Youn7276 personal page - To The Moon

Youn7276

Youn7276

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2021-06-25

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2021-06-06

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A huge loss of 1.85 billion! Is an apology effective after O-Film's performance collapsed?

2021-06-07

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Zuo Hui's valuable legacy to the business world

2021-06-18

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2022-01-05

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Popular Chinese concept stocks continued to fall, with Pinduoduo falling by more than 10%.

2022-02-03

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PayPal fell more than 24%, with Q4 net profit down 49% year-on-year.

2022-01-04

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Why This Hidden EV Stock Is a Smart Buy

2021-06-06

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2021-05-31

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2022-03-31

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Vanke's net profit declined by 45.7% in 2021, and it declared its highest dividend payout in history.

Go to Tiger App to see more news

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記者 |&nbsp;吳容 編輯 |&nbsp;牙韓翔 花如海人如潮，行過花街才過年。 年前逛花街、捎上一盆花回家，這是中國南方人過年的傳統，而闊別三年的廣州傳統花市終於迴歸。目前，包括越秀區西湖花市、荔灣區的“水上花市&nbsp;”以及天河的社區花市等近日都已開啓。 越秀西湖花市久負盛名，今年在西湖路、北京路及城隍廟廣場均有設攤位，帶有好意頭的蘭花、桃花、盆桔等從街頭擺到街尾，遠看花市就像一條花龍。疫情防控政策的優化調整以及春節日漸臨近，使得花市人氣直接拉滿，也刺激了消費。 廣州越秀西湖花市久負盛名。 （圖片拍攝：界面新聞 吳容） 蝴蝶蘭“大唱”主角。 （圖片拍攝：界面新聞 吳容） 買年花圖的是意頭， “五代同堂”也是熱門選擇。 （圖片拍攝：吳容） 從現場看，蝴蝶蘭、水仙、大盆桔等仍是人們今年的熱門選擇，也是商家備貨最多的。 其中，蝴蝶蘭“大唱”主角。天河社區花市一位檔主告訴界面新聞，買年花圖的是意頭，蘭花類因 “&nbsp;狼（蘭）來了，羊（陽）跑了&nbsp;”的諧音梗以及可以擺放的時間較長，受到消費者的追捧。此外，蘭花類裏的包裝精緻的馬卡龍色（尤其紫色、藍色）&nbsp;、&nbsp;三文魚色蘭花走俏，主要在於迎合了年輕人的審美。 不過，今年年花價格普遍偏高。“包括蘭花、盆桔在內的年花的價格漲幅從10%至20%不等。”一位花市檔主對界面新聞說，漲價還是和去年疫情相關，“比如，蝴蝶蘭的種球需要夏天之前從國外市場訂購，但航空物流使得訂貨減少，整體價格就被擡高了。” 雖然價格高漲，但人們的購買熱情卻沒有因此冷卻。1月19日是西湖花市開啓的第一天，截至中午12點，預估客流量近50萬人次；藉助賣力的吆喝和優惠促銷，這位攤主的檔口成交額接近2萬元。 而花市的迴歸，亦帶動了周邊商圈的生意，北京路、西湖路附近的一些餐飲店排起了長隊。 位於廣州天河體育東路的社區花市。","listText":"圖片來源：cfp 記者 |&nbsp;吳容 編輯 |&nbsp;牙韓翔 花如海人如潮，行過花街才過年。 年前逛花街、捎上一盆花回家，這是中國南方人過年的傳統，而闊別三年的廣州傳統花市終於迴歸。目前，包括越秀區西湖花市、荔灣區的“水上花市&nbsp;”以及天河的社區花市等近日都已開啓。 越秀西湖花市久負盛名，今年在西湖路、北京路及城隍廟廣場均有設攤位，帶有好意頭的蘭花、桃花、盆桔等從街頭擺到街尾，遠看花市就像一條花龍。疫情防控政策的優化調整以及春節日漸臨近，使得花市人氣直接拉滿，也刺激了消費。 廣州越秀西湖花市久負盛名。 （圖片拍攝：界面新聞 吳容） 蝴蝶蘭“大唱”主角。 （圖片拍攝：界面新聞 吳容） 買年花圖的是意頭， “五代同堂”也是熱門選擇。 （圖片拍攝：吳容） 從現場看，蝴蝶蘭、水仙、大盆桔等仍是人們今年的熱門選擇，也是商家備貨最多的。 其中，蝴蝶蘭“大唱”主角。天河社區花市一位檔主告訴界面新聞，買年花圖的是意頭，蘭花類因 “&nbsp;狼（蘭）來了，羊（陽）跑了&nbsp;”的諧音梗以及可以擺放的時間較長，受到消費者的追捧。此外，蘭花類裏的包裝精緻的馬卡龍色（尤其紫色、藍色）&nbsp;、&nbsp;三文魚色蘭花走俏，主要在於迎合了年輕人的審美。 不過，今年年花價格普遍偏高。“包括蘭花、盆桔在內的年花的價格漲幅從10%至20%不等。”一位花市檔主對界面新聞說，漲價還是和去年疫情相關，“比如，蝴蝶蘭的種球需要夏天之前從國外市場訂購，但航空物流使得訂貨減少，整體價格就被擡高了。” 雖然價格高漲，但人們的購買熱情卻沒有因此冷卻。1月19日是西湖花市開啓的第一天，截至中午12點，預估客流量近50萬人次；藉助賣力的吆喝和優惠促銷，這位攤主的檔口成交額接近2萬元。 而花市的迴歸，亦帶動了周邊商圈的生意，北京路、西湖路附近的一些餐飲店排起了長隊。 位於廣州天河體育東路的社區花市。","text":"圖片來源：cfp 記者 | 吳容 編輯 | 牙韓翔 花如海人如潮，行過花街才過年。 年前逛花街、捎上一盆花回家，這是中國南方人過年的傳統，而闊別三年的廣州傳統花市終於迴歸。目前，包括越秀區西湖花市、荔灣區的“水上花市 ”以及天河的社區花市等近日都已開啓。 越秀西湖花市久負盛名，今年在西湖路、北京路及城隍廟廣場均有設攤位，帶有好意頭的蘭花、桃花、盆桔等從街頭擺到街尾，遠看花市就像一條花龍。疫情防控政策的優化調整以及春節日漸臨近，使得花市人氣直接拉滿，也刺激了消費。 廣州越秀西湖花市久負盛名。 （圖片拍攝：界面新聞 吳容） 蝴蝶蘭“大唱”主角。 （圖片拍攝：界面新聞 吳容） 買年花圖的是意頭， “五代同堂”也是熱門選擇。 （圖片拍攝：吳容） 從現場看，蝴蝶蘭、水仙、大盆桔等仍是人們今年的熱門選擇，也是商家備貨最多的。 其中，蝴蝶蘭“大唱”主角。天河社區花市一位檔主告訴界面新聞，買年花圖的是意頭，蘭花類因 “ 狼（蘭）來了，羊（陽）跑了 ”的諧音梗以及可以擺放的時間較長，受到消費者的追捧。此外，蘭花類裏的包裝精緻的馬卡龍色（尤其紫色、藍色） 、 三文魚色蘭花走俏，主要在於迎合了年輕人的審美。 不過，今年年花價格普遍偏高。“包括蘭花、盆桔在內的年花的價格漲幅從10%至20%不等。”一位花市檔主對界面新聞說，漲價還是和去年疫情相關，“比如，蝴蝶蘭的種球需要夏天之前從國外市場訂購，但航空物流使得訂貨減少，整體價格就被擡高了。” 雖然價格高漲，但人們的購買熱情卻沒有因此冷卻。1月19日是西湖花市開啓的第一天，截至中午12點，預估客流量近50萬人次；藉助賣力的吆喝和優惠促銷，這位攤主的檔口成交額接近2萬元。 而花市的迴歸，亦帶動了周邊商圈的生意，北京路、西湖路附近的一些餐飲店排起了長隊。 位於廣州天河體育東路的社區花市。","images":[{"img":"https://static.tigerbbs.com/3e5b01cd4b86431eae133aa540b8b456"},{"img":"https://static.tigerbbs.com/ad3163bed0e54322b96238608be6f6b1"},{"img":"https://static.tigerbbs.com/ead557ab153c4f83baaa8232303d890c"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/626225220","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":6446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956308967,"gmtCreate":1673903977660,"gmtModify":1676538900167,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[{"img":"https://community-static.tradeup.com/news/d44660f1004aa5219ea6b3bde3e18ba8","width":"1080","height":"1487"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956308967","isVote":1,"tweetType":1,"viewCount":5719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9958351722,"gmtCreate":1673645512367,"gmtModify":1676538869413,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9958351722","repostId":"1119443458","repostType":4,"repost":{"id":"1119443458","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1673576734,"share":"https://ttm.financial/m/news/1119443458?lang=en_US&edition=fundamental","pubTime":"2023-01-13 10:25","market":"us","language":"zh","title":"Large Options Order | Stock Price Surges 300% in Four Days! Trading volume in 3B home furnishing options continued to climb, increasing more than nine times compared to the daily average.","url":"https://stock-news.laohu8.com/highlight/detail?id=1119443458","media":"老虎资讯综合","summary":"周四，期权市场总成交量4727.19万张合约，环比前一交易日小幅上涨，且高于90日平均成交量；3B家居股价继续狂飙突进，本周四个交易日累计涨幅300%，期权成交量持续攀升，成交131.8万张合约，较9","content":"<p><html><head></head><body>On Thursday, the total trading volume in the options market was 47.2719 million contracts, a slight increase from the previous trading day and higher than the 90-day average. 3B Home Furnishings' stock price continued its surge, with a cumulative increase of 300% in four trading days this week. Options trading volume continued to climb, with 1.318 million contracts traded, more than nine times the 90-day average trading volume.<b>I. Market Overview (January 12)</b></p><p>On Thursday, Eastern Time, the three major U.S. stock indexes closed higher, continuing their recent upward trend. Inflation is showing signs of easing, which could justify the Federal Reserve continuing to slow its pace of rate hike to prevent a further economic downturn. At the close, the Dow Jones Industrial Average rose 216.96 points, or 0.64%, to 34,189.97. The Nasdaq rose 69.43 points, or 0.64%, to 11,001.10. The S&P 500 rose 13.56 points, or 0.34%, to 3,983.17.</p><p>The total trading volume in the options market was 47.2719 million contracts, a slight increase compared to the previous trading day (45.83 million contracts), and higher than the 90-day average trading volume (39.3396 million contracts), of which call options accounted for 53%.</p><p><b>II. Top 10 Options Trading Volume</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bbc0512858177c1e1f114c6c97abb18\" tg-width=\"1242\" tg-height=\"2143\" width=\"100%\" height=\"auto\"/><span>Data source: Tiger International App</span></p><p><a href=\"https://laohu8.com/S/SPY\">S&P Index ETF</a>On Thursday, 9.775 million options contracts were traded, of which call options accounted for 43.8%.<a href=\"https://laohu8.com/S/QQQ\">Nasdaq 100 ETF</a>3.309 million options contracts were traded, of which call options accounted for 48.3%;</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Options trading volume declined compared to the previous trading day, with 2.889 million contracts and 1.367 million contracts traded respectively;<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Options trading volume rose slightly, with 1.337 million contracts traded;</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>The stock price continued its surge, closing up more than 50%, with a cumulative increase of 300% in four trading days this week, reaching its highest level since early November last year, after the company's bankruptcy warning reignited investor interest in the retailer. Options trading volume continued to climb on Thursday, with 1.318 million contracts traded, more than nine times the 90-day average, of which call options accounted for 66.5%.</p><p><b>III. Abnormal Movement</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c812c122e2efb9651ced04148e5315d4\" tg-width=\"1261\" tg-height=\"530\" width=\"100%\" height=\"auto\"/><span>Data Source ：Market Chameleon</span></p><p>The surge in 3B home furnishings has also boosted a number of WSB stocks.<a href=\"https://laohu8.com/S/CVNA\">Caravan</a>On Thursday, the stock closed up 46%, with 523,300 options contracts traded, more than seven times the 90-day average trading volume, with call options accounting for more than 71.8%. Among them, the $10 strike price call option expiring on January 20, 2023, saw particularly high trading volume, with 34,000 contracts traded.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea26bd79ed644f6aa9db85a69c6efa3a\" tg-width=\"1578\" tg-height=\"383\" width=\"100%\" height=\"auto\"/><span>Carvana, data source: Market Chameleon</span></p><p><a href=\"https://laohu8.com/S/AAL\">American Airlines</a>The company closed up nearly 10% on Thursday after significantly raising its earnings guidance for the fourth quarter of 2022. On Thursday, 497,600 options contracts were traded, with call options accounting for 41.9%. Among them, the $10 strike price put option expiring on June 16, 2023, had a particularly high trading volume of 43,800 contracts.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcc27f3f6c1935e5e289fa1691cf6050\" tg-width=\"1579\" tg-height=\"382\" width=\"100%\" height=\"auto\"/><span>American Airlines, data source: Market Chameleon</span></p><p>Blockchain concept stocks surged overnight.<a href=\"https://laohu8.com/S/MARA\">Digital Marathon</a>It closed up more than 30%.<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>It closed up over 8%; Meanwhile, options trading volume surged, with 343,300 and 280,700 contracts traded respectively.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c41be6ae9251cdcb4fe2f4203df4c2d2\" tg-width=\"1580\" tg-height=\"385\" width=\"100%\" height=\"auto\"/><span>Marathon Digital, data source: Market Chameleon</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e571a4b42304be2ec846cd4409e5337a\" tg-width=\"1577\" tg-height=\"378\" width=\"100%\" height=\"auto\"/><span>Coinbase, data source: Market Chameleon</span></p><p></body></html></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>Large Options Order | Stock Price Surges 300% in Four Days! Trading volume in 3B home furnishing options continued to climb, increasing more than nine times compared to the daily average.</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\">\nLarge Options Order | Stock Price Surges 300% in Four Days! Trading volume in 3B home furnishing options continued to climb, increasing more than nine times compared to the daily average.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2023-01-13 10:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Thursday, the total trading volume in the options market was 47.2719 million contracts, a slight increase from the previous trading day and higher than the 90-day average. 3B Home Furnishings' stock price continued its surge, with a cumulative increase of 300% in four trading days this week. Options trading volume continued to climb, with 1.318 million contracts traded, more than nine times the 90-day average trading volume.<b>I. Market Overview (January 12)</b></p><p>On Thursday, Eastern Time, the three major U.S. stock indexes closed higher, continuing their recent upward trend. Inflation is showing signs of easing, which could justify the Federal Reserve continuing to slow its pace of rate hike to prevent a further economic downturn. At the close, the Dow Jones Industrial Average rose 216.96 points, or 0.64%, to 34,189.97. The Nasdaq rose 69.43 points, or 0.64%, to 11,001.10. The S&P 500 rose 13.56 points, or 0.34%, to 3,983.17.</p><p>The total trading volume in the options market was 47.2719 million contracts, a slight increase compared to the previous trading day (45.83 million contracts), and higher than the 90-day average trading volume (39.3396 million contracts), of which call options accounted for 53%.</p><p><b>II. Top 10 Options Trading Volume</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bbc0512858177c1e1f114c6c97abb18\" tg-width=\"1242\" tg-height=\"2143\" width=\"100%\" height=\"auto\"/><span>Data source: Tiger International App</span></p><p><a href=\"https://laohu8.com/S/SPY\">S&P Index ETF</a>On Thursday, 9.775 million options contracts were traded, of which call options accounted for 43.8%.<a href=\"https://laohu8.com/S/QQQ\">Nasdaq 100 ETF</a>3.309 million options contracts were traded, of which call options accounted for 48.3%;</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Options trading volume declined compared to the previous trading day, with 2.889 million contracts and 1.367 million contracts traded respectively;<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Options trading volume rose slightly, with 1.337 million contracts traded;</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>The stock price continued its surge, closing up more than 50%, with a cumulative increase of 300% in four trading days this week, reaching its highest level since early November last year, after the company's bankruptcy warning reignited investor interest in the retailer. Options trading volume continued to climb on Thursday, with 1.318 million contracts traded, more than nine times the 90-day average, of which call options accounted for 66.5%.</p><p><b>III. Abnormal Movement</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c812c122e2efb9651ced04148e5315d4\" tg-width=\"1261\" tg-height=\"530\" width=\"100%\" height=\"auto\"/><span>Data Source ：Market Chameleon</span></p><p>The surge in 3B home furnishings has also boosted a number of WSB stocks.<a href=\"https://laohu8.com/S/CVNA\">Caravan</a>On Thursday, the stock closed up 46%, with 523,300 options contracts traded, more than seven times the 90-day average trading volume, with call options accounting for more than 71.8%. Among them, the $10 strike price call option expiring on January 20, 2023, saw particularly high trading volume, with 34,000 contracts traded.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea26bd79ed644f6aa9db85a69c6efa3a\" tg-width=\"1578\" tg-height=\"383\" width=\"100%\" height=\"auto\"/><span>Carvana, data source: Market Chameleon</span></p><p><a href=\"https://laohu8.com/S/AAL\">American Airlines</a>The company closed up nearly 10% on Thursday after significantly raising its earnings guidance for the fourth quarter of 2022. On Thursday, 497,600 options contracts were traded, with call options accounting for 41.9%. Among them, the $10 strike price put option expiring on June 16, 2023, had a particularly high trading volume of 43,800 contracts.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcc27f3f6c1935e5e289fa1691cf6050\" tg-width=\"1579\" tg-height=\"382\" width=\"100%\" height=\"auto\"/><span>American Airlines, data source: Market Chameleon</span></p><p>Blockchain concept stocks surged overnight.<a href=\"https://laohu8.com/S/MARA\">Digital Marathon</a>It closed up more than 30%.<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>It closed up over 8%; Meanwhile, options trading volume surged, with 343,300 and 280,700 contracts traded respectively.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c41be6ae9251cdcb4fe2f4203df4c2d2\" tg-width=\"1580\" tg-height=\"385\" width=\"100%\" height=\"auto\"/><span>Marathon Digital, data source: Market Chameleon</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e571a4b42304be2ec846cd4409e5337a\" tg-width=\"1577\" tg-height=\"378\" width=\"100%\" height=\"auto\"/><span>Coinbase, data source: Market Chameleon</span></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"AAL":"美国航空","SPY":"标普500ETF","COIN":"Coinbase Global, Inc.","MARA":"MARA Holdings","CVNA":"Carvana Co.","QQQ":"纳指100ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119443458","content_text":"周四，期权市场总成交量4727.19万张合约，环比前一交易日小幅上涨，且高于90日平均成交量；3B家居股价继续狂飙突进，本周四个交易日累计涨幅300%，期权成交量持续攀升，成交131.8万张合约，较90日平均成交量放大逾9倍。一、市场概览 （1月12日）美东时间周四，美股三大指数震荡收涨，延续近期涨势。通胀显示出缓解迹象，这可能使美联储有理由继续放慢加息步伐，以防止经济进一步下滑。截至收盘，道指涨216.96点，涨幅为0.64%，报34189.97点；纳指涨69.43点，涨幅为0.64%，报11001.10点；标普500指数涨13.56点，涨幅为0.34%，报3983.17点。期权市场总成交量4727.19万张合约，环比前一交易日（前值4583万张合约）小幅上涨，且高于90日平均成交量（3933.96万张合约），其中，看涨期权占53%。二、期权成交总量TOP10数据来源：老虎国际App标普指数ETF周四期权成交977.5万张合约，其中看涨期权占比43.8%；纳指100ETF期权成交330.9万张合约，其中看涨期权占比48.3%；特斯拉、亚马逊期权成交量较前一交易日有所回落，分别成交288.9万张合约、136.7万张合约；苹果期权成交量小幅攀升，成交133.7万张合约；3B家居股价继续狂飙突进，收涨逾50%，本周四个交易日累计涨幅300%，触及去年11月初以来的最高水平，此前该公司的破产警告重新点燃了投资者对这家零售商的兴趣。周四期权成交量持续攀升，成交131.8万张合约，较90日平均成交量放大逾9倍，其中看涨期权占比66.5%.三、异动观察数据来源：Market Chameleon3B家居的暴涨也带动了一众WSB股，Carvana周四收涨46%，期权成交52.33万张合约，较90日平均成交量放大逾7倍，看涨期权占比逾71.8%；其中2023年1月20日到期的10美元行使价看涨期权的成交量特别高，成交量为3.4万张；Carvana，数据来源：Market Chameleon美国航空周四收涨近10%，该公司近日大幅上调了对2022年第四季度的业绩指引；周四期权成交49.76万张合约，看涨期权占比41.9%，其中2023年6月16日到期的10美元行使价看跌期权的成交量特别高，成交量为4.38万张；美国航空，数据来源：Market Chameleon隔夜区块链概念股大幅飙升，Marathon Digital收涨逾30%，Coinbase收涨逾8%；同时期权成交量激增，分别成交34.33万张、28.07万张。Marathon Digital，数据来源：Market ChameleonCoinbase，数据来源：Market Chameleon","news_type":1,"symbols_score_info":{"QQQ":0.9,"BBBY":0.9,"MARA":0.9,"SPY":0.9,"AAL":0.9,"COIN":0.9,"CVNA":0.9}},"isVote":1,"tweetType":1,"viewCount":5389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926086178,"gmtCreate":1671420362495,"gmtModify":1676538533572,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Power","listText":"Power","text":"Power","images":[{"img":"https://community-static.tradeup.com/news/392497de4b6d33c0ac0e941c868129e6","width":"1080","height":"1487"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926086178","isVote":1,"tweetType":1,"viewCount":5125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9968500753,"gmtCreate":1669250408472,"gmtModify":1676538173248,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968500753","repostId":"9968941155","repostType":1,"repost":{"id":9968941155,"gmtCreate":1669111711678,"gmtModify":1676538153771,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"[Events]Share a New Year video greeting","htmlText":"\n \n \n  Hey Tigers,I would like to invite you to share a New Year video greeting. By participating in our campaign, you will win 1000 Tiger coins and gifts, and you have the chance to win a USD20 stock voucher.How to participate？If you want to upload your video, you can leave a message in the comment section of the post, and contact the Tiger staff. We will grant video-posting access to you.Contact information:WeChat: itiger2014E-mail: wangzixuan@itiger.comHow to post videos?Go to the website https://ttm.financial/Log in your accountUpload your videos and publishVideo templateIntroduce yourself, I am xxx (name or Tiger community nickname), from (city, country)New Year's Wish, I hope for 2023 ...Bless your Tiger's friends in your native language.For&nbsp;exampleNotesYou'd better choose a clean back\n \n","listText":"Hey Tigers,I would like to invite you to share a New Year video greeting. By participating in our campaign, you will win 1000 Tiger coins and gifts, and you have the chance to win a USD20 stock voucher.How to participate？If you want to upload your video, you can leave a message in the comment section of the post, and contact the Tiger staff. We will grant video-posting access to you.Contact information:WeChat: itiger2014E-mail: wangzixuan@itiger.comHow to post videos?Go to the website https://ttm.financial/Log in your accountUpload your videos and publishVideo templateIntroduce yourself, I am xxx (name or Tiger community nickname), from (city, country)New Year's Wish, I hope for 2023 ...Bless your Tiger's friends in your native language.For&nbsp;exampleNotesYou'd better choose a clean back","text":"Hey Tigers,I would like to invite you to share a New Year video greeting. By participating in our campaign, you will win 1000 Tiger coins and gifts, and you have the chance to win a USD20 stock voucher.How to participate？If you want to upload your video, you can leave a message in the comment section of the post, and contact the Tiger staff. We will grant video-posting access to you.Contact information:WeChat: itiger2014E-mail: wangzixuan@itiger.comHow to post videos?Go to the website https://ttm.financial/Log in your accountUpload your videos and publishVideo templateIntroduce yourself, I am xxx (name or Tiger community nickname), from (city, country)New Year's Wish, I hope for 2023 ...Bless your Tiger's friends in your native language.For exampleNotesYou'd better choose a clean back","images":[{"img":"https://community-static.tradeup.com/news/766106bf58fca9476c6e6546c4f38dfd","width":"1964","height":"1138"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968941155","isVote":1,"tweetType":2,"object":{"id":"04b2744b0ce94f3199cb59ee4056d5a2","tweetId":"9968941155","videoUrl":"https://1254107296.vod2.myqcloud.com/27e1f7ecvodtransgzp1254107296/2a6e8731243791576210843617/v.f30.mp4","poster":"https://community-static.tradeup.com/news/0a52a73bc60a31f98d1d50f6ff4ac1ae","shareLink":""},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":5462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963510380,"gmtCreate":1668724714840,"gmtModify":1676538101301,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963510380","repostId":"9969421505","repostType":1,"repost":{"id":9969421505,"gmtCreate":1668502797007,"gmtModify":1782720834438,"author":{"id":"3585780691540522","authorId":"3585780691540522","name":"FundMall","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585780691540522","authorIdStr":"3585780691540522"},"themes":[],"title":"Up to 4.95% p.a. Returns! Tiger Brokers-exclusive Fund is Available NOW!!","htmlText":"Hey Tigers,We saw interest rates rise at an unprecedented pace. It is expected that interest rates will stay higher for longer, aiming at long-term inflation targets. It would be perfect if one could invest in a fixed maturity money market fund with a decent yield spread over fixed deposits.We are thrilled to bring you the United Fixed Maturity Bond Fund 1 <a target=\"_blank\" href=\"https://laohu8.com/FUND/SGXZ80611742.SGD\">$UNITED FIXED MATURITY BOND FUND 1(SGXZ80611742.SGD)$</a> , which is managed by UOB Asset Management, but is exclusively available on our Tiger Trade App.The fund aims to deliver a total return of up to 14.85% over the next three years, or an annualized return of 4.95%*. You can capture interest rate peaks with 0 management fees.More About The FundThis is a closed-end bon","listText":"Hey Tigers,We saw interest rates rise at an unprecedented pace. It is expected that interest rates will stay higher for longer, aiming at long-term inflation targets. It would be perfect if one could invest in a fixed maturity money market fund with a decent yield spread over fixed deposits.We are thrilled to bring you the United Fixed Maturity Bond Fund 1 <a target=\"_blank\" href=\"https://laohu8.com/FUND/SGXZ80611742.SGD\">$UNITED FIXED MATURITY BOND FUND 1(SGXZ80611742.SGD)$</a> , which is managed by UOB Asset Management, but is exclusively available on our Tiger Trade App.The fund aims to deliver a total return of up to 14.85% over the next three years, or an annualized return of 4.95%*. You can capture interest rate peaks with 0 management fees.More About The FundThis is a closed-end bon","text":"Hey Tigers,We saw interest rates rise at an unprecedented pace. It is expected that interest rates will stay higher for longer, aiming at long-term inflation targets. It would be perfect if one could invest in a fixed maturity money market fund with a decent yield spread over fixed deposits.We are thrilled to bring you the United Fixed Maturity Bond Fund 1 $UNITED FIXED MATURITY BOND FUND 1(SGXZ80611742.SGD)$ , which is managed by UOB Asset Management, but is exclusively available on our Tiger Trade App.The fund aims to deliver a total return of up to 14.85% over the next three years, or an annualized return of 4.95%*. You can capture interest rate peaks with 0 management fees.More About The FundThis is a closed-end bon","images":[{"img":"https://community-static.tradeup.com/news/631d40ac6127286067c97a157f51ba37","width":"1052","height":"1034"},{"img":"https://community-static.tradeup.com/news/ec5a15d540f373f006c69b078feab053","width":"2216","height":"968"},{"img":"https://community-static.tradeup.com/news/1a8a282a04670958028bb5522a2a3841","width":"1568","height":"920"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9969421505","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":7394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987425865,"gmtCreate":1667968842458,"gmtModify":1676537992315,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987425865","repostId":"2282921493","repostType":2,"isVote":1,"tweetType":1,"viewCount":5859,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987425331,"gmtCreate":1667968816423,"gmtModify":1676537992309,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987425331","repostId":"2282203926","repostType":4,"isVote":1,"tweetType":1,"viewCount":6220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9939402204,"gmtCreate":1662156488809,"gmtModify":1676537007133,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok//<a href=\"https://laohu8.com/U/3539311997000503\">@强哥爱投资</a>:美国的昏招越来越离谱了，感觉每一次打击对手，都要自损30%。对手虽然短期内损失严重但长期是好事，就说打击中国禁卖芯片，短期内中国确实无芯可用，但中国长期将会自研国产芯片，最终在国际市场竞争。美国现在的状态就是想拉着几个地缘大国自己关起门来玩，但是世界已经变了，全世界更好的互联互通才是大趋势","listText":"Ok//<a href=\"https://laohu8.com/U/3539311997000503\">@强哥爱投资</a>:美国的昏招越来越离谱了，感觉每一次打击对手，都要自损30%。对手虽然短期内损失严重但长期是好事，就说打击中国禁卖芯片，短期内中国确实无芯可用，但中国长期将会自研国产芯片，最终在国际市场竞争。美国现在的状态就是想拉着几个地缘大国自己关起门来玩，但是世界已经变了，全世界更好的互联互通才是大趋势","text":"Ok//@强哥爱投资:美国的昏招越来越离谱了，感觉每一次打击对手，都要自损30%。对手虽然短期内损失严重但长期是好事，就说打击中国禁卖芯片，短期内中国确实无芯可用，但中国长期将会自研国产芯片，最终在国际市场竞争。美国现在的状态就是想拉着几个地缘大国自己关起门来玩，但是世界已经变了，全世界更好的互联互通才是大趋势","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9939402204","repostId":"1164330592","repostType":4,"repost":{"id":"1164330592","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点，观察市场，提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1662128697,"share":"https://ttm.financial/m/news/1164330592?lang=en_US&edition=fundamental","pubTime":"2022-09-02 22:24","market":"us","language":"zh","title":"Tiger Commentary: What state will the world enter with the G7's price cap on Russian crude oil?","url":"https://stock-news.laohu8.com/highlight/detail?id=1164330592","media":"老虎锐评","summary":"全球化的今天，任何一个制裁都是双刃剑。","content":"<p><html><head></head><body>September 2nd,<b>The G7 has reached an agreement on setting a price cap on Russian oil.</b></p><p>First of all, it should be noted that three G7 countries have restricted Russian crude oil imports: the United States, the United Kingdom, and Canada. Therefore, this \"price cap agreement\" mainly requires the support of four countries: Japan, Germany, France, and Italy. However, the ultimate goal of this \"price cap agreement\" is not these seven countries, but rather the hope to use the agreement reached by the G7 to bind all countries in the world to comply, thereby forming a buyer's alliance. After the G7 price cap agreement is reached, Germany and France will exert pressure within the EU to demand that EU member states comply. The United States is currently trying to lobby India, hoping that India will join in.</p><p>The background to this price cap agreement needs no further introduction. After six months of war, Russia's economy not only did not collapse, but the European economy became increasingly dangerous, and inflation in the United States remained high. Recently, there has been news that well-known hedge funds have resumed shorting Europe. In today's globalized world, any sanction is a double-edged sword. It is difficult to say that the damage to the enemy will be greater than the damage to oneself. The same principle applies to the sanctions against Russia and the trade war against China. Therefore, after much deliberation, the United States came up with the price cap method, hoping to alleviate its own inflation problem (by buying oil at low prices) while also causing losses to the Russian economy.</p><p>A crucial technical question: how will this price limit be implemented?</p><p>In a free market economy, selling and buying are all voluntary actions. How can this price limit be enforced? The United States thought of insurance. There is a large shipping insurance mutual aid organization worldwide called the International Group of P&I Clubs, headquartered in London. According to this website, 95% of the world's oil tankers are part of this mutual aid organization.</p><p>This organization covers all insurance for a cargo ship except for ordinary commercial shipping insurance. Because commercial shipping insurance is unwilling to cover economic losses such as \"war\" or \"oil spills,\" this organization provides insurance for such economic losses. This organization is a non-profit organization. Each ship needs to pay a \"membership fee\" to join, and the insurance fee comes from everyone's \"membership fee\". If a ship engages in outrageous behavior that causes excessive losses, it will be kicked out of the organization.