Youn7276 personal page - To The Moon

Youn7276

Youn7276

COC 迷

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2021-06-25

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2021-06-06

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Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?

2021-06-07

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Zuo Hui's precious legacy to the business community

2021-06-18

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2022-01-05

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Pinduoduo fell more than 10% as the decline of popular Chinese stocks continued to expand

2022-02-03

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PayPal Drops More Than 24%, Q4 Net Income Drops 49% YoY

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 fell by 45.7% in 2021, throwing out the highest proportion of dividends in history

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/BAC\">$美国银行(BAC)$ &nbsp;</a>ok","listText":"<a href=\"https://ttm.financial/S/BAC\">$美国银行(BAC)$ &nbsp;</a>ok","text":"$美国银行(BAC)$ 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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":4133,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":3662,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":"Big Option Order | The stock price soared 300% in four days! 3B Home Options Volume Continues to Climb, More Than 9 Times More Than 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 of the options market was 47.2719 million contracts, up slightly from the previous trading day and higher than the 90-day average trading volume; The share price of 3B Home Furnishing continued to soar, with a cumulative increase of 300% in four trading days this week. The option trading volume continued to rise, with 1.318 million contracts traded, which was more than 9 times larger than 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 fluctuated and closed higher, continuing the recent rally. Inflation is showing signs of easing, which could give the Fed reason to continue to slow the pace of rate hike to prevent further economic downturns. As of the close, the Dow rose 216.96 points, or 0.64%, to 34,189.97 points; The Nasdaq rose 69.43 points, or 0.64%, to 11,001.10 points; The S&P 500 rose 13.56 points, or 0.34%, to 3,983.17.</p><p>The total trading volume of the option market was 47.2719 million contracts, up slightly from the previous trading day (the previous value was 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>TOP10 Total Option 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 contracts were traded in options, of which call options accounted for 43.8%;<a href=\"https://laohu8.com/S/QQQ\">Nasdaq 100 ETF</a>Options traded 3.309 million contracts, 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>The trading volume of options decreased compared with 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 volume climbed slightly, with 1.337 million contracts traded;</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>Shares continued their surge, closing up more than 50%, after a cumulative gain of 300% in four trading sessions this week, hitting their highest level since early November, after the company's bankruptcy warning reignited investor interest in the retailer. Options volumes continued to climb Thursday, with 1.318 million contracts turned, more than nine times higher than the 90-day average volume, of which call options accounted for 66.5%.</p><p><b>3. Movement observation</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 of 3B home furnishing has also driven a number of WSB stocks,<a href=\"https://laohu8.com/S/CVNA\">Carvana</a>It closed up 46% on Thursday, with 523,300 options traded, more than 7 times higher than the 90-day average volume, and call options accounted for more than 71.8%; Among them, the $10 strike call option expiring on January 20, 2023 was particularly high in volume with 34,000 trades;</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, Source: Market Chameleon</span></p><p><a href=\"https://laohu8.com/S/AAL\">American Airlines</a>It closed up nearly 10% on Thursday after the company in recent days sharply raised its guidance for the fourth quarter of 2022; There were 497,600 contracts traded in options on Thursday, with calls accounting for 41.9%, with the $10 strike price put option expiring June 16, 2023 having a particularly high volume of 43,800;</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 soared overnight,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>Closed up more than 30%,<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>Closed up more than 8%; At the same time, the trading volume of options surged, with 343,300 and 280,700 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, 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, 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>Big Option Order | The stock price soared 300% in four days! 3B Home Options Volume Continues to Climb, More Than 9 Times More Than 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\">\nBig Option Order | The stock price soared 300% in four days! 3B Home Options Volume Continues to Climb, More Than 9 Times More Than 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 of the options market was 47.2719 million contracts, up slightly from the previous trading day and higher than the 90-day average trading volume; The share price of 3B Home Furnishing continued to soar, with a cumulative increase of 300% in four trading days this week. The option trading volume continued to rise, with 1.318 million contracts traded, which was more than 9 times larger than 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 fluctuated and closed higher, continuing the recent rally. Inflation is showing signs of easing, which could give the Fed reason to continue to slow the pace of rate hike to prevent further economic downturns. As of the close, the Dow rose 216.96 points, or 0.64%, to 34,189.97 points; The Nasdaq rose 69.43 points, or 0.64%, to 11,001.10 points; The S&P 500 rose 13.56 points, or 0.34%, to 3,983.17.</p><p>The total trading volume of the option market was 47.2719 million contracts, up slightly from the previous trading day (the previous value was 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>TOP10 Total Option 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 contracts were traded in options, of which call options accounted for 43.8%;<a href=\"https://laohu8.com/S/QQQ\">Nasdaq 100 ETF</a>Options traded 3.309 million contracts, 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>The trading volume of options decreased compared with 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 volume climbed slightly, with 1.337 million contracts traded;</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home Furnishing</a>Shares continued their surge, closing up more than 50%, after a cumulative gain of 300% in four trading sessions this week, hitting their highest level since early November, after the company's bankruptcy warning reignited investor interest in the retailer. Options volumes continued to climb Thursday, with 1.318 million contracts turned, more than nine times higher than the 90-day average volume, of which call options accounted for 66.5%.</p><p><b>3. Movement observation</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 of 3B home furnishing has also driven a number of WSB stocks,<a href=\"https://laohu8.com/S/CVNA\">Carvana</a>It closed up 46% on Thursday, with 523,300 options traded, more than 7 times higher than the 90-day average volume, and call options accounted for more than 71.8%; Among them, the $10 strike call option expiring on January 20, 2023 was particularly high in volume with 34,000 trades;</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, Source: Market Chameleon</span></p><p><a href=\"https://laohu8.com/S/AAL\">American Airlines</a>It closed up nearly 10% on Thursday after the company in recent days sharply raised its guidance for the fourth quarter of 2022; There were 497,600 contracts traded in options on Thursday, with calls accounting for 41.9%, with the $10 strike price put option expiring June 16, 2023 having a particularly high volume of 43,800;</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 soared overnight,<a href=\"https://laohu8.com/S/MARA\">Marathon Digital</a>Closed up more than 30%,<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>Closed up more than 8%; At the same time, the trading volume of options surged, with 343,300 and 280,700 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, 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, 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":{"QQQ":"纳指100ETF","CVNA":"Carvana Co.","BBBY":"Bed Bath & Beyond, Inc.","AAL":"美国航空","COIN":"Coinbase Global, Inc.","SPY":"标普500ETF","MARA":"MARA Holdings"},"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":{"COIN":0.9,"CVNA":0.9,"MARA":0.9,"QQQ":0.9,"SPY":0.9,"BBBY":0.9,"AAL":0.9}},"isVote":1,"tweetType":1,"viewCount":3384,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":3437,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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/c266ef25181ace18bec1262357bbe1a8","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":3358,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":1676538066875,"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":4356,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":3398,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":4376,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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's comment: What state will the world enter when G7 limits the price of 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>On September 2,<b>The G-7 nations agreed to set a price cap on Russian oil.