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2021-05-01

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Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.

2021-04-29

hi

Amazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.

2021-04-28

hi

Zhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.

2021-04-26

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The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!

2021-04-24

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The scale exceeds 4 trillion! In 2021, Blackstone still faced storms.

2021-04-23

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Excluding the abnormal trend in 2020, Netflix's user base is still immature.

2021-04-14

?

Coinbase CEO Open Letter: IPO Will Be a Milestone

2021-03-24

6

The bond market is warming up, and the peak of interest rates has been clearly defined.

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The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" 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: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.\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\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109076643,"gmtCreate":1619656902782,"gmtModify":1704727455932,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109076643","repostId":"1131896131","repostType":4,"repost":{"id":"1131896131","kind":"news","pubTimestamp":1619656087,"share":"https://ttm.financial/m/news/1131896131?lang=en_US&edition=fundamental","pubTime":"2021-04-29 08:28","market":"hk","language":"zh","title":"Amazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.","url":"https://stock-news.laohu8.com/highlight/detail?id=1131896131","media":"腾讯网","summary":"腾讯证券4月29日讯，亚马逊周三宣布将给旗下50多万名员工涨工资。在亚马逊官网上发布的一篇博客文章中，该公司全球人力资源副总裁达西-亨利（Darcie Henry）表示，亚马逊将把旗下50多万名美国员","content":"<p>Tencent Securities, April 29th - Amazon announced on Wednesday that it will raise the salaries of its more than 500,000 employees.</p><p><img src=\"https://static.tigerbbs.com/0580a335435856dd72e90bafc39f0461\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>In a blog post published on Amazon's official website, Darcie Henry, the company's global vice president of human resources, said that Amazon will raise the hourly wages of its more than 500,000 U.S. employees by at least 50 cents and up to $3.</p><p>Henry pointed out that Amazon will spend more than $1 billion to raise the salaries of these employees. The executive revealed that this round of salary increases will take effect from mid-May to early June this year.</p><p>Amazon stated that from last fall to this spring, the company conducted an in-depth assessment of the annual compensation of employees in various positions within its customer fulfillment centers, express delivery, package sorting, and professional fulfillment teams.</p><p>Amazon is hiring new employees on a large scale as the COVID-19 pandemic fuels a surge in online orders. Henry pointed out that the salary increase was intended to incentivize Amazon's hiring campaign for thousands of operations positions across the United States.</p><p>As the U.S. economy begins to reopen, some businesses are saying they are having difficulty finding qualified workers and claiming that expanding unemployment benefits may be a reason for the staff shortage.</p><p>Critics argue that employers should consider raising wages to attract job seekers.</p><p>In 2018, under pressure from politicians and workers' rights organizations, Amazon raised the minimum wage for all its U.S. employees to $15 per hour.</p><p>Amazon is reportedly one of the companies supporting the Wage Increase Act. The bill has received support from President Joe Biden and numerous top Democratic officials. Under the Wage Increase Act, the federal minimum wage will be raised to $15 per hour by October 2025.</p><p>Currently, the U.S. federal minimum wage is $7.25 per hour, which is equivalent to about $15,000 a year for a worker who works 40 hours a week, about $10,000 below the federal poverty line for a family of four. It is worth mentioning that the minimum wage of $7.25 has not changed since 2009, which is the longest period since 1938 when the United States has not raised the minimum wage.</p><p>Earlier this month, employees at an Amazon warehouse in Alabama held a vote to decide whether to establish the first union in the United States at the major tech company. In this high-stakes event, Amazon cited \"a minimum wage of $15 per hour\" as a key argument against unionization.</p><p>To date, the e-commerce giant is the second-largest private employer in the United States, behind retail rival Walmart, which has more than 800,000 employees across the country. (Mina)</p>","source":"lsy1571985465872","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>Amazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.</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\">\nAmazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯网</strong><span class=\"h-time small\">2021-04-29 08:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tencent Securities, April 29th - Amazon announced on Wednesday that it will raise the salaries of its more than 500,000 employees.</p><p><img src=\"https://static.tigerbbs.com/0580a335435856dd72e90bafc39f0461\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>In a blog post published on Amazon's official website, Darcie Henry, the company's global vice president of human resources, said that Amazon will raise the hourly wages of its more than 500,000 U.S. employees by at least 50 cents and up to $3.</p><p>Henry pointed out that Amazon will spend more than $1 billion to raise the salaries of these employees. The executive revealed that this round of salary increases will take effect from mid-May to early June this year.</p><p>Amazon stated that from last fall to this spring, the company conducted an in-depth assessment of the annual compensation of employees in various positions within its customer fulfillment centers, express delivery, package sorting, and professional fulfillment teams.</p><p>Amazon is hiring new employees on a large scale as the COVID-19 pandemic fuels a surge in online orders. Henry pointed out that the salary increase was intended to incentivize Amazon's hiring campaign for thousands of operations positions across the United States.</p><p>As the U.S. economy begins to reopen, some businesses are saying they are having difficulty finding qualified workers and claiming that expanding unemployment benefits may be a reason for the staff shortage.</p><p>Critics argue that employers should consider raising wages to attract job seekers.</p><p>In 2018, under pressure from politicians and workers' rights organizations, Amazon raised the minimum wage for all its U.S. employees to $15 per hour.</p><p>Amazon is reportedly one of the companies supporting the Wage Increase Act. The bill has received support from President Joe Biden and numerous top Democratic officials. Under the Wage Increase Act, the federal minimum wage will be raised to $15 per hour by October 2025.</p><p>Currently, the U.S. federal minimum wage is $7.25 per hour, which is equivalent to about $15,000 a year for a worker who works 40 hours a week, about $10,000 below the federal poverty line for a family of four. It is worth mentioning that the minimum wage of $7.25 has not changed since 2009, which is the longest period since 1938 when the United States has not raised the minimum wage.</p><p>Earlier this month, employees at an Amazon warehouse in Alabama held a vote to decide whether to establish the first union in the United States at the major tech company. In this high-stakes event, Amazon cited \"a minimum wage of $15 per hour\" as a key argument against unionization.</p><p>To date, the e-commerce giant is the second-largest private employer in the United States, behind retail rival Walmart, which has more than 800,000 employees across the country. (Mina)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210429/20210429A00STC00.html\">腾讯网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0580a335435856dd72e90bafc39f0461","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210429/20210429A00STC00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131896131","content_text":"腾讯证券4月29日讯，亚马逊周三宣布将给旗下50多万名员工涨工资。在亚马逊官网上发布的一篇博客文章中，该公司全球人力资源副总裁达西-亨利（Darcie Henry）表示，亚马逊将把旗下50多万名美国员工的时薪至少上调50美分，至多上调3美元。亨利指出，亚马逊将斥资10多亿美元来为这些员工加薪。这位高管透露，本轮加薪将从今年5月中旬至6月初开始生效。亚马逊表示，从去年秋季开始，到今年春季，该公司针对旗下客户履行中心、快递、包裹分拣以及专业履行团队的各个岗位的员工的年度薪酬进行了深入的评估。随着新冠疫情助推在线订单数量激增，亚马逊大规模招聘新员工。亨利指出，此次加薪是为了激励亚马逊在全美范围内成千上万个运营岗位的招聘活动。随着美国经济开始重新开放，一些企业纷纷表示，他们很难找到符合条件的工人，并声称扩大失业救济可能是造成人员短缺的一个原因。批评人士认为，雇主应该考虑通过上调工资来吸引求职者。2018年，在政界人士和工人维权组织的压力下，亚马逊将旗下所有美国员工的最低工资上调至15美元/小时。据报道，亚马逊是支持《提高工资法案》的企业之一。这项法案已获得总统乔-拜登（Joe Biden）和众多民主党高官的支持。根据《提高工资法案》，在2025年10月前将联邦最低工资将被上调至15美元/小时。当前，美国联邦最低工资标准为每小时7.25美元，对于每周工作40小时的工人而言，相当于每年能赚大约1.5万美元，比四口之家的联邦贫困线低1万美元左右。值得一提的是，7.25美元的最低工资标准自2009年以来就未曾变过，这也是自1938年以来美国在最长时间内没有上调最低工资标准。本月早些时候，亚马逊位于阿拉巴马州的一个仓库的员工举行投票，决定是否在这家大型科技公司建立美国本土的第一个工会。在这场事关重大的活动中，亚马逊把“最低工资为15美元/小时”作为反对成立工会的一项重要论据。到目前为止，这家电子商务巨头是美国第二大私营雇主，仅次于零售竞争对手沃尔玛，后者在全美范围内拥有80多万名员工。（米娜）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100382385,"gmtCreate":1619581134647,"gmtModify":1704726303908,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100382385","repostId":"1155419221","repostType":4,"repost":{"id":"1155419221","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":1619570931,"share":"https://ttm.financial/m/news/1155419221?lang=en_US&edition=fundamental","pubTime":"2021-04-28 08:48","market":"sh","language":"zh","title":"Zhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155419221","media":"老虎资讯综合","summary":"4月28日消息，本周三兆科眼科-B发布公告，公司发行约1.24亿股，每股定价16.8港元，每手500股，预期4月29日上市。公开发售阶段兆科眼科-B获56倍认购，分配至公开发售的发售股份最终数目为49","content":"<p>April 28th news, this Wednesday<a href=\"https://laohu8.com/S/06622\">Zhaoke Ophthalmology-B</a>The company issued an announcement stating that it will issue approximately 124 million shares at a price of HK$16.8 per share, with 500 shares per lot, and is expected to list on April 29.<img src=\"https://static.tigerbbs.com/01b92e9bd3171ffb2457dc1b91f4f602\" tg-width=\"664\" tg-height=\"549\" referrerpolicy=\"no-referrer\">During the public offering phase, Zhaoke Eye Hospital-B was subscribed 56 times, and the final number of offer shares allocated to the public offering was 49.427 million shares, accounting for 40% of the total number of offer shares (before any over-allotment option was exercised). A total of 111,183 valid applications were received, with a 25% success rate per lot, and one lot was guaranteed to be successful after subscribing to 10 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 74.1405 million, equivalent to 60% of the total number of shares offered.</p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an entry fee of HK$8,484.65. The success rate for a single lot is 25%, and subscribing to 10 lots is guaranteed to win one lot.</p><p>Group B consists of 300,000 shares (600 lots), with approximately HK$5,090,788.08 required for subscription, and 25,500 shares (51 lots) were allocated.<img src=\"https://static.tigerbbs.com/4698be44707b7f7a568fc24b1cfa2592\" tg-width=\"715\" tg-height=\"822\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6b70e8623eed25bc759fc685cd6438aa\" tg-width=\"725\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p><p>The net proceeds of approximately HK$1,942 million will be used for the following purposes: approximately 32% will be used for clinical development and commercialization of core products; Approximately 46% will fund the ongoing research and development activities and commercialization of other drug candidates under development; Approximately 7% will be used for production line expansion at our advanced production facilities in Nansha to prepare for product launches in the coming years; Approximately 5% will fund business development activities and the expansion of drug candidates; Approximately 10% will be used for working capital and other general corporate purposes.</p><p>It is understood that Zhaoke Ophthalmology is an ophthalmic pharmaceutical company that has established a comprehensive ophthalmic drug pipeline containing 25 drug candidates through independent development or licensed introduction, covering most major ophthalmic indications affecting the anterior and posterior segments of the eye.</p><p>According to the prospectus, the company has initially focused its strategy on five major ophthalmic indications in China (in terms of market potential), including dry eye disease (DED), wet age-related macular degeneration (wAMD), diabetic macular edema (DME), myopia and glaucoma. According to CIC, the company has one of the most comprehensive ophthalmic drug pipelines in China.</p><p>It is worth noting that the company has received support from prominent institutional investors, including the Government of Singapore Investment Corporation, Hillhouse Capital, TPG, Zhengxin Valley Capital, Aobo Capital, and Aier Eye Hospital. And<a href=\"https://laohu8.com/S/00950.HK\">Li's Pharmaceutical Factory</a>Before the IPO, it held 34.1% of the shares of Zhaoke Eye Hospital, making it the single largest shareholder of the company.</p><p>In terms of financial data, the company was not profitable and incurred operating losses during the Track Record Period. Loss for the year widened from RMB122 million in 2019 to RMB727 million in 2020.</p><p>In terms of industry, China's ophthalmic drug market is in its infancy and is currently experiencing rapid and exponential growth. The market size of ophthalmic drugs in China grew from US$1.8 billion in 2015 to US$2.6 billion in 2019, with a CAGR of 9.3%. It is projected to further grow at a CAGR of 18.6% in 2019 to US$7.2 billion in 2025 and at a CAGR of 22.9% in 2025 to US$20.2 billion in 2030, exceeding the growth of the global ophthalmic drug market during the same period.</p><p>The ophthalmic drug market in China is relatively fragmented, and there is a lack of companies that are willing and able to systematically solve the problems in this professional field and focus on ophthalmology. For most market participants, ophthalmic drug assets represent only a small part of their business. Only a few companies, most of which are multinational corporations, have drug portfolios covering major ophthalmic diseases affecting the anterior and posterior segments of the eye.</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>Zhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.</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\">\nZhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.\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\">2021-04-28 08:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>April 28th news, this Wednesday<a href=\"https://laohu8.com/S/06622\">Zhaoke Ophthalmology-B</a>The company issued an announcement stating that it will issue approximately 124 million shares at a price of HK$16.8 per share, with 500 shares per lot, and is expected to list on April 29.<img src=\"https://static.tigerbbs.com/01b92e9bd3171ffb2457dc1b91f4f602\" tg-width=\"664\" tg-height=\"549\" referrerpolicy=\"no-referrer\">During the public offering phase, Zhaoke Eye Hospital-B was subscribed 56 times, and the final number of offer shares allocated to the public offering was 49.427 million shares, accounting for 40% of the total number of offer shares (before any over-allotment option was exercised). A total of 111,183 valid applications were received, with a 25% success rate per lot, and one lot was guaranteed to be successful after subscribing to 10 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 74.1405 million, equivalent to 60% of the total number of shares offered.</p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an entry fee of HK$8,484.65. The success rate for a single lot is 25%, and subscribing to 10 lots is guaranteed to win one lot.</p><p>Group B consists of 300,000 shares (600 lots), with approximately HK$5,090,788.08 required for subscription, and 25,500 shares (51 lots) were allocated.<img src=\"https://static.tigerbbs.com/4698be44707b7f7a568fc24b1cfa2592\" tg-width=\"715\" tg-height=\"822\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6b70e8623eed25bc759fc685cd6438aa\" tg-width=\"725\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p><p>The net proceeds of approximately HK$1,942 million will be used for the following purposes: approximately 32% will be used for clinical development and commercialization of core products; Approximately 46% will fund the ongoing research and development activities and commercialization of other drug candidates under development; Approximately 7% will be used for production line expansion at our advanced production facilities in Nansha to prepare for product launches in the coming years; Approximately 5% will fund business development activities and the expansion of drug candidates; Approximately 10% will be used for working capital and other general corporate purposes.</p><p>It is understood that Zhaoke Ophthalmology is an ophthalmic pharmaceutical company that has established a comprehensive ophthalmic drug pipeline containing 25 drug candidates through independent development or licensed introduction, covering most major ophthalmic indications affecting the anterior and posterior segments of the eye.</p><p>According to the prospectus, the company has initially focused its strategy on five major ophthalmic indications in China (in terms of market potential), including dry eye disease (DED), wet age-related macular degeneration (wAMD), diabetic macular edema (DME), myopia and glaucoma. According to CIC, the company has one of the most comprehensive ophthalmic drug pipelines in China.</p><p>It is worth noting that the company has received support from prominent institutional investors, including the Government of Singapore Investment Corporation, Hillhouse Capital, TPG, Zhengxin Valley Capital, Aobo Capital, and Aier Eye Hospital. And<a href=\"https://laohu8.com/S/00950.HK\">Li's Pharmaceutical Factory</a>Before the IPO, it held 34.1% of the shares of Zhaoke Eye Hospital, making it the single largest shareholder of the company.</p><p>In terms of financial data, the company was not profitable and incurred operating losses during the Track Record Period. Loss for the year widened from RMB122 million in 2019 to RMB727 million in 2020.</p><p>In terms of industry, China's ophthalmic drug market is in its infancy and is currently experiencing rapid and exponential growth. The market size of ophthalmic drugs in China grew from US$1.8 billion in 2015 to US$2.6 billion in 2019, with a CAGR of 9.3%. It is projected to further grow at a CAGR of 18.6% in 2019 to US$7.2 billion in 2025 and at a CAGR of 22.9% in 2025 to US$20.2 billion in 2030, exceeding the growth of the global ophthalmic drug market during the same period.</p><p>The ophthalmic drug market in China is relatively fragmented, and there is a lack of companies that are willing and able to systematically solve the problems in this professional field and focus on ophthalmology. For most market participants, ophthalmic drug assets represent only a small part of their business. Only a few companies, most of which are multinational corporations, have drug portfolios covering major ophthalmic diseases affecting the anterior and posterior segments of the eye.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"06622":"兆科眼科-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155419221","content_text":"4月28日消息，本周三兆科眼科-B发布公告，公司发行约1.24亿股，每股定价16.8港元，每手500股，预期4月29日上市。公开发售阶段兆科眼科-B获56倍认购，分配至公开发售的发售股份最终数目为4942.7万股，占发售股份总数的40%（任何超额配股权获行使前）。合共接获111183份有效申请，一手中签率25%，认购10手稳中一手。此外，国际发售获超额认购，发售股份最终数目为7414.05万股，相当于发售股份总数的60%。分配结果：甲组每手500股，入场费8484.65港元。一手中签率25%，认购10手稳中一手。乙组头为300,000股（600手），申购所需资金约5090788.08港元，获配25500股（51）手。所得款项净额约19.42亿港元将用作以下用途：约32%将用于核心产品的临床开发及商业化；约46%将为其他在研候选药物的持续研发活动及商业化提供资金；约7%将用于位于南沙的先进生产设施进行生产线扩张，以筹备未来年度的产品上市；约5%将为业务开发活动及在研药物的扩展提供资金；约10%将用作营运资金及其他一般企业用途。据悉，兆科眼科是一间眼科制药公司，目前已通过自主开发或许可引进已建立起包含25种候选药物的全面眼科药物管线，涵盖影响眼前节及眼后节的多数主要眼科适应症。根据招股书，公司初步将策略重心放在中国五大眼科适应症（就市场潜力而言）上，包括干眼症(DED)、湿性老年黄斑部病变(wAMD)、糖尿病黄斑水肿(DME)、近视及青光眼。根据灼识的资料，公司拥有中国最全面的眼科药物管线之一值得注意的是，公司已获得明星机构投资者的支持，包括新加坡政府投资公司、高瓴资本、TPG、正心谷资本、奥博资本及爱尔眼科医院等。而李氏大药厂于IPO前持有兆科眼科34.1%的股份，为公司单一最大股东。财务数据方面，于往绩记录期间，公司尚未盈利并产生经营亏损。年内亏损由2019年的人民币1.22亿元扩大至2020年的人民币7.27亿元。行业方面，中国眼科药物市场正处于起步阶段，现以迅猛的态势呈指数增长。中国眼科药物的市场规模由2015年的18亿美元增长至2019年的26亿美元，复合年增长率为9.3%。预计由2019年按复合年增长率18.6%进一步增长至2025年的72亿美元及由2025年按复合年增长率22.9%增长至2030年的202亿美元，超过同期全球眼科药物市场的增长中国眼科药物市场较为分散，缺乏有意向及能力系统地解决该专业领域难题且专注于眼科的公司。对于大多数市场参与者而言，眼科药物资产仅占其业务的一小部分。仅有少数几家公司拥有涵盖影响眼睛前节及后节主要眼科疾病的药物组合，其中大部分为跨国企业。","news_type":1,"symbols_score_info":{"06622":0.9}},"isVote":1,"tweetType":1,"viewCount":5668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374973472,"gmtCreate":1619413437296,"gmtModify":1704723472394,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374973472","repostId":"1130451341","repostType":4,"repost":{"id":"1130451341","kind":"news","pubTimestamp":1619413290,"share":"https://ttm.financial/m/news/1130451341?lang=en_US&edition=fundamental","pubTime":"2021-04-26 13:01","market":"us","language":"zh","title":"The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!","url":"https://stock-news.laohu8.com/highlight/detail?id=1130451341","media":"华尔街见闻","summary":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的","content":"<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!</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 US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-26 13:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/082208e3c37780dd55878056410ffa43","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1130451341","content_text":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的双重浪潮，把全球市场的注意力瞬间从通缩转向通胀，几乎在股债市场掀起血雨腥风。而上周伴随鲍威尔在采访中突然开始释放鹰派信号，这场饕餮盛宴怕是要进入下半场了。真正酒阑人散之前，有人必须要做好买单的准备。只是，单有多大，又由谁来买？随着美国慢慢开始抄底全球资产，美元已经启动回流，新兴市场为了抵御冲击，早已经率先掀起了加息潮。货币的汪洋流向全球之际，是时候品一品美国前财长康纳利的话：美元是我们的货币，却是你们的问题。本期我们就来盘一盘美国这场巨量刺激的来龙去脉。我们将着重探讨三件事:第一，美国推出史无前例的财政货币双刺激，为什么要下这么重的狠手？第二，超级刺激可能导致美国经济严重过热？第三，美国放水，全球买单，这场大放水又会以怎样的方式收场？01、美国这轮刺激有多猛财政刺激有多大？去年4月2.2万亿美元的财政刺激之后，特朗普政府年底又出台了一项9000亿美元的刺激；到了今年，拜登上来就通过了1.9万亿刺激法案，占到美国去年GDP的10%，转眼最新的2.25万亿基建又已官宣。不算还未正式出台的最后一项，短短一年时间，财政刺激总量已经达到了5万亿的天量，纵向对比，是08年金融危机之后两年奥巴马政府将近8000亿刺激的整整6倍；横向对比，这个数字占美国GDP的25%，这一比例远远超过德国（12%）和日本（16%）。而货币政策方面，这轮QE又有多大？2008年金融危机时，美联储耗时6年，用了三轮QE，一共也只购买了3万多亿美元资产，而这次QE只花了6个月，就轻轻松松达到了这一规模。如果08年的财货刺激是左手手里剑右手左轮手枪的话，这次就是两杆齐发的加农炮。但是为什么这次美国财政和货币政策两头都要狂风暴雨式地加足马力？先来看看财政。最新1.9万亿的通过非常戏剧化。这个数字首先是远远超过大家预期的，因为拜登提出这项计划的最初，共和党支持的刺激数字只有6000多亿，之间差了1.3万亿。而拜登之前又一直声称两党要团结合作，大家就认为他会做个折中，最后放水量应该也就在9000亿美元左右。但出人意料的是，拜登突然来了个“霸王硬上弓”式的操作，强行通过了一个叫作“预算调和程序”的方案。简单来说，它把参议院通过刺激法案原本所需要的票数大大降低，只需要过半数就能通过。于是未来就1.9万亿进行投票的时候，就算共和党一致反对，占参议院多数的民主党，也能强行甩开共和党，凭一己之力让法案得到推进。问题是，拜登为什么突然不顾共和党反对，急于让1.9万亿快速板上钉钉？因为2008年金融危机时，奥巴马的民主党就在财政刺激上吃过大亏。12年前，正是因为共和党反对，奥巴马政府的财政刺激方案大幅缩水，原本2万亿美元的刺激方案最终只通过了不到8000亿。但要知道，这点小钱远远无法令经济快速复苏，接下来两年美国经济增长缓慢，就业市场复苏陷入停滞，奥巴马的民众支持率直线下降，很快在2010年中选输掉了众院，被共和党重新夺回了控制权。可以说，上一轮危机中，正是由于奥巴马政府不够强硬，不仅导致民主党失势，还使得美国经济在泥潭中陷得更久。拜登作为奥巴马当时的副手，显然对这次教训刻骨铭心。所以自己上台后一不做二不休，来个硬碰硬，生怕重蹈当年覆辙。那么量化宽松呢？从上面的事实看来，09年的QE是在财政政策被共和党束缚住手脚的情况下，美国做出的“次优选择”。而如今既然已经有了天量刺激，为什么鲍威尔还要坚持迟迟不退出QE？我们认为，大致有以下三个原因：第一，鲍威尔始终不认为会有真正的严重通胀压力。像不久前他在美国众议院金融服务委员会听证会上所说，全球性通缩已持续20多年，现在短短一次通胀，怎么就会失控呢？第二，即便有通胀压力，由于美元的储备货币地位，通胀带来的后果并不需要美国独自承担。我们会在后面说到这一点。第三，比起通胀压力，美联储更担心的是通缩预期。所谓通缩，就是通货膨胀率降到零以下，整个社会处在一个物价持续、普遍下降的环境之中。一旦人们有了价格持续下跌的预期，就会把想买的东西留到未来更便宜的时候去买。比如你想买房，现在是5w一平米，但你预计过两年就变成4w一平米了，那在条件允许的情况下，一定是两年后买入更划得来。对企业购买原料、进行投资也是一样的逻辑。这样一来，消费和投资欲望就被大大降低，手里钱再多也无济于事。美国GDP超六成来自消费，需求不够，生产自然也上不去，经济只能停滞不前，整个过程有多可怕，看看日本“失去的20年”就知道。短期来看，QE对缓解通缩预期绝对是一剂猛药。它只需要做一件事，就是推高资产价格，尤其是股市和楼市价格，从而给人们营造一番手头富裕，经济也欣欣向荣的假象。即便并没有转化成真实的现金流，人们也可能开开心心地进行更多的消费，进而刺激生产和经济复苏。这完全是个心理学问题，在财政政策配合下尤其行得通。但是，切勿把牛市和实体经济走强混为一谈，QE是否是饮鸩止渴，未来会否对经济形成反噬？这是后话，我们会在下面讲到。02、美国经济可能过热刚才我们解释了，美国这次财政、货币刺激的规模史无前例。那么这样的巨额刺激下，美国经济会发生什么呢？答案就是通胀上升，经济过热，而且过热程度可能比市场预期要严重得多。因为长时间、大规模的QE，不知不觉给了通胀巨大的上行空间。为了了解长期QE的影响，下面，我们首先最简单地解释一下央行货币政策进行宏观调控的整个传导路径；再回到一个没有QE的“史前”世界里，看看正常情况下货币政策体系是怎么运转的；如今有了QE，运转模式又发生了怎样的变化。我们常说央行撒钱，但钱肯定不是直接撒在人民群众身上的，而是首先撒给商业银行等各个金融机构，构成基础货币。方法有很多种，包括调节再贴现率、调节存款准备金率，和QE最相关的买卖政府债券也是其中之一，央行买进债券的同时付出去一笔钱，实质就是向金融系统注入一笔基础货币。紧接着，各个银行要么把这些钱投入实体经济，也就是通过贷款的方式借给企业和家庭，让他们进行生产和消费，促进经济增长；要么，如果大多数企业和家庭都不愿意借钱，剩下的钱就会以储蓄的形式滞留在银行体系内部，或是流入股市等金融市场，则一方面实体经济发展缺少资金驱动，另一方面金融市场又可能积累过量资金引发泡沫。在QE前的世界，货币政策在上面一条道路上走得非常顺畅，即美联储通过常规货币政策提供的流动性，能很好地传到企业和居民手里。经济衰退时，一边积极的财政政策稳住企业和居民的信心，一边央行降低政策利率，同时给银行业提供流动性；商业银行一有钱，居民和企业也被低利率和财政刺激鼓舞着，积极借钱买房和投资。一旦经济开始复苏，央行所要做的就是逐步提高政策利率，抑制信贷，从而防止通胀。于是从图上可以看出，基础货币、货币供应、银行信贷三条线教科书一般地同起同落，在此过程中，长期利率也随政策利率下降和回升。2008年前的美欧，1990年前的日本就是处于这种状态。但是QE打破了这一局面。刚才我们介绍过，08年房地产泡沫破裂后，由于财政刺激不给力，美国不得不一条腿走路，用货币政策QE释放大量的流动性，试图刺激内需，却在受到重创的家庭和企业面前收效甚微。抵押物价格暴跌之后，人们不仅不愿意借钱，反而还有大量债务等着还。于是，一边是随着QE扩大、利率下降到0，美国流动性来到前所未有的水平，基础货币占GDP比重从08年的6%上升到25%；另一边，人们握着巨额储蓄却不花出去，资金不仅没有以贷款形式离开银行业，还以储蓄和还贷形式回去了（第一张图），使得经济和通胀迟迟上不来（第二张图）。也就是说，如果整个货币体系仍然按照08年以前的模式运行，现在美国的通胀应该已经上升到很高的水平了。如果把央行撒的钱比作水，现在的价格就像是裹了一层胶质、难以进水的海绵，一旦胶质被剥离掉，海绵就会迅速吸水进而膨胀。于是我们可以看到一旦需求改善，人们开始恢复借款会发生什么：银行信贷和货币供应量都可能比现在高出好几倍，物价也可能随之大幅度攀升，那将意味着非常高的通胀。在这种预期之下，一旦经济出现复苏迹象，对通胀压力的高度紧张，就将加剧市场对流动性波动的恐慌。投资者担心，央行到时候将不得不减少债券购买乃至卖出长期债券，于是也纷纷抛售债券来规避风险，从而，QE国家长期利率也会比没有QE时以更快的速度上行，进一步对实体经济和股市、商品市场造成严重波动。QE持续时间越长，这些问题无疑也会越严重。野村证券首席研究员辜朝明曾在2013年美联储第三轮QE期间，提出了一个“量化宽松陷阱”（QE Trap）模型，讨论了长时间QE对经济的损伤程度：最初，QE国长期利率降幅要比非QE国大得多，意味着随后经济复苏更快(t1)。但随着经济的回暖，货币政策收紧，长期利率迅速攀升，部分利率敏感行业又面临需求下降，迫使央行重新放松政策立场。经济再次复苏后，随着市场又重新关注央行吸收超额准备金的可能性，长期利率在一个所谓“QE Trap”的重复周期中上行。相比之下，非QE国长期利率下降是渐进的，这延迟了复苏的开始(t2)；但一旦经济开始好转，由于利率较低，复苏步伐实际会更快。从美国疫情前逐步货币政策正常化的7年经验当中，我们也可以推出这一结论。美国上一轮QE是在2013年逐步退出的，但如果不退会发生什么？经济会更好吗？也许不会。当年美联储刚开始缩减购债的时候，通胀率只有1%，之后虽然9次加息、2017年10月又开始了量化紧缩（QT），通胀率却仍然在慢慢上升。深压住通胀的和让通胀维持缓慢上行的是同一个原因，那就是家庭和企业手里的储蓄始终没有得到消化，没有借钱，利率升高也就对他们造不成压力。这反过来说明，即便当时利率继续保持低位，经济活动也可能无动于衷。不仅如此，由于实体经济需求不足，继续QE反而可能导致大量闲钱进入房地产和金融市场，激起厚厚的资产泡沫。事实上，美国商业地产价格目前已经比2007年的上一个峰值高出了50%。重要的是，鉴于本轮QE比金融危机时已经迅猛得多，辜朝明在最近发布的研报中认为，美国经济已经半只脚踏进“量化宽松陷阱”中了，私营部门一旦恢复借款，通胀飙高、长债利率飙升乃是一触即发，届时将需要大幅提高政策利率来压制通胀。在70年代末那个没有QE的史前世界，美联储把政策利率大幅提高到22%来抑制通胀，如今又需要怎样的水平呢？03、美国放水，全球买单，这场大放水又会以怎样的方式收场？刚才我们谈了超级大放水对美国经济的影响。由于美元霸权的存在，美国经济政策的影响力绝不限于美国国内，通过一系列传导机制，美国这轮经济刺激影响极为深远，很有可能让全球都为美国人买单。而其中付出最大代价的可能还是新兴市场，这在历来都是如此，可能也是美国肆无忌惮大放水的原因之一。2020年，随着作为全球储备货币的美元流通量激增，各国纷纷开启了放水之路，以抵抗美国超发货币所引发的通胀，美国借此将通胀输出到全球。这在各国的房价涨幅上就有直接体现，OECD数据显示，去年全球89%国家的房价都在上涨，这一比例为2000年以来最高，土耳其、俄罗斯尤其上涨超过20%。而如今随着美国通胀预期的增强，美债收益率大幅走高，以及美国与新兴市场国家复苏节奏的错位，美元开始阶段性走强，并呈现出回流态势，局面完全反转。新兴市场被迫再次响应那句老话：美国人印钞票，全世界来买单。3月以来，新兴市场国家集体“抢跑”，赶在美联储行动之前提前加息。美国3月的议息会议前后的短短一周中，多个新兴市场国家纷纷掀起加息潮：3月17日巴西央行宣布上调基准贷款利率75个基点至2.75%（预期50个基点）。3月18日土耳其央行宣布将关键利率上调200个基点至19%（预期上调至18%）。3月19日俄罗斯央行宣布加息25个基点至4.50%（预期维持4.25%）。不仅如此，印度、阿根廷、马来西亚、泰国、韩国等新兴国家的指标均显示，市场对于加息的预期正在增强，今年至明年上半年至少加息一次。推动新兴市场国家加息的主要原因肯定是通胀的上行。而通胀的压力从普遍的分析来看还是自于供给端。一方面这类新兴市场国家下游消费品端的生产能力本身就薄弱，疫情的冲击便使得供需缺口扩大，直接体现到推升商品价格上。另一方面，这些国家的食品与交通类消费占比都在40-50%之上，且依赖于进出口，因而全球石油制品和食品价格的快速上行便进一步增加了新兴市场国家的输入性通胀压力。图：通胀水平达到目标政策区域这些具有高开放性和外贸依赖的新兴市场国家，很大程度上，只能被动接受发达国家经济和政策的溢出。然而，相对于通胀的上行，这些新兴国家的经济修复还处于一个相对偏慢的过程中，尤其是巴西和土耳其，失业率高企10%以上，同时对疫情的控制也再度面临考验。图：经济修复尚需时日与此同时，为了防止出现美元过快回流—本币贬值—恶性通胀—本国加息—资产价格下跌—外债暴露的恶性循环预期，新兴市场国家也不得不率先启动加息，一来抑制泡沫，二来稳定资本流出。图：去年各国货币相对美元最大升值幅度而那些外债比例高和资产市场涨幅明显的国家，或会付出更大的代价。今年以来土耳其隔夜拆借利率高企于15%以上，依然难以抑制国际资本流出，超预期加息后央行行长下台更引发恶性循环预期，资产价格暴跌，汇率崩盘。从外债来看接下来是智利、南非等。通胀偏高，尤其是资产价格涨幅偏高的国家，显示资本更多进入虚拟经济体而非实体经济复苏，也存在较大的资本流出风险。比如阿根廷、印度。这些国家加息更多是两害权其轻的操作，也没有太多货币政策的独立性可言。一旦出现资本流出较快，他们将为去年的流动性盛宴付出代价。美国呢，随着资金回流，美欧套利交易增加美债需求，美债利率上行压力反倒会有所缓解。图：欧美利差水平走阔至均值水平美元潮起潮落，中国作为最大的新兴市场国家，得益于国内的供给能力、流动性克制和货币独立，将抵御部分冲击，但是在全球性的风暴之下，资产价格压力难言缓和。或许货币可以超印，但财富不能，当我们以一个更宏观的视角看待全球货币现状，一个更深刻的命题是，如何用好自己的政策工具，作为个人又如何甄别好的资产，让自己的劳动报酬获得更稳健的保值。