</p><p>The United States starts with this insurance organization. If the crude oil in the tanker does not meet the price limit, the insurance organization will not cover the tanker. In the event of an \"oil spill,\" the shipowner will have to pay for it himself. Doing so will force oil tankers to be afraid to accept Russian crude oil that does not comply with price limits. Even if buyers and sellers reach an agreement, they will not be able to find tankers to transport it. It is truly remarkable that all organizations around the world are under the control of the United States, providing the United States with countless tools to strike its adversaries.</p><p>Whether this can actually drive down Russian crude oil prices depends on whether Russia is willing to fight to the death. If you don't allow oil tankers to transport my crude oil, then I don't have to sell it to you. Currently, Russia's crude oil exports rely on pipelines and shipping. The pipeline mainly leads to Europe and China. If Europe is cut off, then the land pipeline can only transport to China to the east. India's imports, which require sea freight, are likely to be most affected.</p><p>There is a question that needs to be explained: if all Russian crude oil is banned, what state will the world enter? Because Russia is the world's second-largest crude oil producer, second only to the United States, if Russian crude oil is blocked, the global crude oil supply will seriously mismatch demand. The world's rich countries will compete with each other to drive up oil prices. The effect of driving up prices is to deprive poor countries of their demand (making them unable to afford crude oil and reducing their demand). The end result is that rich countries use expensive crude oil, while poor countries are paralyzed because they do not have crude oil.</p><p>If the US strategy is believed to work, then crude oil prices may decline; But if we believe Russia dares to fight to the death, then global crude oil supply will drop sharply, and prices could return to $120 or even higher—which do you think is more likely?</p><p></body></html></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>Tiger Commentary: What state will the world enter with the G7's price cap on Russian crude oil?</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\">\nTiger Commentary: What state will the world enter with the G7's price cap on Russian crude oil?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎锐评 </p>\n<p class=\"h-time smaller\">2022-09-02 22:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>September 2nd,<b>The G7 has reached an agreement on setting a price cap on Russian oil.</b></p><p>First of all, it should be noted that three G7 countries have restricted Russian crude oil imports: the United States, the United Kingdom, and Canada. Therefore, this \"price cap agreement\" mainly requires the support of four countries: Japan, Germany, France, and Italy. However, the ultimate goal of this \"price cap agreement\" is not these seven countries, but rather the hope to use the agreement reached by the G7 to bind all countries in the world to comply, thereby forming a buyer's alliance. After the G7 price cap agreement is reached, Germany and France will exert pressure within the EU to demand that EU member states comply. The United States is currently trying to lobby India, hoping that India will join in.</p><p>The background to this price cap agreement needs no further introduction. After six months of war, Russia's economy not only did not collapse, but the European economy became increasingly dangerous, and inflation in the United States remained high. Recently, there has been news that well-known hedge funds have resumed shorting Europe. In today's globalized world, any sanction is a double-edged sword. It is difficult to say that the damage to the enemy will be greater than the damage to oneself. The same principle applies to the sanctions against Russia and the trade war against China. Therefore, after much deliberation, the United States came up with the price cap method, hoping to alleviate its own inflation problem (by buying oil at low prices) while also causing losses to the Russian economy.</p><p>A crucial technical question: how will this price limit be implemented?</p><p>In a free market economy, selling and buying are all voluntary actions. How can this price limit be enforced? The United States thought of insurance. There is a large shipping insurance mutual aid organization worldwide called the International Group of P&I Clubs, headquartered in London. According to this website, 95% of the world's oil tankers are part of this mutual aid organization.</p><p>This organization covers all insurance for a cargo ship except for ordinary commercial shipping insurance. Because commercial shipping insurance is unwilling to cover economic losses such as \"war\" or \"oil spills,\" this organization provides insurance for such economic losses. This organization is a non-profit organization. Each ship needs to pay a \"membership fee\" to join, and the insurance fee comes from everyone's \"membership fee\". If a ship engages in outrageous behavior that causes excessive losses, it will be kicked out of the organization.</p><p>The United States starts with this insurance organization. If the crude oil in the tanker does not meet the price limit, the insurance organization will not cover the tanker. In the event of an \"oil spill,\" the shipowner will have to pay for it himself. Doing so will force oil tankers to be afraid to accept Russian crude oil that does not comply with price limits. Even if buyers and sellers reach an agreement, they will not be able to find tankers to transport it. It is truly remarkable that all organizations around the world are under the control of the United States, providing the United States with countless tools to strike its adversaries.</p><p>Whether this can actually drive down Russian crude oil prices depends on whether Russia is willing to fight to the death. If you don't allow oil tankers to transport my crude oil, then I don't have to sell it to you. Currently, Russia's crude oil exports rely on pipelines and shipping. The pipeline mainly leads to Europe and China. If Europe is cut off, then the land pipeline can only transport to China to the east. India's imports, which require sea freight, are likely to be most affected.</p><p>There is a question that needs to be explained: if all Russian crude oil is banned, what state will the world enter? Because Russia is the world's second-largest crude oil producer, second only to the United States, if Russian crude oil is blocked, the global crude oil supply will seriously mismatch demand. The world's rich countries will compete with each other to drive up oil prices. The effect of driving up prices is to deprive poor countries of their demand (making them unable to afford crude oil and reducing their demand). The end result is that rich countries use expensive crude oil, while poor countries are paralyzed because they do not have crude oil.</p><p>If the US strategy is believed to work, then crude oil prices may decline; But if we believe Russia dares to fight to the death, then global crude oil supply will drop sharply, and prices could return to $120 or even higher—which do you think is more likely?</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e51dca4aea5a4f4975d48e2264c0446","relate_stocks":{"USO":"美国原油ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164330592","content_text":"9月2日，七国集团就对俄罗斯石油设定价格上限达成一致。首先需要说明，G7国家中有3个国家已经限制了俄罗斯原油进口，分别是美国、英国和加拿大。所以这个“限价协议”主要需要4个国家支持，分别是日本、德国、法国和意大利。但这个“限价协议”的最终目标不是这7个国家，而是希望用G7达成的协议，去约束全世界所有国家遵守，从而形成一个买方联盟。G7的限价协议达成以后，德国法国会在欧盟内部施加压力，要求欧盟成员国遵守；美国目前在努力游说印度，希望印度也加入。这个限价协议的背景就不用过多介绍了。战争打了半年，俄罗斯的经济非但没有崩盘，反倒是欧洲的经济越来越危险，美国的通胀也居高不下。最近，又有新闻称著名对冲基金重新开始做空欧洲。全球化的今天，任何一个制裁都是双刃剑，很难说对敌人的伤害会大于对自己的伤害，对俄罗斯的制裁和对中国的贸易战，都是同样的道理。所以美国想来想去，想到了限价这个办法，希望一方面缓解自己的通胀问题（低价买石油），一方面又让俄罗斯的经济遭受损失。一个很关键的技术性问题，这个限价怎么执行？自由市场经济你卖我买都是自愿行为，怎么去执行这个限价呢？美国想到了保险。全世界有一个很大的航运保险互助组织，叫做International Group of P&I Clubs，总部在伦敦。根据这个网站的信息，全世界95%的油轮都在这个互助组织里面。一艘货轮除了普通的商业航运保险之外，剩下的保险都被这个组织所包含。因为商业航运保险，不会愿意承保诸如“战争”“原油泄漏”这类的经济损失，所以这个组织就会给这类经济损失提供保险。这个组织是个非盈利性组织，每艘船要想加入就需要交“份子钱”，而承保费用就来自于大家的“份子钱”。如果某一艘船有一些离谱的行为，导致损失过大，那么会被这个组织踢出去。美国从这个保险组织下手，如果油轮里面的原油不符合限价，那么保险组织就不会对这个油轮承保，一旦发生“原油泄漏”那么船主只能自己赔。这么做，就会逼迫油轮不敢接受不遵守限价的俄罗斯原油，即使买家和卖家都达成了协议，但是也会找不到油轮去运输。不得不感叹，全世界的所有组织都在美国的控制之下，给美国提供了无数的工具可以打击对手。这么做究竟能不能把俄罗斯的原油价格逼下来，关键在于俄罗斯愿不愿意鱼死网破。你不让油轮运我的原油，那我也可以不卖给你。目前俄罗斯的原油出口要靠管道和航运。管道主要是通向欧洲和中国，如果欧洲断了，那么陆地管道只有向东边的中国运输。印度的进口需要海运，受影响可能会最大。有一个问题需要解释一下，如果俄罗斯的原油全被禁止，那么世界会进入什么状态？因为俄罗斯原油产量世界第二，仅次于美国，所以一旦封杀掉俄罗斯的原油，那么世界原油供给量会严重不匹配需求。世界上的富裕国家就会相互竞标把油价炒高，炒高价格的作用是把穷国家的需求给剥夺（让他们买不起原油，减少它们的需求），最后的结果就是富裕国家用昂贵的原油，而穷国家因为没有原油陷入瘫痪。如果认为美国的策略会起作用，那么原油价格可能会下滑；但如果认为俄罗斯敢鱼死网破，那么全球原油供给大幅下降，价格可能重回$120甚至更高——你认为哪种可能性大呢？","news_type":1,"symbols_score_info":{"USO":0.9}},"isVote":1,"tweetType":1,"viewCount":7047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999001190,"gmtCreate":1660437407012,"gmtModify":1676533468872,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999001190","repostId":"1160701126","repostType":4,"isVote":1,"tweetType":1,"viewCount":2314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999003777,"gmtCreate":1660437391601,"gmtModify":1676533468864,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9999003777","repostId":"1119741216","repostType":4,"repost":{"id":"1119741216","kind":"news","pubTimestamp":1660350626,"share":"https://ttm.financial/m/news/1119741216?lang=en_US&edition=fundamental","pubTime":"2022-08-13 08:30","market":"us","language":"zh","title":"Is Greenwoods' assets worth hundreds of billions of yuan \"buying the dip\" in retail real Beike becomes its top US stock holding","url":"https://stock-news.laohu8.com/highlight/detail?id=1119741216","media":"资事堂","summary":"昨夜今晨，景林资产披露美股最新持仓明细。资事堂发现，截至2022年二季度末，这家千亿私募巨头的美股持仓达22.4亿美元，合人民币151亿元。截至二季度末，景林美股前十大持仓标的合计市值达到17.36亿美元，占总持仓比例高达78%。","content":"<p><html><head></head><body>Last night and this morning, Greenwoods Asset Management disclosed its latest US stock holdings.</p><p>According to Zishitang, as of the end of the second quarter of 2022, this private equity giant with assets exceeding 100 billion yuan held $2.24 billion in US stocks, equivalent to RMB 15.1 billion.</p><p>This figure remains the largest overseas investment by domestic institutions, but it is a slight decrease compared to the $2.32 billion in the first quarter.</p><p>A review revealed that the ranking of Greenwoods Asset Management's top holdings has changed again.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Holding rose to become the largest holding, followed by<a href=\"https://laohu8.com/S/JD\">JD.com</a>Group and<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Mainland companies remain Greenwood's most important asset in the US stock market.</p><p><b>01. Highly concentrated shareholding</b></p><p>It is worth noting that Greenwoods Asset Management invests in US stocks through its Hong Kong subsidiary, and the aforementioned shareholdings do not include its US stock positions in other mainland Chinese entities and their products.</p><p>As of the end of the second quarter, Greenwood's top ten holdings in US stocks had a combined market capitalization of US$1.736 billion, accounting for 78% of its total holdings.</p><p>The concentration is much higher than that of mainland public funds and QDII products, which is a habit that Greenwoods has cultivated over many years.</p><p><img src=\"https://static.tigerbbs.com/ef2519c3ce998824f5b851bb52a9ee53\" tg-width=\"865\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/></p><p><b>02. \"Interested\" in real estate agents</b></p><p>Beike became the listed company with the largest position held by Greenwoods in the second quarter.</p><p>The company is currently a leading second-hand housing, new housing and housing rental consulting company in China, and its main body includes well-known real estate agency brands such as Lianjia.</p><p><b>Greenwoods currently holds 20.43 million ADSs (American Depositary Receipts) of Beike Holdings, with a market value of US$365 million.</b></p><p>During that period, Beike was fluctuating at the bottom, and its current stock price has fallen by about 90% compared to its highest price at the beginning of its listing.</p><p><img src=\"https://static.tigerbbs.com/f4e6b1b7410fea663002d6e3f86101db\" tg-width=\"865\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/></p><p><b>03. Several Chinese concept stocks return to the spotlight</b></p><p>Greenwood's top five holdings also include JD.com, NetEase, Jinrui Fund, and<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>。</p><p>Among them,<b>Jinglin has significantly reduced its holdings in both JD.com and NetEase.</b></p><p>The holdings in the former decreased from 4.35 million shares in the previous quarter to 3.21 million shares, and in the latter from 3.6 million shares to 2.2 million shares.</p><p>Another highlight of Greenwood's holdings this time is...<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It has returned to the top ten holdings.</b></p><p>The latest data shows that Greenwoods holds 1.24 million shares of Alibaba ADS, equivalent to a market value of US$141 million.</p><p>Coincidentally.</p><p>The \"visibility\" of two other heavily held Chinese concept stocks also increased in Greenwoods' holdings report for the second quarter of this year.</p><p>They are<b><a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>and<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group</b>He became a new face among the top ten holdings in the second quarter. The former is a leading social e-commerce company, holding 2.01 million shares, while the latter is an intercity vehicle logistics and vehicle-freight matching information platform operator, holding 12.83 million shares.</p><p><b>04. Invest heavily in competitors</b></p><p>There is a Chinese saying that \"peers are enemies,\" but in the asset management circle, investment value seems to outweigh everything else.</p><p>Since the last quarter,<b>Greenwoods Asset Management has begun to continuously invest in its peer institution, KRANESHARES.</b></p><p>Zishitang discovered that Jinrui Fund manages several ETFs, which are asset management platforms for developing index investment tools, similar to international index giants.<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>We are a pioneer in providing investors with low-cost passive investment services.</p><p>It is also understood that this institution, headquartered in New York, specializes in helping global investors better understand the Chinese market and enhance its importance in asset allocation.</p><p>In other words, Greenwoods Asset Management invested in a peer who is bullish on Chinese assets.</p><p><b>05. Future focus on \"competitiveness investment\"</b></p><p>Regarding its portfolio allocation, Greenwoods Asset Management revealed the following direction in its latest report to holders:</p><p><b>1. Interactive entertainment</b></p><p>China's top game companies have the opportunity to gain more market share globally. Whether it's current online games or the future integration of virtual reality in the metaverse, these advancements require long-term technological investment from major game companies and collaboration between multiple people and teams. The reissuance of game licenses signifies that the policy bottom has been reached.</p><p><b>2. New retail and new service platforms</b></p><p>The trend towards online retail and lifestyle services continues to strengthen, with platform companies becoming the infrastructure for commercial services and distribution. Currently, internet platform companies are in a state of overlapping performance bottoms, policy bottoms, and valuation bottoms. The low base effect that began in the second half of last year will allow most companies to return to the growth track.</p><p><b>3. Applications under the new energy structure</b></p><p>All countries are firmly committed to changing their energy structure. Chinese companies have enormous first-mover advantages and supply chain advantages:<a href=\"https://laohu8.com/S/000591\">solar energy</a>A number of world-class companies have emerged in fields such as wind power, power batteries, and energy storage batteries. As a major manufacturing country, although it faces pressure to relocate some of its industrial chains, China's advantageous industrial chains are likely to emerge as winners in the great wave of energy transition.</p><p><b>4. Deep digitalization of software and hardware</b></p><p>We are undergoing a process of deep digitalization. Data center businesses and various forms of cloud services will generate strong stickiness, and once used, migration costs will be very high. Both China and the United States have leading companies in this field that have investment value.</p><p><b>5. Development and application of artificial intelligence</b></p><p>Judging from the current progress of the company's research and development, the most likely project to be implemented is the realization of autonomous driving. A revolutionary breakthrough in this field will disrupt the existing automotive industry and transportation services. This is another revolutionary product that has changed our lifestyles, following smartphones. There should be these exciting changes in the businesses we hold.</p><p><b>6. Consumer goods with social attributes</b></p><p>This type of business model is simple, stable, and has a very high competitive advantage. The social need deep within human nature—the need to \"define oneself and differentiate oneself from others\" in a crowd—remains unchanged. There is a type of product that satisfies people's needs due to its historical origins and difficult-to-replicate quality characteristics. It is a reward for people's lives and a vehicle for respecting others in social interactions.</p><p></body></html></p>","source":"lsy1568174316590","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Greenwoods' assets worth hundreds of billions of yuan \"buying the dip\" in retail real Beike becomes its top US stock holding</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Greenwoods' assets worth hundreds of billions of yuan \"buying the dip\" in retail real Beike becomes its top US stock holding\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资事堂</strong><span class=\"h-time small\">2022-08-13 08:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Last night and this morning, Greenwoods Asset Management disclosed its latest US stock holdings.</p><p>According to Zishitang, as of the end of the second quarter of 2022, this private equity giant with assets exceeding 100 billion yuan held $2.24 billion in US stocks, equivalent to RMB 15.1 billion.</p><p>This figure remains the largest overseas investment by domestic institutions, but it is a slight decrease compared to the $2.32 billion in the first quarter.</p><p>A review revealed that the ranking of Greenwoods Asset Management's top holdings has changed again.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Holding rose to become the largest holding, followed by<a href=\"https://laohu8.com/S/JD\">JD.com</a>Group and<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Mainland companies remain Greenwood's most important asset in the US stock market.</p><p><b>01. Highly concentrated shareholding</b></p><p>It is worth noting that Greenwoods Asset Management invests in US stocks through its Hong Kong subsidiary, and the aforementioned shareholdings do not include its US stock positions in other mainland Chinese entities and their products.</p><p>As of the end of the second quarter, Greenwood's top ten holdings in US stocks had a combined market capitalization of US$1.736 billion, accounting for 78% of its total holdings.</p><p>The concentration is much higher than that of mainland public funds and QDII products, which is a habit that Greenwoods has cultivated over many years.</p><p><img src=\"https://static.tigerbbs.com/ef2519c3ce998824f5b851bb52a9ee53\" tg-width=\"865\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/></p><p><b>02. \"Interested\" in real estate agents</b></p><p>Beike became the listed company with the largest position held by Greenwoods in the second quarter.</p><p>The company is currently a leading second-hand housing, new housing and housing rental consulting company in China, and its main body includes well-known real estate agency brands such as Lianjia.</p><p><b>Greenwoods currently holds 20.43 million ADSs (American Depositary Receipts) of Beike Holdings, with a market value of US$365 million.</b></p><p>During that period, Beike was fluctuating at the bottom, and its current stock price has fallen by about 90% compared to its highest price at the beginning of its listing.</p><p><img src=\"https://static.tigerbbs.com/f4e6b1b7410fea663002d6e3f86101db\" tg-width=\"865\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/></p><p><b>03. Several Chinese concept stocks return to the spotlight</b></p><p>Greenwood's top five holdings also include JD.com, NetEase, Jinrui Fund, and<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>。</p><p>Among them,<b>Jinglin has significantly reduced its holdings in both JD.com and NetEase.</b></p><p>The holdings in the former decreased from 4.35 million shares in the previous quarter to 3.21 million shares, and in the latter from 3.6 million shares to 2.2 million shares.</p><p>Another highlight of Greenwood's holdings this time is...<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It has returned to the top ten holdings.</b></p><p>The latest data shows that Greenwoods holds 1.24 million shares of Alibaba ADS, equivalent to a market value of US$141 million.</p><p>Coincidentally.</p><p>The \"visibility\" of two other heavily held Chinese concept stocks also increased in Greenwoods' holdings report for the second quarter of this year.</p><p>They are<b><a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>and<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group</b>He became a new face among the top ten holdings in the second quarter. The former is a leading social e-commerce company, holding 2.01 million shares, while the latter is an intercity vehicle logistics and vehicle-freight matching information platform operator, holding 12.83 million shares.</p><p><b>04. Invest heavily in competitors</b></p><p>There is a Chinese saying that \"peers are enemies,\" but in the asset management circle, investment value seems to outweigh everything else.</p><p>Since the last quarter,<b>Greenwoods Asset Management has begun to continuously invest in its peer institution, KRANESHARES.</b></p><p>Zishitang discovered that Jinrui Fund manages several ETFs, which are asset management platforms for developing index investment tools, similar to international index giants.<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>We are a pioneer in providing investors with low-cost passive investment services.</p><p>It is also understood that this institution, headquartered in New York, specializes in helping global investors better understand the Chinese market and enhance its importance in asset allocation.</p><p>In other words, Greenwoods Asset Management invested in a peer who is bullish on Chinese assets.</p><p><b>05. Future focus on \"competitiveness investment\"</b></p><p>Regarding its portfolio allocation, Greenwoods Asset Management revealed the following direction in its latest report to holders:</p><p><b>1. Interactive entertainment</b></p><p>China's top game companies have the opportunity to gain more market share globally. Whether it's current online games or the future integration of virtual reality in the metaverse, these advancements require long-term technological investment from major game companies and collaboration between multiple people and teams. The reissuance of game licenses signifies that the policy bottom has been reached.</p><p><b>2. New retail and new service platforms</b></p><p>The trend towards online retail and lifestyle services continues to strengthen, with platform companies becoming the infrastructure for commercial services and distribution. Currently, internet platform companies are in a state of overlapping performance bottoms, policy bottoms, and valuation bottoms. The low base effect that began in the second half of last year will allow most companies to return to the growth track.</p><p><b>3. Applications under the new energy structure</b></p><p>All countries are firmly committed to changing their energy structure. Chinese companies have enormous first-mover advantages and supply chain advantages:<a href=\"https://laohu8.com/S/000591\">solar energy</a>A number of world-class companies have emerged in fields such as wind power, power batteries, and energy storage batteries. As a major manufacturing country, although it faces pressure to relocate some of its industrial chains, China's advantageous industrial chains are likely to emerge as winners in the great wave of energy transition.</p><p><b>4. Deep digitalization of software and hardware</b></p><p>We are undergoing a process of deep digitalization. Data center businesses and various forms of cloud services will generate strong stickiness, and once used, migration costs will be very high. Both China and the United States have leading companies in this field that have investment value.</p><p><b>5. Development and application of artificial intelligence</b></p><p>Judging from the current progress of the company's research and development, the most likely project to be implemented is the realization of autonomous driving. A revolutionary breakthrough in this field will disrupt the existing automotive industry and transportation services. This is another revolutionary product that has changed our lifestyles, following smartphones. There should be these exciting changes in the businesses we hold.</p><p><b>6. Consumer goods with social attributes</b></p><p>This type of business model is simple, stable, and has a very high competitive advantage. The social need deep within human nature—the need to \"define oneself and differentiate oneself from others\" in a crowd—remains unchanged. There is a type of product that satisfies people's needs due to its historical origins and difficult-to-replicate quality characteristics. It is a reward for people's lives and a vehicle for respecting others in social interactions.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/prasQgM2-tOxmJagIjpKvg\">资事堂</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"BK4509":"腾讯概念","BK4558":"双十一","BK4531":"中概回港概念","BK4526":"热门中概股","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","BK4548":"巴美列捷福持仓","BK4122":"互联网与直销零售","BK4503":"景林资产持仓","PDD":"拼多多","BEKE":"贝壳","BK4504":"桥水持仓","BK4553":"喜马拉雅资本持仓","BK4501":"段永平概念","BK4079":"房地产服务"},"source_url":"https://mp.weixin.qq.com/s/prasQgM2-tOxmJagIjpKvg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119741216","content_text":"昨夜今晨，景林资产披露美股最新持仓明细。资事堂发现，截至2022年二季度末，这家千亿私募巨头的美股持仓达22.4亿美元，合人民币151亿元。这个数字依然是国内机构海外投资的最前列，但相比一季度的23.2亿美元规模小幅下降。盘点发现：景林资产的重仓股座次再次发生变化，贝壳控股晋升为第一大重仓，其次是京东集团和网易，内地公司依然是景林在美股中最重要的资产。01、高集中度持股值得提示的是，景林资产是通过香港子公司进行美股投资的，上述持股不包含其中国其他内地主体及旗下产品的美股头寸。截至二季度末，景林美股前十大持仓标的合计市值达到17.36亿美元，占总持仓比例高达78%。集中度远高于内地公募基金和QDII产品，这亦是景林多年炼成的习惯。02、“看中”地产中介贝壳在二季度成为景林持有仓位最重的上市公司。该公司是目前国内领先的二手房、新房和房屋出租咨询公司，其主体包括业内知名的链家等房产中介品牌。景林当期持有2043万股贝壳控股的ADS（美国存托凭证），折合市值3.65亿美元。当期，贝壳在底部震荡，目前股价相比当年上市初时最高价，已跌去90%左右。03、多只中概股重回视野景林的前五大重仓股还包括京东集团、网易、金瑞基金和中通快递。其中，景林对京东和网易均进行了显著减仓。对前者持仓量由上一季度435万股减至321万股，对后者持仓量由360万股降至220万股。此次景林持仓的另一个亮点，就是阿里巴巴重新回到十大重仓股阵营。最新数据显示，景林持有124万股阿里巴巴ADS，折合市值1.41亿美元。无独有偶。另有两只中概股的重仓股“显露度”，也在今年二季度的景林持仓报告中上升。他们分别是拼多多和满帮集团，成为二季度十大重仓股的新面孔。前者是社交电商的头部企业，持股量201万股，后者是城际整车物流与车货匹配信息平台运营企业，持股量达到1283万股。04、重金投资“同行”中文曾有“同行是冤家”的说法，但在资管圈看来，投资价值似乎胜于一切。自上一个季度开始，景林资产开始持续投资同行机构——美国金瑞基金（KRANESHARES）。资事堂发现，金瑞基金旗下有多只ETF，属于开发指数投资工具的资管平台，类似于国际指数巨头贝莱德、先锋领航，为投资者提供低成本的被动投资服务。另据了解，这家机构总部位于纽约，专门帮助全球投资者更加了解中国市场并提升其在资产配置中的重要性。换言之，景林资产投资了一家看多中国资产的同行。05、未来聚焦“竞争力投资”对于持仓布局，景林资产对持有人最新汇报中透露如下方向：1、互动娱乐中国的顶级游戏公司具备在全球获取更多市场份额的机会。无论是现在的网游，还是以后元宇宙的虚拟现实结合，这些进步背后需要游戏大厂的长期技术投入和多人多团队协作，游戏版号的重新发放标志着政策底部已经出现。2、新零售和新服务平台零售、生活服务的线上化趋势继续加强，平台公司成为了商业服务和流通领域的基础设施。目前互联网平台公司处于业绩底+政策底+估值底的三底叠加状态，去年下半年开始的低基数效应会让大部分公司重回增长正轨。3、新能源结构下的应用各国都在坚定的走改变能源结构的道路。中国企业具有巨大的先发和产业链优势：在太阳能、风能、动力电池、储能电池等领域都出现一批世界级的公司。作为制造业大国，虽然面临部分产业链转移的压力，中国有优势的产业链很可能在能源转型的大浪潮中成为赢家。4、深度数字化软硬件我们正在经历深度数字化的过程，数据中心业务、多种形式的云服务都会产生很强的粘性，一旦使用，迁移成本很高。中美都有这方面的龙头企业具有投资价值。5、人工智能的发展和应用从目前企业研发的进度看，最可能落地的项目就是自动驾驶的实现。这个领域的革命性突破将会颠覆现有的汽车工业、交通服务领域。这也是继智能手机之后，又一个改变我们生活方式的革命性产品。我们持有的生意里面，应该有这些激动人心的改变。6、社交属性的消费品这一类生意模式简单、稳定，且有极高护城河。人性深处的社交需求——在人群中体现“定义自我区别于其他人”的需求依然没有改变。有一类商品由于历史渊源和难以复制的品质特点满足了人们这一类需求，这是人们对自己生活的犒赏，也是在社交中对他人尊敬的载体。","news_type":1,"symbols_score_info":{"BEKE":0.9,"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":2259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9999003255,"gmtCreate":1660437377779,"gmtModify":1676533468857,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9999003255","repostId":"1103025448","repostType":4,"isVote":1,"tweetType":1,"viewCount":2467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9905283291,"gmtCreate":1659909761216,"gmtModify":1703767421784,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905283291","repostId":"2257030141","repostType":4,"isVote":1,"tweetType":1,"viewCount":1982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9905283648,"gmtCreate":1659909741886,"gmtModify":1703767421619,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905283648","repostId":"2257738911","repostType":4,"isVote":1,"tweetType":1,"viewCount":2054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9905283130,"gmtCreate":1659909722325,"gmtModify":1703767421291,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://stat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08:54","market":"hk","language":"zh","title":"Last Night and This Morning | Expectations of violent rate hike reignite! Another \"epic 'demon stock'\" has emerged.","url":"https://stock-news.laohu8.com/highlight/detail?id=1151833716","media":"老虎资讯综合","summary":"市场预测美联储第三次加息75个基点的概率接近70%。