</b></p><p>First of all, it needs to be stated that three of the G7 countries have restricted Russian crude oil imports, namely the United States, Britain and Canada. Therefore, this \"price limit agreement\" mainly needs the support of four countries, namely Japan, Germany, France and Italy. However, the ultimate goal of this \"price limit agreement\" is not these seven countries, but hopes to use the agreement reached by the G7 to bind all countries in the world to abide by it, thus forming a buyer alliance. After the G7 price limit agreement is reached, Germany and France will exert pressure within the EU to ask EU member states to comply; The United States is currently lobbying hard for India to join in.</p><p>The background of this limit agreement doesn't need to be introduced too much. After half a year of war, the Russian economy has not collapsed, but the European economy is becoming more and more dangerous, and inflation in the United States remains high. Recently, there has been news that prominent hedge funds are back shorting Europe. In today's globalization, any sanction is a double-edged sword. It is difficult to say that the harm to the enemy will be greater than the harm to oneself. The sanctions against Russia and the trade war against China are all the same. Therefore, the United States has thought about the method of price limit, hoping to alleviate its own inflation problem (buying oil at a low price) on the one hand, and cause losses to the Russian economy on the other hand.</p><p>A very critical technical question, how to implement this price limit?</p><p>In the free market economy, you sell and I buy voluntarily. How can you implement this price limit? America thinks of insurance. There is a large shipping insurance mutual organization around the world called the International Group of P&I Clubs, based in London. According to this website, 95% of the world's tankers are in this mutual aid organization.</p><p>A freighter is covered by this organization in addition to ordinary commercial shipping insurance. Because commercial shipping insurance will not be willing to cover economic losses such as \"war\" and \"crude oil spill\", this organization will provide insurance for such economic losses. This organization is a non-profit organization, and every ship needs to pay \"share money\" to join, and the underwriting fee comes from everyone's \"share money\". If a certain ship has some outrageous behavior that causes excessive losses, then it will be kicked out by this organization.</p><p>The United States starts with this insurance organization. If the crude oil in the tanker does not meet the price limit, then the insurance organization will not underwrite the tanker. Once a \"crude oil leak\" occurs, the owner can only pay for it himself. In doing so, oil tankers will be forced to not accept Russian crude oil that does not comply with the price limit. Even if buyers and sellers reach an agreement, they will not find oil tankers to transport them. I have to sigh that all organizations around the world are under the control of the United States, providing the United States with countless tools to fight its opponents.</p><p>Whether this can push down Russia's crude oil price depends on whether Russia is willing to die. If you don't let the tanker carry my crude oil, then I don't have to sell it to you. At present, Russia's crude oil exports depend on pipelines and shipping. Pipelines are mainly to Europe and China. If Europe is broken, then land pipelines can only be transported to China in the east. Indian imports require sea freight and are likely to be most affected.</p><p>One question needs to be explained, if all Russian crude oil is banned, then what state will the world enter? Because Russia's crude oil production is the second in the world, second only to the United States, once Russia's crude oil is sealed, the world crude oil supply will seriously mismatch the demand. The rich countries of the world will bid on each other to inflate the price of oil. The effect of inflating the price is to deprive the poor countries of their demand (making them unable to afford crude oil and reducing their demand). The final result is that the rich countries use expensive crude oil, while the poor countries are paralyzed because there is no crude oil.</p><p>If it is believed that the US strategy will work, then crude oil prices may slide; But if you think that Russia dares to break the net, then the global crude oil supply will drop sharply, and the price may return to $120 or even higher-which one 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's comment: What state will the world enter when G7 limits the price of 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's comment: What state will the world enter when G7 limits the price of 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>On September 2,<b>The G-7 nations agreed to set a price cap on Russian oil.</b></p><p>First of all, it needs to be stated that three of the G7 countries have restricted Russian crude oil imports, namely the United States, Britain and Canada. Therefore, this \"price limit agreement\" mainly needs the support of four countries, namely Japan, Germany, France and Italy. However, the ultimate goal of this \"price limit agreement\" is not these seven countries, but hopes to use the agreement reached by the G7 to bind all countries in the world to abide by it, thus forming a buyer alliance. After the G7 price limit agreement is reached, Germany and France will exert pressure within the EU to ask EU member states to comply; The United States is currently lobbying hard for India to join in.</p><p>The background of this limit agreement doesn't need to be introduced too much. After half a year of war, the Russian economy has not collapsed, but the European economy is becoming more and more dangerous, and inflation in the United States remains high. Recently, there has been news that prominent hedge funds are back shorting Europe. In today's globalization, any sanction is a double-edged sword. It is difficult to say that the harm to the enemy will be greater than the harm to oneself. The sanctions against Russia and the trade war against China are all the same. Therefore, the United States has thought about the method of price limit, hoping to alleviate its own inflation problem (buying oil at a low price) on the one hand, and cause losses to the Russian economy on the other hand.</p><p>A very critical technical question, how to implement this price limit?</p><p>In the free market economy, you sell and I buy voluntarily. How can you implement this price limit? America thinks of insurance. There is a large shipping insurance mutual organization around the world called the International Group of P&I Clubs, based in London. According to this website, 95% of the world's tankers are in this mutual aid organization.</p><p>A freighter is covered by this organization in addition to ordinary commercial shipping insurance. Because commercial shipping insurance will not be willing to cover economic losses such as \"war\" and \"crude oil spill\", this organization will provide insurance for such economic losses. This organization is a non-profit organization, and every ship needs to pay \"share money\" to join, and the underwriting fee comes from everyone's \"share money\". If a certain ship has some outrageous behavior that causes excessive losses, then it will be kicked out by this organization.</p><p>The United States starts with this insurance organization. If the crude oil in the tanker does not meet the price limit, then the insurance organization will not underwrite the tanker. Once a \"crude oil leak\" occurs, the owner can only pay for it himself. In doing so, oil tankers will be forced to not accept Russian crude oil that does not comply with the price limit. Even if buyers and sellers reach an agreement, they will not find oil tankers to transport them. I have to sigh that all organizations around the world are under the control of the United States, providing the United States with countless tools to fight its opponents.</p><p>Whether this can push down Russia's crude oil price depends on whether Russia is willing to die. If you don't let the tanker carry my crude oil, then I don't have to sell it to you. At present, Russia's crude oil exports depend on pipelines and shipping. Pipelines are mainly to Europe and China. If Europe is broken, then land pipelines can only be transported to China in the east. Indian imports require sea freight and are likely to be most affected.</p><p>One question needs to be explained, if all Russian crude oil is banned, then what state will the world enter? Because Russia's crude oil production is the second in the world, second only to the United States, once Russia's crude oil is sealed, the world crude oil supply will seriously mismatch the demand. The rich countries of the world will bid on each other to inflate the price of oil. The effect of inflating the price is to deprive the poor countries of their demand (making them unable to afford crude oil and reducing their demand). The final result is that the rich countries use expensive crude oil, while the poor countries are paralyzed because there is no crude oil.</p><p>If it is believed that the US strategy will work, then crude oil prices may slide; But if you think that Russia dares to break the net, then the global crude oil supply will drop sharply, and the price may return to $120 or even higher-which one 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":4250,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":1705,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":"hk","language":"zh","title":"100 billion Jinglin assets \"bargain-hunting\" retail real estate? Keike becomes its number one position in U.S. stocks","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, Jinglin Assets disclosed the latest position details of US stocks.</p><p>Zishitang found that as of the end of the second quarter of 2022, the US stock holdings of the 100 billion private equity giant reached US $2.24 billion, or RMB 15.1 billion.</p><p>This figure is still at the forefront of overseas investment by domestic institutions, but it is slightly lower than the US $2.32 billion in the first quarter.</p><p>The inventory found that the seating of Jinglin Assets' heavyweight stocks changed again,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Holdings was promoted to the largest position, 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 are still Jinglin's most important assets in the US stock market.