理解手中人民币的历史责任和其韬光养晦的价值，我们或许能在即将到来的风险中有所准备。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372411244,"gmtCreate":1619233130788,"gmtModify":1704721629135,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372411244","repostId":"1140976980","repostType":4,"repost":{"id":"1140976980","kind":"news","pubTimestamp":1619229886,"share":"https://ttm.financial/m/news/1140976980?lang=en_US&edition=fundamental","pubTime":"2021-04-24 10:04","market":"us","language":"zh","title":"The scale exceeds 4 trillion! In 2021, Blackstone still faced storms.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140976980","media":"东四十条资本","summary":"2020年第一季度，黑石的业绩数据几乎可以称为“史上最差”。但2021年Q1，黑石战绩出色，同比扭亏为盈。\n\n6488亿美元，“华尔街之王”黑石集团的资产管理规模再一次创下纪录。\n2021年4月22日","content":"<p>In the first quarter of 2020,<a href=\"https://laohu8.com/S/BX\">Blackstone</a>The performance data can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year. With $648.8 billion, Blackstone Group, the \"King of Wall Street,\" has once again set a record for its assets under management.</p><p>On April 22, 2021, Blackstone Group (hereinafter referred to as \"Blackstone\") released its financial report for the first quarter of 2021. Financial reports show that as of the end of the quarter, Blackstone's total assets under management (AUM) increased to $648.8 billion (approximately RMB 4,213.7 billion), a year-on-year increase of 21%, exceeding market expectations.</p><p>Among them, Blackstone Group's perpetual capital AUM increased significantly. In Q1 2021, Blackstone Perpetual Capital's AUM reached $149.1 billion, a 47.5% increase from $101.1 billion in the same period last year.</p><p>Blackstone Chairman and CEO Schwarzman said, “We continue to fulfill our core mission of creating exceptional returns for LPs. Our brands are driving strong growth, continuously improving our perpetual capital strategy, and driving a significant shift toward more recurring returns.”</p><p>With ample ammunition in hand, Blackstone is heavily investing in Asia. In early 2021, Blackstone acquired the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 71 billion). Recently, Blackstone has aggressively entered the Japanese real estate market, acquiring eight hotels in Japan in one go.</p><p>In 2021, Blackstone continued to experience storms as soon as it waved its hand.</p><p><b>Q1 total revenue reached $5.3 billion, setting a record for assets under management.</b></p><p>Blackstone's performance data for the first quarter of 2020 can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year.</p><p>According to its financial report, Blackstone's total revenue was $5.299 billion in Q1 2021, compared to -$3.076 billion in the same period of 2020. Net income was $3.371 billion, compared to -$2.607 billion in the same period last year.</p><p>Based on its rapidly increasing asset management scale, Blackstone's management/consulting fees are also constantly rising. In Q1 2021, Blackstone's total AUM reached $648.8 billion, while its corresponding management/consulting fees increased to $1.178 billion, a 25% increase compared to $940 million in the first quarter of 2020.</p><p>Blackstone's investment income remains its main source of income. In the first quarter of 2020, Blackstone Investments suffered a dismal performance, with a loss of $4.2 billion, affected by the impact of the COVID-19 pandemic on the capital market. However, in Q1 2021, the Blackstone sector rebounded strongly, with investment income reaching approximately $4 billion.</p><p><img src=\"https://static.tigerbbs.com/7b48baf85e9d2f246cb26e37a04388d2\" tg-width=\"504\" tg-height=\"162\" referrerpolicy=\"no-referrer\"></p><p>Among Blackstone's four major portfolios—real estate, private equity, hedge funds, and credit & insurance—the growth rates of assets under management in real estate and private equity were evenly matched in the first quarter of 2021. In Q1 2021, Blackstone's total private equity assets under management reached $211.8 billion, a year-on-year increase of 21%. The total assets under management in the real estate sector reached US$196.3 billion, a year-on-year increase of 22%.</p><p>At the same time, Blackstone's passion for sustainable capital remains undiminished. In terms of growth rate, Blackstone Perpetual Capital's scale far exceeds its total scale. In Q1 2021, Blackstone Perpetual Capital reached $149.1 billion, a year-on-year increase of 47%. Blackstone's total asset size grew by 20.6% year-on-year.</p><p><b>With nearly a trillion yuan in \"dry gunpowder,\" it is expected to raise over $100 billion in funding in 2021.</b></p><p>Unsurprisingly, Blackstone had plenty of investable funds in his hands.</p><p>Financial reports show that in Q1 2021, Blackstone's total Dry Powder revenue was $148.2 billion (approximately RMB 962.6 billion). Of these, dry gunpowder from the private equity sector amounted to $72.9 billion, while real estate business amounted to $43.2 billion.</p><p><img src=\"https://static.tigerbbs.com/f11208c0e9b35e27507faa31769c2516\" tg-width=\"480\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p>During the same period, Blackstone saw capital inflows of $31.6 billion. The credit and insurance business received the largest cash inflows, followed by the real estate sector.</p><p>According to investment data, Blackstone made aggressive moves in the first quarter of 2021, deploying approximately $18 billion (approximately RMB 116.9 billion) externally throughout the first quarter. In the private equity sector, Blackstone's outbound investment in the first quarter of 2021 was $5.6 billion; In the real estate sector, this figure is $6.2 billion.</p><p>In terms of investment performance, the private equity sector has been particularly outstanding. According to the financial report, in the first quarter of 2021, both PE business and tactical opportunity investments increased by more than 15%. Its opportunistic and core gain strategies within the real estate sector saw gains of 5.3% and 3.2%, respectively.</p><p><img src=\"https://static.tigerbbs.com/1d2ba152746bc00c41bf1707ec518b7a\" tg-width=\"498\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>“Overall, the company’s outlook remains quite optimistic, with total capital inflows approaching or exceeding $100 billion for four consecutive years. We are very confident that we will surpass $100 billion again in 2021. Investors, institutional retail investors, and insurance companies are more eager than ever to acquire Blackstone’s products,” Jonathan Gray emphasized in the earnings call, adding that Blackstone’s fundraising momentum has provided it with tremendous investment firepower.</p><p>In November 2020, foreign media, citing sources, reported that Blackstone planned to launch a second Asian M&A fund, with a planned fundraising amount of approximately $5 billion. The source also stated that Blackstone has begun promoting the new fund to investors, and if the market response is positive in the coming months, Blackstone may further expand the fund size.</p><p><b>Continuing to heavily invest in logistics real estate, \"we have never seen better fundamentals than this.\"</b></p><p>In the first quarter of 2021, Blackstone's investment focus was clear – a heavy investment in logistics real estate.</p><p>At the beginning of 2021, Blackstone eagerly acquired another logistics park in China, spending 7 billion yuan at once. On January 20, 2021, Blackstone announced that its Blackstone Real Estate Opportunity Fund had completed the acquisition of the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 7.1 billion).</p><p>Upon completion, Blackstone will hold a 70% stake in the logistics park, a wholly-owned subsidiary of R&F Properties Group.<a href=\"https://laohu8.com/S/02777\">R&F Properties</a>It will hold the remaining 30% stake.</p><p>Two months prior, Blackstone had just acquired two real estate logistics projects in China: the fourth building of Phase III of Shanghai Xiangyi Garden under Sunac and the R&F Integrated Logistics Park at Guangzhou International Airport under R&F Properties.</p><p>Following this, in Asia, Blackstone set its sights on Japan for investment in this field. In March 2021, Blackstone announced that it would acquire eight hotels under Kintetsu Group Holdings (GHD), located in Kyoto and Osaka. The transaction was scheduled to officially take place on October 1 of that year.</p><p>\"As the pandemic subsides, the hotel industry will definitely recover in the medium to long term, and now is the time to start buying,\" the head of Blackstone believes.</p><p>Regarding Blackstone's determination to expand into the logistics real estate sector, a major part of its portfolio, Jonathan Gray stated bluntly in the earnings call, \"I don't think we've ever seen better fundamentals.\"</p><p>According to Jonathan Gray, on the one hand, the logistics industry has always been strong, and with the increase in job opportunities, the number of renting families is also constantly increasing; On the other hand, office buildings remain weak, the retail industry is also facing challenges, and hotels are just beginning to recover. However, it can be seen that those sectors that were severely impacted by the COVID-19 pandemic are gradually beginning to rise.</p><p>“Asia is better, they’re doing better. I think this economic dam is really starting to break with the spread of vaccines,” said Jonathan Gray, adding that Blackstone will focus on industries affected by COVID, such as entertainment and tourism. \"We believe these industries will rebound as restrictions are eased.\"</p><p>In addition, Jonathan Gray also revealed in the earnings call that Blackstone plans to raise funds for the third phase of the Asia Real Estate Fund in the coming weeks. \"We expect this financing to be at least as large as the previous $7 billion.\"</p>","source":"lsy1580712218558","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 scale exceeds 4 trillion! 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In 2021, Blackstone still faced storms.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">东四十条资本</strong><span class=\"h-time small\">2021-04-24 10:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the first quarter of 2020,<a href=\"https://laohu8.com/S/BX\">Blackstone</a>The performance data can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year. With $648.8 billion, Blackstone Group, the \"King of Wall Street,\" has once again set a record for its assets under management.</p><p>On April 22, 2021, Blackstone Group (hereinafter referred to as \"Blackstone\") released its financial report for the first quarter of 2021. Financial reports show that as of the end of the quarter, Blackstone's total assets under management (AUM) increased to $648.8 billion (approximately RMB 4,213.7 billion), a year-on-year increase of 21%, exceeding market expectations.</p><p>Among them, Blackstone Group's perpetual capital AUM increased significantly. In Q1 2021, Blackstone Perpetual Capital's AUM reached $149.1 billion, a 47.5% increase from $101.1 billion in the same period last year.</p><p>Blackstone Chairman and CEO Schwarzman said, “We continue to fulfill our core mission of creating exceptional returns for LPs. Our brands are driving strong growth, continuously improving our perpetual capital strategy, and driving a significant shift toward more recurring returns.”</p><p>With ample ammunition in hand, Blackstone is heavily investing in Asia. In early 2021, Blackstone acquired the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 71 billion). Recently, Blackstone has aggressively entered the Japanese real estate market, acquiring eight hotels in Japan in one go.</p><p>In 2021, Blackstone continued to experience storms as soon as it waved its hand.</p><p><b>Q1 total revenue reached $5.3 billion, setting a record for assets under management.</b></p><p>Blackstone's performance data for the first quarter of 2020 can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year.</p><p>According to its financial report, Blackstone's total revenue was $5.299 billion in Q1 2021, compared to -$3.076 billion in the same period of 2020. Net income was $3.371 billion, compared to -$2.607 billion in the same period last year.</p><p>Based on its rapidly increasing asset management scale, Blackstone's management/consulting fees are also constantly rising. In Q1 2021, Blackstone's total AUM reached $648.8 billion, while its corresponding management/consulting fees increased to $1.178 billion, a 25% increase compared to $940 million in the first quarter of 2020.</p><p>Blackstone's investment income remains its main source of income. In the first quarter of 2020, Blackstone Investments suffered a dismal performance, with a loss of $4.2 billion, affected by the impact of the COVID-19 pandemic on the capital market. However, in Q1 2021, the Blackstone sector rebounded strongly, with investment income reaching approximately $4 billion.</p><p><img src=\"https://static.tigerbbs.com/7b48baf85e9d2f246cb26e37a04388d2\" tg-width=\"504\" tg-height=\"162\" referrerpolicy=\"no-referrer\"></p><p>Among Blackstone's four major portfolios—real estate, private equity, hedge funds, and credit & insurance—the growth rates of assets under management in real estate and private equity were evenly matched in the first quarter of 2021. In Q1 2021, Blackstone's total private equity assets under management reached $211.8 billion, a year-on-year increase of 21%. The total assets under management in the real estate sector reached US$196.3 billion, a year-on-year increase of 22%.</p><p>At the same time, Blackstone's passion for sustainable capital remains undiminished. In terms of growth rate, Blackstone Perpetual Capital's scale far exceeds its total scale. In Q1 2021, Blackstone Perpetual Capital reached $149.1 billion, a year-on-year increase of 47%. Blackstone's total asset size grew by 20.6% year-on-year.</p><p><b>With nearly a trillion yuan in \"dry gunpowder,\" it is expected to raise over $100 billion in funding in 2021.</b></p><p>Unsurprisingly, Blackstone had plenty of investable funds in his hands.</p><p>Financial reports show that in Q1 2021, Blackstone's total Dry Powder revenue was $148.2 billion (approximately RMB 962.6 billion). Of these, dry gunpowder from the private equity sector amounted to $72.9 billion, while real estate business amounted to $43.2 billion.</p><p><img src=\"https://static.tigerbbs.com/f11208c0e9b35e27507faa31769c2516\" tg-width=\"480\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p>During the same period, Blackstone saw capital inflows of $31.6 billion. The credit and insurance business received the largest cash inflows, followed by the real estate sector.</p><p>According to investment data, Blackstone made aggressive moves in the first quarter of 2021, deploying approximately $18 billion (approximately RMB 116.9 billion) externally throughout the first quarter. In the private equity sector, Blackstone's outbound investment in the first quarter of 2021 was $5.6 billion; In the real estate sector, this figure is $6.2 billion.</p><p>In terms of investment performance, the private equity sector has been particularly outstanding. According to the financial report, in the first quarter of 2021, both PE business and tactical opportunity investments increased by more than 15%. Its opportunistic and core gain strategies within the real estate sector saw gains of 5.3% and 3.2%, respectively.</p><p><img src=\"https://static.tigerbbs.com/1d2ba152746bc00c41bf1707ec518b7a\" tg-width=\"498\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>“Overall, the company’s outlook remains quite optimistic, with total capital inflows approaching or exceeding $100 billion for four consecutive years. We are very confident that we will surpass $100 billion again in 2021. Investors, institutional retail investors, and insurance companies are more eager than ever to acquire Blackstone’s products,” Jonathan Gray emphasized in the earnings call, adding that Blackstone’s fundraising momentum has provided it with tremendous investment firepower.</p><p>In November 2020, foreign media, citing sources, reported that Blackstone planned to launch a second Asian M&A fund, with a planned fundraising amount of approximately $5 billion. The source also stated that Blackstone has begun promoting the new fund to investors, and if the market response is positive in the coming months, Blackstone may further expand the fund size.</p><p><b>Continuing to heavily invest in logistics real estate, \"we have never seen better fundamentals than this.\"</b></p><p>In the first quarter of 2021, Blackstone's investment focus was clear – a heavy investment in logistics real estate.</p><p>At the beginning of 2021, Blackstone eagerly acquired another logistics park in China, spending 7 billion yuan at once. On January 20, 2021, Blackstone announced that its Blackstone Real Estate Opportunity Fund had completed the acquisition of the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 7.1 billion).</p><p>Upon completion, Blackstone will hold a 70% stake in the logistics park, a wholly-owned subsidiary of R&F Properties Group.<a href=\"https://laohu8.com/S/02777\">R&F Properties</a>It will hold the remaining 30% stake.</p><p>Two months prior, Blackstone had just acquired two real estate logistics projects in China: the fourth building of Phase III of Shanghai Xiangyi Garden under Sunac and the R&F Integrated Logistics Park at Guangzhou International Airport under R&F Properties.</p><p>Following this, in Asia, Blackstone set its sights on Japan for investment in this field. In March 2021, Blackstone announced that it would acquire eight hotels under Kintetsu Group Holdings (GHD), located in Kyoto and Osaka. The transaction was scheduled to officially take place on October 1 of that year.</p><p>\"As the pandemic subsides, the hotel industry will definitely recover in the medium to long term, and now is the time to start buying,\" the head of Blackstone believes.</p><p>Regarding Blackstone's determination to expand into the logistics real estate sector, a major part of its portfolio, Jonathan Gray stated bluntly in the earnings call, \"I don't think we've ever seen better fundamentals.\"</p><p>According to Jonathan Gray, on the one hand, the logistics industry has always been strong, and with the increase in job opportunities, the number of renting families is also constantly increasing; On the other hand, office buildings remain weak, the retail industry is also facing challenges, and hotels are just beginning to recover. However, it can be seen that those sectors that were severely impacted by the COVID-19 pandemic are gradually beginning to rise.</p><p>“Asia is better, they’re doing better. I think this economic dam is really starting to break with the spread of vaccines,” said Jonathan Gray, adding that Blackstone will focus on industries affected by COVID, such as entertainment and tourism. \"We believe these industries will rebound as restrictions are eased.\"</p><p>In addition, Jonathan Gray also revealed in the earnings call that Blackstone plans to raise funds for the third phase of the Asia Real Estate Fund in the coming weeks. \"We expect this financing to be at least as large as the previous $7 billion.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZTTJ51Jr60Rq9qsLHwFOwA\">东四十条资本</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1809e27051e8cdce9de7de16a0c4b29c","relate_stocks":{"BX":"黑石"},"source_url":"https://mp.weixin.qq.com/s/ZTTJ51Jr60Rq9qsLHwFOwA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140976980","content_text":"2020年第一季度，黑石的业绩数据几乎可以称为“史上最差”。但2021年Q1，黑石战绩出色，同比扭亏为盈。\n\n6488亿美元，“华尔街之王”黑石集团的资产管理规模再一次创下纪录。\n2021年4月22日，黑石集团（下称“黑石”）发布了2021年第一季度财报。财报显示，截止该季度，黑石的管理资产总额（AUM）增至6488亿美元（约合42137亿人民币），同比增长21%，超过市场预期。\n其中，黑石集团永续资本AUM增幅明显。2021年Q1，黑石永续资本AUM达1491亿美元，较去年同期1011亿美元上涨47.5%。\n黑石董事长兼CEO苏世民表示：“我们继续履行为LP创造卓越回报的核心使命。我们的品牌正在推动强劲增长，在永久资本策略方面不断提升，并推动向更多经常性收益的重要转变。”\n手持充足弹药，黑石正在密集重仓亚洲。2021年初，黑石以11亿美元（约合71元）从富力集团收购粤港澳大湾区内最大的城市物流园区；近期，黑石又强势进军日本房地产，一口气吞下了日本8家酒店。\n2021年的黑石，依旧挥手即是风浪。\nQ1总营收达53亿美元，资产管理规模创纪录\n2020年第一季度，黑石的业绩数据几乎可以称为“史上最差”。但2021年Q1，黑石战绩出色，同比扭亏为盈。\n根据财报，2021年Q1，黑石总营收为52.99亿美元，2020年同期为-30.76亿美元；净利润为33.71亿美元，上年同期为-26.07亿美元。\n基于快速攀升的资产管理规模，黑石的管理/咨询费也在不断提升。2021年Q1，黑石的总AUM达到6488亿美元，其相应的管理/咨询费则增长至11.78亿美元，相比2020年第一季度的9.40亿美元增加了25%。\n黑石的投资收益依旧是其主力收入来源。2020年第一季度，受新冠疫情对资本市场冲击影响，黑石投资收益表现惨淡，亏损42亿美元。不过2021年Q1，黑石这一板块得到了强势反弹，投资收益约达40亿美元。\n\n在黑石旗下四大主要投资组合不动产、私募股权、对冲基金及信贷与保险中，2021年一季度，不动产与私募股权部分的资产管理规模增幅势均力敌。2021年Q1，黑石的私募股权管理总规模为2118亿美元，同比增长21%；不动产板块管理总规模为1963亿美元，同比增长22%。\n与此同时，黑石对于永续资本的热情依旧不减。从增速上看，黑石永续资本规模远超总规模。2021年Q1，黑石永续资本规模达到了1491亿美元，同比增长47%。而黑石资产总规模的同比增速则为20.6%。\n手持近万亿“干火药”，2021有望融资超1000亿美元\n毫无悬念，黑石手中握着充足的可投资资金。\n财报显示，2021年Q1，黑石的全部Dry Powder（干火药）为1482亿美元（约合9626亿人民币）。其中，私募股权板块的干火药为729亿美元，不动产业务则为432亿美元。\n\n同时期内，黑石的资金流入为316亿美元。信贷与保险业务流入现金最多，其次则为不动产板块。\n从投资数据来看，黑石2021年第一季度出手积极，整个一季度对外部署了约180亿美元（约合1169亿人民币）。在私募股权板块，黑石2021年第一季度对外投资规模为56亿美元；在不动产板块，这个数字则为62亿美元。\n在投资表现上，私募股权板块业绩尤其突出。根据财报，2021年第一季度，来自PE业务及战术机会投资的涨幅均超过了15%。其不动产板块下的机会型与与核心增益型策略涨幅分别为5.3%及3.2%。\n\n“总的来说，公司前景依然相当乐观，连续四年资金流入总额接近或超过1000亿美元。2021年，我们非常有信心再次超过1000亿美元。投资者、机构散户和保险比以往任何时候都希望获得黑石的产品。”Jonathan Gray在财报电话会上强调，黑石的筹款势头给其带来了巨大的投资火力。\n2020年11月，有外媒引述消息人士称，黑石计划推出第二个亚洲并购基金，拟定筹资额约为50亿美元。该消息人士还表示，黑石已经开始向投资者推介该新基金，如果未来数月市场反应理想，黑石可能还会扩大基金规模。\n持续重仓物流地产，“我们从未见过比这更好的基本面”\n2021年第一季度，黑石的投资发力点一目了然——重仓物流地产。\n2021年开年，黑石就迫不及待地在中国收购又一家物流园区，并且一出手就是70亿。2021年1月20日，黑石宣布旗下黑石房地产机会型基金已经完成从富力集团收购粤港澳大湾区内最大的城市物流园区一案，交易金额为11亿美元（约合人民币71亿元）。\n完成后，黑石将持有该物流园区70%的股权，富力集团的全资子公司富力地产将持有剩余的30%股权。\n而在这之前的2个月，黑石刚刚大手笔拿下了中国两家地产物流项目，分别为融创旗下上海香溢花园三期第四栋项目以及富力地产旗下广州国际机场富力综合物流园。\n紧接着，在亚洲地区，黑石又将这一领域的投资目光瞄向了日本。2021年3月，黑石宣布将收购近铁集团控股公司（GHD）旗下的8家酒店，分别位于京都市和大阪市等地，该交易计划在当年10月1日正式进行。\n“随着疫情事故的平息，中长期酒店事业一定会恢复，现在则是开始购买的时机。”黑石负责人认为。\n对于黑石投资组合的主要部分——物流地产领域的布局决心，Jonathan Gray在财报电话会上直言，“我认为我们从未见过比这更好的基本面。”\n在Jonathan Gray看来，一方面，物流行业一直都很强大，随着就业机会的增加，租房家庭的数量也在不断增加；另一方面，写字楼依然疲软，零售业也面临挑战，酒店刚刚开始复苏。但可以看到的是，那些在新冠疫情中倍受冲击的板块逐渐开始崛起。\n“亚洲更好，他们做的更好。我认为，随着疫苗的传播，这座经济大坝真的开始决裂。”Jonathan Gray表示，黑石会重点关注受COVID影响的行业，如娱乐业和旅游业。“我们认为这些行业将随着限制的放松而反弹。”\n另外，Jonathan Gray还在财报电话会上透露，在接下来的几周里，黑石将计划为亚洲地产三期基金进行融资。“我们预计这次的融资规模至少与之前的70亿美元一样大。”","news_type":1,"symbols_score_info":{"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":5706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376765455,"gmtCreate":1619150194677,"gmtModify":1704720426152,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376765455","repostId":"1156234884","repostType":4,"repost":{"id":"1156234884","kind":"news","pubTimestamp":1619149818,"share":"https://ttm.financial/m/news/1156234884?lang=en_US&edition=fundamental","pubTime":"2021-04-23 11:50","market":"us","language":"zh","title":"Excluding the abnormal trend in 2020, Netflix's user base is still immature.","url":"https://stock-news.laohu8.com/highlight/detail?id=1156234884","media":"新文化商业","summary":"财报季来临，Netflix作为全球知名度较高的科技公司，率先发布了一季度财报，用户增长不如预期，上半年重磅作品短缺，Disney+等竞争对手势头持续凶猛......一系列原因导致奈飞股价下跌一度超11%，而与其在视频流媒体领域构成竞争关系的$迪士尼$、Roku、$亚马逊$、ViacomCBS等均呈现微涨趋势。2021年第一季度，Netflix新增400万用户，未能达到600万的官方预期。","content":"<p>With earnings season approaching, Netflix, a globally renowned technology company, was the first to release its first-quarter financial report. User growth fell short of expectations, there was a shortage of blockbuster titles in the first half of the year, and competitors like Disney+ continued their aggressive momentum... A series of factors caused Netflix's stock price to fall by more than 11% at one point, while its competitors in the video streaming field...<a href=\"https://laohu8.com/S/DIS\">Disney</a>, Roku,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>ViacomCBS and others all showed a slight upward trend.</p><p>Therefore, some analysts and media outlets believe that after Netflix enjoyed the benefits of online user growth during the pandemic, the bottleneck in user growth that began in the second quarter of last year has resurfaced, and its dominant position in streaming media has begun to weaken.</p><p>However, judging from Netflix's second-half slate, the return of blockbuster IP content may turn the tide for Netflix. The COVID-19 pandemic's boom period for online entertainment throughout 2020 not only accelerated Netflix's total subscriber base to over 200 million that year, but also provided Netflix with valuable buffer time to cope with the streaming war. While this is difficult to reflect in financial reports, it can be seen from the attitudes of Netflix co-CEO Reed Hastings and other executives when talking about competition. This includes who the most challenging competitors are, whether competition will affect their future content strategy and content creation direction, their ranking in new international markets, their confidence in coping with competition, and so on.</p><p><img src=\"https://static.tigerbbs.com/4218f4c914b9c240a1b268d230b84102\" tg-width=\"795\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p><p>Netflix Co-CEO Reed Hastings</p><p><b>Excluding the abnormal trends in 2020, Netflix's user base is still immature.</b></p><p>In the first quarter of 2021, Netflix added 4 million subscribers, falling short of the official expectation of 6 million. The company expects to add only 1 million users in the second quarter ending in June.</p><p>Netflix's total number of paying subscribers to its global streaming service reached 208.64 million in the first quarter, an 8.1% increase compared to 182.86 million in the same period last year; The number of new paying subscribers to streaming services worldwide was 3.98 million, far lower than the 15.77 million in the same period last year and below analysts' expectations. Of these, 748,000 are paying subscribers to streaming services in the United States and Canada; The number of paying subscribers to streaming services in Europe, the Middle East and Africa reached 68.51 million; The number of paying subscribers to streaming services in Latin America is 37.89 million; The number of paying subscribers to streaming services in the Asia-Pacific region is 26.85 million.</p><p>Netflix attributed the slowdown in user growth to the impact of the pandemic, but historically, Netflix's subscriber growth has not always been high. As early as the second quarter of 2019, the number of US subscribers declined for the first time in nearly a decade. Compared to the end of the first quarter of that year, the number of users in the United States decreased by 130,000 at the end of the second quarter. Furthermore, globally, Netflix only added 2.7 million users, far below the official forecast of 5 million users at the time, and even below the 5.5 million users added in the second quarter of 2018. This caused a stock market crash, and various companies imitating Netflix began to avoid the Netflix model and turn to...<a href=\"https://laohu8.com/S/DIS\">Disney</a>The embrace of Youtube. As we all know, Netflix's stock price surged by 70% in 2020, further solidifying its dominant position.</p><p>The current slowdown in user growth is closer to normal. Even though Netflix has reached 200 million global subscribers, its user base and subscription model are still not mature. The stock price fluctuations show that mainstream analysts still consider user growth as a core performance indicator for streaming companies such as Netflix, a situation that is even more pronounced in the long-form video streaming sector. The ceiling for the growth of paying users for long-form video has been reached, and multiple giants have joined the competition, continuing to increase the cost of content innovation. How to establish a more mature user base and consumption model, as well as a more scientific evaluation system, has become the key to long-form video streaming media in the next decade. In this regard, China's iTencent faces the same challenge.