拜登当天在发表讲话时表示，“美国政府将让骗子偿还其偷来的东西，并根据法律追究其责任”。","content":"<p><html><head></head><body>Abstract: ① The US July non-farm payrolls data far exceeded expectations, reinforcing market expectations that the Federal Reserve will adhere to aggressive rate hike to curb inflation; ② Hong Kong-funded securities firm Zhifu Financing surged 50 times on its first day of listing.<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It fell nearly 10%; ③ The Moscow Exchange will allow non-residents from friendly countries to enter the forwards market for trading starting August 8. Details >> Overseas Markets</p><p>1. Non-farm payroll data strengthens Fed rate hike expectations; US stocks closed mixed.</p><p>U.S. stocks closed mixed on Friday. Both the Nasdaq and S&P 500 recorded gains this week. U.S. non-farm payrolls data for July far exceeded expectations, reinforcing market expectations that the Federal Reserve will continue its aggressive rate hike to curb inflation. The market predicts that the probability of the Federal Reserve's third rate hike of 75 basis points is close to 70%.</p><p>The Dow Jones Industrial Average rose 76.65 points, or 0.23%, to 32,803.47. The Nasdaq fell 63.03 points, or 0.50%, to 12,657.55. The S&P 500 fell 6.75 points, or 0.16%, to 4,145.19.</p><p>2. Popular Chinese concept stocks closed mixed on Friday, with Zhifu Financing surging 50 times on its first day of trading.<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>Down nearly 10%</p><p>Popular Chinese concept stocks closed mixed on Friday, with the Nasdaq China Golden Dragon Index down 1.83%.</p><p>Hong Kong-based securities firm Zhifu Finance surged 2325.00% on its first day of trading, with an intraday increase of as much as 5262%. The IPO price was only $4, and the stock price once reached $235.95, triggering multiple circuit breakers.<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It fell for three consecutive days, closing down nearly 10%, with the stock price falling more than 70% from its peak.</p><p>3. Major European stock indices collectively closed lower, with the German DAX 30 down 0.6%.</p><p>U.S. monthly non-farm payrolls data came in stronger than expected, rate hike expectations rose, and major European stock indices collectively closed lower. Among them, the German DAX30 index fell 0.6%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell 0.12%, the French CAC40 index fell 0.63%, and the Euro Stoxx 50 index fell 0.77%.</p><p>4. U.S. WTI crude oil closed 0.5% higher on Friday, down 9.7% for the week.</p><p>International crude oil futures prices closed slightly higher on Friday, with U.S. WTI oil prices rebounding from their lowest level since February. However, concerns about an economic recession caused WTI crude oil to fall by nearly 10% this week.</p><p>West Texas Intermediate (WTI) crude oil futures for September delivery on the New York Mercantile Exchange rose 47 cents, or 0.53%, to settle at $89.01 a barrel. WTI crude oil fell more than 9.7% this week.</p><p>5. New York gold futures closed down 0.7% on Friday as non-farm payroll data put pressure on gold prices.</p><p>US gold futures prices closed lower on Friday. The U.S. July non-farm payrolls report eased concerns about an economic recession while reinforcing market expectations that the Federal Reserve would maintain its aggressive tightening policy, putting pressure on gold futures prices.</p><p>Gold futures for December delivery on the New York Mercantile Exchange settled down 0.7% at $1,778 an ounce.</p><p>International macro</p><p>1. The US non-farm payrolls surge of 528,000 in July \"terrified\" the market! The Federal Reserve has received further tightening \"ammunition\".</p><p>The total non-farm payrolls and unemployment rate in the United States have both recovered to pre-COVID-19 levels.</p><p>Rising recession fears do not appear to have affected the hot U.S. job market. Data released by the U.S. Bureau of Labor Statistics on the 5th showed that the number of new non-farm payrolls in the U.S. jumped by 528,000 in July this year, significantly higher than the expected 258,000, compared with the average of 388,000 in the previous four months. That month, the U.S. unemployment rate fell slightly by 0.1 percentage points to 3.5%, and the average hourly wage of employees increased by 5.2% year-on-year, higher than the market expectation of 4.9%.</p><p>With this, the total non-farm payrolls and unemployment rate in the United States have both recovered to pre-COVID-19 levels in February 2020, further reinforcing and supporting the Federal Reserve's hawkish stance.</p><p>2. Strong employment data and market prices reflect the possibility of rate hike during the two Federal Reserve meetings.</p><p>Interest rate futures traders reacted to the stronger-than-expected U.S. jobs data in July by acknowledging that Federal Reserve policymakers may rate hike again ahead of their next regular policy meeting in September.</p><p>Federal Funds rate futures prices once fell to 97.64 in August, implying an interest rate level of 2.36%, which is 3 basis points higher than the current effective Federal Funds rate. Currently, the effective Federal Funds rate is within the target range of 2.25%-2.5%, the Federal Funds rate announced by the Federal Reserve on July 27.</p><p>The implied interest rate for interest rate futures subsequently stabilized at around 2.345%, indicating that the possibility of a rate hike between the two meetings is extremely small. However, the unusually long session interval from July to September may pose additional risks.</p><p>3. The US job market has recovered its second fastest since 1981; the Federal Reserve may rate hike by another 75 basis points.</p><p>The United States added 528,000 non-farm payrolls in July, more than double economists' expectations, as the job market returned to pre-pandemic levels.</p><p>Although the labor market contraction during the pandemic was the most severe in modern history, this rebound marks the second fastest recovery in the job market since 1981. Michael Pearce, senior U.S. economist at Capital Economics, said the unexpectedly larger-than-expected non-farm payroll report also suggests that the Federal Reserve is likely to raise interest rates by 75 basis points at its September meeting, marking the third consecutive time the Fed has rate hike by such a large margin.</p><p>4. US President Biden signs two bills to hold accountable those who use the COVID-19 relief bill to commit fraud.</p><p>On August 5 local time, US President Biden signed two bipartisan bills to hold individuals and institutions accountable for using the COVID-19 relief bill to commit fraud. According to CNN, these two bills would extend the statute of limitations for prosecuting those who commit fraud using the Paycheck Protection Program or the COVID-19 Relief Act, extending the statute of limitations for criminal and civil enforcement against borrowers to 10 years. In his speech that day, Biden said, \"The U.S. government will make swindlers repay what they stole and hold them accountable according to the law.\"</p><p>5. New York State health officials warn: Reported cases are just the tip of the iceberg; hundreds more people are infected with polio.</p><p>On August 4 local time, New York State health officials said that poliovirus was detected in wastewater outside New York City, indicating that the virus is spreading in the community. Now these officials are warning again that the reported cases are just the \"tip of the iceberg,\" and that hundreds more people may be infected with the poliovirus.</p><p>In a statement, New York State Health Commissioner Dr. Mary Bassett said that in July, Rockland County, New York, reported a case of polio, the first in the United States in nearly a decade. Later, sewage samples tested positive for the poliovirus, indicating that a larger outbreak was underway.</p><p>6. U.S. consumer credit surged by over $40 billion, the second-highest growth rate on record.</p><p>Consumer credit in the United States surged in June, driven by a jump in credit card balances and a record increase in non-revolving credit, including auto and student loans.</p><p>Data released by the Federal Reserve on Friday showed that consumer credit increased by $40.2 billion from the previous month, second only to the record $47.1 billion in March. Economists expect a median increase of $27 billion. These figures are not adjusted for inflation.</p><p>Revolving credit balances, including credit cards, increased by $14.8 billion, while non-revolving credit increased by $25.4 billion.</p><p>7. US President Biden still tests positive for COVID-19 and remains in isolation.</p><p>On August 5 local time, White House doctors said that US President Biden still tested positive for COVID-19. Biden's cough has almost completely improved, his body temperature, pulse, blood pressure, respiratory rate and other indicators are completely normal, and his lungs are clear. Biden remains in quarantine.</p><p>8. Canada's unemployment rate remained at a record low in July.</p><p>On August 5 local time, the latest labor force survey released by Statistics Canada showed that despite a decrease of 31,000 jobs in July, Canada's unemployment rate remained at a historic low of 4.9% in July, the same as in June.</p><p>Canada's labor market remains exceptionally tight, with more than 1 million job openings nationwide. The unemployment rate is at its lowest level on record.</p><p>The number of public sector employees declined, while the number of self-employed individuals increased, and the number of private sector workers remained virtually unchanged.</p><p>9. The U.S. Senate plans to vote on the inflation reduction bill on the 6th.</p><p>According to a CBS report on August 5, the U.S. Senate is scheduled to vote on the Inflation Reduction Act of 2022 on August 6.</p><p>The Senate reportedly made crucial progress on the bill after Democrats agreed to change some of the tax proposals. Senate Majority Leader Chuck Schumer said at a press conference that day that the bill retains the original core elements, including reducing prescription drug costs, addressing climate change, closing tax loopholes, strengthening taxes on large corporations and the wealthy, and reducing the deficit.</p><p>It is understood that the policies in the Inflation Reduction Act of 2022 include allocating $369 billion to address climate change, giving Medicare the right to negotiate the prices of certain drugs, limiting Medicare's out-of-pocket costs, and extending Affordable Care Act subsidies for three years.</p><p>Russia-Ukraine situation</p><p>1. The Moscow Exchange will allow non-residents from friendly countries to enter the forwards market for trading starting August 8.</p><p>The Moscow Stock Exchange announced on the evening of August 5 that it will allow non-residents from friendly countries to enter the forwards market for trading starting August 8. The announcement also stated that it would announce later when non-residents of friendly countries would be allowed to enter the stock market for trading.</p><p>2. Foreign investors will return to the Russian exchange market starting next Monday.</p><p>On Friday local time, the Moscow Exchange announced that starting next Monday (August 8), investors from \"friendly\" countries will be allowed to return to the Russian stock, bond, REPO, and derivatives markets. Investors who have not imposed sanctions on Russia, or whose ultimate beneficiaries are Russians, will be allowed to trade in Russia.</p><p>Since the Russia-Ukraine conflict, Russia has introduced a series of market support policies to protect its financial markets, and foreign investors' trading has also been restricted.</p><p>Going forward, foreign investors' trading will remain restricted, meaning only investors from \"friendly\" countries will be allowed to trade. The Moscow Exchange pointed out that banks and securities firms providing trading services need to confirm the country of origin of their clients.</p><p>3. Russian Deputy Prime Minister: The Russian and Turkish presidents have reached a consensus on starting to pay part of the cost of Russian natural gas in rubles.</p><p>On August 5 local time, Russian Deputy Prime Minister Novak said that Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan had reached a consensus on starting to pay part of the cost of natural gas supplied by Russia to Turkey in rubles.</p><p>On the same day, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held talks in Sochi, Russia, which lasted nearly four hours.</p><p>4. Russia announces sanctions against 62 Canadian citizens</p><p>On August 5 local time, the Russian Foreign Ministry issued a statement saying that in response to Canada's renewed anti-Russian sanctions on June 27 and July 7 this year, Russia has decided to ban 62 Canadian citizens from entering Russia. These 62 people include government officials, media journalists, social activists, and military personnel.</p><p>Company News</p><p>1、<a href=\"https://laohu8.com/NW/2257117425\" target=\"_blank\">Reports indicate that Oracle laid off hundreds of employees this week.</a></p><p>According to reports,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>The company laid off hundreds of employees this week as IT prioritizes developing its healthcare IT services and cloud businesses.</p><p>The report, citing sources familiar with the matter, stated that the layoffs primarily hit...<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>Employees in the advertising and customer experience department.</p><p>Amid Oracle's layoffs, the company recently received regulatory approval to acquire electronic medical records company Cerner Corp. for $28.3 billion, demonstrating its increasing emphasis on cloud computing.<a href=\"https://laohu8.com/S/HCSG\">Healthcare Services</a>。</p><p>2、<a href=\"https://laohu8.com/NW/2257486114\" target=\"_blank\">Another \"epic speculative stock\"? Hong Kong-funded securities firm Zhifu Financing surged more than 50 times on its first day of trading.</a></p><p>Following Shangcheng Digital Technology, the US stock market may welcome another epic speculative stock. Hong Kong-based securities firm Zhifu Financing surged more than 50 times on its first day of trading, reaching a high of US$235.95 per share during the day, triggering circuit breakers multiple times during the session.</p><p>On Friday (August 5) Eastern Time, Zhifu Finance (stock code MEGL) officially listed on the US stock market with an IPO price of $4 per share. The company plans to publicly issue 5 million common shares at an opening price of $50. After sharp fluctuations, it finally closed up 2325% at $97 per share.</p><p>3、<a href=\"https://laohu8.com/NW/2257192191\" target=\"_blank\">Shangcheng Digital Technology's wild rise turned into a rapid plunge, wiping out $160 billion in market value in two days.</a></p><p>A little-known Hong Kong financial services company's dizzying wild rise came to an abrupt halt, followed by a two-day plunge that halved the market value of its US-listed shares.</p><p>Shangcheng Digital Technology, which has been listed on the New York Stock Exchange for less than a month, saw its stock price hit a record high on Tuesday, but subsequently plummeted by 52% by Thursday's close, wiping out approximately $160 billion in market capitalization, exceeding...<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The current total market capitalization of such companies.</p><p>On Friday, stock prices continued to fluctuate wildly, rising and falling, triggering a circuit breaker at least once. Nevertheless, Shangcheng Digital's trading volume remained very low: as of 9:55 a.m. New York time, less than 8,000 shares were traded. Over the past four trading days, the stock's total daily trading volume has been less than 500,000 shares.</p><p>4、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It will acquire consumer goods for approximately $1.7 billion.<a href=\"https://laohu8.com/S/300024\">Robot</a>Company iRobot Acceleration<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home Business Growth</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.O) announced on Friday that it has agreed to acquire consumer goods for $61 per share, for a total price of approximately $1.7 billion.<a href=\"https://laohu8.com/S/300024\">Robot</a>Company iRobot (IRBT.O). iRobot's most famous product is the Roomba vacuum cleaner, which will work with voice assistants Alexa and Astro.<a href=\"https://laohu8.com/S/300024\">Robot</a>Let's wait together and join.<a href=\"https://laohu8.com/S/AMZN\">Amazon</a><a href=\"https://laohu8.com/S/5RE.SI\">smart</a>List of home functions. Neil Saunders, managing director of GlobalData Retail, said the move is part of Amazon's efforts to acquire some home space through its services and accelerate its growth outside of Retail. ABI Research analyst Lian Jye Su said Amazon hasn't had much success in home robots yet, but the acquisition of iRobot and the company's strong market reputation provide a \"huge foothold in the consumer robot market\" that could help Amazon replicate its Echo series.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The success of the speaker.</p><p>5、<a href=\"https://laohu8.com/NW/2257711744\" target=\"_blank\">US tech giants are collectively downsizing, with Amazon losing nearly 100,000 employees in a single quarter.</a></p><p>American tech giants are collectively downsizing, with Amazon losing nearly 100,000 employees in a single quarter.</p><p>Recently, international technology giant Amazon (NASDAQ:AMZN) released its financial results for the second quarter of 2022, reporting revenue of $121.2 billion, a 7% year-over-year increase, and a net loss of $2 billion, compared to a net profit of $7.8 billion in the same period last year. In the first two quarters of this year, Amazon reported a net loss of nearly $5.9 billion. It should be noted that this is the first time Amazon has reported a net loss in its semi-annual report since 2015.</p><p></body></html></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>Last Night and This Morning | Expectations of violent rate hike reignite! Another \"epic 'demon stock'\" has emerged.</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\">\nLast Night and This Morning | Expectations of violent rate hike reignite! Another \"epic 'demon stock'\" has emerged.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-08-06 08:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Abstract: ① The US July non-farm payrolls data far exceeded expectations, reinforcing market expectations that the Federal Reserve will adhere to aggressive rate hike to curb inflation; ② Hong Kong-funded securities firm Zhifu Financing surged 50 times on its first day of listing.<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It fell nearly 10%; ③ The Moscow Exchange will allow non-residents from friendly countries to enter the forwards market for trading starting August 8. Details >> Overseas Markets</p><p>1. Non-farm payroll data strengthens Fed rate hike expectations; US stocks closed mixed.</p><p>U.S. stocks closed mixed on Friday. Both the Nasdaq and S&P 500 recorded gains this week. U.S. non-farm payrolls data for July far exceeded expectations, reinforcing market expectations that the Federal Reserve will continue its aggressive rate hike to curb inflation. The market predicts that the probability of the Federal Reserve's third rate hike of 75 basis points is close to 70%.</p><p>The Dow Jones Industrial Average rose 76.65 points, or 0.23%, to 32,803.47. The Nasdaq fell 63.03 points, or 0.50%, to 12,657.55. The S&P 500 fell 6.75 points, or 0.16%, to 4,145.19.</p><p>2. Popular Chinese concept stocks closed mixed on Friday, with Zhifu Financing surging 50 times on its first day of trading.<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>Down nearly 10%</p><p>Popular Chinese concept stocks closed mixed on Friday, with the Nasdaq China Golden Dragon Index down 1.83%.</p><p>Hong Kong-based securities firm Zhifu Finance surged 2325.00% on its first day of trading, with an intraday increase of as much as 5262%. The IPO price was only $4, and the stock price once reached $235.95, triggering multiple circuit breakers.<a href=\"https://laohu8.com/S/HKD\">Shangchengshu Science</a>It fell for three consecutive days, closing down nearly 10%, with the stock price falling more than 70% from its peak.</p><p>3. Major European stock indices collectively closed lower, with the German DAX 30 down 0.6%.</p><p>U.S. monthly non-farm payrolls data came in stronger than expected, rate hike expectations rose, and major European stock indices collectively closed lower. Among them, the German DAX30 index fell 0.6%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index fell 0.12%, the French CAC40 index fell 0.63%, and the Euro Stoxx 50 index fell 0.77%.</p><p>4. U.S. WTI crude oil closed 0.5% higher on Friday, down 9.7% for the week.</p><p>International crude oil futures prices closed slightly higher on Friday, with U.S. WTI oil prices rebounding from their lowest level since February. However, concerns about an economic recession caused WTI crude oil to fall by nearly 10% this week.</p><p>West Texas Intermediate (WTI) crude oil futures for September delivery on the New York Mercantile Exchange rose 47 cents, or 0.53%, to settle at $89.01 a barrel. WTI crude oil fell more than 9.7% this week.</p><p>5. New York gold futures closed down 0.7% on Friday as non-farm payroll data put pressure on gold prices.</p><p>US gold futures prices closed lower on Friday. The U.S. July non-farm payrolls report eased concerns about an economic recession while reinforcing market expectations that the Federal Reserve would maintain its aggressive tightening policy, putting pressure on gold futures prices.</p><p>Gold futures for December delivery on the New York Mercantile Exchange settled down 0.7% at $1,778 an ounce.</p><p>International macro</p><p>1. The US non-farm payrolls surge of 528,000 in July \"terrified\" the market! The Federal Reserve has received further tightening \"ammunition\".</p><p>The total non-farm payrolls and unemployment rate in the United States have both recovered to pre-COVID-19 levels.</p><p>Rising recession fears do not appear to have affected the hot U.S. job market. Data released by the U.S. Bureau of Labor Statistics on the 5th showed that the number of new non-farm payrolls in the U.S. jumped by 528,000 in July this year, significantly higher than the expected 258,000, compared with the average of 388,000 in the previous four months. That month, the U.S. unemployment rate fell slightly by 0.1 percentage points to 3.5%, and the average hourly wage of employees increased by 5.2% year-on-year, higher than the market expectation of 4.9%.</p><p>With this, the total non-farm payrolls and unemployment rate in the United States have both recovered to pre-COVID-19 levels in February 2020, further reinforcing and supporting the Federal Reserve's hawkish stance.</p><p>2. Strong employment data and market prices reflect the possibility of rate hike during the two Federal Reserve meetings.</p><p>Interest rate futures traders reacted to the stronger-than-expected U.S. jobs data in July by acknowledging that Federal Reserve policymakers may rate hike again ahead of their next regular policy meeting in September.</p><p>Federal Funds rate futures prices once fell to 97.64 in August, implying an interest rate level of 2.36%, which is 3 basis points higher than the current effective Federal Funds rate. Currently, the effective Federal Funds rate is within the target range of 2.25%-2.5%, the Federal Funds rate announced by the Federal Reserve on July 27.</p><p>The implied interest rate for interest rate futures subsequently stabilized at around 2.345%, indicating that the possibility of a rate hike between the two meetings is extremely small. However, the unusually long session interval from July to September may pose additional risks.</p><p>3. The US job market has recovered its second fastest since 1981; the Federal Reserve may rate hike by another 75 basis points.</p><p>The United States added 528,000 non-farm payrolls in July, more than double economists' expectations, as the job market returned to pre-pandemic levels.</p><p>Although the labor market contraction during the pandemic was the most severe in modern history, this rebound marks the second fastest recovery in the job market since 1981. Michael Pearce, senior U.S. economist at Capital Economics, said the unexpectedly larger-than-expected non-farm payroll report also suggests that the Federal Reserve is likely to raise interest rates by 75 basis points at its September meeting, marking the third consecutive time the Fed has rate hike by such a large margin.</p><p>4. US President Biden signs two bills to hold accountable those who use the COVID-19 relief bill to commit fraud.</p><p>On August 5 local time, US President Biden signed two bipartisan bills to hold individuals and institutions accountable for using the COVID-19 relief bill to commit fraud. According to CNN, these two bills would extend the statute of limitations for prosecuting those who commit fraud using the Paycheck Protection Program or the COVID-19 Relief Act, extending the statute of limitations for criminal and civil enforcement against borrowers to 10 years. In his speech that day, Biden said, \"The U.S. government will make swindlers repay what they stole and hold them accountable according to the law.\"</p><p>5. New York State health officials warn: Reported cases are just the tip of the iceberg; hundreds more people are infected with polio.</p><p>On August 4 local time, New York State health officials said that poliovirus was detected in wastewater outside New York City, indicating that the virus is spreading in the community. Now these officials are warning again that the reported cases are just the \"tip of the iceberg,\" and that hundreds more people may be infected with the poliovirus.</p><p>In a statement, New York State Health Commissioner Dr. Mary Bassett said that in July, Rockland County, New York, reported a case of polio, the first in the United States in nearly a decade. Later, sewage samples tested positive for the poliovirus, indicating that a larger outbreak was underway.</p><p>6. U.S. consumer credit surged by over $40 billion, the second-highest growth rate on record.</p><p>Consumer credit in the United States surged in June, driven by a jump in credit card balances and a record increase in non-revolving credit, including auto and student loans.</p><p>Data released by the Federal Reserve on Friday showed that consumer credit increased by $40.2 billion from the previous month, second only to the record $47.1 billion in March. Economists expect a median increase of $27 billion. These figures are not adjusted for inflation.</p><p>Revolving credit balances, including credit cards, increased by $14.8 billion, while non-revolving credit increased by $25.4 billion.</p><p>7. US President Biden still tests positive for COVID-19 and remains in isolation.</p><p>On August 5 local time, White House doctors said that US President Biden still tested positive for COVID-19. Biden's cough has almost completely improved, his body temperature, pulse, blood pressure, respiratory rate and other indicators are completely normal, and his lungs are clear. Biden remains in quarantine.</p><p>8. Canada's unemployment rate remained at a record low in July.</p><p>On August 5 local time, the latest labor force survey released by Statistics Canada showed that despite a decrease of 31,000 jobs in July, Canada's unemployment rate remained at a historic low of 4.9% in July, the same as in June.</p><p>Canada's labor market remains exceptionally tight, with more than 1 million job openings nationwide. The unemployment rate is at its lowest level on record.</p><p>The number of public sector employees declined, while the number of self-employed individuals increased, and the number of private sector workers remained virtually unchanged.</p><p>9. The U.S. Senate plans to vote on the inflation reduction bill on the 6th.</p><p>According to a CBS report on August 5, the U.S. Senate is scheduled to vote on the Inflation Reduction Act of 2022 on August 6.</p><p>The Senate reportedly made crucial progress on the bill after Democrats agreed to change some of the tax proposals. Senate Majority Leader Chuck Schumer said at a press conference that day that the bill retains the original core elements, including reducing prescription drug costs, addressing climate change, closing tax loopholes, strengthening taxes on large corporations and the wealthy, and reducing the deficit.