</p><p><b>01. Highly concentrated shareholding</b></p><p>It is worth reminding that Jinglin Assets invests in U.S. stocks through its Hong Kong subsidiary, and the above-mentioned holdings do not include the U.S. stock positions of other mainland Chinese entities and its products.</p><p>As of the end of the second quarter, the total market value of the top ten holdings of Jinglin's US stocks reached US $1.736 billion, accounting for 78% of the total holdings.</p><p>The concentration is much higher than that of mainland Public Offering of Fund and QDII products, which is also a habit that Jinglin has developed for many years.</p><p><img src=\"https://static.tigerbbs.com/ef2519c3ce998824f5b851bb52a9ee53\" tg-width=\"865\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/></p><p><b>02. \"Fancy\" real estate agents</b></p><p>In the second quarter, Keike became the listed company with the heaviest position held by Jinglin.</p><p>At present, the company is the leading consulting company for second-hand houses, new houses and housing rental in China, and its main body includes well-known real estate intermediary brands such as Chain Home in the industry.</p><p><b>Jinglin currently holds 20.43 million shares of Shell Holdings' ADS (American Depositary Receipts), equivalent to a market value of US $365 million.</b></p><p>In the current period, Keike fluctuated at the bottom, and the current stock price has dropped by about 90% compared with the highest price at the beginning of its listing that year.</p><p><img src=\"https://static.tigerbbs.com/f4e6b1b7410fea663002d6e3f86101db\" tg-width=\"865\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/></p><p><b>03. Many Chinese concept stocks return to vision</b></p><p>Jinglin's top five holdings also include JD.com, NetEase, Jinrui Fund and<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>。</p><p>Wherein,<b>Jinglin has significantly reduced its positions in both JD.com and Netease.</b></p><p>The position in the former decreased from 4.35 million shares in the previous quarter to 3.21 million shares, and the position in the latter decreased from 3.6 million shares to 2.2 million shares.</p><p>Another highlight of Jinglin's position this time is<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Return to the top ten Awkwardness camp.</b></p><p>The latest data shows that Jinglin holds 1.24 million shares of Alibaba ADS, equivalent to a market value of US $141 million.</p><p>Coincidentally.</p><p>The \"exposure\" of two other Chinese concept stocks also rose in Jinglin's position report in 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>The Group</b>, becoming a new face of the top ten Awkwardness stocks in the second quarter. The former is a leading social e-commerce company with a shareholding of 2.01 million shares, while the latter is an intercity vehicle logistics and vehicle-cargo matching information platform operator with a shareholding of 12.83 million shares.</p><p><b>04. Invest heavily in \"peers\"</b></p><p>There used to be a Chinese saying that \"peers are enemies\", but in the eyes of the asset management circle, investment value seems to be better than everything else.</p><p>Since the last quarter,<b>Jinglin Assets began to continue to invest in peer institutions-KRANESHARES.</b></p><p>Zishitang found that Jinrui Fund has multiple ETFs, which are asset management platforms that develop index investment tools, similar to international index giants<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>, pioneer and pilot, providing investors with low-cost passive investment services.</p><p>It is also understood that this institution is headquartered in new york and specializes in helping global investors better understand the Chinese market and enhance its importance in asset allocation.</p><p>In other words, Jinglin Assets has invested in a peer that is bullish on Chinese assets.</p><p><b>05. Focus on \"competitive investment\" in the future</b></p><p>Regarding the position layout, Jinglin Assets revealed the following directions 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 is online games now or the combination of virtual reality in metaverse in the future, these advances require long-term technical investment from major game manufacturers and multi-player and multi-team collaboration. The re-issuance of game version numbers marks that the bottom of the policy has emerged.</p><p><b>2. New retail and new service platform</b></p><p>The online trend of retail and life services continues to strengthen, and platform companies have become the infrastructure in the fields of business services and circulation. At present, Internet platform companies are in a three-bottom superposition state of performance bottom + policy bottom + valuation bottom. The low base effect that started in the second half of last year will bring most companies back on the right track of growth.</p><p><b>3. Application under the new energy structure</b></p><p>All countries are firmly taking the path of changing the energy structure. Chinese companies have huge first-mover and industrial chain advantages: in<a href=\"https://laohu8.com/S/000591\">Solar energy</a>A number of world-class companies have emerged in the fields of wind energy, power batteries, and energy storage batteries. As a major manufacturing country, although it faces the pressure of transferring some industrial chains, China's advantageous industrial chains are likely to become winners in the big wave of energy transformation.</p><p><b>4. In-depth digital software and hardware</b></p><p>We are going through the process of deep digitalization. Data center business and various forms of cloud services will have strong stickiness. Once used, the migration cost is very high. Both China and the United States have leading enterprises in this area with investment value.</p><p><b>5. Development and application of artificial intelligence</b></p><p>Judging from the current progress of corporate research and development, the most likely project to be implemented is the realization of autonomous driving. The revolutionary breakthrough in this field will subvert the existing automobile industry and transportation service fields. This is also another revolutionary product that changes our lifestyle after smartphones. There should be these exciting changes in the business we hold.</p><p><b>6. Consumer products with social attributes</b></p><p>This type of business model is simple, stable, and has a very high moat. The social need deep in human nature-the need to \"define yourself and distinguish yourself from others\" in the crowd has not changed. There is a kind of commodity that meets people's needs because of its historical origin and difficult-to-copy quality characteristics. This is people's reward for their own lives and the carrier of respect for others in social interaction.</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>100 billion Jinglin assets \"bargain-hunting\" retail real estate? Keike becomes its number one position in U.S. stocks</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\">\n100 billion Jinglin assets \"bargain-hunting\" retail real estate? Keike becomes its number one position in U.S. stocks\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, Jinglin Assets disclosed the latest position details of US stocks.</p><p>Zishitang found that as of the end of the second quarter of 2022, the US stock holdings of the 100 billion private equity giant reached US $2.24 billion, or RMB 15.1 billion.</p><p>This figure is still at the forefront of overseas investment by domestic institutions, but it is slightly lower than the US $2.32 billion in the first quarter.</p><p>The inventory found that the seating of Jinglin Assets' heavyweight stocks changed again,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Holdings was promoted to the largest position, 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 are still Jinglin's most important assets in the US stock market.</p><p><b>01. Highly concentrated shareholding</b></p><p>It is worth reminding that Jinglin Assets invests in U.S. stocks through its Hong Kong subsidiary, and the above-mentioned holdings do not include the U.S. stock positions of other mainland Chinese entities and its products.</p><p>As of the end of the second quarter, the total market value of the top ten holdings of Jinglin's US stocks reached US $1.736 billion, accounting for 78% of the total holdings.</p><p>The concentration is much higher than that of mainland Public Offering of Fund and QDII products, which is also a habit that Jinglin has developed for many years.</p><p><img src=\"https://static.tigerbbs.com/ef2519c3ce998824f5b851bb52a9ee53\" tg-width=\"865\" tg-height=\"494\" referrerpolicy=\"no-referrer\"/></p><p><b>02. \"Fancy\" real estate agents</b></p><p>In the second quarter, Keike became the listed company with the heaviest position held by Jinglin.</p><p>At present, the company is the leading consulting company for second-hand houses, new houses and housing rental in China, and its main body includes well-known real estate intermediary brands such as Chain Home in the industry.</p><p><b>Jinglin currently holds 20.43 million shares of Shell Holdings' ADS (American Depositary Receipts), equivalent to a market value of US $365 million.</b></p><p>In the current period, Keike fluctuated at the bottom, and the current stock price has dropped by about 90% compared with the highest price at the beginning of its listing that year.</p><p><img src=\"https://static.tigerbbs.com/f4e6b1b7410fea663002d6e3f86101db\" tg-width=\"865\" tg-height=\"547\" referrerpolicy=\"no-referrer\"/></p><p><b>03. Many Chinese concept stocks return to vision</b></p><p>Jinglin's top five holdings also include JD.com, NetEase, Jinrui Fund and<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>。</p><p>Wherein,<b>Jinglin has significantly reduced its positions in both JD.com and Netease.</b></p><p>The position in the former decreased from 4.35 million shares in the previous quarter to 3.21 million shares, and the position in the latter decreased from 3.6 million shares to 2.2 million shares.