342767d9403687d333cacaf9a8fcc","relate_stocks":{"PG":"宝洁"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210421061344774c0a92&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2129231758","content_text":"腾讯证券4月21日讯，国际日化巨头宝洁公司今年秋季将开始提高从尿布到卫生棉条等日常用品的价格。宝洁是最新一家宣布涨价的消费品公司，也是规模最大的一家。\n这家旗下拥有吉列剃须刀和汰渍洗衣粉的生产商称，涨价的原因主要是树脂和纸浆等原材料成本上升，运输费用也上升。\n与此同时，宝洁公布了其季度财报。上个月，其竞争对手金佰利公司也做出了类似的举动。\n宝洁公司说，在截至3月31日的一季度其销售额增长了4%，其中美容、布料和家庭护理部门的增幅最大。\n这标志着宝洁自2018年以来最慢的整体销售增长，此前一年疫情肆虐导致宝洁旗下清洁用品、纸巾和厕纸等产品供不应求。\n该公司首席运营官乔恩-莫勒(Jon Moeller)在接受采访时说：“这跟一年前是完全不同的情况，就摆脱疫情而言，全球各地的状况都不同。但各部门的消费都非常强劲。”\n莫勒表示，虽然一些产品的销售正在降温，但还有一些产品的需求正在回升，比如美容产品和直接销售给大范围关闭后重新开业的企业的用品。\n莫勒说，宝洁的目标是改进产品，增加产品功能，公司提高价格后消费者会觉得他们得到了更多。该公司表示，此次涨价将于9月份生效，涉及婴儿产品、成人纸尿裤和女性护理品牌，价格涨幅将在中至高个位数百分点。\n大型消费品公司上次因为材料成本而大幅涨价是在2018年，当时纸浆价格飙升推高了尿布、厕纸和其他产品的成本。\n好奇(Huggies)纸尿裤和斯科特(Scott)纸制品制造商金佰利(Kimberly-Clark)表示，其增幅将在中位数至高个位数之间，将于6月底生效。这些产品将适用于该公司的婴儿和儿童护理、成人护理和斯科特浴室纸巾业务。\n几家食品生产商也提高了价格。荷美尔食品公司今年2月表示，为了应对谷物价格上涨，它提高了一些列火鸡产品的价格。J.M. Smucker公司表示，他们最近提高了Jif花生酱的价格，而且由于更高的运输成本和其他通货膨胀压力，他们可能也会提高宠物食品的价格。\n美国劳工部上周表示，截至今年3月的一年中，美国消费者价格指数(CPI）跃升2.6%，为2018年8月以来的最大12个月增幅。CPI衡量的是消费者为食品杂货、服装、娱乐活动和汽车等日常用品支付的金额。\n第一季度，宝洁的净销售额增长5%，达到181亿美元，高于FactSet调查分析师一致预测的180亿美元。成交量多年来首次持平，而价格和混合价格均上涨了2%。\n宝洁公布净利润32.7亿美元，合每股1.26美元，高于上年同期的29.2亿美元和每股1.12美元。分析师预计该公司净利润为30.9亿美元。\n在截至6月30日的财年中，该公司保持了5%至6%的销售增长预期。（仲夏）","news_type":1,"symbols_score_info":{"PG":0.9}},"isVote":1,"tweetType":1,"viewCount":1624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347197954,"gmtCreate":1618473278478,"gmtModify":1704711360321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347197954","repostId":"1158737349","repostType":4,"repost":{"id":"1158737349","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":1618472281,"share":"https://ttm.financial/m/news/1158737349?lang=en_US&edition=fundamental","pubTime":"2021-04-15 15:38","market":"us","language":"zh","title":"Spokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1158737349","media":"老虎资讯综合","summary":"针对近日$阿里巴巴(BABA)$集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。\n\n此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","content":"<p>Regarding recent<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The fact that the group was fined 18 billion yuan has drawn attention from the outside world. Gao Feng, spokesperson for the Ministry of Commerce, said: \"Regarding the e-commerce industry, we have always adhered to the principle of giving equal importance to development and regulation.\" We support enterprises' innovative development and healthy competition, while also striving to create a fair and competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard \"Business Specifications for Mobile E-commerce Service Commodities\" (draft for comments).</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>Spokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.</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\">\nSpokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.\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\">2021-04-15 15:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Regarding recent<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The fact that the group was fined 18 billion yuan has drawn attention from the outside world. Gao Feng, spokesperson for the Ministry of Commerce, said: \"Regarding the e-commerce industry, we have always adhered to the principle of giving equal importance to development and regulation.\" We support enterprises' innovative development and healthy competition, while also striving to create a fair and competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard \"Business Specifications for Mobile E-commerce Service Commodities\" (draft for comments).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/995418fbbbc235e75883dec898dccaa8","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158737349","content_text":"针对近日阿里巴巴集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":2447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344165050,"gmtCreate":1618388746870,"gmtModify":1704710032458,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/344165050","repostId":"1125475263","repostType":4,"repost":{"id":"1125475263","kind":"news","pubTimestamp":1618388143,"share":"https://ttm.financial/m/news/1125475263?lang=en_US&edition=fundamental","pubTime":"2021-04-14 16:15","market":"us","language":"zh","title":"Total global cryptocurrency market cap has surpassed Apple's market cap","url":"https://stock-news.laohu8.com/highlight/detail?id=1125475263","media":"新浪科技","summary":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","content":"<p>Total global cryptocurrency market cap has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. Apple's market cap now stands at about $2.25 trillion, according to Asset Dash data. According to the Coingecko market, the total market capitalization of global cryptocurrencies is now about $2.31 trillion.</p>","source":"sina_tech","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>Total global cryptocurrency market cap has surpassed Apple's market cap</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\">\nTotal global cryptocurrency market cap has surpassed Apple's market cap\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-04-14 16:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Total global cryptocurrency market cap has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. Apple's market cap now stands at about $2.25 trillion, according to Asset Dash data. According to the Coingecko market, the total market capitalization of global cryptocurrencies is now about $2.31 trillion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4856ec4f591737ec230b966483fc4f7","relate_stocks":{"AAPL":"苹果","BTCO":"比特币ETF-Invesco Galaxy","EZBC":"比特币ETF-Franklin","BRRR":"比特币ETF-CoinShares","GBTC":"比特币ETF-Grayscale","ARKB":"比特币ETF-21Shares","DEFI":"比特币期货ETF-Hashdex","BITB":"比特币ETF-Bitwise","FBTC":"比特币ETF-Fidelity","HODL":"比特币ETF-VanEck","BTCW":"比特币ETF-Wisdom Tree"},"source_url":"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125475263","content_text":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","news_type":1,"symbols_score_info":{"EZBC":1,"BTCW":1,"ARKB":1,"BTCO":1,"HODL":1,"BRRR":1,"DEFI":1,"BITB":1,"GBTC":1,"FBTC":1,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345949180,"gmtCreate":1618274887340,"gmtModify":1704708413265,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/345949180","repostId":"1176660010","repostType":4,"repost":{"id":"1176660010","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":1618272389,"share":"https://ttm.financial/m/news/1176660010?lang=en_US&edition=fundamental","pubTime":"2021-04-13 08:06","market":"hk","language":"zh","title":"Tencent Holdings: Will raise the limit of medium-term note program to $30 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1176660010","media":"老虎资讯综合","summary":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公","content":"<p>The Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13, including, among other things, the Company's recent corporate and financial information, and increased the program limit from US$20 billion to US$30 billion (or the equivalent in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in the aggregate principal amount of US$18 billion under the Plan.</p><p>In connection with the planned and proposed notes issuance, the Company will provide recent corporate and financial information to certain professional investors. For the purpose of transparent and timely dissemination of information to shareholders and the wider investment community, a summary of relevant information from management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, Bank of America Securities and Deutsche Bank as arranging banks for the scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators for the proposed note offering.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's Global Medium-Term Notes Program of up to US$30 billion</a></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>Tencent Holdings: Will raise the limit of medium-term note program to $30 billion</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\">\nTencent Holdings: Will raise the limit of medium-term note program to $30 billion\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\">2021-04-13 08:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13, including, among other things, the Company's recent corporate and financial information, and increased the program limit from US$20 billion to US$30 billion (or the equivalent in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in the aggregate principal amount of US$18 billion under the Plan.</p><p>In connection with the planned and proposed notes issuance, the Company will provide recent corporate and financial information to certain professional investors. For the purpose of transparent and timely dissemination of information to shareholders and the wider investment community, a summary of relevant information from management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, Bank of America Securities and Deutsche Bank as arranging banks for the scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators for the proposed note offering.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's Global Medium-Term Notes Program of up to US$30 billion</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176660010","content_text":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公告刊发日期，本公司根据计划仍有本金总额180亿美元的未偿还票据。就计划及建议票据发行而言，本公司将向若干专业投资者提供近期的公司及财务资料。为了透明地和适时地向股东及更广泛的投资团体发布资料，管理层对本集团财务状况及经营业绩的讨论与分析的相关资料摘要随附于本公告。本公司已委任摩根士丹利、美银证券及德意志银行担任计划的安排行。摩根士丹利、美银证券、高盛（亚洲）有限责任公司及汇丰为建议票据发行的联席全球协调人。【公告原文】腾讯控股有限公司最高限额为300亿美元之全球中期票据计划","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349634177,"gmtCreate":1617600995099,"gmtModify":1704700711377,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349634177","repostId":"1185840581","repostType":4,"isVote":1,"tweetType":1,"viewCount":1448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352999301,"gmtCreate":1616848709003,"gmtModify":1704799585423,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/352999301","repostId":"1110290207","repostType":4,"isVote":1,"tweetType":1,"viewCount":1549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351148861,"gmtCreate":1616578754553,"gmtModify":1704795900501,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351148861","repostId":"1183778649","repostType":4,"repost":{"id":"1183778649","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":1616578360,"share":"https://ttm.financial/m/news/1183778649?lang=en_US&edition=fundamental","pubTime":"2021-03-24 17:32","market":"us","language":"zh","title":"Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8","url":"https://stock-news.laohu8.com/highlight/detail?id=1183778649","media":"老虎资讯综合","summary":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","content":"<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It meets the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Enterprises</a>Indexes, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index with effect from 9 April 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" 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>Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8</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\">\nBaidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-24 17:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It meets the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Enterprises</a>Indexes, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index with effect from 9 April 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" 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/8901bb897f52869e81f726671f8e37d3","relate_stocks":{"09888":"百度集团-W","BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183778649","content_text":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","news_type":1,"symbols_score_info":{"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":1650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359015988,"gmtCreate":1616300283144,"gmtModify":1704792746362,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/359015988","repostId":"2120549145","repostType":4,"repost":{"id":"2120549145","kind":"news","pubTimestamp":1616299535,"share":"https://ttm.financial/m/news/2120549145?lang=en_US&edition=fundamental","pubTime":"2021-03-21 12:05","market":"us","language":"zh","title":"The surge in US Treasury Bond yields is intensifying; will the Federal Reserve \"give in\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2120549145","media":"FX168","summary":"英国媒体周六报道称，美联储正陷入与市场的“摊牌”中。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。","content":"<p>British media reported on Saturday (March 20) that the Federal Reserve is locked in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the rapidly developing economic outlook and the possibility of further inflation, while emphasizing his commitment to keeping interest rates at their lowest levels for the foreseeable future.</p><p>However, this lax attitude towards inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times reports that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Federal Reserve can allow such rates to run compared to his Eurozone counterparts.</p><p>\"What matters is not the level of yield, but how it interacts with risky assets,\" said Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes the stock market to fall and credit spreads to widen, then Powell will be even more worried.\"</p><p>Over the past week, the benchmark 10-year U.S. Treasury Bond yield has jumped to 1.75%, compared to around 1.6% a few days ago. The Bloomberg Barclays index shows that U.S. Treasury Bond prices of 10 years or longer have fallen by nearly 15% since the beginning of the year. If these losses continue, the first quarter of this year will be the worst sell-off in U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a significant increase in inflation and growth expectations, and economists suspect that the Federal Reserve will eventually be forced to deliver its first rate hike.</p><p>The European Central Bank, concerned that borrowing costs for companies and individuals could increase harmfully, has taken measures to counter rising Treasury Bond yields. In contrast, the Federal Reserve chair showed no signs of unease, a stark contrast to the situation in March 2020, when policymakers agreed with banks and other market participants on the chaotic market trends.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Following a poor performance at Treasury Bond auctions in February, Treasury Bond yields even exceeded some of the highest expectations for the year, triggering volatile trading.