</p><p>It is understood that the policies in the Inflation Reduction Act of 2022 include allocating $369 billion to address climate change, giving Medicare the right to negotiate the prices of certain drugs, limiting Medicare's out-of-pocket costs, and extending Affordable Care Act subsidies for three years.</p><p>Russia-Ukraine situation</p><p>1. The Moscow Exchange will allow non-residents from friendly countries to enter the forwards market for trading starting August 8.</p><p>The Moscow Stock Exchange announced on the evening of August 5 that it will allow non-residents from friendly countries to enter the forwards market for trading starting August 8. The announcement also stated that it would announce later when non-residents of friendly countries would be allowed to enter the stock market for trading.</p><p>2. Foreign investors will return to the Russian exchange market starting next Monday.</p><p>On Friday local time, the Moscow Exchange announced that starting next Monday (August 8), investors from \"friendly\" countries will be allowed to return to the Russian stock, bond, REPO, and derivatives markets. Investors who have not imposed sanctions on Russia, or whose ultimate beneficiaries are Russians, will be allowed to trade in Russia.</p><p>Since the Russia-Ukraine conflict, Russia has introduced a series of market support policies to protect its financial markets, and foreign investors' trading has also been restricted.</p><p>Going forward, foreign investors' trading will remain restricted, meaning only investors from \"friendly\" countries will be allowed to trade. The Moscow Exchange pointed out that banks and securities firms providing trading services need to confirm the country of origin of their clients.</p><p>3. Russian Deputy Prime Minister: The Russian and Turkish presidents have reached a consensus on starting to pay part of the cost of Russian natural gas in rubles.</p><p>On August 5 local time, Russian Deputy Prime Minister Novak said that Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan had reached a consensus on starting to pay part of the cost of natural gas supplied by Russia to Turkey in rubles.</p><p>On the same day, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held talks in Sochi, Russia, which lasted nearly four hours.</p><p>4. Russia announces sanctions against 62 Canadian citizens</p><p>On August 5 local time, the Russian Foreign Ministry issued a statement saying that in response to Canada's renewed anti-Russian sanctions on June 27 and July 7 this year, Russia has decided to ban 62 Canadian citizens from entering Russia. These 62 people include government officials, media journalists, social activists, and military personnel.</p><p>Company News</p><p>1、<a href=\"https://laohu8.com/NW/2257117425\" target=\"_blank\">Reports indicate that Oracle laid off hundreds of employees this week.</a></p><p>According to reports,<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>The company laid off hundreds of employees this week as IT prioritizes developing its healthcare IT services and cloud businesses.</p><p>The report, citing sources familiar with the matter, stated that the layoffs primarily hit...<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>Employees in the advertising and customer experience department.</p><p>Amid Oracle's layoffs, the company recently received regulatory approval to acquire electronic medical records company Cerner Corp. for $28.3 billion, demonstrating its increasing emphasis on cloud computing.<a href=\"https://laohu8.com/S/HCSG\">Healthcare Services</a>。</p><p>2、<a href=\"https://laohu8.com/NW/2257486114\" target=\"_blank\">Another \"epic speculative stock\"? Hong Kong-funded securities firm Zhifu Financing surged more than 50 times on its first day of trading.</a></p><p>Following Shangcheng Digital Technology, the US stock market may welcome another epic speculative stock. Hong Kong-based securities firm Zhifu Financing surged more than 50 times on its first day of trading, reaching a high of US$235.95 per share during the day, triggering circuit breakers multiple times during the session.</p><p>On Friday (August 5) Eastern Time, Zhifu Finance (stock code MEGL) officially listed on the US stock market with an IPO price of $4 per share. The company plans to publicly issue 5 million common shares at an opening price of $50. After sharp fluctuations, it finally closed up 2325% at $97 per share.</p><p>3、<a href=\"https://laohu8.com/NW/2257192191\" target=\"_blank\">Shangcheng Digital Technology's wild rise turned into a rapid plunge, wiping out $160 billion in market value in two days.</a></p><p>A little-known Hong Kong financial services company's dizzying wild rise came to an abrupt halt, followed by a two-day plunge that halved the market value of its US-listed shares.</p><p>Shangcheng Digital Technology, which has been listed on the New York Stock Exchange for less than a month, saw its stock price hit a record high on Tuesday, but subsequently plummeted by 52% by Thursday's close, wiping out approximately $160 billion in market capitalization, exceeding...<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The current total market capitalization of such companies.</p><p>On Friday, stock prices continued to fluctuate wildly, rising and falling, triggering a circuit breaker at least once. Nevertheless, Shangcheng Digital's trading volume remained very low: as of 9:55 a.m. New York time, less than 8,000 shares were traded. Over the past four trading days, the stock's total daily trading volume has been less than 500,000 shares.</p><p>4、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It will acquire consumer goods for approximately $1.7 billion.<a href=\"https://laohu8.com/S/300024\">Robot</a>Company iRobot Acceleration<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home Business Growth</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.O) announced on Friday that it has agreed to acquire consumer goods for $61 per share, for a total price of approximately $1.7 billion.<a href=\"https://laohu8.com/S/300024\">Robot</a>Company iRobot (IRBT.O). iRobot's most famous product is the Roomba vacuum cleaner, which will work with voice assistants Alexa and Astro.<a href=\"https://laohu8.com/S/300024\">Robot</a>Let's wait together and join.<a href=\"https://laohu8.com/S/AMZN\">Amazon</a><a href=\"https://laohu8.com/S/5RE.SI\">smart</a>List of home functions. Neil Saunders, managing director of GlobalData Retail, said the move is part of Amazon's efforts to acquire some home space through its services and accelerate its growth outside of Retail. ABI Research analyst Lian Jye Su said Amazon hasn't had much success in home robots yet, but the acquisition of iRobot and the company's strong market reputation provide a \"huge foothold in the consumer robot market\" that could help Amazon replicate its Echo series.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The success of the speaker.</p><p>5、<a href=\"https://laohu8.com/NW/2257711744\" target=\"_blank\">US tech giants are collectively downsizing, with Amazon losing nearly 100,000 employees in a single quarter.</a></p><p>American tech giants are collectively downsizing, with Amazon losing nearly 100,000 employees in a single quarter.</p><p>Recently, international technology giant Amazon (NASDAQ:AMZN) released its financial results for the second quarter of 2022, reporting revenue of $121.2 billion, a 7% year-over-year increase, and a net loss of $2 billion, compared to a net profit of $7.8 billion in the same period last year. In the first two quarters of this year, Amazon reported a net loss of nearly $5.9 billion. It should be noted that this is the first time Amazon has reported a net loss in its semi-annual report since 2015.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151833716","content_text":"摘要：①美国7月非农就业数据远超预期，强化了美联储坚持激进加息以遏制通胀的市场预期；②港资券商智富融资上市首日一度暴涨50倍，尚乘数科跌近10%；③莫斯科交易所将从8月8日起允许来自友好国家的非居民进入远期市场进行交易。详细>>海外市场1、非农数据强化联储加息预期美股收盘涨跌不一美股周五美股收盘涨跌不一。本周纳指与标普500指数均录得涨幅。美国7月非农就业数据远超预期，强化了美联储坚持激进加息以遏制通胀的市场预期。市场预测美联储第三次加息75个基点的概率接近70%。道指涨76.65点，涨幅为0.23%，报32803.47点；纳指跌63.03点，跌幅为0.50%，报12657.55点；标普500指数跌6.75点，跌幅为0.16%，报4145.19点。2、热门中概股周五收盘涨跌不一 智富融资上市首日一度暴涨50倍尚乘数科跌近10%热门中概股周五收盘涨跌不一，纳斯达克中国金龙指数收跌1.83%。港资券商智富融资上市首日收盘飙涨2325.00%，盘中涨幅一度达到5262%，IPO发行价仅为4美元，股价盘中一度达到235.95美元，并触发多次熔断；尚乘数科连跌三日，收跌近10%，股价较峰值回落逾70%。3、欧洲主要股指集体收跌德国DAX30指数跌0.6%美国月度非农就业数据表现强于预期，加息预期升温，欧洲主要股指集体收跌。其中，德国DAX30指数跌0.6%，英国富时100指数跌0.12%，法国CAC40指数跌0.63%，欧洲斯托克50指数跌0.77%。4、美国WTI原油周五收高0.5% 本周累计下挫9.7%国际原油期货价格周五小幅收高，其中美国WTI油价从2月份以来的最低水平反弹。但对经济衰退的担忧使本周WTI原油录得近10%的跌幅。纽约商品交易所9月交割的西德州中质原油（WTI）期货价格上涨47美分，涨幅为0.53%，收于每桶89.01美元。本周WTI原油累计下跌逾9.7%。5、纽约黄金期货周五收跌0.7% 非农数据令金价承压周五美国黄金期货价格收跌。美国7月非农就业报告缓解了对经济衰退的担忧，同时也强化了美联储将坚持积极紧缩政策的市场预期，令黄金期货价格承压。纽约商品交易所12月交割的黄金期货结算价收跌0.7%，收于每盎司1778美元。国际宏观1、美国7月非农暴增52.8万“吓坏”市场！美联储再获紧缩“弹药”美国非农就业总人口和失业率均已恢复至新冠大流行前的水平。不断攀升的衰退担忧似乎并没有影响到美国就业市场的炙热。美国劳工统计局5日公布的数据显示，今年7月美国非农业部门新增就业人数跳涨52.8万，显著高于预期的25.8万，此前4个月均值为38.8万。当月，美国失业率小幅下降0.1个百分点至3.5%，员工平均时薪同比增幅为5.2%，高于市场预期的4.9%。至此，美国非农就业总人口和失业率均已恢复至2020年2月新冠大流行前的水平，继续强化和支撑着美联储的鹰派立场。2、就业数据火热 市场价格体现美联储两次会议期间加息的可能性对美国7月就业数据强于预期，利率期货交易员的反应是：承认美联储决策者可能在下次于9月召开的例行政策会议之前再次加息。8月联邦基金利率期货价格一度跌至97.64，隐含的利率水平为2.36%，比当前有效联邦基金利率高出3个基点。目前有效联邦基金利率在美联储7月27日宣布的2.25%-2.5%这个联邦基金利率的目标区间之内。利率期货的隐含利率随后企稳在2.345%左右，表明两次会议之间加息的可能性微乎其微。然而，7月到9月这个异常长的会期间隔可能带来额外的风险。3、美国就业市场创下1981年来第二快复苏 美联储或再加息75基点美国7月新增非农就业52.8万人，为经济学家预期的两倍多，就业市场重回疫情前水平。尽管疫情期间的劳动力市场收缩是现代历史上最严重的，但此次反弹标志着就业市场创下1981年来第二快的复苏。凯投宏观资深美国经济学Michael Pearce称，意外远超预期的非农报告还表明美联储很可能在9月的会议上将利率提高75个基点，这将标志着美联储连续第三次以如此大的幅度加息。4、美国总统拜登签署两项法案 追究利用新冠纾困法案进行诈骗者的责任当地时间8月5日，美国总统拜登签署了两项两党法案，以追究利用新冠纾困法案实施欺诈的个人和机构的责任。据美国有线电视新闻网（CNN）报道，这两项法案将延长针对利用工资保护计划或新冠纾困法案进行欺诈者的起诉时限，将针对借款人的刑事和民事执法时效延长至10年。拜登当天在发表讲话时表示，“美国政府将让骗子偿还其偷来的东西，并根据法律追究其责任”。5、纽约州卫生官员警告：已报告病例只是冰山一角 还有数百人被感染脊髓灰质炎当地时间8月4日，美国纽约州卫生官员称，纽约市外污水中检测出脊髓灰质炎病毒，这表明这种病毒正在社区中传播。现在这些官员再度发出警告：已经报告的病例只是“冰山一角”，还有数百人可能被感染了脊髓灰质炎病毒。纽约州卫生专员玛丽·巴塞特博士在一份声明中表示，在7月份，纽约州洛克兰县报告出现了一例脊髓灰质炎(小儿麻痹症)病例，为近十年来美国首例，后来，污水样本检测出脊髓灰质炎病毒呈阳性，这表明一场更大的疫情正在爆发中。6、美国消费者信贷大增逾400亿美元，增幅为历史次高美国6月份消费者信贷飙升，原因是信用卡余额跃升、以及包括汽车和学生贷款在内的非循环信贷创纪录增加。美联储周五公布的数据显示，消费者信贷较前月增加402亿美元，增幅仅次于3月份时创纪录的471亿美元。经济学家预期中值为增加270亿美元。这些数字未经通胀调整。包括信用卡在内的循环信贷余额增加148亿美元，非循环信贷增加254亿美元。7、美国总统拜登新冠病毒检测结果仍呈阳性 依然处于隔离状态当地时间8月5日，白宫医生称，美国总统拜登新冠病毒检测结果仍呈阳性。目前拜登咳嗽差不多完全好转，体温、脉搏、血压、呼吸频率等指标完全正常，肺部畅通。拜登依然在隔离中。8、加拿大7月份失业率继续保持历史低位当地时间8月5日，加拿大统计局公布的最新劳动力调查显示，尽管7月份减少了31000个工作岗位，但加拿大的失业率在7月份保持在4.9%的历史低位，与6月份持平。加拿大劳动力市场依然异常紧张，全国有超过100万个职位空缺。失业率是有记录以来的最低水平。公共部门雇员人数下降，而个体经营者人数增加，私营部门工人的数量几乎没有变化。9、美国参议院拟于6日就通胀削减法案进行投票据美国哥伦比亚广播公司（CBS）当地时间8月5日报道，美国参议院拟定于6日对《2022年通胀削减法案》（Inflation Reduction Act）进行投票。据报道，民主党同意改变部分税收提案后，参议院就此法案取得了关键性进展。参议院多数党领袖查克·舒默当天在新闻发布会上表示，法案协议保留了原先包括降低处方药成本、应对气候变化、堵塞税收漏洞、加强对大型公司和富人税收以及减少赤字等核心内容。据悉，《2022年通胀削减法案》中的政策包括拨款3690亿美元用于应对气候变化，医疗保险有权就某些药品的价格谈判，限制医疗保险的自付费成本，以及延长《平价医疗法案》补贴3年。俄乌局势1、莫斯科交易所将从8月8日起允许来自友好国家的非居民进入远期市场进行交易俄罗斯莫斯科交易所8月5日晚发布公告称，从8月8日起将允许来自友好国家的非居民进入远期市场进行交易。公告同时称，将在稍晚时间宣布何时允许友好国家非居民进入股票市场进行交易。2、下周一开始 外国投资者将重返俄罗斯交融市场当地时间周五，莫斯科交易所表示，下周一(8月8日)开始，将允许那些“友好”国家的投资者重返俄罗斯股票、债券、REPO、以及衍生品市场。那些没有对俄罗斯施加制裁、或那些最终受益者为俄罗斯人的投资者将获准在俄罗斯交易。自俄乌冲突以来，为了保护俄罗斯金融市场，俄罗斯出台了一系列托市政策，外国投资者的交易也受到了限制。接下来，外国投资者的交易依然会受到限制，即仅限“友好”国家的投资者进行交易。莫斯科交易所指出，提供交易服务的银行和券商需要确认客户的母国。3、俄罗斯副总理：俄土总统已就启动用卢布支付俄天然气部分费用达成共识当地时间8月5日，俄罗斯副总理诺瓦克表示，俄罗斯总统普京和土耳其总统埃尔多安已就启动通过卢布支付俄罗斯向土耳其供应的天然气的部分费用达成共识。当天，俄罗斯总统普京与土耳其总统埃尔多安在俄罗斯索契举行会谈，会谈持续了近4个小时。4、俄罗斯宣布制裁62名加拿大公民当地时间8月5日，俄罗斯外交部发布公告称，作为对加拿大今年6月27日和7月7日再次延长反俄制裁的回应，俄罗斯决定禁止62名加拿大公民入境俄罗斯。这62人中包括政府官员、媒体记者、社会活动家和军方相关人士。公司新闻1、报道称甲骨文本周裁员数百人据报道，甲骨文公司本周解雇了数百名员工，因该公司优先发展其医疗保健IT服务和云业务。报道援引知情人士称，裁员主要打击了甲骨文广告和客户体验部门的员工。甲骨文裁员之际，该公司近期获得监管部门批准以283亿美元收购电子医疗记录公司Cerner Corp，愈发重视云医疗保健服务。2、又一“史诗级妖股”？港资券商智富融资上市首日一度暴涨50余倍继尚乘数科之后，美股市场或许又将迎来一只史诗级妖股。港资券商智富融资上市首日一度暴涨50余倍，股价日内最高触及235.95美元/股，盘中多次触发熔断。美东时间周五（8月5日），智富融资（股票代码MEGL）正式登陆美股市场，IPO价格为4美元/股，公司计划公开发行500万普通股，开盘价为50美元，剧烈波动之后，最终收盘涨2325%，报97美元/股。3、尚乘数科的狂野上涨变成极速暴跌 两天蒸发1600亿美元市值鲜为人知的一家香港金融服务公司此前令人目眩的狂野上涨戛然而止，紧跟着两天暴跌，其在美国上市的股票市值缩水一半。在纽约证交所上市不到一个月的尚乘数科，股价周二创历史新高，但随后到周四收盘累计暴跌52％，市值蒸发约1600亿美元，超过英特尔、摩根士丹利和高盛之类公司当前的总市值。周五，股价继续剧烈波动，涨跌摇摆，至少一次触发熔断。尽管如此，尚乘数科的成交量仍然非常低：截至纽约时间上午9：55，成交量还不到8000股。过去四个交易日，该股的日成交总量均不到50万股。4、亚马逊将以约17亿美元收购消费类机器人公司iRobot 加速智能家居业务增长亚马逊(AMZN.O)周五宣布已同意以每股61美元、总价约17亿美元的价格收购消费类机器人公司iRobot(IRBT.O)。iRobot最有名的产品是Roomba真空吸尘器，它将与语音助手Alexa、Astro机器人等一起，加入亚马逊智能家居功能清单。GlobalData Retail董事总经理Neil Saunders称，此举是亚马逊通过服务拥有部分家庭空间，并加速其零售业以外的增长的努力的一部分。ABI Research分析师Lian Jye Su称，亚马逊在家用机器人方面还没有取得多大成功，但对iRobot的收购和该公司强大的市场声誉提供了一个“消费机器人市场的巨大立足点”，可以帮助亚马逊复制其Echo系列智能音箱的成功。5、美国科技巨头集体缩编，亚马逊单季减员近十万美国科技巨头集体缩编，亚马逊单季减员近十万。近日，国际科技巨头亚马逊(NASDAQ:AMZN)公布了2022年第二季度财报，收入为1212亿美元，同比增长7%，净亏损达20亿美元，而上年同期实现净利润78亿美元。综合今年前两个季度，亚马逊净亏损近59亿美元。需要指出的是，这是亚马逊自2015年以来半年报首次出现净亏损。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9905283960,"gmtCreate":1659909708353,"gmtModify":1703767420955,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905283960","repostId":"2257452191","repostType":4,"isVote":1,"tweetType":1,"viewCount":2276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9902971460,"gmtCreate":1659650325052,"gmtModify":1705586636190,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9902971460","repostId":"1127739704","repostType":4,"isVote":1,"tweetType":1,"viewCount":2235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9902971699,"gmtCreate":1659650314013,"gmtModify":1705586635706,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9902971699","repostId":"1160989938","repostType":4,"repost":{"id":"1160989938","kind":"news","pubTimestamp":1659625717,"share":"https://ttm.financial/m/news/1160989938?lang=en_US&edition=fundamental","pubTime":"2022-08-04 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The sponsoring institution is CICC.</p><p>Real Bio's core product, azvudine, is an innovative drug with broad-spectrum antiviral activity. It was conditionally approved by the National Medical Products Administration in July 2021 and July 2022 for the treatment of HIV infection and COVID-19, respectively. It is the first oral direct antiviral drug developed by a Chinese company to be approved by the National Medical Products Administration for the treatment of COVID-19. The company is fully prepared to launch commercial sales of Azvudine.</p><p>In its documents, Real Bio disclosed that it has entered into strategic agreements with several leading Chinese pharmaceutical manufacturers, including Peking Union Medical College Hospital, to produce and supply azvudine active pharmaceutical ingredients (APIs) and tablets for the company. The company also has its own production capacity, with an annual production capacity of approximately one billion azvudine tablets. The company believes that a combination of its own and contracted production capacity will enable it to produce sufficient quantities of azvudine to meet market demand.</p><p></body></html></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Real Bio, a manufacturer of oral anti-COVID-19 drugs, has submitted a listing application to the Hong Kong Stock Exchange.</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\">\nReal Bio, a manufacturer of oral anti-COVID-19 drugs, has submitted a listing application to the Hong Kong Stock Exchange.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-08-04 23:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>According to Hong Kong Stock Exchange documents, Real Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The sponsoring institution is CICC.</p><p>Real Bio's core product, azvudine, is an innovative drug with broad-spectrum antiviral activity. It was conditionally approved by the National Medical Products Administration in July 2021 and July 2022 for the treatment of HIV infection and COVID-19, respectively. It is the first oral direct antiviral drug developed by a Chinese company to be approved by the National Medical Products Administration for the treatment of COVID-19. The company is fully prepared to launch commercial sales of Azvudine.</p><p>In its documents, Real Bio disclosed that it has entered into strategic agreements with several leading Chinese pharmaceutical manufacturers, including Peking Union Medical College Hospital, to produce and supply azvudine active pharmaceutical ingredients (APIs) and tablets for the company. The company also has its own production capacity, with an annual production capacity of approximately one billion azvudine tablets. The company believes that a combination of its own and contracted production capacity will enable it to produce sufficient quantities of azvudine to meet market demand.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/livenews/2234686\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9da5a07e39259fa2f511a16e6b7f95df","relate_stocks":{"159718":"港股医药"},"source_url":"https://wallstreetcn.com/livenews/2234686","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1160989938","content_text":"据港交所文件：真实生物科技有限公司向港交所提交上市申请书。保荐机构为中金公司。真实生物的核心产品阿兹夫定为具有广谱抗病毒活性的创新药物，已分别于2021年7月及2022年7月获国家药监局附条件批准用于治疗HIV感染及COVID-19，为中国公司研发的首个获国家药监局批准用于治疗COVID-19的口服直接抗病毒药物。公司已做好充分准备以启动阿兹夫定的商业销售。真实生物在文件中披露，已与中国多家领先药品制造商（包括北京协和）订立战略协议，为公司生产及供应阿兹夫定的活性药物成分（API）及片剂。公司亦具备自行生产能力，年产能约为十亿片剂阿兹夫定。公司认为，基于自有及合约产能的结合将能够生产足够数量的阿兹夫定以满足市场需求。","news_type":1,"symbols_score_info":{"159718":0.9}},"isVote":1,"tweetType":1,"viewCount":2163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9902971100,"gmtCreate":1659650299902,"gmtModify":1705586635383,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9902971100","repostId":"1185387176","repostType":4,"repost":{"id":"1185387176","kind":"news","pubTimestamp":1659579807,"share":"https://ttm.financial/m/news/1185387176?lang=en_US&edition=fundamental","pubTime":"2022-08-04 10:23","market":"us","language":"zh","title":"How does the \"dollar circulation\" reap our wealth?","url":"https://stock-news.laohu8.com/highlight/detail?id=1185387176","media":"投资喵喵喵","summary":"美元环流，是指随着美联储释放和收缩美元，对全球资产价格产生的冲刷作用。","content":"<p><html><head></head><body><b>Dollar circulation refers to the ripple effect that the Federal Reserve has on global asset prices as it releases and contracts the dollar.</b></p><p>Why can the dollar have such a significant impact worldwide?</p><p>On the one hand, since the establishment of the Bretton Woods system in the last century, the US dollar has been pegged to gold and oil, establishing its hegemonic position. Since then, the US dollar has been used in world trade settlements and foreign exchange reserves.</p><p>On the other hand, a large portion of the funds released by the United States through its easing policy participate in international carry trades, making profits by taking advantage of interest rate differences and exchange rate differences between countries. In other words, they flow from the low-interest-rate United States to emerging market countries with great economic potential and high interest rates, and then return to the United States when the dollar contracts, forming an international circulation system for the dollar.</p><p><b>This includes the \"hot circulation\" formed by monetary easing and the depreciation of the US dollar;</b></p><p><b>This also includes the \"cold circulation\" formed by the US Treasury shrinking balance sheet and the appreciation of the US dollar.</b></p><p>Next, let's take a look at how these two types of circulations progress and what impact they have on our lives.</p><p><b>Opening and releasing water through \"thermal circulation\"</b></p><p><img src=\"https://static.tigerbbs.com/9e68569a962fa2ea3f8ced52df7d421b\" tg-width=\"630\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/></p><p>In order to boost its economy, the United States has roughly two operations: one is the more conventional \"interest rate cut\", and the other is the more popular \"quantitative easing\" in recent years, which is what we often call QE.</p><p><b>1) Interest rate cut</b></p><p><b>The Federal Reserve's interest rate cuts refer to lowering Federal Funds rate.</b>This is the interest rate in the U.S. interbank lending market, which directly affects the funding costs of commercial banks and thus indirectly affects the interest rate level of the entire U.S. banking industry.</p><p>Its main effect is to reduce people's desire to save money and stimulate consumption; At the same time, it stimulates the economy by reducing corporate borrowing costs. This process will also release some liquidity, but in terms of the \"quantity\" of funds, it is far less direct and intense than QE.</p><p><b>2) quantitative easing</b></p><p>The specific operation of QE is...<b>The Federal Reserve \"generates\" a sum of money \"out of thin air\" and \"quantitatively\".</b>Go buy Treasury Bond and mortgage-backed securities from major banks.<b>Just like when you take a money printing machine to the supermarket, the purpose is not to buy anything, but to support the supermarket.</b></p><p><img src=\"https://static.tigerbbs.com/033d9eb6d331054241582a541979580c\" tg-width=\"480\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>On the one hand, this process will increase market demand for Treasury Bond.</b>Treasury Bond prices rise, leading to lower yields, and market interest rates benchmarked against Treasury Bond rates will also be lowered accordingly, thereby reducing market borrowing costs.</p><p><b>On the other hand, banks' bonds were converted into cash, increasing the supply of base money.</b>This will allow more capital to create money, thereby increasing the cash in circulation.</p><p>The \"shrinking balance sheet\" commonly referred to in the media refers to the tapering of QE, which means that the Federal Reserve reduces the base money supply by reducing the scale of bond purchases, thereby tightening the money in circulation.</p><p><b>Global transmission of \"heat circulation\"</b></p><p><b>active diffusion</b></p><p>First, after the United States began its interest rate cut cycle and initiated quantitative easing, a large amount of US dollars flowed into the US financial system and real economy, resulting in a situation where the supply of funds exceeded demand.</p><p>In order to obtain higher returns, excessive funds first flowed into the domestic stock market, bond market, and real estate market, causing US stocks and housing prices to surge in tandem.</p><p>At the same time, market funding costs are low, and bonds held by financial institutions that can generate consistent returns are being bought by the Federal Reserve and exchanged for dry cash.<b>This has resulted in a situation where institutions still have large sums of money while domestic yields in the United States are declining.</b></p><p>As a result, many American financial institutions have turned their attention to overseas markets.</p><p><img src=\"https://static.tigerbbs.com/a84b76ba2ddddf85c4dadf6f05a79aa7\" tg-width=\"783\" tg-height=\"439\" referrerpolicy=\"no-referrer\"/></p><p>On the one hand, these capitals deposit their money in emerging market countries with large interest rate spreads through \"carry trades\" to earn excess returns;</p><p>On the other hand, they invest in overseas construction projects by directly investing in stocks, bonds, and real estate in overseas markets, or by establishing joint ventures, commercial mergers and acquisitions, equity transfers, or capital increases.</p><p><b>Due to excessive capital inflows, wherever there is room for appreciation, capital will buy low and sell high to profit from the price difference, which will correspondingly drive up the prices of overseas assets.</b></p><p><b>passive diffusion</b></p><p>As the Federal Reserve continues to cut interest rates and expand its balance sheet, there is ample liquidity in the market, and the cost of borrowing dollars has dropped to an extremely low level (even approaching zero).</p><p>At this time, if you issue dollar bonds on the international market or borrow from American banking institutions, the interest rate is extremely low.<b>This low-interest dollar is an irresistible temptation for companies with overseas financing needs.</b></p><p>After all, in a good economic period, borrowing large sums of money → investing → making a profit is the key to getting the wheels of making money moving as quickly as possible.</p><p>Take real estate companies as an example. Borrowing $10 billion to accelerate land acquisition, building, and selling houses means that 1%-2% interest is insignificant compared to double-digit profits.</p><p><b>However, it should be noted that overseas companies borrowing US dollars can also lead to an increase in their local currency.</b></p><p>For example, a Chinese company borrowed $10 billion in foreign debt, but it couldn't use it directly domestically. It needed to sell it to a bank, which then sold it to the central bank, and finally put it into the central bank's foreign exchange reserve pool. In this process, in order to maintain the stability of the RMB currency (assuming a USD/RMB exchange rate of 1:6), the central bank needs to print 6 more RMB out of thin air for every USD it borrows, and then hand over the newly created 60 billion RMB to the company. Therefore, as foreign exchange reserves increased, the amount of local currency circulating in the market also increased.</p><p><b>In short, a company uses its credit as collateral to create a foreign exchange reserve and an equivalent amount of RMB out of thin air.</b></p><p>With more Chinese companies borrowing US dollars, a lot of money will appear out of thin air in the domestic market. Excess money will chase limited assets, which will drive up asset prices.</p><p><b>Transfer of liabilities for \"Thermal Circulation\"</b></p><p>Therefore, companies carrying dollar debt will increase the circulation of their local currency and drive up asset prices;<b>However, at the same time, rising asset prices will gradually shift debt to downstream consumers.</b>Let's take an example:</p><p>Assuming the housing price was 20,000 yuan per square meter in 2015, it would cost 2 million yuan to buy a 100-square-meter apartment. However, due to rising real estate prices, the price of a house has increased from 20,000 to 40,000, so the price of a 100-square-meter house will double from 2 million to 4 million.</p><p><img src=\"https://static.tigerbbs.com/766aa8339c5640e46b6587f05166d97b\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>However, during the same period, your income did not double. This means that you need to borrow more mortgages to afford a house. Before, 1.5 million was enough; now you might have to borrow 3 million.<b>When the growth rate of such asset prices exceeds the growth rate of income, it causes a sharp increase in personal debt ratios.</b></p><p>Looking back at the entire process, the debt was shifted from the corporate side to the downstream consumers, that is, ordinary people.</p><p>Therefore, once the US dollar begins a \"hot circulation\" flowing into the world, it will lead to the expansion of local currencies in various countries, while also causing asset prices to inflate and debt to increase.<b>It's like the process of blowing bubbles; the whole process is relatively gentle.</b></p><p><b>Circulation reverses, cold and hot alternate</b></p><p><b>As the \"hot circulation\" of the US dollar continues,</b>As long as the Federal Reserve's monetary policy direction remains unchanged and new dollars continue to be injected into the market, everything will be fine.<b>Because cheap dollars were everywhere, the rolling debt of borrowing new ones to repay old ones was maintained.</b></p><p><img src=\"https://static.tigerbbs.com/555cf57d55dca8983fcc3e9ad57c7a03\" tg-width=\"709\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, when the direction reverses and the \"cold cycle\" begins, that is, when the Federal Reserve shifts from an interest rate cut cycle to a rate hike cycle, the global dollar will gradually cool and contract, and no new dollars will flow into the international market. At the same time, overseas capital will flow back to the United States to seek refuge, leading to an increasingly scarce dollar and a dollar shortage, which in turn will push the dollar stronger. The strengthening of the US dollar has exacerbated the trend of dollar reflow.</p><p>At the same time, as the dollar becomes scarce, institutions around the world burdened with dollar debt need to sell assets to run on central bank dollar reserves to repay their dollar liabilities. Just as borrowing dollar bonds simultaneously creates a foreign exchange reserve and an equivalent amount of RMB,<b>When a run on a country's foreign exchange reserves occurs, a large amount of local currency is exchanged for US dollars, causing a sharp deflation of the local currency.</b></p><p>Currency tightening coupled with capital outflows often leads to panic selling in a country's stock or real estate markets due to the loss of liquidity support, triggering a collapse.</p><p>At the same time, due to<b>Debt rigidity</b>The existence of Federal Reserve rate hike increases dollar financing costs (interest rate pressures), and a stronger dollar forces companies to exchange more of their local currency for dollars to repay debts (exchange rate pressures). Coupled with the impact of the economic downturn (reduced income), everything becomes increasingly difficult.<b>This could easily lead to a dollar solvency crisis.