</p><p>Another highlight of Jinglin's position this time is<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Return to the top ten Awkwardness camp.</b></p><p>The latest data shows that Jinglin holds 1.24 million shares of Alibaba ADS, equivalent to a market value of US $141 million.</p><p>Coincidentally.</p><p>The \"exposure\" of two other Chinese concept stocks also rose in Jinglin's position report in 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>The Group</b>, becoming a new face of the top ten Awkwardness stocks in the second quarter. The former is a leading social e-commerce company with a shareholding of 2.01 million shares, while the latter is an intercity vehicle logistics and vehicle-cargo matching information platform operator with a shareholding of 12.83 million shares.</p><p><b>04. Invest heavily in \"peers\"</b></p><p>There used to be a Chinese saying that \"peers are enemies\", but in the eyes of the asset management circle, investment value seems to be better than everything else.</p><p>Since the last quarter,<b>Jinglin Assets began to continue to invest in peer institutions-KRANESHARES.</b></p><p>Zishitang found that Jinrui Fund has multiple ETFs, which are asset management platforms that develop index investment tools, similar to international index giants<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>, pioneer and pilot, providing investors with low-cost passive investment services.</p><p>It is also understood that this institution is headquartered in new york and specializes in helping global investors better understand the Chinese market and enhance its importance in asset allocation.</p><p>In other words, Jinglin Assets has invested in a peer that is bullish on Chinese assets.</p><p><b>05. Focus on \"competitive investment\" in the future</b></p><p>Regarding the position layout, Jinglin Assets revealed the following directions 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 is online games now or the combination of virtual reality in metaverse in the future, these advances require long-term technical investment from major game manufacturers and multi-player and multi-team collaboration. The re-issuance of game version numbers marks that the bottom of the policy has emerged.</p><p><b>2. New retail and new service platform</b></p><p>The online trend of retail and life services continues to strengthen, and platform companies have become the infrastructure in the fields of business services and circulation. At present, Internet platform companies are in a three-bottom superposition state of performance bottom + policy bottom + valuation bottom. The low base effect that started in the second half of last year will bring most companies back on the right track of growth.</p><p><b>3. Application under the new energy structure</b></p><p>All countries are firmly taking the path of changing the energy structure. Chinese companies have huge first-mover and industrial chain advantages: in<a href=\"https://laohu8.com/S/000591\">Solar energy</a>A number of world-class companies have emerged in the fields of wind energy, power batteries, and energy storage batteries. As a major manufacturing country, although it faces the pressure of transferring some industrial chains, China's advantageous industrial chains are likely to become winners in the big wave of energy transformation.</p><p><b>4. In-depth digital software and hardware</b></p><p>We are going through the process of deep digitalization. Data center business and various forms of cloud services will have strong stickiness. Once used, the migration cost is very high. Both China and the United States have leading enterprises in this area with investment value.</p><p><b>5. Development and application of artificial intelligence</b></p><p>Judging from the current progress of corporate research and development, the most likely project to be implemented is the realization of autonomous driving. The revolutionary breakthrough in this field will subvert the existing automobile industry and transportation service fields. This is also another revolutionary product that changes our lifestyle after smartphones. There should be these exciting changes in the business we hold.</p><p><b>6. Consumer products with social attributes</b></p><p>This type of business model is simple, stable, and has a very high moat. The social need deep in human nature-the need to \"define yourself and distinguish yourself from others\" in the crowd has not changed. There is a kind of commodity that meets people's needs because of its historical origin and difficult-to-copy quality characteristics. This is people's reward for their own lives and the carrier of respect for others in social interaction.</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":{"BK4122":"互联网与直销零售","BK4504":"桥水持仓","BK4548":"巴美列捷福持仓","BK4501":"段永平概念","PDD":"拼多多","BK4553":"喜马拉雅资本持仓","BK4531":"中概回港概念","BK4509":"腾讯概念","BK4558":"双十一","BK4535":"淡马锡持仓","BK4526":"热门中概股","BEKE":"贝壳","BK4505":"高瓴资本持仓","BK4079":"房地产服务","BK4503":"景林资产持仓"},"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":{"PDD":0.9,"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1504,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":1798,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":1409,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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,"repost":{"id":"2257738911","kind":"highlight","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1659827849,"share":"https://ttm.financial/m/news/2257738911?lang=en_US&edition=fundamental","pubTime":"2022-08-07 07:17","market":"sh","language":"zh","title":"What happened? Stock God Buffett lost $43.8 billion in the second quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2257738911","media":"券商中国","summary":"当前，美股市场对美联储进一步激进加息的担忧再起。季报显示，伯克希尔二季度共斥资约10亿美元，用于购买公司普通股，一季度回购额为32亿美元。截止二季度末，伯克希尔公司的现金储备略降至1054亿美元，上季度末为1063亿美元。标准普尔500指数的二季度跌幅逾16%，这是自2020年3月以来最大的季度跌幅。杰克逊霍尔全球央行年会，可能成为美联储主席鲍威尔释放后续货币政策信号的关键窗口。","content":"<p><html><head></head><body>This weekend, Buffett's latest financial report swiped the investment circle. On the evening of August 6th, Beijing time,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>According to the second quarter financial report released by Hathaway, due to the huge book loss of its investment portfolio, the company's net loss attributable to shareholders in the second quarter of this year was as high as 43.755 billion USD (about 295.9 billion RMB). The \"stock god\" was not immune.</p><p>This weekend, Buffett's latest financial report swiped the investment circle. On the evening of August 6th, Beijing time,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>According to the second quarter financial report released by Hathaway, due to the huge book loss of its investment portfolio, the company's net loss attributable to shareholders in the second quarter of this year was as high as 43.755 billion USD (about 295.9 billion RMB). In the face of the plunge in the US stock market, its portfolio lost as much as 53 billion US dollars (about 358.4 billion yuan) in the second quarter.</p><p><b>According to the financial report, in the second quarter of this year, about 69% of Berkshire Hathaway's stock holdings were concentrated in five companies:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>($125.1 billion),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>($32.2 billion),<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Company ($25.2 billion),<a href=\"https://laohu8.com/S/CVX\">Chevron</a>($23.7 billion),<a href=\"https://laohu8.com/S/AXP\">American Express</a>($21 billion), and the list of heavyweight stocks is in line with last quarter. In addition, since the beginning of this year, Buffett has continued to increase his holdings significantly<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>By the end of June, the company had acquired 17% of Occidental's existing share capital, worth $9.3 billion.</b></p><p>At present, the US stock market is concerned about the Fed's further aggressive rate hike. After the release of the strong non-farm payrolls report in the United States in July, the latest report of the Wall Street Journal, known as the \"Federal Reserve News Agency\", said that it would be more difficult for the Federal Reserve to slow down the pace of rate hike at next month's interest rate meeting. At the same time, since this week, Fed officials have frequently released \"hawkish\" signals, breaking the market expectation of ending the rate hike early.</p><p>Huge loss of stock god</p><p>On the morning of August 6th, Eastern Time (evening of August 6th, Beijing time), Berkshire Hathaway, a subsidiary of Buffett, announced its latest financial report. Due to the huge book loss of its investment portfolio, the company's net loss attributable to shareholders in the second quarter of this year was as high as 43.755 billion USD, compared with a net profit of 28.094 billion USD in the same period last year.</p><p>Berkshire's operating profit in the second quarter was $9.28 billion, up 38.7% year-over-year. The scope of this profit covers insurance, railway and utility businesses owned by the Group, excluding investment gains and losses.</p><p>According to the financial report, in the second quarter of this year, Berkshire Hathaway's investment portfolio lost as much as $53 billion (about RMB 358.4 billion) in the market plunge. That led to a cumulative loss of $54.6 billion on Berkshire's investments in the first half of the year.<img src=\"https://static.tigerbbs.com/a1231871a45a477f88e8d6524b738076\" tg-width=\"1024\" tg-height=\"399\" referrerpolicy=\"no-referrer\"/></p><p>The statement pointed out that given the huge size of the company's equity securities portfolio, market fluctuations and changes in unrealized gains and losses of stocks will have a significant impact on the company's performance. In addition, periodic revaluation of certain assets and liabilities denominated in foreign currencies, as well as asset impairment charges, may cause periodic fluctuations in net profit.</p><p>Faced with the huge loss in the second quarter, Berkshire reminded investors in the financial report not to pay too much attention to the fluctuation of investment income in the company's financial report, because the investment gain and loss in any quarter is usually meaningless.