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JingLing
2021-03-30
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ARKK makes a big adjustment, can Ark replicate last year's success?
JingLing
2021-03-21
666
Skyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?
Go to Tiger App to see more news
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12:53","market":"us","language":"zh","title":"ARKK makes a big adjustment, can Ark replicate last year's success?","url":"https://stock-news.laohu8.com/highlight/detail?id=1187342209","media":"Barrons巴伦","summary":"编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创","content":"<p>Editor's Note: ARK Investment's highly anticipated ARK Space Exploration & Innovation ETF (ARKX) began trading today. This actively managed fund targets nearly 40 stocks in Space Exploration and innovation-related sectors, in addition to<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, Alphabet, and Chinese e-commerce giants<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Etc., Inc. This ETF has a rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shined last year, with returns soaring to 153% from 36% in 2019, making it the best-performing fund in 2020. Cathie Wood, a fund manager at ARKK and founder of ARK Investment, has also become a household name as a result. ARKK got off to a rough start heading into 2021, and after gaining another 26% in mid-February, the $22 billion ETF has pulled back sharply over the past six weeks, falling 9% year-to-date. It's important for investors to understand the dramatic changes that have taken place in ARKK's portfolio over the past year.</p><p>A year ago, ARKK mainly invested in small-cap stocks, and today, 51% of the fund is invested in large-cap stocks. By the end of February, the average market capitalization of ARKK's investment targets had increased to $39 billion, up from $5 billion in March last year, in large part due to the rise in the share price of the investment targets. It is worth noting that while ARKK holds the largest<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) has recently pulled back, but has still returned a whopping 500% over the past year.</p><p>Many actively managed funds have restrictions on the market value and holding time of investment targets, but ARKK has no such restrictions. The fund holds both Tesla, which has a market capitalization of up to $594 billion, and Cerus (CERS), which has a market capitalization of just $1 billion. \"The market capitalization factor is not very important to us,\" said Ren Leggi, Ark's client portfolio manager. \"We focus on innovation.\"</p><p><img src=\"https://static.tigerbbs.com/ee44733258ab802586481d7046f738a0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The rise in existing holdings can only partly explain ARKK's pivot to companies with larger market capitalizations. ARKK has also been selling smaller-cap stocks over the past few months, many of which are biotech companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN), and Editas Medicine (EDIT).</p><p>Meanwhile, ARKK has included a large number of Internet large-cap stocks such as<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>(PYPL), Shopify (SHOP),<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video Communications (ZM),<a href=\"https://laohu8.com/S/00700\">Tencent</a>(TCEHY),<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(BIDU), Sea (SE), and Nintendo (NTDOY). The fund did not hold those stocks last July.</p><p><img src=\"https://static.tigerbbs.com/1e3eca5782906de78a8d380c91d48d6b\" tg-width=\"680\" tg-height=\"394\" referrerpolicy=\"no-referrer\"></p><p>The sectors ARKK focuses on have also changed. In March 2020, the biotechnology and diagnostic and therapeutic sectors accounted for the largest proportion, accounting for 22% and 15% of the portfolio, respectively. By the end of February this year, biotechnology accounted for only 14%, and diagnosis and treatment accounted for 8%.</p><p>In addition, ARKK increased its investment in Internet stocks and software stocks, both accounting for 6% in March 2020 and 15% and 9% respectively as of February this year. Shopify was not included in the portfolio in October last year and now ranks eighth in holdings with a 3.1% weight.</p><p>But ARKK invests more in the healthcare and tech sectors than other similar funds, said Amy Arnott, a portfolio strategist at Morningstar.</p><p>Some suspect that the switch to larger companies is because ARKK is rapidly growing in size. The fund attracted $16 billion in new funding last year, which could quickly raise ARKK's holdings in companies with smaller market capitalizations to a more dangerous level if invested in them. From this perspective, investing these funds in more liquid large-cap stocks seems like a safer option. \"The bigger ARKK is, the harder it is to build a sizable small-cap position,\" Arnott said.</p><p>Ark Investment denied this view, saying that the position adjustment depends on the prospects, valuation and Ark's strategy of the investment target. Leggi, for example, said ARKK pulled out of a DNA sequencing company that once ranked only behind Tesla in terms of holdings<a href=\"https://laohu8.com/S/ILMN\">Illumina</a>(ILMN), including its competitor Pacific Biosciences of California (PACB) because of upcoming disruptive changes in genome sequencing. Other stocks are sold because they have risen too high compared to similar stocks.</p><p>Leggi said that Ark has also been preparing for a stock market correction since last year, and the inclusion of large-cap stocks in the portfolio is to provide downside protection and cash-like reserves to buy the most bullish stocks at low prices during a stock market downturn.</p><p><img src=\"https://static.tigerbbs.com/c08f83fa146eec4d103e89d95523cb25\" tg-width=\"524\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>These shifts mean ARKK could be less volatile going forward. Many biotech companies struggle to generate cash flow or revenue before their products are approved, while Internet companies often already generate revenue from some products or services.</p><p>This could mean ARKK will perform more like 2019 than 2020 this year. Arnott said, \"ARKK is still a very aggressive growth fund, but when a fund's assets are expanding, it can be more difficult to maintain its performance advantage.\"</p><p>Leggi said that a larger company with a market cap doesn't necessarily mean less growth, and Ark Investment just announced a price target for Tesla, believing that the company's share price will reach $3,000 by 2025, 385% above current levels. Leggi believes that in some industries, larger early disruptors have established their market position, and smaller competitors will struggle to compete with them.</p><p>Leggi said, \"Many smaller EV manufacturers have gone public through special purpose acquisition companies (SPACs). All we haven't invested in these small companies is because the industry is very capital-intensive. These small companies don't have the conditions to become the new market leader. Tesla is already far ahead. Next, our portfolio's exposure to small-cap stocks is unlikely to be as large as it was a few years ago.\"</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>ARKK makes a big adjustment, can Ark replicate last year's success?</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\">\nARKK makes a big adjustment, can Ark replicate last year's success?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1063202233\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Barrons巴伦 </p>\n<p class=\"h-time smaller\">2021-03-30 12:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Editor's Note: ARK Investment's highly anticipated ARK Space Exploration & Innovation ETF (ARKX) began trading today. This actively managed fund targets nearly 40 stocks in Space Exploration and innovation-related sectors, in addition to<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, Alphabet, and Chinese e-commerce giants<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Etc., Inc. This ETF has a rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shined last year, with returns soaring to 153% from 36% in 2019, making it the best-performing fund in 2020. Cathie Wood, a fund manager at ARKK and founder of ARK Investment, has also become a household name as a result. ARKK got off to a rough start heading into 2021, and after gaining another 26% in mid-February, the $22 billion ETF has pulled back sharply over the past six weeks, falling 9% year-to-date. It's important for investors to understand the dramatic changes that have taken place in ARKK's portfolio over the past year.</p><p>A year ago, ARKK mainly invested in small-cap stocks, and today, 51% of the fund is invested in large-cap stocks. By the end of February, the average market capitalization of ARKK's investment targets had increased to $39 billion, up from $5 billion in March last year, in large part due to the rise in the share price of the investment targets. It is worth noting that while ARKK holds the largest<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) has recently pulled back, but has still returned a whopping 500% over the past year.</p><p>Many actively managed funds have restrictions on the market value and holding time of investment targets, but ARKK has no such restrictions. The fund holds both Tesla, which has a market capitalization of up to $594 billion, and Cerus (CERS), which has a market capitalization of just $1 billion. \"The market capitalization factor is not very important to us,\" said Ren Leggi, Ark's client portfolio manager. \"We focus on innovation.\"</p><p><img src=\"https://static.tigerbbs.com/ee44733258ab802586481d7046f738a0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The rise in existing holdings can only partly explain ARKK's pivot to companies with larger market capitalizations. ARKK has also been selling smaller-cap stocks over the past few months, many of which are biotech companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN), and Editas Medicine (EDIT).</p><p>Meanwhile, ARKK has included a large number of Internet large-cap stocks such as<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>(PYPL), Shopify (SHOP),<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video Communications (ZM),<a href=\"https://laohu8.com/S/00700\">Tencent</a>(TCEHY),<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(BIDU), Sea (SE), and Nintendo (NTDOY). The fund did not hold those stocks last July.</p><p><img src=\"https://static.tigerbbs.com/1e3eca5782906de78a8d380c91d48d6b\" tg-width=\"680\" tg-height=\"394\" referrerpolicy=\"no-referrer\"></p><p>The sectors ARKK focuses on have also changed. In March 2020, the biotechnology and diagnostic and therapeutic sectors accounted for the largest proportion, accounting for 22% and 15% of the portfolio, respectively. By the end of February this year, biotechnology accounted for only 14%, and diagnosis and treatment accounted for 8%.