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AceSU
2022-06-08
666
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AceSU
2022-01-15
666
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AceSU
2021-09-24
$海底捞(06862)$
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AceSU
2021-08-16
Up up up
AceSU
2021-07-11
???
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AceSU
2021-07-07
DIDI up
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AceSU
2021-07-01
Is it time to buy?
AceSU
2021-06-27
I waiting for it...
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AceSU
2021-06-27
???
AceSU
2021-06-25
???
AceSU
2021-06-23
Let's go
AceSU
2021-06-23
Up up up
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AceSU
2021-06-22
Up
监管叫停“价格战”,社区团购下半场拼什么?
AceSU
2021-06-22
Up
监管叫停“价格战”,社区团购下半场拼什么?
AceSU
2021-06-21
Up up up
黄仁勋:英伟达不是非收购Arm不可,但我们想让计算更强大
AceSU
2021-06-20
Up
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AceSU
2021-06-20
Wow, power pack
AceSU
2021-06-19
Is it time to buy?
AceSU
2021-06-17
Wow, power back...
AceSU
2021-06-16
Is time to buy?
Go to Tiger App to see more news
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go","listText":"Let's go","text":"Let's go","images":[{"img":"https://static.tigerbbs.com/6167ecd28a68f42ae5dc99fffe10d8dd","width":"1080","height":"2800"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123238816","isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":123238049,"gmtCreate":1624424043881,"gmtModify":1703836261690,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123238049","repostId":"2145064562","repostType":4,"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120702283,"gmtCreate":1624335783842,"gmtModify":1703833825553,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Up ","listText":"Up ","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120702283","repostId":"1138162924","repostType":4,"repost":{"id":"1138162924","pubTimestamp":1624335213,"share":"https://www.laohu8.com/m/news/1138162924?lang=&edition=full","pubTime":"2021-06-22 12:13","market":"us","language":"zh","title":"监管叫停“价格战”,社区团购下半场拼什么?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138162924","media":"iFeng科技","summary":"对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。\n社区团购再次迎来强力监管。\n近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市","content":"<p><img src=\"https://static.tigerbbs.com/bb15a141f2ea46cd897789402a4609e0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。</p>\n<p><b>社区团购再次迎来强力监管。</b></p>\n<p>近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市场监管总局对十荟团不正当价格行为作出行政处罚,罚款150万元,并责令其江苏区域整顿3日。</p>\n<p>于去年复热的社区团购,在涌入互联网巨头后,进入了野蛮生长的阶段。为了争夺市场、培养用户习惯,各大平台以疯狂的补贴打起了价格战,“低价秒杀”、“新用户满减”等低价补贴行为屡禁不止。</p>\n<p>如今,监管再度加码,平台低价补贴被叫停,这也让市场担心社区团购的发展态势。烧钱扩张战略还行的通吗?强监管下的社区团购又将何去何从?</p>\n<p><b>低价倾销引发强监管</b></p>\n<p>事实上,从去年年底到现在,关于社区团购的监管正不断加强,但仍有部分平台铤而走险。</p>\n<p>以近期被罚的十荟团为例,市场监管总局公告指出,其销售的“蓝天三晶加碘精制食用盐500g,销售价格为0.1元,实际进货成本为0.57元”,“进货成本为3.89元的库尔勒小香梨,销售价为0.99元。”</p>\n<p>这种低于成本价的倾销行为,被视作破坏消费市场行情的不正当价格竞争。5月27日,市场监管总局对十荟团开出罚单,合计罚款150万元。当晚,十荟团回应称,平台已第一时间下架所涉商品,并加速业务整改。</p>\n<p>这不是十荟团第一次受到处罚,被处罚的也不止它一家。今年3月,十荟团、多多买菜、美团优选等社区团购平台就因不正当价格,被市场监管总局分别处以150万元罚款。同时,市场监管总局透露,“再发现屡次犯法行为,将依法从重处罚。”</p>\n<p>5月31日,商务部等12部门联合发布《关于推进城市一刻钟便民生活圈建设的意见》,再次指出社区电商等业态常见的不正当价格竞争问题,并提出要建立健全市场准入规则,防止资本无序扩张。而近日也有消息称,监管部门要求所有社区团购平台,不得以低于成本价倾销商品。</p>\n<p><b>有业内人士表示,随着监管趋严,社区团购依靠低价倾销、高价补贴行为,包括所有的促销活动、变相拉新,统统不被允许。这也意味着,社区团购平台将在明面上告别价格战。</b></p>\n<p>凤凰网科技注意到,多轮处罚整改后,社区团购平台已有所收敛。在十荟团、橙心优选等主流平台上,目前已看不见一分钱秒杀活动,但还有“新人专享红包”、“限时抢购”等活动。</p>\n<p><b>不打价格战,拼什么?</b></p>\n<p>由于团购补贴的收紧,多家社区团购平台订单量出现了明显下滑。“橙心优选做了五个多月,以前每天都有60多单,现在每天只有十来单,京喜拼拼才开始,一星期都很难接到几单了。”北京枣营北里社区的一位团长告诉记者。</p>\n<p>这一情形引发了市场的高度关注,若低价补贴不能持续,各大平台将如何吸引、留存用户与团长?社区团购赛道又将迎来怎样的改变?</p>\n<p>“当低价补贴不再成为吸引客户的方式后,商品品质、用户体验就成为了各平台的发力关键”。电商分析师庄帅认为,价格战被叫停后,社区团购平台将转向更为精细化的运营,包括团长的培训、规模化管理,以及品类的差异化。</p>\n<p>凤凰网科技调查发现,经历无序扩张和严厉监管后,社区团购正逐渐回归理性。</p>\n<p>美团优选相关负责人表示,目前美团优选已覆盖2600余县市,并将持续开拓村镇等下沉市场,不断加强供应链建设。在江苏,美团优选与淮安洪泽区达成了战略合作,双方将共建农采基地,并上线当地特色产品。十荟团则表示,平台已作出战略调整,将重心放在商品品质和运营效率提升方面。</p>\n<p>当社区团购脱掉野蛮生长的外衣后,资本也向头部品牌靠拢。数据显示,2021年的前5个月,社区团购赛道共获8轮融资,共262亿元,融资金额创历史新高。其中,兴盛优选年内获两次融资,共31亿美元;十荟团获7.5亿元融资,二者合计融资金额占赛道的95%以上。</p>\n<p><img src=\"https://static.tigerbbs.com/c427e8c814f65db207c7399b1e832092\" tg-width=\"645\" tg-height=\"500\" referrerpolicy=\"no-referrer\">与此同时,社区团购行业格局也开始显现。目前,美团优选、多多买菜平台日订单已超2500万单,处于第一梯队;橙心优选、兴盛优选、十荟团日单量在1000万左右,属于第二梯队;阿里的盒马集市单量在300万左右,京喜拼拼在200万上下。<b>巨头拉锯战,履约成角力重点</b></p>\n<p>有资深投资人认为,“当第一阶段扩市场的闪电战告终后,社区团购玩家将进入运营拉锯战。届时,复购率、团点促活、GMV将成为市场角力的重点。这不仅是平台经营能力的比拼,更是财力的考验。”</p>\n<p>从财报数据中可以窥见,美团优选、多多买菜等巨头仍在增加投入。美团财报显示,2020年Q4其净利润由盈转亏至14.36亿元。美团在公告中表示,亏损扩大主要系社区电商业务前期较大的投入所致,预计未来几个季度可能持续录得亏损。</p>\n<p>拼多多也不例外。2021年第一季度,拼多多实现营收221.67亿元,归属于普通股股东的净亏损为29.054亿元。而其营收成本为107.461元人民币,同比增长487%。有互联网人士分析称,社区团购业务的持续投入,是其成本大增的重要因素。</p>\n<p>上述人士表示,社区团购基于高频订单和巨大的下沉流量,有望产生巨大的生态机会,这也是巨头们持续加码的原因。