</p><p><b>Netflix is not afraid of competitors, but the competitive environment has changed.</b></p><p>In 2013, Hastings wrote an 11-page article expressing his views on the future competitive landscape of streaming media. He pointed out that \"in the long run, HBO is most likely to become our (Netflix's) biggest competitor in terms of content, with its global user base and advanced technology.\" He also frankly believed that \"there is enough market space in the streaming field to form a competitive landscape where a hundred schools of thought compete, rather than a single monopoly.\" At that time, Netflix had just tasted the success of producing its own dramas and had successfully transformed from a DVD rental service to a streaming service, and its user base had already surpassed HBO's.</p><p>In 2019, after Netflix experienced a decline in user numbers and a pessimistic stock market outlook, management stated that competition had not put them in trouble, but had instead ignited new fighting spirit. CEO Reed Hastings pointed out, \"We only have 2% of mobile downloads, just like 98% of people haven't started using Netflix yet. In fact, we already have many competitors, Disney and...\"<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The addition of others only adds two more competitors, but frankly, it doesn't have a significant impact.</p><p>At that time, Disney,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>AT&T's Warner Media and<a href=\"https://laohu8.com/S/CMCSA\">Comcast</a>The company's competitors, such as NBCUniversal, have announced the upcoming launch of their own streaming services.</p><p>“Apple and Disney are both world-class consumer brands, and we are excited to compete,” Netflix wrote gently. \"The obvious beneficiaries will be content creators and consumers, who will reap the rewards of many companies working together to provide viewers with more and better video experiences.\"</p><p>Netflix believes that new growth opportunities should come from offline channels, namely television and cinemas. As viewers shift from \"linear\" television to streaming, the pie will grow larger, and once cable television networks disappear, consumers will immediately flock to the internet. They declared publicly: \"This will be the logic of the entrants' arguments for the next few years. The pie will continue to grow, and we will continue to get our fair share, for all entrants.\"</p><p>When asked again about his views on competition at the first-quarter earnings analyst conference this year, Hastings pointed out: \"The competition is fierce, but that's how this industry has always been. We've competed with Amazon Prime for 13 years and with Hulu for 14 years. So in terms of the competitive environment, we haven't seen any substantial changes.\"</p><p>Netflix's competitive logic is that entrants will help it grow the pie, not take a piece of it.</p><p>However, even the most perfect competitive logic cannot withstand the actual encroachment of competitors. On the one hand, Disney+ and Hulu, AT&T's HBO Max, Apple TV+, Amazon Prime, and<a href=\"https://laohu8.com/S/CMCSK\">Comcast</a>Emerging competitors such as NBCUniversal's Peacock have emerged, and Disney+ surpassed 100 million subscribers in March of this year, taking 16 months. On the other hand, established rivals such as Amazon Prime Video and Hulu are constantly making inroads. Parrot revealed in its latest rankings that the total demand for Netflix content (an indicator of the popularity of the platform's content) was slightly above 50% in the first three months of this year, down from 54% last year and 65% the year before, which means that the attractiveness of \"Netflix productions\" is declining.</p><p>However, in July of last year, in its shareholder letter released in its second-quarter earnings report, Netflix mentioned TikTok for the first time, regarding it as a competitor that needed to be taken seriously. The open letter stated, \"TikTok's growth is astonishing, demonstrating the fluidity of internet entertainment.\" It also began developing a product similar to the Tik Tok feed stream in 2018.</p><p>Netflix's attitude towards competition has been similar for more than a decade, remaining neither shy nor afraid. However, all product formats that divide internet time, such as short videos, social networking, and games, have flooded into the competitive pool of long-form video streaming media, something that Reed did not predict in 2013. Today, the competitive environment has indeed changed, making survival and growth more difficult. Streaming media needs stronger resources and products to cope with the competition.</p><p><b>The enduring theme of long-form video streaming: becoming a profitable company.</b></p><p>The good news is that if we measure Netflix's financial situation not from the perspective of user growth, but from the perspective of revenue, we might draw the opposite conclusion: Netflix has begun to shed the label of huge investments and years of losses and has become a company that \"knows how to make money\".</p><p>In the first quarter of 2021, Netflix's net revenue was $1.71 billion, nearly $1 billion higher than the $709 million reported a year earlier, almost equivalent to all of Netflix's revenue in 2019. Netflix's revenue increased by more than 24% due to rising prices in the United States and Canada. Prior to the earnings report, the company implemented its first share buyback program in nearly a decade, targeting $5 billion, meaning it began to reward early investors, which is what investors wanted to see.</p><p>Last December, Netflix raised prices for the sixth time, followed by...<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>, Disney+,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Video prices have also been raised for the first time. It can be seen that after more than a decade of development, short videos have emerged as a dark horse, making long videos increasingly aware of the importance of making money. Only by improving their revenue-generating capabilities can they maintain high-quality, high-cost self-produced content output, secure a ticket to long-term competition, and ultimately maintain a favorable position in the competition.</p><p>Both new and old entrants who are still burning through cash should humbly learn from Netflix in this regard.</p>","source":"lsy1572343017337","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>Excluding the abnormal trend in 2020, Netflix's user base is still immature.</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\">\nExcluding the abnormal trend in 2020, Netflix's user base is still immature.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新文化商业</strong><span class=\"h-time small\">2021-04-23 11:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With earnings season approaching, Netflix, a globally renowned technology company, was the first to release its first-quarter financial report. User growth fell short of expectations, there was a shortage of blockbuster titles in the first half of the year, and competitors like Disney+ continued their aggressive momentum... A series of factors caused Netflix's stock price to fall by more than 11% at one point, while its competitors in the video streaming field...<a href=\"https://laohu8.com/S/DIS\">Disney</a>, Roku,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>ViacomCBS and others all showed a slight upward trend.</p><p>Therefore, some analysts and media outlets believe that after Netflix enjoyed the benefits of online user growth during the pandemic, the bottleneck in user growth that began in the second quarter of last year has resurfaced, and its dominant position in streaming media has begun to weaken.</p><p>However, judging from Netflix's second-half slate, the return of blockbuster IP content may turn the tide for Netflix. The COVID-19 pandemic's boom period for online entertainment throughout 2020 not only accelerated Netflix's total subscriber base to over 200 million that year, but also provided Netflix with valuable buffer time to cope with the streaming war. While this is difficult to reflect in financial reports, it can be seen from the attitudes of Netflix co-CEO Reed Hastings and other executives when talking about competition. This includes who the most challenging competitors are, whether competition will affect their future content strategy and content creation direction, their ranking in new international markets, their confidence in coping with competition, and so on.</p><p><img src=\"https://static.tigerbbs.com/4218f4c914b9c240a1b268d230b84102\" tg-width=\"795\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p><p>Netflix Co-CEO Reed Hastings</p><p><b>Excluding the abnormal trends in 2020, Netflix's user base is still immature.</b></p><p>In the first quarter of 2021, Netflix added 4 million subscribers, falling short of the official expectation of 6 million. The company expects to add only 1 million users in the second quarter ending in June.</p><p>Netflix's total number of paying subscribers to its global streaming service reached 208.64 million in the first quarter, an 8.1% increase compared to 182.86 million in the same period last year; The number of new paying subscribers to streaming services worldwide was 3.98 million, far lower than the 15.77 million in the same period last year and below analysts' expectations. Of these, 748,000 are paying subscribers to streaming services in the United States and Canada; The number of paying subscribers to streaming services in Europe, the Middle East and Africa reached 68.51 million; The number of paying subscribers to streaming services in Latin America is 37.89 million; The number of paying subscribers to streaming services in the Asia-Pacific region is 26.85 million.</p><p>Netflix attributed the slowdown in user growth to the impact of the pandemic, but historically, Netflix's subscriber growth has not always been high. As early as the second quarter of 2019, the number of US subscribers declined for the first time in nearly a decade. Compared to the end of the first quarter of that year, the number of users in the United States decreased by 130,000 at the end of the second quarter. Furthermore, globally, Netflix only added 2.7 million users, far below the official forecast of 5 million users at the time, and even below the 5.5 million users added in the second quarter of 2018. This caused a stock market crash, and various companies imitating Netflix began to avoid the Netflix model and turn to...<a href=\"https://laohu8.com/S/DIS\">Disney</a>The embrace of Youtube. As we all know, Netflix's stock price surged by 70% in 2020, further solidifying its dominant position.</p><p>The current slowdown in user growth is closer to normal. Even though Netflix has reached 200 million global subscribers, its user base and subscription model are still not mature. The stock price fluctuations show that mainstream analysts still consider user growth as a core performance indicator for streaming companies such as Netflix, a situation that is even more pronounced in the long-form video streaming sector. The ceiling for the growth of paying users for long-form video has been reached, and multiple giants have joined the competition, continuing to increase the cost of content innovation. How to establish a more mature user base and consumption model, as well as a more scientific evaluation system, has become the key to long-form video streaming media in the next decade. In this regard, China's iTencent faces the same challenge.</p><p><b>Netflix is not afraid of competitors, but the competitive environment has changed.</b></p><p>In 2013, Hastings wrote an 11-page article expressing his views on the future competitive landscape of streaming media. He pointed out that \"in the long run, HBO is most likely to become our (Netflix's) biggest competitor in terms of content, with its global user base and advanced technology.\" He also frankly believed that \"there is enough market space in the streaming field to form a competitive landscape where a hundred schools of thought compete, rather than a single monopoly.\" At that time, Netflix had just tasted the success of producing its own dramas and had successfully transformed from a DVD rental service to a streaming service, and its user base had already surpassed HBO's.</p><p>In 2019, after Netflix experienced a decline in user numbers and a pessimistic stock market outlook, management stated that competition had not put them in trouble, but had instead ignited new fighting spirit. CEO Reed Hastings pointed out, \"We only have 2% of mobile downloads, just like 98% of people haven't started using Netflix yet. In fact, we already have many competitors, Disney and...\"<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The addition of others only adds two more competitors, but frankly, it doesn't have a significant impact.</p><p>At that time, Disney,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>AT&T's Warner Media and<a href=\"https://laohu8.com/S/CMCSA\">Comcast</a>The company's competitors, such as NBCUniversal, have announced the upcoming launch of their own streaming services.</p><p>“Apple and Disney are both world-class consumer brands, and we are excited to compete,” Netflix wrote gently. \"The obvious beneficiaries will be content creators and consumers, who will reap the rewards of many companies working together to provide viewers with more and better video experiences.\"</p><p>Netflix believes that new growth opportunities should come from offline channels, namely television and cinemas. As viewers shift from \"linear\" television to streaming, the pie will grow larger, and once cable television networks disappear, consumers will immediately flock to the internet. They declared publicly: \"This will be the logic of the entrants' arguments for the next few years. The pie will continue to grow, and we will continue to get our fair share, for all entrants.\"</p><p>When asked again about his views on competition at the first-quarter earnings analyst conference this year, Hastings pointed out: \"The competition is fierce, but that's how this industry has always been. We've competed with Amazon Prime for 13 years and with Hulu for 14 years. So in terms of the competitive environment, we haven't seen any substantial changes.\"</p><p>Netflix's competitive logic is that entrants will help it grow the pie, not take a piece of it.</p><p>However, even the most perfect competitive logic cannot withstand the actual encroachment of competitors. On the one hand, Disney+ and Hulu, AT&T's HBO Max, Apple TV+, Amazon Prime, and<a href=\"https://laohu8.com/S/CMCSK\">Comcast</a>Emerging competitors such as NBCUniversal's Peacock have emerged, and Disney+ surpassed 100 million subscribers in March of this year, taking 16 months. On the other hand, established rivals such as Amazon Prime Video and Hulu are constantly making inroads. Parrot revealed in its latest rankings that the total demand for Netflix content (an indicator of the popularity of the platform's content) was slightly above 50% in the first three months of this year, down from 54% last year and 65% the year before, which means that the attractiveness of \"Netflix productions\" is declining.</p><p>However, in July of last year, in its shareholder letter released in its second-quarter earnings report, Netflix mentioned TikTok for the first time, regarding it as a competitor that needed to be taken seriously. The open letter stated, \"TikTok's growth is astonishing, demonstrating the fluidity of internet entertainment.\" It also began developing a product similar to the Tik Tok feed stream in 2018.</p><p>Netflix's attitude towards competition has been similar for more than a decade, remaining neither shy nor afraid. However, all product formats that divide internet time, such as short videos, social networking, and games, have flooded into the competitive pool of long-form video streaming media, something that Reed did not predict in 2013. Today, the competitive environment has indeed changed, making survival and growth more difficult. Streaming media needs stronger resources and products to cope with the competition.</p><p><b>The enduring theme of long-form video streaming: becoming a profitable company.</b></p><p>The good news is that if we measure Netflix's financial situation not from the perspective of user growth, but from the perspective of revenue, we might draw the opposite conclusion: Netflix has begun to shed the label of huge investments and years of losses and has become a company that \"knows how to make money\".</p><p>In the first quarter of 2021, Netflix's net revenue was $1.71 billion, nearly $1 billion higher than the $709 million reported a year earlier, almost equivalent to all of Netflix's revenue in 2019. Netflix's revenue increased by more than 24% due to rising prices in the United States and Canada. Prior to the earnings report, the company implemented its first share buyback program in nearly a decade, targeting $5 billion, meaning it began to reward early investors, which is what investors wanted to see.</p><p>Last December, Netflix raised prices for the sixth time, followed by...<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>, Disney+,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Video prices have also been raised for the first time. It can be seen that after more than a decade of development, short videos have emerged as a dark horse, making long videos increasingly aware of the importance of making money. Only by improving their revenue-generating capabilities can they maintain high-quality, high-cost self-produced content output, secure a ticket to long-term competition, and ultimately maintain a favorable position in the competition.</p><p>Both new and old entrants who are still burning through cash should humbly learn from Netflix in this regard.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/_zP2m46MXIrlrXsW0843Mw\">新文化商业</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e2224e6b43e75f835dbd8bb6d8c4972c","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞"},"source_url":"https://mp.weixin.qq.com/s/_zP2m46MXIrlrXsW0843Mw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156234884","content_text":"财报季来临，Netflix作为全球知名度较高的科技公司，率先发布了一季度财报，用户增长不如预期，上半年重磅作品短缺，Disney+等竞争对手势头持续凶猛......一系列原因导致奈飞股价下跌一度超11%，而与其在视频流媒体领域构成竞争关系的迪士尼、Roku、亚马逊、ViacomCBS等均呈现微涨趋势。\n因此，部分分析师、媒体认为，Netflix享受完疫情期线上用户增长红利之后，自去年二季度开始出现的用户增长瓶颈问题重新显露，在流媒体的统治地位开始松动。\n不过，从Netflix宣布的下半年片单可以看到，重磅IP内容的回归可能会为奈飞扳回一城，而2020年全年新冠疫情的对线上娱乐的红利期不仅让Netflix在这一年的总订阅用户加速突破2亿大关，还为Netflix提供了宝贵的应对流媒体大战的缓冲时间，这一点虽然很难从财报数据体现出来，但可以从Netflix联席CEO里德·哈斯汀斯（Reed Hastings）等高管对外谈及竞争时的态度感受到。包括谁是最具有挑战的竞争对手，竞争是否影响其未来内容策略及内容自制方向，国际新市场发力的排位，应对竞争的信心等等。\n\nNetflix 联席CEO 里德·哈斯廷斯\n剔除2020年非正常走势，奈飞用户规模还未成熟\n2021年第一季度，Netflix新增400万用户，未能达到600万的官方预期。该公司预计在截至6月的第二季度内，只能新增100万用户。\nNetflix 第一季度全球流播放服务付费用户的总人数达到了2.0864亿人，与去年同期的1.8286亿人相比增长8.1%；全球新增流播放服务付费用户人数为398万人，远低于去年同期的1577万人，不及分析师预期。其中，美国和加拿大地区的流播放服务付费用户人数为74.8万人；欧洲、中东和非洲地区的流播放服务付费用户人数为6851万人；拉丁美洲地区的流播放服务付费用户人数为 3789 万人；亚太地区的流播放服务付费用户人数为 2685 万人。\n对于用户增长的放缓，奈飞给出的理由是受疫情影响，不过从历史数据来看，Netflix的订阅用户增长也并非一直处于高位。早在2019年二季度就曾出现近十年美国订户首次下滑。与当年一季度末相比，第二季度末美国用户减少13万，此外，在全球范围内，Netflix仅增加了270万用户，远低于当时官方预测的500万用户，甚至低于2018年第二季度增加的550万用户，一度吓得股市各种溃逃，各种模仿Netflix的公司也纷纷开始回避奈飞模式，转向迪士尼和Youtube的怀抱。后面的故事大家都知道了，在2020年，奈飞股价飙升了70%，王者地位更加稳固。\n目前用户增长放缓的局面更接近常态，即使奈飞的全球订户已经达到2亿规模，其用户规模和订阅形态仍然算不上成熟。而从股价的波动可以看到，主流分析师圈依然将用户规模增长作为Netflix等流媒体公司核心业绩指标衡定，这个情况在长视频流媒体领域更加明显。长视频付费用户的增量天花板已经出现，多个巨头加入竞争又继续加码着内容创新成本，如何建立更加成熟的用户规模和消费模型，以及更为科学的评估体系，成为未来十年长视频流媒体的关键。在这一点上，中国的爱腾优也面临同样的难题。\n奈飞不惧竞争对手，但竞争环境变了\n2013年，Hastings写了一篇长达11页的文章表达对流媒体未来竞争走向的看法，他指出“从长远看来，在内容方面最有可能成为我们（奈飞）最大竞争对手的便是HBO，他们的用户遍布全球且技术先进。”，他也坦诚认为“在流媒体领域有足够的市场空间以形成百家争鸣的竞争格局，而非一家独霸。”彼时，奈飞刚尝到自制剧的甜头，成功从DVD租赁服务商转型流媒体，用户数已经超过了HBO。\n2019年，Netflix遭遇用户数下滑和股市看衰后，管理层对外表示竞争没让自己陷入困境，反而激起了新的斗志。CEO里德·哈斯廷斯指出：“我们仅有2％的手机下载量，如同98％的人尚未开始使用Netflix一样。其实本身就有很多竞争对手，迪士尼和苹果等的加入只是多增加两个竞争对手而已，但坦率地说，并没有太大影响。”\n彼时，迪士尼、苹果、AT＆T 公司的华纳媒体和康卡斯特公司的NBCUniversal等竞争对手纷纷宣布即将推出自己的流媒体服务。\n“苹果和迪士尼这两家公司都是世界级的消费品牌，我们很高兴能参与竞争，”Netflix温和地写道。“明显的受益者将是内容创作者和消费者，他们将获得许多公司的回报，一起为观众提供更多更好的视频体验。”\nNetflix认为新的增长空间应该向线下渠道来要，即电视和电影院。随着观众从“线性”电视转向流媒体，这个蛋糕将变得越来越大，有线电视网络一旦消失，消费者立马投入到互联网。他们对外宣称：“这将是进入者未来几年争论的逻辑，馅饼将继续增长，我们将继续获得我们的公平份额，对所有入局者来说都是这样”。\n在今年一季度财报分析师会上，被再次问及对竞争的看法时，哈斯汀斯指出：“竞争很激烈，但这个行业向来如此。我们跟Amazon Prime竞争了13年，跟Hulu竞争了14年。所以从竞争环境来看，我们没发现有什么实质性变化。”\nNetflix的竞争逻辑是：入局者将会帮助他做大蛋糕，而不是分食蛋糕。\n不过再完美的竞争逻辑也抵不过竞争对手实实在在的蚕食。一方面迪士尼的Disney+和Hulu、AT&T的HBO Max、Apple TV+、Amazon Prime和康卡斯特NBC环球的Peacock等等新兴竞争对手相继崛起，Disney+ 的订阅用户在今年3月突破1亿，用时16个月；另一方面则是Amazon Prime Video和Hulu等老牌对手不断攻城拔寨,Parrot在最新的排名中透露，Netflix内容的总需求（衡量该平台内容的热门程度指标）在今年前三个月略高于50%，较去年的54%和前年的65%都有所降低，也就是说“奈飞出品”的吸引力正在下降。\n不过去年7月，在奈飞第二季度财报发布的股东公开信中，Netflix首次提到TikTok，将其视为需要认真对待的竞争对手。公开信中写道：“TikTok的增长令人震惊，这体现了互联网娱乐的流动性。”并从2018年就开始了类似于Tik Tok feed流式的产品研发。\n奈飞面对竞争的态度十多年都差不多，一如既往的不回避也不害怕，不过短视频、社交、游戏等所有分割互联网时间的产品形态都涌入了长视频流媒体的竞争池子，这是2013年的里德没有预测到的。如今，竞争环境确实变了，生存和增长更难了，流媒体需要更强大的底气和产品才能应对竞争。\n长视频流媒体亘久不变主题：成为赚钱的公司\n好消息是，如果不从用户增长，而是从收入角度衡量奈飞的财务情况，可能得出了相反的结论，即奈飞已经开始摆脱巨额投入和多年亏损的帽子，成为了一家“会赚钱”的公司。\n2021年一季度，Netflix的净收入17.1亿美元，比一年前公布的7.09亿美元高出近10亿，几乎相当于Netflix2019年的全部收入，随着美国和加拿大物价上涨影响，Netflix收入增加了24%以上。财报公布前，该公司实施了近十年来的第一个股票回购计划，目标金额为50亿美元，也就是它开始回馈早期投资者了，这是投资者想看到的。\n去年12月，奈飞第六次提价，紧接着爱奇艺、Disney+、腾讯视频也纷纷首次提价，可以看到经过十多年的发展，短视频异军突起，让长视频愈发认识到赚钱的重要性，只有提升造血能力才能保持高质量高成本的自制内容输出，才能拿到长期竞争的入场券，最后才能在竞争中保持有利地位。\n这一点，还在烧钱的新老入局者们，都要虚心向奈飞学习。","news_type":1,"symbols_score_info":{"NFLX":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":5217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344164001,"gmtCreate":1618388818503,"gmtModify":1704710034566,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344164001","repostId":"1122331509","repostType":4,"repost":{"id":"1122331509","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":1618386812,"share":"https://ttm.financial/m/news/1122331509?lang=en_US&edition=fundamental","pubTime":"2021-04-14 15:53","market":"us","language":"zh","title":"Coinbase CEO Open Letter: IPO Will Be a Milestone","url":"https://stock-news.laohu8.com/highlight/detail?id=1122331509","media":"老虎资讯综合","summary":"4月14日讯，Coinbase联合创始人兼首席执行官Brian Armstrong发表公开信，他表示，今天，Coinbase在纳斯达克上市，十年的工作把我们带到了这里。我们经历了许多波折，凭借运气和技","content":"<p>On April 14, Brian Armstrong, co-founder and CEO of Coinbase, released an open letter stating that today, Coinbase is listed on Nasdaq, and ten years of work have brought us here. We went through many twists and turns, but with luck and skill, Coinbase succeeded.</p><p>Today's IPO is a milestone. We are still in the early stages of this industry, and we will focus on the future. Our mission is to increase economic freedom in the world and build the best crypto experience for our communities.</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>Coinbase CEO Open Letter: IPO Will Be a Milestone</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\">\nCoinbase CEO Open Letter: IPO Will Be a Milestone\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\">2021-04-14 15:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 14, Brian Armstrong, co-founder and CEO of Coinbase, released an open letter stating that today, Coinbase is listed on Nasdaq, and ten years of work have brought us here. We went through many twists and turns, but with luck and skill, Coinbase succeeded.</p><p>Today's IPO is a milestone. We are still in the early stages of this industry, and we will focus on the future. Our mission is to increase economic freedom in the world and build the best crypto experience for our communities.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d6db40d956c8408164a91b547b53e56c","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122331509","content_text":"4月14日讯，Coinbase联合创始人兼首席执行官Brian Armstrong发表公开信，他表示，今天，Coinbase在纳斯达克上市，十年的工作把我们带到了这里。我们经历了许多波折，凭借运气和技巧，Coinbase成功了。今天的上市是一个里程碑，我们仍处在这个行业的早期，我们将专注于未来，我们的使命是增加世界上的经济自由和为我们的社区构建最佳的加密体验。","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":6221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351915382,"gmtCreate":1616552590246,"gmtModify":1704795563116,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351915382","repostId":"2121370294","repostType":4,"repost":{"id":"2121370294","kind":"highlight","pubTimestamp":1616550692,"share":"https://ttm.financial/m/news/2121370294?lang=en_US&edition=fundamental","pubTime":"2021-03-24 09:51","market":"other","language":"zh","title":"The bond market is warming up, and the peak of interest rates has been clearly defined.","url":"https://stock-news.laohu8.com/highlight/detail?id=2121370294","media":"格隆汇","summary":"随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开","content":"<p><b>Core Points</b></p><p><b>The positive factors in the bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</b></p><p><b>The contradiction between the economy and interest rates.</b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment. On the other hand, the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which contrasts sharply with the recent decline in interest rates.</p><p><b>Why do the economy and interest rates diverge?</b>On the one hand, since March, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. The enthusiasm of allocation funds has increased, which has been beneficial to the bond market. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and falls. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors' expectations for the economic growth rate to peak and fall and inflation to rise first and then fall later this year are relatively consistent, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy.</p><p><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn. Meanwhile, from the perspective of the financial cycle, the \"tiptoeing\" credit growth at the beginning of the year may also mean that broad liquidity will further tighten, which will also open up downside potential for the bond market.</p><p><b>Conclusion:</b>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and bond yields are expected to continue their downward trend.</p><p><b>text</b></p><p><h3><b>The contradiction between the economy and interest rates</b></h3><b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment.</b>Looking at the bond market, since the Spring Festival, despite negative factors such as continued improvement in the overseas economy, rising global reinflation, and continued rise in US Treasury yields, the domestic bond market has remained resilient. The yield to maturity of the 10-year Treasury Bond has not broken through the upper limit of our range of 3.3%. After entering March, with the stabilization of liquidity and the continued positive sentiment in the bond market, bond yields have generally shown a downward trend. As of March 23, the yields to maturity of the 10-year Treasury Bond and China Development Bank bonds have declined by 7 basis points and 14 basis points respectively, which is consistent with our previous judgment.</p><p><b>However, it should also be noted that the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which is in stark contrast to the recent decline in interest rates.