</p><p>In addition, ARKK increased its investment in Internet stocks and software stocks, both accounting for 6% in March 2020 and 15% and 9% respectively as of February this year. Shopify was not included in the portfolio in October last year and now ranks eighth in holdings with a 3.1% weight.</p><p>But ARKK invests more in the healthcare and tech sectors than other similar funds, said Amy Arnott, a portfolio strategist at Morningstar.</p><p>Some suspect that the switch to larger companies is because ARKK is rapidly growing in size. The fund attracted $16 billion in new funding last year, which could quickly raise ARKK's holdings in companies with smaller market capitalizations to a more dangerous level if invested in them. From this perspective, investing these funds in more liquid large-cap stocks seems like a safer option. \"The bigger ARKK is, the harder it is to build a sizable small-cap position,\" Arnott said.</p><p>Ark Investment denied this view, saying that the position adjustment depends on the prospects, valuation and Ark's strategy of the investment target. Leggi, for example, said ARKK pulled out of a DNA sequencing company that once ranked only behind Tesla in terms of holdings<a href=\"https://laohu8.com/S/ILMN\">Illumina</a>(ILMN), including its competitor Pacific Biosciences of California (PACB) because of upcoming disruptive changes in genome sequencing. Other stocks are sold because they have risen too high compared to similar stocks.</p><p>Leggi said that Ark has also been preparing for a stock market correction since last year, and the inclusion of large-cap stocks in the portfolio is to provide downside protection and cash-like reserves to buy the most bullish stocks at low prices during a stock market downturn.</p><p><img src=\"https://static.tigerbbs.com/c08f83fa146eec4d103e89d95523cb25\" tg-width=\"524\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>These shifts mean ARKK could be less volatile going forward. Many biotech companies struggle to generate cash flow or revenue before their products are approved, while Internet companies often already generate revenue from some products or services.</p><p>This could mean ARKK will perform more like 2019 than 2020 this year. Arnott said, \"ARKK is still a very aggressive growth fund, but when a fund's assets are expanding, it can be more difficult to maintain its performance advantage.\"</p><p>Leggi said that a larger company with a market cap doesn't necessarily mean less growth, and Ark Investment just announced a price target for Tesla, believing that the company's share price will reach $3,000 by 2025, 385% above current levels. Leggi believes that in some industries, larger early disruptors have established their market position, and smaller competitors will struggle to compete with them.</p><p>Leggi said, \"Many smaller EV manufacturers have gone public through special purpose acquisition companies (SPACs). All we haven't invested in these small companies is because the industry is very capital-intensive. These small companies don't have the conditions to become the new market leader. Tesla is already far ahead. Next, our portfolio's exposure to small-cap stocks is unlikely to be as large as it was a few years ago.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"ARKX":"ARK Space Exploration & Innovation ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187342209","content_text":"编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创新相关领域的股票，此外还包括亚马逊、Alphabet、和中国电商巨头京东等公司。这只ETF的费率为0.75%。ARK Innovation (ARKK，下文简称ARKK)去年大放异彩，回报率从2019年的36%飙升到153%，成为2020年表现最好的基金。ARKK基金经理、方舟投资(ARK Investment)创始人凯西·伍德(Cathie Wood)也因此变得家喻户晓。进入2021年后ARKK开局不利，在2月中旬又上涨了26%之后，这只规模220亿美元的ETF在过去六周里大幅回落，今年迄今下跌9%。投资者有必要了解一下过去一年ARKK投资组合发生的巨大变化。一年前，ARKK主要投资小盘股，如今，这只基金51%的资金投向了大盘股。截至2月底，ARKK投资标的的平均市值已从去年3月的50亿美元增至390亿美元，这在很大程度上是由于投资标的股价的上涨。值得注意的是，虽然ARKK持仓最大的特斯拉(TSLA)近期股价回落，但过去一年的回报率依然高达500%。不少主动管理基金对投资标的的市值以及持有时间有限制，但ARKK没有这方面的限制。该基金既持有市值高达5940亿美元的特斯拉，也持有市值仅为10亿美元的Cerus (CERS)。“市值这一因素对我们来说不是很重要，”方舟客户投资组合经理雷恩·莱吉(Ren Leggi)说，“我们关注的是创新。”现有持仓的上涨只能在一定程度上解释ARKK转向市值更大的公司的原因。过去几个月，ARKK也一直在抛售市值较小的股票，其中许多是生物科技公司，包括Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Computen (CGEN)和Editas Medicine (EDIT)。与此同时，ARKK纳入了大量互联网大盘股，如PayPal (PYPL)、Shopify (SHOP)、Zoom Video Communications (ZM)、腾讯(TCEHY)、百度(BIDU)、Sea (SE)和任天堂(NTDOY)。去年7月该基金没有持有这些股票。ARKK关注的板块也发生了变化。2020年3月，生物技术和诊疗法板块占比最大，分别占投资组合的22%和15%。到今年2月底，生物技术仅占14%，诊疗法占8%。此外，ARKK增加了对互联网股和软件股的投资，2020年3月二者占比均为6%，截至今年2月占比分别为15%和9%。去年10月份Shopify还没有被纳入投资组合，现在持仓量排名第八，权重为3.1%。但晨星(Morningstar)投资组合策略师艾米·阿诺特(Amy Arnott)表示，与其他同类基金相比，ARKK在医疗保健和科技板块的投资更多。一些人怀疑转投市值更大的公司的因为ARKK的规模迅速变大。去年该基金吸引了160亿美元的新资金，如果这些资金投向市值较小的公司，可能会迅速将ARKK对这些公司的持股提高到一个比较危险的水平。从这个角度来看，把这些资金投向流动性更强的大盘股似乎是一个更安全的选择。阿诺特说，“ARKK的规模越大，就越难建立起相当规模的小盘股头寸。”方舟投资否认了这种观点，称调仓取决于投资标的的前景、估值和方舟的策略。举例来说，莱吉称ARKK退出了对持仓量曾仅排在特斯拉之后的DNA测序公司Illumina (ILMN)、纳入其竞争对手Pacific Biosciences of California (PACB)是因为基因组测序领域即将出现颠覆性的变化。抛售其他股票是因为和同类股票相比这些股票已经涨得过高。莱吉称，自去年以来方舟也一直在为股市回调做准备，在投资组合中纳入大盘股是为了提供下跌保护和类似现金的储备，以便在股市低迷时期以低价买入最被看好的股票。这些转变意味着ARKK未来的波动性可能会变小。许多生物技术公司在产品获批之前很难获得现金流或收入，而互联网公司通常已经能通过一些产品或服务获得收入。这可能意味着今年ARKK的表现将更像2019年，而不是2020年。阿诺特说，“ARKK仍是一只非常激进的成长型基金，但当一只基金的资产规模不断扩大时，要维持业绩优势可能会更加困难。”莱吉称，市值更大的公司不一定意味着增长变少，方舟投资刚刚公布了特斯拉的目标价，认为到2025年该公司股价将达到3000美元，比目前水平高出385%。莱吉认为，在某些行业中，早期规模更大的颠覆者已经建立起了自己的市场地位，小型竞争对手将很难与之竞争。莱吉说，“不少规模较小的电动车制造商已通过特殊目的收购公司(SPAC)上市，我们之所有没有投资这些小公司，是因为该行业的资本密集度非常高，这些小公司不具备成为市场新的领头羊的条件，特斯拉已经遥遥领先。接下来我们的投资组合对小盘股的敞口不太可能再会像几年前那么大。”","news_type":1,"symbols_score_info":{"ARKX":0.9}},"isVote":1,"tweetType":1,"viewCount":2981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359306712,"gmtCreate":1616335363236,"gmtModify":1704792969180,"author":{"id":"3577336123110411","authorId":"3577336123110411","name":"JingLing","avatar":"https://static.tigerbbs.com/49004d05ce36f8b76a711bb807b51ba3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577336123110411","idStr":"3577336123110411"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359306712","repostId":"2121456431","repostType":4,"repost":{"id":"2121456431","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1616287967,"share":"https://ttm.financial/m/news/2121456431?lang=en_US&edition=fundamental","pubTime":"2021-03-21 08:52","market":"us","language":"zh","title":"Skyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?","url":"https://stock-news.laohu8.com/highlight/detail?id=2121456431","media":"券商中国","summary":"据悉，阿瓦隆A1246矿机算力为90T，是效率最高的矿机之一。此次交易金额达271.3万美元。矿机将分3次交付，预计3月交付300台，5月交付50台，8月交付250台。不过，有说法称，该“矿场”，是俄军和私人投资者分成的。挖矿行业每年新增收入或达1000亿各种矿场的建立，显著的拉动了对矿机的需求，作为矿机生产商的嘉楠科技备受基金经理宠幸。比特币挖矿行业的年新增收入或超过100","content":"<p>Since the existence of mining machine chip stocks, there are many more reasons for fund managers to buy Bitcoin. Affected by the continuous rise of prices in Bitcoin, China concept stocks, which are mainly engaged in mining machine chip business, have become the darlings in the eyes of fund managers.</p><p><b>As of the close of March 20th, Beijing time, Chinese stocks listed in the United States<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>Shares plunged 4.5%. As of March 20th, Canaan Technology's share price has increased by more than 5 times this year, 15 times in the last six months, and the highest share price has increased by 19 times during this period. After a week of continuous correction, as of March 20th, the current market value has dropped back to 28.4 billion RMB.</b></p><p><a href=\"https://laohu8.com/S/06178\">Everbright Securities</a>said that the mining industry is expected to add $18 billion in new revenue every year, and Canaan Technology is currently<a href=\"https://laohu8.com/S/00981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p><b>Bitcoin prices are far from mining costs, and demand for mining machines is hot</b></p><p>If fund managers buy Bitcoin directly, it may make prudent traditional investors feel absurd, but it seems much more logical to share the market of Bitcoin by buying \"AI chip company stocks\".</p><p>As of the close of March 20th, Beijing time, Canaan Technology, a Chinese stock listed in the United States, plummeted by 4.5%. After hitting a new high on March 12th, the stock has been pulled back for a week. According to the data, the stock price of Canaan Technology has increased by more than 5 times this year. In the last six months, the stock price has increased by 15 times according to the closing of March 20th. If calculated according to March 12th, it has reached 19 times at the highest. The market value of Canaan Technology after falling back up to now is 28.4 billion yuan.</p><p>Headquartered in Beijing, Canaan Technology is a company engaged in the research and development of independent AI chips and providing high-performance computing services. More accurately, Canaan Technology is a mining machine research and development company in Bitcoin. About 90% of the company's revenue comes from mining machine chips and related businesses. Mining machine is the most basic link in Bitcoin ecology.</p><p>The hot market of continuously rising prices in Bitcoin has significantly driven the demand for mining.</p><p>\"The higher the price, the greater the benefits of mining. After the price in Bitcoin falls below 5,000 USD, the mining machine can't be sold, and even the cost of electricity is very difficult.\" An investor in South China who owns a Bitcoin mine told a brokerage Chinese reporter at an exchange meeting that the sales of mining machines in Bitcoin are directly affected by the price in Bitcoin. If the price in Bitcoin is too low, it will impact the cost of mining.</p><p>According to the market on March 18th, the latest price in Bitcoin remained around $58,000, which is an attractive price for mining investors, meaning that the price in Bitcoin is much higher than the cost of mining.</p><p>The high price situation has stimulated the sales of mining machines in Bitcoin.</p><p>On March 2 this year, cryptocurrency mining company Integrated Ventures Inc announced the purchase of 600 Avalon A1246 mining machines (Avalon 1246) produced by Canaan Technology. It is reported that Avalon A1246 mining machine has a computing power of 90T, which is one of the most efficient mining machines. The transaction amounted to $2.713 million. The mining machines will be delivered in 3 tranches, with 300 units expected in March, 50 units in May and 250 units in August.</p><p>On January 27th this year, when the price in Bitcoin remained around $35,000, mining machines in Bitcoin were already selling very well. According to the official WeChat official account of Canaan Yunzhi, on January 27th this year, Canaan Technology signed an order for 6,000 Avalon mining machines with the mining giant CoreScientific, and reached a cooperation intention with the start-up company DroneEnergy for mining machine procurement. Prior to this, Canaan Technology also signed a purchase order with HIVEBlockChain for 6,400 mining machines.</p><p><b>Institutional sweeping goods Bitcoin helped mining machine companies a lot</b></p><p>Institutional investors in traditional industries entered the market to sweep goods in Bitcoin, raising the price of Bitcoin and staying away from the cost of mining, which helped mining companies a lot.