</p><p>Powell on Wednesday again dismissed concerns about recent volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain “highly accommodative” across various indicators, and that the central bank is only concerned about “disorderly” moves that could undermine the money market’s support for economic recovery. To illustrate this point, he stated that he had no intention of adjusting the Federal Reserve's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but Federal Reserve policymakers have made it clear that they do not want to directly participate in behaviors that affect the yield curve,\" said Rish Bhandari, senior portfolio manager at a hedge fund.</p><p>Mike Collins, senior portfolio manager at PGIM Fixed Income, warned that another sharp rise in U.S. Treasury Bond yields could test their stance.</p><p>He said, \"Financial conditions are indeed still very accommodative, but if interest rates rise by another 0.5 to 1 percentage point, it will indeed slow down.\" The rebound in stock and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even to purchase more long-term debt.</p>","source":"fxdaily_fut","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The surge in US Treasury Bond yields is intensifying; will the Federal Reserve \"give in\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe surge in US Treasury Bond yields is intensifying; will the Federal Reserve \"give in\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX168</strong><span class=\"h-time small\">2021-03-21 12:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>British media reported on Saturday (March 20) that the Federal Reserve is locked in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the rapidly developing economic outlook and the possibility of further inflation, while emphasizing his commitment to keeping interest rates at their lowest levels for the foreseeable future.</p><p>However, this lax attitude towards inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times reports that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Federal Reserve can allow such rates to run compared to his Eurozone counterparts.</p><p>\"What matters is not the level of yield, but how it interacts with risky assets,\" said Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes the stock market to fall and credit spreads to widen, then Powell will be even more worried.\"</p><p>Over the past week, the benchmark 10-year U.S. Treasury Bond yield has jumped to 1.75%, compared to around 1.6% a few days ago. The Bloomberg Barclays index shows that U.S. Treasury Bond prices of 10 years or longer have fallen by nearly 15% since the beginning of the year. If these losses continue, the first quarter of this year will be the worst sell-off in U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a significant increase in inflation and growth expectations, and economists suspect that the Federal Reserve will eventually be forced to deliver its first rate hike.</p><p>The European Central Bank, concerned that borrowing costs for companies and individuals could increase harmfully, has taken measures to counter rising Treasury Bond yields. In contrast, the Federal Reserve chair showed no signs of unease, a stark contrast to the situation in March 2020, when policymakers agreed with banks and other market participants on the chaotic market trends.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Following a poor performance at Treasury Bond auctions in February, Treasury Bond yields even exceeded some of the highest expectations for the year, triggering volatile trading.</p><p>Powell on Wednesday again dismissed concerns about recent volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain “highly accommodative” across various indicators, and that the central bank is only concerned about “disorderly” moves that could undermine the money market’s support for economic recovery. To illustrate this point, he stated that he had no intention of adjusting the Federal Reserve's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but Federal Reserve policymakers have made it clear that they do not want to directly participate in behaviors that affect the yield curve,\" said Rish Bhandari, senior portfolio manager at a hedge fund.</p><p>Mike Collins, senior portfolio manager at PGIM Fixed Income, warned that another sharp rise in U.S. Treasury Bond yields could test their stance.</p><p>He said, \"Financial conditions are indeed still very accommodative, but if interest rates rise by another 0.5 to 1 percentage point, it will indeed slow down.\" The rebound in stock and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even to purchase more long-term debt.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.fx168.com/bank/fed/2103/4838373.shtml\">FX168</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a56aa88d539d7b65b8089a421c05150c","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPY":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF","SHY":"债券指数ETF-iShares Barclays 1-3年国债","BND":"债券指数ETF-Vanguard美国","TLT":"20+年以上美国国债ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","IEI":"iShares Barclays 3-7 Year Trea","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares",".DJI":"道琼斯","UPRO":"三倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","IEF":"债券指数ETF-iShares Barclays 7-10年","GOVT":"iShares安硕核心美国国债ETF","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"https://news.fx168.com/bank/fed/2103/4838373.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120549145","content_text":"英国媒体周六（3月20日）报道称，美联储正陷入与市场的“摊牌”中。\n本周，美联储主席鲍威尔承认迅速发展的经济前景以及通货膨胀率进一步攀升的可能，同时强调了他在可预见的未来将利率保持在最低水平的承诺。\n但是，这种对通货膨胀的宽松态度正在侵蚀美国长期政府债券的价格，在全球市场上引发了涟漪。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。\nColumbia Threadneedle Investments全球固定收益负责人Gene Tannuzzo表示：“重要的不是收益率水平，而是其与风险资产之间的相互作用方式。” “如果收益率以导致股市下跌和信贷息差扩大的速度上升，那么鲍威尔将更加担忧。”\n在过去的一周中，基准十年期美国国债收益率跳升至1.75％，几天前约为1.6％。彭博巴克莱（Bloomberg Barclays）指数显示，自今年年初以来，10年或更长期的美国国债价格下跌了近15％。如果这些损失持续下去，那么今年第一季度将是至少自1970年代初以来美国国债遭遇最严重的一次抛售。\n美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。\n欧洲央行担心公司和个人的借贷成本可能会有害地增加，因此采取措施以抵制其国债收益率的上涨。相比之下，美联储主席表现得并未有任何不安，这与2020年3月的情形形成鲜明对比，当时决策者就混乱的市场走势与银行和其他市场参与者保持一致。\n抛售的迅速开始蔓延到股票和信贷市场，这激怒了投资者。2月份美国国债拍卖表现不佳之后，国债收益率甚至突破了今年最高的一些预期，引发了波动性交易。\n鲍威尔周三再次驳回了应该对21亿美元美国政府债券市场的近期波动担忧的疑虑，重申各种指标的财务状况仍然“高度宽松”，而央行只会担心可能破坏货币市场支持经济复苏的“无序”举动。为说明这一点，他表示无意调整美联储每月1200亿美元的债券购买计划。\n对冲基金高级投资组合经理Rish Bhandari表示：“市场可能会迫使他们改变其行为，但目前美联储决策者明确表示，他们不希望直接参与对收益率曲线产生影响的行为。”\nPGIM固定收益部高级投资组合经理Mike Collins警告说，美国国债收益率的再次大幅上升可能会考验他们的立场。\n他说：“金融状况确实仍然很宽松，但是如果利率再上升0.5至1个百分点，那的确会放慢脚步。”股票和信贷市场的反弹可能也足够严重，以至于促使美联储进行口头干预，甚至转向购买更多长期债务的措施。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"OEF":0.9,"SH":0.9,"DXD":0.9,"QLD":0.9,"IVV":0.9,"OEX":0.9,"MNQmain":0.9,"IEF":0.9,"SSO":0.9,"NQmain":0.9,".IXIC":0.9,"UPRO":0.9,"BND":0.9,"ZFmain":0.9,"SPY":0.9,"TLT":0.9,"TQQQ":0.9,"UDOW":0.9,"ZTmain":0.9,"QQQ":0.9,"DDM":0.9,"SDS":0.9,"DOG":0.9,"SDOW":0.9,"TNmain":0.9,"DJX":0.9,"IEI":0.9,"SQQQ":0.9,".DJI":0.9,".SPX":0.9,"ESmain":0.9,"QID":0.9,"GOVT":0.9,"UBmain":0.9,"SHY":0.9,"ZBmain":0.9,"SPXU":0.9}},"isVote":1,"tweetType":1,"viewCount":1586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350396218,"gmtCreate":1616158177234,"gmtModify":1704791654095,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/350396218","repostId":"1173651311","repostType":4,"isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324888349,"gmtCreate":1615982732981,"gmtModify":1704789273156,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576391338782613","idStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324888349","repostId":"1104408842","repostType":4,"repost":{"id":"1104408842","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1615981679,"share":"https://ttm.financial/m/news/1104408842?lang=en_US&edition=fundamental","pubTime":"2021-03-17 19:47","market":"us","language":"zh","title":"Tonight's ups and downs depend on the dot plot: What will the market react if the Fed releases an \"eagle\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1104408842","media":"英为财情Investing","summary":"距离美联储凌晨02:00的货币政策公告已经不到9小时，VIX恐慌指数还在20附近徘徊。但这也有可能是暴风雨之前的平静——债市、汇市、利率掉期市场的波动率在大幅攀升。\n在昨日的分析中，我们大体阐述了经济","content":"<p>It has been less than nine hours since the Fed's 02:00 a.m. monetary policy announcement, and the VIX panic index is still hovering around 20. But it may also be the calm before the storm-volatility in bond, foreign exchange and interest rate swap markets is rising sharply.</p><p>In yesterday's analysis, we broadly explained the consensus expectations of economists for the Fed's resolution, including economic forecasts, dot plots, etc. Wall Street has also issued more views as the resolution approaches, raising a question: How will the market react if the Fed behaves hawkish?</p><p>One key to whether you are hawkish is the dot plot. Currently, the consensus expectation in the market is that the median forecast for 2023 will not change, i.e. there will be no rate hike until 2023. But a third of economists still expect the dot plot to revise its median forecast for 2023 upward.</p><p><img src=\"https://static.tigerbbs.com/21e2e3ade6488faa22fc3f1f20c899ac\" tg-width=\"592\" tg-height=\"573\" referrerpolicy=\"no-referrer\">The Fed's dot plot for December</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>As far as it is expected, the dot plot will show that 11 Fed officials believe there will be at least one rate hike before the end of 2023, and seven officials believe there will be no rate hike.</p><p>Charlie McElligott, cross-asset macro strategist at Nomura, noted that if the market does welcome a \"slight surprise\" — a 25 basis point increase to the median 2023 value of the dot plot — then the interest rate market is likely to maintain the status quo and continue to \"sharpen its knife\" toward the bears; And at least in the short term, the stock market may have a downward knee jerk reaction, because at this time the market will interpret higher yields as \"tightening easing\" rather than \"higher growth/inflation expectations\".</p><p>Steve Englander, global chief foreign exchange strategist at Standard Chartered, gives a more aggressive forecast based on economic and inflation expectations: the median dot plot shows two rate hike in 2023, although the number of policymakers who think there will be one rate hike (25 basis points) will follow; However, the dot plot won't show that the Fed will raise interest rates in 2022.</p><p>Currently, the money market counts the Fed raising interest rates three times in 2023, and the first rate hike is more likely to occur at the end of 2022.</p><p>If this prediction is accurate and FOMC members continue to take a laissez-faire attitude towards the rise in yields, then this will be interpreted as extremely hawkish by the market. After all, most investors agree that the median dot plot shows that there will be no rate hike or rate hike in 2023.</p><p>Naturally, the Fed's \"extremely hawkish\" stance will push the dollar higher against almost every non-US currency. The degree of weakness in G10 currencies may vary, though.</p><p>Standard Chartered pointed out that since the impact of higher U.S. bond yields spread to the foreign exchange market, the G10 commodity currencies have reversed against the dollar<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Higher, mainly driven by the strength of the Canadian dollar; The pound was basically flat, and the euro, RMB and trade-weighted emerging currencies all depreciated by 1.5%-2.0%; The safe-haven currencies, the Swiss franc and the Japanese yen, plunged 4%. Safe-haven currencies are expected to be hit hardest because of recent weak risk aversion, not much demand for safe havens and widening yield spreads.</p><p>In contrast, Standard Chartered believes that the dot plot shows that there was one time in 2023 that rate hike was actually closer to neutral. Because the currency market has already factored in a lot of rate hike expectations, the dot plot suggests that 25 basis points for rate hike wouldn't be too much of a surprise. However, the strategist also added that the market will initially interpret this as slightly hawkish.</p><p>So, what if the dot plot remains the same? This will be interpreted as dovish by the market.</p><p>Nomura strategist McLigott believes that stock market investors may breathe a sigh of relief, and their binge party will continue, with the S&P 500 easily breaking past 4,000 and rising higher.</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>Tonight's ups and downs depend on the dot plot: What will the market react if the Fed releases an \"eagle\"?</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\">\nTonight's ups and downs depend on the dot plot: What will the market react if the Fed releases an \"eagle\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-03-17 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>It has been less than nine hours since the Fed's 02:00 a.m. monetary policy announcement, and the VIX panic index is still hovering around 20. But it may also be the calm before the storm-volatility in bond, foreign exchange and interest rate swap markets is rising sharply.</p><p>In yesterday's analysis, we broadly explained the consensus expectations of economists for the Fed's resolution, including economic forecasts, dot plots, etc. Wall Street has also issued more views as the resolution approaches, raising a question: How will the market react if the Fed behaves hawkish?</p><p>One key to whether you are hawkish is the dot plot. Currently, the consensus expectation in the market is that the median forecast for 2023 will not change, i.e. there will be no rate hike until 2023. But a third of economists still expect the dot plot to revise its median forecast for 2023 upward.</p><p><img src=\"https://static.tigerbbs.com/21e2e3ade6488faa22fc3f1f20c899ac\" tg-width=\"592\" tg-height=\"573\" referrerpolicy=\"no-referrer\">The Fed's dot plot for December</p><p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>As far as it is expected, the dot plot will show that 11 Fed officials believe there will be at least one rate hike before the end of 2023, and seven officials believe there will be no rate hike.</p><p>Charlie McElligott, cross-asset macro strategist at Nomura, noted that if the market does welcome a \"slight surprise\" — a 25 basis point increase to the median 2023 value of the dot plot — then the interest rate market is likely to maintain the status quo and continue to \"sharpen its knife\" toward the bears; And at least in the short term, the stock market may have a downward knee jerk reaction, because at this time the market will interpret higher yields as \"tightening easing\" rather than \"higher growth/inflation expectations\".</p><p>Steve Englander, global chief foreign exchange strategist at Standard Chartered, gives a more aggressive forecast based on economic and inflation expectations: the median dot plot shows two rate hike in 2023, although the number of policymakers who think there will be one rate hike (25 basis points) will follow; However, the dot plot won't show that the Fed will raise interest rates in 2022.