</p><p>Notably, Berkshire Hathaway's filing shows that the size of new stock it bought in the second quarter decreased to about $6.2 billion, significantly down from $51.1 billion in the first quarter, and in addition, the company sold $2.3 billion of stock in the second quarter.</p><p>Meanwhile, Berkshire has also slowed its buybacks. According to the quarterly report, Berkshire spent about $1 billion in the second quarter to purchase the company's common stock, and the repurchase amount in the first quarter was $3.2 billion. At the end of the second quarter, Berkshire's cash reserves fell slightly to $105.4 billion, compared with $106.3 billion at the end of the previous quarter.</p><p>Latest Awkwardness Exposure</p><p>According to the financial report, in the second quarter of this year, about 69% of Berkshire Hathaway's stock holdings were concentrated in five companies: Apple ($125.1 billion), Bank of America ($32.2 billion), Coca-Cola Company ($25.2 billion), Chevron ($23.7 billion) and American Express ($21 billion). The list of heavyweight stocks is consistent with that of the previous quarter.</p><p><b>Among them, Apple, Bank of America, American Express and Chevron all suffered huge pullback/retracement in the second quarter, with declines of 21.58%, 24%, 25.39% and 10.35% respectively. Coca-Cola bucked the trend and rose 2.22% in the second quarter.</b></p><p>It can be seen that Berkshire's investment portfolio suffered a floating loss in the second quarter, which is mainly closely related to the performance of the above-mentioned heavyweight stocks in the second quarter.</p><p>In addition, the huge loss of Berkshire's investment portfolio is also related to the US stock market. Affected by the Federal Reserve's repeated sharp rate hike and the expectation of economic recession, the US stock market fell into a bear market in the second quarter of this year. The S&P 500's second-quarter drop was more than 16%, the biggest quarterly drop since March 2020.</p><p>Affected by the market decline, Berkshire's Class A shares also fell by more than 22% in the second quarter.</p><p>Later in August, Berkshire will disclose its specific investments in the second quarter to regulators, and investors will get more detailed information on changes in Berkshire's stock portfolio.</p><p>It is worth mentioning that Berkshire has significantly increased its holdings in Occidental Petroleum this year. According to the financial report, as of the end of June 2022, the company had acquired 17% of the existing share capital of Occidental Petroleum, worth $9.3 billion, which is also a rare large investment by Berkshire in recent years.</p><p>Stimulated by the continuous surge in international oil prices and Buffett's generous sweep of goods, Occidental Petroleum's share price has soared all the way, making it the best-performing stock in the S&P 500 Index this year, with a cumulative increase of 104.33% in 2022, and its total market value rose to 54.818 billion USD (about 370.7 billion RMB).</p><p><img src=\"https://static.tigerbbs.com/e2b1cc1f4f3a01313b52a8f81f77f026\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Benefiting from the soaring international oil price, the performance of Western Petroleum is very bright. Its second quarter financial report shows that the oil and natural gas revenue in the first half of the year has exceeded that of last year. In the second quarter, the energy revenue reached 7.696 billion USD, a year-on-year increase of 70.8%. In the second quarter, the company's total revenue reached 10.735 billion USD, a year-on-year increase of 78.6%. Due to the low profit base in the same period of last year, the profit in the first half of this year soared 36 times year-on-year.</p><p>Fed rate hike Storm Again?</p><p><b>At present, the US stock market is concerned about the Fed's further aggressive rate hike.</b></p><p>After the release of the strong non-farm payrolls report in the United States in July, the latest report of the Wall Street Journal, known as the \"new Federal Reserve News Agency (Fedwire)\", said that the U.S. employment data in July beat the expectation of an economic slowdown, which will make it more difficult for the Federal Reserve to slow down the pace of rate hike at the FOMC meeting next month.</p><p>According to the latest data from the U.S. labor market, non-farm payrolls increased by 528,000 in July, and the unemployment rate fell to 3.5%, both returning to pre-pandemic levels in February 2020.</p><p>Subsequently, the swap contract interest rate corresponding to the Fed's resolution in September once soared to 3%, which shows that the Fed's rate hike of 50 basis points is almost a certainty by then, and the probability of rate hike of 75 basis points has risen to two-thirds.</p><p>While the Federal Reserve is trying to slow economic growth through rate hike and cool the U.S. labor market to curb the highest inflation in nearly 40 years. But Friday's nonfarm payrolls report showed the economy is still growing strongly, which the Wall Street Journal warned could lead Fed officials to conclude they need to raise interest rates to higher levels and keep them high for longer to cool the economy.</p><p>So Fed Chair Powell made it clear that another big rate hike at the next meeting may be appropriate, but it will depend on the data.</p><p>Since the beginning of this week, Federal Reserve officials have frequently released \"hawkish\" signals, breaking the market expectation of ending the rate hike early. Among them, Fed President Evans said he would support rate hike by 50 basis points at the September meeting if the economy slows as expected. But if economic data is hotter than expected, a third straight rate hike of 75 basis points isn't out of the question.</p><p>From the point of time in the financial calendar, the most eye-catching data are undoubtedly the July CPI data of the United States to be released next week, and the annual meeting of global central banks in Jackson Hole scheduled to be held from August 25th to 27th.</p><p>The annual meeting of global central banks in Jackson Hole may become a key window for Federal Reserve Chairman Powell to release follow-up monetary policy signals. Historically, the Federal Reserve has often announced major monetary policy developments at its annual meeting at Jackson Hole.</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>What happened? Stock God Buffett lost $43.8 billion in the second quarter</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\">\nWhat happened? Stock God Buffett lost $43.8 billion in the second quarter\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2022-08-07 07:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This weekend, Buffett's latest financial report swiped the investment circle. On the evening of August 6th, Beijing time,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>According to the second quarter financial report released by Hathaway, due to the huge book loss of its investment portfolio, the company's net loss attributable to shareholders in the second quarter of this year was as high as 43.755 billion USD (about 295.9 billion RMB). The \"stock god\" was not immune.</p><p>This weekend, Buffett's latest financial report swiped the investment circle. On the evening of August 6th, Beijing time,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>According to the second quarter financial report released by Hathaway, due to the huge book loss of its investment portfolio, the company's net loss attributable to shareholders in the second quarter of this year was as high as 43.755 billion USD (about 295.9 billion RMB). In the face of the plunge in the US stock market, its portfolio lost as much as 53 billion US dollars (about 358.4 billion yuan) in the second quarter.</p><p><b>According to the financial report, in the second quarter of this year, about 69% of Berkshire Hathaway's stock holdings were concentrated in five companies:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>($125.1 billion),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>($32.2 billion),<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Company ($25.2 billion),<a href=\"https://laohu8.com/S/CVX\">Chevron</a>($23.7 billion),<a href=\"https://laohu8.com/S/AXP\">American Express</a>($21 billion), and the list of heavyweight stocks is in line with last quarter. In addition, since the beginning of this year, Buffett has continued to increase his holdings significantly<a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a>By the end of June, the company had acquired 17% of Occidental's existing share capital, worth $9.3 billion.</b></p><p>At present, the US stock market is concerned about the Fed's further aggressive rate hike. After the release of the strong non-farm payrolls report in the United States in July, the latest report of the Wall Street Journal, known as the \"Federal Reserve News Agency\", said that it would be more difficult for the Federal Reserve to slow down the pace of rate hike at next month's interest rate meeting. At the same time, since this week, Fed officials have frequently released \"hawkish\" signals, breaking the market expectation of ending the rate hike early.</p><p>Huge loss of stock god</p><p>On the morning of August 6th, Eastern Time (evening of August 6th, Beijing time), Berkshire Hathaway, a subsidiary of Buffett, announced its latest financial report. Due to the huge book loss of its investment portfolio, the company's net loss attributable to shareholders in the second quarter of this year was as high as 43.755 billion USD, compared with a net profit of 28.094 billion USD in the same period last year.</p><p>Berkshire's operating profit in the second quarter was $9.28 billion, up 38.7% year-over-year. The scope of this profit covers insurance, railway and utility businesses owned by the Group, excluding investment gains and losses.</p><p>According to the financial report, in the second quarter of this year, Berkshire Hathaway's investment portfolio lost as much as $53 billion (about RMB 358.4 billion) in the market plunge. That led to a cumulative loss of $54.6 billion on Berkshire's investments in the first half of the year.