</p><p>On March 18, Hong Kong listed companies<a href=\"https://laohu8.com/S/01357\">Meitu Corp</a>An announcement was made that subsidiary MiracleVision on March 17, 2021, in open market transactions under the Cryptocurrency Investment Plan, further purchased: 16,000 units of Ethereum (Purchased under Ethereum) for a total consideration of approximately $28.4 million; Bitcoin of approximately 386.09 units (purchased under Bitcoin) for a total consideration of approximately $21.6 million. As of the announcement date, Meitu has accumulated net purchases of cryptocurrencies worth approximately $90 million.</p><p>Previously, on March 5th, Meitu announced that it would purchase 15,000 units of Ethereum and 379.12 units of Bitcoin in open market transactions, with a total consideration of about 22.1 million USD and 17.9 million USD respectively.</p><p>Meitu said in the announcement that the purchases were made under a cryptocurrency investment plan previously approved by the company's board of directors, under which the group plans that cryptocurrencies with a net amount of up to $100 million can be purchased, funded by the company's existing cash reserves. Subsequently, the board of directors of the company will implement the cryptocurrency investment plan at its discretion according to the crypto market situation.</p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>As of now, retail investors have bought more than 187,000 Bitcoin, while institutional investors have bought roughly 172,684 Bitcoin, according to a report by strategist NikolaosPanigirtzoglou.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The wealth management department wrote a new investor report on March 17, outlining the situation of cryptocurrency as an emerging investable asset class. The report said: For speculative investment to rise to the level of investable asset classes and play a role in a diversified portfolio, transformative progress on both the supply and demand sides will be required.</p><p>The change in institutional attitudes towards Bitcoin assets is unexpected. according to<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>Group data, Bitcoin futures open positions grew at least 100% for eight consecutive months through February 2021, with capital involved in these contracts growing exponentially at an annual rate of 145%, from $156 million at the end of February 2020 to $2.34 billion a year later. The increase is more than three times the 425% increase in prices in Bitcoin last year. It also further reflects the demand of institutional investors for this asset class, which has reached unprecedented levels.</p><p>Now that Bitcoin prices have risen above $50,000, investors' interest in trading Bitcoin has increased, which has also made mining investors in Bitcoin profitable. This means that every Bitcoin dug up can be supplied to investors in the secondary market at a price of more than $50,000.</p><p>On March 18th, Pakistan's Khyber Pakhtunkhwa province plans to establish two pilot cryptocurrency mines backed by hydropower. Previously, on January 13th, the province had announced the launch of two state-owned Bitcoin mines, saying that the legislative bill holding the action had been passed in the provincial parliament.</p><p>Ten days ago, on March 8th, the Russian Ministry of Defense \"Red Star TV\" published the information of a large cryptocurrency mine under the \"supervision\" of the Russian army. The mine is located at a hydroelectric plant near Irkutsk in Siberia, which houses thousands of mining machines. The extremely cold geographical environment provides the mine with good heat dissipation conditions and low water and electricity costs. However, it is said that the \"mine\" is divided between the Russian army and private investors.</p><p><b>New revenue of the mining industry may reach 100 billion annually</b></p><p>The establishment of various mines has significantly stimulated the demand for mining machines. As a mining machine manufacturer, Canaan Technology is favored by fund managers.</p><p>According to information disclosed by listed companies, as of the end of last year, there were approximately 20 funds holding shares in Canaan Technology. Fund managers directly holding Bitcoin may make conservative investors feel absurd at present, but it seems much more logical to share the market in Bitcoin by buying the shares of Canaan Technology in the name of \"AI chip company\".</p><p>The investment of A-share listed companies in Canaan Technology may also be the same strategy, so as to avoid listed companies directly deploying Bitcoin and being questioned by regulatory agencies.</p><p>China brokerage reporter noticed that,<a href=\"https://laohu8.com/S/600226\">*ST Hanye</a>It invested 200 million yuan to hold 99.50% of the shares of Shanghai Yongtang. Shanghai Yongtang indirectly invested in Hangzhou Jianan Yunzhi Information Technology Co., Ltd. through Baohu Fund, and the company's final holding ratio in this investment project is less than 1%. Based on the fact that *ST Hanye indirectly holds Canaan Technology, the stock price has been rising continuously this year. As of March 18th, the stock price of *ST Hanye has risen by nearly 75% this year, and its market value is close to 9 billion.</p><p><a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>In a report, it was pointed out that Canaan Technology was the first to deploy Bitcoin mining industry, and the mining machinery production capacity was the most sufficient in 2021. Canaan Technology is currently<a href=\"https://laohu8.com/S/688981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p>Canaan Technology is the only manufacturer with multi-fab strategy at present. Due to the use of N +1 process chips for mass production, the occupation of wafer production capacity by GPU mining graphics cards and 5G mobile phones is largely buffered. In the report, Everbright Securities estimates that the market size of mining machine industry this year will be about 22.6 billion RMB, and it is estimated that 270,000 units will be shipped in the first half of the year (SMIC 150,000 units,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>120,000 units), with 520,000 units shipped in the second half of the year (250,000 units for SMIC, 120,000 units for TSMC and 150,000 units for others).</p><p>The annual new revenue of the mining industry in Bitcoin may exceed 100 billion yuan. Everbright Securities pointed out that 2020-2024 is the fourth halving cycle of Bitcoin. The number of daily mining reward Bitcoin is 900, and the transaction fee is about 100, totaling about 1,000. Based on the price of 50,000 USD/piece, the mining industry is expected to increase its annual revenue by about 1000X50000X365=18 billion USD.</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>Skyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?</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\">\nSkyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-03-21 08:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Since the existence of mining machine chip stocks, there are many more reasons for fund managers to buy Bitcoin. Affected by the continuous rise of prices in Bitcoin, China concept stocks, which are mainly engaged in mining machine chip business, have become the darlings in the eyes of fund managers.</p><p><b>As of the close of March 20th, Beijing time, Chinese stocks listed in the United States<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>Shares plunged 4.5%. As of March 20th, Canaan Technology's share price has increased by more than 5 times this year, 15 times in the last six months, and the highest share price has increased by 19 times during this period. After a week of continuous correction, as of March 20th, the current market value has dropped back to 28.4 billion RMB.</b></p><p><a href=\"https://laohu8.com/S/06178\">Everbright Securities</a>said that the mining industry is expected to add $18 billion in new revenue every year, and Canaan Technology is currently<a href=\"https://laohu8.com/S/00981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p><b>Bitcoin prices are far from mining costs, and demand for mining machines is hot</b></p><p>If fund managers buy Bitcoin directly, it may make prudent traditional investors feel absurd, but it seems much more logical to share the market of Bitcoin by buying \"AI chip company stocks\".</p><p>As of the close of March 20th, Beijing time, Canaan Technology, a Chinese stock listed in the United States, plummeted by 4.5%. After hitting a new high on March 12th, the stock has been pulled back for a week. According to the data, the stock price of Canaan Technology has increased by more than 5 times this year. In the last six months, the stock price has increased by 15 times according to the closing of March 20th. If calculated according to March 12th, it has reached 19 times at the highest. The market value of Canaan Technology after falling back up to now is 28.4 billion yuan.</p><p>Headquartered in Beijing, Canaan Technology is a company engaged in the research and development of independent AI chips and providing high-performance computing services. More accurately, Canaan Technology is a mining machine research and development company in Bitcoin. About 90% of the company's revenue comes from mining machine chips and related businesses. Mining machine is the most basic link in Bitcoin ecology.</p><p>The hot market of continuously rising prices in Bitcoin has significantly driven the demand for mining.</p><p>\"The higher the price, the greater the benefits of mining. After the price in Bitcoin falls below 5,000 USD, the mining machine can't be sold, and even the cost of electricity is very difficult.\" An investor in South China who owns a Bitcoin mine told a brokerage Chinese reporter at an exchange meeting that the sales of mining machines in Bitcoin are directly affected by the price in Bitcoin. If the price in Bitcoin is too low, it will impact the cost of mining.</p><p>According to the market on March 18th, the latest price in Bitcoin remained around $58,000, which is an attractive price for mining investors, meaning that the price in Bitcoin is much higher than the cost of mining.</p><p>The high price situation has stimulated the sales of mining machines in Bitcoin.</p><p>On March 2 this year, cryptocurrency mining company Integrated Ventures Inc announced the purchase of 600 Avalon A1246 mining machines (Avalon 1246) produced by Canaan Technology. It is reported that Avalon A1246 mining machine has a computing power of 90T, which is one of the most efficient mining machines. The transaction amounted to $2.713 million. The mining machines will be delivered in 3 tranches, with 300 units expected in March, 50 units in May and 250 units in August.</p><p>On January 27th this year, when the price in Bitcoin remained around $35,000, mining machines in Bitcoin were already selling very well. According to the official WeChat official account of Canaan Yunzhi, on January 27th this year, Canaan Technology signed an order for 6,000 Avalon mining machines with the mining giant CoreScientific, and reached a cooperation intention with the start-up company DroneEnergy for mining machine procurement. Prior to this, Canaan Technology also signed a purchase order with HIVEBlockChain for 6,400 mining machines.