</p><p>Currently, the money market counts the Fed raising interest rates three times in 2023, and the first rate hike is more likely to occur at the end of 2022.</p><p>If this prediction is accurate and FOMC members continue to take a laissez-faire attitude towards the rise in yields, then this will be interpreted as extremely hawkish by the market. After all, most investors agree that the median dot plot shows that there will be no rate hike or rate hike in 2023.</p><p>Naturally, the Fed's \"extremely hawkish\" stance will push the dollar higher against almost every non-US currency. The degree of weakness in G10 currencies may vary, though.</p><p>Standard Chartered pointed out that since the impact of higher U.S. bond yields spread to the foreign exchange market, the G10 commodity currencies have reversed against the dollar<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Higher, mainly driven by the strength of the Canadian dollar; The pound was basically flat, and the euro, RMB and trade-weighted emerging currencies all depreciated by 1.5%-2.0%; The safe-haven currencies, the Swiss franc and the Japanese yen, plunged 4%. Safe-haven currencies are expected to be hit hardest because of recent weak risk aversion, not much demand for safe havens and widening yield spreads.</p><p>In contrast, Standard Chartered believes that the dot plot shows that there was one time in 2023 that rate hike was actually closer to neutral. Because the currency market has already factored in a lot of rate hike expectations, the dot plot suggests that 25 basis points for rate hike wouldn't be too much of a surprise. However, the strategist also added that the market will initially interpret this as slightly hawkish.</p><p>So, what if the dot plot remains the same? This will be interpreted as dovish by the market.</p><p>Nomura strategist McLigott believes that stock market investors may breathe a sigh of relief, and their binge party will continue, with the S&P 500 easily breaking past 4,000 and rising higher.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104408842","content_text":"距离美联储凌晨02:00的货币政策公告已经不到9小时，VIX恐慌指数还在20附近徘徊。但这也有可能是暴风雨之前的平静——债市、汇市、利率掉期市场的波动率在大幅攀升。\n在昨日的分析中，我们大体阐述了经济学家们对于美联储此次决议的共识预期，包括经济预测、点阵图等。随着决议的逼近，华尔街也发布了更多的观点，提出的一个问题是：如果美联储表现鹰派，市场会怎么反应？\n判断是否鹰派的一大关键是点阵图。目前，市场的共识预期是，2023年的中值预测不会改变，即直到2023年都不会加息。但仍有三分之一的经济学家预计，点阵图对于2023年的中值预测会上调。\n美联储去年12月的点阵图\n高盛就预计，点阵图将显示，有11名美联储官员认为2023年底之前至少加息一次，7名官员认为不会加息。\n野村跨资产宏观策略师查理·麦克利戈特（Charlie McElligott）指出，如果市场确实迎来一个“轻微的惊喜”——点阵图的2023年中值上调了25个基点，那么利率市场很可能会维持现状，继续“磨刀霍霍”向空头；而至少在短期内，股市可能会出现下跌的膝跳反应，因为这个时候市场会将更高的收益率解读为“收紧宽松政策”，而不是“更高的增长/通胀预期”。\n渣打银行全球首席外汇策略师史蒂夫·英格兰德（Steve Englander）基于经济和通胀预期，给出了更加激进的预测：点阵图中值显示2023年有两次加息，虽然认为会加息一次（25个基点）的决策者人数将紧随其后；不过点阵图不会显示美联储会在2022年加息。\n当前，货币市场计入美联储在2023年加息三次，第一次加息更可能出现在2022年底。\n如果这个预测准确，而FOMC委员继续对收益率的上升采取放任态度，那么这将被市场解读为极其鹰派，毕竟大多数的投资者都认为点阵图中值显示2023年无加息或加息一次。\n自然，美联储“极其鹰派”的立场将会推动美元兑几乎所有非美货币走高。不过，G10货币的疲软程度可能会有所不同。\n渣打银行指出，自从美债收益率走高的影响蔓延到外汇市场以来，G10大宗商品货币兑美元反而微软走高，主要是由加元的强势推动；英镑基本持平，欧元、人民币和贸易加权新兴货币都有1.5%-2.0%的贬值；避险货币瑞郎和日元大跌4%。避险货币受到的打击预计最为严重，因为近期风险规避情绪较弱，没有太多的避险需求，而且收益率差也在扩大。\n相比之下，渣打银行认为，点阵图显示2023年有一次加息其实更接近中性。因为货币市场已经计入了大量的加息预期，因此点阵图暗示加息25个基点不会是太大的意外。不过这位策略师也补充称，市场最初会将这解读为轻微的鹰派。\n那么，如果点阵图维持不变呢？这将被市场解读为鸽派。\n野村策略师麦克利戈特认为，股市投资者可能会松一口气，他们的狂欢派对也将会继续，标普500指数将轻松突破4000点并涨至更高。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":187070518,"gmtCreate":1623732403034,"gmtModify":1704209876409,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187070518","repostId":"1119444358","repostType":4,"isVote":1,"tweetType":1,"viewCount":6104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345949180,"gmtCreate":1618274887340,"gmtModify":1704708413265,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/345949180","repostId":"1176660010","repostType":4,"repost":{"id":"1176660010","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":1618272389,"share":"https://ttm.financial/m/news/1176660010?lang=en_US&edition=fundamental","pubTime":"2021-04-13 08:06","market":"hk","language":"zh","title":"Tencent Holdings: Will raise the limit of medium-term note program to $30 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1176660010","media":"老虎资讯综合","summary":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公","content":"<p>The Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13, including, among other things, the Company's recent corporate and financial information, and increased the program limit from US$20 billion to US$30 billion (or the equivalent in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in the aggregate principal amount of US$18 billion under the Plan.</p><p>In connection with the planned and proposed notes issuance, the Company will provide recent corporate and financial information to certain professional investors. For the purpose of transparent and timely dissemination of information to shareholders and the wider investment community, a summary of relevant information from management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, Bank of America Securities and Deutsche Bank as arranging banks for the scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators for the proposed note offering.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's Global Medium-Term Notes Program of up to US$30 billion</a></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>Tencent Holdings: Will raise the limit of medium-term note program to $30 billion</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\">\nTencent Holdings: Will raise the limit of medium-term note program to $30 billion\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\">2021-04-13 08:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Hong Kong Wind News Agency reported that Tencent Holdings announced on the Hong Kong Stock Exchange that it had updated its global medium-term note program on April 13, including, among other things, the Company's recent corporate and financial information, and increased the program limit from US$20 billion to US$30 billion (or the equivalent in other currencies).</p><p>As at the date of this announcement, the Company still has outstanding notes in the aggregate principal amount of US$18 billion under the Plan.</p><p>In connection with the planned and proposed notes issuance, the Company will provide recent corporate and financial information to certain professional investors. For the purpose of transparent and timely dissemination of information to shareholders and the wider investment community, a summary of relevant information from management's discussion and analysis of the financial position and results of operations of the Group is attached to this announcement.</p><p>The Company has appointed Morgan Stanley, Bank of America Securities and Deutsche Bank as arranging banks for the scheme. Morgan Stanley, BofA Securities, Goldman Sachs (Asia) LLC and HSBC are the joint global coordinators for the proposed note offering.</p><p>[Original announcement]<a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0413/2021041300052_c.pdf\" target=\"_blank\">Tencent Holdings Limited's Global Medium-Term Notes Program of up to US$30 billion</a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176660010","content_text":"香港万得通讯社报道，腾讯控股在港交所公告，已于四月十三日更新全球中期票据计划，包括（其中包括）本公司近期的公司及财务资料，以及将计划限额由200亿美元提高至300亿美元（或其他货币的等值金额）。于本公告刊发日期，本公司根据计划仍有本金总额180亿美元的未偿还票据。就计划及建议票据发行而言，本公司将向若干专业投资者提供近期的公司及财务资料。为了透明地和适时地向股东及更广泛的投资团体发布资料，管理层对本集团财务状况及经营业绩的讨论与分析的相关资料摘要随附于本公告。本公司已委任摩根士丹利、美银证券及德意志银行担任计划的安排行。摩根士丹利、美银证券、高盛（亚洲）有限责任公司及汇丰为建议票据发行的联席全球协调人。【公告原文】腾讯控股有限公司最高限额为300亿美元之全球中期票据计划","news_type":1,"symbols_score_info":{"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187045667,"gmtCreate":1623732271559,"gmtModify":1704209871543,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"z","listText":"z","text":"z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187045667","repostId":"1112473662","repostType":4,"repost":{"id":"1112473662","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":1623721000,"share":"https://ttm.financial/m/news/1112473662?lang=en_US&edition=fundamental","pubTime":"2021-06-15 09:36","market":"us","language":"zh","title":"Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1112473662","media":"老虎资讯综合","summary":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份","content":"<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</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>Times Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.</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\">\nTimes Angel's single-lot success rate is 1.5%; subscribing to 750 lots guarantees one lot.\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\">2021-06-15 09:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 15th news, this Tuesday<a href=\"https://laohu8.com/S/06699\">Times Angel</a>The company issued an announcement stating that it will issue 16.8296 million shares at a price of HK$173 per share, with 200 shares per lot, and is expected to be listed on June 16.</p><p>During the public offering phase, Times Angel was subscribed 2,079.16 times, and the final number of offer shares allocated to the public offering was 8,414,800 shares, accounting for 50% of the total number of offer shares (before any over-allotment option was exercised). A total of 792,388 valid applications were received, with a single-lot success rate of 1.5%, and one lot was guaranteed to be won after subscribing to 750 lots.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 8.4148 million (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data compiled by Tiger News is shown in the table below:<img src=\"https://static.tigerbbs.com/59668ed8a0d3f43ea5d4bac2319b2d55\" tg-width=\"701\" tg-height=\"589\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>Each lot contains 200 shares, with an entry fee of HK$34,948.66. The winning rate for one lot is 1.5%, and subscribing to 750 lots guarantees one lot.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,242,299.63.<img src=\"https://static.tigerbbs.com/ba283b41439eead634c95e73e52b3b68\" tg-width=\"1110\" tg-height=\"808\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6251941867d64b573d06a4dc4f827636\" tg-width=\"573\" tg-height=\"700\" referrerpolicy=\"no-referrer\"></p><p>It is understood that the company is a leading provider of invisible orthodontic solutions in China. According to a report by Frost & Sullivan, China's invisible orthodontic solutions market is highly concentrated. Measured by cases completed in 2020, the top two market participants accounted for a combined market share of 82.4%. According to the same data, the company's market share in the same year was approximately 41.0%.</p><p>During the Track Record Period, the number of dentists served by the Company increased from approximately 11,500 in 2018 to approximately 15,800 in 2019, and further to 19,900 in 2020. The number of cases completed by the company increased from approximately 77,700 in 2018 to approximately 120,100 in 2019, and further to 137,600 in 2020.</p><p>In terms of financial position, the company's revenue was RMB 488 million, RMB 646 million and RMB 817 million in 2018, 2019 and 2020, respectively, with a compound annual growth rate of 29.26% from 2018 to 2020; Net profits were RMB 58.2 million, RMB 67.7 million, and RMB 151 million, respectively, with a compound annual growth rate of 61.07% from 2018 to 2020. Adjusted EBITDA (non-IFRS measured) for the same periods was RMB129 million, RMB175 million and RMB297 million, respectively.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{"06699":"时代天使"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112473662","content_text":"6月15日消息，本周二时代天使发布公告，公司发行1682.96万股股份，每股定价173港元，每手200股，预期将于6月16日上市。\n公开发售阶段时代天使获2079.16倍认购，分配至公开发售的发售股份最终数目为841.48万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获792388份有效申请，一手中签率1.5%，认购750手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为841.48万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手200股，入场费34948.66港元。一手中签率1.5%，认购750手稳中一手。\n乙组门槛为3万股，申购所需资金约5242299.63港元。\n据悉，公司是中国领先的隐形矫治解决方案提供商。根据灼识咨询报告，中国的隐形矫治解决方案市场高度集中，按2020年的达成案例计量，前两大市场参与者的市场占有率总计为82.4%。据同一份资料显示，公司于同年的市场份额为约41.0%。\n于业绩纪录期，公司服务的牙科医生人数由2018年的约1.15万名增至2019年的约1.58万名，并进一步增至2020年的1.99万名。公司的达成案例由2018年的约7.77万个增至2019年的约12.01万个，并进一步增至2020年的13.76万个。\n财务状况方面，于2018年、2019年及2020年，公司的收入分别为人民币4.88亿元、6.46亿元及8.17亿元，2018~2020年的复合增长率达29.26%；净利润分别为5820万元、6770万元及1.51亿元，2018~2020年的复合增长率达61.07%；同期经调整EBITDA（非国际财务报告准则计量）分别为1.29亿元、1.75亿元及2.97亿元。","news_type":1,"symbols_score_info":{"06699":0.9}},"isVote":1,"tweetType":1,"viewCount":5917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374324050,"gmtCreate":1619422100770,"gmtModify":1704723580629,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374324050","repostId":"1182402252","repostType":4,"repost":{"id":"1182402252","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619421307,"share":"https://ttm.financial/m/news/1182402252?lang=en_US&edition=fundamental","pubTime":"2021-04-26 15:15","market":"us","language":"zh","title":"$6 billion ran out of the market! Technology stocks are being snubbed by investors","url":"https://stock-news.laohu8.com/highlight/detail?id=1182402252","media":"英为财情Investing","summary":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自20","content":"<p>U.S. tech stocks performed poorly last week, prompting investors to sell billions of dollars of stock and exit the market ahead of tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 ETF ((NASDAQ:QQQ)) saw a net outflow of $6 billion last week, the largest outflow since the bursting of the dot-com bubble in 2000, marking the ETF's first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Last year, technology stocks were sought after by investors, but the situation has been completely different this year. Since 2021, ETFs tracking finance have attracted $15.7 billion in inflows, while energy and materials funds have attracted $14.4 billion and $4.9 billion respectively. However, technology ETFs have only seen $3.9 billion in inflows so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investors' expectations for technology stocks may be too high as earnings season kicks off, and he is focusing on the materials, energy, and financial sectors, which could see growth of up to 80%.</p><p>After Netflix released its disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many tech giants are set to release their financial reports this week.</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>$6 billion ran out of the market! Technology stocks are being snubbed by investors</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$6 billion ran out of the market! Technology stocks are being snubbed by investors\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-26 15:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. tech stocks performed poorly last week, prompting investors to sell billions of dollars of stock and exit the market ahead of tech giants' earnings reports.