</p>\n<p>新零售专家鲍跃忠认为,由于社区团购涉及源采、分捡、物流、仓配等众多环节,每部分成本投入都很大,考虑到部分玩家并无持续资金实力与融资能力承担亏损,行业或将仅剩几家巨头。而招商证券研报也指出,寡头垄断的行业格局预计在1-2年后基本形成。</p>\n<p>对于不缺资金的巨头而言,价格战被叫停后,履约能力将成为比拼的重点。</p>\n<p><b>社区团购的履约,实际上就是从中心仓到网格仓再到自提点。</b>看似简单的配送环节,其实涉及仓储选址、品控严格化、分拣精细化、物流线路规划等问题。因而,履约本身,实际是对平台精细化运作能力的考验。</p>\n<p>今年以来,橙心优选、多多买菜等均将网格仓作为布局重点。据了解,自去年橙心优选发力网格仓建设以来,截止3月22日,旗下网格仓数量已接近3000家。与此同时,多多买菜则关闭了多个区域网格仓,优化仓储布局,并通过提价帮助代理商止损。另外一些玩家,则在探索通过提升人力效率,如激励团长雇佣人员送货。</p>\n<p>从去年巨头涌入,到今年监管叫停价格战,社区团购如今迈入了下半场战争。赛道内,巨头纷纷探索新的竞争方式,无论是拼多多、美团还是阿里、京东,谁能在履约环节更高效,谁就将走的更加长远。</p>","source":"lsy1570585487130","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n监管叫停“价格战”,社区团购下半场拼什么?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 12:13 北京时间 <a href=https://mp.weixin.qq.com/s/LRu3XnLIKoHJxhqgq8zWuA><strong>iFeng科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。\n社区团购再次迎来强力监管。\n近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市场监管总局对十荟团不正当价格行为作出行政处罚,罚款150万元,并责令其江苏区域整顿3日。\n于去年复热的社区团购,在涌入互联网巨头后,进入了野蛮生长的阶段。为了争夺市场、培养用户习惯,各大平台以疯狂的...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/LRu3XnLIKoHJxhqgq8zWuA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb15a141f2ea46cd897789402a4609e0","relate_stocks":{"PDD":"拼多多","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/LRu3XnLIKoHJxhqgq8zWuA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138162924","content_text":"对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。\n社区团购再次迎来强力监管。\n近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市场监管总局对十荟团不正当价格行为作出行政处罚,罚款150万元,并责令其江苏区域整顿3日。\n于去年复热的社区团购,在涌入互联网巨头后,进入了野蛮生长的阶段。为了争夺市场、培养用户习惯,各大平台以疯狂的补贴打起了价格战,“低价秒杀”、“新用户满减”等低价补贴行为屡禁不止。\n如今,监管再度加码,平台低价补贴被叫停,这也让市场担心社区团购的发展态势。烧钱扩张战略还行的通吗?强监管下的社区团购又将何去何从?\n低价倾销引发强监管\n事实上,从去年年底到现在,关于社区团购的监管正不断加强,但仍有部分平台铤而走险。\n以近期被罚的十荟团为例,市场监管总局公告指出,其销售的“蓝天三晶加碘精制食用盐500g,销售价格为0.1元,实际进货成本为0.57元”,“进货成本为3.89元的库尔勒小香梨,销售价为0.99元。”\n这种低于成本价的倾销行为,被视作破坏消费市场行情的不正当价格竞争。5月27日,市场监管总局对十荟团开出罚单,合计罚款150万元。当晚,十荟团回应称,平台已第一时间下架所涉商品,并加速业务整改。\n这不是十荟团第一次受到处罚,被处罚的也不止它一家。今年3月,十荟团、多多买菜、美团优选等社区团购平台就因不正当价格,被市场监管总局分别处以150万元罚款。同时,市场监管总局透露,“再发现屡次犯法行为,将依法从重处罚。”\n5月31日,商务部等12部门联合发布《关于推进城市一刻钟便民生活圈建设的意见》,再次指出社区电商等业态常见的不正当价格竞争问题,并提出要建立健全市场准入规则,防止资本无序扩张。而近日也有消息称,监管部门要求所有社区团购平台,不得以低于成本价倾销商品。\n有业内人士表示,随着监管趋严,社区团购依靠低价倾销、高价补贴行为,包括所有的促销活动、变相拉新,统统不被允许。这也意味着,社区团购平台将在明面上告别价格战。\n凤凰网科技注意到,多轮处罚整改后,社区团购平台已有所收敛。在十荟团、橙心优选等主流平台上,目前已看不见一分钱秒杀活动,但还有“新人专享红包”、“限时抢购”等活动。\n不打价格战,拼什么?\n由于团购补贴的收紧,多家社区团购平台订单量出现了明显下滑。“橙心优选做了五个多月,以前每天都有60多单,现在每天只有十来单,京喜拼拼才开始,一星期都很难接到几单了。”北京枣营北里社区的一位团长告诉记者。\n这一情形引发了市场的高度关注,若低价补贴不能持续,各大平台将如何吸引、留存用户与团长?社区团购赛道又将迎来怎样的改变?\n“当低价补贴不再成为吸引客户的方式后,商品品质、用户体验就成为了各平台的发力关键”。电商分析师庄帅认为,价格战被叫停后,社区团购平台将转向更为精细化的运营,包括团长的培训、规模化管理,以及品类的差异化。\n凤凰网科技调查发现,经历无序扩张和严厉监管后,社区团购正逐渐回归理性。\n美团优选相关负责人表示,目前美团优选已覆盖2600余县市,并将持续开拓村镇等下沉市场,不断加强供应链建设。在江苏,美团优选与淮安洪泽区达成了战略合作,双方将共建农采基地,并上线当地特色产品。十荟团则表示,平台已作出战略调整,将重心放在商品品质和运营效率提升方面。\n当社区团购脱掉野蛮生长的外衣后,资本也向头部品牌靠拢。数据显示,2021年的前5个月,社区团购赛道共获8轮融资,共262亿元,融资金额创历史新高。其中,兴盛优选年内获两次融资,共31亿美元;十荟团获7.5亿元融资,二者合计融资金额占赛道的95%以上。\n与此同时,社区团购行业格局也开始显现。目前,美团优选、多多买菜平台日订单已超2500万单,处于第一梯队;橙心优选、兴盛优选、十荟团日单量在1000万左右,属于第二梯队;阿里的盒马集市单量在300万左右,京喜拼拼在200万上下。巨头拉锯战,履约成角力重点\n有资深投资人认为,“当第一阶段扩市场的闪电战告终后,社区团购玩家将进入运营拉锯战。届时,复购率、团点促活、GMV将成为市场角力的重点。这不仅是平台经营能力的比拼,更是财力的考验。”\n从财报数据中可以窥见,美团优选、多多买菜等巨头仍在增加投入。美团财报显示,2020年Q4其净利润由盈转亏至14.36亿元。美团在公告中表示,亏损扩大主要系社区电商业务前期较大的投入所致,预计未来几个季度可能持续录得亏损。\n拼多多也不例外。2021年第一季度,拼多多实现营收221.67亿元,归属于普通股股东的净亏损为29.054亿元。而其营收成本为107.461元人民币,同比增长487%。有互联网人士分析称,社区团购业务的持续投入,是其成本大增的重要因素。\n上述人士表示,社区团购基于高频订单和巨大的下沉流量,有望产生巨大的生态机会,这也是巨头们持续加码的原因。\n新零售专家鲍跃忠认为,由于社区团购涉及源采、分捡、物流、仓配等众多环节,每部分成本投入都很大,考虑到部分玩家并无持续资金实力与融资能力承担亏损,行业或将仅剩几家巨头。而招商证券研报也指出,寡头垄断的行业格局预计在1-2年后基本形成。\n对于不缺资金的巨头而言,价格战被叫停后,履约能力将成为比拼的重点。\n社区团购的履约,实际上就是从中心仓到网格仓再到自提点。看似简单的配送环节,其实涉及仓储选址、品控严格化、分拣精细化、物流线路规划等问题。因而,履约本身,实际是对平台精细化运作能力的考验。\n今年以来,橙心优选、多多买菜等均将网格仓作为布局重点。据了解,自去年橙心优选发力网格仓建设以来,截止3月22日,旗下网格仓数量已接近3000家。与此同时,多多买菜则关闭了多个区域网格仓,优化仓储布局,并通过提价帮助代理商止损。另外一些玩家,则在探索通过提升人力效率,如激励团长雇佣人员送货。\n从去年巨头涌入,到今年监管叫停价格战,社区团购如今迈入了下半场战争。赛道内,巨头纷纷探索新的竞争方式,无论是拼多多、美团还是阿里、京东,谁能在履约环节更高效,谁就将走的更加长远。","news_type":1},"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120702928,"gmtCreate":1624335771064,"gmtModify":1703833824745,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120702928","repostId":"1138162924","repostType":4,"repost":{"id":"1138162924","pubTimestamp":1624335213,"share":"https://www.laohu8.com/m/news/1138162924?lang=&edition=full","pubTime":"2021-06-22 12:13","market":"us","language":"zh","title":"监管叫停“价格战”,社区团购下半场拼什么?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138162924","media":"iFeng科技","summary":"对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。\n社区团购再次迎来强力监管。\n近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市","content":"<p><img src=\"https://static.tigerbbs.com/bb15a141f2ea46cd897789402a4609e0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。</p>\n<p><b>社区团购再次迎来强力监管。</b></p>\n<p>近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市场监管总局对十荟团不正当价格行为作出行政处罚,罚款150万元,并责令其江苏区域整顿3日。