</b>Regarding inflation, the national CPI fell by 0.2% year-on-year in February, narrowing the decline by 0.1 percentage points compared to the previous month, while the PPI rose by 1.7% year-on-year, a significant increase of 1.4 percentage points compared to the previous month, indicating a significant rise in industrial inflation. In terms of imports and exports, my country's exports amounted to US$468.87 billion in January and February, representing a year-on-year increase of 60.6%, significantly exceeding market expectations by 41.8% and a 32.7% increase compared to the same period in 2019. Imports amounted to US$365.62 billion, representing a year-on-year increase of 22.2%, significantly higher than market expectations of 10.5% and a year-on-year increase of 17.2%, indicating that imports and exports remained highly prosperous overall. In terms of financial data, the increase in social financing in February was 1.71 trillion yuan, an increase of 839.2 billion yuan year-on-year, the highest level for the same period since 2002. New RMB loans in February were 1.36 trillion yuan, also the highest level for the same period in history. In terms of economic data, industrial production continued to grow rapidly in January and February 2021, increasing by 35.1% year-on-year, significantly exceeding market expectations compared to an average annual growth rate of about 8.1% in the same period of 2019. Investment and consumption are also in a moderate recovery process overall. This contrasts sharply with the decline in interest rates.</p><p><img src=\"https://static.tigerbbs.com/2e2a1a19314ed66841839e9978e08889\" tg-width=\"548\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><b>Taken together, we believe that the contradiction between the economy and interest rates is due to both factors such as the activity of allocation buyers under stable liquidity conditions, and advance planning for the peak and decline of economic growth.</b>Since March 2021, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. Factors such as tax periods and reserve requirement payments have not led to a significant increase in funding interest rates. Against this backdrop, enthusiasm for allocation has increased, bidding results in the Treasury Bond primary market are positive, and spot bond interest rates are generally on a downward trend. Meanwhile, affected by the pandemic last year, domestic production and demand plummeted in the first quarter. my country successively adopted policy tools such as relending, rediscounting, and loan extensions to strengthen financial support for the real economy, after which the domestic economy began to slowly recover. Taking into account base factors and policy timeframes, the probability of a decline in GDP and a contraction in broad liquidity within the year is not low, and the market has certain expectations for this. This may lead some investors to enter the market before economic growth peaks and slows down, thereby leading to a marginal decline in yields. Based on historical experience, investors entering the market before the economic growth rate officially slows down is not without reason.</p><p><img src=\"https://static.tigerbbs.com/07ffe87771721686f930b6a50043e8ff\" tg-width=\"684\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Historical view of interest rate and economic rotation: the game between reality and expectation</b></h3><b>\"An army marches before a horse moves,\" and historical experience shows that interest rates usually outpace economic trends.</b>First of all, it should be noted that, considering that the fluctuations in year-on-year GDP growth have gradually narrowed in recent years, when we use the PMI to measure the coolness of the macroeconomy, we can find that since 2008, the inflection point of interest rates has generally been ahead of the trend of economic fundamentals. Specifically:</p><p>From the end of 2008 to the beginning of 2009, the domestic economy cooled significantly due to the global economic crisis. However, at that time, the market had strong expectations for infrastructure investment to support the bottom and for economic growth to stabilize. The yield of the 10-year Treasury Bond began to rise rapidly after hitting a temporary low of 2.67% in January 2009. But at that time, the domestic fundamentals were still bottoming out. It was not until after the second quarter of 2009 that domestic economic growth gradually began to bottom out.</p><p>After entering 2010, domestic economic growth slowed down at the beginning of the year but had not yet completely turned around. Loose liquidity led to a significant decline in spot bond interest rates. In Q2 2010, affected by the debt risks of European and emerging market countries, global economic growth slowed down significantly, and domestic economic growth also declined significantly. During this stage, the downward inflection point of spot bond rates preceded the inflection point of economic fundamentals. Entering the second half of 2010, with the further revision of global inflation expectations, the domestic central bank began to gradually tighten monetary policy, funding rates rose significantly, and spot bond rates began to climb rapidly from August.</p><p>From the end of 2013 to the beginning of 2014, after a six-month period of rapid interest rate increases, the pent-up bullish sentiment was released with the continued easing of liquidity, and the allocation force was relatively strong. The spot bond interest rate fell rapidly from a temporary high of 4.67% in November 2013 to around 4.0% in June 2014. During this period, the domestic economy was still in an upward phase, and it was not until the second half of 2014 that the domestic economic growth officially began to decline.</p><p>In the first quarter of 2018, fixed asset investment remained stable overall, exports and industrial production continued to grow rapidly, and GDP grew by 6.9% year-on-year, up 0.1 percentage points from 6.8% in Q4 2017. Overall, this indicates that domestic economic growth remained high, but spot bond interest rates have continued to decline since the beginning of the year. Entering the second quarter, as the risk of credit default intensified and broad liquidity tightened significantly, domestic economic growth began to gradually decline. During this period, spot bond interest rates continued to outpace economic growth.</p><p><img src=\"https://static.tigerbbs.com/4d532f1bc6374a6ec2008cf0f831f92c\" tg-width=\"537\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p><h3><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b></h3><b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn.</b>Looking at the economic data from January and February 2021, although the year-on-year growth rates of major economic sub-indicators reached record highs under the influence of the base effect, if we take 2019 as the base period, we can find that the domestic economic data generally shows that industrial production and real estate maintain high prosperity, but the combination of manufacturing investment, infrastructure investment and retail consumption recovery is slow. Overall, the foundation for economic recovery is still not solid. Considering that the current weakness in real estate companies' land acquisition has gradually spread to the real estate construction start-up end, real estate investment is expected to continue to decline. Although the issuance of special bonds will boost infrastructure investment in the short term, the probability of infrastructure investment rising more than expected is not high, considering that public finance is gradually tilting towards people's livelihoods and real estate companies' land acquisition restricts local government fund finances. Amid a decline in infrastructure and real estate investment, while there is room for recovery in consumer and manufacturing investment, recent data suggests that the recovery of the consumer and manufacturing sectors remains a long and arduous task. If real estate and infrastructure investment weakens in the future, coupled with weakening substitute exports leading to a decline in external demand, the economic cycle may return to a downturn.</p><p><img src=\"https://static.tigerbbs.com/99c51a467daeeb19a9515eba773c7c88\" tg-width=\"675\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>From the perspective of the financial cycle, the decline in credit growth after a \"tiptoe\" slowdown will also open up downside potential for the bond market.</b>Specifically, this year's government work report continues to emphasize that \"the growth rates of money supply and social financing are basically in line with the nominal economic growth rate\" and \"maintaining the basic stability of the macro leverage ratio.\" The policy direction of \"stabilizing leverage\" remains unchanged, and the financial environment throughout the year will remain \"tight credit.\" Last year, the pandemic had a heavy impact on the economy, so the policy balance was biased towards \"stabilizing growth,\" and the macro leverage ratio increased by 23.6 percentage points for the whole year. This year, the constraints of the pandemic on the economy have gradually subsided, and \"risk prevention\" has once again become the primary objective, the most crucial of which is to stabilize the macro leverage ratio. Looking at the whole year, the growth rate of social financing is expected to gradually drop to 11.2%, corresponding to the macro leverage ratio at the end of this year being basically the same as at the end of last year. After a short-term upward trend in February, the growth rate of credit and social financing is expected to turn into a long-term downward trend. The downturn in the financial cycle will also become an important positive for the bond market in the future.</p><p><h3><b>conclusion</b></h3>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The bond market is warming up, and the peak of interest rates has been clearly defined.</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 bond market is warming up, and the peak of interest rates has been clearly defined.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-03-24 09:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Core Points</b></p><p><b>The positive factors in the bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</b></p><p><b>The contradiction between the economy and interest rates.</b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment. On the other hand, the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which contrasts sharply with the recent decline in interest rates.</p><p><b>Why do the economy and interest rates diverge?</b>On the one hand, since March, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. The enthusiasm of allocation funds has increased, which has been beneficial to the bond market. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and falls. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors' expectations for the economic growth rate to peak and fall and inflation to rise first and then fall later this year are relatively consistent, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy.</p><p><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn. Meanwhile, from the perspective of the financial cycle, the \"tiptoeing\" credit growth at the beginning of the year may also mean that broad liquidity will further tighten, which will also open up downside potential for the bond market.</p><p><b>Conclusion:</b>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and bond yields are expected to continue their downward trend.</p><p><b>text</b></p><p><h3><b>The contradiction between the economy and interest rates</b></h3><b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment.</b>Looking at the bond market, since the Spring Festival, despite negative factors such as continued improvement in the overseas economy, rising global reinflation, and continued rise in US Treasury yields, the domestic bond market has remained resilient. The yield to maturity of the 10-year Treasury Bond has not broken through the upper limit of our range of 3.3%. After entering March, with the stabilization of liquidity and the continued positive sentiment in the bond market, bond yields have generally shown a downward trend. As of March 23, the yields to maturity of the 10-year Treasury Bond and China Development Bank bonds have declined by 7 basis points and 14 basis points respectively, which is consistent with our previous judgment.</p><p><b>However, it should also be noted that the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which is in stark contrast to the recent decline in interest rates.</b>Regarding inflation, the national CPI fell by 0.2% year-on-year in February, narrowing the decline by 0.1 percentage points compared to the previous month, while the PPI rose by 1.7% year-on-year, a significant increase of 1.4 percentage points compared to the previous month, indicating a significant rise in industrial inflation. In terms of imports and exports, my country's exports amounted to US$468.87 billion in January and February, representing a year-on-year increase of 60.6%, significantly exceeding market expectations by 41.8% and a 32.7% increase compared to the same period in 2019. Imports amounted to US$365.62 billion, representing a year-on-year increase of 22.2%, significantly higher than market expectations of 10.5% and a year-on-year increase of 17.2%, indicating that imports and exports remained highly prosperous overall. In terms of financial data, the increase in social financing in February was 1.71 trillion yuan, an increase of 839.2 billion yuan year-on-year, the highest level for the same period since 2002. New RMB loans in February were 1.36 trillion yuan, also the highest level for the same period in history. In terms of economic data, industrial production continued to grow rapidly in January and February 2021, increasing by 35.1% year-on-year, significantly exceeding market expectations compared to an average annual growth rate of about 8.1% in the same period of 2019. Investment and consumption are also in a moderate recovery process overall. This contrasts sharply with the decline in interest rates.</p><p><img src=\"https://static.tigerbbs.com/2e2a1a19314ed66841839e9978e08889\" tg-width=\"548\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><b>Taken together, we believe that the contradiction between the economy and interest rates is due to both factors such as the activity of allocation buyers under stable liquidity conditions, and advance planning for the peak and decline of economic growth.</b>Since March 2021, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. Factors such as tax periods and reserve requirement payments have not led to a significant increase in funding interest rates. Against this backdrop, enthusiasm for allocation has increased, bidding results in the Treasury Bond primary market are positive, and spot bond interest rates are generally on a downward trend. Meanwhile, affected by the pandemic last year, domestic production and demand plummeted in the first quarter. my country successively adopted policy tools such as relending, rediscounting, and loan extensions to strengthen financial support for the real economy, after which the domestic economy began to slowly recover. Taking into account base factors and policy timeframes, the probability of a decline in GDP and a contraction in broad liquidity within the year is not low, and the market has certain expectations for this. This may lead some investors to enter the market before economic growth peaks and slows down, thereby leading to a marginal decline in yields. Based on historical experience, investors entering the market before the economic growth rate officially slows down is not without reason.</p><p><img src=\"https://static.tigerbbs.com/07ffe87771721686f930b6a50043e8ff\" tg-width=\"684\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Historical view of interest rate and economic rotation: the game between reality and expectation</b></h3><b>\"An army marches before a horse moves,\" and historical experience shows that interest rates usually outpace economic trends.</b>First of all, it should be noted that, considering that the fluctuations in year-on-year GDP growth have gradually narrowed in recent years, when we use the PMI to measure the coolness of the macroeconomy, we can find that since 2008, the inflection point of interest rates has generally been ahead of the trend of economic fundamentals. Specifically:</p><p>From the end of 2008 to the beginning of 2009, the domestic economy cooled significantly due to the global economic crisis. However, at that time, the market had strong expectations for infrastructure investment to support the bottom and for economic growth to stabilize. The yield of the 10-year Treasury Bond began to rise rapidly after hitting a temporary low of 2.67% in January 2009. But at that time, the domestic fundamentals were still bottoming out. It was not until after the second quarter of 2009 that domestic economic growth gradually began to bottom out.</p><p>After entering 2010, domestic economic growth slowed down at the beginning of the year but had not yet completely turned around. Loose liquidity led to a significant decline in spot bond interest rates. In Q2 2010, affected by the debt risks of European and emerging market countries, global economic growth slowed down significantly, and domestic economic growth also declined significantly. During this stage, the downward inflection point of spot bond rates preceded the inflection point of economic fundamentals. Entering the second half of 2010, with the further revision of global inflation expectations, the domestic central bank began to gradually tighten monetary policy, funding rates rose significantly, and spot bond rates began to climb rapidly from August.</p><p>From the end of 2013 to the beginning of 2014, after a six-month period of rapid interest rate increases, the pent-up bullish sentiment was released with the continued easing of liquidity, and the allocation force was relatively strong. The spot bond interest rate fell rapidly from a temporary high of 4.67% in November 2013 to around 4.0% in June 2014. During this period, the domestic economy was still in an upward phase, and it was not until the second half of 2014 that the domestic economic growth officially began to decline.</p><p>In the first quarter of 2018, fixed asset investment remained stable overall, exports and industrial production continued to grow rapidly, and GDP grew by 6.9% year-on-year, up 0.1 percentage points from 6.8% in Q4 2017. Overall, this indicates that domestic economic growth remained high, but spot bond interest rates have continued to decline since the beginning of the year. Entering the second quarter, as the risk of credit default intensified and broad liquidity tightened significantly, domestic economic growth began to gradually decline. During this period, spot bond interest rates continued to outpace economic growth.</p><p><img src=\"https://static.tigerbbs.com/4d532f1bc6374a6ec2008cf0f831f92c\" tg-width=\"537\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p><h3><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b></h3><b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn.</b>Looking at the economic data from January and February 2021, although the year-on-year growth rates of major economic sub-indicators reached record highs under the influence of the base effect, if we take 2019 as the base period, we can find that the domestic economic data generally shows that industrial production and real estate maintain high prosperity, but the combination of manufacturing investment, infrastructure investment and retail consumption recovery is slow. Overall, the foundation for economic recovery is still not solid. Considering that the current weakness in real estate companies' land acquisition has gradually spread to the real estate construction start-up end, real estate investment is expected to continue to decline. Although the issuance of special bonds will boost infrastructure investment in the short term, the probability of infrastructure investment rising more than expected is not high, considering that public finance is gradually tilting towards people's livelihoods and real estate companies' land acquisition restricts local government fund finances. Amid a decline in infrastructure and real estate investment, while there is room for recovery in consumer and manufacturing investment, recent data suggests that the recovery of the consumer and manufacturing sectors remains a long and arduous task. If real estate and infrastructure investment weakens in the future, coupled with weakening substitute exports leading to a decline in external demand, the economic cycle may return to a downturn.</p><p><img src=\"https://static.tigerbbs.com/99c51a467daeeb19a9515eba773c7c88\" tg-width=\"675\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>From the perspective of the financial cycle, the decline in credit growth after a \"tiptoe\" slowdown will also open up downside potential for the bond market.</b>Specifically, this year's government work report continues to emphasize that \"the growth rates of money supply and social financing are basically in line with the nominal economic growth rate\" and \"maintaining the basic stability of the macro leverage ratio.\" The policy direction of \"stabilizing leverage\" remains unchanged, and the financial environment throughout the year will remain \"tight credit.\" Last year, the pandemic had a heavy impact on the economy, so the policy balance was biased towards \"stabilizing growth,\" and the macro leverage ratio increased by 23.6 percentage points for the whole year. This year, the constraints of the pandemic on the economy have gradually subsided, and \"risk prevention\" has once again become the primary objective, the most crucial of which is to stabilize the macro leverage ratio. Looking at the whole year, the growth rate of social financing is expected to gradually drop to 11.2%, corresponding to the macro leverage ratio at the end of this year being basically the same as at the end of last year. After a short-term upward trend in February, the growth rate of credit and social financing is expected to turn into a long-term downward trend. The downturn in the financial cycle will also become an important positive for the bond market in the future.</p><p><h3><b>conclusion</b></h3>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/453500\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e59ac7791331afde968920a263b4ea1c","relate_stocks":{"09141":"华夏亚投债-U","03141":"华夏亚投债"},"source_url":"http://www.gelonghui.com/p/453500","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2121370294","content_text":"核心观点\n当前债市的利多因素尚未释放完全，经济修复尚不稳固，同时金融周期也有转向下行的可能，短期来看平稳的资金利率水平或是当前债券市场的重要支撑，从中长期的视角看，随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开。综合而言，我们维持此前的判断，3.3%的十年国债利率顶部已经明确，预计后续债券利率仍将延续下行进程。\n经济与利率的矛盾。春节以来，虽有全球经济改善、通胀升温、美债利率上行等利空因素，但国内债券市场整体回暖，与我们此前的判断一致。但另一方面，3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与近期的利率下行形成明显对比。\n经济与利率缘何背离？一方面，3月以来央行货币态度维持稳健，资金投放不偏不倚，资金面整体平稳，配置盘的配置热情有所提高，对债市形成一定利好。另一方面，结合历史经验，投资者往往会在经济增速触顶回落之前进场布局，因此利率拐点通常先于经济拐点出现，考虑到当前投资者对经济增速触顶回落、年内通胀先上后下的预期较为一致，部分投资者提前进场布局也可能是当前利率与经济矛盾的原因之一。\n利多仍未完全释放，利率下行尚未完结。从经济周期的角度看，尽管当前基本面整体平稳，但消费、制造业投资偏弱仍是目前国内经济的两大隐忧，后续若有产能周期和消费修复的缺席，基建、地产以及出口的触顶回落或将带动经济周期重回下行。同时，从金融周期的角度看，年初信贷增速“踮脚尖”也可能意味着后续广义流动性将进一步收敛，这也将打开债市的下行空间。\n结论：3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与3月以来国债利率明显下行形成鲜明对比。结合来看，我们认为这一方面有央行货币投放稳健适度、资金面平稳中性之下配置盘发力的因素，另一方面，结合历史经验，投资者往往会在经济增速触顶回落之前进场布局，因此利率拐点通常先于经济拐点出现，考虑到当前投资者对经济增速触顶回落、年内通胀先上后下的预期较为一致，部分投资者提前进场布局也可能是当前利率与经济矛盾的原因之一。向后展望，我们认为当前债市的利多因素尚未释放完全，经济修复尚不稳固，同时金融周期也有转向下行的可能，短期来看平稳的资金利率水平或是当前债券市场的重要支撑，从中长期的视角看，随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开。综合而言，我们维持此前的判断，3.3%的十年国债利率顶部已经明确，后续债券利率预计仍将延续下行进程。\n正文\n经济与利率的矛盾\n春节以来，虽有全球经济改善、通胀升温、美债利率上行等利空因素，但国内债券市场整体回暖，与我们此前的判断一致。从债券市场行情来看，自春节以来，尽管有海外经济延续改善、全球再通胀升温、美债利率持续上行等利空因素，但国内债券市场韧性较强，10年期国债到期收益率并未突破我们的区间上限3.3%，进入3月后，随着资金面平稳和债市情绪的持续向好，债券利率整体呈回落态势，截至3月23日，10年期国债、国开债到期收益率分别下行7bps、14bps，与我们此前的判断一致。\n但同时也需要看到，3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与近期的利率下行形成明显对比。通胀方面，2月份全国CPI同比下降0.2%，降幅较上月收窄0.1pct，PPI同比上升1.7%，较上月大幅提高1.4pcts，工业通胀明显升温。进出口方面，我国1-2 月出口金额4,688.7 亿美元，同比增长60.6%，大幅高于市场预期41.8%，较2019 年同期增长32.7%；进口金额3,656.2 亿美元，同比增长22.2%，明显高于市场预期10.5%，较2019 年同期增长17.2%，进出口整体维持高景气。金融数据方面，2月社融增量为17100亿元，同比多增8392亿元，为2002年以来同期最高水平，2月新增人民币贷款13600亿元，也为历史上的同期最高水平。经济数据方面，2021年1-2月工业生产持续高增，同比增长35.1%，相较2019年同期年均增长约8.1%，明显超出市场预期；投资、消费也整体处于温和修复进程。这与利率下行形成明显对比。\n\n结合来看，我们认为经济与利率矛盾的背后既有资金面平稳之下配置盘发力的因素，也有对经济增速触顶回落的提前布局。2021年3月以来，央行货币态度维持稳健，资金投放不偏不倚，资金面整体平稳，税期、缴准等因素并未带动资金利率明显上行。在此环境之下，配置盘的配置热情有所提高，国债一级市场招标结果向好，现券利率整体呈下行趋势。同时，去年受疫情影响，一季度国内产需断崖下行，我国相继采取再贷款、再贴现、贷款展期等政策工具以强化对实体经济的资金支持，此后国内经济开始缓慢修复。综合考虑到基数因素、政策期限，年内出现GDP度数回落、广义流动性收缩等情况的概率并不低，而市场对此也有一定的预期，这可能导致部分投资者在经济增速触顶回落之前提前进场，进而导致收益率的边际下行。而结合历史经验来看，投资者在经济增速正式回落之前进场也并非无迹可循。\n\n史观利率与经济的轮动：现实与预期的博弈\n“兵马未动，粮草先行”，历史经验表明利率走势通常领先于经济走势。首先需要说明的是，考虑到近年来GDP同比增速的波动逐渐收敛，我们用PMI来衡量宏观经济的冷暖，可以发现，自2008年以来，利率拐点整体通常领先于经济基本面走势。具体来看：\n2008年底至2009年初，受全球经济危机影响，国内经济明显遇冷，但彼时市场对基建投资发力托底与经济增长企稳的预期较为浓烈，10年国债收益率于2009年1月触及2.67%的阶段性低点后开始快速上行，但此时国内基本面却仍在探底，直至2009年二季度后国内经济增长才逐渐开始触底反弹。\n进入2010年后，年初国内经济增长有所放缓但尚未完全转向，流动性宽松带动现券利率明显下行，进入2010年Q2，受欧洲及新兴市场国家债务风险影响，全球经济增长明显回落，国内经济增长也有明显下行。在此阶段，现券利率的下行拐点要领先于经济基本面的拐点，进入2010年下半年，随着全球通胀预期的再修正，国内央行开始逐渐收紧货币政策，资金利率明显上行，现券利率自8月开始快速攀升。\n2013年底-2014年初，在经历了为时半年的利率快速上行后，随着流动性的持续宽松，积压的多方情绪有所释放，配置力量较为强劲，现券利率从2013年11月4.67%的阶段性高点快速下行至2014年6月的4.0%附近，在此期间，国内经济却仍处于上行阶段，直至2014年下半年，国内经济增长才正式开启下行进程。\n2018年1季度，固定资产投资整体平稳，出口、工业生产持续高增，GDP同比增速录得6.9%，较2017年Q4的6.8%上行0.1pct，整体表明国内经济增长维持高景气，但现券利率从年初开始持续下行。进入二季度后，随着信用违约风险升温、广义流动性明显收紧，国内经济增长也开始逐渐回落。在此阶段，现券利率走势仍领先于经济增长。\n\n利多仍未完全释放，利率下行尚未完结\n从经济周期的角度看，尽管当前基本面整体平稳，但消费、制造业投资偏弱仍是目前国内经济的两大隐忧，后续若有产能周期和消费修复的缺席，基建、地产以及出口的触顶回落或将带动经济周期重回下行。从2021年1-2月经济数据上看，尽管在基数效应影响之下，主要经济分项数据同比增速纷纷创历史新高，但若以2019年为基期，可以发现国内经济数据大致呈工业生产、地产维持高景气，但制造业投资、基建投资、社零消费恢复偏慢的组合，整体看经济恢复基础仍不牢固。考虑到当前房企拿地走弱已逐渐传导至地产开工端，后续地产投资料将延续下行，专项债发行虽将在短期内对基建投资形成一定提振，但考虑到公共财政逐渐向民生领域倾斜以及房企拿地制约地方政府性基金财政，基建投资超预期上行概率也不高。在基建+地产投资下行的环境之下，消费+制造业投资虽有一定的修复空间，但从近期的数据表现上看，消费+制造业的修复仍是任重道远。后续若有地产+基建投资走弱，叠加替代性出口弱化导致外需回落，经济周期或将重回下行。\n\n从金融周期的角度看，信贷增速“踮脚尖”后转为下行也将打开债市的下行空间。具体来看，今年政府工作报告继续强调“货币供应量和社会融资规模增速与名义经济增速基本匹配”以及“保持宏观杠杆率基本稳定”，“稳杠杆”政策方向不变，全年的金融环境依然是“紧信用”。去年疫情对经济造成沉重冲击，因此政策天平偏向于“稳增长”，全年宏观杠杆率增长23.6个百分点；今年疫情对经济的约束逐步消退，“防风险”重新成为首要目标，而其中最为核心的就是稳定宏观杠杆率。全年来看，预计社融增速将逐步降至11.2%，对应今年底宏观杠杆率与去年底基本持平，信贷增速和社融增速在2月短期上翘后预计将转为长期下行，金融周期的下行也将成为后续债市的一个重要利好。\n结论\n3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与3月以来国债利率明显下行形成鲜明对比。结合来看，我们认为这一方面有央行货币投放稳健适度、资金面平稳中性之下配置盘发力的因素，另一方面，结合历史经验，投资者往往会在经济增速触顶回落之前进场布局，因此利率拐点通常先于经济拐点出现，考虑到当前投资者对经济增速触顶回落、年内通胀先上后下的预期较为一致，部分投资者提前进场布局也可能是当前利率与经济矛盾的原因之一。向后展望，我们认为当前债市的利多因素尚未释放完全，经济修复尚不稳固，同时金融周期也有转向下行的可能，短期来看平稳的资金利率水平或是当前债券市场的重要支撑，从中长期的视角看，随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开。综合而言，我们维持此前的判断，3.3%的十年国债利率顶部已经明确，预计后续债券利率仍将延续下行进程。","news_type":1,"symbols_score_info":{"09141":0.9,"ZFmain":0.9,"ZNmain":0.9,"03141":0.9,"ZBmain":0.9,"TNmain":0.9,"ZTmain":0.9,"UBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":101984264,"gmtCreate":1619837258758,"gmtModify":1704335575299,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101984264","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","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":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"us","language":"zh","title":"Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" 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: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.