</p><p>Data shows that the $161 billion NASDAQ 100 ETF ((NASDAQ:QQQ)) saw a net outflow of $6 billion last week, the largest outflow since the bursting of the dot-com bubble in 2000, marking the ETF's first weekly decline in more than a month.</p><p><img src=\"https://static.tigerbbs.com/ea7e37f3e57284afbc516c91b97db7a4\"></p><p>Last year, technology stocks were sought after by investors, but the situation has been completely different this year. Since 2021, ETFs tracking finance have attracted $15.7 billion in inflows, while energy and materials funds have attracted $14.4 billion and $4.9 billion respectively. However, technology ETFs have only seen $3.9 billion in inflows so far this year.</p><p>James Pillow, managing director of Moors & Cabot Inc., said investors' expectations for technology stocks may be too high as earnings season kicks off, and he is focusing on the materials, energy, and financial sectors, which could see growth of up to 80%.</p><p>After Netflix released its disappointing financial report last week,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Many tech giants are set to release their financial reports this week.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/48729940b5a815d99b2cb055fae07190","relate_stocks":{".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182402252","content_text":"上周美国科技股表现平淡，使得投资者在科技巨头公布财报前抛售数十亿美元股票提前离场。\n数据显示，规模达1610亿美元的纳斯达克100指数ETF（(NASDAQ:QQQ)）上周净流出达60亿美元，是自2000年互联网泡沫破裂以来流出规模最大的一次，这也使得该ETF在一个多月来首次出现了周下跌。\n\n去年，科技股受到了投资者的追捧，但今年以来形势却完全不同。2021年以来，追踪金融的ETF已经吸引了157亿美元的资金流入，而能源和材料基金分别吸引了144亿美元和49亿美元的资金流入，但科技ETF今年迄今的资金流入却仅有39亿美元。\nMoors＆Cabot Inc.董事总经理James Pillow表示，随着财报季拉开序幕，投资者们对科技股的预期可能过高，他正在关注材料、能源和金融板块，这些板块的增长可能高达80%。\n在上周奈飞公布了令人失望的财务报告后，亚马逊、苹果、微软等诸多科技巨头即将在本周公布财报。","news_type":1,"symbols_score_info":{".IXIC":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":6531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372251330,"gmtCreate":1619223070920,"gmtModify":1704721409806,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"Z","listText":"Z","text":"Z","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/372251330","repostId":"2129035903","repostType":4,"repost":{"id":"2129035903","kind":"news","weMediaInfo":{"introduction":"全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。","home_visible":1,"media_name":"英为财情Investing","id":"92","head_image":"https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313"},"pubTimestamp":1619191931,"share":"https://ttm.financial/m/news/2129035903?lang=en_US&edition=fundamental","pubTime":"2021-04-23 23:32","market":"us","language":"zh","title":"Two K-12 giants have released their financial reports one after another. Which one has \"TAL Education Group\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2129035903","media":"英为财情Investing","summary":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这","content":"<p>China's two major education giants recently released their latest financial reports one after the other. After a highly volatile first quarter, the financial reports of these two companies have attracted close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market have both fallen by more than 12% this year. This is not only significantly weaker than the performance of the US stock market, but also does not conform to the trend of vigorous economic recovery in the \"post-pandemic\" era.</p><p>The weakness of Chinese concept education stocks can be traced back to January of this year, when the website of the Central Commission for Discipline Inspection and the National Supervisory Commission published an article directly pointing out the various problems existing in online education. There are also media reports that after-school tutoring institutions have been subject to surprise inspections by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>They remained noncommittal about this news.</p><p>In the following months, online education was frequently named by relevant departments and state media, and the question of how to regulate the education and training industry also sparked heated discussions in society. Education Minister Chen Baosheng recently stated that a major effort will be made to regulate and rectify after-school training institutions this year. On March 31, Lu Yugang, Director of the Department of Basic Education of the Ministry of Education, said at a press conference held by the State Council Information Office that the Ministry of Education has included the governance of training institutions in its key tasks this year and will further strengthen the governance of after-school training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under strict regulations, Wall Street has also shifted its focus.<a href=\"https://laohu8.com/S/C\">Citi</a>Analysts will<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jeffrey</a>Analysts believe that regulation will not have a significant impact on leading companies. However, the investment bank also stated that, given the current abundance of news, investors have chosen to \"vote with their feet\" and sell their stocks first, which is a common way for Wall Street investors to handle negative news about international stocks.</p><p><b>1、</b>TAL Education Group</p><p>According to the latest data released by TAL Education Group, the company's revenue in the fourth quarter of fiscal year 2021 was US$1.36 billion, a year-on-year increase of 59%, exceeding the guidance forecast of US$1.175 billion to US$1.2 billion announced in Q3. The company achieved revenue of approximately US$4.5 billion for the whole year, a year-on-year increase of 37.3%. However, its losses also widened, with a net loss of $169 million in the fourth quarter, an 87.56% increase from a net loss of $90 million in the same period last year, and a net loss of $116 million for the whole year.</p><p>It should be noted that TAL Education Group's increased losses are mainly due to the significant increase in marketing expenses brought about by the online education war. Recently, competition among leading online education institutions has intensified, leading to a further surge in the company's advertising investment and a significant increase in overall marketing expenses. Specifically, the company's sales expenses reached $660 million in Q4, a significant increase of 172% year-on-year; Sales expenses for the year reached 1.68 billion yuan, a significant increase of 37.4% year-on-year.</p><p>Despite being backed by a strict regulatory environment and the issue of excessive advertising before the winter break, which has attracted the attention of regulatory authorities, the company's online course revenue in Q4 was approximately $440 million, a year-on-year increase of 115%, accounting for a significant increase from 24% in the same period last year to 32%. The number of participants in long-term full-price courses increased by 71% year-on-year to 3.5 million, and the full-price course ASP increased by 9% year-on-year.</p><p>According to market data from Investing.com, when TAL Education Group first released its financial report, the market gave the stock a relatively positive reaction (up about 6% in pre-market trading), but the stock price subsequently fell and ultimately closed down 2.16%.</p><p>Market analysts believe that despite the severe pressure of college entrance examinations in China, the company still has huge opportunities in the after-school tutoring market. Although the competition is fierce, the competition will become calmer under the background of stricter regulations, and its management of marketing expenses is also expected to improve. The company will be more rational in its online expansion in the future. Moreover, its cash flow is still as high as $5.938 billion.</p><p>TAL Education Group expects its revenue to increase by 43%-45% year-on-year in Q1 of fiscal year 2022 (the three months ended May 31, 2021), to be between US$1,302.2 billion and US$1,320.5 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, TAL Education Group's number one competitor, New Oriental, also released its financial report. Data shows that in the third quarter of fiscal year 2021, New Oriental's net revenue exceeded US$1.19 billion, a year-on-year increase of 29%, and in addition, Q3 revenue was US$3.151 billion, a year-on-year increase of 9.9%. Earnings per ADS were $0.09, unchanged from $0.09 in the same period last year, compared to market expectations of $0.06.</p><p>Like TAL Education Group, facing a fiercely competitive environment, the company's business expansion has also led to increased costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of its OMO system, investing US$59 million to pilot OMO online courses in existing cities and 25 new satellite cities in the surrounding area. (The OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate Online and Offline channels. It is considered the business model with the greatest improvement in market efficiency after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US$1.089 billion, an increase of 35.1% year-over-year; Cost of revenue was $529.5 million, a year-over-year increase of 35.3%; Selling and marketing expenses were US$156.1 million, representing a year-on-year increase of 32.0%; General and administrative expenses amounted to US$393.4 million, representing a year-on-year increase of 36.1%. However, rising costs have also suppressed the company's profit margins.</p><p>However, New Oriental remained profitable, which made Wall Street investors more \"tolerant\" of it. On the day the earnings report was released, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China effectively controlling the pandemic, offline education has also rebounded, and the two educational methods can complement each other, helping established educational institutions like New Oriental seize more market share and resources. However, it is undeniable that in the fiercely competitive environment, the erosion of the stock's market share by other industry players cannot be ignored.</p><p>New Oriental forecasts that its revenue will increase by 38%-43% year-over-year in Q4 of fiscal year 2021 (the three months ended May 31, 2021), to between US$1,101.9 billion and US$1,141.8 billion.</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>Two K-12 giants have released their financial reports one after another. Which one has \"TAL Education Group\"?</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\">\nTwo K-12 giants have released their financial reports one after another. Which one has \"TAL Education Group\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/92\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/406e2b4996e14cd8a66a2a6864ef4313);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">英为财情Investing </p>\n<p class=\"h-time smaller\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's two major education giants recently released their latest financial reports one after the other. After a highly volatile first quarter, the financial reports of these two companies have attracted close attention from investors.</p><p>According to market data, the prices of stocks listed on the US stock market have both fallen by more than 12% this year. This is not only significantly weaker than the performance of the US stock market, but also does not conform to the trend of vigorous economic recovery in the \"post-pandemic\" era.</p><p>The weakness of Chinese concept education stocks can be traced back to January of this year, when the website of the Central Commission for Discipline Inspection and the National Supervisory Commission published an article directly pointing out the various problems existing in online education. There are also media reports that after-school tutoring institutions have been subject to surprise inspections by relevant regulatory authorities. At that time<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>They remained noncommittal about this news.</p><p>In the following months, online education was frequently named by relevant departments and state media, and the question of how to regulate the education and training industry also sparked heated discussions in society. Education Minister Chen Baosheng recently stated that a major effort will be made to regulate and rectify after-school training institutions this year. On March 31, Lu Yugang, Director of the Department of Basic Education of the Ministry of Education, said at a press conference held by the State Council Information Office that the Ministry of Education has included the governance of training institutions in its key tasks this year and will further strengthen the governance of after-school training institutions. With the successive introduction of regulatory policies, 2021 is also regarded as a transformative year for the education and training industry.</p><p>Under strict regulations, Wall Street has also shifted its focus.<a href=\"https://laohu8.com/S/C\">Citi</a>Analysts will<a href=\"https://laohu8.com/S/TAL\">TAL Education Group</a>The target price was lowered by $20; And<a href=\"https://laohu8.com/S/JEF\">Jeffrey</a>Analysts believe that regulation will not have a significant impact on leading companies. However, the investment bank also stated that, given the current abundance of news, investors have chosen to \"vote with their feet\" and sell their stocks first, which is a common way for Wall Street investors to handle negative news about international stocks.</p><p><b>1、</b>TAL Education Group</p><p>According to the latest data released by TAL Education Group, the company's revenue in the fourth quarter of fiscal year 2021 was US$1.36 billion, a year-on-year increase of 59%, exceeding the guidance forecast of US$1.175 billion to US$1.2 billion announced in Q3. The company achieved revenue of approximately US$4.5 billion for the whole year, a year-on-year increase of 37.3%. However, its losses also widened, with a net loss of $169 million in the fourth quarter, an 87.56% increase from a net loss of $90 million in the same period last year, and a net loss of $116 million for the whole year.</p><p>It should be noted that TAL Education Group's increased losses are mainly due to the significant increase in marketing expenses brought about by the online education war. Recently, competition among leading online education institutions has intensified, leading to a further surge in the company's advertising investment and a significant increase in overall marketing expenses. Specifically, the company's sales expenses reached $660 million in Q4, a significant increase of 172% year-on-year; Sales expenses for the year reached 1.68 billion yuan, a significant increase of 37.4% year-on-year.</p><p>Despite being backed by a strict regulatory environment and the issue of excessive advertising before the winter break, which has attracted the attention of regulatory authorities, the company's online course revenue in Q4 was approximately $440 million, a year-on-year increase of 115%, accounting for a significant increase from 24% in the same period last year to 32%. The number of participants in long-term full-price courses increased by 71% year-on-year to 3.5 million, and the full-price course ASP increased by 9% year-on-year.