</p><p><b>Institutional sweeping goods Bitcoin helped mining machine companies a lot</b></p><p>Institutional investors in traditional industries entered the market to sweep goods in Bitcoin, raising the price of Bitcoin and staying away from the cost of mining, which helped mining companies a lot.</p><p>On March 18, Hong Kong listed companies<a href=\"https://laohu8.com/S/01357\">Meitu Corp</a>An announcement was made that subsidiary MiracleVision on March 17, 2021, in open market transactions under the Cryptocurrency Investment Plan, further purchased: 16,000 units of Ethereum (Purchased under Ethereum) for a total consideration of approximately $28.4 million; Bitcoin of approximately 386.09 units (purchased under Bitcoin) for a total consideration of approximately $21.6 million. As of the announcement date, Meitu has accumulated net purchases of cryptocurrencies worth approximately $90 million.</p><p>Previously, on March 5th, Meitu announced that it would purchase 15,000 units of Ethereum and 379.12 units of Bitcoin in open market transactions, with a total consideration of about 22.1 million USD and 17.9 million USD respectively.</p><p>Meitu said in the announcement that the purchases were made under a cryptocurrency investment plan previously approved by the company's board of directors, under which the group plans that cryptocurrencies with a net amount of up to $100 million can be purchased, funded by the company's existing cash reserves. Subsequently, the board of directors of the company will implement the cryptocurrency investment plan at its discretion according to the crypto market situation.</p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>As of now, retail investors have bought more than 187,000 Bitcoin, while institutional investors have bought roughly 172,684 Bitcoin, according to a report by strategist NikolaosPanigirtzoglou.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The wealth management department wrote a new investor report on March 17, outlining the situation of cryptocurrency as an emerging investable asset class. The report said: For speculative investment to rise to the level of investable asset classes and play a role in a diversified portfolio, transformative progress on both the supply and demand sides will be required.</p><p>The change in institutional attitudes towards Bitcoin assets is unexpected. according to<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>Group data, Bitcoin futures open positions grew at least 100% for eight consecutive months through February 2021, with capital involved in these contracts growing exponentially at an annual rate of 145%, from $156 million at the end of February 2020 to $2.34 billion a year later. The increase is more than three times the 425% increase in prices in Bitcoin last year. It also further reflects the demand of institutional investors for this asset class, which has reached unprecedented levels.</p><p>Now that Bitcoin prices have risen above $50,000, investors' interest in trading Bitcoin has increased, which has also made mining investors in Bitcoin profitable. This means that every Bitcoin dug up can be supplied to investors in the secondary market at a price of more than $50,000.</p><p>On March 18th, Pakistan's Khyber Pakhtunkhwa province plans to establish two pilot cryptocurrency mines backed by hydropower. Previously, on January 13th, the province had announced the launch of two state-owned Bitcoin mines, saying that the legislative bill holding the action had been passed in the provincial parliament.</p><p>Ten days ago, on March 8th, the Russian Ministry of Defense \"Red Star TV\" published the information of a large cryptocurrency mine under the \"supervision\" of the Russian army. The mine is located at a hydroelectric plant near Irkutsk in Siberia, which houses thousands of mining machines. The extremely cold geographical environment provides the mine with good heat dissipation conditions and low water and electricity costs. However, it is said that the \"mine\" is divided between the Russian army and private investors.</p><p><b>New revenue of the mining industry may reach 100 billion annually</b></p><p>The establishment of various mines has significantly stimulated the demand for mining machines. As a mining machine manufacturer, Canaan Technology is favored by fund managers.</p><p>According to information disclosed by listed companies, as of the end of last year, there were approximately 20 funds holding shares in Canaan Technology. Fund managers directly holding Bitcoin may make conservative investors feel absurd at present, but it seems much more logical to share the market in Bitcoin by buying the shares of Canaan Technology in the name of \"AI chip company\".</p><p>The investment of A-share listed companies in Canaan Technology may also be the same strategy, so as to avoid listed companies directly deploying Bitcoin and being questioned by regulatory agencies.</p><p>China brokerage reporter noticed that,<a href=\"https://laohu8.com/S/600226\">*ST Hanye</a>It invested 200 million yuan to hold 99.50% of the shares of Shanghai Yongtang. Shanghai Yongtang indirectly invested in Hangzhou Jianan Yunzhi Information Technology Co., Ltd. through Baohu Fund, and the company's final holding ratio in this investment project is less than 1%. Based on the fact that *ST Hanye indirectly holds Canaan Technology, the stock price has been rising continuously this year. As of March 18th, the stock price of *ST Hanye has risen by nearly 75% this year, and its market value is close to 9 billion.</p><p><a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>In a report, it was pointed out that Canaan Technology was the first to deploy Bitcoin mining industry, and the mining machinery production capacity was the most sufficient in 2021. Canaan Technology is currently<a href=\"https://laohu8.com/S/688981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p>Canaan Technology is the only manufacturer with multi-fab strategy at present. Due to the use of N +1 process chips for mass production, the occupation of wafer production capacity by GPU mining graphics cards and 5G mobile phones is largely buffered. In the report, Everbright Securities estimates that the market size of mining machine industry this year will be about 22.6 billion RMB, and it is estimated that 270,000 units will be shipped in the first half of the year (SMIC 150,000 units,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>120,000 units), with 520,000 units shipped in the second half of the year (250,000 units for SMIC, 120,000 units for TSMC and 150,000 units for others).</p><p>The annual new revenue of the mining industry in Bitcoin may exceed 100 billion yuan. Everbright Securities pointed out that 2020-2024 is the fourth halving cycle of Bitcoin. The number of daily mining reward Bitcoin is 900, and the transaction fee is about 100, totaling about 1,000. Based on the price of 50,000 USD/piece, the mining industry is expected to increase its annual revenue by about 1000X50000X365=18 billion USD.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2182a8a021a8689200e0ade3f44083dc","relate_stocks":{"159813":"芯片","CAN":"嘉楠科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2121456431","content_text":"自从有了矿机芯片股票，基金经理买比特币的理由，多了很多。受比特币价格连续走高的影响，主营矿机芯片业务的中概股成为基金经理眼中的宠儿。截至北京时间3月20日收盘，在美上市的中概股嘉楠科技股价大跌4.5%。截至3月20日，嘉楠科技今年以来的股价涨幅超过5倍，最近6个月涨幅15倍，期间最高股价涨幅达到19倍，在连续回调一周后，截止3月20日，当前市值回落至284亿人民币。光大证券表示，挖矿行业每年有望新增收入180亿美金，嘉楠科技目前是中芯国际N+1先进制程的主要客户，合作进行新型矿机（90TH/s）的生产，并已实现批量现货出货，预计全年产量超过40万台。比特币价格远离挖矿成本，矿机需求火爆如果基金经理直接购买比特币，可能令稳健的传统投资者感到荒唐，但通过以购买“AI芯片公司股票”分享比特币的行情，看起来顺理成章的多。截至北京时间3月20收盘，在美上市的中概股嘉楠科技大跌4.5%，该股再去3月12日创出新高后，已连续回调一周。数据显示，嘉楠科技今年以来的股价涨幅超过5倍，最近6个月的股价涨幅按3月20日收盘计算达15倍，若按照3月12日计算，最高达到19倍，嘉楠科技截止目前回落后的市值为284亿人民币。嘉楠科技总部位于北京，是一家从事自主AI芯片研发、提供高性能计算服务的公司。更准确的说法，嘉楠科技是一家比特币矿机研发公司，该公司约90%的收入来自矿机芯片及其相关业务，矿机是比特币生态中最基础的一大环节。比特币价格持续走高的火爆行情，显著带动了挖矿的需求。“价格越高，挖矿的利益越大，比特币价格跌破5000美元后，矿机就卖不动了，连用电的成本都很为难。”华南地区的一位拥有比特币矿场的投资者在一次交流会上对券商中国记者表示，比特币矿机销售直接受比特币价格的影响，比特币价格如果太低，就会冲击挖矿的成本。按照3月18日的行情，比特币最新价格维持在58000美元附近，对挖矿的投资者而言，这是一个极具吸引力的价格，意味着比特币的价格远远高于挖矿的成本。价格高高在上的状况，刺激了比特币矿机的销售。今年3月2日，加密货币挖矿公司IntegratedVenturesInc宣布购买600台嘉楠科技生产的阿瓦隆A1246矿机(Avalon1246)。据悉，阿瓦隆A1246矿机算力为90T，是效率最高的矿机之一。此次交易金额达271.3万美元。矿机将分3次交付，预计3月交付300台，5月交付50台，8月交付250台。今年1月27日，也就是比特币价格维持在35000美元附近时，比特币的矿机就已经非常好卖了。据嘉楠耘智官方公众号消息，今年1月27日，嘉楠科技与矿业巨头CoreScientific签署6000台阿瓦隆矿机订单，并与初创公司DroneEnergy达成了矿机采购合作意向。在此之前，嘉楠科技还与HIVEBlockChain签署了6400台的矿机采购订单。机构扫货比特币帮了矿机公司大忙传统行业的机构投资者入场扫货比特币，拉高比特币的价格，远离挖矿的成本，帮了矿机公司的大忙。3月18日，港股上市公司美图公司发布公告，子公司MiracleVision于2021年3月17日根据加密货币投资计划在公开市场交易中进一步购买了：1.6万单位的以太币（根据以太币购买），总对价约为2840万美元；约386.09单位的比特币（根据比特币购买），总对价约为2160万美元。截至公告日期，美图已累计净购买了价值约9000万美元的加密货币。此前3月5日，美图公司公告，将在公开市场交易中购买1.5万单位的以太币和379.12单位的比特币，总对价分别约为2210万美元和1790万美元。美图在公告中表示，这些购买是根据该公司董事会先前批准的一项加密货币投资计划进行的，据此该集团计划，可以购买净额不超过1亿美元的加密货币，其资金来源为该公司现有的现金储备。后续该公司董事会根据密货市场情况，酌情执行加密货币投资计划。摩根大通策略师NikolaosPanigirtzoglou的一份报告显示，截至目前，散户投资者已经购买了超过187000枚比特币，而机构投资者大约购买了172684枚比特币。摩根士丹利的财富管理部门则在3月17日撰写的一份新的投资者报告，概述了加密货币作为新兴的可投资资产类别的情况。报告中称：要使投机性投资上升到可投资资产类别的水平，并在多元化的投资组合中发挥作用，就需要在供需双方都取得变革性进展。机构对比特币资产的态度变化是令人始料不及的。根据芝加哥商品交易所集团的数据，截至2021年2月，比特币期货未平仓头寸连续8个月至少增长了100%，这些合约所涉及的资本以145%的年率指数增长，从2020年2月底的1.56亿美元增长到一年后的23.4亿美元。这种涨幅是比特币价格去年425%涨幅的三倍多。这也进一步反映了机构投资者对这一资产类别的需求，已经达到了前所未有的水平。既然比特币价格上涨到5万美元以上后，投资者对交易比特币的兴趣大增，也使得挖掘比特币的矿场投资者变得有利可图。这意味着每挖出一枚比特币，便可以以5万美元以上的价格，在二级市场供应给投资者。3月18日消息，巴基斯坦开伯尔－普赫图赫瓦省计划建立两个由水力发电支持的加密货币矿场试点。此前1月13日，该省曾宣布启动两个国有比特币矿场，并称持该行动的立法法案已在该省议会中获得通过。而在十天前的3月8日，俄国防部《红星电视台》公布了一个在俄军“监督”下的大型加密货币矿场的信息。该矿场位于西伯利亚伊尔库茨克附近的一个水电站，该矿场拥有成千上万矿机。极寒的地理环境给矿场提供了良好的散热条件，以及低廉的水电费用。不过，有说法称，该“矿场”，是俄军和私人投资者分成的。挖矿行业每年新增收入或达1000亿各种矿场的建立，显著的拉动了对矿机的需求，作为矿机生产商的嘉楠科技备受基金经理宠幸。根据上市公司披露的信息，截至去年底的数据，约有接近20家基金持有嘉楠科技的股票。基金经理直接持有比特币，在当下可能令保守型的投资者感到荒唐，但通过购买“AI芯片公司”的名义持有嘉楠科技的股票，从而分享比特币的行情，看起来顺理成章的多。A股上市公司对嘉楠科技的投资，可能也是如此策略，以避免上市公司直接布局比特币，遭到监管机构的问询。券商中国记者注意到，*ST瀚叶出资20000万元持有上海雍棠99.50%的股份，上海雍棠通过趵虎基金间接投资了杭州嘉楠耘智信息科技有限公司，该公司对该投资项目的最终持有比例低于1%。基于*ST瀚叶间接持有嘉楠科技的事实，该股股价今年以来连续走高，截至3月18日，*ST瀚叶今年以来的股价涨幅接近75%，市值也接近90亿。光大证券在一份报告中指出，嘉楠科技最早布局比特币矿业，2021年矿机产能最为充足。嘉楠科技目前是中芯国际N+1先进制程的主要客户，合作进行新型矿机（90TH/s）的生产，并已实现批量现货出货，预计全年产量超过40万台。嘉楠科技则是目前唯一多晶圆厂策略的厂商。由于采用N+1制程芯片进行量产，在很大程度上缓冲了GPU挖矿显卡和5G手机对晶圆产能的占用。在报告中，光大证券预计今年矿机行业市场规模约为226亿元RMB，预计上半年出货量27万台（中芯国际15万台、台积电12万台），下半年出货量52万台（中芯国际25万台、台积电12万台、其它15万台）。比特币挖矿行业的年新增收入或超过1000亿元人民币。