<img src=\"https://static.tigerbbs.com/a1231871a45a477f88e8d6524b738076\" tg-width=\"1024\" tg-height=\"399\" referrerpolicy=\"no-referrer\"/></p><p>The statement pointed out that given the huge size of the company's equity securities portfolio, market fluctuations and changes in unrealized gains and losses of stocks will have a significant impact on the company's performance. In addition, periodic revaluation of certain assets and liabilities denominated in foreign currencies, as well as asset impairment charges, may cause periodic fluctuations in net profit.</p><p>Faced with the huge loss in the second quarter, Berkshire reminded investors in the financial report not to pay too much attention to the fluctuation of investment income in the company's financial report, because the investment gain and loss in any quarter is usually meaningless.</p><p>Notably, Berkshire Hathaway's filing shows that the size of new stock it bought in the second quarter decreased to about $6.2 billion, significantly down from $51.1 billion in the first quarter, and in addition, the company sold $2.3 billion of stock in the second quarter.</p><p>Meanwhile, Berkshire has also slowed its buybacks. According to the quarterly report, Berkshire spent about $1 billion in the second quarter to purchase the company's common stock, and the repurchase amount in the first quarter was $3.2 billion. At the end of the second quarter, Berkshire's cash reserves fell slightly to $105.4 billion, compared with $106.3 billion at the end of the previous quarter.</p><p>Latest Awkwardness Exposure</p><p>According to the financial report, in the second quarter of this year, about 69% of Berkshire Hathaway's stock holdings were concentrated in five companies: Apple ($125.1 billion), Bank of America ($32.2 billion), Coca-Cola Company ($25.2 billion), Chevron ($23.7 billion) and American Express ($21 billion). The list of heavyweight stocks is consistent with that of the previous quarter.</p><p><b>Among them, Apple, Bank of America, American Express and Chevron all suffered huge pullback/retracement in the second quarter, with declines of 21.58%, 24%, 25.39% and 10.35% respectively. Coca-Cola bucked the trend and rose 2.22% in the second quarter.</b></p><p>It can be seen that Berkshire's investment portfolio suffered a floating loss in the second quarter, which is mainly closely related to the performance of the above-mentioned heavyweight stocks in the second quarter.</p><p>In addition, the huge loss of Berkshire's investment portfolio is also related to the US stock market. Affected by the Federal Reserve's repeated sharp rate hike and the expectation of economic recession, the US stock market fell into a bear market in the second quarter of this year. The S&P 500's second-quarter drop was more than 16%, the biggest quarterly drop since March 2020.</p><p>Affected by the market decline, Berkshire's Class A shares also fell by more than 22% in the second quarter.</p><p>Later in August, Berkshire will disclose its specific investments in the second quarter to regulators, and investors will get more detailed information on changes in Berkshire's stock portfolio.</p><p>It is worth mentioning that Berkshire has significantly increased its holdings in Occidental Petroleum this year. According to the financial report, as of the end of June 2022, the company had acquired 17% of the existing share capital of Occidental Petroleum, worth $9.3 billion, which is also a rare large investment by Berkshire in recent years.</p><p>Stimulated by the continuous surge in international oil prices and Buffett's generous sweep of goods, Occidental Petroleum's share price has soared all the way, making it the best-performing stock in the S&P 500 Index this year, with a cumulative increase of 104.33% in 2022, and its total market value rose to 54.818 billion USD (about 370.7 billion RMB).</p><p><img src=\"https://static.tigerbbs.com/e2b1cc1f4f3a01313b52a8f81f77f026\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Benefiting from the soaring international oil price, the performance of Western Petroleum is very bright. Its second quarter financial report shows that the oil and natural gas revenue in the first half of the year has exceeded that of last year. In the second quarter, the energy revenue reached 7.696 billion USD, a year-on-year increase of 70.8%. In the second quarter, the company's total revenue reached 10.735 billion USD, a year-on-year increase of 78.6%. Due to the low profit base in the same period of last year, the profit in the first half of this year soared 36 times year-on-year.</p><p>Fed rate hike Storm Again?</p><p><b>At present, the US stock market is concerned about the Fed's further aggressive rate hike.</b></p><p>After the release of the strong non-farm payrolls report in the United States in July, the latest report of the Wall Street Journal, known as the \"new Federal Reserve News Agency (Fedwire)\", said that the U.S. employment data in July beat the expectation of an economic slowdown, which will make it more difficult for the Federal Reserve to slow down the pace of rate hike at the FOMC meeting next month.</p><p>According to the latest data from the U.S. labor market, non-farm payrolls increased by 528,000 in July, and the unemployment rate fell to 3.5%, both returning to pre-pandemic levels in February 2020.</p><p>Subsequently, the swap contract interest rate corresponding to the Fed's resolution in September once soared to 3%, which shows that the Fed's rate hike of 50 basis points is almost a certainty by then, and the probability of rate hike of 75 basis points has risen to two-thirds.</p><p>While the Federal Reserve is trying to slow economic growth through rate hike and cool the U.S. labor market to curb the highest inflation in nearly 40 years. But Friday's nonfarm payrolls report showed the economy is still growing strongly, which the Wall Street Journal warned could lead Fed officials to conclude they need to raise interest rates to higher levels and keep them high for longer to cool the economy.</p><p>So Fed Chair Powell made it clear that another big rate hike at the next meeting may be appropriate, but it will depend on the data.</p><p>Since the beginning of this week, Federal Reserve officials have frequently released \"hawkish\" signals, breaking the market expectation of ending the rate hike early. Among them, Fed President Evans said he would support rate hike by 50 basis points at the September meeting if the economy slows as expected. But if economic data is hotter than expected, a third straight rate hike of 75 basis points isn't out of the question.</p><p>From the point of time in the financial calendar, the most eye-catching data are undoubtedly the July CPI data of the United States to be released next week, and the annual meeting of global central banks in Jackson Hole scheduled to be held from August 25th to 27th.</p><p>The annual meeting of global central banks in Jackson Hole may become a key window for Federal Reserve Chairman Powell to release follow-up monetary policy signals. Historically, the Federal Reserve has often announced major monetary policy developments at its annual meeting at Jackson Hole.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/647e27ac00ad48d982ae8234fc5355de","relate_stocks":{"159945":"能源","BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2257738911","content_text":"这个周末，“股神”巴菲特的最新财报刷屏投资圈。北京时间8月6日晚间，伯克希尔哈撒韦公司公布的二季度财报显示，因投资组合出现巨额帐面亏损，今年第二季度公司归属于股东的净亏损高达437.55亿美元（约合人民币2959亿元）。“股神”也未能幸免。这个周末，“股神”巴菲特的最新财报刷屏投资圈。北京时间8月6日晚间，伯克希尔哈撒韦公司公布的二季度财报显示，因投资组合出现巨额帐面亏损，今年第二季度公司归属于股东的净亏损高达437.55亿美元（约合人民币2959亿元）。面对美股市场的暴跌，其投资组合在二季度的损失金额高达530亿美元（约合人民币3584亿元）。据财报显示，今年二季度，伯克希尔哈撒韦股票持仓的大约69%集中在五家公司：苹果（1251亿美元）、美国银行（322亿美元）、可口可乐公司（252亿美元）、雪佛龙（237亿美元）、美国运通（210亿美元），重仓股名单与上季度一致。另外，今年以来，巴菲特持续大幅增持西方石油，截止6月末，公司已收购了占西方石油现有股本17%的股票，价值93亿美元。当前，美股市场对美联储进一步激进加息的担忧再起。在美国7月强劲的非农就业报告发布后，有“美联储通讯社”之称的华尔街日报最新报道称，美联储在下月的议息会议上更难放慢加息步伐。与此同时，本周以来，美联储官员频频释放“鹰派”信号，打破了提前结束加息的市场预期。股神巨亏美东时间8月6日上午（北京时间8月6日晚），“股神”巴菲特旗下伯克希尔哈撒韦公司公布了最新财报，因投资组合出现巨额帐面亏损，今年第二季度公司归属于股东的净亏损高达437.55亿美元，上年同期为净利280.94亿美元。二季度伯克希尔的运营利润为92.8亿美元，同比增长38.7%。此项利润的范畴涵盖集团拥有的保险、铁路和公用事业等业务，不包括投资损益。据财报显示，今年第二季度，伯克希尔哈撒韦的投资组合在市场暴跌中损失金额高达530亿美元（约合人民币3584亿元）。这导致今年上半年伯克希尔的投资累计损失达到546亿美元。报表指出，鉴于公司股权证券投资组合的庞大规模，市场的波动以及股票未实现损益的变化，将对公司的业绩产生重大影响。此外，某些以外币计价的资产和负债的定期重估，以及资产减值费用等都可能会造成周期性的净利润波动。面对二季度的巨亏亏损，伯克希尔在财报中提示投资者，不要过度关注公司财务报告中投资收益的波动，因为任何一个季度的投资损益通常都是没有意义的。值得注意的是，伯克希尔哈撒韦提交的文件显示，该公司在二季度买入的新股票规模减少至约62亿美元，大幅低于一季度的511亿美元，此外，第二季度公司抛售了23亿美元的股票。与此同时，伯克希尔也放缓了回购速度。季报显示，伯克希尔二季度共斥资约10亿美元，用于购买公司普通股，一季度回购额为32亿美元。截止二季度末，伯克希尔公司的现金储备略降至1054亿美元，上季度末为1063亿美元。最新重仓股曝光据财报显示，今年二季度，伯克希尔哈撒韦股票持仓的大约69%集中在五家公司：苹果（1251亿美元）、美国银行（322亿美元）、可口可乐公司（252亿美元）、雪佛龙（237亿美元）、美国运通（210亿美元），重仓股名单与上季度一致。其中，苹果、美国银行、美国运通、雪佛龙在二季度均遭遇了巨幅回撤，跌幅分别为21.58%、24%、25.39%、10.35%。而可口可乐则在二季度逆势上涨了2.22%。由此可见，伯克希尔的投资组合在二季度出现浮亏，主要与上述重仓股二季度的表现密切相关。另外，伯克希尔投资组合的巨亏与美股大市也有一定的关系，受美联储多次大幅加息，以及经济衰退预期的影响，今年二季度美国股市跌入熊市。标准普尔500指数的二季度跌幅逾16%，这是自2020年3月以来最大的季度跌幅。受市场下挫的影响，伯克希尔的A类股股价在二季度下跌幅度也超过22%。8月晚些时候，伯克希尔将会向监管机构披露其二季度具体的投资情况，投资者将获得伯克希尔股票投资组合变化的更详细信息。值得一提的是，伯克希尔今年以来大幅增持西方石油。财报显示，截止2022年6月末，公司已收购了占西方石油现有股本17%的股票，价值93亿美元，这也是近年来伯克希尔少见的一笔大宗投资。在国际油价持续飙涨、巴菲特大手笔扫货的刺激下，西方石油的股价一路飙涨大涨，是今年以来标普500指数中表现最好的股票，2022年年内累计涨幅达到104.33%，总市值升至548.18亿美元（约合人民币3707亿元）。受益于国际油价的飙涨，西方石油的业绩表现非常亮眼。其二季度财报显示，上半年石油和天然气收入已经超过去年全年，二季度能源收入达到76.96亿美元，同比增长70.8%，二季度公司总营收达 107.35亿美元，同比上涨78.6%，由于去年同期利润基数较低，今年上半年利润更是同比飙升36倍。美联储加息风暴再起？当前，美股市场对美联储进一步激进加息的担忧再起。在美国7月强劲的非农就业报告发布后，有“新美联储通讯社（Fedwire）”之称的华尔街日报最新报道称，7月份的美国就业数据打破了经济放缓的预期，这将使美联储在下月的FOMC会议上更难放慢加息步伐。据美国劳动力市场的最新数据显示，7月非农就业人口增加52.8万人，失业率跌至3.5%，均回到2020年2月疫情前的水平。随后，9月美联储决议对应的互换合约利率一度飙升至3%，这表明，美联储届时加息50个基点几乎是板上钉钉，加息75个基点的概率已升至三分之二。而美联储正试图通过加息减缓经济增长，并给美国劳动力市场降温，以遏制近40年来的最高通胀。但周五的非农就业报告显示，经济仍在强劲增长，华尔街日报警告称，这可能使美联储官员得出结论，他们需要将利率提高到更高水平，并将利率在高水平保持更长时间，以冷却经济。因此，美联储主席鲍威尔明确表示，下次会议上再次大幅加息可能是合适的，但将取决于数据。本周以来，美联储官员频频释放“鹰派”信号，打破了提前结束加息的市场预期。其中，芝加哥联储主席埃文斯表示，如果经济如预期的那样放缓，将在9月份的会议上支持加息50个基点。但如果经济数据比预期更热，连续第三次加息75个基点也不是不可能的。从财经日历的时间点来看，最受瞩目的数据无疑是，下周将公布的美国7月CPI数据，以及定于8月25日至27日举行的杰克逊霍尔全球央行年会。杰克逊霍尔全球央行年会，可能成为美联储主席鲍威尔释放后续货币政策信号的关键窗口。