</p><p>According to market data from Investing.com, when TAL Education Group first released its financial report, the market gave the stock a relatively positive reaction (up about 6% in pre-market trading), but the stock price subsequently fell and ultimately closed down 2.16%.</p><p>Market analysts believe that despite the severe pressure of college entrance examinations in China, the company still has huge opportunities in the after-school tutoring market. Although the competition is fierce, the competition will become calmer under the background of stricter regulations, and its management of marketing expenses is also expected to improve. The company will be more rational in its online expansion in the future. Moreover, its cash flow is still as high as $5.938 billion.</p><p>TAL Education Group expects its revenue to increase by 43%-45% year-on-year in Q1 of fiscal year 2022 (the three months ended May 31, 2021), to be between US$1,302.2 billion and US$1,320.5 billion.</p><p><b>2、</b>New Oriental</p><p>Earlier this week, TAL Education Group's number one competitor, New Oriental, also released its financial report. Data shows that in the third quarter of fiscal year 2021, New Oriental's net revenue exceeded US$1.19 billion, a year-on-year increase of 29%, and in addition, Q3 revenue was US$3.151 billion, a year-on-year increase of 9.9%. Earnings per ADS were $0.09, unchanged from $0.09 in the same period last year, compared to market expectations of $0.06.</p><p>Like TAL Education Group, facing a fiercely competitive environment, the company's business expansion has also led to increased costs. Data shows that in Q3 of fiscal year 2021, New Oriental continued to expand the coverage of its OMO system, investing US$59 million to pilot OMO online courses in existing cities and 25 new satellite cities in the surrounding area. (The OMO strategy refers to the Online-Merge-Offline model, which aims to deeply integrate Online and Offline channels. It is considered the business model with the greatest improvement in market efficiency after O2O.)</p><p>In the third quarter of fiscal year 2021, New Oriental's operating costs and expenses were US$1.089 billion, an increase of 35.1% year-over-year; Cost of revenue was $529.5 million, a year-over-year increase of 35.3%; Selling and marketing expenses were US$156.1 million, representing a year-on-year increase of 32.0%; General and administrative expenses amounted to US$393.4 million, representing a year-on-year increase of 36.1%. However, rising costs have also suppressed the company's profit margins.</p><p>However, New Oriental remained profitable, which made Wall Street investors more \"tolerant\" of it. On the day the earnings report was released, the company's stock price closed up more than 6.4%.</p><p>Analysts believe that with China effectively controlling the pandemic, offline education has also rebounded, and the two educational methods can complement each other, helping established educational institutions like New Oriental seize more market share and resources. However, it is undeniable that in the fiercely competitive environment, the erosion of the stock's market share by other industry players cannot be ignored.</p><p>New Oriental forecasts that its revenue will increase by 38%-43% year-over-year in Q4 of fiscal year 2021 (the three months ended May 31, 2021), to between US$1,101.9 billion and US$1,141.8 billion.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/95a52bac654e212de5e6a737e01fc5ff","relate_stocks":{"EDU":"新东方","TAL":"好未来","09901":"新东方-S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129035903","content_text":"中国两大教育巨头近日前后脚公布了最新的财报数据，在经历了股价波动性较高的一季度以后，这两家公司的财报受到了投资者的密切关注。\n根据行情数据显示，和在美股上市的股票价格今年以来已经双双累计跌逾12%，这不仅大幅弱于美股大盘的走势，也并不符合“后疫情”时代经济蓬勃复苏的趋势。\n中概教育股的弱势，可以追溯到今年1月，彼时，中央纪委国家监委网站发文直指在线教育存在的种种问题。还有媒体消息称，课后辅导机构受到了相关监管部门的突击检查。而当时新东方对这一消息不置可否。\n接下来的几个月里，在线教育频频被有关部门和官媒点名，关于如何规范教培行业的问题也引发了社会热议。教育部部长陈宝生近期表示，今年要大力度治理整顿校外培训机构。3月31日，教育部基础教育司司长吕玉刚在国新办发布会上表示，今年教育部把培训机构治理工作列入重点工作任务，进一步加大校外培训机构治理力度。随着监管政策的陆续出台，2021年也被视作教培行业变革性的一年。\n严监管环境下，华尔街也纷纷转向，花旗的分析师将好未来的目标价下调了20美元；而杰富瑞的分析师则认为，监管对于龙头企业的影响不会太大。但是该投行也表示，在当前消息较多的情况下，投资者选择了“用脚投票”，先抛售股票，这是华尔街投资者对国际股票负面消息常见的处理方式。\n1、好未来\n好未来最新公布的数据显示，公司2021财年Q4季度营收为13.6亿美元，同比增长59%，优于公司Q3时公布的指引预期11.75-12亿美元之间，全年公司实现收入约45亿美元，同比增长37.3%。但是，其亏损也放大，第四季净亏损为1.69亿美元，较上年同期的净亏损0.90亿美元扩大87.56%，全年净亏损为1.160亿美元。\n需要注意的是，好未来的亏损加大，主要是因为线上教育大战所带来的营销费用大幅增长。近期，各大头部在线教育机构之间的竞争越发激烈，公司的广告投入也进一步激增，整体营销费用大幅飙升。具体而言，公司Q4销售费用达到6.6亿美元，同比大增172%；全年销售费用16.8亿元，同比大增37.4%。\n虽然背靠严监管环境，而且寒假前的广告大量投放问题，被监管部门关注，但是Q4公司在线课程实现收入约4.4亿美元，同比增长115%，占比从去年同期的24%大幅增至32%，长期正价课程的参培人数同比增长71%达到350万人，正价课程ASP同比增长9%。\n根据英为财情Investing.com的行情数据显示，在好未来公布财报之初，市场给予该股较为正面的反应(盘前涨约6%)，但是随后股价回落，最终收跌2.16%。\n市场分析师认为，在中国严峻的升学压力之下，公司在课外辅导市场仍然具备巨大机会，虽然竞争激烈，但是在监管趋严的背景下，竞争会更加趋于冷静，其在营销费用的管理方面也有望提升。公司后市在线上扩张方面更理性。而且其现金流仍然高达59.38亿美元。\n好未来预计，2022财年Q1(截至2021年5月31日止三个月)，其营收同比增长43%-45%，至13.022亿美元-13.205亿美元之间。\n2、新东方\n本周稍早前，好未来的头号竞争对手新东方也发布了财报。数据显示，2021财年第三季度，新东方净收入超11.9亿美元，同比增长29%，此外，Q31.51亿美元，同比增长9.9%。每ADS盈利0.09美元，和去年同期的0.09美元持平，市场预期0.06美元。\n和好未来一样，面对激烈的竞争环境，公司业务扩张也导致了成本的增加，数据显示，2021财年Q3，新东方继续扩大OMO系统的覆盖范围，投入5900万美元，在现有城市和周围的25个新的卫星城市中试用OMO在线课程。(OMO战略是指Online-Merge-Offline模式，旨在深度融合线上和线下渠道，被认为是继O2O之后市场效率更大提升的商业模式。)\n在2021财年第三季度，新东方运营成本和开支为10.890亿美元，同比增长35.1%；营收成本为5.295亿美元，同比增长35.3%；销售及营销开支为1.561亿美元，同比增长32.0%；总务及行政开支为3.934亿美元，同比增长36.1%。不过成本的增长也导致了公司的利润空间受到压制。\n不过，新东方仍然盈利，这也让华尔街的投资者对其更为“宽容”，在财报发布当日，公司股价收盘涨超6.4%。\n分析师认为，在中国较好地控制疫情的情况下，线下教育也已经回暖，两种教育方式就能得到相互补充，可以帮助新东方这样的老牌教育机构抢占更多市场和资源。但是不可否认的是，激烈的竞争环境中，其他行业参与者对该股市场份额的侵蚀也不容忽视。\n新东方预测，2021财年Q4(截至2021年5月31日止三个月)，其营收同比增长38%-43%，至11.019亿美元-11.418亿美元之间。","news_type":1,"symbols_score_info":{"EDU":0.9,"09901":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":5144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347197954,"gmtCreate":1618473278478,"gmtModify":1704711360321,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347197954","repostId":"1158737349","repostType":4,"repost":{"id":"1158737349","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":1618472281,"share":"https://ttm.financial/m/news/1158737349?lang=en_US&edition=fundamental","pubTime":"2021-04-15 15:38","market":"us","language":"zh","title":"Spokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1158737349","media":"老虎资讯综合","summary":"针对近日$阿里巴巴(BABA)$集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。\n\n此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","content":"<p>Regarding recent<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The fact that the group was fined 18 billion yuan has drawn attention from the outside world. Gao Feng, spokesperson for the Ministry of Commerce, said: \"Regarding the e-commerce industry, we have always adhered to the principle of giving equal importance to development and regulation.\" We support enterprises' innovative development and healthy competition, while also striving to create a fair and competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard \"Business Specifications for Mobile E-commerce Service Commodities\" (draft for comments).</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>Spokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.</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\">\nSpokesperson for the Ministry of Commerce: For e-commerce companies, we must adhere to the principle of giving equal importance to development and regulation.\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\">2021-04-15 15:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Regarding recent<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The fact that the group was fined 18 billion yuan has drawn attention from the outside world. Gao Feng, spokesperson for the Ministry of Commerce, said: \"Regarding the e-commerce industry, we have always adhered to the principle of giving equal importance to development and regulation.\" We support enterprises' innovative development and healthy competition, while also striving to create a fair and competitive market environment, which is conducive to the overall sustainability of the industry.</p><p>Previously, the Ministry of Commerce publicly solicited opinions on the industry standard \"Business Specifications for Mobile E-commerce Service Commodities\" (draft for comments).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/995418fbbbc235e75883dec898dccaa8","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158737349","content_text":"针对近日阿里巴巴集团被罚180亿元引发外界关注一事，商务部新闻发言人高峰表示：关于电子商务行业，我们始终坚持发展与规范并重的原则。我们支持企业创新发展、良性竞争，同时也致力于营造公平竞争的市场环境，这有利于行业整体的可持续性。此前，商务部公开征求《移动电子商务服务类商品经营规范》行业标准（征求意见稿）意见。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":2447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344165050,"gmtCreate":1618388746870,"gmtModify":1704710032458,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/344165050","repostId":"1125475263","repostType":4,"repost":{"id":"1125475263","kind":"news","pubTimestamp":1618388143,"share":"https://ttm.financial/m/news/1125475263?lang=en_US&edition=fundamental","pubTime":"2021-04-14 16:15","market":"us","language":"zh","title":"Total global cryptocurrency market cap has surpassed Apple's market cap","url":"https://stock-news.laohu8.com/highlight/detail?id=1125475263","media":"新浪科技","summary":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","content":"<p>Total global cryptocurrency market cap has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. Apple's market cap now stands at about $2.25 trillion, according to Asset Dash data. According to the Coingecko market, the total market capitalization of global cryptocurrencies is now about $2.31 trillion.</p>","source":"sina_tech","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>Total global cryptocurrency market cap has surpassed Apple's market cap</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\">\nTotal global cryptocurrency market cap has surpassed Apple's market cap\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-04-14 16:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Total global cryptocurrency market cap has now surpassed<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Market Cap. Apple's market cap now stands at about $2.25 trillion, according to Asset Dash data. According to the Coingecko market, the total market capitalization of global cryptocurrencies is now about $2.31 trillion.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f4856ec4f591737ec230b966483fc4f7","relate_stocks":{"AAPL":"苹果","BTCO":"比特币ETF-Invesco Galaxy","EZBC":"比特币ETF-Franklin","BRRR":"比特币ETF-CoinShares","GBTC":"比特币ETF-Grayscale","ARKB":"比特币ETF-21Shares","DEFI":"比特币期货ETF-Hashdex","BITB":"比特币ETF-Bitwise","FBTC":"比特币ETF-Fidelity","HODL":"比特币ETF-VanEck","BTCW":"比特币ETF-Wisdom Tree"},"source_url":"https://finance.sina.com.cn/tech/2021-04-14/doc-ikmyaawa9642553.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125475263","content_text":"全球加密货币总市值现已超越苹果市值。Asset Dash数据显示，苹果市值现约为2.25万亿美元。Coingecko行情显示，全球加密货币总市值现约为2.31万亿美元。","news_type":1,"symbols_score_info":{"EZBC":1,"BTCW":1,"ARKB":1,"BTCO":1,"HODL":1,"BRRR":1,"DEFI":1,"BITB":1,"GBTC":1,"FBTC":1,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351148861,"gmtCreate":1616578754553,"gmtModify":1704795900501,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"g","listText":"g","text":"g","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/351148861","repostId":"1183778649","repostType":4,"repost":{"id":"1183778649","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":1616578360,"share":"https://ttm.financial/m/news/1183778649?lang=en_US&edition=fundamental","pubTime":"2021-03-24 17:32","market":"us","language":"zh","title":"Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8","url":"https://stock-news.laohu8.com/highlight/detail?id=1183778649","media":"老虎资讯综合","summary":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","content":"<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It meets the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Enterprises</a>Indexes, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index with effect from 9 April 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" 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>Baidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8</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\">\nBaidu Hong Kong stocks will be included in Hang Seng Composite and other indexes after the market closes on April 8\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-24 17:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>It meets the requirements of the rapid inclusion rules of relevant indexes, and will be included in the Hang Seng Composite Index,<a href=\"https://laohu8.com/S/02828\">Hang Seng China Enterprises</a>Indexes, Hang Seng Technology Index, Hang Seng Internet Technology Industry Index with effect from 9 April 2021.</p><p><img src=\"https://static.tigerbbs.com/69b153f4363164867db2e0809f3f9312\" tg-width=\"1480\" tg-height=\"1307\"></p><p><img src=\"https://static.tigerbbs.com/572727f9a5312152d0438bca5ceff7bb\" 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/8901bb897f52869e81f726671f8e37d3","relate_stocks":{"09888":"百度集团-W","BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183778649","content_text":"百度集团-SＷ符合相关指数的快速纳入规则要求，将于2021年4月8日收市后被纳入恒生综合指数、恒生中国企业指数、恒生科技指数、恒生互联网科技业指数，并于2021年4月9日起生效。","news_type":1,"symbols_score_info":{"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":1650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117103923,"gmtCreate":1623120045262,"gmtModify":1704196489621,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"n","listText":"n","text":"n","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117103923","repostId":"1151376161","repostType":4,"repost":{"id":"1151376161","kind":"news","pubTimestamp":1623119950,"share":"https://ttm.financial/m/news/1151376161?lang=en_US&edition=fundamental","pubTime":"2021-06-08 10:39","market":"hk","language":"zh","title":"Guan Qingyou: The A-share market style has shifted again, and core assets are back?","url":"https://stock-news.laohu8.com/highlight/detail?id=1151376161","media":"清友会","summary":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲","content":"<p><i><b>Editor's Note:</b></i>Recently, market hotspots have emerged one after another, with stocks, bonds, foreign exchange, and gold surging simultaneously. A-shares have improved, the bond market has recovered, the RMB has appreciated, gold has risen continuously, and commodities have heated up again. The market has changed dramatically, styles have shifted rapidly, and trading has become more difficult. To this end, based on Dean Guan's recent on-site speech at a wealth event, we have compiled a list of the ten most pressing questions for investors.