</b></p><p><img src=\"https://static.tigerbbs.com/4d3060c084921ce8054d4050f49299d6\" tg-width=\"484\" tg-height=\"300\" referrerpolicy=\"no-referrer\"/></p><p>A dollar solvency crisis can trigger asset sales, dollar runs, asset price collapses, capital flight, and so on, creating a series of vicious chain reactions that are unstoppable.<b>This is like the process of bursting a bubble, sharp and violent, and extremely damaging.</b></p><p><b>It's a bit cold this winter.</b></p><p><b>Global Economy - Cold Air</b></p><p>Currently, the US dollar accounts for 41% and 59% of the world trade settlement system and foreign exchange reserve currencies, respectively. Although it has weakened, its hegemony remains, while the RMB accounts for 2.7% and 2.9% respectively. The road to internationalization remains arduous and long.</p><p><img src=\"https://static.tigerbbs.com/ddb89f7800feeb8ebaed9dbaad064bc8\" tg-width=\"1000\" tg-height=\"656\" referrerpolicy=\"no-referrer\"/></p><p>In summary, we are currently in a \"cold circulation\" phase. After the Federal Reserve tightened monetary policy, many countries were forced to follow the Fed's rate hike in order to hedge against the impact of capital outflows.</p><p>And on July 27,<b>The Federal Reserve stated that it will accelerate its \"shrinking balance sheet\" starting in September as planned, while raising interest rates to at least 3.5% this year.</b>This means that the US base money supply will contract without increasing the money multiplier (expanding economic demand).<b>The probability of an accelerated contraction of the global dollar will increase.</b></p><p><b>\"Americans take medicine for colds all over the world\",</b>This means that the world will also enter a policy cycle of monetary tightening, and this winter is expected to be very cold.</p><p><b>Domestic Risks - Constant Thunder</b></p><p>The \"cold cycle\" comes at a time when the repayment pressure on Chinese dollar bonds is increasing.</p><p>Currently in China, the credit risk of dollar bonds is still concentrated in the real estate industry. As of June 30, 2022, a total of 161 Chinese dollar bonds had defaulted, of which the real estate industry accounted for 52.80%, and the scale of defaults has been increasing year by year in the past three years.</p><p><img src=\"https://static.tigerbbs.com/492bf073d34c5e0a5f62652a76f8541b\" tg-width=\"640\" tg-height=\"415\" referrerpolicy=\"no-referrer\"/></p><p>With the default of dollar bonds of large real estate companies such as Evergrande, Fantasia, Sunac, and Logan,<b>The credit of Chinese real estate companies has been damaged, and the strategy of \"borrowing new to repay old\" is struggling.</b></p><p>In the second half of 2022, Chinese dollar bonds saw a peak in debt repayment, with a total maturity of over US$140 billion. It is also the concentrated maturity time of the exchange offer bonds. Next, we should focus on the sales revenue collection of real estate companies to assess their default risk.</p><p><b>Domestic Economy - Hesitation</b></p><p><b>The bill rediscount rate hit a new low for the year at the end of July, indicating that there is currently some pressure on credit issuance.</b>Generally speaking, at the end of the month or year, commercial banks often use bill financing to increase credit volume, which leads to a rapid decline in bill interest rates.</p><p>Meanwhile, the domestic PMI (Purchasing Managers' Index) data for July, released on July 31, was also significantly lower than expected.</p><p>Both of the above points reflect<b>The domestic economy remains characterized by weak demand and insufficient confidence.</b></p><p><b>Waiting for recovery</b></p><p><img src=\"https://static.tigerbbs.com/b7e25ee6a9c74f1416220f7b448bf8d7\" tg-width=\"613\" tg-height=\"255\" referrerpolicy=\"no-referrer\"/></p><p>From a policy perspective, the Politburo meeting held on July 28 made arrangements for 1) promoting credit easing, 2) stabilizing the real estate market and ensuring the delivery of properties, and 3) ensuring supply and prices. Efforts to stabilize growth are expected to continue, and economic development is expected to be positive in the long term, but it will still take time to recover.</p><p>In my opinion, what we can do now is...<b>Stay patient, stay sharp, control your positions, and wait for the right opportunity.</b></p><p></body></html></p>","source":"lsy1659579874789","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>How does the \"dollar circulation\" reap our wealth?</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\">\nHow does the \"dollar circulation\" reap our wealth?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资喵喵喵</strong><span class=\"h-time small\">2022-08-04 10:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Dollar circulation refers to the ripple effect that the Federal Reserve has on global asset prices as it releases and contracts the dollar.</b></p><p>Why can the dollar have such a significant impact worldwide?</p><p>On the one hand, since the establishment of the Bretton Woods system in the last century, the US dollar has been pegged to gold and oil, establishing its hegemonic position. Since then, the US dollar has been used in world trade settlements and foreign exchange reserves.</p><p>On the other hand, a large portion of the funds released by the United States through its easing policy participate in international carry trades, making profits by taking advantage of interest rate differences and exchange rate differences between countries. In other words, they flow from the low-interest-rate United States to emerging market countries with great economic potential and high interest rates, and then return to the United States when the dollar contracts, forming an international circulation system for the dollar.</p><p><b>This includes the \"hot circulation\" formed by monetary easing and the depreciation of the US dollar;</b></p><p><b>This also includes the \"cold circulation\" formed by the US Treasury shrinking balance sheet and the appreciation of the US dollar.</b></p><p>Next, let's take a look at how these two types of circulations progress and what impact they have on our lives.</p><p><b>Opening and releasing water through \"thermal circulation\"</b></p><p><img src=\"https://static.tigerbbs.com/9e68569a962fa2ea3f8ced52df7d421b\" tg-width=\"630\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/></p><p>In order to boost its economy, the United States has roughly two operations: one is the more conventional \"interest rate cut\", and the other is the more popular \"quantitative easing\" in recent years, which is what we often call QE.</p><p><b>1) Interest rate cut</b></p><p><b>The Federal Reserve's interest rate cuts refer to lowering Federal Funds rate.</b>This is the interest rate in the U.S. interbank lending market, which directly affects the funding costs of commercial banks and thus indirectly affects the interest rate level of the entire U.S. banking industry.</p><p>Its main effect is to reduce people's desire to save money and stimulate consumption; At the same time, it stimulates the economy by reducing corporate borrowing costs. This process will also release some liquidity, but in terms of the \"quantity\" of funds, it is far less direct and intense than QE.</p><p><b>2) quantitative easing</b></p><p>The specific operation of QE is...<b>The Federal Reserve \"generates\" a sum of money \"out of thin air\" and \"quantitatively\".</b>Go buy Treasury Bond and mortgage-backed securities from major banks.<b>Just like when you take a money printing machine to the supermarket, the purpose is not to buy anything, but to support the supermarket.</b></p><p><img src=\"https://static.tigerbbs.com/033d9eb6d331054241582a541979580c\" tg-width=\"480\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>On the one hand, this process will increase market demand for Treasury Bond.</b>Treasury Bond prices rise, leading to lower yields, and market interest rates benchmarked against Treasury Bond rates will also be lowered accordingly, thereby reducing market borrowing costs.</p><p><b>On the other hand, banks' bonds were converted into cash, increasing the supply of base money.</b>This will allow more capital to create money, thereby increasing the cash in circulation.</p><p>The \"shrinking balance sheet\" commonly referred to in the media refers to the tapering of QE, which means that the Federal Reserve reduces the base money supply by reducing the scale of bond purchases, thereby tightening the money in circulation.</p><p><b>Global transmission of \"heat circulation\"</b></p><p><b>active diffusion</b></p><p>First, after the United States began its interest rate cut cycle and initiated quantitative easing, a large amount of US dollars flowed into the US financial system and real economy, resulting in a situation where the supply of funds exceeded demand.</p><p>In order to obtain higher returns, excessive funds first flowed into the domestic stock market, bond market, and real estate market, causing US stocks and housing prices to surge in tandem.</p><p>At the same time, market funding costs are low, and bonds held by financial institutions that can generate consistent returns are being bought by the Federal Reserve and exchanged for dry cash.<b>This has resulted in a situation where institutions still have large sums of money while domestic yields in the United States are declining.</b></p><p>As a result, many American financial institutions have turned their attention to overseas markets.</p><p><img src=\"https://static.tigerbbs.com/a84b76ba2ddddf85c4dadf6f05a79aa7\" tg-width=\"783\" tg-height=\"439\" referrerpolicy=\"no-referrer\"/></p><p>On the one hand, these capitals deposit their money in emerging market countries with large interest rate spreads through \"carry trades\" to earn excess returns;</p><p>On the other hand, they invest in overseas construction projects by directly investing in stocks, bonds, and real estate in overseas markets, or by establishing joint ventures, commercial mergers and acquisitions, equity transfers, or capital increases.</p><p><b>Due to excessive capital inflows, wherever there is room for appreciation, capital will buy low and sell high to profit from the price difference, which will correspondingly drive up the prices of overseas assets.</b></p><p><b>passive diffusion</b></p><p>As the Federal Reserve continues to cut interest rates and expand its balance sheet, there is ample liquidity in the market, and the cost of borrowing dollars has dropped to an extremely low level (even approaching zero).</p><p>At this time, if you issue dollar bonds on the international market or borrow from American banking institutions, the interest rate is extremely low.<b>This low-interest dollar is an irresistible temptation for companies with overseas financing needs.</b></p><p>After all, in a good economic period, borrowing large sums of money → investing → making a profit is the key to getting the wheels of making money moving as quickly as possible.</p><p>Take real estate companies as an example. Borrowing $10 billion to accelerate land acquisition, building, and selling houses means that 1%-2% interest is insignificant compared to double-digit profits.</p><p><b>However, it should be noted that overseas companies borrowing US dollars can also lead to an increase in their local currency.</b></p><p>For example, a Chinese company borrowed $10 billion in foreign debt, but it couldn't use it directly domestically. It needed to sell it to a bank, which then sold it to the central bank, and finally put it into the central bank's foreign exchange reserve pool. In this process, in order to maintain the stability of the RMB currency (assuming a USD/RMB exchange rate of 1:6), the central bank needs to print 6 more RMB out of thin air for every USD it borrows, and then hand over the newly created 60 billion RMB to the company. Therefore, as foreign exchange reserves increased, the amount of local currency circulating in the market also increased.</p><p><b>In short, a company uses its credit as collateral to create a foreign exchange reserve and an equivalent amount of RMB out of thin air.</b></p><p>With more Chinese companies borrowing US dollars, a lot of money will appear out of thin air in the domestic market. Excess money will chase limited assets, which will drive up asset prices.</p><p><b>Transfer of liabilities for \"Thermal Circulation\"</b></p><p>Therefore, companies carrying dollar debt will increase the circulation of their local currency and drive up asset prices;<b>However, at the same time, rising asset prices will gradually shift debt to downstream consumers.</b>Let's take an example:</p><p>Assuming the housing price was 20,000 yuan per square meter in 2015, it would cost 2 million yuan to buy a 100-square-meter apartment. However, due to rising real estate prices, the price of a house has increased from 20,000 to 40,000, so the price of a 100-square-meter house will double from 2 million to 4 million.</p><p><img src=\"https://static.tigerbbs.com/766aa8339c5640e46b6587f05166d97b\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/></p><p>However, during the same period, your income did not double. This means that you need to borrow more mortgages to afford a house. Before, 1.5 million was enough; now you might have to borrow 3 million.<b>When the growth rate of such asset prices exceeds the growth rate of income, it causes a sharp increase in personal debt ratios.</b></p><p>Looking back at the entire process, the debt was shifted from the corporate side to the downstream consumers, that is, ordinary people.</p><p>Therefore, once the US dollar begins a \"hot circulation\" flowing into the world, it will lead to the expansion of local currencies in various countries, while also causing asset prices to inflate and debt to increase.<b>It's like the process of blowing bubbles; the whole process is relatively gentle.</b></p><p><b>Circulation reverses, cold and hot alternate</b></p><p><b>As the \"hot circulation\" of the US dollar continues,</b>As long as the Federal Reserve's monetary policy direction remains unchanged and new dollars continue to be injected into the market, everything will be fine.<b>Because cheap dollars were everywhere, the rolling debt of borrowing new ones to repay old ones was maintained.</b></p><p><img src=\"https://static.tigerbbs.com/555cf57d55dca8983fcc3e9ad57c7a03\" tg-width=\"709\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>However, when the direction reverses and the \"cold cycle\" begins, that is, when the Federal Reserve shifts from an interest rate cut cycle to a rate hike cycle, the global dollar will gradually cool and contract, and no new dollars will flow into the international market. At the same time, overseas capital will flow back to the United States to seek refuge, leading to an increasingly scarce dollar and a dollar shortage, which in turn will push the dollar stronger. The strengthening of the US dollar has exacerbated the trend of dollar reflow.</p><p>At the same time, as the dollar becomes scarce, institutions around the world burdened with dollar debt need to sell assets to run on central bank dollar reserves to repay their dollar liabilities. Just as borrowing dollar bonds simultaneously creates a foreign exchange reserve and an equivalent amount of RMB,<b>When a run on a country's foreign exchange reserves occurs, a large amount of local currency is exchanged for US dollars, causing a sharp deflation of the local currency.</b></p><p>Currency tightening coupled with capital outflows often leads to panic selling in a country's stock or real estate markets due to the loss of liquidity support, triggering a collapse.</p><p>At the same time, due to<b>Debt rigidity</b>The existence of Federal Reserve rate hike increases dollar financing costs (interest rate pressures), and a stronger dollar forces companies to exchange more of their local currency for dollars to repay debts (exchange rate pressures). Coupled with the impact of the economic downturn (reduced income), everything becomes increasingly difficult.<b>This could easily lead to a dollar solvency crisis.</b></p><p><img src=\"https://static.tigerbbs.com/4d3060c084921ce8054d4050f49299d6\" tg-width=\"484\" tg-height=\"300\" referrerpolicy=\"no-referrer\"/></p><p>A dollar solvency crisis can trigger asset sales, dollar runs, asset price collapses, capital flight, and so on, creating a series of vicious chain reactions that are unstoppable.<b>This is like the process of bursting a bubble, sharp and violent, and extremely damaging.</b></p><p><b>It's a bit cold this winter.</b></p><p><b>Global Economy - Cold Air</b></p><p>Currently, the US dollar accounts for 41% and 59% of the world trade settlement system and foreign exchange reserve currencies, respectively. Although it has weakened, its hegemony remains, while the RMB accounts for 2.7% and 2.9% respectively. The road to internationalization remains arduous and long.</p><p><img src=\"https://static.tigerbbs.com/ddb89f7800feeb8ebaed9dbaad064bc8\" tg-width=\"1000\" tg-height=\"656\" referrerpolicy=\"no-referrer\"/></p><p>In summary, we are currently in a \"cold circulation\" phase. After the Federal Reserve tightened monetary policy, many countries were forced to follow the Fed's rate hike in order to hedge against the impact of capital outflows.</p><p>And on July 27,<b>The Federal Reserve stated that it will accelerate its \"shrinking balance sheet\" starting in September as planned, while raising interest rates to at least 3.5% this year.</b>This means that the US base money supply will contract without increasing the money multiplier (expanding economic demand).<b>The probability of an accelerated contraction of the global dollar will increase.</b></p><p><b>\"Americans take medicine for colds all over the world\",</b>This means that the world will also enter a policy cycle of monetary tightening, and this winter is expected to be very cold.</p><p><b>Domestic Risks - Constant Thunder</b></p><p>The \"cold cycle\" comes at a time when the repayment pressure on Chinese dollar bonds is increasing.</p><p>Currently in China, the credit risk of dollar bonds is still concentrated in the real estate industry. As of June 30, 2022, a total of 161 Chinese dollar bonds had defaulted, of which the real estate industry accounted for 52.80%, and the scale of defaults has been increasing year by year in the past three years.</p><p><img src=\"https://static.tigerbbs.com/492bf073d34c5e0a5f62652a76f8541b\" tg-width=\"640\" tg-height=\"415\" referrerpolicy=\"no-referrer\"/></p><p>With the default of dollar bonds of large real estate companies such as Evergrande, Fantasia, Sunac, and Logan,<b>The credit of Chinese real estate companies has been damaged, and the strategy of \"borrowing new to repay old\" is struggling.</b></p><p>In the second half of 2022, Chinese dollar bonds saw a peak in debt repayment, with a total maturity of over US$140 billion. It is also the concentrated maturity time of the exchange offer bonds. Next, we should focus on the sales revenue collection of real estate companies to assess their default risk.</p><p><b>Domestic Economy - Hesitation</b></p><p><b>The bill rediscount rate hit a new low for the year at the end of July, indicating that there is currently some pressure on credit issuance.</b>Generally speaking, at the end of the month or year, commercial banks often use bill financing to increase credit volume, which leads to a rapid decline in bill interest rates.</p><p>Meanwhile, the domestic PMI (Purchasing Managers' Index) data for July, released on July 31, was also significantly lower than expected.</p><p>Both of the above points reflect<b>The domestic economy remains characterized by weak demand and insufficient confidence.</b></p><p><b>Waiting for recovery</b></p><p><img src=\"https://static.tigerbbs.com/b7e25ee6a9c74f1416220f7b448bf8d7\" tg-width=\"613\" tg-height=\"255\" referrerpolicy=\"no-referrer\"/></p><p>From a policy perspective, the Politburo meeting held on July 28 made arrangements for 1) promoting credit easing, 2) stabilizing the real estate market and ensuring the delivery of properties, and 3) ensuring supply and prices. Efforts to stabilize growth are expected to continue, and economic development is expected to be positive in the long term, but it will still take time to recover.</p><p>In my opinion, what we can do now is...<b>Stay patient, stay sharp, control your positions, and wait for the right opportunity.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=Mzk0NzM4ODAxNA==&mid=2247484345&idx=1&sn=41ec1fbe2986c31c83dbf7d55b7916cf&chksm=c376e8b8f40161ae7475c7293f1db1ace8721091c0246f7eab7d2a7548d47d88b3a10fa3d9dc&token=2086745689&lang=zh_CN#rd\">投资喵喵喵</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5eb1600a275cdb440167b676a1a207e1","relate_stocks":{"UUP":"美元ETF-PowerShares DB"},"source_url":"https://mp.weixin.qq.com/s?__biz=Mzk0NzM4ODAxNA==&mid=2247484345&idx=1&sn=41ec1fbe2986c31c83dbf7d55b7916cf&chksm=c376e8b8f40161ae7475c7293f1db1ace8721091c0246f7eab7d2a7548d47d88b3a10fa3d9dc&token=2086745689&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185387176","content_text":"美元环流，是指随着美联储释放和收缩美元，对全球资产价格产生的冲刷作用。为什么美元可以在世界范围内产生这么大的影响呢？一方面，从上世纪布雷顿森林体系建立开始，美元先后和黄金、石油绑定，确立了霸权地位，从那以后世界贸易结算和外汇储备均采用美元；另一方面，美国通过宽松政策释放出的很大一部分资金都参与了国际套息交易，利用国与国之间的利息差和汇率差赚取利润，也就是从低息的美国本土，流向经济潜力大且高息的新兴市场国家，待到美元收缩的时候再回流美国，形成美元的国际化环流体系。其中既包括货币放水、美元贬值形成的『热环流』；也包括美债缩表、美元升值形成的『冷环流』。接下来我们就分别来看一下两种环流具体是怎样推进的，以及对我们的生活产生了什么样的影响。「热环流」之开闸放水美国为了提振本国经济，大致有两种操作：一个是比较常规的「降息」，另一个是近些年比较火的「量化宽松」，也就是我们常说的QE。1）降息美联储的降息，是指的降低联邦基金利率，这是美国银行同业拆借市场的利率，直接影响商业银行的资金成本，因此间接的影响了整个美国银行业的利率水平。其效果主要是降低人们存款欲望，刺激消费；同时通过降低企业借贷成本来刺激经济。这个过程也会释放出一定流动性，但是就资金的「量」来讲，远不及QE来的更直接和猛烈。2）量化宽松而QE的具体操作呢，就是美联储「凭空」，「定量」的“生成”一笔钱，去从各大银行购买国债以及住房抵押贷款支持证券。就像是你拿着印钞机去逛超市一样，目的不是买什么，是为了支援超市。一方面，这个过程会增加市场对国债的需求，国债价格上升，进而收益率降低，对标国债利率的市场利率也会相应被拉低，从而降低市场的借贷成本；另一方面，银行手中的债券被换成了现金，基础货币的供应量增加，就有更多的资本去进行货币创造，从而增加流通中的现金。平时媒体所说的「缩表」指的就是缩减QE，即美联储通过减少购债规模来减少基础货币供应量，进而收紧流通中的货币。「热环流」之全球传导主动扩散首先，当美国开启降息周期，并启动量化宽松以后，大量美元流入美国金融体系和实体经济，出现了资金供大于求的局面。过量的资金为了获取更高收益，率先涌入了本土的股市、债市和楼市，造成美股和房价齐刷刷的往上窜。同时，市场资金成本低，金融机构手中能持续产生收益的债券又被美联储买走换成了干巴巴的现金，这就造成了美国本土收益率下降的同时，机构手里还有大笔钱的局面。因而很多美国的金融机构就把目光移向了海外市场。一方面，这些资本通过「套息交易」，把钱存入利差较大的新兴市场国家赚取超额收益；另一方面，它们通过直接投资海外市场的股票、债券、地产，或是通过成立合资公司、商业收并购、受让股权或增资的方式，投资海外建设项目。这个过程由于过量资本的流入，凡是有增值空间的地方，就有资本来低买高卖赚差价，会相应的拉高海外资产的价格。被动扩散随着美联储持续降息阔表，市场上资金量充足，借贷美元的成本降到了极低的水平，（甚至趋近于0）。这时如果在国际市场上发行美元债券，或是向美国的银行机构贷款，利率是极低的。这种低息美元对海外有融资需求的企业来说简直是无法抵挡的诱惑。毕竟在经济向好的时期，大笔借钱→投资→获利，使赚钱的车轮尽快动起来才是王道。就拿地产公司来说，借100亿美元，加速拿地盖楼卖房，在两位数的利润面前，1%-2%的利息就显得微不足道了。但是需要引起注意的是，海外企业借贷美元也会引起本币的增加。打个比方，中国某企业借了一笔100亿美元的外债，但是没法在国内直接用，需要先将其卖给银行，银行再卖给央行，最后放到了央行的外汇储备池子里。这个过程中为了维护人民币币值的稳定，（假设美元兑人民币汇率1：6），央行每借1美元就需要凭空多印6块人民币，然后把新创造的这600亿人民币交给该企业。所以外汇储备上升的同时，市面上流通的本币也增加了。一句话来讲，就是企业用自己的信用做担保，凭空创造出了一份外汇储备和一份等值的人民币。借贷美元的中资企业多了，国内市场上就会凭空产生很多钱，超量的货币追逐有限的资产，资产价格就会被推高。「热环流」之负债转移因此，企业背负美元负债会增加本币的流通量，推动资产价格的上涨；但同时，资产价格的上涨又会使得负债逐步向下游消费者转移。我们举个例子：假设2015年的时候房价是2万一平，你买100平米要花200万。但是由于房地产价格的上涨，房价从2万变成了4万，那么100平米的房价就会从200万翻倍上涨到400万。但是同一时间内，你的收入却没有翻倍。这就意味着要借更多的按揭抵押贷款才能够买得起房子。以前借150万就够了，现在你可能得借300万，这种资产价格增速超过了收入增速，就引起了个人的负债率大幅上涨。回顾整个过程，负债从企业端转嫁到了下游消费者，也就是老百姓的头上。所以，美元开启『热环流』涌向全世界后，会导致各国本币的扩张，同时出现资产价格膨胀，负债增加的后果。这就好比吹泡泡的过程，整个过程是相对温和的。环流反转，冷热交替当美元『热环流』持续进行，美联储货币政策方向不变，新的美元不断注入市场的时候，一切都没有问题，因为随处都是廉价美元，借新还旧的债务滚动得以维持。但是当方向反转，『冷环流』启动，即美联储由降息周期转向加息周期时，全球美元将会逐渐冷却和收缩，没有新增美元涌入国际市场，同时海外资本回流美国避险，导致美元越发稀缺，出现美元荒，进而推升美元走强。而美元走强又加剧了美元回流的趋势。同时，由于美元变得稀缺，全球背负美元债的机构需要抛售资产，去挤兑央行的美元储备来偿还美元负债。就像借美元债时会同时创造出一份外汇储备和一份等值的人民币，同理，挤兑本国外汇储备时会用大量本币去兑换美元，造成急剧的本币紧缩。本币紧缩再叠加资本外流，一国的股市或楼市往往会因失去流动性支撑而出现恐慌性抛售，引发崩盘。与此同时，由于债务刚性的存在，美联储加息使得美元融资成本增加（利率压力），美元走强也会使得企业要用更多的本币去兑换美元来还债（汇率压力），再叠加经济下行的影响（收入减少），一切都变得越发的困难，极易造成美元偿付性危机。美元偿付性危机又会引发资产抛售，美元挤兑，资产价格崩盘，资本外逃等…一系列恶性连锁反应便一发不可收拾。这就好比戳破泡泡的过程，急剧而猛烈，伤害极大。这个冬天有点冷全球经济-寒气四溢目前，美元在世界贸易结算体系和外汇储备货币中占比分别为41%和59%，虽有削弱但霸权依旧，人民币占比则分别为2.7%和2.9%，国际化之路依然任重道远。综合来看，目前处于『冷环流』的阶段，不少国家在美联储采取缩紧货币政策后，为了对冲资金外流的影响，也被迫跟随美联储加息。而就在7月27日，美联储表示将按计划从9月起加速“缩表”，同时年内至少将利率提高至3.5%。这意味着美国基础货币量收缩，在货币乘数不增加（经济需求扩张）的情况下，全球美元加速收缩的概率将增加。“美国感冒全球吃药”，这意味着全球也将进入一个紧缩货币的政策周期，这个冬天估计会很冷。国内风险-雷声不断『冷环流』正当时，中资美元债偿付压力增加。目前在国内，美元债的信用风险依然集中在地产行业，截至2022年6月30日，总计161只中资美元债违约，其中地产行业数量占比52.80%，且近3年违约规模呈现逐年递增的态势。随着恒大、花样年、融创、龙光等大型房企美元债暴雷，中资房企信用受损，“借新还旧”的策略步履维艰。2022年下半年中资美元债迎来还债高峰，到期总规模逾1400亿美元。同时也是交换要约债券的集中到期时间。接下来应重点关注地产企业的销售回款等情况，以衡量其违约风险。国内经济-踌躇不定7月底票据转贴现利率触及年内新低，表明目前信贷投放有一定压力。一般而言，在月末、年末时点，商业银行往往利用票据融资来冲高信贷规模，从而导致票据利率快速下行。与此同时，7月31日公布的国内7月PMI（采购经理指数）数据同样大幅低于预期。综上两点都反映了国内经济依旧需求不振，信心不足的现状。静待复苏从政策面来看，7月28日召开的政治局会议在1）推动宽信用，2）稳地产保交楼，3）保供稳价方面展开了部署。稳增长预计会继续发力，经济发展长期向好，但是仍然需要时间修复。笔者认为当下我们可以做的，就是保持耐心，保持敏锐，控制仓位，静待时机。","news_type":1,"symbols_score_info":{"UUP":0.9}},"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126657701,"gmtCreate":1624569759703,"gmtModify":1703840439307,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126657701","repostId":"2145012004","repostType":4,"isVote":1,"tweetType":1,"viewCount":1197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112713311,"gmtCreate":1622930380733,"gmtModify":1704193263764,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393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11:02","market":"sh","language":"zh","title":"A huge loss of 1.85 billion! Is an apology effective after O-Film's performance collapsed?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","media":"华尔街见闻","summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","content":"<p>On the evening of April 16, O-Film issued an announcement apologizing for its earnings forecast. The company's performance was revised from a profit of 900 million yuan to a loss of 1.85 billion yuan.</p><p>This is not the first time O-Film has apologized. Since 2018, the company has apologized at least four times for issues with its financial statements.</p><p>What impressed me most was the blatant operation in the 2018 annual report where O-Film made a cost transfer error due to a financial software malfunction, resulting in an undertransfer of more than 2 billion yuan in costs.</p><p>In December 2019, the Shenzhen Stock Exchange issued a \"Decision on Publicly Reprimanding O-Film Group Co., Ltd. and Related Parties\" to O-Film.</p><p>As a result, the good times didn't last long; the annual apology came again. O-Film explained the reasons for its poor performance as follows:</p><p>On March 12, 2021, the Company received a notification from a specific overseas customer (hereinafter referred to as the \"Specific Customer\") that the Specific Customer planned to terminate its procurement relationship with the Company and its subsidiaries, and the Company would no longer obtain existing business orders from the Specific Customer.</p><p>Due to this unexpected situation, the assumptions for the impairment test of relevant assets changed significantly. The company immediately disclosed relevant risk warnings, urgently initiated the assessment of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment tests.</p><p>Strictly speaking, O-Film's operations are all legal and compliant, not fraudulent. But everyone knows that the company has been removed from Apple's supply chain.</p><p>Therefore, the Shenzhen Stock Exchange can only condemn O-Film's repeated apologies.</p><p>So the question is, why does being removed from the supply chain result in huge losses?</p><p><img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p>This is not just a problem for O-Film; the entire OEM industry has a similar situation.</p><p>From a financial perspective, this is because a huge provision for asset impairment was made, which is related to the special business model of the electronic components industry. Generally speaking, components for consumer electronics giants like Apple are customized production lines. Once the cooperation is terminated, most of these devices will have to be phased out, resulting in significant investment losses for the company.</p><p><b>Characteristics of Asset and Liability Structure in Electronic Components</b></p><p>Will Semiconductor is a company engaged in the production of mobile phone camera modules. According to its 2020 annual report, the company achieved total operating revenue of 19.824 billion yuan, an increase of 45.43% compared with the total operating revenue in 2019. The company achieved a net profit attributable to shareholders of the listed company of RMB 2.706 billion, an increase of 481.17% year-on-year. According to the data, in 2019, the company completed the acquisition of Beijing OmniVision and Sibico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, resulting in a significant improvement in its sustainable profitability.</p><p>Compared to ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion of its asset and liability structure.</p><p>Will Semiconductor's book inventory reached 5.274 billion yuan in 2020, and the number of inventory turnover days increased by nearly a month. These types of consumer electronics accessories companies face significant inventory risks because technology is constantly being upgraded, and if sales slow down, these huge amounts of inventory will be completely lost.</p><p><b>A look back at OFILM's \"outrageous operations\"</b></p><p>Returning to OFILM's actions that were condemned by the Shenzhen Stock Exchange, the root cause was also excessively high inventory balances.</p><p>O-Film's 2018 annual report results suddenly took a dramatic turn; the promised profit of 1.839 billion yuan in the preliminary report turned into a loss of 519 million yuan. The Q1 2019 financial report, released simultaneously, also showed that the company continued to suffer significant losses in the new year.