</p>\n<p>于去年复热的社区团购,在涌入互联网巨头后,进入了野蛮生长的阶段。为了争夺市场、培养用户习惯,各大平台以疯狂的补贴打起了价格战,“低价秒杀”、“新用户满减”等低价补贴行为屡禁不止。</p>\n<p>如今,监管再度加码,平台低价补贴被叫停,这也让市场担心社区团购的发展态势。烧钱扩张战略还行的通吗?强监管下的社区团购又将何去何从?</p>\n<p><b>低价倾销引发强监管</b></p>\n<p>事实上,从去年年底到现在,关于社区团购的监管正不断加强,但仍有部分平台铤而走险。</p>\n<p>以近期被罚的十荟团为例,市场监管总局公告指出,其销售的“蓝天三晶加碘精制食用盐500g,销售价格为0.1元,实际进货成本为0.57元”,“进货成本为3.89元的库尔勒小香梨,销售价为0.99元。”</p>\n<p>这种低于成本价的倾销行为,被视作破坏消费市场行情的不正当价格竞争。5月27日,市场监管总局对十荟团开出罚单,合计罚款150万元。当晚,十荟团回应称,平台已第一时间下架所涉商品,并加速业务整改。</p>\n<p>这不是十荟团第一次受到处罚,被处罚的也不止它一家。今年3月,十荟团、多多买菜、美团优选等社区团购平台就因不正当价格,被市场监管总局分别处以150万元罚款。同时,市场监管总局透露,“再发现屡次犯法行为,将依法从重处罚。”</p>\n<p>5月31日,商务部等12部门联合发布《关于推进城市一刻钟便民生活圈建设的意见》,再次指出社区电商等业态常见的不正当价格竞争问题,并提出要建立健全市场准入规则,防止资本无序扩张。而近日也有消息称,监管部门要求所有社区团购平台,不得以低于成本价倾销商品。</p>\n<p><b>有业内人士表示,随着监管趋严,社区团购依靠低价倾销、高价补贴行为,包括所有的促销活动、变相拉新,统统不被允许。这也意味着,社区团购平台将在明面上告别价格战。</b></p>\n<p>凤凰网科技注意到,多轮处罚整改后,社区团购平台已有所收敛。在十荟团、橙心优选等主流平台上,目前已看不见一分钱秒杀活动,但还有“新人专享红包”、“限时抢购”等活动。</p>\n<p><b>不打价格战,拼什么?</b></p>\n<p>由于团购补贴的收紧,多家社区团购平台订单量出现了明显下滑。“橙心优选做了五个多月,以前每天都有60多单,现在每天只有十来单,京喜拼拼才开始,一星期都很难接到几单了。”北京枣营北里社区的一位团长告诉记者。</p>\n<p>这一情形引发了市场的高度关注,若低价补贴不能持续,各大平台将如何吸引、留存用户与团长?社区团购赛道又将迎来怎样的改变?</p>\n<p>“当低价补贴不再成为吸引客户的方式后,商品品质、用户体验就成为了各平台的发力关键”。电商分析师庄帅认为,价格战被叫停后,社区团购平台将转向更为精细化的运营,包括团长的培训、规模化管理,以及品类的差异化。</p>\n<p>凤凰网科技调查发现,经历无序扩张和严厉监管后,社区团购正逐渐回归理性。</p>\n<p>美团优选相关负责人表示,目前美团优选已覆盖2600余县市,并将持续开拓村镇等下沉市场,不断加强供应链建设。在江苏,美团优选与淮安洪泽区达成了战略合作,双方将共建农采基地,并上线当地特色产品。十荟团则表示,平台已作出战略调整,将重心放在商品品质和运营效率提升方面。</p>\n<p>当社区团购脱掉野蛮生长的外衣后,资本也向头部品牌靠拢。数据显示,2021年的前5个月,社区团购赛道共获8轮融资,共262亿元,融资金额创历史新高。其中,兴盛优选年内获两次融资,共31亿美元;十荟团获7.5亿元融资,二者合计融资金额占赛道的95%以上。</p>\n<p><img src=\"https://static.tigerbbs.com/c427e8c814f65db207c7399b1e832092\" tg-width=\"645\" tg-height=\"500\" referrerpolicy=\"no-referrer\">与此同时,社区团购行业格局也开始显现。目前,美团优选、多多买菜平台日订单已超2500万单,处于第一梯队;橙心优选、兴盛优选、十荟团日单量在1000万左右,属于第二梯队;阿里的盒马集市单量在300万左右,京喜拼拼在200万上下。<b>巨头拉锯战,履约成角力重点</b></p>\n<p>有资深投资人认为,“当第一阶段扩市场的闪电战告终后,社区团购玩家将进入运营拉锯战。届时,复购率、团点促活、GMV将成为市场角力的重点。这不仅是平台经营能力的比拼,更是财力的考验。”</p>\n<p>从财报数据中可以窥见,美团优选、多多买菜等巨头仍在增加投入。美团财报显示,2020年Q4其净利润由盈转亏至14.36亿元。美团在公告中表示,亏损扩大主要系社区电商业务前期较大的投入所致,预计未来几个季度可能持续录得亏损。</p>\n<p>拼多多也不例外。2021年第一季度,拼多多实现营收221.67亿元,归属于普通股股东的净亏损为29.054亿元。而其营收成本为107.461元人民币,同比增长487%。有互联网人士分析称,社区团购业务的持续投入,是其成本大增的重要因素。</p>\n<p>上述人士表示,社区团购基于高频订单和巨大的下沉流量,有望产生巨大的生态机会,这也是巨头们持续加码的原因。</p>\n<p>新零售专家鲍跃忠认为,由于社区团购涉及源采、分捡、物流、仓配等众多环节,每部分成本投入都很大,考虑到部分玩家并无持续资金实力与融资能力承担亏损,行业或将仅剩几家巨头。而招商证券研报也指出,寡头垄断的行业格局预计在1-2年后基本形成。</p>\n<p>对于不缺资金的巨头而言,价格战被叫停后,履约能力将成为比拼的重点。</p>\n<p><b>社区团购的履约,实际上就是从中心仓到网格仓再到自提点。</b>看似简单的配送环节,其实涉及仓储选址、品控严格化、分拣精细化、物流线路规划等问题。因而,履约本身,实际是对平台精细化运作能力的考验。</p>\n<p>今年以来,橙心优选、多多买菜等均将网格仓作为布局重点。据了解,自去年橙心优选发力网格仓建设以来,截止3月22日,旗下网格仓数量已接近3000家。与此同时,多多买菜则关闭了多个区域网格仓,优化仓储布局,并通过提价帮助代理商止损。另外一些玩家,则在探索通过提升人力效率,如激励团长雇佣人员送货。</p>\n<p>从去年巨头涌入,到今年监管叫停价格战,社区团购如今迈入了下半场战争。赛道内,巨头纷纷探索新的竞争方式,无论是拼多多、美团还是阿里、京东,谁能在履约环节更高效,谁就将走的更加长远。</p>","source":"lsy1570585487130","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n监管叫停“价格战”,社区团购下半场拼什么?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 12:13 北京时间 <a href=https://mp.weixin.qq.com/s/LRu3XnLIKoHJxhqgq8zWuA><strong>iFeng科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。\n社区团购再次迎来强力监管。\n近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市场监管总局对十荟团不正当价格行为作出行政处罚,罚款150万元,并责令其江苏区域整顿3日。\n于去年复热的社区团购,在涌入互联网巨头后,进入了野蛮生长的阶段。为了争夺市场、培养用户习惯,各大平台以疯狂的...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/LRu3XnLIKoHJxhqgq8zWuA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb15a141f2ea46cd897789402a4609e0","relate_stocks":{"PDD":"拼多多","03690":"美团-W"},"source_url":"https://mp.weixin.qq.com/s/LRu3XnLIKoHJxhqgq8zWuA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138162924","content_text":"对于不缺资金的巨头而言,价格战被叫停后,履约能力成为比拼的重点。\n社区团购再次迎来强力监管。\n近日,有消息称,监管部门对所有社区团购平台发出的统一要求,不得以明显低于成本价倾销商品。而在此之前,国家市场监管总局对十荟团不正当价格行为作出行政处罚,罚款150万元,并责令其江苏区域整顿3日。\n于去年复热的社区团购,在涌入互联网巨头后,进入了野蛮生长的阶段。为了争夺市场、培养用户习惯,各大平台以疯狂的补贴打起了价格战,“低价秒杀”、“新用户满减”等低价补贴行为屡禁不止。\n如今,监管再度加码,平台低价补贴被叫停,这也让市场担心社区团购的发展态势。烧钱扩张战略还行的通吗?强监管下的社区团购又将何去何从?\n低价倾销引发强监管\n事实上,从去年年底到现在,关于社区团购的监管正不断加强,但仍有部分平台铤而走险。\n以近期被罚的十荟团为例,市场监管总局公告指出,其销售的“蓝天三晶加碘精制食用盐500g,销售价格为0.1元,实际进货成本为0.57元”,“进货成本为3.89元的库尔勒小香梨,销售价为0.99元。”\n这种低于成本价的倾销行为,被视作破坏消费市场行情的不正当价格竞争。5月27日,市场监管总局对十荟团开出罚单,合计罚款150万元。当晚,十荟团回应称,平台已第一时间下架所涉商品,并加速业务整改。\n这不是十荟团第一次受到处罚,被处罚的也不止它一家。今年3月,十荟团、多多买菜、美团优选等社区团购平台就因不正当价格,被市场监管总局分别处以150万元罚款。同时,市场监管总局透露,“再发现屡次犯法行为,将依法从重处罚。”\n5月31日,商务部等12部门联合发布《关于推进城市一刻钟便民生活圈建设的意见》,再次指出社区电商等业态常见的不正当价格竞争问题,并提出要建立健全市场准入规则,防止资本无序扩张。而近日也有消息称,监管部门要求所有社区团购平台,不得以低于成本价倾销商品。\n有业内人士表示,随着监管趋严,社区团购依靠低价倾销、高价补贴行为,包括所有的促销活动、变相拉新,统统不被允许。这也意味着,社区团购平台将在明面上告别价格战。\n凤凰网科技注意到,多轮处罚整改后,社区团购平台已有所收敛。在十荟团、橙心优选等主流平台上,目前已看不见一分钱秒杀活动,但还有“新人专享红包”、“限时抢购”等活动。\n不打价格战,拼什么?\n由于团购补贴的收紧,多家社区团购平台订单量出现了明显下滑。“橙心优选做了五个多月,以前每天都有60多单,现在每天只有十来单,京喜拼拼才开始,一星期都很难接到几单了。”北京枣营北里社区的一位团长告诉记者。\n这一情形引发了市场的高度关注,若低价补贴不能持续,各大平台将如何吸引、留存用户与团长?社区团购赛道又将迎来怎样的改变?\n“当低价补贴不再成为吸引客户的方式后,商品品质、用户体验就成为了各平台的发力关键”。电商分析师庄帅认为,价格战被叫停后,社区团购平台将转向更为精细化的运营,包括团长的培训、规模化管理,以及品类的差异化。\n凤凰网科技调查发现,经历无序扩张和严厉监管后,社区团购正逐渐回归理性。