<b>1. Economic slowdown coupled with rising inflation, a stagflation-like cycle is approaching.</b></p><p>Judging the economic cycle can actually simplify complex issues by combining the leading economic indicator PMI with the sensitive economic indicator PPI. Currently, the Chinese economy has gradually entered a stagflation-like state. The PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly due to weakening external demand orders. PPI continues to rise, commodities still have upward momentum, and short-term inflation has not yet peaked. Slowing economic growth and high prices are typical characteristics of stagflation. However, it is not the classic stagflation described in textbooks, where prices rise across the board. This is because this round of recovery has a typical characteristic: uneven and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to weak domestic demand and weak bargaining power, the transmission of PPI to CPI is not smooth, and profits have not improved significantly. As a result, it has also had a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The recovery is likely to peak in the second quarter, and economic growth momentum will weaken in the second half of the year.</b></p><p>This problem can be analyzed from three perspectives:<b>First, the real estate market is likely to face a downward trend in the second half of the year.</b>The real estate market is very resilient, but even the \"invincible cockroach\" cannot withstand daily attacks. Now that mortgage lending is becoming stricter, sales support is weakening, and financing for the real estate market is restricted, new construction starts are slowing down, and investment is likely to gradually decline.<b>Second, infrastructure investment has gradually entered a downward cycle.</b>。 For local governments, preventing risks in the second half of the year is far more important than stabilizing growth. A few days ago, the Ministry of Finance issued a limit for new local government bonds in 2021 that was lower than the budget allocation, and the issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt has not been completely alleviated, so a decline in infrastructure investment is inevitable, and the high growth rate is unsustainable.<b>Third, weak consumption is the most pressing issue.</b>This is because stimulating consumption recovery cannot be achieved overnight; it is a slow process. On the one hand, the impact of the pandemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, which has structural problems.</p><p><b>3. Short-term inflation still has upward momentum and will continue to be \"semi-inflationary,\" but it is basically controllable in the long run.</b></p><p>Currently, there are structural differences in China's price levels. Looking at the CPI and PPI separately, the pressure on CPI is not significant, while the pressure on PPI is considerable. The CPI is easily affected by the pig cycle. Pig prices have entered a downward cycle and are not sufficient to represent the actual price level. The PPI is more sensitive and objective to inflation. At present, the upward pressure on prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also severe, with the CPI reaching its largest year-on-year increase since the 2008 subprime mortgage crisis. This round of inflation may still have upward momentum in the short term. This is because although the recovery on the demand side has slowed down, it is not over and demand remains strong. On the supply side, the worsening of the epidemic in countries such as India and Southeast Asia has affected production and supply. In the short term, the supply side has been damaged, while the demand side is relatively strong, and the supply-demand gap still exists. However, due to the intervention of the top leadership to stabilize commodity prices, it will be alleviated. Although the commodity market has not yet peaked, considering that the rise in upstream commodity prices has seriously affected the operations of some enterprises, the government has already intervened. In addition, the speculation on commodities in the international financial market is indeed very serious, the market is nearing its end, and volatility will increase significantly, making it difficult to control. It is recommended to participate cautiously. In the long run, as vaccine availability increases, enterprise production gradually recovers, the supply-demand gap is repaired, and inflationary pressures are still relatively controllable.</p><p><b>4. Global monetary policy faces a \"three-pronged\" dilemma, with varying boundaries for easing. The global economy is currently struggling to balance economic recovery, price stability, and asset price stability.</b></p><p>First, we need to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go before full employment. Loose monetary stimulus is needed to maintain economic growth and protect employment. Therefore, it is too early for many countries to exit monetary policy. Secondly, commodity prices have risen one after another, inflation expectations are rising, and market concerns about rate hike resisting global inflation are increasing. Third, the massive global monetary easing following the pandemic has spurred an unprecedented asset bull market, and the problem of asset bubbles is worth being wary of. However, major central banks around the world are now afraid to act rashly. The financial market collapse after the Turkish rate hike is a very painful lesson. The Federal Reserve has also been gradually \"held hostage\" by Wall Street and dares not take the initiative to burst the US stock bubble, but it cannot allow asset prices to rise indefinitely.</p><p><b>5. US employment data fell far short of expectations, and the Federal Reserve is likely to continue its easing measures, unlikely to lead to a sudden rate hike.</b></p><p>Federal Reserve rate hike expectations have eased as non-farm payrolls have fallen short of expectations for two consecutive months. April saw a major surprise in U.S. non-farm payrolls, with only 266,000 new jobs added, far below the expected 1 million. May saw an increase of 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved, making it difficult to say whether the Federal Reserve's monetary policy will tighten. However, the minutes of the recent Federal Reserve meeting released several noteworthy signals: First, they have begun to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but they will consider reducing the scale of bond purchases. However, they are only just beginning to \"consider\" it now, and there is no conclusion yet on when the specific scale of reduction will begin. Secondly, it may take some time to achieve the goals of maximizing employment and price stability. This means that the most important thing at this stage is to achieve full employment and continue to maintain easing. Third, we are generally optimistic about inflation. After the short-term effects of inflation subside, it will ease somewhat within the year, and we will maintain a high tolerance for inflation. Overall, the Federal Reserve's stance is more hawkish than before, and it will marginally tighten monetary policy by reducing the scale of bond purchases in the future, but now is not the time.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sudden turns.\" Minor adjustments are possible, but it will not lead to a shift.</b></p><p>A wave of rate hike in emerging markets is about to hit, and countries such as Russia, Brazil, and Türkiye have already begun rate hike to control inflation and prevent the potential impact of the Federal Reserve's rate hike, but it will not spread to China anytime soon. This is because China carried out a relatively thorough financial restructuring after 2017. As a result, we will be affected by US policy adjustments, but our risk resistance will be relatively strong. But unlike us, economies like Russia, Brazil, and Türkiye are much more influenced by the Federal Reserve than we are. Especially after the 2020 pandemic, my country's monetary policy easing was relatively restrained, unlike countries like Europe, the United States, and Japan that practiced MMT and unlimited easing. This is because China's economic development stage and monetary policy transmission mechanism are very different from those of Europe and the United States, and cannot be generalized. At the same time, China still has other potential growth potential and does not necessarily need massive stimulus to stimulate the economy. Therefore, my country's current monetary policy is relatively cautious and rational, and the official government has clearly stated that it will \"not make a sharp turn\" and will focus on \"fine-tuning\".</p><p><b>7. 2021 is a year of low asset yields; expected returns should be lowered. Steady progress is essential for long-term success.</b></p><p>When we looked ahead at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the real estate market. This year's stock market will certainly not be as full of opportunities as it was in 2020; for ordinary investors, the risks outweigh the opportunities. The judgment is mainly based on two points: First, there is not that much water. In 2020, M2 growth was around 21%, while nominal GDP growth was around 16%, a difference of 5%. M2 growth in 2021 is expected to be around 10%, with a real GDP growth target of 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is a 1:1 match and there is not much room for growth. Second, leading stocks are relatively expensive. Core assets have risen too much in groups, deviating from fundamentals, with valuations too high and risk compensation premiums too low, especially the SSE 50, CSI 300, and STAR Market. Therefore, this wave of adjustment after the Spring Festival was within our expectations. Although there will be a phased recovery opportunity after the rapid adjustment, with the onset of a stagflation-like cycle, neither liquidity nor fundamentals can support a comprehensive bull market. We maintain our judgment that this year will be a small year for assets.</p><p><b>8. The A-share market presents only structural opportunities, with styles gradually shifting from pro-cyclical to cross-cyclical.</b></p><p>The structural opportunities we mentioned at the end of last year mainly referred to the shift in stock market style from sectors that were favored by institutional investors due to valuation increases in 2020 to performance-driven pro-cyclical sectors. From the recent blue-chip stock market crash around the Spring Festival to the subsequent surge in coal and non-ferrous metals prices triggered by rising commodity prices, our prediction of a pro-cyclical market trend has been largely confirmed. However, the recovery is now slowing down, a stagflation-like cycle is approaching, and market style is rebalancing. The pro-cyclical market is nearing its end due to slowing recovery and previous overdrafts. Although there are still opportunities after the adjustment, it has shifted from a one-sided upward trend to a volatile phase, with increased volatility and greater trading difficulty. Cross-cycle sectors such as consumer and pharmaceutical, especially those companies that can continue to release performance, may still have opportunities as long as there is no significant tightening of liquidity. The counter-cyclical technology growth sector remains under pressure due to marginal tightening of liquidity and low risk appetite, with only a very few performance-driven core leaders able to withstand the pressure.</p><p><b>9. Leading stocks favored by the group showed significant divergence in performance after the adjustment; the \"top student model\" was used to select core assets.</b></p><p>The stock market crash of blue-chip stocks after the Spring Festival was actually expected. Institutional clusters are not a reliable and long-term thing. Once some of these factors change, the clusters will definitely collapse. In 2021, the investment logic was no longer driven by valuations caused by expectations of easing, but by fundamentals after the water level dropped. Whoever made the best profits and had the best stock price value would take the lead.<b>The perspective on blue-chip stocks can be explained using the \"top student model\".</b>Suppose a top student starts dating after the Spring Festival this year, and his academic performance plummets, dropping from the top five in his grade to his twenties. What should you do then? Are they abandoning top students and turning to underachievers? Should we patiently wait for top students to do their ideological work? In fact, it all depends on your understanding of academic superstars. You need to understand that the top student's performance mistake this time was because he wasted time dating? Or is he sick? Or is there a psychological problem? This is the same logic as choosing stocks. True top students are likely to make a comeback, while the probability of underachievers performing exceptionally well is relatively small.<b>Therefore, we advocate continuing to focus on performance. While having fundamental support, investors should withstand the pressure of valuation adjustments in core assets and accompany top students.</b></p><p><b>1</b><b><b>0. Mortgage rates are rising, and the window of opportunity for home purchases is gradually closing.</b></b></p><p>Under easing measures, there is no bear market in the real estate market; similarly, after tightening measures, a bull market in the real estate market is unsustainable. At the end of last year, we said that this year would be a big year for the real estate market. Due to the low base effect and increased efforts to launch new projects, real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, setting a new historical record. The big year for the real estate market has already been booked in advance. However, with changes in liquidity, mortgage rates have been raised across the country, and some cities are even planning to temporarily set loans for second-hand homes. The difficulty and high cost of obtaining loans are inevitable trends, which will inevitably dampen the enthusiasm for buying a house, and the window of opportunity for buying a house is gradually closing.</p>","source":"lsy1615432093283","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>Guan Qingyou: The A-share market style has shifted again, and core assets are back?</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\">\nGuan Qingyou: The A-share market style has shifted again, and core assets are back?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">清友会</strong><span class=\"h-time small\">2021-06-08 10:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>Editor's Note:</b></i>Recently, market hotspots have emerged one after another, with stocks, bonds, foreign exchange, and gold surging simultaneously. A-shares have improved, the bond market has recovered, the RMB has appreciated, gold has risen continuously, and commodities have heated up again. The market has changed dramatically, styles have shifted rapidly, and trading has become more difficult. To this end, based on Dean Guan's recent on-site speech at a wealth event, we have compiled a list of the ten most pressing questions for investors.