</p><p>On the date of the earnings forecast, the company failed to fully identify signs of inventory impairment, resulting in a serious deviation in estimating the net realizable value of inventory and failing to make sufficient provision for asset impairment losses. The company's cost accounting system, which relies on inventory, is constantly being upgraded, resulting in inaccurate transfers of some production costs.</p><p>In other words, a problem with the company's cost accounting system led to the failure to detect signs of inventory impairment in a timely manner.</p><p>This is an unbelievable situation.</p><p>What is cost carry-over? This is a financial concept that is quite difficult to describe. Let's try a simplified example: Company A purchases a product for 100 yuan and sells it for 300 yuan. Assuming taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, companies carry forward costs during the sales process. So, when purchasing, the 100 yuan is in inventory, and when selling, the cost is carried forward, changing from inventory to cost. This process is called carrying forward costs.</p><p>When it comes to a single product, it is relatively easy to calculate the cost. However, if there are thousands of products and the cost of each batch is different, the cost transfer becomes more complicated.</p><p>In accounting, there are cost calculation methods such as first-in, first-out method and moving weighted average method. With the popularization of financial information systems, ERP, and other systems, this process is usually calculated automatically by the system.</p><p>However, regardless of any information system, this process can be intervened by humans. What are the consequences of intervention? If less inventory is transferred from inventory to costs, the transferred costs will be artificially low. Since profit = revenue - cost, if costs are artificially low, profits will be artificially high.</p><p><img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Given OFILM's huge inventory at the time, exceeding 8 billion yuan, any oversights in the cost conversion process could indeed have a significant impact on net profit.</p><p>For example, when converting costs, a 10% error in unit price would result in an error of 800 million yuan, affecting costs and profits of 800 million yuan.</p><p>Understanding this financial principle makes it easy to deduce why O-Film operated in this way: whether intentionally or not, it effectively inflated profits in a temporary manner.</p><p><b>Composition of provision for impairment of assets</b></p><p>In 2006, the Ministry of Finance issued Accounting Standard No. 8 - Asset Impairment. Since then, asset impairment provisions have become an important accounting item for listed companies. From cash and cash equivalents to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to an impairment provision account.</p><p>Accounting standards stipulate that enterprises should inspect their assets regularly or at least at the end of each year to reasonably estimate the potential losses of each asset. These estimated losses are included in the corresponding asset impairment provisions.</p><p>Taking 2018, the widely recognized year of Apple's \"Waterloo,\" as an example, a large number of A-share listed Apple supply chain companies experienced huge asset impairments due to the decline in Apple iPhone sales. Lens Technology accrued 833 million yuan in asset impairment losses, of which 672 million yuan was inventory depreciation losses; Sunwoda made a provision for asset impairment of 192 million yuan, of which 90.41 million yuan was inventory write-down losses; Luxshare Precision accrued 204 million yuan in asset impairment losses, of which 68.78 million yuan was inventory depreciation losses; Goertek accrued 248 million yuan in asset impairment losses, including 74.65 million yuan in inventory depreciation losses; O-Film even made a record 1.84 billion yuan in asset impairment provisions, including 1.56 billion yuan in inventory depreciation losses.</p><p>These inventory depreciation losses directly affected the company's net profit that year. It's not hard to see that inventory is an important financial indicator for the consumer electronics industry, and it is very likely to collapse unexpectedly.</p><p>The Tragedy of Inventory: Provision for Inventory Depreciation</p><p>On the one hand, in order to innovate, companies will sell old products at discounts, making way for new products in the pricing system, clearing out inventory as soon as possible, which is conducive to recovering funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reductions. For example, even when Apple was selling older iPhones at a fraction of its sales volume, it was still able to maintain a gross profit margin of around 35%, which was basically the same as that of new models.</p><p>Conversely, for manufacturers, parts begin to depreciate in value from the first day they enter the warehouse.</p><p>To detect inventory depreciation in advance or to avoid financial fraud, could we require companies like O-Film to disclose in detail the models and prices of the spare parts stored in their warehouses?</p><p>In fact, this is impossible because it involves trade secrets. Listed companies are allowed by the China Securities Regulatory Commission (CSRC) not to disclose particularly detailed information about inventory, especially cost per unit price information. While this protects listed companies, it also gives them room to embellish their financial statements to some extent, while also creating uncertainty for investors.</p><p>Investors' coping strategies</p><p>Inventory is an item closely related to profits, especially in the cost conversion stage. For companies with high inventory levels, the potential risks are extremely high.</p><p>Similar to goodwill defaults, inventory defaults have increasingly impacted the A-share market in recent years.</p><p>Faced with an inventory mine that could explode at any time, how should investors choose?</p><p>The answer is not complicated. I believe that as long as you grasp the following points, you can accurately avoid inventory collapses.</p><p>First, we should be wary of companies with excessively large total inventory.</p><p>How can we determine if the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively high.</p><p>Second, compare the inventory turnover days.</p><p>Generally speaking, companies whose inventory turnover days increase year by year indicate poor inventory turnover and a significant risk of depreciation losses.</p><p>Third, trace the company's inventory depreciation losses in previous years.</p><p>The company's provision for inventory write-down losses over the past five years can roughly estimate the possibility of a large amount of inventory write-down losses in that year.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A huge loss of 1.85 billion! Is an apology effective after O-Film's performance collapsed?</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\">\nA huge loss of 1.85 billion! Is an apology effective after O-Film's performance collapsed?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-06-05 11:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of April 16, O-Film issued an announcement apologizing for its earnings forecast. The company's performance was revised from a profit of 900 million yuan to a loss of 1.85 billion yuan.</p><p>This is not the first time O-Film has apologized. Since 2018, the company has apologized at least four times for issues with its financial statements.</p><p>What impressed me most was the blatant operation in the 2018 annual report where O-Film made a cost transfer error due to a financial software malfunction, resulting in an undertransfer of more than 2 billion yuan in costs.</p><p>In December 2019, the Shenzhen Stock Exchange issued a \"Decision on Publicly Reprimanding O-Film Group Co., Ltd. and Related Parties\" to O-Film.</p><p>As a result, the good times didn't last long; the annual apology came again. O-Film explained the reasons for its poor performance as follows:</p><p>On March 12, 2021, the Company received a notification from a specific overseas customer (hereinafter referred to as the \"Specific Customer\") that the Specific Customer planned to terminate its procurement relationship with the Company and its subsidiaries, and the Company would no longer obtain existing business orders from the Specific Customer.</p><p>Due to this unexpected situation, the assumptions for the impairment test of relevant assets changed significantly. The company immediately disclosed relevant risk warnings, urgently initiated the assessment of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment tests.</p><p>Strictly speaking, O-Film's operations are all legal and compliant, not fraudulent. But everyone knows that the company has been removed from Apple's supply chain.</p><p>Therefore, the Shenzhen Stock Exchange can only condemn O-Film's repeated apologies.</p><p>So the question is, why does being removed from the supply chain result in huge losses?</p><p><img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p>This is not just a problem for O-Film; the entire OEM industry has a similar situation.</p><p>From a financial perspective, this is because a huge provision for asset impairment was made, which is related to the special business model of the electronic components industry. Generally speaking, components for consumer electronics giants like Apple are customized production lines. Once the cooperation is terminated, most of these devices will have to be phased out, resulting in significant investment losses for the company.</p><p><b>Characteristics of Asset and Liability Structure in Electronic Components</b></p><p>Will Semiconductor is a company engaged in the production of mobile phone camera modules. According to its 2020 annual report, the company achieved total operating revenue of 19.824 billion yuan, an increase of 45.43% compared with the total operating revenue in 2019. The company achieved a net profit attributable to shareholders of the listed company of RMB 2.706 billion, an increase of 481.17% year-on-year. According to the data, in 2019, the company completed the acquisition of Beijing OmniVision and Sibico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, resulting in a significant improvement in its sustainable profitability.</p><p>Compared to ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion of its asset and liability structure.</p><p>Will Semiconductor's book inventory reached 5.274 billion yuan in 2020, and the number of inventory turnover days increased by nearly a month. These types of consumer electronics accessories companies face significant inventory risks because technology is constantly being upgraded, and if sales slow down, these huge amounts of inventory will be completely lost.</p><p><b>A look back at OFILM's \"outrageous operations\"</b></p><p>Returning to OFILM's actions that were condemned by the Shenzhen Stock Exchange, the root cause was also excessively high inventory balances.</p><p>O-Film's 2018 annual report results suddenly took a dramatic turn; the promised profit of 1.839 billion yuan in the preliminary report turned into a loss of 519 million yuan. The Q1 2019 financial report, released simultaneously, also showed that the company continued to suffer significant losses in the new year.</p><p>On the date of the earnings forecast, the company failed to fully identify signs of inventory impairment, resulting in a serious deviation in estimating the net realizable value of inventory and failing to make sufficient provision for asset impairment losses. The company's cost accounting system, which relies on inventory, is constantly being upgraded, resulting in inaccurate transfers of some production costs.</p><p>In other words, a problem with the company's cost accounting system led to the failure to detect signs of inventory impairment in a timely manner.</p><p>This is an unbelievable situation.</p><p>What is cost carry-over? This is a financial concept that is quite difficult to describe. Let's try a simplified example: Company A purchases a product for 100 yuan and sells it for 300 yuan. Assuming taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, companies carry forward costs during the sales process. So, when purchasing, the 100 yuan is in inventory, and when selling, the cost is carried forward, changing from inventory to cost. This process is called carrying forward costs.</p><p>When it comes to a single product, it is relatively easy to calculate the cost. However, if there are thousands of products and the cost of each batch is different, the cost transfer becomes more complicated.</p><p>In accounting, there are cost calculation methods such as first-in, first-out method and moving weighted average method. With the popularization of financial information systems, ERP, and other systems, this process is usually calculated automatically by the system.</p><p>However, regardless of any information system, this process can be intervened by humans. What are the consequences of intervention? If less inventory is transferred from inventory to costs, the transferred costs will be artificially low. Since profit = revenue - cost, if costs are artificially low, profits will be artificially high.</p><p><img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Given OFILM's huge inventory at the time, exceeding 8 billion yuan, any oversights in the cost conversion process could indeed have a significant impact on net profit.</p><p>For example, when converting costs, a 10% error in unit price would result in an error of 800 million yuan, affecting costs and profits of 800 million yuan.</p><p>Understanding this financial principle makes it easy to deduce why O-Film operated in this way: whether intentionally or not, it effectively inflated profits in a temporary manner.</p><p><b>Composition of provision for impairment of assets</b></p><p>In 2006, the Ministry of Finance issued Accounting Standard No. 8 - Asset Impairment. Since then, asset impairment provisions have become an important accounting item for listed companies. From cash and cash equivalents to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to an impairment provision account.</p><p>Accounting standards stipulate that enterprises should inspect their assets regularly or at least at the end of each year to reasonably estimate the potential losses of each asset. These estimated losses are included in the corresponding asset impairment provisions.</p><p>Taking 2018, the widely recognized year of Apple's \"Waterloo,\" as an example, a large number of A-share listed Apple supply chain companies experienced huge asset impairments due to the decline in Apple iPhone sales. Lens Technology accrued 833 million yuan in asset impairment losses, of which 672 million yuan was inventory depreciation losses; Sunwoda made a provision for asset impairment of 192 million yuan, of which 90.41 million yuan was inventory write-down losses; Luxshare Precision accrued 204 million yuan in asset impairment losses, of which 68.78 million yuan was inventory depreciation losses; Goertek accrued 248 million yuan in asset impairment losses, including 74.65 million yuan in inventory depreciation losses; O-Film even made a record 1.84 billion yuan in asset impairment provisions, including 1.56 billion yuan in inventory depreciation losses.</p><p>These inventory depreciation losses directly affected the company's net profit that year. It's not hard to see that inventory is an important financial indicator for the consumer electronics industry, and it is very likely to collapse unexpectedly.</p><p>The Tragedy of Inventory: Provision for Inventory Depreciation</p><p>On the one hand, in order to innovate, companies will sell old products at discounts, making way for new products in the pricing system, clearing out inventory as soon as possible, which is conducive to recovering funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reductions. For example, even when Apple was selling older iPhones at a fraction of its sales volume, it was still able to maintain a gross profit margin of around 35%, which was basically the same as that of new models.</p><p>Conversely, for manufacturers, parts begin to depreciate in value from the first day they enter the warehouse.</p><p>To detect inventory depreciation in advance or to avoid financial fraud, could we require companies like O-Film to disclose in detail the models and prices of the spare parts stored in their warehouses?</p><p>In fact, this is impossible because it involves trade secrets. Listed companies are allowed by the China Securities Regulatory Commission (CSRC) not to disclose particularly detailed information about inventory, especially cost per unit price information. While this protects listed companies, it also gives them room to embellish their financial statements to some extent, while also creating uncertainty for investors.</p><p>Investors' coping strategies</p><p>Inventory is an item closely related to profits, especially in the cost conversion stage. For companies with high inventory levels, the potential risks are extremely high.</p><p>Similar to goodwill defaults, inventory defaults have increasingly impacted the A-share market in recent years.</p><p>Faced with an inventory mine that could explode at any time, how should investors choose?</p><p>The answer is not complicated. I believe that as long as you grasp the following points, you can accurately avoid inventory collapses.</p><p>First, we should be wary of companies with excessively large total inventory.</p><p>How can we determine if the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively high.</p><p>Second, compare the inventory turnover days.</p><p>Generally speaking, companies whose inventory turnover days increase year by year indicate poor inventory turnover and a significant risk of depreciation losses.</p><p>Third, trace the company's inventory depreciation losses in previous years.</p><p>The company's provision for inventory write-down losses over the past five years can roughly estimate the possibility of a large amount of inventory write-down losses in that year.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3632224\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40","relate_stocks":{"002456":"欧菲光"},"source_url":"https://wallstreetcn.com/articles/3632224","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1134915248","content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","news_type":1,"symbols_score_info":{"002456":0.9}},"isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115555318,"gmtCreate":1623024260834,"gmtModify":1704194390175,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/115555318","repostId":"1129469914","repostType":4,"repost":{"id":"1129469914","kind":"news","pubTimestamp":1623023038,"share":"https://ttm.financial/m/news/1129469914?lang=en_US&edition=fundamental","pubTime":"2021-06-07 07:43","market":"us","language":"zh","title":"Zuo Hui's valuable legacy to the business world","url":"https://stock-news.laohu8.com/highlight/detail?id=1129469914","media":"砺石商业评论","summary":"砺石导语：左晖先生虽然走了，但他的精神、商业思想是留给商业界、留给年轻人的宝贵资产。今天，我们在这里选择左晖先生创业之路的一些关键节点，探索其创业心路以及在这些关键节点上的商业思考，谨以纪念。\n\n虽然","content":"<p><b>Lishi Introduction:</b>Although Mr. Zuo Hui has passed away, his spirit and business ideas are valuable assets left to the business community and young people. Today, we have selected some key milestones in Mr. Zuo Hui's entrepreneurial journey to explore his entrepreneurial journey and his business thinking at these key junctures, in order to commemorate them. Although many people know<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Zuo Hui, the founder of Zhaofang, had been in poor health in recent years, but the news of his passing on May 20 still shocked the entire media circle. Over the past few years, when I saw Zuo Hui occasionally appear in public, I thought he had already escaped death. Especially seeing him lead the company from Lianjia to Beike Zhaofang to develop rapidly, I am often reminded of a quote from Kazuo Inamori: \"A successful person must have experienced a near-death disaster, a serious illness, or encountered great setbacks. His life is definitely not one of lifelong happiness or smooth sailing.\" But Zuo Hui still left.</p><p>Similar to my feelings, the news of Zuo Hui's death also shocked many media professionals and entrepreneurs. However, unlike similar emergencies, many people expressed shock but also regret. A very important reason, from the simplest perspective, is that people feel that society has not only lost an outstanding entrepreneur, but also a \"good\" entrepreneur.</p><p>This is an entrepreneur who upholds the values of kindness and progress, and uses these values to put his business philosophy into practice. As early as the \"wild days\" of the real estate brokerage industry, he proclaimed that \"integrity determines success\". Lianjia Real Estate, which he founded, has become a real estate brokerage company trusted by the Chinese people. Not long ago, when Beike Zhaofang celebrated its third anniversary, he wrote an article titled \"Believe in the Power of Values, Believe in the Power of Belief!\"</p><p>As someone commented on Zuo Hui, \"Modern business society is very pragmatic. On the one hand, people admire values, but on the other hand, they also hope to see that values can bring business success. The huge business success achieved by Mr. Zuo Hui's Beike (as well as the achievements of Ziroom and Vision before entering the capital market) have shown people the power of long-termism and made people believe that such values can indeed bring success.\" This provides a tremendous positive incentive, driving people to pursue and practice these values more firmly.</p><p>Although Zuo Hui has passed away, his spirit and business ideas are valuable assets left to the business community and young people. Today, we have selected some key milestones in Mr. Zuo Hui's entrepreneurial journey to explore his entrepreneurial journey and his business thinking at these key junctures, in order to commemorate them.</p><p><b>1. New to the workforce: The most important thing is to leverage your strengths.</b></p><p>Like many college graduates entering the workforce today, Zuo Hui also ventured into society recklessly after graduating in 1992. He was first assigned to a factory in the suburbs of Beijing, but after only a few months, he switched jobs to...<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>A software company. The new job involves answering phone calls and collecting customer feedback. Unable to speak well, he had to deal with various complaint calls every day. During that time, after get off work, his ears were filled with buzzing sounds, and his mind was often blank.</p><p>But Zuo Hui still persisted in doing this kind of work for three years. Three years later, he switched jobs to another software company, also doing marketing and sales. In order to prepare a detailed product introduction for his colleagues, Zuo Hui did not have a single day off for three or four months. He thought that a good promotional leaflet would achieve the corresponding market effect, but the result was the opposite of what he wanted.</p><p>Afterwards, Zuo Hui realized that as a marketing staff member, excellent materials and tools were not the most important thing. What was important was his communication and public relations skills, which were precisely his weaknesses. He was not a qualified marketing salesperson.</p><p>Therefore, Zuo Hui later advised young people: \"A person who does things in a field they are not good at can never unleash their greatest potential. Faced with many career choices, once you figure out what you are not suited for, don't waste any more time. The most important thing in doing things is to give full play to your strengths.\"</p><p><b>2. First-time entrepreneur: \"Knowing the enemy\" is an effective magic weapon for you to defeat your competitors.</b></p><p>In 1995, Zuo Hui and two classmates resigned to start their own businesses. They each took 50,000 yuan to establish an insurance agency. The biggest challenge at the time was that none of the three of them understood insurance at all, and they weren't even \"consumers of insurance products\" before; they were complete novices.</p><p>At that time, the general quality of insurance professionals was not very high. Zuo Hui thought that if his team could conduct more detailed research and be more professional than these people, they would have an opportunity. So every day after everyone got off work, he would lock himself in his office and start studying the terms and conditions of various insurance companies he had collected.</p><p>Insurance companies' claims and terms and conditions are cumbersome and complex. Sometimes a single term can be tens of thousands of words long, and it is written in a particularly \"professional\" manner. Zuo Hui often falls asleep while reading them. But in order to find the most crucial information and \"traps\" from these \"heavenly books,\" he forced himself to hold those densely packed small words and read them silently and aloud until he completely understood them.</p><p>During that period, Zuo Hui studied on his own at night and trained employees in front of the blackboard during the day, learning and selling on the spot. But it is precisely because Zuo Hui and his team understand the product better, the industry better, and the competitors better that they are doing very well in business. At one point, this small company held a 3% market share among hundreds of peers in Beijing.</p><p>Three years later, when the government was preparing to make policy adjustments to the insurance market and Zuo Hui and his team withdrew from the insurance agency market, the three shareholders received 100 times their investment that year.</p><p>Afterwards, Zuo Hui summarized: \"In the fierce market competition, if knowing 'one's own strengths and weaknesses' is the starting point for a young person to choose a career, then 'knowing the enemy' is an effective magic weapon for you to defeat your opponents.\"</p><p><b>3. Entering the real estate brokerage industry: Ethics determine success</b></p><p>After the \"1998 housing reform\", the state abolished \"welfare housing allocation\" and implemented a market-oriented approach. Subsequently, new home construction and second-hand home transactions became more active, leading to the rise of real estate agencies. After keenly seeing this market opportunity, Zuo Hui decided to enter the real estate brokerage market.</p><p><img src=\"https://static.tigerbbs.com/e4da45b18c099087b90c168e5fe5a373\" tg-width=\"985\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p>In November 2001, Beijing Lianjia Real Estate Brokerage Co., Ltd. was officially established. At that time, there were thousands of real estate agencies in Beijing, a mixed bag, with irregular operations being a common problem. Fraud, deception, false advertising, and the use of mismatched information to profit from price differences were rampant. Facing intermediaries,<a href=\"https://laohu8.com/S/603883\">ordinary people</a>Not understanding the rules of the game is like \"a blind man riding a blind horse, standing by a deep pond in the middle of the night,\" making it easy to be deceived.</p><p>In its early days, Lianjia was no different from other real estate agencies, taking advantage of information asymmetry to profit from price differences. Zuo Hui said, \"The joy we feel when we see the price difference is very real, and the anger we feel when consumers come to us is also very real.\" He began to reflect, \"We can't be indifferent, we can't be indifferent to other people's feelings, we can't be completely self-centered. You need to consider other people's feelings before you can realize your personal ambitions.\"</p><p>Zuo Hui felt his opportunity was to address this information asymmetry, just as he had previously helped clients understand insurance terms. In March 2004, Lianjia compiled the first \"User Manual\" for Beijing's real estate brokerage industry, which covers issues such as selling, buying, renting, seeking rent, taking out loans, and transferring ownership in the real estate transaction process, as well as basic knowledge and risk prevention measures. This manual, from the customer's perspective, brings out all the \"valuable crystallizations\" that Lianjia has accumulated. 181 Q&A sessions provide comprehensive answers to people's questions.</p><p>After the book was distributed free of charge at Lianjia chain stores, it received great praise from customers, and some organizations even purchased it collectively. When someone asked Zuo Hui, \"How can you make money if you tell customers all these hidden tricks?\" Zuo Hui replied, \"A gentleman loves money but acquires it in a proper way.\"</p><p>As it turns out, Zuo Hui's approach was correct. As Lianjia established its reputation, its stores began to expand rapidly. In 2004, Lianjia had only more than 30 stores, but by 2005 it had increased to 105.