\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\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372411244,"gmtCreate":1619233130788,"gmtModify":1704721629135,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372411244","repostId":"1140976980","repostType":4,"repost":{"id":"1140976980","kind":"news","pubTimestamp":1619229886,"share":"https://ttm.financial/m/news/1140976980?lang=en_US&edition=fundamental","pubTime":"2021-04-24 10:04","market":"us","language":"zh","title":"The scale exceeds 4 trillion! In 2021, Blackstone still faced storms.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140976980","media":"东四十条资本","summary":"2020年第一季度，黑石的业绩数据几乎可以称为“史上最差”。但2021年Q1，黑石战绩出色，同比扭亏为盈。\n\n6488亿美元，“华尔街之王”黑石集团的资产管理规模再一次创下纪录。\n2021年4月22日","content":"<p>In the first quarter of 2020,<a href=\"https://laohu8.com/S/BX\">Blackstone</a>The performance data can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year. With $648.8 billion, Blackstone Group, the \"King of Wall Street,\" has once again set a record for its assets under management.</p><p>On April 22, 2021, Blackstone Group (hereinafter referred to as \"Blackstone\") released its financial report for the first quarter of 2021. Financial reports show that as of the end of the quarter, Blackstone's total assets under management (AUM) increased to $648.8 billion (approximately RMB 4,213.7 billion), a year-on-year increase of 21%, exceeding market expectations.</p><p>Among them, Blackstone Group's perpetual capital AUM increased significantly. In Q1 2021, Blackstone Perpetual Capital's AUM reached $149.1 billion, a 47.5% increase from $101.1 billion in the same period last year.</p><p>Blackstone Chairman and CEO Schwarzman said, “We continue to fulfill our core mission of creating exceptional returns for LPs. Our brands are driving strong growth, continuously improving our perpetual capital strategy, and driving a significant shift toward more recurring returns.”</p><p>With ample ammunition in hand, Blackstone is heavily investing in Asia. In early 2021, Blackstone acquired the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 71 billion). Recently, Blackstone has aggressively entered the Japanese real estate market, acquiring eight hotels in Japan in one go.</p><p>In 2021, Blackstone continued to experience storms as soon as it waved its hand.</p><p><b>Q1 total revenue reached $5.3 billion, setting a record for assets under management.</b></p><p>Blackstone's performance data for the first quarter of 2020 can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year.</p><p>According to its financial report, Blackstone's total revenue was $5.299 billion in Q1 2021, compared to -$3.076 billion in the same period of 2020. Net income was $3.371 billion, compared to -$2.607 billion in the same period last year.</p><p>Based on its rapidly increasing asset management scale, Blackstone's management/consulting fees are also constantly rising. In Q1 2021, Blackstone's total AUM reached $648.8 billion, while its corresponding management/consulting fees increased to $1.178 billion, a 25% increase compared to $940 million in the first quarter of 2020.</p><p>Blackstone's investment income remains its main source of income. In the first quarter of 2020, Blackstone Investments suffered a dismal performance, with a loss of $4.2 billion, affected by the impact of the COVID-19 pandemic on the capital market. However, in Q1 2021, the Blackstone sector rebounded strongly, with investment income reaching approximately $4 billion.</p><p><img src=\"https://static.tigerbbs.com/7b48baf85e9d2f246cb26e37a04388d2\" tg-width=\"504\" tg-height=\"162\" referrerpolicy=\"no-referrer\"></p><p>Among Blackstone's four major portfolios—real estate, private equity, hedge funds, and credit & insurance—the growth rates of assets under management in real estate and private equity were evenly matched in the first quarter of 2021. In Q1 2021, Blackstone's total private equity assets under management reached $211.8 billion, a year-on-year increase of 21%. The total assets under management in the real estate sector reached US$196.3 billion, a year-on-year increase of 22%.</p><p>At the same time, Blackstone's passion for sustainable capital remains undiminished. In terms of growth rate, Blackstone Perpetual Capital's scale far exceeds its total scale. In Q1 2021, Blackstone Perpetual Capital reached $149.1 billion, a year-on-year increase of 47%. Blackstone's total asset size grew by 20.6% year-on-year.</p><p><b>With nearly a trillion yuan in \"dry gunpowder,\" it is expected to raise over $100 billion in funding in 2021.</b></p><p>Unsurprisingly, Blackstone had plenty of investable funds in his hands.</p><p>Financial reports show that in Q1 2021, Blackstone's total Dry Powder revenue was $148.2 billion (approximately RMB 962.6 billion). Of these, dry gunpowder from the private equity sector amounted to $72.9 billion, while real estate business amounted to $43.2 billion.</p><p><img src=\"https://static.tigerbbs.com/f11208c0e9b35e27507faa31769c2516\" tg-width=\"480\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p>During the same period, Blackstone saw capital inflows of $31.6 billion. The credit and insurance business received the largest cash inflows, followed by the real estate sector.</p><p>According to investment data, Blackstone made aggressive moves in the first quarter of 2021, deploying approximately $18 billion (approximately RMB 116.9 billion) externally throughout the first quarter. In the private equity sector, Blackstone's outbound investment in the first quarter of 2021 was $5.6 billion; In the real estate sector, this figure is $6.2 billion.</p><p>In terms of investment performance, the private equity sector has been particularly outstanding. According to the financial report, in the first quarter of 2021, both PE business and tactical opportunity investments increased by more than 15%. Its opportunistic and core gain strategies within the real estate sector saw gains of 5.3% and 3.2%, respectively.</p><p><img src=\"https://static.tigerbbs.com/1d2ba152746bc00c41bf1707ec518b7a\" tg-width=\"498\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>“Overall, the company’s outlook remains quite optimistic, with total capital inflows approaching or exceeding $100 billion for four consecutive years. We are very confident that we will surpass $100 billion again in 2021. Investors, institutional retail investors, and insurance companies are more eager than ever to acquire Blackstone’s products,” Jonathan Gray emphasized in the earnings call, adding that Blackstone’s fundraising momentum has provided it with tremendous investment firepower.</p><p>In November 2020, foreign media, citing sources, reported that Blackstone planned to launch a second Asian M&A fund, with a planned fundraising amount of approximately $5 billion. The source also stated that Blackstone has begun promoting the new fund to investors, and if the market response is positive in the coming months, Blackstone may further expand the fund size.</p><p><b>Continuing to heavily invest in logistics real estate, \"we have never seen better fundamentals than this.\"</b></p><p>In the first quarter of 2021, Blackstone's investment focus was clear – a heavy investment in logistics real estate.</p><p>At the beginning of 2021, Blackstone eagerly acquired another logistics park in China, spending 7 billion yuan at once. On January 20, 2021, Blackstone announced that its Blackstone Real Estate Opportunity Fund had completed the acquisition of the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 7.1 billion).</p><p>Upon completion, Blackstone will hold a 70% stake in the logistics park, a wholly-owned subsidiary of R&F Properties Group.<a href=\"https://laohu8.com/S/02777\">R&F Properties</a>It will hold the remaining 30% stake.</p><p>Two months prior, Blackstone had just acquired two real estate logistics projects in China: the fourth building of Phase III of Shanghai Xiangyi Garden under Sunac and the R&F Integrated Logistics Park at Guangzhou International Airport under R&F Properties.</p><p>Following this, in Asia, Blackstone set its sights on Japan for investment in this field. In March 2021, Blackstone announced that it would acquire eight hotels under Kintetsu Group Holdings (GHD), located in Kyoto and Osaka. The transaction was scheduled to officially take place on October 1 of that year.</p><p>\"As the pandemic subsides, the hotel industry will definitely recover in the medium to long term, and now is the time to start buying,\" the head of Blackstone believes.</p><p>Regarding Blackstone's determination to expand into the logistics real estate sector, a major part of its portfolio, Jonathan Gray stated bluntly in the earnings call, \"I don't think we've ever seen better fundamentals.\"</p><p>According to Jonathan Gray, on the one hand, the logistics industry has always been strong, and with the increase in job opportunities, the number of renting families is also constantly increasing; On the other hand, office buildings remain weak, the retail industry is also facing challenges, and hotels are just beginning to recover. However, it can be seen that those sectors that were severely impacted by the COVID-19 pandemic are gradually beginning to rise.</p><p>“Asia is better, they’re doing better. I think this economic dam is really starting to break with the spread of vaccines,” said Jonathan Gray, adding that Blackstone will focus on industries affected by COVID, such as entertainment and tourism. \"We believe these industries will rebound as restrictions are eased.\"</p><p>In addition, Jonathan Gray also revealed in the earnings call that Blackstone plans to raise funds for the third phase of the Asia Real Estate Fund in the coming weeks. \"We expect this financing to be at least as large as the previous $7 billion.\"</p>","source":"lsy1580712218558","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 scale exceeds 4 trillion! In 2021, Blackstone still faced storms.</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 scale exceeds 4 trillion! In 2021, Blackstone still faced storms.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">东四十条资本</strong><span class=\"h-time small\">2021-04-24 10:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the first quarter of 2020,<a href=\"https://laohu8.com/S/BX\">Blackstone</a>The performance data can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year. With $648.8 billion, Blackstone Group, the \"King of Wall Street,\" has once again set a record for its assets under management.</p><p>On April 22, 2021, Blackstone Group (hereinafter referred to as \"Blackstone\") released its financial report for the first quarter of 2021. Financial reports show that as of the end of the quarter, Blackstone's total assets under management (AUM) increased to $648.8 billion (approximately RMB 4,213.7 billion), a year-on-year increase of 21%, exceeding market expectations.</p><p>Among them, Blackstone Group's perpetual capital AUM increased significantly. In Q1 2021, Blackstone Perpetual Capital's AUM reached $149.1 billion, a 47.5% increase from $101.1 billion in the same period last year.</p><p>Blackstone Chairman and CEO Schwarzman said, “We continue to fulfill our core mission of creating exceptional returns for LPs. Our brands are driving strong growth, continuously improving our perpetual capital strategy, and driving a significant shift toward more recurring returns.”</p><p>With ample ammunition in hand, Blackstone is heavily investing in Asia. In early 2021, Blackstone acquired the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 71 billion). Recently, Blackstone has aggressively entered the Japanese real estate market, acquiring eight hotels in Japan in one go.</p><p>In 2021, Blackstone continued to experience storms as soon as it waved its hand.</p><p><b>Q1 total revenue reached $5.3 billion, setting a record for assets under management.</b></p><p>Blackstone's performance data for the first quarter of 2020 can almost be described as \"the worst in history\". However, Blackstone achieved outstanding results in Q1 2021, turning a profit year-on-year.</p><p>According to its financial report, Blackstone's total revenue was $5.299 billion in Q1 2021, compared to -$3.076 billion in the same period of 2020. Net income was $3.371 billion, compared to -$2.607 billion in the same period last year.</p><p>Based on its rapidly increasing asset management scale, Blackstone's management/consulting fees are also constantly rising. In Q1 2021, Blackstone's total AUM reached $648.8 billion, while its corresponding management/consulting fees increased to $1.178 billion, a 25% increase compared to $940 million in the first quarter of 2020.</p><p>Blackstone's investment income remains its main source of income. In the first quarter of 2020, Blackstone Investments suffered a dismal performance, with a loss of $4.2 billion, affected by the impact of the COVID-19 pandemic on the capital market. However, in Q1 2021, the Blackstone sector rebounded strongly, with investment income reaching approximately $4 billion.</p><p><img src=\"https://static.tigerbbs.com/7b48baf85e9d2f246cb26e37a04388d2\" tg-width=\"504\" tg-height=\"162\" referrerpolicy=\"no-referrer\"></p><p>Among Blackstone's four major portfolios—real estate, private equity, hedge funds, and credit & insurance—the growth rates of assets under management in real estate and private equity were evenly matched in the first quarter of 2021. In Q1 2021, Blackstone's total private equity assets under management reached $211.8 billion, a year-on-year increase of 21%. The total assets under management in the real estate sector reached US$196.3 billion, a year-on-year increase of 22%.</p><p>At the same time, Blackstone's passion for sustainable capital remains undiminished. In terms of growth rate, Blackstone Perpetual Capital's scale far exceeds its total scale. In Q1 2021, Blackstone Perpetual Capital reached $149.1 billion, a year-on-year increase of 47%. Blackstone's total asset size grew by 20.6% year-on-year.</p><p><b>With nearly a trillion yuan in \"dry gunpowder,\" it is expected to raise over $100 billion in funding in 2021.</b></p><p>Unsurprisingly, Blackstone had plenty of investable funds in his hands.</p><p>Financial reports show that in Q1 2021, Blackstone's total Dry Powder revenue was $148.2 billion (approximately RMB 962.6 billion). Of these, dry gunpowder from the private equity sector amounted to $72.9 billion, while real estate business amounted to $43.2 billion.</p><p><img src=\"https://static.tigerbbs.com/f11208c0e9b35e27507faa31769c2516\" tg-width=\"480\" tg-height=\"482\" referrerpolicy=\"no-referrer\"></p><p>During the same period, Blackstone saw capital inflows of $31.6 billion. The credit and insurance business received the largest cash inflows, followed by the real estate sector.</p><p>According to investment data, Blackstone made aggressive moves in the first quarter of 2021, deploying approximately $18 billion (approximately RMB 116.9 billion) externally throughout the first quarter. In the private equity sector, Blackstone's outbound investment in the first quarter of 2021 was $5.6 billion; In the real estate sector, this figure is $6.2 billion.</p><p>In terms of investment performance, the private equity sector has been particularly outstanding. According to the financial report, in the first quarter of 2021, both PE business and tactical opportunity investments increased by more than 15%. Its opportunistic and core gain strategies within the real estate sector saw gains of 5.3% and 3.2%, respectively.</p><p><img src=\"https://static.tigerbbs.com/1d2ba152746bc00c41bf1707ec518b7a\" tg-width=\"498\" tg-height=\"472\" referrerpolicy=\"no-referrer\"></p><p>“Overall, the company’s outlook remains quite optimistic, with total capital inflows approaching or exceeding $100 billion for four consecutive years. We are very confident that we will surpass $100 billion again in 2021. Investors, institutional retail investors, and insurance companies are more eager than ever to acquire Blackstone’s products,” Jonathan Gray emphasized in the earnings call, adding that Blackstone’s fundraising momentum has provided it with tremendous investment firepower.</p><p>In November 2020, foreign media, citing sources, reported that Blackstone planned to launch a second Asian M&A fund, with a planned fundraising amount of approximately $5 billion. The source also stated that Blackstone has begun promoting the new fund to investors, and if the market response is positive in the coming months, Blackstone may further expand the fund size.</p><p><b>Continuing to heavily invest in logistics real estate, \"we have never seen better fundamentals than this.\"</b></p><p>In the first quarter of 2021, Blackstone's investment focus was clear – a heavy investment in logistics real estate.</p><p>At the beginning of 2021, Blackstone eagerly acquired another logistics park in China, spending 7 billion yuan at once. On January 20, 2021, Blackstone announced that its Blackstone Real Estate Opportunity Fund had completed the acquisition of the largest urban logistics park in the Guangdong-Hong Kong-Macao Greater Bay Area from R&F Group for US$1.1 billion (approximately RMB 7.1 billion).</p><p>Upon completion, Blackstone will hold a 70% stake in the logistics park, a wholly-owned subsidiary of R&F Properties Group.<a href=\"https://laohu8.com/S/02777\">R&F Properties</a>It will hold the remaining 30% stake.</p><p>Two months prior, Blackstone had just acquired two real estate logistics projects in China: the fourth building of Phase III of Shanghai Xiangyi Garden under Sunac and the R&F Integrated Logistics Park at Guangzhou International Airport under R&F Properties.</p><p>Following this, in Asia, Blackstone set its sights on Japan for investment in this field. In March 2021, Blackstone announced that it would acquire eight hotels under Kintetsu Group Holdings (GHD), located in Kyoto and Osaka. The transaction was scheduled to officially take place on October 1 of that year.</p><p>\"As the pandemic subsides, the hotel industry will definitely recover in the medium to long term, and now is the time to start buying,\" the head of Blackstone believes.</p><p>Regarding Blackstone's determination to expand into the logistics real estate sector, a major part of its portfolio, Jonathan Gray stated bluntly in the earnings call, \"I don't think we've ever seen better fundamentals.\"</p><p>According to Jonathan Gray, on the one hand, the logistics industry has always been strong, and with the increase in job opportunities, the number of renting families is also constantly increasing; On the other hand, office buildings remain weak, the retail industry is also facing challenges, and hotels are just beginning to recover. However, it can be seen that those sectors that were severely impacted by the COVID-19 pandemic are gradually beginning to rise.</p><p>“Asia is better, they’re doing better. I think this economic dam is really starting to break with the spread of vaccines,” said Jonathan Gray, adding that Blackstone will focus on industries affected by COVID, such as entertainment and tourism. \"We believe these industries will rebound as restrictions are eased.\"</p><p>In addition, Jonathan Gray also revealed in the earnings call that Blackstone plans to raise funds for the third phase of the Asia Real Estate Fund in the coming weeks. \"We expect this financing to be at least as large as the previous $7 billion.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZTTJ51Jr60Rq9qsLHwFOwA\">东四十条资本</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1809e27051e8cdce9de7de16a0c4b29c","relate_stocks":{"BX":"黑石"},"source_url":"https://mp.weixin.qq.com/s/ZTTJ51Jr60Rq9qsLHwFOwA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140976980","content_text":"2020年第一季度，黑石的业绩数据几乎可以称为“史上最差”。但2021年Q1，黑石战绩出色，同比扭亏为盈。\n\n6488亿美元，“华尔街之王”黑石集团的资产管理规模再一次创下纪录。\n2021年4月22日，黑石集团（下称“黑石”）发布了2021年第一季度财报。财报显示，截止该季度，黑石的管理资产总额（AUM）增至6488亿美元（约合42137亿人民币），同比增长21%，超过市场预期。\n其中，黑石集团永续资本AUM增幅明显。2021年Q1，黑石永续资本AUM达1491亿美元，较去年同期1011亿美元上涨47.5%。\n黑石董事长兼CEO苏世民表示：“我们继续履行为LP创造卓越回报的核心使命。我们的品牌正在推动强劲增长，在永久资本策略方面不断提升，并推动向更多经常性收益的重要转变。”\n手持充足弹药，黑石正在密集重仓亚洲。2021年初，黑石以11亿美元（约合71元）从富力集团收购粤港澳大湾区内最大的城市物流园区；近期，黑石又强势进军日本房地产，一口气吞下了日本8家酒店。\n2021年的黑石，依旧挥手即是风浪。\nQ1总营收达53亿美元，资产管理规模创纪录\n2020年第一季度，黑石的业绩数据几乎可以称为“史上最差”。但2021年Q1，黑石战绩出色，同比扭亏为盈。\n根据财报，2021年Q1，黑石总营收为52.99亿美元，2020年同期为-30.76亿美元；净利润为33.71亿美元，上年同期为-26.07亿美元。\n基于快速攀升的资产管理规模，黑石的管理/咨询费也在不断提升。2021年Q1，黑石的总AUM达到6488亿美元，其相应的管理/咨询费则增长至11.78亿美元，相比2020年第一季度的9.40亿美元增加了25%。\n黑石的投资收益依旧是其主力收入来源。2020年第一季度，受新冠疫情对资本市场冲击影响，黑石投资收益表现惨淡，亏损42亿美元。不过2021年Q1，黑石这一板块得到了强势反弹，投资收益约达40亿美元。\n\n在黑石旗下四大主要投资组合不动产、私募股权、对冲基金及信贷与保险中，2021年一季度，不动产与私募股权部分的资产管理规模增幅势均力敌。2021年Q1，黑石的私募股权管理总规模为2118亿美元，同比增长21%；不动产板块管理总规模为1963亿美元，同比增长22%。\n与此同时，黑石对于永续资本的热情依旧不减。从增速上看，黑石永续资本规模远超总规模。2021年Q1，黑石永续资本规模达到了1491亿美元，同比增长47%。而黑石资产总规模的同比增速则为20.6%。\n手持近万亿“干火药”，2021有望融资超1000亿美元\n毫无悬念，黑石手中握着充足的可投资资金。\n财报显示，2021年Q1，黑石的全部Dry Powder（干火药）为1482亿美元（约合9626亿人民币）。其中，私募股权板块的干火药为729亿美元，不动产业务则为432亿美元。\n\n同时期内，黑石的资金流入为316亿美元。信贷与保险业务流入现金最多，其次则为不动产板块。\n从投资数据来看，黑石2021年第一季度出手积极，整个一季度对外部署了约180亿美元（约合1169亿人民币）。在私募股权板块，黑石2021年第一季度对外投资规模为56亿美元；在不动产板块，这个数字则为62亿美元。\n在投资表现上，私募股权板块业绩尤其突出。根据财报，2021年第一季度，来自PE业务及战术机会投资的涨幅均超过了15%。其不动产板块下的机会型与与核心增益型策略涨幅分别为5.3%及3.2%。\n\n“总的来说，公司前景依然相当乐观，连续四年资金流入总额接近或超过1000亿美元。2021年，我们非常有信心再次超过1000亿美元。投资者、机构散户和保险比以往任何时候都希望获得黑石的产品。”Jonathan Gray在财报电话会上强调，黑石的筹款势头给其带来了巨大的投资火力。\n2020年11月，有外媒引述消息人士称，黑石计划推出第二个亚洲并购基金，拟定筹资额约为50亿美元。该消息人士还表示，黑石已经开始向投资者推介该新基金，如果未来数月市场反应理想，黑石可能还会扩大基金规模。\n持续重仓物流地产，“我们从未见过比这更好的基本面”\n2021年第一季度，黑石的投资发力点一目了然——重仓物流地产。\n2021年开年，黑石就迫不及待地在中国收购又一家物流园区，并且一出手就是70亿。2021年1月20日，黑石宣布旗下黑石房地产机会型基金已经完成从富力集团收购粤港澳大湾区内最大的城市物流园区一案，交易金额为11亿美元（约合人民币71亿元）。\n完成后，黑石将持有该物流园区70%的股权，富力集团的全资子公司富力地产将持有剩余的30%股权。\n而在这之前的2个月，黑石刚刚大手笔拿下了中国两家地产物流项目，分别为融创旗下上海香溢花园三期第四栋项目以及富力地产旗下广州国际机场富力综合物流园。\n紧接着，在亚洲地区，黑石又将这一领域的投资目光瞄向了日本。2021年3月，黑石宣布将收购近铁集团控股公司（GHD）旗下的8家酒店，分别位于京都市和大阪市等地，该交易计划在当年10月1日正式进行。\n“随着疫情事故的平息，中长期酒店事业一定会恢复，现在则是开始购买的时机。”黑石负责人认为。\n对于黑石投资组合的主要部分——物流地产领域的布局决心，Jonathan Gray在财报电话会上直言，“我认为我们从未见过比这更好的基本面。”\n在Jonathan Gray看来，一方面，物流行业一直都很强大，随着就业机会的增加，租房家庭的数量也在不断增加；另一方面，写字楼依然疲软，零售业也面临挑战，酒店刚刚开始复苏。但可以看到的是，那些在新冠疫情中倍受冲击的板块逐渐开始崛起。\n“亚洲更好，他们做的更好。我认为，随着疫苗的传播，这座经济大坝真的开始决裂。”Jonathan Gray表示，黑石会重点关注受COVID影响的行业，如娱乐业和旅游业。“我们认为这些行业将随着限制的放松而反弹。”\n另外，Jonathan Gray还在财报电话会上透露，在接下来的几周里，黑石将计划为亚洲地产三期基金进行融资。“我们预计这次的融资规模至少与之前的70亿美元一样大。”","news_type":1,"symbols_score_info":{"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":5706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344164001,"gmtCreate":1618388818503,"gmtModify":1704710034566,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344164001","repostId":"1122331509","repostType":4,"repost":{"id":"1122331509","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":1618386812,"share":"https://ttm.financial/m/news/1122331509?lang=en_US&edition=fundamental","pubTime":"2021-04-14 15:53","market":"us","language":"zh","title":"Coinbase CEO Open Letter: IPO Will Be a Milestone","url":"https://stock-news.laohu8.com/highlight/detail?id=1122331509","media":"老虎资讯综合","summary":"4月14日讯，Coinbase联合创始人兼首席执行官Brian Armstrong发表公开信，他表示，今天，Coinbase在纳斯达克上市，十年的工作把我们带到了这里。我们经历了许多波折，凭借运气和技","content":"<p>On April 14, Brian Armstrong, co-founder and CEO of Coinbase, released an open letter stating that today, Coinbase is listed on Nasdaq, and ten years of work have brought us here. We went through many twists and turns, but with luck and skill, Coinbase succeeded.</p><p>Today's IPO is a milestone. We are still in the early stages of this industry, and we will focus on the future. Our mission is to increase economic freedom in the world and build the best crypto experience for our communities.</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>Coinbase CEO Open Letter: IPO Will Be a Milestone</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\">\nCoinbase CEO Open Letter: IPO Will Be a Milestone\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\">2021-04-14 15:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 14, Brian Armstrong, co-founder and CEO of Coinbase, released an open letter stating that today, Coinbase is listed on Nasdaq, and ten years of work have brought us here. We went through many twists and turns, but with luck and skill, Coinbase succeeded.</p><p>Today's IPO is a milestone. We are still in the early stages of this industry, and we will focus on the future. Our mission is to increase economic freedom in the world and build the best crypto experience for our communities.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d6db40d956c8408164a91b547b53e56c","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122331509","content_text":"4月14日讯，Coinbase联合创始人兼首席执行官Brian Armstrong发表公开信，他表示，今天，Coinbase在纳斯达克上市，十年的工作把我们带到了这里。我们经历了许多波折，凭借运气和技巧，Coinbase成功了。今天的上市是一个里程碑，我们仍处在这个行业的早期，我们将专注于未来，我们的使命是增加世界上的经济自由和为我们的社区构建最佳的加密体验。","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":6221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109076643,"gmtCreate":1619656902782,"gmtModify":1704727455932,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109076643","repostId":"1131896131","repostType":4,"repost":{"id":"1131896131","kind":"news","pubTimestamp":1619656087,"share":"https://ttm.financial/m/news/1131896131?lang=en_US&edition=fundamental","pubTime":"2021-04-29 08:28","market":"hk","language":"zh","title":"Amazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.","url":"https://stock-news.laohu8.com/highlight/detail?id=1131896131","media":"腾讯网","summary":"腾讯证券4月29日讯，亚马逊周三宣布将给旗下50多万名员工涨工资。在亚马逊官网上发布的一篇博客文章中，该公司全球人力资源副总裁达西-亨利（Darcie Henry）表示，亚马逊将把旗下50多万名美国员","content":"<p>Tencent Securities, April 29th - Amazon announced on Wednesday that it will raise the salaries of its more than 500,000 employees.</p><p><img src=\"https://static.tigerbbs.com/0580a335435856dd72e90bafc39f0461\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>In a blog post published on Amazon's official website, Darcie Henry, the company's global vice president of human resources, said that Amazon will raise the hourly wages of its more than 500,000 U.S. employees by at least 50 cents and up to $3.</p><p>Henry pointed out that Amazon will spend more than $1 billion to raise the salaries of these employees. The executive revealed that this round of salary increases will take effect from mid-May to early June this year.</p><p>Amazon stated that from last fall to this spring, the company conducted an in-depth assessment of the annual compensation of employees in various positions within its customer fulfillment centers, express delivery, package sorting, and professional fulfillment teams.</p><p>Amazon is hiring new employees on a large scale as the COVID-19 pandemic fuels a surge in online orders. Henry pointed out that the salary increase was intended to incentivize Amazon's hiring campaign for thousands of operations positions across the United States.</p><p>As the U.S. economy begins to reopen, some businesses are saying they are having difficulty finding qualified workers and claiming that expanding unemployment benefits may be a reason for the staff shortage.</p><p>Critics argue that employers should consider raising wages to attract job seekers.</p><p>In 2018, under pressure from politicians and workers' rights organizations, Amazon raised the minimum wage for all its U.S. employees to $15 per hour.