在历史上，美联储经常会在杰克逊霍尔年会上宣布重大的货币政策进展。","news_type":1,"symbols_score_info":{"159945":1,"BRK.B":1,"BRK.A":1}},"isVote":1,"tweetType":1,"viewCount":1342,"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://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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/9905283130","repostId":"1151833716","repostType":4,"repost":{"id":"1151833716","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":1659747289,"share":"https://ttm.financial/m/news/1151833716?lang=en_US&edition=fundamental","pubTime":"2022-08-06 08:54","market":"us","language":"zh","title":"Last Night This Morning | Violent rate hike Expected Reignited! Another \"epic\" demon stock \"\"","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 non-farm payrolls data in the United States in July far exceeded expectations, which strengthened the market expectation that the Federal Reserve would adhere to a radical rate hike to curb inflation; ② Hong Kong-funded securities firm Zhifu Financing once soared 50 times on the first day of listing.<a href=\"https://laohu8.com/S/HKD\">Shang multiplied numbers</a>Down nearly 10%; ③ Moscow Exchange will allow non-residents from friendly countries to enter the forward market for trading from August 8th. Details>> Overseas Markets</p><p>1. Non-agricultural data strengthens the Fed's rate hike expectation that U.S. stocks close mixed</p><p>U.S. Stocks U.S. stocks closed mixed Friday. Both the Nasdaq and the S&P 500 recorded gains this week. U.S. non-farm payrolls data in July far exceeded expectations, reinforcing market expectations that the Federal Reserve will insist on an aggressive rate hike to curb inflation. Markets are predicting a 75 basis point probability of a third Fed rate hike of nearly 70%.</p><p>The Dow rose 76.65 points, or 0.23%, to 32,803.47 points; The Nasdaq fell 63.03 points, or 0.50%, to 12,657.55 points; 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. Zhifu Financing once soared 50 times on the first day of listing<a href=\"https://laohu8.com/S/HKD\">Shang multiplied numbers</a>Down nearly 10%</p><p>Popular Chinese stocks closed mixed on Friday, with the Nasdaq China Golden Dragon Index closing down 1.83%.</p><p>Hong Kong-funded securities firm Zhifu Financing closed by 2325.00% on the first day of listing, and the intraday increase once reached 5262%. The IPO issue price was only USD 4, and the stock price once reached USD 235.95, which triggered multiple fuses;<a href=\"https://laohu8.com/S/HKD\">Shang multiplied numbers</a>It fell for three consecutive days, closing down nearly 10%, and the share price fell more than 70% from the peak.</p><p>3. Major European stock indexes collectively closed lower, and Germany's DAX30 index fell 0.6%</p><p>The monthly non-farm payroll data in the United States performed stronger than expected, rate hike expectations heated up, and major European stock indexes closed down collectively. Among them, Germany's DAX30 index fell 0.6%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>The index fell 0.12%, the French CAC40 fell 0.63% and the European Stoxx 50 fell 0.77%.</p><p>4. U.S. WTI crude oil closed 0.5% higher on Friday, down 9.7% this 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. But recession fears sent WTI crude oil recording a nearly 10% drop this week.</p><p>West Texas Intermediate (WTI) crude oil futures for September delivery rose 47 cents, or 0.53%, to close at $89.01 a barrel on the New York Mercantile Exchange. WTI crude oil has lost more than 9.7% cumulatively this week.</p><p>5. New York gold futures closed down 0.7% on Friday. Non-agricultural data put pressure on gold prices</p><p>U.S. gold futures closed lower on Friday. The U.S. non-farm payrolls report in July eased fears of economic recession, and at the same time strengthened the market expectation that the Federal Reserve will insist on active tightening policy, putting pressure on gold futures prices.</p><p>Gold futures for December delivery settled down 0.7% at $1,778 an ounce on the New York Mercantile Exchange.</p><p>International macro</p><p>1. The non-agricultural surge of 528,000 in July in the United States \"frightened\" the market! Fed Gets Another Tightening 'Ammunition'</p><p>Both the total population of non-farm payrolls and the unemployment rate in the United States have returned to pre-COVID levels.</p><p>Rising recession fears do not appear to have affected the scorching U.S. job market. According to the data released by the U.S. Bureau of Labor Statistics on the 5th, the number of new jobs in the non-agricultural sector in the United States jumped by 528,000 in July this year, significantly higher than the expected 258,000, compared with 388,000 in the previous four months. The U.S. unemployment rate edged down by 0.1 percentage points to 3.5% that month, and the average hourly wage of employees increased by 5.2% year-over-year, higher than market expectations of 4.9%.</p><p>So far, both the total population of non-farm payrolls and the unemployment rate in the United States have returned to pre-COVID pandemic levels in February 2020, continuing to strengthen and support the Fed's hawkish stance.</p><p>2. The hot market price of employment data reflects the possibility of rate hike during the two meetings of the Federal Reserve</p><p>Interest-rate futures traders reacted to stronger-than-expected U.S. jobs data in July by acknowledging that Fed policymakers may rate hike again before their next regular policy meeting in September.</p><p>At one point, the August fed funds rate futures price fell to 97.64, with an implied interest rate level of 2.36%, which is 3 basis points above the current effective Federal Funds rate. At present, the effective Federal Funds rate is within the target range of 2.25%-2.5% Federal Funds rate announced by the Federal Reserve on July 27th.</p><p>The implied interest rate on interest rate futures then stabilized at around 2.345%, suggesting that a rate hike between the meetings is slim to none. However, the unusually long interval between sessions from July to September can pose additional risks.</p><p>3. The U.S. job market recorded the second fastest recovery since 1981. The Federal Reserve or another 75 basis points of rate hike</p><p>The U.S. added 528,000 non-farm payrolls in July, more than double what economists expected, and the job market returned to pre-pandemic levels.</p><p>Although the labor market contraction during the pandemic was the worst in modern history, the rebound marked the second-fastest recovery in the job market since 1981. Michael Pearce, senior U.S. economist at Capital Economics, said that the unexpectedly far-exceeded non-farm report also indicates that the Federal Reserve is likely to raise interest rates by 75 basis points at its September meeting, which will mark the third consecutive time that the Federal Reserve has made such a large rate hike.</p><p>4. US President Joe Biden signs two bills to hold accountable fraudsters who use the COVID-19 bail-out bill</p><p>On August 5, local time, US President Joe Biden signed two bipartisan bills to hold individuals and institutions accountable for using the COVID-19 bail-out bill to commit fraud. According to CNN, the two bills would extend the time limit for prosecutions against those who use the Paycheck Protection Program or COVID relief bill to commit fraud, extending the statute of limitations for criminal and civil enforcement against borrowers to 10 years. Speaking that day, Biden said that \"the U.S. government will let scammers pay back what they stole and hold them accountable according to the law.\"</p><p>5. New York state health officials warn that reported cases are only the tip of the iceberg and hundreds of people are infected with polio</p><p>On August 4th, local time, health officials in New York State said that poliovirus was detected in sewage outside New York City, indicating that the virus was spreading in the community. Now these officials are again warning that the reported cases are only the \"tip of the iceberg\" and that hundreds more may be infected with polio.</p><p>In July, a case of polio (polio) was reported in Rockland County, New York, the first in the United States in nearly a decade, and later, sewage samples tested positive for the poliovirus, indicating a larger outbreak is in the works, New York State Health Commissioner Dr. Mary Bassett said in a statement.</p><p>6. Consumer credit in the United States surged by more than $40 billion, the second highest increase in history</p><p>U.S. consumer credit soared 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>Consumer credit rose $40.2 billion from the previous month, second only to a record $47.1 billion in March, according to data released by the Federal Reserve on Friday. The median economist expectation is an increase of $27 billion. These numbers are not adjusted for inflation.</p><p>Revolving credit balances, including credit cards, increased by $14.8 billion and non-revolving credit increased by $25.4 billion.</p><p>7. U.S. President Joe Biden still tests positive for COVID-19 and is still in quarantine</p><p>On August 5th, local time, the White House doctor said that US President Joe Biden still tested positive for the new coronavirus. At present, Biden's cough is almost completely improved, his body temperature, pulse, blood pressure, respiratory rate and other indicators are completely normal, and his lungs are unblocked. Biden remains in quarantine.</p><p>8. Canada's unemployment rate continued to remain historically low in July</p><p>On August 5th, local time, the latest labor force survey released by Statistics Canada showed that despite the loss of 31,000 jobs in July, Canada's unemployment rate remained at a record low of 4.9% in July, the same as in June.</p><p>The Canadian labour market remains exceptionally tight, with more than 1 million job openings across the country. The unemployment rate is the lowest on record.</p><p>The number of public sector employees declined while the number of self-employed increased and the number of private sector workers remained virtually unchanged.</p><p>9. U.S. Senate plans to vote on inflation reduction bill on the 6th</p><p>According to a CBS report on August 5th local time, the U.S. Senate plans to vote on the Inflation Reduction Act of 2022 on the 6th.