</p><p>Faced with the achievements, Zuo Hui said at the time: \"I know very well that many times it is not that our services are truly 'genuine', but that so many customers give our sales staff a chance based on their trust in the 'Lianjia' brand. And what can we repay this trust with? It can only be through professional ethics.\"</p><p><b>4. Team building: Only when practitioners feel secure can the industry develop healthily.</b></p><p>In 2004, Zuo Hui was pursuing an MBA at Tsinghua University. At that time, a senior business manager in Taiwan said on the podium that brokers should be core assets, but in reality they are consumables. Like a towel, wring it out and replace it with another one. No one has seriously considered the professional dignity and protection of the most basic service providers in this industry.</p><p>Zuo Hui was deeply impressed by this sentence. He understands the status and difficulties of being an agent. In his view, real estate agents are both carriers of products and service providers for consumers. They will fundamentally influence the development path of the industry.</p><p>So Zuo Hui tried every means to provide agents with various resources within the company, not only to guide them in solving problems in business operations, finding clients, and providing services, but also to help them solve all the problems in their daily lives and families.</p><p>The result of this is that in industries where the average monthly turnover rate of employees exceeds 10%, Lianjia only has 3%. There are many real estate agents who have worked at Lianjia for more than 5 years, which is almost a miracle in the real estate brokerage field.</p><p>A senior executive at Lianjia once stated that Lianjia has always focused on two essential principles: being good to brokers and being good to customers. Being good to brokers changes the ecosystem, making it more ruly and healthy, being good to customers, and improving the consumer experience. Zuo Hui stated that only when all those serving in this industry can work with peace of mind can the industry achieve healthy development, ultimately benefiting every consumer and every customer.</p><p><b>5. Business Management: Adhere to long-termism and do the difficult but right things.</b></p><p>Around 2008, the unspoken rule in the real estate brokerage industry was to release genuine and fake listings simultaneously, using fake listings to attract potential customers in order to boost sales of genuine listings. This is done partly because there is little information about genuine properties, and partly because it can attract customers with false low prices. Anyone who posts genuine properties is likely to scare away customers.</p><p>Such unspoken rules are undoubtedly beneficial to real estate agencies, but they are clearly very unfriendly to customers, and people angrily call real estate agents \"black brokers\".</p><p>Lianjia was already the largest real estate agency in Beijing at the time. Zuo Hui did not want to bear the stigma of being a \"black agent\" or let his child be pointed at and gossiped about in the future. He wanted to change this through his own actions.</p><p>In 2009, Zuo Hui proposed the idea of the \"Genuine Housing Listings Action\". A genuine listing refers to a property that actually exists, is actually for sale, has actual prices, and has actual information. This idea immediately caused an uproar at the company, with many agents thinking the boss was crazy. Zuo Hui did not push his ideas forward. On the one hand, he persuaded his agent and on the other hand, he arranged for people to \"sweep the building\".</p><p>The so-called \"property sweeping\" involves finding out the real information about housing listings. Zuo Hui recruited thousands of people to count houses in different communities in more than 30 cities. This massive and cumbersome \"housing census\" seemed not only useless at the time, but even Zuo Hui didn't know when it would generate value. However, he still proposed to \"invest in the development regardless of cost\" because, in his view, providing customers with accurate information was the right thing to do.</p><p>After ten years of \"building data\" work, a \"building dictionary\" containing information such as raw building data, building floor plans, building coordinates, building environment, distance from the subway, and historical transaction data has been born. This \"dictionary\" now covers 322 cities in China and has 240 million records of real housing information, making it the largest, most comprehensive, and most comprehensive housing information database in the country.</p><p>After the \"Real Estate Dictionary\" had a certain scale of real data, Zuo Hui began to promote the \"Real Housing Listings Campaign\" at Lianjia in 2011. In the first three months of the campaign, Lianjia's business declined continuously, and there was a wave of agent resignations. There was a lot of internal wavering, but Zuo Hui withstood the pressure. About 100 days later, many customers who had left returned, and Lianjia's business began to recover rapidly, with its reputation getting better and better.</p><p><img src=\"https://static.tigerbbs.com/1ca89764f33093c98a104dc186e46263\" tg-width=\"667\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>The \"Genuine Listings Campaign\" is a milestone event in Lianjia's development. On the eve of Beike's IPO in the US in 2020, Zuo Hui said in a letter to shareholders: \"The uniqueness of our organization lies in our firm choice of long-term interests, choosing to do the 'right' thing rather than quick success. We have a natural aversion to taking shortcuts. We also realize that doing the 'right' thing is often difficult and requires long-term transformation of industry infrastructure to improve efficiency and consumer experience, and then obtain long-term business returns.\" Doing the difficult and right things is the path to success that we understand and believe in. The most difficult part is that a 'correct' decision often leads to a decline rather than an increase in revenue. Of course, this decline is temporary; after this stage, a long-term growth path will naturally begin. However, this decline presents the organization with numerous challenges, which we call the 'no-output period'.</p><p>“We are proud that our team has cultivated a large number of managers with this core concept over the years. They have all experienced difficult ‘no-output periods’ one after another, and then ushered in long-term growth and positive consumer feedback, which has further strengthened this belief.”</p><p><b>6. Peer competition: Recognize, learn from, and surpass advanced technologies.</b></p><p>After 2015, Lianjia, which had already honed its internal capabilities, began to expand rapidly. In first- and second-tier cities such as Chengdu, Shanghai, Beijing, Shenzhen, Hangzhou, Chongqing, Jinan, Guangzhou, Dalian, and Yantai, Lianjia has successively acquired 11 real estate agencies, including Yicheng Real Estate, Deyou Real Estate, Yijia, Zhonglian (Real Estate), Beijing Gaoce, Shengshi Butler, Daxingye, Furui Real Estate, Mantanghong, Haowangjiao, and Yuansheng Real Estate. Zuo Hui jokingly said that Lianjia has already acquired all the more reliable real estate agencies across the country.</p><p>However, as his business expanded, Zuo Hui also discovered a bottleneck: it was necessary to set up more and more stores and support more and more real estate agents in order to cover more and more customers. However, the transaction volume of clients does not increase with the increase in the number of coverages. The huge talent costs incurred in this process make many intermediary companies suffer greatly.</p><p>Moreover, Zuo Hui is worried that the emergence of platform companies like Alibaba in the industry will ultimately suppress Lianjia through the agglomeration effect of leading companies. Therefore, instead of waiting for others to revolutionize, we should revolutionize ourselves.</p><p>With this in mind, Lianjia.com was upgraded to the Beike Zhaofang platform in 2018. Beike Zhaofang includes not only Lianjia-affiliated brands such as Lianjia and Deyou, but also a large number of third-party real estate brokerage companies. Data shows that as of the end of December 2020, Beike Zhaofang had connected with 265 brand chain brokerage companies. These brands have 42,000 stores in 103 cities and a total of more than 456,000 brokers.</p><p>However, Beike's development has clearly harmed the interests of some other real estate agencies. In June 2018, just two months after Beike Zhaofang was launched, many domestic real estate service agencies gathered together to list the crimes of \"certain companies\" acting as both players and referees.</p><p>Last year, an industry peer bluntly stated to Beike Zhaofang: \"If you dominate the market, the whole industry will not agree, developers will not agree, customers will not agree, and the government will not agree either.\" This year, with the national anti-monopoly thunder rumbling, Yao Jinbo, the boss of 58 Group, suggested that the government impose a small penalty on Beike—a fine of 4 billion yuan.</p><p>However, Zuo Hui does not like to always talk about competition. He believes that competitive thinking is inefficient. In his view, the progress of a company does not come from competition or changes in the environment, but from \"the ability to create core and irreplaceable value for the industry\".</p><p>Regarding competition, Zuo Hui said, \"If you want to win, there are two ways. The first is to make yourself stronger, and the second is to make others weaker. If you care too much about your competitors, it's easy to use the second method because it's relatively easy. Doing so can easily undermine others and give yourself a psychological suggestion: It's not that I'm stupid. I think this is a very bad situation for an organization; no company succeeds by undermining others.\" A truly strong team, including a strong nation, a strong organization, and a strong individual, can do three things: acknowledge the advanced, learn from the advanced, and surpass the advanced. Especially if you can't do the first thing, then the next two things won't happen at all.</p>","source":"lsy1571105524917","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>Zuo Hui's valuable legacy to the business world</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\">\nZuo Hui's valuable legacy to the business world\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">砺石商业评论</strong><span class=\"h-time small\">2021-06-07 07:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Lishi Introduction:</b>Although Mr. Zuo Hui has passed away, his spirit and business ideas are valuable assets left to the business community and young people. Today, we have selected some key milestones in Mr. Zuo Hui's entrepreneurial journey to explore his entrepreneurial journey and his business thinking at these key junctures, in order to commemorate them. Although many people know<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Zuo Hui, the founder of Zhaofang, had been in poor health in recent years, but the news of his passing on May 20 still shocked the entire media circle. Over the past few years, when I saw Zuo Hui occasionally appear in public, I thought he had already escaped death. Especially seeing him lead the company from Lianjia to Beike Zhaofang to develop rapidly, I am often reminded of a quote from Kazuo Inamori: \"A successful person must have experienced a near-death disaster, a serious illness, or encountered great setbacks. His life is definitely not one of lifelong happiness or smooth sailing.\" But Zuo Hui still left.</p><p>Similar to my feelings, the news of Zuo Hui's death also shocked many media professionals and entrepreneurs. However, unlike similar emergencies, many people expressed shock but also regret. A very important reason, from the simplest perspective, is that people feel that society has not only lost an outstanding entrepreneur, but also a \"good\" entrepreneur.</p><p>This is an entrepreneur who upholds the values of kindness and progress, and uses these values to put his business philosophy into practice. As early as the \"wild days\" of the real estate brokerage industry, he proclaimed that \"integrity determines success\". Lianjia Real Estate, which he founded, has become a real estate brokerage company trusted by the Chinese people. Not long ago, when Beike Zhaofang celebrated its third anniversary, he wrote an article titled \"Believe in the Power of Values, Believe in the Power of Belief!\"</p><p>As someone commented on Zuo Hui, \"Modern business society is very pragmatic. On the one hand, people admire values, but on the other hand, they also hope to see that values can bring business success. The huge business success achieved by Mr. Zuo Hui's Beike (as well as the achievements of Ziroom and Vision before entering the capital market) have shown people the power of long-termism and made people believe that such values can indeed bring success.\" This provides a tremendous positive incentive, driving people to pursue and practice these values more firmly.</p><p>Although Zuo Hui has passed away, his spirit and business ideas are valuable assets left to the business community and young people. Today, we have selected some key milestones in Mr. Zuo Hui's entrepreneurial journey to explore his entrepreneurial journey and his business thinking at these key junctures, in order to commemorate them.</p><p><b>1. New to the workforce: The most important thing is to leverage your strengths.</b></p><p>Like many college graduates entering the workforce today, Zuo Hui also ventured into society recklessly after graduating in 1992. He was first assigned to a factory in the suburbs of Beijing, but after only a few months, he switched jobs to...<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>A software company. The new job involves answering phone calls and collecting customer feedback. Unable to speak well, he had to deal with various complaint calls every day. During that time, after get off work, his ears were filled with buzzing sounds, and his mind was often blank.</p><p>But Zuo Hui still persisted in doing this kind of work for three years. Three years later, he switched jobs to another software company, also doing marketing and sales. In order to prepare a detailed product introduction for his colleagues, Zuo Hui did not have a single day off for three or four months. He thought that a good promotional leaflet would achieve the corresponding market effect, but the result was the opposite of what he wanted.</p><p>Afterwards, Zuo Hui realized that as a marketing staff member, excellent materials and tools were not the most important thing. What was important was his communication and public relations skills, which were precisely his weaknesses. He was not a qualified marketing salesperson.</p><p>Therefore, Zuo Hui later advised young people: \"A person who does things in a field they are not good at can never unleash their greatest potential. Faced with many career choices, once you figure out what you are not suited for, don't waste any more time. The most important thing in doing things is to give full play to your strengths.\"</p><p><b>2. First-time entrepreneur: \"Knowing the enemy\" is an effective magic weapon for you to defeat your competitors.</b></p><p>In 1995, Zuo Hui and two classmates resigned to start their own businesses. They each took 50,000 yuan to establish an insurance agency. The biggest challenge at the time was that none of the three of them understood insurance at all, and they weren't even \"consumers of insurance products\" before; they were complete novices.</p><p>At that time, the general quality of insurance professionals was not very high. Zuo Hui thought that if his team could conduct more detailed research and be more professional than these people, they would have an opportunity. So every day after everyone got off work, he would lock himself in his office and start studying the terms and conditions of various insurance companies he had collected.</p><p>Insurance companies' claims and terms and conditions are cumbersome and complex. Sometimes a single term can be tens of thousands of words long, and it is written in a particularly \"professional\" manner. Zuo Hui often falls asleep while reading them. But in order to find the most crucial information and \"traps\" from these \"heavenly books,\" he forced himself to hold those densely packed small words and read them silently and aloud until he completely understood them.</p><p>During that period, Zuo Hui studied on his own at night and trained employees in front of the blackboard during the day, learning and selling on the spot. But it is precisely because Zuo Hui and his team understand the product better, the industry better, and the competitors better that they are doing very well in business. At one point, this small company held a 3% market share among hundreds of peers in Beijing.</p><p>Three years later, when the government was preparing to make policy adjustments to the insurance market and Zuo Hui and his team withdrew from the insurance agency market, the three shareholders received 100 times their investment that year.</p><p>Afterwards, Zuo Hui summarized: \"In the fierce market competition, if knowing 'one's own strengths and weaknesses' is the starting point for a young person to choose a career, then 'knowing the enemy' is an effective magic weapon for you to defeat your opponents.\"</p><p><b>3. Entering the real estate brokerage industry: Ethics determine success</b></p><p>After the \"1998 housing reform\", the state abolished \"welfare housing allocation\" and implemented a market-oriented approach. Subsequently, new home construction and second-hand home transactions became more active, leading to the rise of real estate agencies. After keenly seeing this market opportunity, Zuo Hui decided to enter the real estate brokerage market.</p><p><img src=\"https://static.tigerbbs.com/e4da45b18c099087b90c168e5fe5a373\" tg-width=\"985\" tg-height=\"587\" referrerpolicy=\"no-referrer\"></p><p>In November 2001, Beijing Lianjia Real Estate Brokerage Co., Ltd. was officially established. At that time, there were thousands of real estate agencies in Beijing, a mixed bag, with irregular operations being a common problem. Fraud, deception, false advertising, and the use of mismatched information to profit from price differences were rampant. Facing intermediaries,<a href=\"https://laohu8.com/S/603883\">ordinary people</a>Not understanding the rules of the game is like \"a blind man riding a blind horse, standing by a deep pond in the middle of the night,\" making it easy to be deceived.</p><p>In its early days, Lianjia was no different from other real estate agencies, taking advantage of information asymmetry to profit from price differences. Zuo Hui said, \"The joy we feel when we see the price difference is very real, and the anger we feel when consumers come to us is also very real.\" He began to reflect, \"We can't be indifferent, we can't be indifferent to other people's feelings, we can't be completely self-centered. You need to consider other people's feelings before you can realize your personal ambitions.\"</p><p>Zuo Hui felt his opportunity was to address this information asymmetry, just as he had previously helped clients understand insurance terms. In March 2004, Lianjia compiled the first \"User Manual\" for Beijing's real estate brokerage industry, which covers issues such as selling, buying, renting, seeking rent, taking out loans, and transferring ownership in the real estate transaction process, as well as basic knowledge and risk prevention measures. This manual, from the customer's perspective, brings out all the \"valuable crystallizations\" that Lianjia has accumulated. 181 Q&A sessions provide comprehensive answers to people's questions.</p><p>After the book was distributed free of charge at Lianjia chain stores, it received great praise from customers, and some organizations even purchased it collectively. When someone asked Zuo Hui, \"How can you make money if you tell customers all these hidden tricks?\" Zuo Hui replied, \"A gentleman loves money but acquires it in a proper way.\"</p><p>As it turns out, Zuo Hui's approach was correct. As Lianjia established its reputation, its stores began to expand rapidly. In 2004, Lianjia had only more than 30 stores, but by 2005 it had increased to 105.</p><p>Faced with the achievements, Zuo Hui said at the time: \"I know very well that many times it is not that our services are truly 'genuine', but that so many customers give our sales staff a chance based on their trust in the 'Lianjia' brand. And what can we repay this trust with? It can only be through professional ethics.\"</p><p><b>4. Team building: Only when practitioners feel secure can the industry develop healthily.</b></p><p>In 2004, Zuo Hui was pursuing an MBA at Tsinghua University. At that time, a senior business manager in Taiwan said on the podium that brokers should be core assets, but in reality they are consumables. Like a towel, wring it out and replace it with another one. No one has seriously considered the professional dignity and protection of the most basic service providers in this industry.</p><p>Zuo Hui was deeply impressed by this sentence. He understands the status and difficulties of being an agent. In his view, real estate agents are both carriers of products and service providers for consumers. They will fundamentally influence the development path of the industry.</p><p>So Zuo Hui tried every means to provide agents with various resources within the company, not only to guide them in solving problems in business operations, finding clients, and providing services, but also to help them solve all the problems in their daily lives and families.</p><p>The result of this is that in industries where the average monthly turnover rate of employees exceeds 10%, Lianjia only has 3%. There are many real estate agents who have worked at Lianjia for more than 5 years, which is almost a miracle in the real estate brokerage field.</p><p>A senior executive at Lianjia once stated that Lianjia has always focused on two essential principles: being good to brokers and being good to customers. Being good to brokers changes the ecosystem, making it more ruly and healthy, being good to customers, and improving the consumer experience. Zuo Hui stated that only when all those serving in this industry can work with peace of mind can the industry achieve healthy development, ultimately benefiting every consumer and every customer.</p><p><b>5. Business Management: Adhere to long-termism and do the difficult but right things.</b></p><p>Around 2008, the unspoken rule in the real estate brokerage industry was to release genuine and fake listings simultaneously, using fake listings to attract potential customers in order to boost sales of genuine listings. This is done partly because there is little information about genuine properties, and partly because it can attract customers with false low prices. Anyone who posts genuine properties is likely to scare away customers.</p><p>Such unspoken rules are undoubtedly beneficial to real estate agencies, but they are clearly very unfriendly to customers, and people angrily call real estate agents \"black brokers\".</p><p>Lianjia was already the largest real estate agency in Beijing at the time. Zuo Hui did not want to bear the stigma of being a \"black agent\" or let his child be pointed at and gossiped about in the future. He wanted to change this through his own actions.</p><p>In 2009, Zuo Hui proposed the idea of the \"Genuine Housing Listings Action\". A genuine listing refers to a property that actually exists, is actually for sale, has actual prices, and has actual information. This idea immediately caused an uproar at the company, with many agents thinking the boss was crazy. Zuo Hui did not push his ideas forward. On the one hand, he persuaded his agent and on the other hand, he arranged for people to \"sweep the building\".</p><p>The so-called \"property sweeping\" involves finding out the real information about housing listings. Zuo Hui recruited thousands of people to count houses in different communities in more than 30 cities. This massive and cumbersome \"housing census\" seemed not only useless at the time, but even Zuo Hui didn't know when it would generate value. However, he still proposed to \"invest in the development regardless of cost\" because, in his view, providing customers with accurate information was the right thing to do.</p><p>After ten years of \"building data\" work, a \"building dictionary\" containing information such as raw building data, building floor plans, building coordinates, building environment, distance from the subway, and historical transaction data has been born. This \"dictionary\" now covers 322 cities in China and has 240 million records of real housing information, making it the largest, most comprehensive, and most comprehensive housing information database in the country.</p><p>After the \"Real Estate Dictionary\" had a certain scale of real data, Zuo Hui began to promote the \"Real Housing Listings Campaign\" at Lianjia in 2011. In the first three months of the campaign, Lianjia's business declined continuously, and there was a wave of agent resignations. There was a lot of internal wavering, but Zuo Hui withstood the pressure. About 100 days later, many customers who had left returned, and Lianjia's business began to recover rapidly, with its reputation getting better and better.</p><p><img src=\"https://static.tigerbbs.com/1ca89764f33093c98a104dc186e46263\" tg-width=\"667\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>The \"Genuine Listings Campaign\" is a milestone event in Lianjia's development. On the eve of Beike's IPO in the US in 2020, Zuo Hui said in a letter to shareholders: \"The uniqueness of our organization lies in our firm choice of long-term interests, choosing to do the 'right' thing rather than quick success. We have a natural aversion to taking shortcuts. We also realize that doing the 'right' thing is often difficult and requires long-term transformation of industry infrastructure to improve efficiency and consumer experience, and then obtain long-term business returns.\" Doing the difficult and right things is the path to success that we understand and believe in. The most difficult part is that a 'correct' decision often leads to a decline rather than an increase in revenue. Of course, this decline is temporary; after this stage, a long-term growth path will naturally begin. However, this decline presents the organization with numerous challenges, which we call the 'no-output period'.</p><p>“We are proud that our team has cultivated a large number of managers with this core concept over the years. They have all experienced difficult ‘no-output periods’ one after another, and then ushered in long-term growth and positive consumer feedback, which has further strengthened this belief.”</p><p><b>6. Peer competition: Recognize, learn from, and surpass advanced technologies.</b></p><p>After 2015, Lianjia, which had already honed its internal capabilities, began to expand rapidly. In first- and second-tier cities such as Chengdu, Shanghai, Beijing, Shenzhen, Hangzhou, Chongqing, Jinan, Guangzhou, Dalian, and Yantai, Lianjia has successively acquired 11 real estate agencies, including Yicheng Real Estate, Deyou Real Estate, Yijia, Zhonglian (Real Estate), Beijing Gaoce, Shengshi Butler, Daxingye, Furui Real Estate, Mantanghong, Haowangjiao, and Yuansheng Real Estate. Zuo Hui jokingly said that Lianjia has already acquired all the more reliable real estate agencies across the country.</p><p>However, as his business expanded, Zuo Hui also discovered a bottleneck: it was necessary to set up more and more stores and support more and more real estate agents in order to cover more and more customers. However, the transaction volume of clients does not increase with the increase in the number of coverages. The huge talent costs incurred in this process make many intermediary companies suffer greatly.</p><p>Moreover, Zuo Hui is worried that the emergence of platform companies like Alibaba in the industry will ultimately suppress Lianjia through the agglomeration effect of leading companies. Therefore, instead of waiting for others to revolutionize, we should revolutionize ourselves.</p><p>With this in mind, Lianjia.com was upgraded to the Beike Zhaofang platform in 2018. Beike Zhaofang includes not only Lianjia-affiliated brands such as Lianjia and Deyou, but also a large number of third-party real estate brokerage companies. Data shows that as of the end of December 2020, Beike Zhaofang had connected with 265 brand chain brokerage companies. These brands have 42,000 stores in 103 cities and a total of more than 456,000 brokers.</p><p>However, Beike's development has clearly harmed the interests of some other real estate agencies. In June 2018, just two months after Beike Zhaofang was launched, many domestic real estate service agencies gathered together to list the crimes of \"certain companies\" acting as both players and referees.