<b>1. Economic slowdown coupled with rising inflation, a stagflation-like cycle is approaching.</b></p><p>Judging the economic cycle can actually simplify complex issues by combining the leading economic indicator PMI with the sensitive economic indicator PPI. Currently, the Chinese economy has gradually entered a stagflation-like state. The PMI has fallen for two consecutive months, the pace of economic recovery has begun to slow down, and growth momentum has declined, mainly due to weakening external demand orders. PPI continues to rise, commodities still have upward momentum, and short-term inflation has not yet peaked. Slowing economic growth and high prices are typical characteristics of stagflation. However, it is not the classic stagflation described in textbooks, where prices rise across the board. This is because this round of recovery has a typical characteristic: uneven and obvious differentiation. Price increases are mainly concentrated in upstream raw materials. Due to weak domestic demand and weak bargaining power, the transmission of PPI to CPI is not smooth, and profits have not improved significantly. As a result, it has also had a certain inhibitory effect on consumption. This situation is even more serious than stagflation.</p><p><b>2. The recovery is likely to peak in the second quarter, and economic growth momentum will weaken in the second half of the year.</b></p><p>This problem can be analyzed from three perspectives:<b>First, the real estate market is likely to face a downward trend in the second half of the year.</b>The real estate market is very resilient, but even the \"invincible cockroach\" cannot withstand daily attacks. Now that mortgage lending is becoming stricter, sales support is weakening, and financing for the real estate market is restricted, new construction starts are slowing down, and investment is likely to gradually decline.<b>Second, infrastructure investment has gradually entered a downward cycle.</b>。 For local governments, preventing risks in the second half of the year is far more important than stabilizing growth. A few days ago, the Ministry of Finance issued a limit for new local government bonds in 2021 that was lower than the budget allocation, and the issuance of local government special bonds in May was also lower than expected. In addition, the pressure on local government debt has not been completely alleviated, so a decline in infrastructure investment is inevitable, and the high growth rate is unsustainable.<b>Third, weak consumption is the most pressing issue.</b>This is because stimulating consumption recovery cannot be achieved overnight; it is a slow process. On the one hand, the impact of the pandemic on small and medium-sized enterprises has not completely passed, and the growth of residents' disposable income has slowed down. On the other hand, we are also in a period of slowdown in consumption growth, which has structural problems.</p><p><b>3. Short-term inflation still has upward momentum and will continue to be \"semi-inflationary,\" but it is basically controllable in the long run.</b></p><p>Currently, there are structural differences in China's price levels. Looking at the CPI and PPI separately, the pressure on CPI is not significant, while the pressure on PPI is considerable. The CPI is easily affected by the pig cycle. Pig prices have entered a downward cycle and are not sufficient to represent the actual price level. The PPI is more sensitive and objective to inflation. At present, the upward pressure on prices is mainly concentrated on the production side, mainly due to the mismatch between supply and demand. Inflation in the United States is also severe, with the CPI reaching its largest year-on-year increase since the 2008 subprime mortgage crisis. This round of inflation may still have upward momentum in the short term. This is because although the recovery on the demand side has slowed down, it is not over and demand remains strong. On the supply side, the worsening of the epidemic in countries such as India and Southeast Asia has affected production and supply. In the short term, the supply side has been damaged, while the demand side is relatively strong, and the supply-demand gap still exists. However, due to the intervention of the top leadership to stabilize commodity prices, it will be alleviated. Although the commodity market has not yet peaked, considering that the rise in upstream commodity prices has seriously affected the operations of some enterprises, the government has already intervened. In addition, the speculation on commodities in the international financial market is indeed very serious, the market is nearing its end, and volatility will increase significantly, making it difficult to control. It is recommended to participate cautiously. In the long run, as vaccine availability increases, enterprise production gradually recovers, the supply-demand gap is repaired, and inflationary pressures are still relatively controllable.</p><p><b>4. Global monetary policy faces a \"three-pronged\" dilemma, with varying boundaries for easing. The global economy is currently struggling to balance economic recovery, price stability, and asset price stability.</b></p><p>First, we need to stimulate economic recovery. Although the economy is still in the process of recovery, the growth rate has begun to slow down, and there is still a long way to go before full employment. Loose monetary stimulus is needed to maintain economic growth and protect employment. Therefore, it is too early for many countries to exit monetary policy. Secondly, commodity prices have risen one after another, inflation expectations are rising, and market concerns about rate hike resisting global inflation are increasing. Third, the massive global monetary easing following the pandemic has spurred an unprecedented asset bull market, and the problem of asset bubbles is worth being wary of. However, major central banks around the world are now afraid to act rashly. The financial market collapse after the Turkish rate hike is a very painful lesson. The Federal Reserve has also been gradually \"held hostage\" by Wall Street and dares not take the initiative to burst the US stock bubble, but it cannot allow asset prices to rise indefinitely.</p><p><b>5. US employment data fell far short of expectations, and the Federal Reserve is likely to continue its easing measures, unlikely to lead to a sudden rate hike.</b></p><p>Federal Reserve rate hike expectations have eased as non-farm payrolls have fallen short of expectations for two consecutive months. April saw a major surprise in U.S. non-farm payrolls, with only 266,000 new jobs added, far below the expected 1 million. May saw an increase of 559,000, lower than the expected 674,000. The goals of full employment and economic recovery are far from being achieved, making it difficult to say whether the Federal Reserve's monetary policy will tighten. However, the minutes of the recent Federal Reserve meeting released several noteworthy signals: First, they have begun to consider reducing the scale of bond purchases. There will be no rate hike in the short term, but they will consider reducing the scale of bond purchases. However, they are only just beginning to \"consider\" it now, and there is no conclusion yet on when the specific scale of reduction will begin. Secondly, it may take some time to achieve the goals of maximizing employment and price stability. This means that the most important thing at this stage is to achieve full employment and continue to maintain easing. Third, we are generally optimistic about inflation. After the short-term effects of inflation subside, it will ease somewhat within the year, and we will maintain a high tolerance for inflation. Overall, the Federal Reserve's stance is more hawkish than before, and it will marginally tighten monetary policy by reducing the scale of bond purchases in the future, but now is not the time.</p><p><b>6. China's monetary policy remains neutral, emphasizing \"no sudden turns.\" Minor adjustments are possible, but it will not lead to a shift.</b></p><p>A wave of rate hike in emerging markets is about to hit, and countries such as Russia, Brazil, and Türkiye have already begun rate hike to control inflation and prevent the potential impact of the Federal Reserve's rate hike, but it will not spread to China anytime soon. This is because China carried out a relatively thorough financial restructuring after 2017. As a result, we will be affected by US policy adjustments, but our risk resistance will be relatively strong. But unlike us, economies like Russia, Brazil, and Türkiye are much more influenced by the Federal Reserve than we are. Especially after the 2020 pandemic, my country's monetary policy easing was relatively restrained, unlike countries like Europe, the United States, and Japan that practiced MMT and unlimited easing. This is because China's economic development stage and monetary policy transmission mechanism are very different from those of Europe and the United States, and cannot be generalized. At the same time, China still has other potential growth potential and does not necessarily need massive stimulus to stimulate the economy. Therefore, my country's current monetary policy is relatively cautious and rational, and the official government has clearly stated that it will \"not make a sharp turn\" and will focus on \"fine-tuning\".</p><p><b>7. 2021 is a year of low asset yields; expected returns should be lowered. Steady progress is essential for long-term success.</b></p><p>When we looked ahead at the end of last year, we said that 2020 would be a big year for the stock market and 2021 would be a big year for the real estate market. This year's stock market will certainly not be as full of opportunities as it was in 2020; for ordinary investors, the risks outweigh the opportunities. The judgment is mainly based on two points: First, there is not that much water. In 2020, M2 growth was around 21%, while nominal GDP growth was around 16%, a difference of 5%. M2 growth in 2021 is expected to be around 10%, with a real GDP growth target of 6%, leaving room for marginal tightening. The inflation target is 3%, and the nominal GDP growth rate is around 9%, which is a 1:1 match and there is not much room for growth. Second, leading stocks are relatively expensive. Core assets have risen too much in groups, deviating from fundamentals, with valuations too high and risk compensation premiums too low, especially the SSE 50, CSI 300, and STAR Market. Therefore, this wave of adjustment after the Spring Festival was within our expectations. Although there will be a phased recovery opportunity after the rapid adjustment, with the onset of a stagflation-like cycle, neither liquidity nor fundamentals can support a comprehensive bull market. We maintain our judgment that this year will be a small year for assets.</p><p><b>8. The A-share market presents only structural opportunities, with styles gradually shifting from pro-cyclical to cross-cyclical.</b></p><p>The structural opportunities we mentioned at the end of last year mainly referred to the shift in stock market style from sectors that were favored by institutional investors due to valuation increases in 2020 to performance-driven pro-cyclical sectors. From the recent blue-chip stock market crash around the Spring Festival to the subsequent surge in coal and non-ferrous metals prices triggered by rising commodity prices, our prediction of a pro-cyclical market trend has been largely confirmed. However, the recovery is now slowing down, a stagflation-like cycle is approaching, and market style is rebalancing. The pro-cyclical market is nearing its end due to slowing recovery and previous overdrafts. Although there are still opportunities after the adjustment, it has shifted from a one-sided upward trend to a volatile phase, with increased volatility and greater trading difficulty. Cross-cycle sectors such as consumer and pharmaceutical, especially those companies that can continue to release performance, may still have opportunities as long as there is no significant tightening of liquidity. The counter-cyclical technology growth sector remains under pressure due to marginal tightening of liquidity and low risk appetite, with only a very few performance-driven core leaders able to withstand the pressure.</p><p><b>9. Leading stocks favored by the group showed significant divergence in performance after the adjustment; the \"top student model\" was used to select core assets.</b></p><p>The stock market crash of blue-chip stocks after the Spring Festival was actually expected. Institutional clusters are not a reliable and long-term thing. Once some of these factors change, the clusters will definitely collapse. In 2021, the investment logic was no longer driven by valuations caused by expectations of easing, but by fundamentals after the water level dropped. Whoever made the best profits and had the best stock price value would take the lead.<b>The perspective on blue-chip stocks can be explained using the \"top student model\".</b>Suppose a top student starts dating after the Spring Festival this year, and his academic performance plummets, dropping from the top five in his grade to his twenties. What should you do then? Are they abandoning top students and turning to underachievers? Should we patiently wait for top students to do their ideological work? In fact, it all depends on your understanding of academic superstars. You need to understand that the top student's performance mistake this time was because he wasted time dating? Or is he sick? Or is there a psychological problem? This is the same logic as choosing stocks. True top students are likely to make a comeback, while the probability of underachievers performing exceptionally well is relatively small.<b>Therefore, we advocate continuing to focus on performance. While having fundamental support, investors should withstand the pressure of valuation adjustments in core assets and accompany top students.</b></p><p><b>1</b><b><b>0. Mortgage rates are rising, and the window of opportunity for home purchases is gradually closing.</b></b></p><p>Under easing measures, there is no bear market in the real estate market; similarly, after tightening measures, a bull market in the real estate market is unsustainable. At the end of last year, we said that this year would be a big year for the real estate market. Due to the low base effect and increased efforts to launch new projects, real estate sales in the first quarter hit a record high, and the annual sales are expected to exceed 18 trillion yuan, setting a new historical record. The big year for the real estate market has already been booked in advance. However, with changes in liquidity, mortgage rates have been raised across the country, and some cities are even planning to temporarily set loans for second-hand homes. The difficulty and high cost of obtaining loans are inevitable trends, which will inevitably dampen the enthusiasm for buying a house, and the window of opportunity for buying a house is gradually closing.