光大证券指出，2020-2024年为比特币的第四个减半周期，每日挖矿奖励比特币数量为900枚，交易手续费用约100枚，合计约1000枚，以5万美金/枚价格计算，挖矿行业每年有望新增收入约1000X50000X365=180亿美金。","news_type":1,"symbols_score_info":{"159813":0.9,"CAN":0.9}},"isVote":1,"tweetType":1,"viewCount":3398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":355706156,"gmtCreate":1617101771575,"gmtModify":1704801985405,"author":{"id":"3577336123110411","authorId":"3577336123110411","name":"JingLing","avatar":"https://static.tigerbbs.com/49004d05ce36f8b76a711bb807b51ba3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577336123110411","idStr":"3577336123110411"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355706156","repostId":"1187342209","repostType":4,"repost":{"id":"1187342209","kind":"news","weMediaInfo":{"introduction":"中国最具影响力的财经新闻媒体《财经》携手道琼斯媒体集团，引入百年历史的《巴伦》（Barron's）独家内容，打造涵盖全球金融信息、市场动态、行业分析、公司研究及理财顾问评估的全球投资平台。","home_visible":1,"media_name":"Barrons巴伦","id":"1063202233","head_image":"https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab"},"pubTimestamp":1617080022,"share":"https://ttm.financial/m/news/1187342209?lang=en_US&edition=fundamental","pubTime":"2021-03-30 12:53","market":"us","language":"zh","title":"ARKK makes a big adjustment, can Ark replicate last year's success?","url":"https://stock-news.laohu8.com/highlight/detail?id=1187342209","media":"Barrons巴伦","summary":"编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创","content":"<p>Editor's Note: ARK Investment's highly anticipated ARK Space Exploration & Innovation ETF (ARKX) began trading today. This actively managed fund targets nearly 40 stocks in Space Exploration and innovation-related sectors, in addition to<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, Alphabet, and Chinese e-commerce giants<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Etc., Inc. This ETF has a rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shined last year, with returns soaring to 153% from 36% in 2019, making it the best-performing fund in 2020. Cathie Wood, a fund manager at ARKK and founder of ARK Investment, has also become a household name as a result. ARKK got off to a rough start heading into 2021, and after gaining another 26% in mid-February, the $22 billion ETF has pulled back sharply over the past six weeks, falling 9% year-to-date. It's important for investors to understand the dramatic changes that have taken place in ARKK's portfolio over the past year.</p><p>A year ago, ARKK mainly invested in small-cap stocks, and today, 51% of the fund is invested in large-cap stocks. By the end of February, the average market capitalization of ARKK's investment targets had increased to $39 billion, up from $5 billion in March last year, in large part due to the rise in the share price of the investment targets. It is worth noting that while ARKK holds the largest<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) has recently pulled back, but has still returned a whopping 500% over the past year.</p><p>Many actively managed funds have restrictions on the market value and holding time of investment targets, but ARKK has no such restrictions. The fund holds both Tesla, which has a market capitalization of up to $594 billion, and Cerus (CERS), which has a market capitalization of just $1 billion. \"The market capitalization factor is not very important to us,\" said Ren Leggi, Ark's client portfolio manager. \"We focus on innovation.\"</p><p><img src=\"https://static.tigerbbs.com/ee44733258ab802586481d7046f738a0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The rise in existing holdings can only partly explain ARKK's pivot to companies with larger market capitalizations. ARKK has also been selling smaller-cap stocks over the past few months, many of which are biotech companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN), and Editas Medicine (EDIT).</p><p>Meanwhile, ARKK has included a large number of Internet large-cap stocks such as<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>(PYPL), Shopify (SHOP),<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video Communications (ZM),<a href=\"https://laohu8.com/S/00700\">Tencent</a>(TCEHY),<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(BIDU), Sea (SE), and Nintendo (NTDOY). The fund did not hold those stocks last July.</p><p><img src=\"https://static.tigerbbs.com/1e3eca5782906de78a8d380c91d48d6b\" tg-width=\"680\" tg-height=\"394\" referrerpolicy=\"no-referrer\"></p><p>The sectors ARKK focuses on have also changed. In March 2020, the biotechnology and diagnostic and therapeutic sectors accounted for the largest proportion, accounting for 22% and 15% of the portfolio, respectively. By the end of February this year, biotechnology accounted for only 14%, and diagnosis and treatment accounted for 8%.</p><p>In addition, ARKK increased its investment in Internet stocks and software stocks, both accounting for 6% in March 2020 and 15% and 9% respectively as of February this year. Shopify was not included in the portfolio in October last year and now ranks eighth in holdings with a 3.1% weight.</p><p>But ARKK invests more in the healthcare and tech sectors than other similar funds, said Amy Arnott, a portfolio strategist at Morningstar.</p><p>Some suspect that the switch to larger companies is because ARKK is rapidly growing in size. The fund attracted $16 billion in new funding last year, which could quickly raise ARKK's holdings in companies with smaller market capitalizations to a more dangerous level if invested in them. From this perspective, investing these funds in more liquid large-cap stocks seems like a safer option. \"The bigger ARKK is, the harder it is to build a sizable small-cap position,\" Arnott said.</p><p>Ark Investment denied this view, saying that the position adjustment depends on the prospects, valuation and Ark's strategy of the investment target. Leggi, for example, said ARKK pulled out of a DNA sequencing company that once ranked only behind Tesla in terms of holdings<a href=\"https://laohu8.com/S/ILMN\">Illumina</a>(ILMN), including its competitor Pacific Biosciences of California (PACB) because of upcoming disruptive changes in genome sequencing. Other stocks are sold because they have risen too high compared to similar stocks.</p><p>Leggi said that Ark has also been preparing for a stock market correction since last year, and the inclusion of large-cap stocks in the portfolio is to provide downside protection and cash-like reserves to buy the most bullish stocks at low prices during a stock market downturn.</p><p><img src=\"https://static.tigerbbs.com/c08f83fa146eec4d103e89d95523cb25\" tg-width=\"524\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>These shifts mean ARKK could be less volatile going forward. Many biotech companies struggle to generate cash flow or revenue before their products are approved, while Internet companies often already generate revenue from some products or services.</p><p>This could mean ARKK will perform more like 2019 than 2020 this year. Arnott said, \"ARKK is still a very aggressive growth fund, but when a fund's assets are expanding, it can be more difficult to maintain its performance advantage.\"</p><p>Leggi said that a larger company with a market cap doesn't necessarily mean less growth, and Ark Investment just announced a price target for Tesla, believing that the company's share price will reach $3,000 by 2025, 385% above current levels. Leggi believes that in some industries, larger early disruptors have established their market position, and smaller competitors will struggle to compete with them.</p><p>Leggi said, \"Many smaller EV manufacturers have gone public through special purpose acquisition companies (SPACs). All we haven't invested in these small companies is because the industry is very capital-intensive. These small companies don't have the conditions to become the new market leader. Tesla is already far ahead. Next, our portfolio's exposure to small-cap stocks is unlikely to be as large as it was a few years ago.\"</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>ARKK makes a big adjustment, can Ark replicate last year's success?</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\">\nARKK makes a big adjustment, can Ark replicate last year's success?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1063202233\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Barrons巴伦 </p>\n<p class=\"h-time smaller\">2021-03-30 12:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Editor's Note: ARK Investment's highly anticipated ARK Space Exploration & Innovation ETF (ARKX) began trading today. This actively managed fund targets nearly 40 stocks in Space Exploration and innovation-related sectors, in addition to<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, Alphabet, and Chinese e-commerce giants<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Etc., Inc. This ETF has a rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shined last year, with returns soaring to 153% from 36% in 2019, making it the best-performing fund in 2020. Cathie Wood, a fund manager at ARKK and founder of ARK Investment, has also become a household name as a result. ARKK got off to a rough start heading into 2021, and after gaining another 26% in mid-February, the $22 billion ETF has pulled back sharply over the past six weeks, falling 9% year-to-date. It's important for investors to understand the dramatic changes that have taken place in ARKK's portfolio over the past year.</p><p>A year ago, ARKK mainly invested in small-cap stocks, and today, 51% of the fund is invested in large-cap stocks. By the end of February, the average market capitalization of ARKK's investment targets had increased to $39 billion, up from $5 billion in March last year, in large part due to the rise in the share price of the investment targets. It is worth noting that while ARKK holds the largest<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) has recently pulled back, but has still returned a whopping 500% over the past year.</p><p>Many actively managed funds have restrictions on the market value and holding time of investment targets, but ARKK has no such restrictions. The fund holds both Tesla, which has a market capitalization of up to $594 billion, and Cerus (CERS), which has a market capitalization of just $1 billion. \"The market capitalization factor is not very important to us,\" said Ren Leggi, Ark's client portfolio manager. \"We focus on innovation.\"</p><p><img src=\"https://static.tigerbbs.com/ee44733258ab802586481d7046f738a0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The rise in existing holdings can only partly explain ARKK's pivot to companies with larger market capitalizations. ARKK has also been selling smaller-cap stocks over the past few months, many of which are biotech companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN), and Editas Medicine (EDIT).</p><p>Meanwhile, ARKK has included a large number of Internet large-cap stocks such as<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>(PYPL), Shopify (SHOP),<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video Communications (ZM),<a href=\"https://laohu8.com/S/00700\">Tencent</a>(TCEHY),<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(BIDU), Sea (SE), and Nintendo (NTDOY). The fund did not hold those stocks last July.</p><p><img src=\"https://static.tigerbbs.com/1e3eca5782906de78a8d380c91d48d6b\" tg-width=\"680\" tg-height=\"394\" referrerpolicy=\"no-referrer\"></p><p>The sectors ARKK focuses on have also changed. In March 2020, the biotechnology and diagnostic and therapeutic sectors accounted for the largest proportion, accounting for 22% and 15% of the portfolio, respectively. By the end of February this year, biotechnology accounted for only 14%, and diagnosis and treatment accounted for 8%.