</p><p>Amazon is reportedly one of the companies supporting the Wage Increase Act. The bill has received support from President Joe Biden and numerous top Democratic officials. Under the Wage Increase Act, the federal minimum wage will be raised to $15 per hour by October 2025.</p><p>Currently, the U.S. federal minimum wage is $7.25 per hour, which is equivalent to about $15,000 a year for a worker who works 40 hours a week, about $10,000 below the federal poverty line for a family of four. It is worth mentioning that the minimum wage of $7.25 has not changed since 2009, which is the longest period since 1938 when the United States has not raised the minimum wage.</p><p>Earlier this month, employees at an Amazon warehouse in Alabama held a vote to decide whether to establish the first union in the United States at the major tech company. In this high-stakes event, Amazon cited \"a minimum wage of $15 per hour\" as a key argument against unionization.</p><p>To date, the e-commerce giant is the second-largest private employer in the United States, behind retail rival Walmart, which has more than 800,000 employees across the country. (Mina)</p>","source":"lsy1571985465872","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>Amazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.</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\">\nAmazon is going to give more than 500,000 employees a raise of at least 50 cents per hour.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯网</strong><span class=\"h-time small\">2021-04-29 08:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tencent Securities, April 29th - Amazon announced on Wednesday that it will raise the salaries of its more than 500,000 employees.</p><p><img src=\"https://static.tigerbbs.com/0580a335435856dd72e90bafc39f0461\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p>In a blog post published on Amazon's official website, Darcie Henry, the company's global vice president of human resources, said that Amazon will raise the hourly wages of its more than 500,000 U.S. employees by at least 50 cents and up to $3.</p><p>Henry pointed out that Amazon will spend more than $1 billion to raise the salaries of these employees. The executive revealed that this round of salary increases will take effect from mid-May to early June this year.</p><p>Amazon stated that from last fall to this spring, the company conducted an in-depth assessment of the annual compensation of employees in various positions within its customer fulfillment centers, express delivery, package sorting, and professional fulfillment teams.</p><p>Amazon is hiring new employees on a large scale as the COVID-19 pandemic fuels a surge in online orders. Henry pointed out that the salary increase was intended to incentivize Amazon's hiring campaign for thousands of operations positions across the United States.</p><p>As the U.S. economy begins to reopen, some businesses are saying they are having difficulty finding qualified workers and claiming that expanding unemployment benefits may be a reason for the staff shortage.</p><p>Critics argue that employers should consider raising wages to attract job seekers.</p><p>In 2018, under pressure from politicians and workers' rights organizations, Amazon raised the minimum wage for all its U.S. employees to $15 per hour.</p><p>Amazon is reportedly one of the companies supporting the Wage Increase Act. The bill has received support from President Joe Biden and numerous top Democratic officials. Under the Wage Increase Act, the federal minimum wage will be raised to $15 per hour by October 2025.</p><p>Currently, the U.S. federal minimum wage is $7.25 per hour, which is equivalent to about $15,000 a year for a worker who works 40 hours a week, about $10,000 below the federal poverty line for a family of four. It is worth mentioning that the minimum wage of $7.25 has not changed since 2009, which is the longest period since 1938 when the United States has not raised the minimum wage.</p><p>Earlier this month, employees at an Amazon warehouse in Alabama held a vote to decide whether to establish the first union in the United States at the major tech company. In this high-stakes event, Amazon cited \"a minimum wage of $15 per hour\" as a key argument against unionization.</p><p>To date, the e-commerce giant is the second-largest private employer in the United States, behind retail rival Walmart, which has more than 800,000 employees across the country. (Mina)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210429/20210429A00STC00.html\">腾讯网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0580a335435856dd72e90bafc39f0461","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210429/20210429A00STC00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131896131","content_text":"腾讯证券4月29日讯，亚马逊周三宣布将给旗下50多万名员工涨工资。在亚马逊官网上发布的一篇博客文章中，该公司全球人力资源副总裁达西-亨利（Darcie Henry）表示，亚马逊将把旗下50多万名美国员工的时薪至少上调50美分，至多上调3美元。亨利指出，亚马逊将斥资10多亿美元来为这些员工加薪。这位高管透露，本轮加薪将从今年5月中旬至6月初开始生效。亚马逊表示，从去年秋季开始，到今年春季，该公司针对旗下客户履行中心、快递、包裹分拣以及专业履行团队的各个岗位的员工的年度薪酬进行了深入的评估。随着新冠疫情助推在线订单数量激增，亚马逊大规模招聘新员工。亨利指出，此次加薪是为了激励亚马逊在全美范围内成千上万个运营岗位的招聘活动。随着美国经济开始重新开放，一些企业纷纷表示，他们很难找到符合条件的工人，并声称扩大失业救济可能是造成人员短缺的一个原因。批评人士认为，雇主应该考虑通过上调工资来吸引求职者。2018年，在政界人士和工人维权组织的压力下，亚马逊将旗下所有美国员工的最低工资上调至15美元/小时。据报道，亚马逊是支持《提高工资法案》的企业之一。这项法案已获得总统乔-拜登（Joe Biden）和众多民主党高官的支持。根据《提高工资法案》，在2025年10月前将联邦最低工资将被上调至15美元/小时。当前，美国联邦最低工资标准为每小时7.25美元，对于每周工作40小时的工人而言，相当于每年能赚大约1.5万美元，比四口之家的联邦贫困线低1万美元左右。值得一提的是，7.25美元的最低工资标准自2009年以来就未曾变过，这也是自1938年以来美国在最长时间内没有上调最低工资标准。本月早些时候，亚马逊位于阿拉巴马州的一个仓库的员工举行投票，决定是否在这家大型科技公司建立美国本土的第一个工会。在这场事关重大的活动中，亚马逊把“最低工资为15美元/小时”作为反对成立工会的一项重要论据。到目前为止，这家电子商务巨头是美国第二大私营雇主，仅次于零售竞争对手沃尔玛，后者在全美范围内拥有80多万名员工。（米娜）","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374973472,"gmtCreate":1619413437296,"gmtModify":1704723472394,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374973472","repostId":"1130451341","repostType":4,"repost":{"id":"1130451341","kind":"news","pubTimestamp":1619413290,"share":"https://ttm.financial/m/news/1130451341?lang=en_US&edition=fundamental","pubTime":"2021-04-26 13:01","market":"us","language":"zh","title":"The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!","url":"https://stock-news.laohu8.com/highlight/detail?id=1130451341","media":"华尔街见闻","summary":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的","content":"<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!</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 US dollar's massive monetary easing, global stimulus, and the strongest inflation have wiped out all living beings!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-26 13:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At a conference in Israel in 1997, someone asked Friedman if he could summarize the essence of economics in one sentence. The prolific economics guru blurted out, \"There is no such thing as a free lunch. That is the whole of my economic theory.\"</p><p>In contrast, in the past few weeks, the dual waves of fiscal stimulus and monetary easing in the United States have instantly shifted the attention of global markets from deflation to inflation, almost causing a bloodbath in the stock and bond markets. Last week, with Powell suddenly releasing hawkish signals in an interview, this feast is likely about to enter its second half.</p><p>Before everyone is truly bankrupt, someone must be prepared to pay the price. But how big is the order, and who will buy it?</p><p>As the United States gradually begins to buy global assets at rock-bottom prices, the US dollar has begun to flow back, and emerging markets have already taken the lead in setting off a wave of rate hike in order to withstand the shock. As the*of currency flows globally, it's time to reflect on former U.S. Treasury Secretary Connelly's words: The dollar is our currency, but it's your problem.</p><p>In this episode, we'll take a look at the ins and outs of this massive stimulus event in the United States. We will focus on three things:</p><p><b>First, why did the United States take such drastic measures when it launched unprecedented fiscal and monetary stimulus?</b></p><p><b>Second, could super-stimulus lead to a serious overheating of the U.S. economy?</b></p><p><b>Third, with the US introducing monetary easing and the world paying the price, how will this massive monetary easing end?</b></p><p><b>01. How intense is this round of stimulus from the United States?</b></p><p>How big is the fiscal stimulus? Following the $2.2 trillion fiscal stimulus package last April, the Trump administration introduced another $900 billion stimulus package at the end of the year. This year, Biden passed a $1.9 trillion stimulus bill, accounting for 10% of the US GDP last year, and the latest $2.25 trillion in infrastructure spending has been officially announced in the blink of an eye. Excluding the last item that has not yet been officially released, in just one year, the total amount of fiscal stimulus has reached a record 5 trillion yuan. In a longitudinal comparison, it is a full six times the nearly 800 billion yuan stimulus provided by the Obama administration in the two years following the 2008 financial crisis. In horizontal comparison, this figure accounts for 25% of US GDP, a proportion far exceeding that of Germany (12%) and Japan (16%).</p><p><img src=\"https://static.tigerbbs.com/62286730e1f021dfbeb1393d4e5fc201\" tg-width=\"553\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p><p>Regarding monetary policy, how big is this round of quantitative easing? During the 2008 financial crisis, the Federal Reserve spent six years using three rounds of quantitative easing, purchasing only a little over $3 trillion in assets. This time, however, it only took six months to easily reach this scale.</p><p>If the financial stimulus of 2008 was a shuriken in the left hand and a revolver in the right, this time it's a cannon firing two shots at once. But why is the US fiscal and monetary policy being ramped up to full capacity this time?</p><p>Let's look at the finances first. The latest passage of 1.9 trillion is very dramatic. This number far exceeded expectations, because when Biden initially proposed the plan, the Republican-backed stimulus figure was only over $600 billion, a difference of $1.3 trillion. Biden had previously claimed that the two parties should unite and cooperate, so everyone thought he would make a compromise, and the final stimulus package should only be around $900 billion.</p><p>Unexpectedly, Biden suddenly took a \"forceful\" approach, forcing through a plan called the \"budget reconciliation process\". Simply put, it significantly reduces the number of votes the Senate would normally need to pass a stimulus bill, requiring only a majority. Therefore, when the $1.9 trillion bill is voted on in the future, even if the Republicans unanimously oppose it, the Democrats, who hold the majority in the Senate, will be able to forcefully shake off the Republicans and push the bill forward on their own.</p><p>The question is, why did Biden suddenly disregard Republican opposition and rush to quickly seal the $1.9 trillion deal?</p><p>Because during the 2008 financial crisis, Obama's Democratic Party suffered heavily from fiscal stimulus.</p><p>Twelve years ago, it was precisely because of Republican opposition that the Obama administration's fiscal stimulus package was significantly scaled back, and the original $2 trillion stimulus package ultimately passed less than $800 billion.</p><p>However, it's important to understand that this small amount of money is far from enough to lead to a rapid economic recovery. Over the next two years, the US economy grew slowly, the job market recovery stagnated, Obama's popular approval rating plummeted, and he quickly lost the House of Representatives in the 2010 election, allowing the Republicans to regain control.</p><p>It can be said that in the last crisis, it was precisely because the Obama administration was not tough enough that not only caused the Democratic Party to lose power, but also kept the US economy mired in the quagmire for longer.</p><p>Biden, as Obama's deputy at the time, clearly remembers this lesson deeply. So after he came to power, he went all out and confronted them head-on, afraid of repeating the mistakes he made back then.</p><p>What about quantitative easing? Based on the above facts, the QE in 2009 was a \"second-best option\" made by the United States when fiscal policy was constrained by the Republican Party. Now that there is already a massive amount of stimulus, why is Powell still insisting on not exiting QE?</p><p>We believe there are roughly three reasons:</p><p>First, Powell never believed there would be truly serious inflationary pressures. As he said not long ago at a hearing of the U.S. House Financial Services Committee, global deflation has lasted for more than 20 years. How could it get out of control in just one inflation?</p><p>Second, even with inflationary pressures, the United States does not have to bear the consequences of inflation alone due to the US dollar's reserve currency status. We'll get to that later.</p><p>Third, the Federal Reserve is more concerned about deflationary expectations than inflationary pressures.</p><p>Deflation is when the inflation rate drops below zero, and society as a whole is in an environment where prices continue to decline.</p><p>Once people have an expectation that prices will continue to fall, they will save what they want to buy for a cheaper time in the future. For example, if you want to buy a house, and the current price is 50,000 yuan per square meter, but you expect it to become 40,000 yuan per square meter in two years, then if conditions permit, it will definitely be more cost-effective to buy in two years. The same logic applies to businesses purchasing raw materials and making investments.</p><p>In this way, the desire to consume and invest is greatly reduced, and no matter how much money you have, it will be of no use. More than 60% of the US GDP comes from consumption. With insufficient demand, production naturally cannot increase, and the economy can only stagnate. Just look at Japan's \"lost 20 years\" to see how terrible the whole process is.</p><p>In the short term, QE is definitely a powerful medicine to alleviate deflationary expectations. It only needs to do one thing: push up asset prices, especially in the stock and housing markets, thereby creating the illusion of wealth and a thriving economy. Even if it doesn't translate into real cash flow, people may happily consume more, thereby stimulating production and economic recovery. This is entirely a psychological question, and it works especially well when coordinated with fiscal policy.</p><p>However, we should not confuse a bull market with a strong real economy. Is QE a short-sighted measure to quench thirst, and will it backfire on the economy in the future? That's a story for later; we'll talk about it below.</p><p><b>02. The US economy may be overheating.</b></p><p>As we just explained, the scale of this fiscal and monetary stimulus in the United States is unprecedented. So what will happen to the US economy under such massive stimulus? The answer is that inflation is rising and the economy is overheating, and the overheating may be much more severe than the market expects. Because of the prolonged and large-scale quantitative easing (QE), inflation has unknowingly been given huge upside potential.</p><p>To understand the impact of long-term QE, we will first explain the entire transmission path of the central bank's monetary policy for macroeconomic regulation in the simplest way possible. Let's return to a \"prehistoric\" world without QE and see how the monetary policy system operates under normal circumstances; With QE now in place, how has the operating model changed?</p><p>We often say that the central bank scatters money, but the money is definitely not scattered directly on the people. Instead, it is first scattered to commercial banks and other financial institutions, forming the base money. There are many methods, including adjusting the rediscount rate and the reserve requirement ratio. One of them is the buying and selling of government bonds, which is most related to QE. When the central bank buys bonds, it pays a sum of money, which is essentially injecting a base currency into the financial system.</p><p>Next, banks either invest this money in the real economy, or lend it to businesses and families through loans to enable them to produce and consume, thereby promoting economic growth. Alternatively, if most businesses and families are unwilling to borrow money, the remaining money will remain in the form of savings within the banking system or flow into financial markets such as the stock market. On the one hand, the development of the real economy lacks funding, and on the other hand, the financial market may accumulate excessive funds, triggering a bubble.</p><p>In the world before QE, monetary policy followed the above path very smoothly, namely, the liquidity provided by the Federal Reserve through conventional monetary policy could be well transmitted to businesses and residents. During an economic recession, a proactive fiscal policy stabilizes the confidence of businesses and residents, while the central bank lowers policy interest rates and provides liquidity to the banking industry. When commercial banks have money, residents and businesses are also encouraged by low interest rates and fiscal stimulus to actively borrow money to buy houses and invest.</p><p>Once the economy begins to recover, what the central bank needs to do is gradually raise policy interest rates and curb credit, thereby preventing inflation. As can be seen from the chart, textbooks on the three lines of base money, money supply, and bank credit generally rise and fall at the same time. In this process, long-term interest rates also decline and rebound along with the policy interest rate. The US and Europe before 2008, and Japan before 1990, were in this state.</p><p><img src=\"https://static.tigerbbs.com/5db62c0fd67426e30d8e887c264e2c1d\" tg-width=\"553\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>However, QE broke this situation. As we just mentioned, after the real estate bubble burst in 2008, due to ineffective fiscal stimulus, the United States had to take a one-sided approach, using monetary policy QE to release a large amount of liquidity in an attempt to stimulate domestic demand, but it had little effect on the severely affected families and businesses. After collateral prices plummeted, people were not only unwilling to borrow money, but also had a large amount of debt waiting to be repaid.</p><p><img src=\"https://static.tigerbbs.com/e5df372cd565af39ad4d6bcb81d7c6d0\" tg-width=\"553\" tg-height=\"438\" referrerpolicy=\"no-referrer\"></p><p>As a result, on the one hand, with the expansion of QE and the drop in interest rates to 0, liquidity in the United States reached an unprecedented level, and the proportion of base money in GDP rose from 6% in 2008 to 25%. On the other hand, people hold huge amounts of savings but do not spend them. The funds not only do not leave the banking industry in the form of loans, but also go back in the form of savings and loan repayments (Figure 1), causing the economy and inflation to remain stagnant (Figure 2).</p><p><img src=\"https://static.tigerbbs.com/519c94b8f058459bc94057a57c4e4bcd\" tg-width=\"553\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/c4531164bb26df43688035a5cf421b70\" tg-width=\"553\" tg-height=\"282\" referrerpolicy=\"no-referrer\"></p><p>In other words, if the entire monetary system continues to operate according to the pre-2008 model, inflation in the United States should have risen to a very high level by now. If we compare the money sprayed by the central bank to water, the current price is like a sponge covered in a layer of rubber that is difficult to absorb water. Once the rubber is peeled off, the sponge will quickly absorb water and expand. So we can see what will happen once demand improves and people start borrowing again: bank credit and money supply could be several times higher than they are now, and prices could rise sharply, which would mean very high inflation.</p><p>Under this expectation, once the economy shows signs of recovery, high tensions over inflationary pressures will exacerbate market panic about liquidity fluctuations. Investors worry that the central bank will have to reduce its bond purchases or even sell long-term bonds, so they are also selling bonds to avoid risks. As a result, long-term interest rates in countries with QE will rise at a faster pace than without QE, further causing severe fluctuations in the real economy, stock markets, and commodity markets.</p><p>The longer QE lasts, the more serious these problems will undoubtedly become. During the Federal Reserve's third round of quantitative easing in 2013, Koo Chao-ming, chief researcher at Nomura Securities, proposed a \"quantitative easing Trap\" model to discuss the extent of economic damage caused by prolonged quantitative easing.</p><p>Initially, the decline in long-term interest rates in QE countries was much greater than in non-QE countries, meaning that the economic recovery was subsequently faster (t1). However, as the economy recovered and monetary policy tightened, long-term interest rates rose rapidly, and some interest rate-sensitive industries faced declining demand, forcing the central bank to relax its policy stance again. After the economy recovered again, as the market refocused on the possibility of central banks absorbing excess reserves, long-term interest rates rose in a repeating cycle known as the \"QE Trap\".</p><p><img src=\"https://static.tigerbbs.com/95fcf876d04c9fa79632dabb02901fe9\" tg-width=\"553\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p>In contrast, the decline in long-term interest rates in non-QE countries was gradual, which delayed the start of recovery (t2); But once the economy starts to improve, the pace of recovery will actually be faster due to lower interest rates.</p><p><img src=\"https://static.tigerbbs.com/c252a193b242e7b67bb52a022f673936\" tg-width=\"553\" tg-height=\"415\" referrerpolicy=\"no-referrer\"></p><p>We can also draw this conclusion from the seven years of experience of gradually normalizing monetary policy in the United States before the pandemic. The last round of QE in the United States was gradually withdrawn in 2013, but what will happen if it is not withdrawn? Will the economy be better? Maybe not.</p><p>When the Federal Reserve first started tapering its bond purchases, the inflation rate was only 1%. Although there were nine rate hike and quantitative tightening (QT) began in October 2017, the inflation rate continued to rise slowly. The reason that deeply suppresses inflation and keeps it rising slowly is the same: the savings held by households and businesses have not been digested, and they have not borrowed money, so rising interest rates do not put pressure on them. This, in turn, suggests that even if interest rates remained low at the time, economic activity may have remained unmoved.</p><p>Moreover, due to insufficient demand in the real economy, continued QE may actually lead to a large amount of spare money entering the real estate and financial markets, triggering a thick asset bubble. In fact, U.S. commercial real estate prices are now 50% higher than their previous peak in 2007.</p><p>Importantly, given that this round of quantitative easing is much more rapid than during the financial crisis, Koo Chao-ming believes in a recent research report that the US economy has already stepped halfway into the \"quantitative easing Trap.\" Once the private sector resumes borrowing, soaring inflation and soaring long-term bond interest rates are imminent, at which point it will be necessary to significantly increase policy interest rates to suppress inflation. In a prehistoric world without QE in the late 1970s, the Federal Reserve raised its policy interest rate sharply to 22% to curb inflation. What level is needed now?</p><p><b>03. The US introduced monetary easing, and the world paid the price. How will this massive monetary easing end?</b></p><p>We just discussed the impact of massive monetary easing on the US economy. Due to the existence of dollar hegemony, the influence of US economic policies is by no means limited to the United States itself. Through a series of transmission mechanisms, this round of economic stimulus in the United States has a far-reaching impact and is very likely to make the whole world pay for Americans.</p><p>Emerging markets are likely to pay the biggest price, as has always been the case, and this may be one of the reasons for the United States' reckless monetary easing.</p><p>In 2020, as the circulation of the US dollar, the global reserve currency, surged, countries began to ease monetary policy to combat inflation caused by the excessive issuance of currency by the United States, which in turn exported inflation to the world. This is directly reflected in the increase in housing prices in various countries. OECD data shows that housing prices rose in 89% of countries around the world last year, the highest percentage since 2000, with Turkey and Russia in particular seeing increases of more than 20%.</p><p><img src=\"https://static.tigerbbs.com/75c4ae79984d71e542068e5f4451b545\" tg-width=\"553\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Now, with the strengthening of US inflation expectations, the sharp rise in US Treasury yields, and the misalignment of the recovery pace between the US and emerging market countries, the US dollar has begun to strengthen in stages and is showing a return trend, completely reversing the situation. Emerging markets are forced to repeat the old adage: Americans print money, and the whole world pays for it.</p><p>Since March, emerging market countries have collectively \"rushed\" to rate hike ahead of the Federal Reserve's actions. In the short week leading up to and around the US interest rate meeting in March, several emerging market countries experienced a wave of rate hike:</p><p>On March 17, the Central Bank of Brazil announced an increase in the benchmark lending rate by 75 basis points to 2.75% (compared to an expected 50 basis points).</p><p>On March 18, the Central Bank of Türkiye announced that it would raise its key interest rate by 200 basis points to 19% (compared to the expected increase to 18%).</p><p>On March 19, the Central Bank of Russia announced a rate hike rate of 25 basis points to 4.50% (expected to remain at 4.25%).</p><p>Moreover, indicators from emerging countries such as India, Argentina, Malaysia, Thailand, and South Korea all show that market expectations for rate hike are increasing, with rate hike expected to occur at least once this year and the first half of next year.</p><p>The main reason driving rate hike in emerging market countries is certainly rising inflation. From a general analysis, inflationary pressures still originate from the supply side. On the one hand, the downstream consumer goods production capacity of these emerging market countries is already weak, and the impact of the pandemic has widened the supply and demand gap, which is directly reflected in pushing up commodity prices. On the other hand, food and transportation consumption account for more than 40-50% of these countries and they rely on imports and exports. Therefore, the rapid rise in global petroleum product and food prices has further increased the imported inflationary pressure on emerging market countries.