\n美团优选相关负责人表示,目前美团优选已覆盖2600余县市,并将持续开拓村镇等下沉市场,不断加强供应链建设。在江苏,美团优选与淮安洪泽区达成了战略合作,双方将共建农采基地,并上线当地特色产品。十荟团则表示,平台已作出战略调整,将重心放在商品品质和运营效率提升方面。\n当社区团购脱掉野蛮生长的外衣后,资本也向头部品牌靠拢。数据显示,2021年的前5个月,社区团购赛道共获8轮融资,共262亿元,融资金额创历史新高。其中,兴盛优选年内获两次融资,共31亿美元;十荟团获7.5亿元融资,二者合计融资金额占赛道的95%以上。\n与此同时,社区团购行业格局也开始显现。目前,美团优选、多多买菜平台日订单已超2500万单,处于第一梯队;橙心优选、兴盛优选、十荟团日单量在1000万左右,属于第二梯队;阿里的盒马集市单量在300万左右,京喜拼拼在200万上下。巨头拉锯战,履约成角力重点\n有资深投资人认为,“当第一阶段扩市场的闪电战告终后,社区团购玩家将进入运营拉锯战。届时,复购率、团点促活、GMV将成为市场角力的重点。这不仅是平台经营能力的比拼,更是财力的考验。”\n从财报数据中可以窥见,美团优选、多多买菜等巨头仍在增加投入。美团财报显示,2020年Q4其净利润由盈转亏至14.36亿元。美团在公告中表示,亏损扩大主要系社区电商业务前期较大的投入所致,预计未来几个季度可能持续录得亏损。\n拼多多也不例外。2021年第一季度,拼多多实现营收221.67亿元,归属于普通股股东的净亏损为29.054亿元。而其营收成本为107.461元人民币,同比增长487%。有互联网人士分析称,社区团购业务的持续投入,是其成本大增的重要因素。\n上述人士表示,社区团购基于高频订单和巨大的下沉流量,有望产生巨大的生态机会,这也是巨头们持续加码的原因。\n新零售专家鲍跃忠认为,由于社区团购涉及源采、分捡、物流、仓配等众多环节,每部分成本投入都很大,考虑到部分玩家并无持续资金实力与融资能力承担亏损,行业或将仅剩几家巨头。而招商证券研报也指出,寡头垄断的行业格局预计在1-2年后基本形成。\n对于不缺资金的巨头而言,价格战被叫停后,履约能力将成为比拼的重点。\n社区团购的履约,实际上就是从中心仓到网格仓再到自提点。看似简单的配送环节,其实涉及仓储选址、品控严格化、分拣精细化、物流线路规划等问题。因而,履约本身,实际是对平台精细化运作能力的考验。\n今年以来,橙心优选、多多买菜等均将网格仓作为布局重点。据了解,自去年橙心优选发力网格仓建设以来,截止3月22日,旗下网格仓数量已接近3000家。与此同时,多多买菜则关闭了多个区域网格仓,优化仓储布局,并通过提价帮助代理商止损。另外一些玩家,则在探索通过提升人力效率,如激励团长雇佣人员送货。\n从去年巨头涌入,到今年监管叫停价格战,社区团购如今迈入了下半场战争。赛道内,巨头纷纷探索新的竞争方式,无论是拼多多、美团还是阿里、京东,谁能在履约环节更高效,谁就将走的更加长远。","news_type":1},"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167134371,"gmtCreate":1624251330293,"gmtModify":1703831619771,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167134371","repostId":"2144094337","repostType":4,"repost":{"id":"2144094337","pubTimestamp":1624251019,"share":"https://www.laohu8.com/m/news/2144094337?lang=&edition=full","pubTime":"2021-06-21 12:50","market":"us","language":"zh","title":"黄仁勋:英伟达不是非收购Arm不可,但我们想让计算更强大","url":"https://stock-news.laohu8.com/highlight/detail?id=2144094337","media":"第一财经","summary":"自英伟达去年9月宣布以400亿美元收购英国芯片设计公司Arm以来,已经过去9个月时间,距离完成收购交易的时间表也已过半,但至今全球的监管机构尚未释放任何积极信号,这给交易能否在18个月内顺利完成打上问","content":"<div>\n<p>自英伟达去年9月宣布以400亿美元收购英国芯片设计公司Arm以来,已经过去9个月时间,距离完成收购交易的时间表也已过半,但至今全球的监管机构尚未释放任何积极信号,这给交易能否在18个月内顺利完成打上问号。\n刚刚过去的一个周末,英伟达创始人CEO黄仁勋和Arm CEO西蒙·希格斯(Simon Segars)在由咨询机构摩尔洞察战略(Moorhead Insights & Strategy)举办的一场...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021062016081277ea2ee8&s=b\">Web Link</a>\n\n</div>\n","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>黄仁勋:英伟达不是非收购Arm不可,但我们想让计算更强大</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; 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class=\"title\">\n黄仁勋:英伟达不是非收购Arm不可,但我们想让计算更强大\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 12:50 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021062016081277ea2ee8&s=b><strong>第一财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>自英伟达去年9月宣布以400亿美元收购英国芯片设计公司Arm以来,已经过去9个月时间,距离完成收购交易的时间表也已过半,但至今全球的监管机构尚未释放任何积极信号,这给交易能否在18个月内顺利完成打上问号。\n刚刚过去的一个周末,英伟达创始人CEO黄仁勋和Arm CEO西蒙·希格斯(Simon Segars)在由咨询机构摩尔洞察战略(Moorhead Insights & Strategy)举办的一场...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021062016081277ea2ee8&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6818ef93ab09efddb17a39d6983119a5","relate_stocks":{"NVDA":"英伟达"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021062016081277ea2ee8&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2144094337","content_text":"自英伟达去年9月宣布以400亿美元收购英国芯片设计公司Arm以来,已经过去9个月时间,距离完成收购交易的时间表也已过半,但至今全球的监管机构尚未释放任何积极信号,这给交易能否在18个月内顺利完成打上问号。\n刚刚过去的一个周末,英伟达创始人CEO黄仁勋和Arm CEO西蒙·希格斯(Simon Segars)在由咨询机构摩尔洞察战略(Moorhead Insights & Strategy)举办的一场Six Five线上峰会上,就外界高度关注的收购案进行坦诚对话,并回应了有关反垄断以及出口管制等尖锐质疑。\n“计算变革的大潮正在重塑科技市场格局。”黄仁勋表示,“英伟达自身的发展也很好,并不是非要收购Arm不可,我们之所以这么做,是因为我们想让计算机变得更加强大,Arm独立并不意味着强大,没有人需要脆弱的独立。”\n不过英伟达在最新的公开声明中,仍然坚持明年3月完成收购的时间表。\n\n希格斯在对话中说道,5G通信的部署、交通的电气化,特别是去年疫情以来,工作、学习、生活等各个方面的数字化发展明显加速,这些都给计算机市场带来巨大的机遇和挑战,而单凭Arm的一己之力难以应对这种复杂的挑战。“通过与英伟达结合,我们将得到比现在多得多的资源,来开发更加丰富的IP组合,推动未来应用的开发和交付。”\n黄仁勋也说道:“物联网和边缘AI正在兴起,但是AI的基础性技术还没得到广泛部署。英伟达的AI技术可以通过Arm的网络被带到市场的各个角落。对于客户来说,英伟达和Arm的交易意味着更多和更好的IP资源,更快的发展路线图和更具竞争力的产品。”\n英伟达要获得Arm的能力,是否一定要靠收购?\n长期以来,Arm的独立性一直被认为是其最大的资产。目前全球95%的智能手机和95%的中国设计芯片采用了Arm公司的节能芯片架构。Arm公司目前将其芯片设计授权给全球500多家公司,主要客户包括苹果、三星、高通和博通等。竞争对手和交易的批评者反对这起收购,认为英伟达的控制会破坏Arm的独立性。上周高通已经对英国媒体表示,如果监管机构阻止英伟达收购Arm,那么高通将考虑联合业内投资Arm。\n对此黄仁勋反驳称:“有些人认为独立就是好的,但是西蒙(希格斯)和我都认为,独立性并不意味着生态系统的强大和活力。客户需要的是一个强大的Arm,能够和他们一起开拓新的领域,具有活力的独立性才是良性的。”\n英伟达方面在回应第一财经记者时表示:“Arm需要新技术的融合,从而使得授权者获得更大的利益,这也是我们决定收购Arm的主要原因。英伟达的技术与高通高度互补,我们欢迎高通加入,为整个Arm生态创造新的技术和产品。”\n咨询机构Tirias Research分析师凯文·克鲁威尔(Kevin Krewell)表示:“英伟达面临的挑战将是如何引导Arm在实现英伟达和Arm共同目标之间找到正确的平衡,并且前提是这种方式不会损害后者作为独立IP提供商在市场上的地位。”\n一些业内人士还担心,Arm在被美国公司收购后,可能会带来产品出口管制的变化。对此,希格斯表示:“出口管制是针对产品本身开发和生产地及其开发者国籍的政策,与拥有这个产品的公司来自哪个国家没有任何关系。虽然我们会有一小部分的产品受到美国出口管制政策的影响,但是我们大量的产品是在英国以及美国之外的地方开发的,因此不在美国出口管制政策的范围之内。在英伟达收购Arm后,这一格局不会发生任何改变。”\n针对外界质疑的美国科技巨头“摘走英国科技皇冠上的明珠” ,黄仁勋回应称:“英伟达将Arm总部所在地剑桥称为全球最重要的微处理器IP和研发中心之一,它在实现超低功耗技术和通用处理器设计方面有着独一无二的能力。我们不仅会保持目前Arm在剑桥的工作,而且我们还会增加投资,在剑桥开展更多的工作。