</p><p>In addition, ARKK increased its investment in Internet stocks and software stocks, both accounting for 6% in March 2020 and 15% and 9% respectively as of February this year. Shopify was not included in the portfolio in October last year and now ranks eighth in holdings with a 3.1% weight.</p><p>But ARKK invests more in the healthcare and tech sectors than other similar funds, said Amy Arnott, a portfolio strategist at Morningstar.</p><p>Some suspect that the switch to larger companies is because ARKK is rapidly growing in size. The fund attracted $16 billion in new funding last year, which could quickly raise ARKK's holdings in companies with smaller market capitalizations to a more dangerous level if invested in them. From this perspective, investing these funds in more liquid large-cap stocks seems like a safer option. \"The bigger ARKK is, the harder it is to build a sizable small-cap position,\" Arnott said.</p><p>Ark Investment denied this view, saying that the position adjustment depends on the prospects, valuation and Ark's strategy of the investment target. Leggi, for example, said ARKK pulled out of a DNA sequencing company that once ranked only behind Tesla in terms of holdings<a href=\"https://laohu8.com/S/ILMN\">Illumina</a>(ILMN), including its competitor Pacific Biosciences of California (PACB) because of upcoming disruptive changes in genome sequencing. Other stocks are sold because they have risen too high compared to similar stocks.</p><p>Leggi said that Ark has also been preparing for a stock market correction since last year, and the inclusion of large-cap stocks in the portfolio is to provide downside protection and cash-like reserves to buy the most bullish stocks at low prices during a stock market downturn.</p><p><img src=\"https://static.tigerbbs.com/c08f83fa146eec4d103e89d95523cb25\" tg-width=\"524\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>These shifts mean ARKK could be less volatile going forward. Many biotech companies struggle to generate cash flow or revenue before their products are approved, while Internet companies often already generate revenue from some products or services.</p><p>This could mean ARKK will perform more like 2019 than 2020 this year. Arnott said, \"ARKK is still a very aggressive growth fund, but when a fund's assets are expanding, it can be more difficult to maintain its performance advantage.\"</p><p>Leggi said that a larger company with a market cap doesn't necessarily mean less growth, and Ark Investment just announced a price target for Tesla, believing that the company's share price will reach $3,000 by 2025, 385% above current levels. Leggi believes that in some industries, larger early disruptors have established their market position, and smaller competitors will struggle to compete with them.</p><p>Leggi said, \"Many smaller EV manufacturers have gone public through special purpose acquisition companies (SPACs). All we haven't invested in these small companies is because the industry is very capital-intensive. These small companies don't have the conditions to become the new market leader. Tesla is already far ahead. Next, our portfolio's exposure to small-cap stocks is unlikely to be as large as it was a few years ago.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"ARKX":"ARK Space Exploration & Innovation ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187342209","content_text":"编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创新相关领域的股票，此外还包括亚马逊、Alphabet、和中国电商巨头京东等公司。这只ETF的费率为0.75%。ARK Innovation (ARKK，下文简称ARKK)去年大放异彩，回报率从2019年的36%飙升到153%，成为2020年表现最好的基金。ARKK基金经理、方舟投资(ARK Investment)创始人凯西·伍德(Cathie Wood)也因此变得家喻户晓。进入2021年后ARKK开局不利，在2月中旬又上涨了26%之后，这只规模220亿美元的ETF在过去六周里大幅回落，今年迄今下跌9%。投资者有必要了解一下过去一年ARKK投资组合发生的巨大变化。一年前，ARKK主要投资小盘股，如今，这只基金51%的资金投向了大盘股。截至2月底，ARKK投资标的的平均市值已从去年3月的50亿美元增至390亿美元，这在很大程度上是由于投资标的股价的上涨。值得注意的是，虽然ARKK持仓最大的特斯拉(TSLA)近期股价回落，但过去一年的回报率依然高达500%。不少主动管理基金对投资标的的市值以及持有时间有限制，但ARKK没有这方面的限制。该基金既持有市值高达5940亿美元的特斯拉，也持有市值仅为10亿美元的Cerus (CERS)。“市值这一因素对我们来说不是很重要，”方舟客户投资组合经理雷恩·莱吉(Ren Leggi)说，“我们关注的是创新。”现有持仓的上涨只能在一定程度上解释ARKK转向市值更大的公司的原因。过去几个月，ARKK也一直在抛售市值较小的股票，其中许多是生物科技公司，包括Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Computen (CGEN)和Editas Medicine (EDIT)。与此同时，ARKK纳入了大量互联网大盘股，如PayPal (PYPL)、Shopify (SHOP)、Zoom Video Communications (ZM)、腾讯(TCEHY)、百度(BIDU)、Sea (SE)和任天堂(NTDOY)。去年7月该基金没有持有这些股票。ARKK关注的板块也发生了变化。2020年3月，生物技术和诊疗法板块占比最大，分别占投资组合的22%和15%。到今年2月底，生物技术仅占14%，诊疗法占8%。此外，ARKK增加了对互联网股和软件股的投资，2020年3月二者占比均为6%，截至今年2月占比分别为15%和9%。去年10月份Shopify还没有被纳入投资组合，现在持仓量排名第八，权重为3.1%。但晨星(Morningstar)投资组合策略师艾米·阿诺特(Amy Arnott)表示，与其他同类基金相比，ARKK在医疗保健和科技板块的投资更多。一些人怀疑转投市值更大的公司的因为ARKK的规模迅速变大。去年该基金吸引了160亿美元的新资金，如果这些资金投向市值较小的公司，可能会迅速将ARKK对这些公司的持股提高到一个比较危险的水平。从这个角度来看，把这些资金投向流动性更强的大盘股似乎是一个更安全的选择。阿诺特说，“ARKK的规模越大，就越难建立起相当规模的小盘股头寸。”方舟投资否认了这种观点，称调仓取决于投资标的的前景、估值和方舟的策略。举例来说，莱吉称ARKK退出了对持仓量曾仅排在特斯拉之后的DNA测序公司Illumina (ILMN)、纳入其竞争对手Pacific Biosciences of California (PACB)是因为基因组测序领域即将出现颠覆性的变化。抛售其他股票是因为和同类股票相比这些股票已经涨得过高。莱吉称，自去年以来方舟也一直在为股市回调做准备，在投资组合中纳入大盘股是为了提供下跌保护和类似现金的储备，以便在股市低迷时期以低价买入最被看好的股票。这些转变意味着ARKK未来的波动性可能会变小。许多生物技术公司在产品获批之前很难获得现金流或收入，而互联网公司通常已经能通过一些产品或服务获得收入。这可能意味着今年ARKK的表现将更像2019年，而不是2020年。阿诺特说，“ARKK仍是一只非常激进的成长型基金，但当一只基金的资产规模不断扩大时，要维持业绩优势可能会更加困难。”莱吉称，市值更大的公司不一定意味着增长变少，方舟投资刚刚公布了特斯拉的目标价，认为到2025年该公司股价将达到3000美元，比目前水平高出385%。莱吉认为，在某些行业中，早期规模更大的颠覆者已经建立起了自己的市场地位，小型竞争对手将很难与之竞争。莱吉说，“不少规模较小的电动车制造商已通过特殊目的收购公司(SPAC)上市，我们之所有没有投资这些小公司，是因为该行业的资本密集度非常高，这些小公司不具备成为市场新的领头羊的条件，特斯拉已经遥遥领先。接下来我们的投资组合对小盘股的敞口不太可能再会像几年前那么大。”","news_type":1,"symbols_score_info":{"ARKX":0.9}},"isVote":1,"tweetType":1,"viewCount":2981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359306712,"gmtCreate":1616335363236,"gmtModify":1704792969180,"author":{"id":"3577336123110411","authorId":"3577336123110411","name":"JingLing","avatar":"https://static.tigerbbs.com/49004d05ce36f8b76a711bb807b51ba3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577336123110411","idStr":"3577336123110411"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359306712","repostId":"2121456431","repostType":4,"repost":{"id":"2121456431","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1616287967,"share":"https://ttm.financial/m/news/2121456431?lang=en_US&edition=fundamental","pubTime":"2021-03-21 08:52","market":"us","language":"zh","title":"Skyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?","url":"https://stock-news.laohu8.com/highlight/detail?id=2121456431","media":"券商中国","summary":"据悉，阿瓦隆A1246矿机算力为90T，是效率最高的矿机之一。此次交易金额达271.3万美元。矿机将分3次交付，预计3月交付300台，5月交付50台，8月交付250台。不过，有说法称，该“矿场”，是俄军和私人投资者分成的。挖矿行业每年新增收入或达1000亿各种矿场的建立，显著的拉动了对矿机的需求，作为矿机生产商的嘉楠科技备受基金经理宠幸。比特币挖矿行业的年新增收入或超过100","content":"<p>Since the existence of mining machine chip stocks, there are many more reasons for fund managers to buy Bitcoin. Affected by the continuous rise of prices in Bitcoin, China concept stocks, which are mainly engaged in mining machine chip business, have become the darlings in the eyes of fund managers.</p><p><b>As of the close of March 20th, Beijing time, Chinese stocks listed in the United States<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>Shares plunged 4.5%. As of March 20th, Canaan Technology's share price has increased by more than 5 times this year, 15 times in the last six months, and the highest share price has increased by 19 times during this period. After a week of continuous correction, as of March 20th, the current market value has dropped back to 28.4 billion RMB.</b></p><p><a href=\"https://laohu8.com/S/06178\">Everbright Securities</a>said that the mining industry is expected to add $18 billion in new revenue every year, and Canaan Technology is currently<a href=\"https://laohu8.com/S/00981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p><b>Bitcoin prices are far from mining costs, and demand for mining machines is hot</b></p><p>If fund managers buy Bitcoin directly, it may make prudent traditional investors feel absurd, but it seems much more logical to share the market of Bitcoin by buying \"AI chip company stocks\".</p><p>As of the close of March 20th, Beijing time, Canaan Technology, a Chinese stock listed in the United States, plummeted by 4.5%. After hitting a new high on March 12th, the stock has been pulled back for a week. According to the data, the stock price of Canaan Technology has increased by more than 5 times this year. In the last six months, the stock price has increased by 15 times according to the closing of March 20th. If calculated according to March 12th, it has reached 19 times at the highest. The market value of Canaan Technology after falling back up to now is 28.4 billion yuan.</p><p>Headquartered in Beijing, Canaan Technology is a company engaged in the research and development of independent AI chips and providing high-performance computing services. More accurately, Canaan Technology is a mining machine research and development company in Bitcoin. About 90% of the company's revenue comes from mining machine chips and related businesses. Mining machine is the most basic link in Bitcoin ecology.</p><p>The hot market of continuously rising prices in Bitcoin has significantly driven the demand for mining.</p><p>\"The higher the price, the greater the benefits of mining. After the price in Bitcoin falls below 5,000 USD, the mining machine can't be sold, and even the cost of electricity is very difficult.\" An investor in South China who owns a Bitcoin mine told a brokerage Chinese reporter at an exchange meeting that the sales of mining machines in Bitcoin are directly affected by the price in Bitcoin. If the price in Bitcoin is too low, it will impact the cost of mining.</p><p>According to the market on March 18th, the latest price in Bitcoin remained around $58,000, which is an attractive price for mining investors, meaning that the price in Bitcoin is much higher than the cost of mining.</p><p>The high price situation has stimulated the sales of mining machines in Bitcoin.</p><p>On March 2 this year, cryptocurrency mining company Integrated Ventures Inc announced the purchase of 600 Avalon A1246 mining machines (Avalon 1246) produced by Canaan Technology. It is reported that Avalon A1246 mining machine has a computing power of 90T, which is one of the most efficient mining machines. The transaction amounted to $2.713 million. The mining machines will be delivered in 3 tranches, with 300 units expected in March, 50 units in May and 250 units in August.</p><p>On January 27th this year, when the price in Bitcoin remained around $35,000, mining machines in Bitcoin were already selling very well. According to the official WeChat official account of Canaan Yunzhi, on January 27th this year, Canaan Technology signed an order for 6,000 Avalon mining machines with the mining giant CoreScientific, and reached a cooperation intention with the start-up company DroneEnergy for mining machine procurement. Prior to this, Canaan Technology also signed a purchase order with HIVEBlockChain for 6,400 mining machines.</p><p><b>Institutional sweeping goods Bitcoin helped mining machine companies a lot</b></p><p>Institutional investors in traditional industries entered the market to sweep goods in Bitcoin, raising the price of Bitcoin and staying away from the cost of mining, which helped mining companies a lot.