</p><p>Last year, an industry peer bluntly stated to Beike Zhaofang: \"If you dominate the market, the whole industry will not agree, developers will not agree, customers will not agree, and the government will not agree either.\" This year, with the national anti-monopoly thunder rumbling, Yao Jinbo, the boss of 58 Group, suggested that the government impose a small penalty on Beike—a fine of 4 billion yuan.</p><p>However, Zuo Hui does not like to always talk about competition. He believes that competitive thinking is inefficient. In his view, the progress of a company does not come from competition or changes in the environment, but from \"the ability to create core and irreplaceable value for the industry\".</p><p>Regarding competition, Zuo Hui said, \"If you want to win, there are two ways. The first is to make yourself stronger, and the second is to make others weaker. If you care too much about your competitors, it's easy to use the second method because it's relatively easy. Doing so can easily undermine others and give yourself a psychological suggestion: It's not that I'm stupid. I think this is a very bad situation for an organization; no company succeeds by undermining others.\" A truly strong team, including a strong nation, a strong organization, and a strong individual, can do three things: acknowledge the advanced, learn from the advanced, and surpass the advanced. Especially if you can't do the first thing, then the next two things won't happen at all.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/v_zq9egHtCdibduGDInMvA\">砺石商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/39ae17221d1a83a2ec0e8e1a0b050b22","relate_stocks":{"BEKE":"贝壳"},"source_url":"https://mp.weixin.qq.com/s/v_zq9egHtCdibduGDInMvA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129469914","content_text":"砺石导语：左晖先生虽然走了，但他的精神、商业思想是留给商业界、留给年轻人的宝贵资产。今天，我们在这里选择左晖先生创业之路的一些关键节点，探索其创业心路以及在这些关键节点上的商业思考，谨以纪念。\n\n虽然很多人都知道贝壳找房创始人左晖这几年身体欠佳，但5月20日左晖离世的消息，还是震动了整个媒体圈。在过去几年，看到左晖在公众场合偶尔的露面，我一度以为他已经闯过了鬼门关。特别是看到他带领公司，从链家到贝壳找房一日千里的发展，我还不时想起稻盛和夫说过的一句话，“成功的人一定经历过濒死的大灾难、生过大病或遭遇过很大的挫折，他的人生绝对不是终生幸福或一直顺利度过的”。但左晖还是走了。\n与笔者的感受雷同，左晖去世的消息也引起了很多媒体人、企业家的震惊。但与类似的突发事件不同，很多人在表示震惊之余，更多流露出的是惋惜遗憾之感。其中很重要的原因，用最朴素的眼光来看，是大家觉得社会不仅失去了一位优秀的企业家，也失去了一位“好”企业家。\n这是一位秉持向善、向上的价值观，并且用这样的价值观践行商业理念的企业家。早在房地产经纪行业的“蛮荒时期”，他就喊出“操守决定成功”。他一手创办的链家地产也成了国人信赖的房地产经纪公司。不久前，贝壳找房成立三周年时，他还撰文写下《相信价值观的力量、相信相信的力量！》一文。\n正如有人评论左晖时所说：“现代商业社会是非常务实的。人们一方面崇尚价值观，但另一方面，也希望看到价值观能够带来商业成功。左晖先生贝壳所获得的巨大的商业成功（以及未登陆资本市场的自如与愿景获得的成绩），让人们看到了长期主义的力量，让人们相信这种价值观确实能够带来成功。这提供了一个巨大的正向激励，驱动人们更坚定地去追求、践行这样的价值观。”\n左晖虽然走了，但他的精神、商业思想是留给商业界、留给年轻人的宝贵资产。今天，我们在这里选择左晖先生创业之路的一些关键节点，探索其创业心路以及在这些关键节点上的商业思考，谨以纪念。\n1、初入社会：最重要的是发挥自己的长处\n和现在很多初入社会的大学毕业生一样，左晖1992年毕业后，在社会上也是一通乱闯。他先是被分配到北京郊区的一家工厂，但没干几个月，他就跳槽到中关村的一家软件公司。新工作是接电话，搜集客户反映的情况。不善言辞的他每天不得不面对各种投诉电话，那段时间，一下班，他耳朵里全是“嗡嗡”作响的声音，脑子里常常是一片空白。\n但就是这样的工作，左晖还是坚持干了三年。三年后，他跳槽去了另一家软件公司，同样是做市场销售。当时为了给同事们准备出一份介绍产品的详细资料，左晖三四个月的时间里没有过一天休息日。他以为凭着一份好的资料宣传单就能取得相应的市场效果，但结果却是事与愿违。\n事后，左晖想明白了，作为一名市场工作人员，素材和工具优秀并不是第一位的，重要的还是与人沟通的能力、公关的能力，而这些能力却恰恰是他的短板，他并不是一个合格的市场销售人员。\n所以后来左晖告诫年轻人：“一个人在自己并不擅长的专业里做事情，他永远不可能激发出最大的潜质。面对众多职业选择，弄清楚自己不适合做什么后就不要继续浪费时间。做事情，最重要的是发挥自己的长处。”\n2、第一次创业：“知彼”则是你战胜对手的有效法宝\n1995年，左晖与两位同学辞职创业，他们各拿了5万块成立了一家保险代理公司。当时最大的挑战是他们三个人都完全不懂保险，而且之前连“保险产品的消费者”都不是，是完全的门外汉。\n彼时保险从业人员普遍素质不是很高，左晖想，如果自己的团队能比这些人研究得更细致，做得更专业，就会有机会。所以每天等到大家下班后，他就把自己关在办公室里，开始研究搜集来的各个保险公司的条款。\n保险公司的理赔、条款细则繁冗复杂，有时一项条款多的有上万字，而且写得特别的“专业”，左晖经常看着看着，一不小心，就困得睡着了。但为了从这些“天书”中，找到最关键的信息和“陷阱”，他逼着自己捧着那些密密麻麻的小字，默读、大声朗读，直到彻底弄清楚。\n那段时间，左晖晚上自学，白天上班在黑板前给员工培训，现学现卖。但正是由于左晖和他的团队对产品更了解，对行业更了解，对竞品更了解，所以业务做得非常不错。一度这家小公司在北京几百家同行之中，占据了3%的市场份额。\n三年后，当国家准备对保险市场作政策性的调整，左晖和他的团队撤出保险代理市场时，三位股东获得的收益是当年投入的100倍。\n事后左晖总结说：“在激烈的市场竞争中，如果说知道‘己之长短’是一个年轻人选择事业的出发点的话，那么‘知彼’则是你战胜对手的有效法宝。”\n3、进军房产中介行业：操守决定成功\n“1998年房改”后，国家取消了“福利分房”，全部实行市场化。其后，新房建设和二手房交易活跃起来，房地产中介应势崛起。左晖敏锐地看到了这个市场机遇后，决定进军房产中介市场。\n\n2001年11月，北京链家房地产经纪有限公司正式诞生。当时北京上千家房产中介，鱼龙混杂，运作不规范是基本通病，欺诈欺瞒、虚假广告、利用信息不对等吃差价比比皆是。面对中介，老百姓不懂游戏规则，就好像“盲人骑瞎马，夜半临深池”，极易受骗上当。\n链家初期跟其他中介无二，也是利用信息不对等吃差价。左晖说：“我们吃到差价的那种欣喜是很真实的，消费者找过来，那种愤怒也是很真实的。”他开始反思，“不能不管不顾，不能不在意别人的感受，不能完全那么自我。你需要照顾到别人的感受，然后再去实现个人抱负。”\n左晖觉得自己的机会是解决这种信息不对称，就像他以前帮助客户了解保险条款一样。2004年3月，链家编制了北京房地产经纪行业第一本《用户手册》，内容包括房地产交易过程中的卖房、买房、出租、求租、贷款、过户等等问题，而且还有基本知识和风险防范措施等。这本手册从顾客的角度，把链家积累的“宝贵结晶”都掏了出来。181个问答，全方位为百姓解惑释疑。\n此书在链家连锁店免费发放后，引来客户的极大好评，有的单位还集体购买。当时有人问左晖，你把这些可藏猫腻的地方都告诉顾客，你还赚什么钱，左晖说，君子爱财取之有道。\n事实证明，左晖的做法是正确的。随着链家口碑的树立，链家店面开始快速扩张，2004年时，链家只有30多家店，但到2005年已经增至105家。\n面对取得的成绩，彼时左晖说：“我很清楚，很多时候，不是我们的服务真的是‘货真价实’，而是那么多的客户基于对‘链家’品牌的信任而给予业务员一个机会。而依靠什么来回报这种信任呢？也只能是职业操守。”\n4、团队建设：从业者有安全感，行业才能健康发展\n2004年，左晖在清华上MBA，当时台湾的一个商业管理前辈在讲台上说，经纪人应该是核心资产，现实中却是易耗品。就像毛巾一样，拧干了换一条。没有人认真关注思考，这个行业最基础的服务者，他们的职业尊严和保护应该是什么状态。\n左晖对这句话印象深刻。他理解经纪人的地位和不容易。在他眼中，房地产经纪人是提供给消费者产品的载体，也是服务者。他们会从根本上影响行业的发展路径。\n于是左晖想尽一切办法在公司内部为经纪人提供各种各样的资源，不光辅导他们解决经营中和寻找客户以及服务上的难题，更帮助他们解决所有的生活家庭中的问题。\n这样做的结果就是，在从业人员月均流失率超过10%的行业中，链家却只有3%。在链家做了5年以上的经纪人比比皆是，这在房地产中介领域几乎是个奇迹。\n链家一位高管曾表示，链家一直都是围绕两个本质去做事情的，一个是对经纪人好，一个是对客户好，对经纪人好，改变的是生态环境，越来越规矩健康，对客户好，改善的是消费体验。左晖则表示，只有让这个行业中服务的人都能安心奋斗了，这个行业才能获得健康的发展，而最终惠及的就是每个消费者，每个客户。\n5、企业经营：坚守长期主义，做难而正确的事\n2008年左右，地产中介行业的潜规则是真假房源同时发布，用假房源去吸引准客户，以推动真房源的销售。这么做一方面是因为真房源信息少，另一方面可以用虚假的低价吸引客户，谁发布真房源，反而容易吓跑客户。\n这样的潜规则无疑对中介机构是有利的，但对顾客显然是非常不友好的，人们气愤地称呼地产经纪人为“黑中介”。\n链家当时已经是北京最大的地产中介机构，左晖不想背负“黑中介”这个骂名，不想让孩子将来被人指指点点，他想通过自己的行动改变这一点。\n2009年，左晖提出了“真房源行动”的想法。所谓真房源，就是真实存在、真实在售、真实价格、真实信息的房源。此想法一出，立刻在公司炸了锅，很多经纪人都觉得老板疯了。左晖并没有强推自己的想法，他一方面做经纪人的思想工作，一方面安排人去“扫楼”。\n所谓扫楼就是弄清房源的真实信息，左晖招募了上千人，在30多个城市中的不同小区数房子。这项浩大繁琐的“房屋普查”工作，彼时看起来不仅无用，而且就连左晖也不知道何时才能产生价值，但他依然提出要“不计成本投入”开发，因为在他看来，给客户提供真实的信息是正确的事情。\n历经十年的“数楼”工作，一份包含房屋原始数据、房屋户型图、房屋坐标、楼盘环境、与地铁距离、历史交易数据等信息的“楼盘字典”，孕育而生。这份“字典”如今以覆盖中国322个城市，2.4亿条记录在库的真实房源信息，成为国内数据量最大、覆盖面最广、维度最全面的房屋信息数据库。\n在“楼盘字典”有了一定规模的真实数据后，2011年，左晖在链家开始推动“真房源行动”。在行动开始的前三个月，链家的业务连续下滑，经纪人也出现了离职潮，内部动摇的声音很大，但左晖抗住了压力。大约100天后，很多走掉的客户又回来了，链家的业务开始快速回升，而且口碑也越来越好。\n\n真房源行动是链家发展过程中的一件里程碑事件，2020年贝壳赴美上市前夕，左晖在致股东的一封信中说：“我们这个组织的独特性在于，我们坚定地选择长期利益，选择做‘正确’的事情而不是快速成功的事情，我们对走捷径有天然的反感。我们也意识到‘正确’的事情往往比较艰难，需要长期对行业基础设施进行改造，从而提升效率和消费者体验，再获得商业的长期回报。做难而正确的事，是我们理解并相信的成功之道。而最困难的就是，一个‘正确’的决定往往带来的不是收益的增长而是下降，当然这种下降是阶段性的，过了这个阶段自然会进入长期增长的通道，但是就是这个下降的阶段使得组织面对大量的考验，我们称为‘无产出期’。”\n“我们引以自豪的就是，我们的团队多年来培养了大量的具备这种核心理念的管理人员，他们都经历过一次次的艰难的‘无产出期’，之后迎来了长期增长和消费者的正反馈，从而更坚定了这种信念。”\n6、同行竞争：承认先进、学习先进、超越先进\n2015年之后，已经练好“内功”的链家开始高速扩张。在成都、上海、北京、深圳、杭州、重庆、济南、广州、大连、烟台等一二线城市，链家先后收购了伊诚地产、德佑地产、易家、中联（地产）、北京高策、盛世管家、大兴业、孚瑞不动产、满堂红、好旺角、元盛房产等11家房地产中介……左晖笑称，全国稍微靠谱一些的中介都已经被链家收购了。\n但随着业务的扩张，左晖也发现了一个企业瓶颈：必须要设定越来越多的门店，养活越来越多的房地产中介经纪人才可能覆盖越来越多的客户。但是客户的成交量并不是随着覆盖数量的增加而增加的，这中间产生的巨大的养人成本，使得很多中介企业苦不堪言。\n而且左晖还担心行业出现像阿里这样的平台型企业，通过头部聚集效应，最终压制住链家。所以与其等别人革命，不如自己革自己的命。\n在这样的考量之下，2018年链家网升级成了贝壳找房平台。入驻贝壳找房的不仅有链家、德佑等链家系品牌，还有大量的第三方地产经纪公司。数据显示，截至2020年12月末，贝壳找房连接265家品牌连锁经纪公司。这些品牌在103座城市拥有4.2万家门店，经纪人总数超过45.6万。\n但贝壳的发展显然伤及到了其他一些地产中介机构的利益。2018年6月，贝壳找房刚上线2个月，国内很多房地产服务机构集结在一起，细数“某些企业”既当运动员又当裁判的罪行。\n去年，有业内同行更直言贝壳找房：“你一统江湖，全行业不会同意，开发商不会同意，客户不会同意，政府也不会同意。”今年国家反垄断雷声隆隆，58集团的老板姚劲波就建议国家给贝壳一个小小的处罚——40亿罚金。\n但左晖不喜欢总提竞争，他认为竞争思维是低效的，在他看来，企业的进步不是来自于竞争或者环境的变化，而是“能够为产业创造核心的不可取代的价值”。\n对于竞争，左晖说：“你要想赢，有两个办法，第一个办法让自己变强，第二个办法让别人变弱。关心竞争对手多了，很容易用第二种办法，因为比较容易。这么做，很容易去打击别人，还会给自己一个心理暗示：不是我笨。我觉得这对组织来说是很不好的一种情况，没有一家企业是通过打击别人而成功的。真正强的团队，包括强的民族、强的组织、强的个人，都是能做到三件事：承认先进、学习先进、超越先进。尤其第一件事如果做不到，那么后面两件事根本就不会发生。”","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166979010,"gmtCreate":1623989890530,"gmtModify":1703825878031,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/166979010","repostId":"1179751009","repostType":4,"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001788938,"gmtCreate":1641331499488,"gmtModify":1676533597547,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001788938","repostId":"1130666801","repostType":4,"repost":{"id":"1130666801","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1641311316,"share":"https://ttm.financial/m/news/1130666801?lang=en_US&edition=fundamental","pubTime":"2022-01-04 23:48","market":"us","language":"zh","title":"Popular Chinese concept stocks continued to fall, with Pinduoduo falling by more than 10%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1130666801","media":"老虎资讯综合","summary":"1月4日，热门中概股跌幅继续扩大，拼多多、万国数据、爱奇艺均大跌超10%，哔哩哔哩、雾芯科技跌超9%，贝壳跌超8%，理想汽车跌超7%、蔚来、小鹏汽车跌超5%","content":"<p><html><head></head><body>On January 4th, the decline in popular Chinese concept stocks continued to widen.<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/GDS\">Global Data</a>、<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Both shares fell by more than 10%.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fog Core Technology fell more than 9%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell more than 8%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Nio fell by more than 7%.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Down more than 5%</p><p><img src=\"https://static.tigerbbs.com/1b919a829a5fda79d1cd6f944df3c2d9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>Popular Chinese concept stocks continued to fall, with Pinduoduo falling by more than 10%.</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\">\nPopular Chinese concept stocks continued to fall, with Pinduoduo falling by more than 10%.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-01-04 23:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On January 4th, the decline in popular Chinese concept stocks continued to widen.<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/GDS\">Global Data</a>、<a href=\"https://laohu8.com/S/IQ\">iQiyi</a>Both shares fell by more than 10%.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fog Core Technology fell more than 9%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell more than 8%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Nio fell by more than 7%.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>Down more than 5%</p><p><img src=\"https://static.tigerbbs.com/1b919a829a5fda79d1cd6f944df3c2d9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","BK4504":"桥水持仓","PDD":"拼多多","BK4501":"段永平概念","BK4531":"中概回港概念","BK4122":"互联网与直销零售","BK4553":"喜马拉雅资本持仓","BK4509":"腾讯概念","BK4558":"双十一","BK4526":"热门中概股","BK4505":"高瓴资本持仓","QNETCN":"纳斯达克中美互联网老虎指数","BK4535":"淡马锡持仓","BK4503":"景林资产持仓","BK4548":"巴美列捷福持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130666801","content_text":"1月4日，热门中概股跌幅继续扩大，拼多多、万国数据、爱奇艺均大跌超10%，哔哩哔哩、雾芯科技跌超9%，贝壳跌超8%，理想汽车跌超7%、蔚来、小鹏汽车跌超5%","news_type":1,"symbols_score_info":{"TTTN":0.9,"PDD":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":1287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9091816896,"gmtCreate":1643836997847,"gmtModify":1676533860667,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091816896","repostId":"1173537373","repostType":4,"repost":{"id":"1173537373","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1643814627,"share":"https://ttm.financial/m/news/1173537373?lang=en_US&edition=fundamental","pubTime":"2022-02-02 23:10","market":"us","language":"zh","title":"PayPal fell more than 24%, with Q4 net profit down 49% year-on-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=1173537373","media":"老虎资讯综合","summary":"2月2日，PayPal持续走低，现跌超24%。消息面上，PayPal第四季度净利润同比下降49%，公司放弃到2025年前实现7.5亿账户的指引。受Paypal业绩表现不及预期的拖累，同业竞争对手股价也","content":"<p><html><head></head><body>February 2nd,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>It continues to decline, currently down more than 24%. In terms of news,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>Fourth-quarter net profit fell 49% year-over-year, and the company abandoned its guidance to reach 750 million accounts by 2025.</p><p>Dragged down by Paypal's lower-than-expected performance, the stock prices of its competitors also fell, with Block down more than 8% and Affirm Holdings down 5% during the session.<img src=\"https://static.tigerbbs.com/b5ccb645dd985e469e5d5d51360dc977\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>PayPal fell more than 24%, with Q4 net profit down 49% year-on-year.</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\">\nPayPal fell more than 24%, with Q4 net profit down 49% year-on-year.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-02-02 23:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>February 2nd,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>It continues to decline, currently down more than 24%. In terms of news,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>Fourth-quarter net profit fell 49% year-over-year, and the company abandoned its guidance to reach 750 million accounts by 2025.</p><p>Dragged down by Paypal's lower-than-expected performance, the stock prices of its competitors also fell, with Block down more than 8% and Affirm Holdings down 5% during the session.<img src=\"https://static.tigerbbs.com/b5ccb645dd985e469e5d5d51360dc977\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/037b82a390b47c7344ffba6a26d2c90c","relate_stocks":{"PYPL":"PayPal"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173537373","content_text":"2月2日，PayPal持续走低，现跌超24%。消息面上，PayPal第四季度净利润同比下降49%，公司放弃到2025年前实现7.5亿账户的指引。受Paypal业绩表现不及预期的拖累，同业竞争对手股价也跟风下跌，Block盘中跌超8%，Affirm Holdings跌5%。","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001618250,"gmtCreate":1641245173759,"gmtModify":1676533586277,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001618250","repostId":"2200091424","repostType":4,"repost":{"id":"2200091424","kind":"highlight","pubTimestamp":1641222355,"share":"https://ttm.financial/m/news/2200091424?lang=en_US&edition=fundamental","pubTime":"2022-01-03 23:05","market":"us","language":"en","title":"Why This Hidden EV Stock Is a Smart Buy","url":"https://stock-news.laohu8.com/highlight/detail?id=2200091424","media":"Motley Fool","summary":"ABB is looking to take advantage of sky-high valuations in the EV charging sector to raise cash to invest in its business.","content":"<div>\n<p>Everyone knows that hybrid and electric vehicles (EVs) are the future of transportation, so the excitement around investing in the sector is understandable. However, with many of the better-known ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/01/03/why-this-hidden-ev-stock-is-a-smart-buy/\">Source Link</a>\n\n</div>\n","source":"fool_stock","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>Why This Hidden EV Stock Is a Smart Buy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy This Hidden EV Stock Is a Smart Buy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-03 23:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/01/03/why-this-hidden-ev-stock-is-a-smart-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Everyone knows that hybrid and electric vehicles (EVs) are the future of transportation, so the excitement around investing in the sector is understandable. However, with many of the better-known ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/01/03/why-this-hidden-ev-stock-is-a-smart-buy/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHPT":"ChargePoint Holdings Inc.","BK4551":"寇图资本持仓","BLNK":"Blink Charging","EVGO":"EVgo Inc.","BK4542":"充电桩","BK4214":"汽车零售","ABB":"阿西布朗勃法瑞公司","BK4096":"电气部件与设备"},"source_url":"https://www.fool.com/investing/2022/01/03/why-this-hidden-ev-stock-is-a-smart-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2200091424","content_text":"Everyone knows that hybrid and electric vehicles (EVs) are the future of transportation, so the excitement around investing in the sector is understandable. However, with many of the better-known plays in the industry looking expensive, it makes sense to consider some ways to play the theme and excitement that are off the beaten path. One way is to look at industrial conglomerate ABB (NYSE:ABB). Here's why.High valuationsFocusing on the charging network companies, a quick look across the leading players like ChargePoint (NYSE:CHPT), Blink (NASDAQ:BLNK), and EVgo (NASDAQ:EVGO) shows a group of stocks trading on hefty valuations. They are all fine companies with potential, but they are currently loss-making. Moreover, when investors can't base valuations on earnings or cash flow they often use price-to-sales (P/S) ratios, and even on this basis, these stocks are looking extremely expensive.CompanyMarket Cap2022 Estimated P/S Ratio2023 Estimated P/S RatioEVgo$719 million13.1x4.6xChargePoint*$6.3 billion16.6x10.1xBlink$1.1 billion36.5x19.5xData source: Marketscreener.com, author's analysis. *Data is for fiscal years 2023 and 2024.Introducing ABBIf the charging network companies and other pure EV plays look expensive, but you still want exposure to an obviously fast-growing sector, then ABB could offer a good alternative.ABB is a $75 billion market cap industrial giant set to generate around $29 billion in revenue in 2021. It operates out of four segments, namely electrification (installation products, power conversion, and e-mobility), motion (drive products, system drives, service, traction systems, low voltage, and large and electric motors), process automation (energy, process industries, marine and ports, turbocharging, and measurement and analytics), and robotics and discrete automation.As you can see above, ABB's e-mobility (EV charging stations, hardware, and services) is a small part of its overall operations. Its expected revenue of around $480 million in 2021 is less than 2% of its expected overall company revenue in 2021.Where ABB fits inHowever, there are two key reasons why ABB is highly relevant as an EV play.First, management is planning to take advantage of the sky-high valuations in the sector by listing the e-mobility business in 2022 yet retaining a majority stake. The cash raised from listing the company could be used to reinvest in the business in order to grow the business for the benefit of shareholders, including ABB.In a sense, ABB is getting the best of both worlds. It's set to gain from the high valuations accorded to EV companies, and it's also getting cash to reinvest in a long-term growth business. According to a Reuters article, the business is valued at around $3 billion.Second, the e-mobility listing should be looked at in light of the restructuring effort that CEO Bjorn Rosengren initiated since starting his tenure in 2020. ABB has long had a collection of highly admired assets, with leading positions in robotics, process and discrete automation, motion control, and electrification, but its financial performance hasn't lived up to its potential. The chart below shows declining revenue, margin, and earnings in the decade before Rosengren took over.Data by YChartsABB changesHowever, Rosengren has fundamentally restructured how the company operates by moving away from its matrix model toward a more conventional pyramid structure of management, where more decisions are allowed to be made locally.In addition, he continues to restructure the company's portfolio of businesses with the aim to focus on growth industries such as robotics, automation, and electrification.ABB's 80.1% stake in its power grids business was sold to Hitachi for an enterprise value of $11 billion in 2020.  The mechanical power transmission division was sold for $2.9 billion in cash to RBC Bearings in 2021. The turbocharging division (marine and power plant turbochargers) will be spun off or sold in 2022, and the power conversion division (power products and solutions for telecoms and data centers) is up for sale in 2022 as well.ABB's futureIn common with other companies in its space, such as Siemens and Eaton, ABB is restructuring to focus on the themes of automation, digitization, and electrification in the economy. The so-called \"fourth industrial revolution\" emphasizes the use of web-enabled devices to better manage physical assets. ABB's divestments are proof of that, as is the plan to IPO the e-mobility division while retaining a majority stake.EV companies may command nosebleed valuations right now, but ABB is a way to take advantage of it, and it makes perfect sense in the context of the company's transformational plans.","news_type":1,"symbols_score_info":{"EVGO":1,"ABB":1,"BLNK":1,"CHPT":1}},"isVote":1,"tweetType":1,"viewCount":1136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112719572,"gmtCreate":1622930331296,"gmtModify":1704193263116,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112719572","repostId":"2141174400","repostType":4,"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137751625,"gmtCreate":1622409849567,"gmtModify":1704183801719,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/137751625","repostId":"1157901044","repostType":4,"isVote":1,"tweetType":1,"viewCount":1258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013999176,"gmtCreate":1648675625188,"gmtModify":1676534374148,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013999176","repostId":"1102101150","repostType":4,"repost":{"id":"1102101150","kind":"news","pubTimestamp":1648654176,"share":"https://ttm.financial/m/news/1102101150?lang=en_US&edition=fundamental","pubTime":"2022-03-30 23:29","market":"hk","language":"zh","title":"Vanke's net profit declined by 45.7% in 2021, and it declared its highest dividend payout in history.","url":"https://stock-news.laohu8.com/highlight/detail?id=1102101150","media":"华尔街见闻","summary":"继1995年、2008年后，万科净利润出现上市31年以来第三次下滑。","content":"<p><html><head></head><body>Author: Zhou Zhiyu</p><p>This is a rare occurrence in the 31 years since Vanke went public.</p><p>The annual report released on the evening of March 30 showed that Vanke achieved operating revenue of 452.8 billion yuan, a year-on-year increase of 8.0%; Net profit attributable to the parent company was 22.5 billion yuan, a year-on-year decrease of 45.7%.</p><p>Following 1995 and 2008, Vanke's net profit declined for the third time in the 31 years since its listing.</p><p>At the same time as releasing its annual report, Vanke also launched a share repurchase plan and the highest dividend payout plan since its listing.</p><p>Vanke stated that it will conduct share buybacks of 2-2.5 billion yuan within the next three months, with the dividend payout ratio planned to jump from 35% in 2020 to 50%, totaling 11.28 billion yuan in dividends. Based on the current stock price, the Dividend ratio is approximately 5.1%, making Vanke the only A-share company to have distributed cash dividends for thirty consecutive years.</p><p><b>Vanke hopes to use this method to please its shareholders and express its apology for its performance.</b></p><p>In his letter to shareholders, Vanke Chairman Yu Liang also stated, \"I should step forward to take responsibility, and I should work with the team to face the problems head-on, identify the shortcomings, take targeted measures, take resolute action, and make redoubled efforts to achieve this.\"</p><p>Wall Street Insights also noted that Yu Liang voluntarily gave up all of his 2021 bonuses.</p><p>In a letter to shareholders, Yu Liang apologized to them. He reflected that, structurally speaking, real estate development still plays a decisive role in the company's net profit.</p><p><b>Although Vanke underwent a transformation early on, it hopes to spend about ten years exploring and developing new tracks with long-term potential. However, in terms of current operating revenue and profit, these businesses cannot be compared with real estate development now or in the future. Furthermore, in the initial stages, investments in these new businesses will place a significant burden on short-term performance improvement.</b></p><p>Vanke's use of the cost method to depreciate and amortize these asset-heavy businesses has increased its impact on financial statement profits.</p><p>Yu Liang stated that although the company realized early in the industry that high-speed growth would eventually end, it was ashamed that Vanke's actions failed to resolutely break free from the inertia of high growth. While the pursuit of scale remains popular and land competition intensifies, some cities are recklessly chasing high prices and judging the market too optimistically. Some projects have failed to meet their investment expectations, leading to a decline in gross profit margins.</p><p>\"The performance in 2021 serves as a wake-up call for Vanke,\" said Yu Liang. He added that in 2022, Vanke will take resolute and targeted actions to address existing problems in its development business, consolidate its first-mover advantage in comprehensive real estate development, ensure financial security, and achieve a stable rebound in operating revenue and net profit.</p><p></body></html></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Vanke's net profit declined by 45.7% in 2021, and it declared its highest dividend payout in history.</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\">\nVanke's net profit declined by 45.7% in 2021, and it declared its highest dividend payout in history.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-03-30 23:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Zhou Zhiyu</p><p>This is a rare occurrence in the 31 years since Vanke went public.</p><p>The annual report released on the evening of March 30 showed that Vanke achieved operating revenue of 452.8 billion yuan, a year-on-year increase of 8.0%; Net profit attributable to the parent company was 22.5 billion yuan, a year-on-year decrease of 45.7%.</p><p>Following 1995 and 2008, Vanke's net profit declined for the third time in the 31 years since its listing.</p><p>At the same time as releasing its annual report, Vanke also launched a share repurchase plan and the highest dividend payout plan since its listing.</p><p>Vanke stated that it will conduct share buybacks of 2-2.5 billion yuan within the next three months, with the dividend payout ratio planned to jump from 35% in 2020 to 50%, totaling 11.28 billion yuan in dividends. Based on the current stock price, the Dividend ratio is approximately 5.1%, making Vanke the only A-share company to have distributed cash dividends for thirty consecutive years.</p><p><b>Vanke hopes to use this method to please its shareholders and express its apology for its performance.</b></p><p>In his letter to shareholders, Vanke Chairman Yu Liang also stated, \"I should step forward to take responsibility, and I should work with the team to face the problems head-on, identify the shortcomings, take targeted measures, take resolute action, and make redoubled efforts to achieve this.\"</p><p>Wall Street Insights also noted that Yu Liang voluntarily gave up all of his 2021 bonuses.</p><p>In a letter to shareholders, Yu Liang apologized to them. He reflected that, structurally speaking, real estate development still plays a decisive role in the company's net profit.</p><p><b>Although Vanke underwent a transformation early on, it hopes to spend about ten years exploring and developing new tracks with long-term potential. However, in terms of current operating revenue and profit, these businesses cannot be compared with real estate development now or in the future. Furthermore, in the initial stages, investments in these new businesses will place a significant burden on short-term performance improvement.</b></p><p>Vanke's use of the cost method to depreciate and amortize these asset-heavy businesses has increased its impact on financial statement profits.</p><p>Yu Liang stated that although the company realized early in the industry that high-speed growth would eventually end, it was ashamed that Vanke's actions failed to resolutely break free from the inertia of high growth. While the pursuit of scale remains popular and land competition intensifies, some cities are recklessly chasing high prices and judging the market too optimistically. Some projects have failed to meet their investment expectations, leading to a decline in gross profit margins.</p><p>\"The performance in 2021 serves as a wake-up call for Vanke,\" said Yu Liang. He added that in 2022, Vanke will take resolute and targeted actions to address existing problems in its development business, consolidate its first-mover advantage in comprehensive real estate development, ensure financial security, and achieve a stable rebound in operating revenue and net profit.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3655697\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6d81148cbad37699cb99a75ddf787d9f","relate_stocks":{"02202":"万科企业","000002":"万科A"},"source_url":"https://wallstreetcn.com/articles/3655697","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1102101150","content_text":"作者：周智宇这是万科上市31年来少有的情况。3月30日晚间披露的年报显示，万科实现营业收入4528.0亿元，同比增长8.0%；归母净利润225亿元，同比下滑45.7%。继1995年、2008年后，万科净利润出现上市31年以来第三次下滑。在发布年报的同时，万科也推出了回购方案和上市以来最高比例分红派息预案。万科表示，将在未来三个月内择机开展20-25亿元回购，分红比例拟由2020年的35%跃升至50%，合计拟派发分红112.8亿元。以当前的股价来看，股息率约为5.1%，万科也成为A股中唯一一家连续三十年进行现金分红的公司。万科希望用这样的方式，讨好股东，表示出对自己这份成绩单的歉意。万科董事会主席郁亮也在股东信中表示，“我应当出来承担责任，更应该和团队一起，直面问题、查找不足、对症下药、坚决行动，并为之付出加倍努力。”华尔街见闻也注意到，郁亮自愿放弃其 2021 年度全部奖金。郁亮在股东信中向股东们致以歉意。他反思称，从结构上看，房地产开发业务依然对公司的净利润具有决定性作用。虽然万科早早进行了转型，希望用十年左右的时间对具备长期潜力的新赛道探索和布局。然而，目前从经营收入和利润，这些业务现在及将来都无法与房地产开发相提并论。并且，在起步阶段，这些新业务的投资对短期业绩提升还会造成不小的负担。万科采用的成本法对这些以重资产为主的业务进行折旧摊销，加大了对报表利润的影响。郁亮表示，尽管公司在行业中较早意识到高速增长终将结束，但惭愧的是，万科的行为未能坚决摆脱高增长惯性。当追逐规模仍然流行、土地争夺愈演愈烈的时候，部分城市的投资追高冒进，对市场判断过于乐观，一些项目的投资预期没有实现，导致毛利率下滑。“2021年的业绩表现，对于万科是一次警醒。”郁亮表示，在2022年，万科将采取坚决的、有针对性的行动，解决开发业务存在的问题，巩固在不动产综合发展方面的先发优势，保障财务安全，实现营业收入和净利润的企稳回升。","news_type":1,"symbols_score_info":{"000002":0.9,"02202":0.9}},"isVote":1,"tweetType":1,"viewCount":1329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}