</p><p>Chart: Inflation level reaches target policy area</p><p><img src=\"https://static.tigerbbs.com/e94ce07a7037fde2b973d9eb87b28c31\" tg-width=\"553\" tg-height=\"218\" referrerpolicy=\"no-referrer\"></p><p>These emerging market countries, which are highly open and dependent on foreign trade, can only passively accept the spillover of the economies and policies of developed countries to a large extent. However, compared to rising inflation, the economic recovery of these emerging countries is still in a relatively slow process, especially Brazil and Türkiye, where unemployment rates are high at over 10%, and the control of the pandemic is once again facing challenges.</p><p>Chart: Economic recovery will take time</p><p><img src=\"https://static.tigerbbs.com/2f81cda958ecf4d254726ed35cd77803\" tg-width=\"553\" tg-height=\"204\" referrerpolicy=\"no-referrer\"></p><p>At the same time, in order to prevent a vicious circle expectations of an excessively rapid return of the US dollar, currency depreciation, hyperinflation, domestic rate hike, falling asset prices, and exposure of foreign debt, emerging market countries had to take the lead in launching rate hike, firstly to curb bubbles and secondly to stabilize capital outflows.</p><p>Chart: The largest appreciation of currencies relative to the US dollar last year</p><p><img src=\"https://static.tigerbbs.com/f5087af222bd88b05f938b86843362cc\" tg-width=\"553\" tg-height=\"234\" referrerpolicy=\"no-referrer\"></p><p>Countries with high external debt ratios and significant asset market gains may pay a greater price. Turkey's overnight lending rate has remained above 15% this year, making it difficult to curb international capital outflows. The resignation of the central bank governor following better-than-expected rate hike has further triggered a vicious circle expectations, causing asset prices to plummet and the currency to collapse. In terms of external debt, Chile and South Africa are next.</p><p>High inflation, especially in countries with high asset price increases, indicates that more capital is flowing into the virtual economy than into the recovery of the real economy, and there is also a significant risk of capital outflow. For example, Argentina and India. In these countries, rate hike is more about choosing the lesser of two evils, and there is not much independence in monetary policy. If there is a rapid outflow of capital, they will pay the price for last year's liquidity feast.</p><p>In the United States, as funds flow back and arbitrage trading between the US and Europe increases demand for US Treasury bonds, the upward pressure on US Treasury yields will actually ease.</p><p>Chart: The interest rate differential between Europe and the United States widens to the mean level</p><p><img src=\"https://static.tigerbbs.com/17f074dd3e16aa39866470bd4c68767c\" tg-width=\"553\" tg-height=\"294\" referrerpolicy=\"no-referrer\"></p><p>As the dollar rises and falls, China, as the largest emerging market country, will withstand some shocks thanks to its domestic supply capacity, liquidity restraint, and currency independence. However, under the global storm, asset price pressures are unlikely to ease.</p><p>Perhaps money can exceed printing, but wealth cannot. When we look at the current state of global money from a more macro perspective, a deeper question is how to make good use of our policy tools, and how individuals can identify good assets to ensure that our wages are more stably preserved. By understanding the historical responsibility of the RMB and its value in keeping a low profile, we may be able to prepare for the upcoming risks.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/082208e3c37780dd55878056410ffa43","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/f3lP37XC665lbZXQhGuNGA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1130451341","content_text":"1997年以色列的一场大会上，有人问弗里德曼，能不能一句话概括出经济学的精义，这位著作等身的经济学大师脱口而出，天下没有免费的午餐，这就是我经济理论的全部。反观当前，过去几周，美国财政刺激和货币宽松的双重浪潮，把全球市场的注意力瞬间从通缩转向通胀，几乎在股债市场掀起血雨腥风。而上周伴随鲍威尔在采访中突然开始释放鹰派信号，这场饕餮盛宴怕是要进入下半场了。真正酒阑人散之前，有人必须要做好买单的准备。只是，单有多大，又由谁来买？随着美国慢慢开始抄底全球资产，美元已经启动回流，新兴市场为了抵御冲击，早已经率先掀起了加息潮。货币的汪洋流向全球之际，是时候品一品美国前财长康纳利的话：美元是我们的货币，却是你们的问题。本期我们就来盘一盘美国这场巨量刺激的来龙去脉。我们将着重探讨三件事:第一，美国推出史无前例的财政货币双刺激，为什么要下这么重的狠手？第二，超级刺激可能导致美国经济严重过热？第三，美国放水，全球买单，这场大放水又会以怎样的方式收场？01、美国这轮刺激有多猛财政刺激有多大？去年4月2.2万亿美元的财政刺激之后，特朗普政府年底又出台了一项9000亿美元的刺激；到了今年，拜登上来就通过了1.9万亿刺激法案，占到美国去年GDP的10%，转眼最新的2.25万亿基建又已官宣。不算还未正式出台的最后一项，短短一年时间，财政刺激总量已经达到了5万亿的天量，纵向对比，是08年金融危机之后两年奥巴马政府将近8000亿刺激的整整6倍；横向对比，这个数字占美国GDP的25%，这一比例远远超过德国（12%）和日本（16%）。而货币政策方面，这轮QE又有多大？2008年金融危机时，美联储耗时6年，用了三轮QE，一共也只购买了3万多亿美元资产，而这次QE只花了6个月，就轻轻松松达到了这一规模。如果08年的财货刺激是左手手里剑右手左轮手枪的话，这次就是两杆齐发的加农炮。但是为什么这次美国财政和货币政策两头都要狂风暴雨式地加足马力？先来看看财政。最新1.9万亿的通过非常戏剧化。这个数字首先是远远超过大家预期的，因为拜登提出这项计划的最初，共和党支持的刺激数字只有6000多亿，之间差了1.3万亿。而拜登之前又一直声称两党要团结合作，大家就认为他会做个折中，最后放水量应该也就在9000亿美元左右。但出人意料的是，拜登突然来了个“霸王硬上弓”式的操作，强行通过了一个叫作“预算调和程序”的方案。简单来说，它把参议院通过刺激法案原本所需要的票数大大降低，只需要过半数就能通过。于是未来就1.9万亿进行投票的时候，就算共和党一致反对，占参议院多数的民主党，也能强行甩开共和党，凭一己之力让法案得到推进。问题是，拜登为什么突然不顾共和党反对，急于让1.9万亿快速板上钉钉？因为2008年金融危机时，奥巴马的民主党就在财政刺激上吃过大亏。12年前，正是因为共和党反对，奥巴马政府的财政刺激方案大幅缩水，原本2万亿美元的刺激方案最终只通过了不到8000亿。但要知道，这点小钱远远无法令经济快速复苏，接下来两年美国经济增长缓慢，就业市场复苏陷入停滞，奥巴马的民众支持率直线下降，很快在2010年中选输掉了众院，被共和党重新夺回了控制权。可以说，上一轮危机中，正是由于奥巴马政府不够强硬，不仅导致民主党失势，还使得美国经济在泥潭中陷得更久。拜登作为奥巴马当时的副手，显然对这次教训刻骨铭心。所以自己上台后一不做二不休，来个硬碰硬，生怕重蹈当年覆辙。那么量化宽松呢？从上面的事实看来，09年的QE是在财政政策被共和党束缚住手脚的情况下，美国做出的“次优选择”。而如今既然已经有了天量刺激，为什么鲍威尔还要坚持迟迟不退出QE？我们认为，大致有以下三个原因：第一，鲍威尔始终不认为会有真正的严重通胀压力。像不久前他在美国众议院金融服务委员会听证会上所说，全球性通缩已持续20多年，现在短短一次通胀，怎么就会失控呢？第二，即便有通胀压力，由于美元的储备货币地位，通胀带来的后果并不需要美国独自承担。我们会在后面说到这一点。第三，比起通胀压力，美联储更担心的是通缩预期。所谓通缩，就是通货膨胀率降到零以下，整个社会处在一个物价持续、普遍下降的环境之中。一旦人们有了价格持续下跌的预期，就会把想买的东西留到未来更便宜的时候去买。比如你想买房，现在是5w一平米，但你预计过两年就变成4w一平米了，那在条件允许的情况下，一定是两年后买入更划得来。对企业购买原料、进行投资也是一样的逻辑。这样一来，消费和投资欲望就被大大降低，手里钱再多也无济于事。美国GDP超六成来自消费，需求不够，生产自然也上不去，经济只能停滞不前，整个过程有多可怕，看看日本“失去的20年”就知道。短期来看，QE对缓解通缩预期绝对是一剂猛药。它只需要做一件事，就是推高资产价格，尤其是股市和楼市价格，从而给人们营造一番手头富裕，经济也欣欣向荣的假象。即便并没有转化成真实的现金流，人们也可能开开心心地进行更多的消费，进而刺激生产和经济复苏。这完全是个心理学问题，在财政政策配合下尤其行得通。但是，切勿把牛市和实体经济走强混为一谈，QE是否是饮鸩止渴，未来会否对经济形成反噬？这是后话，我们会在下面讲到。02、美国经济可能过热刚才我们解释了，美国这次财政、货币刺激的规模史无前例。那么这样的巨额刺激下，美国经济会发生什么呢？答案就是通胀上升，经济过热，而且过热程度可能比市场预期要严重得多。因为长时间、大规模的QE，不知不觉给了通胀巨大的上行空间。为了了解长期QE的影响，下面，我们首先最简单地解释一下央行货币政策进行宏观调控的整个传导路径；再回到一个没有QE的“史前”世界里，看看正常情况下货币政策体系是怎么运转的；如今有了QE，运转模式又发生了怎样的变化。我们常说央行撒钱，但钱肯定不是直接撒在人民群众身上的，而是首先撒给商业银行等各个金融机构，构成基础货币。方法有很多种，包括调节再贴现率、调节存款准备金率，和QE最相关的买卖政府债券也是其中之一，央行买进债券的同时付出去一笔钱，实质就是向金融系统注入一笔基础货币。紧接着，各个银行要么把这些钱投入实体经济，也就是通过贷款的方式借给企业和家庭，让他们进行生产和消费，促进经济增长；要么，如果大多数企业和家庭都不愿意借钱，剩下的钱就会以储蓄的形式滞留在银行体系内部，或是流入股市等金融市场，则一方面实体经济发展缺少资金驱动，另一方面金融市场又可能积累过量资金引发泡沫。在QE前的世界，货币政策在上面一条道路上走得非常顺畅，即美联储通过常规货币政策提供的流动性，能很好地传到企业和居民手里。经济衰退时，一边积极的财政政策稳住企业和居民的信心，一边央行降低政策利率，同时给银行业提供流动性；商业银行一有钱，居民和企业也被低利率和财政刺激鼓舞着，积极借钱买房和投资。一旦经济开始复苏，央行所要做的就是逐步提高政策利率，抑制信贷，从而防止通胀。于是从图上可以看出，基础货币、货币供应、银行信贷三条线教科书一般地同起同落，在此过程中，长期利率也随政策利率下降和回升。2008年前的美欧，1990年前的日本就是处于这种状态。但是QE打破了这一局面。刚才我们介绍过，08年房地产泡沫破裂后，由于财政刺激不给力，美国不得不一条腿走路，用货币政策QE释放大量的流动性，试图刺激内需，却在受到重创的家庭和企业面前收效甚微。抵押物价格暴跌之后，人们不仅不愿意借钱，反而还有大量债务等着还。于是，一边是随着QE扩大、利率下降到0，美国流动性来到前所未有的水平，基础货币占GDP比重从08年的6%上升到25%；另一边，人们握着巨额储蓄却不花出去，资金不仅没有以贷款形式离开银行业，还以储蓄和还贷形式回去了（第一张图），使得经济和通胀迟迟上不来（第二张图）。也就是说，如果整个货币体系仍然按照08年以前的模式运行，现在美国的通胀应该已经上升到很高的水平了。如果把央行撒的钱比作水，现在的价格就像是裹了一层胶质、难以进水的海绵，一旦胶质被剥离掉，海绵就会迅速吸水进而膨胀。于是我们可以看到一旦需求改善，人们开始恢复借款会发生什么：银行信贷和货币供应量都可能比现在高出好几倍，物价也可能随之大幅度攀升，那将意味着非常高的通胀。在这种预期之下，一旦经济出现复苏迹象，对通胀压力的高度紧张，就将加剧市场对流动性波动的恐慌。投资者担心，央行到时候将不得不减少债券购买乃至卖出长期债券，于是也纷纷抛售债券来规避风险，从而，QE国家长期利率也会比没有QE时以更快的速度上行，进一步对实体经济和股市、商品市场造成严重波动。QE持续时间越长，这些问题无疑也会越严重。野村证券首席研究员辜朝明曾在2013年美联储第三轮QE期间，提出了一个“量化宽松陷阱”（QE Trap）模型，讨论了长时间QE对经济的损伤程度：最初，QE国长期利率降幅要比非QE国大得多，意味着随后经济复苏更快(t1)。但随着经济的回暖，货币政策收紧，长期利率迅速攀升，部分利率敏感行业又面临需求下降，迫使央行重新放松政策立场。经济再次复苏后，随着市场又重新关注央行吸收超额准备金的可能性，长期利率在一个所谓“QE Trap”的重复周期中上行。相比之下，非QE国长期利率下降是渐进的，这延迟了复苏的开始(t2)；但一旦经济开始好转，由于利率较低，复苏步伐实际会更快。从美国疫情前逐步货币政策正常化的7年经验当中，我们也可以推出这一结论。美国上一轮QE是在2013年逐步退出的，但如果不退会发生什么？经济会更好吗？也许不会。当年美联储刚开始缩减购债的时候，通胀率只有1%，之后虽然9次加息、2017年10月又开始了量化紧缩（QT），通胀率却仍然在慢慢上升。深压住通胀的和让通胀维持缓慢上行的是同一个原因，那就是家庭和企业手里的储蓄始终没有得到消化，没有借钱，利率升高也就对他们造不成压力。这反过来说明，即便当时利率继续保持低位，经济活动也可能无动于衷。不仅如此，由于实体经济需求不足，继续QE反而可能导致大量闲钱进入房地产和金融市场，激起厚厚的资产泡沫。事实上，美国商业地产价格目前已经比2007年的上一个峰值高出了50%。重要的是，鉴于本轮QE比金融危机时已经迅猛得多，辜朝明在最近发布的研报中认为，美国经济已经半只脚踏进“量化宽松陷阱”中了，私营部门一旦恢复借款，通胀飙高、长债利率飙升乃是一触即发，届时将需要大幅提高政策利率来压制通胀。在70年代末那个没有QE的史前世界，美联储把政策利率大幅提高到22%来抑制通胀，如今又需要怎样的水平呢？03、美国放水，全球买单，这场大放水又会以怎样的方式收场？刚才我们谈了超级大放水对美国经济的影响。由于美元霸权的存在，美国经济政策的影响力绝不限于美国国内，通过一系列传导机制，美国这轮经济刺激影响极为深远，很有可能让全球都为美国人买单。而其中付出最大代价的可能还是新兴市场，这在历来都是如此，可能也是美国肆无忌惮大放水的原因之一。2020年，随着作为全球储备货币的美元流通量激增，各国纷纷开启了放水之路，以抵抗美国超发货币所引发的通胀，美国借此将通胀输出到全球。这在各国的房价涨幅上就有直接体现，OECD数据显示，去年全球89%国家的房价都在上涨，这一比例为2000年以来最高，土耳其、俄罗斯尤其上涨超过20%。而如今随着美国通胀预期的增强，美债收益率大幅走高，以及美国与新兴市场国家复苏节奏的错位，美元开始阶段性走强，并呈现出回流态势，局面完全反转。新兴市场被迫再次响应那句老话：美国人印钞票，全世界来买单。3月以来，新兴市场国家集体“抢跑”，赶在美联储行动之前提前加息。美国3月的议息会议前后的短短一周中，多个新兴市场国家纷纷掀起加息潮：3月17日巴西央行宣布上调基准贷款利率75个基点至2.75%（预期50个基点）。3月18日土耳其央行宣布将关键利率上调200个基点至19%（预期上调至18%）。3月19日俄罗斯央行宣布加息25个基点至4.50%（预期维持4.25%）。不仅如此，印度、阿根廷、马来西亚、泰国、韩国等新兴国家的指标均显示，市场对于加息的预期正在增强，今年至明年上半年至少加息一次。推动新兴市场国家加息的主要原因肯定是通胀的上行。而通胀的压力从普遍的分析来看还是自于供给端。一方面这类新兴市场国家下游消费品端的生产能力本身就薄弱，疫情的冲击便使得供需缺口扩大，直接体现到推升商品价格上。另一方面，这些国家的食品与交通类消费占比都在40-50%之上，且依赖于进出口，因而全球石油制品和食品价格的快速上行便进一步增加了新兴市场国家的输入性通胀压力。图：通胀水平达到目标政策区域这些具有高开放性和外贸依赖的新兴市场国家，很大程度上，只能被动接受发达国家经济和政策的溢出。然而，相对于通胀的上行，这些新兴国家的经济修复还处于一个相对偏慢的过程中，尤其是巴西和土耳其，失业率高企10%以上，同时对疫情的控制也再度面临考验。图：经济修复尚需时日与此同时，为了防止出现美元过快回流—本币贬值—恶性通胀—本国加息—资产价格下跌—外债暴露的恶性循环预期，新兴市场国家也不得不率先启动加息，一来抑制泡沫，二来稳定资本流出。图：去年各国货币相对美元最大升值幅度而那些外债比例高和资产市场涨幅明显的国家，或会付出更大的代价。今年以来土耳其隔夜拆借利率高企于15%以上，依然难以抑制国际资本流出，超预期加息后央行行长下台更引发恶性循环预期，资产价格暴跌，汇率崩盘。从外债来看接下来是智利、南非等。通胀偏高，尤其是资产价格涨幅偏高的国家，显示资本更多进入虚拟经济体而非实体经济复苏，也存在较大的资本流出风险。比如阿根廷、印度。这些国家加息更多是两害权其轻的操作，也没有太多货币政策的独立性可言。一旦出现资本流出较快，他们将为去年的流动性盛宴付出代价。美国呢，随着资金回流，美欧套利交易增加美债需求，美债利率上行压力反倒会有所缓解。图：欧美利差水平走阔至均值水平美元潮起潮落，中国作为最大的新兴市场国家，得益于国内的供给能力、流动性克制和货币独立，将抵御部分冲击，但是在全球性的风暴之下，资产价格压力难言缓和。或许货币可以超印，但财富不能，当我们以一个更宏观的视角看待全球货币现状，一个更深刻的命题是，如何用好自己的政策工具，作为个人又如何甄别好的资产，让自己的劳动报酬获得更稳健的保值。理解手中人民币的历史责任和其韬光养晦的价值，我们或许能在即将到来的风险中有所准备。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376765455,"gmtCreate":1619150194677,"gmtModify":1704720426152,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376765455","repostId":"1156234884","repostType":4,"isVote":1,"tweetType":1,"viewCount":5217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100382385,"gmtCreate":1619581134647,"gmtModify":1704726303908,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100382385","repostId":"1155419221","repostType":4,"repost":{"id":"1155419221","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":1619570931,"share":"https://ttm.financial/m/news/1155419221?lang=en_US&edition=fundamental","pubTime":"2021-04-28 08:48","market":"sh","language":"zh","title":"Zhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155419221","media":"老虎资讯综合","summary":"4月28日消息，本周三兆科眼科-B发布公告，公司发行约1.24亿股，每股定价16.8港元，每手500股，预期4月29日上市。公开发售阶段兆科眼科-B获56倍认购，分配至公开发售的发售股份最终数目为49","content":"<p>April 28th news, this Wednesday<a href=\"https://laohu8.com/S/06622\">Zhaoke Ophthalmology-B</a>The company issued an announcement stating that it will issue approximately 124 million shares at a price of HK$16.8 per share, with 500 shares per lot, and is expected to list on April 29.<img src=\"https://static.tigerbbs.com/01b92e9bd3171ffb2457dc1b91f4f602\" tg-width=\"664\" tg-height=\"549\" referrerpolicy=\"no-referrer\">During the public offering phase, Zhaoke Eye Hospital-B was subscribed 56 times, and the final number of offer shares allocated to the public offering was 49.427 million shares, accounting for 40% of the total number of offer shares (before any over-allotment option was exercised). A total of 111,183 valid applications were received, with a 25% success rate per lot, and one lot was guaranteed to be successful after subscribing to 10 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 74.1405 million, equivalent to 60% of the total number of shares offered.</p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an entry fee of HK$8,484.65. The success rate for a single lot is 25%, and subscribing to 10 lots is guaranteed to win one lot.</p><p>Group B consists of 300,000 shares (600 lots), with approximately HK$5,090,788.08 required for subscription, and 25,500 shares (51 lots) were allocated.<img src=\"https://static.tigerbbs.com/4698be44707b7f7a568fc24b1cfa2592\" tg-width=\"715\" tg-height=\"822\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6b70e8623eed25bc759fc685cd6438aa\" tg-width=\"725\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p><p>The net proceeds of approximately HK$1,942 million will be used for the following purposes: approximately 32% will be used for clinical development and commercialization of core products; Approximately 46% will fund the ongoing research and development activities and commercialization of other drug candidates under development; Approximately 7% will be used for production line expansion at our advanced production facilities in Nansha to prepare for product launches in the coming years; Approximately 5% will fund business development activities and the expansion of drug candidates; Approximately 10% will be used for working capital and other general corporate purposes.</p><p>It is understood that Zhaoke Ophthalmology is an ophthalmic pharmaceutical company that has established a comprehensive ophthalmic drug pipeline containing 25 drug candidates through independent development or licensed introduction, covering most major ophthalmic indications affecting the anterior and posterior segments of the eye.</p><p>According to the prospectus, the company has initially focused its strategy on five major ophthalmic indications in China (in terms of market potential), including dry eye disease (DED), wet age-related macular degeneration (wAMD), diabetic macular edema (DME), myopia and glaucoma. According to CIC, the company has one of the most comprehensive ophthalmic drug pipelines in China.</p><p>It is worth noting that the company has received support from prominent institutional investors, including the Government of Singapore Investment Corporation, Hillhouse Capital, TPG, Zhengxin Valley Capital, Aobo Capital, and Aier Eye Hospital. And<a href=\"https://laohu8.com/S/00950.HK\">Li's Pharmaceutical Factory</a>Before the IPO, it held 34.1% of the shares of Zhaoke Eye Hospital, making it the single largest shareholder of the company.</p><p>In terms of financial data, the company was not profitable and incurred operating losses during the Track Record Period. Loss for the year widened from RMB122 million in 2019 to RMB727 million in 2020.</p><p>In terms of industry, China's ophthalmic drug market is in its infancy and is currently experiencing rapid and exponential growth. The market size of ophthalmic drugs in China grew from US$1.8 billion in 2015 to US$2.6 billion in 2019, with a CAGR of 9.3%. It is projected to further grow at a CAGR of 18.6% in 2019 to US$7.2 billion in 2025 and at a CAGR of 22.9% in 2025 to US$20.2 billion in 2030, exceeding the growth of the global ophthalmic drug market during the same period.</p><p>The ophthalmic drug market in China is relatively fragmented, and there is a lack of companies that are willing and able to systematically solve the problems in this professional field and focus on ophthalmology. For most market participants, ophthalmic drug assets represent only a small part of their business. Only a few companies, most of which are multinational corporations, have drug portfolios covering major ophthalmic diseases affecting the anterior and posterior segments of the eye.</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>Zhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.</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\">\nZhaoke Eye Hospital-B has a 25% success rate for one lot, with one lot guaranteed for every 10 lots subscribed.\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\">2021-04-28 08:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>April 28th news, this Wednesday<a href=\"https://laohu8.com/S/06622\">Zhaoke Ophthalmology-B</a>The company issued an announcement stating that it will issue approximately 124 million shares at a price of HK$16.8 per share, with 500 shares per lot, and is expected to list on April 29.<img src=\"https://static.tigerbbs.com/01b92e9bd3171ffb2457dc1b91f4f602\" tg-width=\"664\" tg-height=\"549\" referrerpolicy=\"no-referrer\">During the public offering phase, Zhaoke Eye Hospital-B was subscribed 56 times, and the final number of offer shares allocated to the public offering was 49.427 million shares, accounting for 40% of the total number of offer shares (before any over-allotment option was exercised). A total of 111,183 valid applications were received, with a 25% success rate per lot, and one lot was guaranteed to be successful after subscribing to 10 lots.</p><p>In addition, the international offering was oversubscribed, with the final number of shares offered being 74.1405 million, equivalent to 60% of the total number of shares offered.</p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an entry fee of HK$8,484.65. The success rate for a single lot is 25%, and subscribing to 10 lots is guaranteed to win one lot.</p><p>Group B consists of 300,000 shares (600 lots), with approximately HK$5,090,788.08 required for subscription, and 25,500 shares (51 lots) were allocated.<img src=\"https://static.tigerbbs.com/4698be44707b7f7a568fc24b1cfa2592\" tg-width=\"715\" tg-height=\"822\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6b70e8623eed25bc759fc685cd6438aa\" tg-width=\"725\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p><p>The net proceeds of approximately HK$1,942 million will be used for the following purposes: approximately 32% will be used for clinical development and commercialization of core products; Approximately 46% will fund the ongoing research and development activities and commercialization of other drug candidates under development; Approximately 7% will be used for production line expansion at our advanced production facilities in Nansha to prepare for product launches in the coming years; Approximately 5% will fund business development activities and the expansion of drug candidates; Approximately 10% will be used for working capital and other general corporate purposes.</p><p>It is understood that Zhaoke Ophthalmology is an ophthalmic pharmaceutical company that has established a comprehensive ophthalmic drug pipeline containing 25 drug candidates through independent development or licensed introduction, covering most major ophthalmic indications affecting the anterior and posterior segments of the eye.</p><p>According to the prospectus, the company has initially focused its strategy on five major ophthalmic indications in China (in terms of market potential), including dry eye disease (DED), wet age-related macular degeneration (wAMD), diabetic macular edema (DME), myopia and glaucoma. According to CIC, the company has one of the most comprehensive ophthalmic drug pipelines in China.</p><p>It is worth noting that the company has received support from prominent institutional investors, including the Government of Singapore Investment Corporation, Hillhouse Capital, TPG, Zhengxin Valley Capital, Aobo Capital, and Aier Eye Hospital. And<a href=\"https://laohu8.com/S/00950.HK\">Li's Pharmaceutical Factory</a>Before the IPO, it held 34.1% of the shares of Zhaoke Eye Hospital, making it the single largest shareholder of the company.</p><p>In terms of financial data, the company was not profitable and incurred operating losses during the Track Record Period. Loss for the year widened from RMB122 million in 2019 to RMB727 million in 2020.</p><p>In terms of industry, China's ophthalmic drug market is in its infancy and is currently experiencing rapid and exponential growth. The market size of ophthalmic drugs in China grew from US$1.8 billion in 2015 to US$2.6 billion in 2019, with a CAGR of 9.3%. It is projected to further grow at a CAGR of 18.6% in 2019 to US$7.2 billion in 2025 and at a CAGR of 22.9% in 2025 to US$20.2 billion in 2030, exceeding the growth of the global ophthalmic drug market during the same period.</p><p>The ophthalmic drug market in China is relatively fragmented, and there is a lack of companies that are willing and able to systematically solve the problems in this professional field and focus on ophthalmology. For most market participants, ophthalmic drug assets represent only a small part of their business. Only a few companies, most of which are multinational corporations, have drug portfolios covering major ophthalmic diseases affecting the anterior and posterior segments of the eye.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"06622":"兆科眼科-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155419221","content_text":"4月28日消息，本周三兆科眼科-B发布公告，公司发行约1.24亿股，每股定价16.8港元，每手500股，预期4月29日上市。公开发售阶段兆科眼科-B获56倍认购，分配至公开发售的发售股份最终数目为4942.7万股，占发售股份总数的40%（任何超额配股权获行使前）。合共接获111183份有效申请，一手中签率25%，认购10手稳中一手。此外，国际发售获超额认购，发售股份最终数目为7414.05万股，相当于发售股份总数的60%。分配结果：甲组每手500股，入场费8484.65港元。一手中签率25%，认购10手稳中一手。乙组头为300,000股（600手），申购所需资金约5090788.08港元，获配25500股（51）手。所得款项净额约19.42亿港元将用作以下用途：约32%将用于核心产品的临床开发及商业化；约46%将为其他在研候选药物的持续研发活动及商业化提供资金；约7%将用于位于南沙的先进生产设施进行生产线扩张，以筹备未来年度的产品上市；约5%将为业务开发活动及在研药物的扩展提供资金；约10%将用作营运资金及其他一般企业用途。据悉，兆科眼科是一间眼科制药公司，目前已通过自主开发或许可引进已建立起包含25种候选药物的全面眼科药物管线，涵盖影响眼前节及眼后节的多数主要眼科适应症。根据招股书，公司初步将策略重心放在中国五大眼科适应症（就市场潜力而言）上，包括干眼症(DED)、湿性老年黄斑部病变(wAMD)、糖尿病黄斑水肿(DME)、近视及青光眼。根据灼识的资料，公司拥有中国最全面的眼科药物管线之一值得注意的是，公司已获得明星机构投资者的支持，包括新加坡政府投资公司、高瓴资本、TPG、正心谷资本、奥博资本及爱尔眼科医院等。而李氏大药厂于IPO前持有兆科眼科34.1%的股份，为公司单一最大股东。财务数据方面，于往绩记录期间，公司尚未盈利并产生经营亏损。年内亏损由2019年的人民币1.22亿元扩大至2020年的人民币7.27亿元。行业方面，中国眼科药物市场正处于起步阶段，现以迅猛的态势呈指数增长。中国眼科药物的市场规模由2015年的18亿美元增长至2019年的26亿美元，复合年增长率为9.3%。预计由2019年按复合年增长率18.6%进一步增长至2025年的72亿美元及由2025年按复合年增长率22.9%增长至2030年的202亿美元，超过同期全球眼科药物市场的增长中国眼科药物市场较为分散，缺乏有意向及能力系统地解决该专业领域难题且专注于眼科的公司。对于大多数市场参与者而言，眼科药物资产仅占其业务的一小部分。仅有少数几家公司拥有涵盖影响眼睛前节及后节主要眼科疾病的药物组合，其中大部分为跨国企业。","news_type":1,"symbols_score_info":{"06622":0.9}},"isVote":1,"tweetType":1,"viewCount":5668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351915382,"gmtCreate":1616552590246,"gmtModify":1704795563116,"author":{"id":"3576725256218989","authorId":"3576725256218989","name":"家永","avatar":"https://static.tigerbbs.com/b2bd55700e996ad58a5f66e4394f3c0d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576725256218989","authorIdStr":"3576725256218989"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/351915382","repostId":"2121370294","repostType":4,"repost":{"id":"2121370294","kind":"highlight","pubTimestamp":1616550692,"share":"https://ttm.financial/m/news/2121370294?lang=en_US&edition=fundamental","pubTime":"2021-03-24 09:51","market":"other","language":"zh","title":"The bond market is warming up, and the peak of interest rates has been clearly defined.","url":"https://stock-news.laohu8.com/highlight/detail?id=2121370294","media":"格隆汇","summary":"随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开","content":"<p><b>Core Points</b></p><p><b>The positive factors in the bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</b></p><p><b>The contradiction between the economy and interest rates.</b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment. On the other hand, the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which contrasts sharply with the recent decline in interest rates.</p><p><b>Why do the economy and interest rates diverge?</b>On the one hand, since March, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. The enthusiasm of allocation funds has increased, which has been beneficial to the bond market. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and falls. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors' expectations for the economic growth rate to peak and fall and inflation to rise first and then fall later this year are relatively consistent, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy.</p><p><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn. Meanwhile, from the perspective of the financial cycle, the \"tiptoeing\" credit growth at the beginning of the year may also mean that broad liquidity will further tighten, which will also open up downside potential for the bond market.</p><p><b>Conclusion:</b>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and bond yields are expected to continue their downward trend.</p><p><b>text</b></p><p><h3><b>The contradiction between the economy and interest rates</b></h3><b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment.</b>Looking at the bond market, since the Spring Festival, despite negative factors such as continued improvement in the overseas economy, rising global reinflation, and continued rise in US Treasury yields, the domestic bond market has remained resilient. The yield to maturity of the 10-year Treasury Bond has not broken through the upper limit of our range of 3.3%. After entering March, with the stabilization of liquidity and the continued positive sentiment in the bond market, bond yields have generally shown a downward trend. As of March 23, the yields to maturity of the 10-year Treasury Bond and China Development Bank bonds have declined by 7 basis points and 14 basis points respectively, which is consistent with our previous judgment.</p><p><b>However, it should also be noted that the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which is in stark contrast to the recent decline in interest rates.</b>Regarding inflation, the national CPI fell by 0.2% year-on-year in February, narrowing the decline by 0.1 percentage points compared to the previous month, while the PPI rose by 1.7% year-on-year, a significant increase of 1.4 percentage points compared to the previous month, indicating a significant rise in industrial inflation. In terms of imports and exports, my country's exports amounted to US$468.87 billion in January and February, representing a year-on-year increase of 60.6%, significantly exceeding market expectations by 41.8% and a 32.7% increase compared to the same period in 2019. Imports amounted to US$365.62 billion, representing a year-on-year increase of 22.2%, significantly higher than market expectations of 10.5% and a year-on-year increase of 17.2%, indicating that imports and exports remained highly prosperous overall. In terms of financial data, the increase in social financing in February was 1.71 trillion yuan, an increase of 839.2 billion yuan year-on-year, the highest level for the same period since 2002. New RMB loans in February were 1.36 trillion yuan, also the highest level for the same period in history. In terms of economic data, industrial production continued to grow rapidly in January and February 2021, increasing by 35.1% year-on-year, significantly exceeding market expectations compared to an average annual growth rate of about 8.1% in the same period of 2019. Investment and consumption are also in a moderate recovery process overall. This contrasts sharply with the decline in interest rates.</p><p><img src=\"https://static.tigerbbs.com/2e2a1a19314ed66841839e9978e08889\" tg-width=\"548\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><b>Taken together, we believe that the contradiction between the economy and interest rates is due to both factors such as the activity of allocation buyers under stable liquidity conditions, and advance planning for the peak and decline of economic growth.