</p><p>On March 18, Hong Kong listed companies<a href=\"https://laohu8.com/S/01357\">Meitu Corp</a>An announcement was made that subsidiary MiracleVision on March 17, 2021, in open market transactions under the Cryptocurrency Investment Plan, further purchased: 16,000 units of Ethereum (Purchased under Ethereum) for a total consideration of approximately $28.4 million; Bitcoin of approximately 386.09 units (purchased under Bitcoin) for a total consideration of approximately $21.6 million. As of the announcement date, Meitu has accumulated net purchases of cryptocurrencies worth approximately $90 million.</p><p>Previously, on March 5th, Meitu announced that it would purchase 15,000 units of Ethereum and 379.12 units of Bitcoin in open market transactions, with a total consideration of about 22.1 million USD and 17.9 million USD respectively.</p><p>Meitu said in the announcement that the purchases were made under a cryptocurrency investment plan previously approved by the company's board of directors, under which the group plans that cryptocurrencies with a net amount of up to $100 million can be purchased, funded by the company's existing cash reserves. Subsequently, the board of directors of the company will implement the cryptocurrency investment plan at its discretion according to the crypto market situation.</p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>As of now, retail investors have bought more than 187,000 Bitcoin, while institutional investors have bought roughly 172,684 Bitcoin, according to a report by strategist NikolaosPanigirtzoglou.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The wealth management department wrote a new investor report on March 17, outlining the situation of cryptocurrency as an emerging investable asset class. The report said: For speculative investment to rise to the level of investable asset classes and play a role in a diversified portfolio, transformative progress on both the supply and demand sides will be required.</p><p>The change in institutional attitudes towards Bitcoin assets is unexpected. according to<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>Group data, Bitcoin futures open positions grew at least 100% for eight consecutive months through February 2021, with capital involved in these contracts growing exponentially at an annual rate of 145%, from $156 million at the end of February 2020 to $2.34 billion a year later. The increase is more than three times the 425% increase in prices in Bitcoin last year. It also further reflects the demand of institutional investors for this asset class, which has reached unprecedented levels.</p><p>Now that Bitcoin prices have risen above $50,000, investors' interest in trading Bitcoin has increased, which has also made mining investors in Bitcoin profitable. This means that every Bitcoin dug up can be supplied to investors in the secondary market at a price of more than $50,000.</p><p>On March 18th, Pakistan's Khyber Pakhtunkhwa province plans to establish two pilot cryptocurrency mines backed by hydropower. Previously, on January 13th, the province had announced the launch of two state-owned Bitcoin mines, saying that the legislative bill holding the action had been passed in the provincial parliament.</p><p>Ten days ago, on March 8th, the Russian Ministry of Defense \"Red Star TV\" published the information of a large cryptocurrency mine under the \"supervision\" of the Russian army. The mine is located at a hydroelectric plant near Irkutsk in Siberia, which houses thousands of mining machines. The extremely cold geographical environment provides the mine with good heat dissipation conditions and low water and electricity costs. However, it is said that the \"mine\" is divided between the Russian army and private investors.</p><p><b>New revenue of the mining industry may reach 100 billion annually</b></p><p>The establishment of various mines has significantly stimulated the demand for mining machines. As a mining machine manufacturer, Canaan Technology is favored by fund managers.</p><p>According to information disclosed by listed companies, as of the end of last year, there were approximately 20 funds holding shares in Canaan Technology. Fund managers directly holding Bitcoin may make conservative investors feel absurd at present, but it seems much more logical to share the market in Bitcoin by buying the shares of Canaan Technology in the name of \"AI chip company\".</p><p>The investment of A-share listed companies in Canaan Technology may also be the same strategy, so as to avoid listed companies directly deploying Bitcoin and being questioned by regulatory agencies.</p><p>China brokerage reporter noticed that,<a href=\"https://laohu8.com/S/600226\">*ST Hanye</a>It invested 200 million yuan to hold 99.50% of the shares of Shanghai Yongtang. Shanghai Yongtang indirectly invested in Hangzhou Jianan Yunzhi Information Technology Co., Ltd. through Baohu Fund, and the company's final holding ratio in this investment project is less than 1%. Based on the fact that *ST Hanye indirectly holds Canaan Technology, the stock price has been rising continuously this year. As of March 18th, the stock price of *ST Hanye has risen by nearly 75% this year, and its market value is close to 9 billion.</p><p><a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>In a report, it was pointed out that Canaan Technology was the first to deploy Bitcoin mining industry, and the mining machinery production capacity was the most sufficient in 2021. Canaan Technology is currently<a href=\"https://laohu8.com/S/688981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p>Canaan Technology is the only manufacturer with multi-fab strategy at present. Due to the use of N +1 process chips for mass production, the occupation of wafer production capacity by GPU mining graphics cards and 5G mobile phones is largely buffered. In the report, Everbright Securities estimates that the market size of mining machine industry this year will be about 22.6 billion RMB, and it is estimated that 270,000 units will be shipped in the first half of the year (SMIC 150,000 units,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>120,000 units), with 520,000 units shipped in the second half of the year (250,000 units for SMIC, 120,000 units for TSMC and 150,000 units for others).</p><p>The annual new revenue of the mining industry in Bitcoin may exceed 100 billion yuan. Everbright Securities pointed out that 2020-2024 is the fourth halving cycle of Bitcoin. The number of daily mining reward Bitcoin is 900, and the transaction fee is about 100, totaling about 1,000. Based on the price of 50,000 USD/piece, the mining industry is expected to increase its annual revenue by about 1000X50000X365=18 billion USD.</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>Skyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?</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\">\nSkyrocketed 19 times in 6 months! This chip stock is completely on fire. What's its origin?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-03-21 08:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Since the existence of mining machine chip stocks, there are many more reasons for fund managers to buy Bitcoin. Affected by the continuous rise of prices in Bitcoin, China concept stocks, which are mainly engaged in mining machine chip business, have become the darlings in the eyes of fund managers.</p><p><b>As of the close of March 20th, Beijing time, Chinese stocks listed in the United States<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>Shares plunged 4.5%. As of March 20th, Canaan Technology's share price has increased by more than 5 times this year, 15 times in the last six months, and the highest share price has increased by 19 times during this period. After a week of continuous correction, as of March 20th, the current market value has dropped back to 28.4 billion RMB.</b></p><p><a href=\"https://laohu8.com/S/06178\">Everbright Securities</a>said that the mining industry is expected to add $18 billion in new revenue every year, and Canaan Technology is currently<a href=\"https://laohu8.com/S/00981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p><b>Bitcoin prices are far from mining costs, and demand for mining machines is hot</b></p><p>If fund managers buy Bitcoin directly, it may make prudent traditional investors feel absurd, but it seems much more logical to share the market of Bitcoin by buying \"AI chip company stocks\".</p><p>As of the close of March 20th, Beijing time, Canaan Technology, a Chinese stock listed in the United States, plummeted by 4.5%. After hitting a new high on March 12th, the stock has been pulled back for a week. According to the data, the stock price of Canaan Technology has increased by more than 5 times this year. In the last six months, the stock price has increased by 15 times according to the closing of March 20th. If calculated according to March 12th, it has reached 19 times at the highest. The market value of Canaan Technology after falling back up to now is 28.4 billion yuan.</p><p>Headquartered in Beijing, Canaan Technology is a company engaged in the research and development of independent AI chips and providing high-performance computing services. More accurately, Canaan Technology is a mining machine research and development company in Bitcoin. About 90% of the company's revenue comes from mining machine chips and related businesses. Mining machine is the most basic link in Bitcoin ecology.</p><p>The hot market of continuously rising prices in Bitcoin has significantly driven the demand for mining.</p><p>\"The higher the price, the greater the benefits of mining. After the price in Bitcoin falls below 5,000 USD, the mining machine can't be sold, and even the cost of electricity is very difficult.\" An investor in South China who owns a Bitcoin mine told a brokerage Chinese reporter at an exchange meeting that the sales of mining machines in Bitcoin are directly affected by the price in Bitcoin. If the price in Bitcoin is too low, it will impact the cost of mining.</p><p>According to the market on March 18th, the latest price in Bitcoin remained around $58,000, which is an attractive price for mining investors, meaning that the price in Bitcoin is much higher than the cost of mining.</p><p>The high price situation has stimulated the sales of mining machines in Bitcoin.</p><p>On March 2 this year, cryptocurrency mining company Integrated Ventures Inc announced the purchase of 600 Avalon A1246 mining machines (Avalon 1246) produced by Canaan Technology. It is reported that Avalon A1246 mining machine has a computing power of 90T, which is one of the most efficient mining machines. The transaction amounted to $2.713 million. The mining machines will be delivered in 3 tranches, with 300 units expected in March, 50 units in May and 250 units in August.