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165201508,"gmtCreate":1624143879904,"gmtModify":1703829238634,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165201508","repostId":"2144039967","repostType":4,"isVote":1,"tweetType":1,"viewCount":159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165201674,"gmtCreate":1624143847598,"gmtModify":1703829238295,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Wow, 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","listText":"666 ","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005168094","repostId":"1140376268","repostType":4,"repost":{"id":"1140376268","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇","id":"3","head_image":"https://static.tigerbbs.com/24397cd0a72f485e9734d658c5a0841d"},"pubTimestamp":1642206680,"share":"https://www.laohu8.com/m/news/1140376268?lang=&edition=full","pubTime":"2022-01-15 08:31","market":"sh","language":"zh","title":"280亿配股!证券“一哥”先把自己给整崩了","url":"https://stock-news.laohu8.com/highlight/detail?id=1140376268","media":"格隆汇","summary":"有些公司你买入持有,每年还有分红送钱,可是有些公司你买入了,不但没钱送,反而还得向你要钱。昨晚,券商“一哥”中信证券历时11个月的“要钱”计划正式落地,280亿的配股规模,超过招商证券2020年的12","content":"<html><head></head><body><p>有些公司你买入持有,每年还有分红送钱,可是有些公司你买入了,不但没钱送,反而还得向你要钱。</p><p>昨晚,券商“一哥”<a href=\"https://laohu8.com/S/600030\">中信证券</a>历时11个月的“要钱”计划正式落地,280亿的配股规模,超过<a href=\"https://laohu8.com/S/600999\">招商证券</a>2020年的127亿元配股,成为券商行业最大的一次配股融资。</p><p><b>配股向来都会对股价带来短期负面影响,对于持有的股民来说,“挨打”肯定是少不了,还得考虑是否参与配股。</b></p><p><img src=\"https://static.tigerbbs.com/9d857b3724e40eef11047ff3e34d8434\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:Choice,<a href=\"https://laohu8.com/S/06030\">中信证券</a>分时走势)</p><p>今日早盘,中信证券不出意外的跳空低开3%,而且一路走到黑,把整个证券板块一众“小弟”拖下水,要是说上证指数今日跑输创业板指数,肯定有中信证券的“功劳”。截至收盘,中信证券下跌5%,几乎收在最低位,证券板块下跌2.38%。</p><p>在多数老股民记忆里,中信证券都是行业内的老大哥,遥想2015年,中信证券不可一世,一度成为亚洲第一大,全球第四大券商巨头,而6年过去了,在国内竟被东财拉下马来。</p><p>中信证券市值在今年6月被<a href=\"https://laohu8.com/S/300059\">东方财富</a>超越,落到第二,尽管东方财富这些天有些回落,但市值依然超中信证券不少。</p><p>这次280亿的巨额配股,一哥能挽回自己的尊严吗?</p><p><i><b>01、</b></i><b>配股利好了谁?</b></p><p><b>对于中信证券自身来说,配股是当前比较合适的再融资方式。一方面可以直接从市场上获取大额融资,另一方面又不稀释控股股东的股权。</b></p><p>配股直接面向全体老股东,那么分担到每个投资者的资金压力就会小很多。另外,中信证券大股东股权占比本来就很低,直接配股不会稀释股权。从三季度看,大股东中信有限公司持有股权比例并不高,只占15.47%。</p><p>这次配资,中信证券本次配股募集大概280亿,其中,A股配股募230亿,H股配股募集50亿。</p><p>如果募集资金280亿元,那么相当于直接补充了280亿元现金净资产。公司2021年底净资产2091亿,配股完成后将超2370亿,较第二名海通差距将超700亿。</p><p>在券商行业,总资产无疑是最重要的考量方式,所以这次配股募资,将大幅提升中信证券的资产规模,从而进一步巩固在行业内的龙头地位。</p><p><b>不过,配股对于投资者来说,可能会带来短期负面影响。一方面,配股之后,股价被稀释,流通中股票就会增多。另一方面,如果不参与配股的话,配股价越低,那就等于要亏越多。</b></p><p>根据公告,配股按照每10股配售1.5股的比例向全体A股股东配售。配股价格为14.43元/股,比前一日收盘价26.36元低,相当打了55折发行。</p><p>如果你手里有100股中信证券,那么这次配股你有15股的优先认购权,当然,你也可以放弃这15股的认购权,也就是弃配。</p><p>对于还没有抛售持有的股民来说,如果不参与配股的话,就得承受6%的亏损,那问题来了,现在已经有一定跌幅了,中信证券还值得配吗?</p><p>短期来看,今日股价大跌5%,股价周一开盘再来个情绪啥,直接就跌到配股除权后的价格24.8元附近,按照收盘价25.03计算,也就不到1%的跌幅。也就是说,今天“挨打”了还没抛售,又不想交钱配股,最多也就是再损失1%。</p><p>至于后面是否看好,就得考验投资者信仰了。</p><p><i><b>02、</b></i><b>备受挑战</b></p><p><b>中信证券被“黑”的最惨的莫过于它的反向指标。</b></p><p>去年轰轰烈烈的大白马行情,中信证券在2月10日将<a href=\"https://laohu8.com/S/600519\">贵州茅台</a>目标价定为3000元,而当天贵州茅台股价大涨5.9%,这也是贵州茅台股价见顶之前的最后一根阳线。</p><p>此后的故事大家也都知道了,茅台短短半年多大跌35%,股价最新1662元,市值蒸发1.1万。</p><p>去年7月,<a href=\"https://laohu8.com/S/300750\">宁德时代</a>开车狂飙,一路涨不停,中信证券7月30日发布研报称,维持宁德时代买入评级,2023年目标价为754元/股。相较于29日收盘价的556.8元相比,还要高出35%。不过,很不凑巧,宁王30日盘中创下历史新高,但单日收跌1.15%,并开启了回撤之路,且期间一度跌破470元。</p><p><b>看多目标不行,而看空目标好像又有影响力。</b></p><p><a href=\"https://laohu8.com/S/600927\">永安期货</a>2021年12月23日以17.97元的发行价上市,上市后连续6日涨停,至12月30日触及最高价41.69元,市值一度超600亿元。随后12月31日永安期货出现跌停调整,而中信证券2022年1月3日发布研报再踩永安期货一脚,称股价有35%下行空间。结果,“期茅”新年开盘再次闪崩。</p><p><img src=\"https://static.tigerbbs.com/5fccb088cf8458fdf5b2f6011ef62c62\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:Choice,永安期货分时走势)</p><p>不巧的是,今日永安期货盘中一度涨停,报收34.41,涨幅8.27%,看来距离中信证券的看空目标价22元,好像又远了不少。</p><p>宁德、茅台等无疑都是各赛道的非常优秀的公司,而永安期货估值也是不便宜的标的,只是中信证券给出的目标价的时候,有时运气就是有点背,导致短期失去了一些准头。</p><p><b>方向偏离目标价还不仅限于这些股民广为津津乐道的票,当然这背后固然也有宏观环境和市场炒作主线偏离等因素的剧烈变化有关,只是好巧不巧,偏偏“一哥”就遇上了。</b></p><p>除了方向指标被黑,公司市值近来一直落后于东方财富。50家券商,总市值4万亿。券商一哥东方财富3340亿,高出中信证券104亿。要知道的是,2015大牛市时,中信历史股价最高时,市值逼近4000亿,那时东财不足500亿,市值排名20名开外,前者是后者的8倍。</p><p><b>当然,同样的行业,持有东财和中信的心态却大相径庭。</b>东财2010年上市至今,累计涨幅32倍,同期中信上涨不到1倍。2021年东财上涨44%,中信证券还反而下跌9%。</p><p>没有对比就没有伤害,可以看出,持有中信证券的投资者表示很纳闷。</p><p><i><b>03、</b></i><b>瘦死骆驼比马大</b></p><p>虽然市值暂时落后,但老大哥<b>中信的基本面还是比较扎实的。</b></p><p>就在昨天发布配股公告的前一天,中信证券还向投资者秀了一下“肌肉”。公司发布2021年度业绩快报,其中营收765亿元,同比增长40.8%,归母净利润230亿元,同比增长54.2%,而价值投资者比较关注的ROE12.01%,同比提升3.58个百分点。</p><p><img src=\"https://static.tigerbbs.com/2780f5270ca95f901cd5683b4cb812fe\" tg-width=\"410\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:<a href=\"https://laohu8.com/S/300033\">同花顺</a>,中信证券业绩快报)</p><p>公司单单四季度收入大约有188亿元,同比增长超50%,归母净利润53亿,同比增长超1倍。这么一算,公司第四季度业绩大超预期。</p><p><b>超预期主要来自第四季度市场景气度上行、衍生品业务快速发展、投行业务、其他业务收入同比高增。</b></p><p>此外,中信证券多项指标还是位居前列,老大哥的位置不容易撼动。</p><p>2021年,中信证券IPO规模850亿,同比增长88%,位居行业第一;IPO家数68家,较去年增加27家,位居行业第一。再融资规模2539亿,同比增长40%,位居行业第一。债券承销15634亿,同比+20%,位居行业第一。