</b>Since March 2021, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. Factors such as tax periods and reserve requirement payments have not led to a significant increase in funding interest rates. Against this backdrop, enthusiasm for allocation has increased, bidding results in the Treasury Bond primary market are positive, and spot bond interest rates are generally on a downward trend. Meanwhile, affected by the pandemic last year, domestic production and demand plummeted in the first quarter. my country successively adopted policy tools such as relending, rediscounting, and loan extensions to strengthen financial support for the real economy, after which the domestic economy began to slowly recover. Taking into account base factors and policy timeframes, the probability of a decline in GDP and a contraction in broad liquidity within the year is not low, and the market has certain expectations for this. This may lead some investors to enter the market before economic growth peaks and slows down, thereby leading to a marginal decline in yields. Based on historical experience, investors entering the market before the economic growth rate officially slows down is not without reason.</p><p><img src=\"https://static.tigerbbs.com/07ffe87771721686f930b6a50043e8ff\" tg-width=\"684\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Historical view of interest rate and economic rotation: the game between reality and expectation</b></h3><b>\"An army marches before a horse moves,\" and historical experience shows that interest rates usually outpace economic trends.</b>First of all, it should be noted that, considering that the fluctuations in year-on-year GDP growth have gradually narrowed in recent years, when we use the PMI to measure the coolness of the macroeconomy, we can find that since 2008, the inflection point of interest rates has generally been ahead of the trend of economic fundamentals. Specifically:</p><p>From the end of 2008 to the beginning of 2009, the domestic economy cooled significantly due to the global economic crisis. However, at that time, the market had strong expectations for infrastructure investment to support the bottom and for economic growth to stabilize. The yield of the 10-year Treasury Bond began to rise rapidly after hitting a temporary low of 2.67% in January 2009. But at that time, the domestic fundamentals were still bottoming out. It was not until after the second quarter of 2009 that domestic economic growth gradually began to bottom out.</p><p>After entering 2010, domestic economic growth slowed down at the beginning of the year but had not yet completely turned around. Loose liquidity led to a significant decline in spot bond interest rates. In Q2 2010, affected by the debt risks of European and emerging market countries, global economic growth slowed down significantly, and domestic economic growth also declined significantly. During this stage, the downward inflection point of spot bond rates preceded the inflection point of economic fundamentals. Entering the second half of 2010, with the further revision of global inflation expectations, the domestic central bank began to gradually tighten monetary policy, funding rates rose significantly, and spot bond rates began to climb rapidly from August.</p><p>From the end of 2013 to the beginning of 2014, after a six-month period of rapid interest rate increases, the pent-up bullish sentiment was released with the continued easing of liquidity, and the allocation force was relatively strong. The spot bond interest rate fell rapidly from a temporary high of 4.67% in November 2013 to around 4.0% in June 2014. During this period, the domestic economy was still in an upward phase, and it was not until the second half of 2014 that the domestic economic growth officially began to decline.</p><p>In the first quarter of 2018, fixed asset investment remained stable overall, exports and industrial production continued to grow rapidly, and GDP grew by 6.9% year-on-year, up 0.1 percentage points from 6.8% in Q4 2017. Overall, this indicates that domestic economic growth remained high, but spot bond interest rates have continued to decline since the beginning of the year. Entering the second quarter, as the risk of credit default intensified and broad liquidity tightened significantly, domestic economic growth began to gradually decline. During this period, spot bond interest rates continued to outpace economic growth.</p><p><img src=\"https://static.tigerbbs.com/4d532f1bc6374a6ec2008cf0f831f92c\" tg-width=\"537\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p><h3><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b></h3><b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn.</b>Looking at the economic data from January and February 2021, although the year-on-year growth rates of major economic sub-indicators reached record highs under the influence of the base effect, if we take 2019 as the base period, we can find that the domestic economic data generally shows that industrial production and real estate maintain high prosperity, but the combination of manufacturing investment, infrastructure investment and retail consumption recovery is slow. Overall, the foundation for economic recovery is still not solid. Considering that the current weakness in real estate companies' land acquisition has gradually spread to the real estate construction start-up end, real estate investment is expected to continue to decline. Although the issuance of special bonds will boost infrastructure investment in the short term, the probability of infrastructure investment rising more than expected is not high, considering that public finance is gradually tilting towards people's livelihoods and real estate companies' land acquisition restricts local government fund finances. Amid a decline in infrastructure and real estate investment, while there is room for recovery in consumer and manufacturing investment, recent data suggests that the recovery of the consumer and manufacturing sectors remains a long and arduous task. If real estate and infrastructure investment weakens in the future, coupled with weakening substitute exports leading to a decline in external demand, the economic cycle may return to a downturn.</p><p><img src=\"https://static.tigerbbs.com/99c51a467daeeb19a9515eba773c7c88\" tg-width=\"675\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>From the perspective of the financial cycle, the decline in credit growth after a \"tiptoe\" slowdown will also open up downside potential for the bond market.</b>Specifically, this year's government work report continues to emphasize that \"the growth rates of money supply and social financing are basically in line with the nominal economic growth rate\" and \"maintaining the basic stability of the macro leverage ratio.\" The policy direction of \"stabilizing leverage\" remains unchanged, and the financial environment throughout the year will remain \"tight credit.\" Last year, the pandemic had a heavy impact on the economy, so the policy balance was biased towards \"stabilizing growth,\" and the macro leverage ratio increased by 23.6 percentage points for the whole year. This year, the constraints of the pandemic on the economy have gradually subsided, and \"risk prevention\" has once again become the primary objective, the most crucial of which is to stabilize the macro leverage ratio. Looking at the whole year, the growth rate of social financing is expected to gradually drop to 11.2%, corresponding to the macro leverage ratio at the end of this year being basically the same as at the end of last year. After a short-term upward trend in February, the growth rate of credit and social financing is expected to turn into a long-term downward trend. The downturn in the financial cycle will also become an important positive for the bond market in the future.</p><p><h3><b>conclusion</b></h3>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The bond market is warming up, and the peak of interest rates has been clearly defined.</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 bond market is warming up, and the peak of interest rates has been clearly defined.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-03-24 09:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Core Points</b></p><p><b>The positive factors in the bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</b></p><p><b>The contradiction between the economy and interest rates.</b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment. On the other hand, the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which contrasts sharply with the recent decline in interest rates.</p><p><b>Why do the economy and interest rates diverge?</b>On the one hand, since March, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. The enthusiasm of allocation funds has increased, which has been beneficial to the bond market. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and falls. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors' expectations for the economic growth rate to peak and fall and inflation to rise first and then fall later this year are relatively consistent, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy.</p><p><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn. Meanwhile, from the perspective of the financial cycle, the \"tiptoeing\" credit growth at the beginning of the year may also mean that broad liquidity will further tighten, which will also open up downside potential for the bond market.</p><p><b>Conclusion:</b>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and bond yields are expected to continue their downward trend.</p><p><b>text</b></p><p><h3><b>The contradiction between the economy and interest rates</b></h3><b>Since the Spring Festival, despite negative factors such as an improved global economy, rising inflation, and rising US Treasury yields, the overall recovery of the domestic bond market is consistent with our previous assessment.</b>Looking at the bond market, since the Spring Festival, despite negative factors such as continued improvement in the overseas economy, rising global reinflation, and continued rise in US Treasury yields, the domestic bond market has remained resilient. The yield to maturity of the 10-year Treasury Bond has not broken through the upper limit of our range of 3.3%. After entering March, with the stabilization of liquidity and the continued positive sentiment in the bond market, bond yields have generally shown a downward trend. As of March 23, the yields to maturity of the 10-year Treasury Bond and China Development Bank bonds have declined by 7 basis points and 14 basis points respectively, which is consistent with our previous judgment.</p><p><b>However, it should also be noted that the macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy still has a high level of prosperity, which is in stark contrast to the recent decline in interest rates.</b>Regarding inflation, the national CPI fell by 0.2% year-on-year in February, narrowing the decline by 0.1 percentage points compared to the previous month, while the PPI rose by 1.7% year-on-year, a significant increase of 1.4 percentage points compared to the previous month, indicating a significant rise in industrial inflation. In terms of imports and exports, my country's exports amounted to US$468.87 billion in January and February, representing a year-on-year increase of 60.6%, significantly exceeding market expectations by 41.8% and a 32.7% increase compared to the same period in 2019. Imports amounted to US$365.62 billion, representing a year-on-year increase of 22.2%, significantly higher than market expectations of 10.5% and a year-on-year increase of 17.2%, indicating that imports and exports remained highly prosperous overall. In terms of financial data, the increase in social financing in February was 1.71 trillion yuan, an increase of 839.2 billion yuan year-on-year, the highest level for the same period since 2002. New RMB loans in February were 1.36 trillion yuan, also the highest level for the same period in history. In terms of economic data, industrial production continued to grow rapidly in January and February 2021, increasing by 35.1% year-on-year, significantly exceeding market expectations compared to an average annual growth rate of about 8.1% in the same period of 2019. Investment and consumption are also in a moderate recovery process overall. This contrasts sharply with the decline in interest rates.</p><p><img src=\"https://static.tigerbbs.com/2e2a1a19314ed66841839e9978e08889\" tg-width=\"548\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><b>Taken together, we believe that the contradiction between the economy and interest rates is due to both factors such as the activity of allocation buyers under stable liquidity conditions, and advance planning for the peak and decline of economic growth.</b>Since March 2021, the central bank has maintained a prudent monetary stance, injected funds impartially, and the overall liquidity situation has been stable. Factors such as tax periods and reserve requirement payments have not led to a significant increase in funding interest rates. Against this backdrop, enthusiasm for allocation has increased, bidding results in the Treasury Bond primary market are positive, and spot bond interest rates are generally on a downward trend. Meanwhile, affected by the pandemic last year, domestic production and demand plummeted in the first quarter. my country successively adopted policy tools such as relending, rediscounting, and loan extensions to strengthen financial support for the real economy, after which the domestic economy began to slowly recover. Taking into account base factors and policy timeframes, the probability of a decline in GDP and a contraction in broad liquidity within the year is not low, and the market has certain expectations for this. This may lead some investors to enter the market before economic growth peaks and slows down, thereby leading to a marginal decline in yields. Based on historical experience, investors entering the market before the economic growth rate officially slows down is not without reason.</p><p><img src=\"https://static.tigerbbs.com/07ffe87771721686f930b6a50043e8ff\" tg-width=\"684\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Historical view of interest rate and economic rotation: the game between reality and expectation</b></h3><b>\"An army marches before a horse moves,\" and historical experience shows that interest rates usually outpace economic trends.</b>First of all, it should be noted that, considering that the fluctuations in year-on-year GDP growth have gradually narrowed in recent years, when we use the PMI to measure the coolness of the macroeconomy, we can find that since 2008, the inflection point of interest rates has generally been ahead of the trend of economic fundamentals. Specifically:</p><p>From the end of 2008 to the beginning of 2009, the domestic economy cooled significantly due to the global economic crisis. However, at that time, the market had strong expectations for infrastructure investment to support the bottom and for economic growth to stabilize. The yield of the 10-year Treasury Bond began to rise rapidly after hitting a temporary low of 2.67% in January 2009. But at that time, the domestic fundamentals were still bottoming out. It was not until after the second quarter of 2009 that domestic economic growth gradually began to bottom out.</p><p>After entering 2010, domestic economic growth slowed down at the beginning of the year but had not yet completely turned around. Loose liquidity led to a significant decline in spot bond interest rates. In Q2 2010, affected by the debt risks of European and emerging market countries, global economic growth slowed down significantly, and domestic economic growth also declined significantly. During this stage, the downward inflection point of spot bond rates preceded the inflection point of economic fundamentals. Entering the second half of 2010, with the further revision of global inflation expectations, the domestic central bank began to gradually tighten monetary policy, funding rates rose significantly, and spot bond rates began to climb rapidly from August.</p><p>From the end of 2013 to the beginning of 2014, after a six-month period of rapid interest rate increases, the pent-up bullish sentiment was released with the continued easing of liquidity, and the allocation force was relatively strong. The spot bond interest rate fell rapidly from a temporary high of 4.67% in November 2013 to around 4.0% in June 2014. During this period, the domestic economy was still in an upward phase, and it was not until the second half of 2014 that the domestic economic growth officially began to decline.</p><p>In the first quarter of 2018, fixed asset investment remained stable overall, exports and industrial production continued to grow rapidly, and GDP grew by 6.9% year-on-year, up 0.1 percentage points from 6.8% in Q4 2017. Overall, this indicates that domestic economic growth remained high, but spot bond interest rates have continued to decline since the beginning of the year. Entering the second quarter, as the risk of credit default intensified and broad liquidity tightened significantly, domestic economic growth began to gradually decline. During this period, spot bond interest rates continued to outpace economic growth.</p><p><img src=\"https://static.tigerbbs.com/4d532f1bc6374a6ec2008cf0f831f92c\" tg-width=\"537\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p><h3><b>The positive news has not yet been fully released, and the decline in interest rates is not yet over.</b></h3><b>From the perspective of the economic cycle, although the current fundamentals are generally stable, weak investment in consumption and manufacturing remain two major concerns for the domestic economy. If there is a lack of capacity cycle and consumption recovery in the future, the peaking and decline of infrastructure, real estate and exports may drive the economic cycle back into a downturn.</b>Looking at the economic data from January and February 2021, although the year-on-year growth rates of major economic sub-indicators reached record highs under the influence of the base effect, if we take 2019 as the base period, we can find that the domestic economic data generally shows that industrial production and real estate maintain high prosperity, but the combination of manufacturing investment, infrastructure investment and retail consumption recovery is slow. Overall, the foundation for economic recovery is still not solid. Considering that the current weakness in real estate companies' land acquisition has gradually spread to the real estate construction start-up end, real estate investment is expected to continue to decline. Although the issuance of special bonds will boost infrastructure investment in the short term, the probability of infrastructure investment rising more than expected is not high, considering that public finance is gradually tilting towards people's livelihoods and real estate companies' land acquisition restricts local government fund finances. Amid a decline in infrastructure and real estate investment, while there is room for recovery in consumer and manufacturing investment, recent data suggests that the recovery of the consumer and manufacturing sectors remains a long and arduous task. If real estate and infrastructure investment weakens in the future, coupled with weakening substitute exports leading to a decline in external demand, the economic cycle may return to a downturn.</p><p><img src=\"https://static.tigerbbs.com/99c51a467daeeb19a9515eba773c7c88\" tg-width=\"675\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><b>From the perspective of the financial cycle, the decline in credit growth after a \"tiptoe\" slowdown will also open up downside potential for the bond market.</b>Specifically, this year's government work report continues to emphasize that \"the growth rates of money supply and social financing are basically in line with the nominal economic growth rate\" and \"maintaining the basic stability of the macro leverage ratio.\" The policy direction of \"stabilizing leverage\" remains unchanged, and the financial environment throughout the year will remain \"tight credit.\" Last year, the pandemic had a heavy impact on the economy, so the policy balance was biased towards \"stabilizing growth,\" and the macro leverage ratio increased by 23.6 percentage points for the whole year. This year, the constraints of the pandemic on the economy have gradually subsided, and \"risk prevention\" has once again become the primary objective, the most crucial of which is to stabilize the macro leverage ratio. Looking at the whole year, the growth rate of social financing is expected to gradually drop to 11.2%, corresponding to the macro leverage ratio at the end of this year being basically the same as at the end of last year. After a short-term upward trend in February, the growth rate of credit and social financing is expected to turn into a long-term downward trend. The downturn in the financial cycle will also become an important positive for the bond market in the future.</p><p><h3><b>conclusion</b></h3>Macroeconomic data released in March, including foreign trade, inflation, finance, and economic data, indicate that the domestic economy remains highly prosperous, which contrasts sharply with the significant decline in Treasury Bond interest rates since March. Taken together, we believe this is partly due to factors such as the central bank's prudent and appropriate monetary injection and the stable and neutral liquidity situation, which led to the activation of allocation buyers. On the other hand, based on historical experience, investors often enter the market before the economic growth rate peaks and slows down. Therefore, the inflection point of interest rates usually occurs before the economic inflection point. Considering that investors currently have a relatively consistent expectation that the economic growth rate will peak and slow down and that inflation will rise first and then fall this year, the early entry of some investors may also be one of the reasons for the current contradiction between interest rates and the economy. Looking ahead, we believe that the positive factors in the current bond market have not yet been fully released, the economic recovery is not yet stable, and the financial cycle may also turn downward. In the short term, stable interest rates may be an important support for the current bond market. From a medium- to long-term perspective, as the economic and financial cycles peak and decline, the logic of going long on bond yields will become smoother, and the trading space for bond yields will be further opened up. In summary, we maintain our previous judgment that the top of the 3.3% 10-year Treasury Bond rate has been clearly defined, and we expect bond yields to continue their downward trend.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/453500\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e59ac7791331afde968920a263b4ea1c","relate_stocks":{"09141":"华夏亚投债-U","03141":"华夏亚投债"},"source_url":"http://www.gelonghui.com/p/453500","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2121370294","content_text":"核心观点\n当前债市的利多因素尚未释放完全，经济修复尚不稳固，同时金融周期也有转向下行的可能，短期来看平稳的资金利率水平或是当前债券市场的重要支撑，从中长期的视角看，随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开。综合而言，我们维持此前的判断，3.3%的十年国债利率顶部已经明确，预计后续债券利率仍将延续下行进程。\n经济与利率的矛盾。春节以来，虽有全球经济改善、通胀升温、美债利率上行等利空因素，但国内债券市场整体回暖，与我们此前的判断一致。但另一方面，3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与近期的利率下行形成明显对比。\n经济与利率缘何背离？一方面，3月以来央行货币态度维持稳健，资金投放不偏不倚，资金面整体平稳，配置盘的配置热情有所提高，对债市形成一定利好。另一方面，结合历史经验，投资者往往会在经济增速触顶回落之前进场布局，因此利率拐点通常先于经济拐点出现，考虑到当前投资者对经济增速触顶回落、年内通胀先上后下的预期较为一致，部分投资者提前进场布局也可能是当前利率与经济矛盾的原因之一。\n利多仍未完全释放，利率下行尚未完结。从经济周期的角度看，尽管当前基本面整体平稳，但消费、制造业投资偏弱仍是目前国内经济的两大隐忧，后续若有产能周期和消费修复的缺席，基建、地产以及出口的触顶回落或将带动经济周期重回下行。同时，从金融周期的角度看，年初信贷增速“踮脚尖”也可能意味着后续广义流动性将进一步收敛，这也将打开债市的下行空间。\n结论：3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与3月以来国债利率明显下行形成鲜明对比。结合来看，我们认为这一方面有央行货币投放稳健适度、资金面平稳中性之下配置盘发力的因素，另一方面，结合历史经验，投资者往往会在经济增速触顶回落之前进场布局，因此利率拐点通常先于经济拐点出现，考虑到当前投资者对经济增速触顶回落、年内通胀先上后下的预期较为一致，部分投资者提前进场布局也可能是当前利率与经济矛盾的原因之一。向后展望，我们认为当前债市的利多因素尚未释放完全，经济修复尚不稳固，同时金融周期也有转向下行的可能，短期来看平稳的资金利率水平或是当前债券市场的重要支撑，从中长期的视角看，随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开。综合而言，我们维持此前的判断，3.3%的十年国债利率顶部已经明确，后续债券利率预计仍将延续下行进程。\n正文\n经济与利率的矛盾\n春节以来，虽有全球经济改善、通胀升温、美债利率上行等利空因素，但国内债券市场整体回暖，与我们此前的判断一致。从债券市场行情来看，自春节以来，尽管有海外经济延续改善、全球再通胀升温、美债利率持续上行等利空因素，但国内债券市场韧性较强，10年期国债到期收益率并未突破我们的区间上限3.3%，进入3月后，随着资金面平稳和债市情绪的持续向好，债券利率整体呈回落态势，截至3月23日，10年期国债、国开债到期收益率分别下行7bps、14bps，与我们此前的判断一致。\n但同时也需要看到，3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与近期的利率下行形成明显对比。通胀方面，2月份全国CPI同比下降0.2%，降幅较上月收窄0.1pct，PPI同比上升1.7%，较上月大幅提高1.4pcts，工业通胀明显升温。进出口方面，我国1-2 月出口金额4,688.7 亿美元，同比增长60.6%，大幅高于市场预期41.8%，较2019 年同期增长32.7%；进口金额3,656.2 亿美元，同比增长22.2%，明显高于市场预期10.5%，较2019 年同期增长17.2%，进出口整体维持高景气。金融数据方面，2月社融增量为17100亿元，同比多增8392亿元，为2002年以来同期最高水平，2月新增人民币贷款13600亿元，也为历史上的同期最高水平。经济数据方面，2021年1-2月工业生产持续高增，同比增长35.1%，相较2019年同期年均增长约8.1%，明显超出市场预期；投资、消费也整体处于温和修复进程。这与利率下行形成明显对比。\n\n结合来看，我们认为经济与利率矛盾的背后既有资金面平稳之下配置盘发力的因素，也有对经济增速触顶回落的提前布局。2021年3月以来，央行货币态度维持稳健，资金投放不偏不倚，资金面整体平稳，税期、缴准等因素并未带动资金利率明显上行。在此环境之下，配置盘的配置热情有所提高，国债一级市场招标结果向好，现券利率整体呈下行趋势。同时，去年受疫情影响，一季度国内产需断崖下行，我国相继采取再贷款、再贴现、贷款展期等政策工具以强化对实体经济的资金支持，此后国内经济开始缓慢修复。综合考虑到基数因素、政策期限，年内出现GDP度数回落、广义流动性收缩等情况的概率并不低，而市场对此也有一定的预期，这可能导致部分投资者在经济增速触顶回落之前提前进场，进而导致收益率的边际下行。而结合历史经验来看，投资者在经济增速正式回落之前进场也并非无迹可循。\n\n史观利率与经济的轮动：现实与预期的博弈\n“兵马未动，粮草先行”，历史经验表明利率走势通常领先于经济走势。首先需要说明的是，考虑到近年来GDP同比增速的波动逐渐收敛，我们用PMI来衡量宏观经济的冷暖，可以发现，自2008年以来，利率拐点整体通常领先于经济基本面走势。具体来看：\n2008年底至2009年初，受全球经济危机影响，国内经济明显遇冷，但彼时市场对基建投资发力托底与经济增长企稳的预期较为浓烈，10年国债收益率于2009年1月触及2.67%的阶段性低点后开始快速上行，但此时国内基本面却仍在探底，直至2009年二季度后国内经济增长才逐渐开始触底反弹。\n进入2010年后，年初国内经济增长有所放缓但尚未完全转向，流动性宽松带动现券利率明显下行，进入2010年Q2，受欧洲及新兴市场国家债务风险影响，全球经济增长明显回落，国内经济增长也有明显下行。在此阶段，现券利率的下行拐点要领先于经济基本面的拐点，进入2010年下半年，随着全球通胀预期的再修正，国内央行开始逐渐收紧货币政策，资金利率明显上行，现券利率自8月开始快速攀升。\n2013年底-2014年初，在经历了为时半年的利率快速上行后，随着流动性的持续宽松，积压的多方情绪有所释放，配置力量较为强劲，现券利率从2013年11月4.67%的阶段性高点快速下行至2014年6月的4.0%附近，在此期间，国内经济却仍处于上行阶段，直至2014年下半年，国内经济增长才正式开启下行进程。\n2018年1季度，固定资产投资整体平稳，出口、工业生产持续高增，GDP同比增速录得6.9%，较2017年Q4的6.8%上行0.1pct，整体表明国内经济增长维持高景气，但现券利率从年初开始持续下行。进入二季度后，随着信用违约风险升温、广义流动性明显收紧，国内经济增长也开始逐渐回落。在此阶段，现券利率走势仍领先于经济增长。\n\n利多仍未完全释放，利率下行尚未完结\n从经济周期的角度看，尽管当前基本面整体平稳，但消费、制造业投资偏弱仍是目前国内经济的两大隐忧，后续若有产能周期和消费修复的缺席，基建、地产以及出口的触顶回落或将带动经济周期重回下行。从2021年1-2月经济数据上看，尽管在基数效应影响之下，主要经济分项数据同比增速纷纷创历史新高，但若以2019年为基期，可以发现国内经济数据大致呈工业生产、地产维持高景气，但制造业投资、基建投资、社零消费恢复偏慢的组合，整体看经济恢复基础仍不牢固。考虑到当前房企拿地走弱已逐渐传导至地产开工端，后续地产投资料将延续下行，专项债发行虽将在短期内对基建投资形成一定提振，但考虑到公共财政逐渐向民生领域倾斜以及房企拿地制约地方政府性基金财政，基建投资超预期上行概率也不高。在基建+地产投资下行的环境之下，消费+制造业投资虽有一定的修复空间，但从近期的数据表现上看，消费+制造业的修复仍是任重道远。后续若有地产+基建投资走弱，叠加替代性出口弱化导致外需回落，经济周期或将重回下行。\n\n从金融周期的角度看，信贷增速“踮脚尖”后转为下行也将打开债市的下行空间。具体来看，今年政府工作报告继续强调“货币供应量和社会融资规模增速与名义经济增速基本匹配”以及“保持宏观杠杆率基本稳定”，“稳杠杆”政策方向不变，全年的金融环境依然是“紧信用”。去年疫情对经济造成沉重冲击，因此政策天平偏向于“稳增长”，全年宏观杠杆率增长23.6个百分点；今年疫情对经济的约束逐步消退，“防风险”重新成为首要目标，而其中最为核心的就是稳定宏观杠杆率。全年来看，预计社融增速将逐步降至11.2%，对应今年底宏观杠杆率与去年底基本持平，信贷增速和社融增速在2月短期上翘后预计将转为长期下行，金融周期的下行也将成为后续债市的一个重要利好。\n结论\n3月公布的外贸、通胀、金融、经济数据等宏观数据指向当前国内经济仍具有较高景气度，这与3月以来国债利率明显下行形成鲜明对比。结合来看，我们认为这一方面有央行货币投放稳健适度、资金面平稳中性之下配置盘发力的因素，另一方面，结合历史经验，投资者往往会在经济增速触顶回落之前进场布局，因此利率拐点通常先于经济拐点出现，考虑到当前投资者对经济增速触顶回落、年内通胀先上后下的预期较为一致，部分投资者提前进场布局也可能是当前利率与经济矛盾的原因之一。向后展望，我们认为当前债市的利多因素尚未释放完全，经济修复尚不稳固，同时金融周期也有转向下行的可能，短期来看平稳的资金利率水平或是当前债券市场的重要支撑，从中长期的视角看，随着经济周期以及金融周期的触顶回落，债券利率的做多逻辑将更为顺畅，债券利率的交易空间也将进一步打开。综合而言，我们维持此前的判断，3.3%的十年国债利率顶部已经明确，预计后续债券利率仍将延续下行进程。","news_type":1,"symbols_score_info":{"09141":0.9,"ZFmain":0.9,"ZNmain":0.9,"03141":0.9,"ZBmain":0.9,"TNmain":0.9,"ZTmain":0.9,"UBmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}