</p><p>On January 27th this year, when the price in Bitcoin remained around $35,000, mining machines in Bitcoin were already selling very well. According to the official WeChat official account of Canaan Yunzhi, on January 27th this year, Canaan Technology signed an order for 6,000 Avalon mining machines with the mining giant CoreScientific, and reached a cooperation intention with the start-up company DroneEnergy for mining machine procurement. Prior to this, Canaan Technology also signed a purchase order with HIVEBlockChain for 6,400 mining machines.</p><p><b>Institutional sweeping goods Bitcoin helped mining machine companies a lot</b></p><p>Institutional investors in traditional industries entered the market to sweep goods in Bitcoin, raising the price of Bitcoin and staying away from the cost of mining, which helped mining companies a lot.</p><p>On March 18, Hong Kong listed companies<a href=\"https://laohu8.com/S/01357\">Meitu Corp</a>An announcement was made that subsidiary MiracleVision on March 17, 2021, in open market transactions under the Cryptocurrency Investment Plan, further purchased: 16,000 units of Ethereum (Purchased under Ethereum) for a total consideration of approximately $28.4 million; Bitcoin of approximately 386.09 units (purchased under Bitcoin) for a total consideration of approximately $21.6 million. As of the announcement date, Meitu has accumulated net purchases of cryptocurrencies worth approximately $90 million.</p><p>Previously, on March 5th, Meitu announced that it would purchase 15,000 units of Ethereum and 379.12 units of Bitcoin in open market transactions, with a total consideration of about 22.1 million USD and 17.9 million USD respectively.</p><p>Meitu said in the announcement that the purchases were made under a cryptocurrency investment plan previously approved by the company's board of directors, under which the group plans that cryptocurrencies with a net amount of up to $100 million can be purchased, funded by the company's existing cash reserves. Subsequently, the board of directors of the company will implement the cryptocurrency investment plan at its discretion according to the crypto market situation.</p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>As of now, retail investors have bought more than 187,000 Bitcoin, while institutional investors have bought roughly 172,684 Bitcoin, according to a report by strategist NikolaosPanigirtzoglou.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The wealth management department wrote a new investor report on March 17, outlining the situation of cryptocurrency as an emerging investable asset class. The report said: For speculative investment to rise to the level of investable asset classes and play a role in a diversified portfolio, transformative progress on both the supply and demand sides will be required.</p><p>The change in institutional attitudes towards Bitcoin assets is unexpected. according to<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>Group data, Bitcoin futures open positions grew at least 100% for eight consecutive months through February 2021, with capital involved in these contracts growing exponentially at an annual rate of 145%, from $156 million at the end of February 2020 to $2.34 billion a year later. The increase is more than three times the 425% increase in prices in Bitcoin last year. It also further reflects the demand of institutional investors for this asset class, which has reached unprecedented levels.</p><p>Now that Bitcoin prices have risen above $50,000, investors' interest in trading Bitcoin has increased, which has also made mining investors in Bitcoin profitable. This means that every Bitcoin dug up can be supplied to investors in the secondary market at a price of more than $50,000.</p><p>On March 18th, Pakistan's Khyber Pakhtunkhwa province plans to establish two pilot cryptocurrency mines backed by hydropower. Previously, on January 13th, the province had announced the launch of two state-owned Bitcoin mines, saying that the legislative bill holding the action had been passed in the provincial parliament.</p><p>Ten days ago, on March 8th, the Russian Ministry of Defense \"Red Star TV\" published the information of a large cryptocurrency mine under the \"supervision\" of the Russian army. The mine is located at a hydroelectric plant near Irkutsk in Siberia, which houses thousands of mining machines. The extremely cold geographical environment provides the mine with good heat dissipation conditions and low water and electricity costs. However, it is said that the \"mine\" is divided between the Russian army and private investors.</p><p><b>New revenue of the mining industry may reach 100 billion annually</b></p><p>The establishment of various mines has significantly stimulated the demand for mining machines. As a mining machine manufacturer, Canaan Technology is favored by fund managers.</p><p>According to information disclosed by listed companies, as of the end of last year, there were approximately 20 funds holding shares in Canaan Technology. Fund managers directly holding Bitcoin may make conservative investors feel absurd at present, but it seems much more logical to share the market in Bitcoin by buying the shares of Canaan Technology in the name of \"AI chip company\".</p><p>The investment of A-share listed companies in Canaan Technology may also be the same strategy, so as to avoid listed companies directly deploying Bitcoin and being questioned by regulatory agencies.</p><p>China brokerage reporter noticed that,<a href=\"https://laohu8.com/S/600226\">*ST Hanye</a>It invested 200 million yuan to hold 99.50% of the shares of Shanghai Yongtang. Shanghai Yongtang indirectly invested in Hangzhou Jianan Yunzhi Information Technology Co., Ltd. through Baohu Fund, and the company's final holding ratio in this investment project is less than 1%. Based on the fact that *ST Hanye indirectly holds Canaan Technology, the stock price has been rising continuously this year. As of March 18th, the stock price of *ST Hanye has risen by nearly 75% this year, and its market value is close to 9 billion.</p><p><a href=\"https://laohu8.com/S/601788\">Everbright Securities</a>In a report, it was pointed out that Canaan Technology was the first to deploy Bitcoin mining industry, and the mining machinery production capacity was the most sufficient in 2021. Canaan Technology is currently<a href=\"https://laohu8.com/S/688981\">SMIC</a>The major customer of N +1 advanced processes, cooperating on the production of new mining machines (90TH/s), and has achieved batch spot shipments, with an estimated annual production of over 400,000 units.</p><p>Canaan Technology is the only manufacturer with multi-fab strategy at present. Due to the use of N +1 process chips for mass production, the occupation of wafer production capacity by GPU mining graphics cards and 5G mobile phones is largely buffered. In the report, Everbright Securities estimates that the market size of mining machine industry this year will be about 22.6 billion RMB, and it is estimated that 270,000 units will be shipped in the first half of the year (SMIC 150,000 units,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>120,000 units), with 520,000 units shipped in the second half of the year (250,000 units for SMIC, 120,000 units for TSMC and 150,000 units for others).</p><p>The annual new revenue of the mining industry in Bitcoin may exceed 100 billion yuan. Everbright Securities pointed out that 2020-2024 is the fourth halving cycle of Bitcoin. The number of daily mining reward Bitcoin is 900, and the transaction fee is about 100, totaling about 1,000. Based on the price of 50,000 USD/piece, the mining industry is expected to increase its annual revenue by about 1000X50000X365=18 billion USD.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2182a8a021a8689200e0ade3f44083dc","relate_stocks":{"159813":"芯片","CAN":"嘉楠科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2121456431","content_text":"自从有了矿机芯片股票，基金经理买比特币的理由，多了很多。受比特币价格连续走高的影响，主营矿机芯片业务的中概股成为基金经理眼中的宠儿。截至北京时间3月20日收盘，在美上市的中概股嘉楠科技股价大跌4.5%。截至3月20日，嘉楠科技今年以来的股价涨幅超过5倍，最近6个月涨幅15倍，期间最高股价涨幅达到19倍，在连续回调一周后，截止3月20日，当前市值回落至284亿人民币。光大证券表示，挖矿行业每年有望新增收入180亿美金，嘉楠科技目前是中芯国际N+1先进制程的主要客户，合作进行新型矿机（90TH/s）的生产，并已实现批量现货出货，预计全年产量超过40万台。比特币价格远离挖矿成本，矿机需求火爆如果基金经理直接购买比特币，可能令稳健的传统投资者感到荒唐，但通过以购买“AI芯片公司股票”分享比特币的行情，看起来顺理成章的多。截至北京时间3月20收盘，在美上市的中概股嘉楠科技大跌4.5%，该股再去3月12日创出新高后，已连续回调一周。数据显示，嘉楠科技今年以来的股价涨幅超过5倍，最近6个月的股价涨幅按3月20日收盘计算达15倍，若按照3月12日计算，最高达到19倍，嘉楠科技截止目前回落后的市值为284亿人民币。嘉楠科技总部位于北京，是一家从事自主AI芯片研发、提供高性能计算服务的公司。更准确的说法，嘉楠科技是一家比特币矿机研发公司，该公司约90%的收入来自矿机芯片及其相关业务，矿机是比特币生态中最基础的一大环节。比特币价格持续走高的火爆行情，显著带动了挖矿的需求。“价格越高，挖矿的利益越大，比特币价格跌破5000美元后，矿机就卖不动了，连用电的成本都很为难。”华南地区的一位拥有比特币矿场的投资者在一次交流会上对券商中国记者表示，比特币矿机销售直接受比特币价格的影响，比特币价格如果太低，就会冲击挖矿的成本。按照3月18日的行情，比特币最新价格维持在58000美元附近，对挖矿的投资者而言，这是一个极具吸引力的价格，意味着比特币的价格远远高于挖矿的成本。价格高高在上的状况，刺激了比特币矿机的销售。今年3月2日，加密货币挖矿公司IntegratedVenturesInc宣布购买600台嘉楠科技生产的阿瓦隆A1246矿机(Avalon1246)。据悉，阿瓦隆A1246矿机算力为90T，是效率最高的矿机之一。此次交易金额达271.3万美元。矿机将分3次交付，预计3月交付300台，5月交付50台，8月交付250台。今年1月27日，也就是比特币价格维持在35000美元附近时，比特币的矿机就已经非常好卖了。据嘉楠耘智官方公众号消息，今年1月27日，嘉楠科技与矿业巨头CoreScientific签署6000台阿瓦隆矿机订单，并与初创公司DroneEnergy达成了矿机采购合作意向。在此之前，嘉楠科技还与HIVEBlockChain签署了6400台的矿机采购订单。机构扫货比特币帮了矿机公司大忙传统行业的机构投资者入场扫货比特币，拉高比特币的价格，远离挖矿的成本，帮了矿机公司的大忙。3月18日，港股上市公司美图公司发布公告，子公司MiracleVision于2021年3月17日根据加密货币投资计划在公开市场交易中进一步购买了：1.6万单位的以太币（根据以太币购买），总对价约为2840万美元；约386.09单位的比特币（根据比特币购买），总对价约为2160万美元。截至公告日期，美图已累计净购买了价值约9000万美元的加密货币。此前3月5日，美图公司公告，将在公开市场交易中购买1.5万单位的以太币和379.12单位的比特币，总对价分别约为2210万美元和1790万美元。美图在公告中表示，这些购买是根据该公司董事会先前批准的一项加密货币投资计划进行的，据此该集团计划，可以购买净额不超过1亿美元的加密货币，其资金来源为该公司现有的现金储备。后续该公司董事会根据密货市场情况，酌情执行加密货币投资计划。摩根大通策略师NikolaosPanigirtzoglou的一份报告显示，截至目前，散户投资者已经购买了超过187000枚比特币，而机构投资者大约购买了172684枚比特币。摩根士丹利的财富管理部门则在3月17日撰写的一份新的投资者报告，概述了加密货币作为新兴的可投资资产类别的情况。报告中称：要使投机性投资上升到可投资资产类别的水平，并在多元化的投资组合中发挥作用，就需要在供需双方都取得变革性进展。机构对比特币资产的态度变化是令人始料不及的。根据芝加哥商品交易所集团的数据，截至2021年2月，比特币期货未平仓头寸连续8个月至少增长了100%，这些合约所涉及的资本以145%的年率指数增长，从2020年2月底的1.56亿美元增长到一年后的23.4亿美元。这种涨幅是比特币价格去年425%涨幅的三倍多。这也进一步反映了机构投资者对这一资产类别的需求，已经达到了前所未有的水平。既然比特币价格上涨到5万美元以上后，投资者对交易比特币的兴趣大增，也使得挖掘比特币的矿场投资者变得有利可图。这意味着每挖出一枚比特币，便可以以5万美元以上的价格，在二级市场供应给投资者。3月18日消息，巴基斯坦开伯尔－普赫图赫瓦省计划建立两个由水力发电支持的加密货币矿场试点。此前1月13日，该省曾宣布启动两个国有比特币矿场，并称持该行动的立法法案已在该省议会中获得通过。而在十天前的3月8日，俄国防部《红星电视台》公布了一个在俄军“监督”下的大型加密货币矿场的信息。该矿场位于西伯利亚伊尔库茨克附近的一个水电站，该矿场拥有成千上万矿机。极寒的地理环境给矿场提供了良好的散热条件，以及低廉的水电费用。不过，有说法称，该“矿场”，是俄军和私人投资者分成的。挖矿行业每年新增收入或达1000亿各种矿场的建立，显著的拉动了对矿机的需求，作为矿机生产商的嘉楠科技备受基金经理宠幸。根据上市公司披露的信息，截至去年底的数据，约有接近20家基金持有嘉楠科技的股票。基金经理直接持有比特币，在当下可能令保守型的投资者感到荒唐，但通过购买“AI芯片公司”的名义持有嘉楠科技的股票，从而分享比特币的行情，看起来顺理成章的多。A股上市公司对嘉楠科技的投资，可能也是如此策略，以避免上市公司直接布局比特币，遭到监管机构的问询。券商中国记者注意到，*ST瀚叶出资20000万元持有上海雍棠99.50%的股份，上海雍棠通过趵虎基金间接投资了杭州嘉楠耘智信息科技有限公司，该公司对该投资项目的最终持有比例低于1%。基于*ST瀚叶间接持有嘉楠科技的事实，该股股价今年以来连续走高，截至3月18日，*ST瀚叶今年以来的股价涨幅接近75%，市值也接近90亿。光大证券在一份报告中指出，嘉楠科技最早布局比特币矿业，2021年矿机产能最为充足。嘉楠科技目前是中芯国际N+1先进制程的主要客户，合作进行新型矿机（90TH/s）的生产，并已实现批量现货出货，预计全年产量超过40万台。嘉楠科技则是目前唯一多晶圆厂策略的厂商。由于采用N+1制程芯片进行量产，在很大程度上缓冲了GPU挖矿显卡和5G手机对晶圆产能的占用。在报告中，光大证券预计今年矿机行业市场规模约为226亿元RMB，预计上半年出货量27万台（中芯国际15万台、台积电12万台），下半年出货量52万台（中芯国际25万台、台积电12万台、其它15万台）。比特币挖矿行业的年新增收入或超过1000亿元人民币。光大证券指出，2020-2024年为比特币的第四个减半周期，每日挖矿奖励比特币数量为900枚，交易手续费用约100枚，合计约1000枚，以5万美金/枚价格计算，挖矿行业每年有望新增收入约1000X50000X365=180亿美金。","news_type":1,"symbols_score_info":{"159813":0.9,"CAN":0.9}},"isVote":1,"tweetType":1,"viewCount":3398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