资管业务三季度净收入依旧第一,增幅超过64%</p><p><img src=\"https://static.tigerbbs.com/c4069729236c1f8455fca314d212fcb6\" tg-width=\"408\" tg-height=\"279\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:中航证券,上市券商资管业务增速)</p><p>对于此次的大笔融资用途中,资本中介业务占据了绝大部分。在280亿元资金中,公司将使用不超190亿元用于资本中介业务。</p><p>中介业务一般有就是融资融券、股票质押、收益互换、股权衍生品、大宗商品衍生品、做市交易、跨境交易等。</p><p><img src=\"https://static.tigerbbs.com/c35cd2dac3004171044926b7426dc8e6\" tg-width=\"458\" tg-height=\"265\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:<a href=\"https://laohu8.com/S/002736\">国信证券</a>,中信证券各业务收入结构)</p><p>从公司过往的业务收入结构来看,公司业务越来越均衡。公司传统经纪业务占比逐年降低,而中介业务比列成为公司重要的业务增长点。</p><p>一般来说,资本中介业务具有客户广泛、产品丰富、利差稳定、风险可控的特征,是公司近年来重点培育的业务方向。科创板做市交易试点在即,公司增长获得资金保障。</p><p><b>有机构预测,公司配股主要用于发展资本中介业务,中介业务主要为场外衍生品业务及两融业务,均为风险相对中性且ROA较高的优质业务,配股对公司ROE将带来约0.8%的短期直接影响,但伴随配股募资投入经营后预计2023年公司ROE将升至12%。</b></p><p>这么一看,公司“一哥”的地位还是能保住。</p><p><i><b>04、</b></i><b>结语</b></p><p>大笔配股募资,最伤的还是股民,尽管今天已经大跌,也差不多抹掉差距,但最终除权价依旧高于收盘价,<b>短时间还有一定调整的空间。</b></p><p><b>但长远出发,“一哥”的基本面还是比较扎实,配股募来的大笔钱,毫无疑问将提升公司的资产质量与资产规模,进而打造航母级券商。</b></p><p>至于是不是,公司管理层有先见之明,对证券市场的某些判断,趁着这个时候还能搞钱的时候,多搞一点,就不得而知了。</p></body></html>","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>280亿配股!证券“一哥”先把自己给整崩了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n280亿配股!证券“一哥”先把自己给整崩了\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/24397cd0a72f485e9734d658c5a0841d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇 </p>\n<p class=\"h-time\">2022-01-15 08:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>有些公司你买入持有,每年还有分红送钱,可是有些公司你买入了,不但没钱送,反而还得向你要钱。</p><p>昨晚,券商“一哥”<a href=\"https://laohu8.com/S/600030\">中信证券</a>历时11个月的“要钱”计划正式落地,280亿的配股规模,超过<a href=\"https://laohu8.com/S/600999\">招商证券</a>2020年的127亿元配股,成为券商行业最大的一次配股融资。</p><p><b>配股向来都会对股价带来短期负面影响,对于持有的股民来说,“挨打”肯定是少不了,还得考虑是否参与配股。</b></p><p><img src=\"https://static.tigerbbs.com/9d857b3724e40eef11047ff3e34d8434\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:Choice,<a href=\"https://laohu8.com/S/06030\">中信证券</a>分时走势)</p><p>今日早盘,中信证券不出意外的跳空低开3%,而且一路走到黑,把整个证券板块一众“小弟”拖下水,要是说上证指数今日跑输创业板指数,肯定有中信证券的“功劳”。截至收盘,中信证券下跌5%,几乎收在最低位,证券板块下跌2.38%。</p><p>在多数老股民记忆里,中信证券都是行业内的老大哥,遥想2015年,中信证券不可一世,一度成为亚洲第一大,全球第四大券商巨头,而6年过去了,在国内竟被东财拉下马来。</p><p>中信证券市值在今年6月被<a href=\"https://laohu8.com/S/300059\">东方财富</a>超越,落到第二,尽管东方财富这些天有些回落,但市值依然超中信证券不少。</p><p>这次280亿的巨额配股,一哥能挽回自己的尊严吗?</p><p><i><b>01、</b></i><b>配股利好了谁?</b></p><p><b>对于中信证券自身来说,配股是当前比较合适的再融资方式。一方面可以直接从市场上获取大额融资,另一方面又不稀释控股股东的股权。</b></p><p>配股直接面向全体老股东,那么分担到每个投资者的资金压力就会小很多。另外,中信证券大股东股权占比本来就很低,直接配股不会稀释股权。从三季度看,大股东中信有限公司持有股权比例并不高,只占15.47%。</p><p>这次配资,中信证券本次配股募集大概280亿,其中,A股配股募230亿,H股配股募集50亿。</p><p>如果募集资金280亿元,那么相当于直接补充了280亿元现金净资产。公司2021年底净资产2091亿,配股完成后将超2370亿,较第二名海通差距将超700亿。</p><p>在券商行业,总资产无疑是最重要的考量方式,所以这次配股募资,将大幅提升中信证券的资产规模,从而进一步巩固在行业内的龙头地位。</p><p><b>不过,配股对于投资者来说,可能会带来短期负面影响。一方面,配股之后,股价被稀释,流通中股票就会增多。另一方面,如果不参与配股的话,配股价越低,那就等于要亏越多。</b></p><p>根据公告,配股按照每10股配售1.5股的比例向全体A股股东配售。配股价格为14.43元/股,比前一日收盘价26.36元低,相当打了55折发行。</p><p>如果你手里有100股中信证券,那么这次配股你有15股的优先认购权,当然,你也可以放弃这15股的认购权,也就是弃配。</p><p>对于还没有抛售持有的股民来说,如果不参与配股的话,就得承受6%的亏损,那问题来了,现在已经有一定跌幅了,中信证券还值得配吗?</p><p>短期来看,今日股价大跌5%,股价周一开盘再来个情绪啥,直接就跌到配股除权后的价格24.8元附近,按照收盘价25.03计算,也就不到1%的跌幅。也就是说,今天“挨打”了还没抛售,又不想交钱配股,最多也就是再损失1%。</p><p>至于后面是否看好,就得考验投资者信仰了。</p><p><i><b>02、</b></i><b>备受挑战</b></p><p><b>中信证券被“黑”的最惨的莫过于它的反向指标。</b></p><p>去年轰轰烈烈的大白马行情,中信证券在2月10日将<a href=\"https://laohu8.com/S/600519\">贵州茅台</a>目标价定为3000元,而当天贵州茅台股价大涨5.9%,这也是贵州茅台股价见顶之前的最后一根阳线。</p><p>此后的故事大家也都知道了,茅台短短半年多大跌35%,股价最新1662元,市值蒸发1.1万。</p><p>去年7月,<a href=\"https://laohu8.com/S/300750\">宁德时代</a>开车狂飙,一路涨不停,中信证券7月30日发布研报称,维持宁德时代买入评级,2023年目标价为754元/股。相较于29日收盘价的556.8元相比,还要高出35%。不过,很不凑巧,宁王30日盘中创下历史新高,但单日收跌1.15%,并开启了回撤之路,且期间一度跌破470元。</p><p><b>看多目标不行,而看空目标好像又有影响力。</b></p><p><a href=\"https://laohu8.com/S/600927\">永安期货</a>2021年12月23日以17.97元的发行价上市,上市后连续6日涨停,至12月30日触及最高价41.69元,市值一度超600亿元。随后12月31日永安期货出现跌停调整,而中信证券2022年1月3日发布研报再踩永安期货一脚,称股价有35%下行空间。结果,“期茅”新年开盘再次闪崩。</p><p><img src=\"https://static.tigerbbs.com/5fccb088cf8458fdf5b2f6011ef62c62\" tg-width=\"553\" tg-height=\"280\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:Choice,永安期货分时走势)</p><p>不巧的是,今日永安期货盘中一度涨停,报收34.41,涨幅8.27%,看来距离中信证券的看空目标价22元,好像又远了不少。</p><p>宁德、茅台等无疑都是各赛道的非常优秀的公司,而永安期货估值也是不便宜的标的,只是中信证券给出的目标价的时候,有时运气就是有点背,导致短期失去了一些准头。</p><p><b>方向偏离目标价还不仅限于这些股民广为津津乐道的票,当然这背后固然也有宏观环境和市场炒作主线偏离等因素的剧烈变化有关,只是好巧不巧,偏偏“一哥”就遇上了。</b></p><p>除了方向指标被黑,公司市值近来一直落后于东方财富。50家券商,总市值4万亿。券商一哥东方财富3340亿,高出中信证券104亿。要知道的是,2015大牛市时,中信历史股价最高时,市值逼近4000亿,那时东财不足500亿,市值排名20名开外,前者是后者的8倍。</p><p><b>当然,同样的行业,持有东财和中信的心态却大相径庭。</b>东财2010年上市至今,累计涨幅32倍,同期中信上涨不到1倍。2021年东财上涨44%,中信证券还反而下跌9%。</p><p>没有对比就没有伤害,可以看出,持有中信证券的投资者表示很纳闷。</p><p><i><b>03、</b></i><b>瘦死骆驼比马大</b></p><p>虽然市值暂时落后,但老大哥<b>中信的基本面还是比较扎实的。</b></p><p>就在昨天发布配股公告的前一天,中信证券还向投资者秀了一下“肌肉”。公司发布2021年度业绩快报,其中营收765亿元,同比增长40.8%,归母净利润230亿元,同比增长54.2%,而价值投资者比较关注的ROE12.01%,同比提升3.58个百分点。