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw\">清友会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/S9wHhAYd5vrsRbR_o0ENBw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151376161","content_text":"编者按：近期市场热点层出不穷，股债汇金同步大涨，A股好转、债市回暖、人民币升值、黄金连续上涨、大宗商品再度升温等等，市场剧烈变化，风格快速切换，操作难度加大。为此，我们根据管院长近期财富活动的现场演讲，整理出最受投资者关注的十大问题。\n\n1、经济放缓叠加通胀升温，类滞胀周期正在临近\n对于经济周期的判断，其实可以复杂问题简单化，结合经济先行指标PMI和经济敏感指标PPI判断，当前中国经济已经逐步进入到类滞胀状态。PMI连续两个月回落，经济复苏步伐开始放缓，增长动能有所下滑，主要是外需订单开始走弱。PPI持续上行，大宗商品还有冲高动能，短期通胀尚未见顶。经济增速放缓，物价处于高位，这就是滞胀的典型特征。但并不是教科书里讲的那种经典滞胀，物价全面上行，这是因为本轮复苏有一个典型的特征，那就是不均衡、分化明显，涨价主要集中在上游原材料上，终端由于内需不振、议价能力偏弱，所以PPI向CPI传导并不顺畅，盈利也未能有明显的改善，进而对消费也产生了一定的抑制作用，这种情况比滞胀还要严重。\n2、复苏顶点大概率在二季度出现，下半年经济增长动能会有所衰减\n可以从三个角度来分析这个问题：一是房地产在下半年很可能有回落风险。房地产的韧性很强，但“打不死的小强”也架不住天天打，如今房贷趋严，销售端支撑开始趋弱，再加上房地产的融资端受到了限制，新开工放缓，投资很有可能逐渐回落；二是基建已经逐步进入了下行周期。对于地方政府，下半年防风险远比稳增长更重要，前几天财政部下达的2021年新增地方债限额低于预算安排额度，5月地方政府专项债发行也是不及预期，加之地方债压力仍未彻底缓解，基建投资下滑是在所难免，高增速难以为继；三是消费疲软，这也是最棘手的问题。这是因为刺激消费复苏不能一蹴而就，是个慢活。一方面是疫情对中小企业的冲击并没有完全过去，居民可支配收入增长放缓，另一方面我们也正处于消费增长的减速期，存在结构性问题。\n3、短期通胀仍有上行动力，延续“半通货膨胀”，但长期来看基本可控\n当前中国的物价水平是有结构性差异的，将CPI和PPI分开来看，CPI压力不大，PPI压力不小。CPI容易受猪周期干扰，猪价已进入下行周期，不足以代表实际物价水平，PPI对通胀更加敏感和客观，现阶段物价上涨压力主要集中在生产端，主要原因是供需错配。美国通胀也很严重，CPI已经创下2008年次贷危机以来最大同比增幅。本轮通胀短期可能还有继续上行的动力，这是因为需求端虽然复苏有所放缓，但并未结束，需求依旧强劲，供给端由于印度、东南亚等国家疫情再度恶化，影响生产供给，短期供给侧受损、需求侧相对旺盛，供需缺口依旧存在，但由于高层出手稳定大宗商品价格，会有所缓解。大宗商品行情虽然尚未见顶，但考虑到上游大宗商品涨价已经严重影响到部分企业经营情况，政府已经出手开始干预，加之国际金融市场对商品的炒作确实非常严重，行情已接近尾声，波动也会明显加大，难以把握，建议谨慎参与。长期来看，随着疫苗普及程度提升，企业生产逐渐恢复，供求缺口修复，通胀压力还算可控。\n4、全球货币政策面临“三难”困境，宽松的边界各不相同。当前全球对于经济复苏、物价平稳、资产价格平稳三者之间难以兼顾\n一是要刺激经济的复苏，虽然经济还在复苏过程中，但增速已经开始放缓，离充分就业还有不小的距离，需要宽松的货币刺激来维持经济增长和保障就业，所以对于不少国家货币政策退出还为时尚早；二是大宗商品接连涨价，通胀预期不断升温，市场关于加息抵御全球性通胀的担忧不断提升；三是疫情之后，全球大放水催生了史无前例的资产大牛市，资产泡沫问题值得警惕，但现在全球主要央行都不敢轻举妄动，土耳其加息后金融市场崩盘就是很惨烈的教训，美联储也逐步被华尔街“绑架”，不敢主动戳破美股泡沫，但也不能放任资产价格无限上涨。\n5、美国就业数据远不及预期，美联储大概率持续宽松，不会骤然加息\n由于非农就业连续两个月不及预期，美联储加息预期有所缓解。4月美国非农就业大爆冷，新增就业人数仅26.6万人，远低于100万的预计值，5月增加55.9万，低于预期的67.4万，充分就业和经济复苏的目标远未达成，美联储货币政策难说收紧。但近期的美联储会议纪要释放了几点值得关注的信号：一是开始考虑缩减购债规模，短期不会加息，但会考虑缩减购债规模，但现在仅仅是开始“考虑”，具体什么时候开始缩减还没结论；二是要实现最大化就业和价格稳定目标，可能还需要一段时间，意味着现阶段最重要的是充分就业，还要继续维持宽松；三是对通胀基本持有乐观态度，通胀短期效应消退后，年内会有所缓解，对通胀保持较高的容忍度。综合来看，美联储表态比之前更鹰派一点，未来会通过缩减购债规模来边际收紧货币政策，但现在还不是时候。\n6、中国货币政策维持中性，强调“不急转弯”，可能微调，但不至于转向\n新兴市场加息潮将来袭，俄罗斯、巴西、土耳其等国已经开始加息，一方面是控制通胀，另一方面是防止美联储加息可能带来的冲击，但不会很快蔓延到中国。这是因为中国在2017年之后进行了一场比较彻底的金融大整顿，因此我们受到美国政策调整的影响会有，但是抗风险能力会比较强。可俄罗斯、巴西和土耳其这些经济体和我们不同，它们受到美联储的影响要比我们要大得多。特别是2020年疫情以后，我国货币政策宽松相对克制，并没有像欧美日等国践行MMT，无上限宽松，这是因为中国的经济发展阶段、中国的货币政策传导机制，都和欧美国家有很大差别，不能一概而论。同时中国仍有其他潜在增长潜力，并不一定需要大水漫灌来刺激经济。因此我国当前的货币政策比较谨慎、理性，官方也明确表明“不急转弯”，注重“微调”。\n7、2021年是资产小年，应降低预期收益率，行稳才能致远\n我们在去年年底展望的时候说2020年是股市大年，2021年是楼市大年。今年的股市肯定不会像2020年那样充满机会，对于普通投资者而言，是风险大于机会。主要是基于两点判断：一是水没有那么多。2020年M2在21%左右，名义GDP增速在16%左右，有5%的差值；2021年M2预计在10%左右，实际GDP增速定的目标是6%，预留了边际收紧的空间，通胀目标是3%，名义GDP增速在9%左右，正好1:1匹配，没有太大的空间。二是龙头股偏贵。核心资产抱团涨得太多，脱离基本面，估值太高，风险补偿溢价太低，特别是上证50、沪深300和科创板。所以春节过后的这波调整在我们的预期之中，虽然快速调整之后，会有阶段性的修复机会，但类滞胀周期来袭，流动性和基本面都无法支撑全面的大牛市，维持年内资产小年的判断。\n8、A股只有结构性机会，风格逐渐从顺周期向跨周期切换\n去年年底我们说的结构性的机会，主要指的是股市风格将从2020年估值推升机构抱团的板块，切换为业绩驱动的顺周期板块。从春节前后这一轮白马股股灾，到后来大宗商品价格上涨带来的“煤飞色舞”行情，基本印证了我们预判的顺周期行情。但现在复苏开始放缓，类滞胀周期越来越近，市场风格出现再平衡。顺周期行情由于复苏放缓和前期透支，行情接近尾声，虽然调整后还有机会，但已经从单边上行转向震荡阶段，波动加剧，操作难度加大。跨周期的消费、医药等板块，特别是那些业绩能持续释放的公司，流动性只要没有大的收紧，可能仍有机会。逆周期的科技成长板块，由于流动性边际收紧，风险偏好处于低位，整体依然承压，只有极少数业绩驱动型的核心龙头能扛住。\n9、抱团龙头股调整后走势明显分化，用“学霸模型”选择核心资产\n春节后白马股的股灾其实是在意料中的，机构抱团并不是一件靠谱且长久的事，一旦其中部分要素发生变化，抱团肯定会瓦解。2021年投资逻辑不再是宽松预期导致的估值驱动，而是水位下降之后的基本面驱动，谁盈利好，股价性价比高，谁就能拔得头筹。对于白马股的看法，可以用“学霸模型”来解释一下。假设有一个学霸，在今年春节以后谈恋爱，学习成绩直线下降，一下子从年级前五名掉到了年纪二十多名。这时候你该怎么办？是抛弃学霸转身去找学渣？还是耐心等学霸做好自己的思想工作？其实这一切都取决于你对学霸的理解。你要搞懂这次学霸发挥失误是因为谈恋爱耽误时间了？还是生病了？抑或是心理出现了问题？这和选择股票的逻辑是一样的。真正的学霸大概率会东山再起，学渣超常发挥的概率相对较小。因此我们主张要继续去关注业绩，有基本面支撑的同时，投资者要抗住核心资产的估值调整的压力，陪伴学霸。\n10、房贷利率上调，购房窗口期逐渐关闭\n宽松之下，地产无熊市，同理，紧缩之后，地产牛市难以为继。去年年底我们曾说今年是楼市大年，由于低基数效应和推盘力度加大，一季度地产销量创历史新高，全年销售额有望突破18万亿，创历史记录，楼市大年已经提前预定。但是随着流动性发生变化，各地纷纷上调房贷利率，部分城市甚至计划暂定二手房贷款，贷款难和贷款贵已是大势所趋，势必会打击购房积极性，购房窗口期逐渐关闭。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":6047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359015988,"gmtCreate":1616300283144,"gmtModify":1704792746362,"author":{"id":"3576391338782613","authorId":"3576391338782613","name":"JackyLove","avatar":"https://static.tigerbbs.com/fca9a8a9b23114d17a2580e761155d47","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576391338782613","authorIdStr":"3576391338782613"},"themes":[],"title":"","htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359015988","repostId":"2120549145","repostType":4,"repost":{"id":"2120549145","kind":"news","pubTimestamp":1616299535,"share":"https://ttm.financial/m/news/2120549145?lang=en_US&edition=fundamental","pubTime":"2021-03-21 12:05","market":"us","language":"zh","title":"The surge in US Treasury Bond yields is intensifying; will the Federal Reserve \"give in\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2120549145","media":"FX168","summary":"英国媒体周六报道称，美联储正陷入与市场的“摊牌”中。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。","content":"<p>British media reported on Saturday (March 20) that the Federal Reserve is locked in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the rapidly developing economic outlook and the possibility of further inflation, while emphasizing his commitment to keeping interest rates at their lowest levels for the foreseeable future.</p><p>However, this lax attitude towards inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times reports that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Federal Reserve can allow such rates to run compared to his Eurozone counterparts.</p><p>\"What matters is not the level of yield, but how it interacts with risky assets,\" said Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes the stock market to fall and credit spreads to widen, then Powell will be even more worried.\"</p><p>Over the past week, the benchmark 10-year U.S. Treasury Bond yield has jumped to 1.75%, compared to around 1.6% a few days ago. The Bloomberg Barclays index shows that U.S. Treasury Bond prices of 10 years or longer have fallen by nearly 15% since the beginning of the year. If these losses continue, the first quarter of this year will be the worst sell-off in U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a significant increase in inflation and growth expectations, and economists suspect that the Federal Reserve will eventually be forced to deliver its first rate hike.</p><p>The European Central Bank, concerned that borrowing costs for companies and individuals could increase harmfully, has taken measures to counter rising Treasury Bond yields. In contrast, the Federal Reserve chair showed no signs of unease, a stark contrast to the situation in March 2020, when policymakers agreed with banks and other market participants on the chaotic market trends.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Following a poor performance at Treasury Bond auctions in February, Treasury Bond yields even exceeded some of the highest expectations for the year, triggering volatile trading.</p><p>Powell on Wednesday again dismissed concerns about recent volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain “highly accommodative” across various indicators, and that the central bank is only concerned about “disorderly” moves that could undermine the money market’s support for economic recovery. To illustrate this point, he stated that he had no intention of adjusting the Federal Reserve's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but Federal Reserve policymakers have made it clear that they do not want to directly participate in behaviors that affect the yield curve,\" said Rish Bhandari, senior portfolio manager at a hedge fund.</p><p>Mike Collins, senior portfolio manager at PGIM Fixed Income, warned that another sharp rise in U.S. Treasury Bond yields could test their stance.</p><p>He said, \"Financial conditions are indeed still very accommodative, but if interest rates rise by another 0.5 to 1 percentage point, it will indeed slow down.\" The rebound in stock and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even to purchase more long-term debt.</p>","source":"fxdaily_fut","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The surge in US Treasury Bond yields is intensifying; will the Federal Reserve \"give in\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe surge in US Treasury Bond yields is intensifying; will the Federal Reserve \"give in\"?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX168</strong><span class=\"h-time small\">2021-03-21 12:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>British media reported on Saturday (March 20) that the Federal Reserve is locked in a \"showdown\" with the market.</p><p>This week, Federal Reserve Chairman Jerome Powell acknowledged the rapidly developing economic outlook and the possibility of further inflation, while emphasizing his commitment to keeping interest rates at their lowest levels for the foreseeable future.</p><p>However, this lax attitude towards inflation is eroding the price of long-term U.S. government bonds, causing ripples in global markets. The Financial Times reports that despite Powell's laissez-faire approach to U.S. Treasury Bond yields, investors are still questioning how long the Federal Reserve can allow such rates to run compared to his Eurozone counterparts.</p><p>\"What matters is not the level of yield, but how it interacts with risky assets,\" said Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. \"If yields rise at a rate that causes the stock market to fall and credit spreads to widen, then Powell will be even more worried.\"</p><p>Over the past week, the benchmark 10-year U.S. Treasury Bond yield has jumped to 1.75%, compared to around 1.6% a few days ago. The Bloomberg Barclays index shows that U.S. Treasury Bond prices of 10 years or longer have fallen by nearly 15% since the beginning of the year. If these losses continue, the first quarter of this year will be the worst sell-off in U.S. Treasury Bond since at least the early 1970s.</p><p>The sell-off in U.S. Treasury Bond reflects a significant increase in inflation and growth expectations, and economists suspect that the Federal Reserve will eventually be forced to deliver its first rate hike.</p><p>The European Central Bank, concerned that borrowing costs for companies and individuals could increase harmfully, has taken measures to counter rising Treasury Bond yields. In contrast, the Federal Reserve chair showed no signs of unease, a stark contrast to the situation in March 2020, when policymakers agreed with banks and other market participants on the chaotic market trends.</p><p>The sell-off quickly began to spread to the stock and credit markets, which angered investors. Following a poor performance at Treasury Bond auctions in February, Treasury Bond yields even exceeded some of the highest expectations for the year, triggering volatile trading.</p><p>Powell on Wednesday again dismissed concerns about recent volatility in the $2.1 billion U.S. government bond market, reiterating that financial conditions remain “highly accommodative” across various indicators, and that the central bank is only concerned about “disorderly” moves that could undermine the money market’s support for economic recovery. To illustrate this point, he stated that he had no intention of adjusting the Federal Reserve's $120 billion monthly bond purchase program.</p><p>\"The market may force them to change their behavior, but Federal Reserve policymakers have made it clear that they do not want to directly participate in behaviors that affect the yield curve,\" said Rish Bhandari, senior portfolio manager at a hedge fund.</p><p>Mike Collins, senior portfolio manager at PGIM Fixed Income, warned that another sharp rise in U.S. Treasury Bond yields could test their stance.</p><p>He said, \"Financial conditions are indeed still very accommodative, but if interest rates rise by another 0.5 to 1 percentage point, it will indeed slow down.\" The rebound in stock and credit markets may also be severe enough to prompt the Federal Reserve to intervene verbally or even to purchase more long-term debt.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.fx168.com/bank/fed/2103/4838373.shtml\">FX168</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a56aa88d539d7b65b8089a421c05150c","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPY":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF","SHY":"债券指数ETF-iShares Barclays 1-3年国债","BND":"债券指数ETF-Vanguard美国","TLT":"20+年以上美国国债ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","IEI":"iShares Barclays 3-7 Year Trea","SDS":"两倍做空标普500 ETF-ProShares","OEX":"标普100","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares",".DJI":"道琼斯","UPRO":"三倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","IEF":"债券指数ETF-iShares Barclays 7-10年","GOVT":"iShares安硕核心美国国债ETF","PSQ":"做空纳斯达克100指数ETF-ProShares"},"source_url":"https://news.fx168.com/bank/fed/2103/4838373.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120549145","content_text":"英国媒体周六（3月20日）报道称，美联储正陷入与市场的“摊牌”中。\n本周，美联储主席鲍威尔承认迅速发展的经济前景以及通货膨胀率进一步攀升的可能，同时强调了他在可预见的未来将利率保持在最低水平的承诺。\n但是，这种对通货膨胀的宽松态度正在侵蚀美国长期政府债券的价格，在全球市场上引发了涟漪。英国《金融时报》称，尽管鲍威尔对美国国债的收益率采取了放任不管的方法，但与他在欧元区的同行相比，投资者仍在质疑美联储可以允许这种利率运行多长时间。\nColumbia Threadneedle Investments全球固定收益负责人Gene Tannuzzo表示：“重要的不是收益率水平，而是其与风险资产之间的相互作用方式。” “如果收益率以导致股市下跌和信贷息差扩大的速度上升，那么鲍威尔将更加担忧。”\n在过去的一周中，基准十年期美国国债收益率跳升至1.75％，几天前约为1.6％。彭博巴克莱（Bloomberg Barclays）指数显示，自今年年初以来，10年或更长期的美国国债价格下跌了近15％。如果这些损失持续下去，那么今年第一季度将是至少自1970年代初以来美国国债遭遇最严重的一次抛售。\n美国国债被抛售反映出通胀和增长预期大幅提升，经济学家怀疑美联储最终将被迫提出首次加息。\n欧洲央行担心公司和个人的借贷成本可能会有害地增加，因此采取措施以抵制其国债收益率的上涨。相比之下，美联储主席表现得并未有任何不安，这与2020年3月的情形形成鲜明对比，当时决策者就混乱的市场走势与银行和其他市场参与者保持一致。\n抛售的迅速开始蔓延到股票和信贷市场，这激怒了投资者。2月份美国国债拍卖表现不佳之后，国债收益率甚至突破了今年最高的一些预期，引发了波动性交易。\n鲍威尔周三再次驳回了应该对21亿美元美国政府债券市场的近期波动担忧的疑虑，重申各种指标的财务状况仍然“高度宽松”，而央行只会担心可能破坏货币市场支持经济复苏的“无序”举动。为说明这一点，他表示无意调整美联储每月1200亿美元的债券购买计划。\n对冲基金高级投资组合经理Rish Bhandari表示：“市场可能会迫使他们改变其行为，但目前美联储决策者明确表示，他们不希望直接参与对收益率曲线产生影响的行为。”\nPGIM固定收益部高级投资组合经理Mike Collins警告说，美国国债收益率的再次大幅上升可能会考验他们的立场。\n他说：“金融状况确实仍然很宽松，但是如果利率再上升0.5至1个百分点，那的确会放慢脚步。”股票和信贷市场的反弹可能也足够严重，以至于促使美联储进行口头干预，甚至转向购买更多长期债务的措施。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"OEF":0.9,"SH":0.9,"DXD":0.9,"QLD":0.9,"IVV":0.9,"OEX":0.9,"MNQmain":0.9,"IEF":0.9,"SSO":0.9,"NQmain":0.9,".IXIC":0.9,"UPRO":0.9,"BND":0.9,"ZFmain":0.9,"SPY":0.9,"TLT":0.9,"TQQQ":0.9,"UDOW":0.9,"ZTmain":0.9,"QQQ":0.9,"DDM":0.9,"SDS":0.9,"DOG":0.9,"SDOW":0.9,"TNmain":0.9,"DJX":0.9,"IEI":0.9,"SQQQ":0.9,".DJI":0.9,".SPX":0.9,"ESmain":0.9,"QID":0.9,"GOVT":0.9,"UBmain":0.9,"SHY":0.9,"ZBmain":0.9,"SPXU":0.9}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}