</p><p><img src=\"https://static.tigerbbs.com/2780f5270ca95f901cd5683b4cb812fe\" tg-width=\"410\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:<a href=\"https://laohu8.com/S/300033\">同花顺</a>,中信证券业绩快报)</p><p>公司单单四季度收入大约有188亿元,同比增长超50%,归母净利润53亿,同比增长超1倍。这么一算,公司第四季度业绩大超预期。</p><p><b>超预期主要来自第四季度市场景气度上行、衍生品业务快速发展、投行业务、其他业务收入同比高增。</b></p><p>此外,中信证券多项指标还是位居前列,老大哥的位置不容易撼动。</p><p>2021年,中信证券IPO规模850亿,同比增长88%,位居行业第一;IPO家数68家,较去年增加27家,位居行业第一。再融资规模2539亿,同比增长40%,位居行业第一。债券承销15634亿,同比+20%,位居行业第一。资管业务三季度净收入依旧第一,增幅超过64%</p><p><img src=\"https://static.tigerbbs.com/c4069729236c1f8455fca314d212fcb6\" tg-width=\"408\" tg-height=\"279\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:中航证券,上市券商资管业务增速)</p><p>对于此次的大笔融资用途中,资本中介业务占据了绝大部分。在280亿元资金中,公司将使用不超190亿元用于资本中介业务。</p><p>中介业务一般有就是融资融券、股票质押、收益互换、股权衍生品、大宗商品衍生品、做市交易、跨境交易等。</p><p><img src=\"https://static.tigerbbs.com/c35cd2dac3004171044926b7426dc8e6\" tg-width=\"458\" tg-height=\"265\" referrerpolicy=\"no-referrer\"/></p><p>(数据来源:<a href=\"https://laohu8.com/S/002736\">国信证券</a>,中信证券各业务收入结构)</p><p>从公司过往的业务收入结构来看,公司业务越来越均衡。公司传统经纪业务占比逐年降低,而中介业务比列成为公司重要的业务增长点。</p><p>一般来说,资本中介业务具有客户广泛、产品丰富、利差稳定、风险可控的特征,是公司近年来重点培育的业务方向。科创板做市交易试点在即,公司增长获得资金保障。</p><p><b>有机构预测,公司配股主要用于发展资本中介业务,中介业务主要为场外衍生品业务及两融业务,均为风险相对中性且ROA较高的优质业务,配股对公司ROE将带来约0.8%的短期直接影响,但伴随配股募资投入经营后预计2023年公司ROE将升至12%。</b></p><p>这么一看,公司“一哥”的地位还是能保住。</p><p><i><b>04、</b></i><b>结语</b></p><p>大笔配股募资,最伤的还是股民,尽管今天已经大跌,也差不多抹掉差距,但最终除权价依旧高于收盘价,<b>短时间还有一定调整的空间。</b></p><p><b>但长远出发,“一哥”的基本面还是比较扎实,配股募来的大笔钱,毫无疑问将提升公司的资产质量与资产规模,进而打造航母级券商。</b></p><p>至于是不是,公司管理层有先见之明,对证券市场的某些判断,趁着这个时候还能搞钱的时候,多搞一点,就不得而知了。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26ca889a3e1a80f90c55621f8f5d7c3a","relate_stocks":{"161027":"证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140376268","content_text":"有些公司你买入持有,每年还有分红送钱,可是有些公司你买入了,不但没钱送,反而还得向你要钱。昨晚,券商“一哥”中信证券历时11个月的“要钱”计划正式落地,280亿的配股规模,超过招商证券2020年的127亿元配股,成为券商行业最大的一次配股融资。配股向来都会对股价带来短期负面影响,对于持有的股民来说,“挨打”肯定是少不了,还得考虑是否参与配股。(数据来源:Choice,中信证券分时走势)今日早盘,中信证券不出意外的跳空低开3%,而且一路走到黑,把整个证券板块一众“小弟”拖下水,要是说上证指数今日跑输创业板指数,肯定有中信证券的“功劳”。截至收盘,中信证券下跌5%,几乎收在最低位,证券板块下跌2.38%。在多数老股民记忆里,中信证券都是行业内的老大哥,遥想2015年,中信证券不可一世,一度成为亚洲第一大,全球第四大券商巨头,而6年过去了,在国内竟被东财拉下马来。中信证券市值在今年6月被东方财富超越,落到第二,尽管东方财富这些天有些回落,但市值依然超中信证券不少。这次280亿的巨额配股,一哥能挽回自己的尊严吗?01、配股利好了谁?对于中信证券自身来说,配股是当前比较合适的再融资方式。一方面可以直接从市场上获取大额融资,另一方面又不稀释控股股东的股权。配股直接面向全体老股东,那么分担到每个投资者的资金压力就会小很多。另外,中信证券大股东股权占比本来就很低,直接配股不会稀释股权。从三季度看,大股东中信有限公司持有股权比例并不高,只占15.47%。这次配资,中信证券本次配股募集大概280亿,其中,A股配股募230亿,H股配股募集50亿。如果募集资金280亿元,那么相当于直接补充了280亿元现金净资产。公司2021年底净资产2091亿,配股完成后将超2370亿,较第二名海通差距将超700亿。在券商行业,总资产无疑是最重要的考量方式,所以这次配股募资,将大幅提升中信证券的资产规模,从而进一步巩固在行业内的龙头地位。不过,配股对于投资者来说,可能会带来短期负面影响。一方面,配股之后,股价被稀释,流通中股票就会增多。另一方面,如果不参与配股的话,配股价越低,那就等于要亏越多。根据公告,配股按照每10股配售1.5股的比例向全体A股股东配售。配股价格为14.43元/股,比前一日收盘价26.36元低,相当打了55折发行。如果你手里有100股中信证券,那么这次配股你有15股的优先认购权,当然,你也可以放弃这15股的认购权,也就是弃配。对于还没有抛售持有的股民来说,如果不参与配股的话,就得承受6%的亏损,那问题来了,现在已经有一定跌幅了,中信证券还值得配吗?短期来看,今日股价大跌5%,股价周一开盘再来个情绪啥,直接就跌到配股除权后的价格24.8元附近,按照收盘价25.03计算,也就不到1%的跌幅。也就是说,今天“挨打”了还没抛售,又不想交钱配股,最多也就是再损失1%。至于后面是否看好,就得考验投资者信仰了。02、备受挑战中信证券被“黑”的最惨的莫过于它的反向指标。去年轰轰烈烈的大白马行情,中信证券在2月10日将贵州茅台目标价定为3000元,而当天贵州茅台股价大涨5.9%,这也是贵州茅台股价见顶之前的最后一根阳线。此后的故事大家也都知道了,茅台短短半年多大跌35%,股价最新1662元,市值蒸发1.1万。去年7月,宁德时代开车狂飙,一路涨不停,中信证券7月30日发布研报称,维持宁德时代买入评级,2023年目标价为754元/股。相较于29日收盘价的556.8元相比,还要高出35%。不过,很不凑巧,宁王30日盘中创下历史新高,但单日收跌1.15%,并开启了回撤之路,且期间一度跌破470元。看多目标不行,而看空目标好像又有影响力。永安期货2021年12月23日以17.97元的发行价上市,上市后连续6日涨停,至12月30日触及最高价41.69元,市值一度超600亿元。随后12月31日永安期货出现跌停调整,而中信证券2022年1月3日发布研报再踩永安期货一脚,称股价有35%下行空间。结果,“期茅”新年开盘再次闪崩。(数据来源:Choice,永安期货分时走势)不巧的是,今日永安期货盘中一度涨停,报收34.41,涨幅8.27%,看来距离中信证券的看空目标价22元,好像又远了不少。宁德、茅台等无疑都是各赛道的非常优秀的公司,而永安期货估值也是不便宜的标的,只是中信证券给出的目标价的时候,有时运气就是有点背,导致短期失去了一些准头。方向偏离目标价还不仅限于这些股民广为津津乐道的票,当然这背后固然也有宏观环境和市场炒作主线偏离等因素的剧烈变化有关,只是好巧不巧,偏偏“一哥”就遇上了。除了方向指标被黑,公司市值近来一直落后于东方财富。50家券商,总市值4万亿。券商一哥东方财富3340亿,高出中信证券104亿。要知道的是,2015大牛市时,中信历史股价最高时,市值逼近4000亿,那时东财不足500亿,市值排名20名开外,前者是后者的8倍。当然,同样的行业,持有东财和中信的心态却大相径庭。东财2010年上市至今,累计涨幅32倍,同期中信上涨不到1倍。2021年东财上涨44%,中信证券还反而下跌9%。没有对比就没有伤害,可以看出,持有中信证券的投资者表示很纳闷。03、瘦死骆驼比马大虽然市值暂时落后,但老大哥中信的基本面还是比较扎实的。就在昨天发布配股公告的前一天,中信证券还向投资者秀了一下“肌肉”。公司发布2021年度业绩快报,其中营收765亿元,同比增长40.8%,归母净利润230亿元,同比增长54.2%,而价值投资者比较关注的ROE12.01%,同比提升3.58个百分点。(数据来源:同花顺,中信证券业绩快报)公司单单四季度收入大约有188亿元,同比增长超50%,归母净利润53亿,同比增长超1倍。这么一算,公司第四季度业绩大超预期。超预期主要来自第四季度市场景气度上行、衍生品业务快速发展、投行业务、其他业务收入同比高增。此外,中信证券多项指标还是位居前列,老大哥的位置不容易撼动。2021年,中信证券IPO规模850亿,同比增长88%,位居行业第一;IPO家数68家,较去年增加27家,位居行业第一。再融资规模2539亿,同比增长40%,位居行业第一。债券承销15634亿,同比+20%,位居行业第一。资管业务三季度净收入依旧第一,增幅超过64%(数据来源:中航证券,上市券商资管业务增速)对于此次的大笔融资用途中,资本中介业务占据了绝大部分。在280亿元资金中,公司将使用不超190亿元用于资本中介业务。中介业务一般有就是融资融券、股票质押、收益互换、股权衍生品、大宗商品衍生品、做市交易、跨境交易等。(数据来源:国信证券,中信证券各业务收入结构)从公司过往的业务收入结构来看,公司业务越来越均衡。公司传统经纪业务占比逐年降低,而中介业务比列成为公司重要的业务增长点。一般来说,资本中介业务具有客户广泛、产品丰富、利差稳定、风险可控的特征,是公司近年来重点培育的业务方向。科创板做市交易试点在即,公司增长获得资金保障。有机构预测,公司配股主要用于发展资本中介业务,中介业务主要为场外衍生品业务及两融业务,均为风险相对中性且ROA较高的优质业务,配股对公司ROE将带来约0.8%的短期直接影响,但伴随配股募资投入经营后预计2023年公司ROE将升至12%。这么一看,公司“一哥”的地位还是能保住。04、结语大笔配股募资,最伤的还是股民,尽管今天已经大跌,也差不多抹掉差距,但最终除权价依旧高于收盘价,短时间还有一定调整的空间。但长远出发,“一哥”的基本面还是比较扎实,配股募来的大笔钱,毫无疑问将提升公司的资产质量与资产规模,进而打造航母级券商。至于是不是,公司管理层有先见之明,对证券市场的某些判断,趁着这个时候还能搞钱的时候,多搞一点,就不得而知了。","news_type":1},"isVote":1,"tweetType":1,"viewCount":424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124531242,"gmtCreate":1624771214286,"gmtModify":1703844904124,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"I 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href=\"https://laohu8.com/S/06862\">$海底捞(06862)$</a>?","text":"$海底捞(06862)$?","images":[{"img":"https://static.tigerbbs.com/21631c3833f7365635653ff170fd41bb","width":"1080","height":"2601"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/863774079","isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":187999690,"gmtCreate":1623733254610,"gmtModify":1704209906401,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Hi guys, is tome to buy?","listText":"Hi guys, is tome to buy?","text":"Hi guys, is tome to 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up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140365403","repostId":"1130494473","repostType":4,"repost":{"id":"1130494473","pubTimestamp":1625630000,"share":"https://www.laohu8.com/m/news/1130494473?lang=&edition=full","pubTime":"2021-07-07 11:53","market":"us","language":"zh","title":"滴滴在礼橙专车投放大屏,广告会成为核心收入么?","url":"https://stock-news.laohu8.com/highlight/detail?id=1130494473","media":"长庚科技","summary":"种种迹象显示,滴滴正在加快户外广告业务的布局。\n长庚君了解到,滴滴已在部分礼橙专车上投放了车载广告屏,这是继一个月前滴滴在快车上投放车载广告屏后,再度加快该项业务的布局。(之前的报道在这里)\n6月初,","content":"<p><img src=\"https://static.tigerbbs.com/31b11f89302957ecc6711f825cf96303\" tg-width=\"1080\" tg-height=\"1440\"></p>\n<p>种种迹象显示,滴滴正在加快户外广告业务的布局。</p>\n<p>长庚君了解到,滴滴已在部分礼橙专车上投放了车载广告屏,这是继一个月前滴滴在快车上投放车载广告屏后,再度加快该项业务的布局。(之前的报道在这里)</p>\n<p>6月初,长庚君披露了在北京运营的部分滴滴快车上,司机收到过要求安装车载广告屏的通知。当时曾有司机透露,滴滴仅在价格较低的快车上安装车载广告屏,优享和专车将不会安装大屏。与司机们预测不同的是,事实上从6月中下旬开始,滴滴就已经要求部分专车司机安装车载广告屏。</p>\n<p>一位专车司机透露,他的车辆是在6月底收到通知安装车载广告屏,据他了解目前北京市场已有15%的礼橙专车完成了安装。</p>\n<p>与快车相同的是,收到通知的司机无需缴纳安装和屏幕费用,屏幕损坏也无需赔偿。不同的是屏幕如果丢失,司机需要赔偿2500元,而快车司机如果屏幕发生丢失,赔偿金额为1800元。</p>\n<p>长庚君发现,礼橙专车上安装的车载屏比快车的屏幕大很多,且屏幕没有明显反光现象,由此推断专车的车载屏成本更高。此外,与一个月前相比,滴滴在车载屏上的内容已经得到相当程度的完善。不仅有儿歌、影视、综艺等节目,还内嵌了如美食推荐等LBS服务。</p>\n<p>在广告方面、依然只有B站、优酷、新浪和滴滴自己的宣传片,目前尚不清楚是这些广告内容是内容置换还是直接投放。</p>\n<p><img src=\"https://static.tigerbbs.com/d1728a2f74e6233348dbd4e0d0e0fa9e\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p>\n<p>与分众这样的纯广告播放平台平台不同,滴滴可能希望以内容+LBS服务+广告的形式来提高用户对户外广告的接受程度。</p>\n<p>滴滴在2019年11月斥资1000万元人民币成立北京粒粒橙传媒有限公司。该公司主要任务就是为滴滴制作适合的车载内容。公开信息显示,粒粒橙的制作团队已经与抖音、真乐道文化联合制作综艺短剧《做梦吧!晶晶》,该剧会在滴滴的车载平台与抖音平台共同播出。</p>\n<p>据了解,与快车司机不同的是,滴滴并未强制要求专车司机安装车载广告屏,只是以建议安装的方式向司机推广。</p>","source":"lsy1575616094547","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>滴滴在礼橙专车投放大屏,广告会成为核心收入么?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n滴滴在礼橙专车投放大屏,广告会成为核心收入么?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 11:53 北京时间 <a href=https://mp.weixin.qq.com/s/By1Icoz6Fhvf4ok-fxNpDw><strong>长庚科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>种种迹象显示,滴滴正在加快户外广告业务的布局。\n长庚君了解到,滴滴已在部分礼橙专车上投放了车载广告屏,这是继一个月前滴滴在快车上投放车载广告屏后,再度加快该项业务的布局。(之前的报道在这里)\n6月初,长庚君披露了在北京运营的部分滴滴快车上,司机收到过要求安装车载广告屏的通知。当时曾有司机透露,滴滴仅在价格较低的快车上安装车载广告屏,优享和专车将不会安装大屏。与司机们预测不同的是,事实上从6月中下旬...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/By1Icoz6Fhvf4ok-fxNpDw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b65bfcb358a6800fc2fe39bc0b3af8fc","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"https://mp.weixin.qq.com/s/By1Icoz6Fhvf4ok-fxNpDw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130494473","content_text":"种种迹象显示,滴滴正在加快户外广告业务的布局。\n长庚君了解到,滴滴已在部分礼橙专车上投放了车载广告屏,这是继一个月前滴滴在快车上投放车载广告屏后,再度加快该项业务的布局。(之前的报道在这里)\n6月初,长庚君披露了在北京运营的部分滴滴快车上,司机收到过要求安装车载广告屏的通知。当时曾有司机透露,滴滴仅在价格较低的快车上安装车载广告屏,优享和专车将不会安装大屏。与司机们预测不同的是,事实上从6月中下旬开始,滴滴就已经要求部分专车司机安装车载广告屏。\n一位专车司机透露,他的车辆是在6月底收到通知安装车载广告屏,据他了解目前北京市场已有15%的礼橙专车完成了安装。\n与快车相同的是,收到通知的司机无需缴纳安装和屏幕费用,屏幕损坏也无需赔偿。不同的是屏幕如果丢失,司机需要赔偿2500元,而快车司机如果屏幕发生丢失,赔偿金额为1800元。\n长庚君发现,礼橙专车上安装的车载屏比快车的屏幕大很多,且屏幕没有明显反光现象,由此推断专车的车载屏成本更高。此外,与一个月前相比,滴滴在车载屏上的内容已经得到相当程度的完善。不仅有儿歌、影视、综艺等节目,还内嵌了如美食推荐等LBS服务。\n在广告方面、依然只有B站、优酷、新浪和滴滴自己的宣传片,目前尚不清楚是这些广告内容是内容置换还是直接投放。\n\n与分众这样的纯广告播放平台平台不同,滴滴可能希望以内容+LBS服务+广告的形式来提高用户对户外广告的接受程度。\n滴滴在2019年11月斥资1000万元人民币成立北京粒粒橙传媒有限公司。该公司主要任务就是为滴滴制作适合的车载内容。公开信息显示,粒粒橙的制作团队已经与抖音、真乐道文化联合制作综艺短剧《做梦吧!晶晶》,该剧会在滴滴的车载平台与抖音平台共同播出。\n据了解,与快车司机不同的是,滴滴并未强制要求专车司机安装车载广告屏,只是以建议安装的方式向司机推广。","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148581996,"gmtCreate":1625988206215,"gmtModify":1703751705341,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148581996","repostId":"1114379787","repostType":4,"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158027417,"gmtCreate":1625115259539,"gmtModify":1703736473260,"author":{"id":"3576956646613612","authorId":"3576956646613612","name":"AceSU","avatar":"https://static.tigerbbs.com/cada8c68090b1acf0108ea47608d34dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Is 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