</p><p>The Senate reportedly made key progress on the bill after Democrats agreed to change some of the tax proposal. Senate Majority Leader Chuck Schumer said at a press conference that day that the bill agreement retains the original core content including reducing the cost of prescription drugs, tackling climate change, closing tax loopholes, strengthening taxes on large companies and the wealthy, and reducing deficits.</p><p>It is reported that the policies in the Inflation Reduction Act of 2022 include allocating $369 billion to combat climate change, Medicare has the power to negotiate the price of certain drugs, limiting the out-of-pocket cost of Medicare, and extending the Affordable Care Act subsidy for 3 years.</p><p>Situation between Russia and Ukraine</p><p>1. The Moscow Exchange will allow non-residents from friendly countries to enter the forward market for trading from August 8</p><p>Russia's Moscow Exchange announced on the evening of August 5th that non-residents from friendly countries will be allowed to enter the forward market for trading from August 8th. At the same time, the announcement said that it will announce at a later time when non-residents of friendly countries will be allowed to enter the stock market for trading.</p><p>2. Foreign investors will return to the Russian blend market from Monday</p><p>On Friday, local time, the Moscow Exchange said that from next Monday (August 8th), investors from those \"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, in order to protect the Russian financial market, Russia has introduced a series of market support policies, and foreign investors' transactions have also been restricted.</p><p>Next, foreign investors will still be limited to trading, that is, only investors in \"friendly\" countries. The Moscow Exchange pointed out that banks and brokers providing trading services need to confirm the home country of customers.</p><p>3. Russian Deputy Prime Minister: Russian and Turkish presidents have reached a consensus on starting to pay part of Russian natural gas in rubles</p><p>On August 5th, local time, Russian Deputy Prime Minister Novak said that Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan have reached a consensus on starting to pay part of the cost of Russian natural gas supplied to Turkey through rubles.</p><p>On the same day, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held talks in Sochi, Russia. The talks lasted nearly four hours.</p><p>4. Russia announces sanctions on 62 Canadian citizens</p><p>On August 5, local time, the Russian Foreign Ministry issued an announcement saying that in response to Canada's renewal of anti-Russian sanctions on June 27 and July 7 this year, Russia decided to ban 62 Canadian citizens from entering Russia. The 62 included government officials, media journalists, social activists and military associates.</p><p>Company News</p><p>1、<a href=\"https://laohu8.com/NW/2257117425\" target=\"_blank\">Oracle cuts hundreds of jobs this week, reports say</a></p><p>According to reports,<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Company laid off hundreds of employees this week as IT prioritized growing its healthcare IT services and cloud businesses.</p><p>Citing people familiar with the matter, the report said the layoffs mainly hit<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Employees in advertising and customer experience.</p><p>Oracle's layoffs come as the company recently received regulatory approval to acquire electronic medical records company Cerner Corp for $28.3 billion, placing an increasing emphasis on the cloud<a href=\"https://laohu8.com/S/HCSG\">Healthcare services</a>。</p><p>2、<a href=\"https://laohu8.com/NW/2257486114\" target=\"_blank\">Another \"epic demon stock\"? Hong Kong-funded securities firm Zhifu Financing once soared more than 50 times on the first day of listing</a></p><p>Following the multiplication of numbers, the US stock market may usher in another epic demon stock. On the first day of listing, Hong Kong-funded securities firm Zhifu Financing once soared more than 50 times, and the stock price hit a maximum of 235.95 USD/share in the day, which triggered the fuse many times during the session.</p><p>On Friday (August 5th), Eastern Time, Zhifu Financing (stock code MEGL) officially landed in the US stock market, with an IPO price of USD 4/share. The company plans to publicly issue 5 million ordinary shares, with an opening price of USD 50. After drastic fluctuations, it finally closed up by 2325% at USD 97/share.</p><p>3、<a href=\"https://laohu8.com/NW/2257192191\" target=\"_blank\">The wild rise of Shangcheng Digital became a rapid plunge to evaporate $160 billion in market value in two days</a></p><p>A little-known Hong Kong financial services firm's previously dizzyingly wild rally came to an abrupt halt, followed by a two-day plunge that halved the value of its U.S. -listed shares.</p><p>Shares of Amplifier Digital, which has been listed on the New York Stock Exchange for less than a month, hit a record high on Tuesday, but then plunged 52% by Thursday's close, wiping out about $160 billion in market value, more than<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>Shares continued to swing wildly on Friday, swinging up and down, triggering a fuse at least once. Still, volumes remained very low at Amplifier Digital: fewer than 8,000 shares were traded as of 9:55 a.m. New York time. In each of the past four trading days, the stock has had a total daily turnover of less than 500,000 shares.</p><p>4、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Will acquire consumer category for about $1.7 billion<a href=\"https://laohu8.com/S/300024\">Robot</a>Corporate iRobot Acceleration<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home Furnishing Business Growth</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.O) announced Friday that it has agreed to acquire Consumer for $61 per share for a total price of about $1.7 billion<a href=\"https://laohu8.com/S/300024\">Robot</a>Corp. iRobot (IRBT.O). iRobot's best-known product is the Roomba vacuum cleaner, which will work with voice assistants Alexa, Astro<a href=\"https://laohu8.com/S/300024\">Robot</a>Wait together, join in<a href=\"https://laohu8.com/S/AMZN\">Amazon</a><a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home Features Checklist. Neil Saunders, managing director of GlobalData Retail, called the move part of Amazon's efforts to own some of its home space through services and accelerate growth outside of its Retail sector. Amazon hasn't had much success with home robots yet, but the acquisition of iRobot and the company's strong market reputation provide a \"huge foothold in the consumer robotics market\" that could help Amazon replicate its Echo line, according to ABI Research analyst Lian Jye Su<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The success of the speaker box.</p><p>5、<a href=\"https://laohu8.com/NW/2257711744\" target=\"_blank\">American tech giants collectively downsized, Amazon reduced nearly 100,000 staff in a single quarter</a></p><p>American technology giants collectively shrank down, and Amazon shrank nearly 100,000 staff in a single quarter.</p><p>Recently, the international technology giant Amazon (NASDAQ:AMZN) reported its second quarter 2022 financial report, with revenue of US$121.2 billion, a year-on-year increase of 7%, and a net loss of US$2 billion, compared with a net profit of US$7.8 billion in the same period last year. Combined the first two quarters of this year, Amazon posted a net loss of nearly $5.9 billion. It should be pointed out that this is the first time that Amazon has recorded 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 This Morning | Violent rate hike Expected Reignited! Another \"epic\" demon stock \"\"</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 This Morning | Violent rate hike Expected Reignited! Another \"epic\" demon stock \"\"\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 non-farm payrolls data in the United States in July far exceeded expectations, which strengthened the market expectation that the Federal Reserve would adhere to a radical rate hike to curb inflation; ② Hong Kong-funded securities firm Zhifu Financing once soared 50 times on the first day of listing.<a href=\"https://laohu8.com/S/HKD\">Shang multiplied numbers</a>Down nearly 10%; ③ Moscow Exchange will allow non-residents from friendly countries to enter the forward market for trading from August 8th. Details>> Overseas Markets</p><p>1. Non-agricultural data strengthens the Fed's rate hike expectation that U.S. stocks close mixed</p><p>U.S. Stocks U.S. stocks closed mixed Friday. Both the Nasdaq and the S&P 500 recorded gains this week. U.S. non-farm payrolls data in July far exceeded expectations, reinforcing market expectations that the Federal Reserve will insist on an aggressive rate hike to curb inflation. Markets are predicting a 75 basis point probability of a third Fed rate hike of nearly 70%.</p><p>The Dow rose 76.65 points, or 0.23%, to 32,803.47 points; The Nasdaq fell 63.03 points, or 0.50%, to 12,657.55 points; 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. Zhifu Financing once soared 50 times on the first day of listing<a href=\"https://laohu8.com/S/HKD\">Shang multiplied numbers</a>Down nearly 10%</p><p>Popular Chinese stocks closed mixed on Friday, with the Nasdaq China Golden Dragon Index closing down 1.83%.</p><p>Hong Kong-funded securities firm Zhifu Financing closed by 2325.00% on the first day of listing, and the intraday increase once reached 5262%. The IPO issue price was only USD 4, and the stock price once reached USD 235.95, which triggered multiple fuses;<a href=\"https://laohu8.com/S/HKD\">Shang multiplied numbers</a>It fell for three consecutive days, closing down nearly 10%, and the share price fell more than 70% from the peak.</p><p>3. Major European stock indexes collectively closed lower, and Germany's DAX30 index fell 0.6%</p><p>The monthly non-farm payroll data in the United States performed stronger than expected, rate hike expectations heated up, and major European stock indexes closed down collectively. Among them, Germany's DAX30 index fell 0.6%,<a href=\"https://laohu8.com/S/VUKE.UK\">FTSE 100 UK</a>The index fell 0.12%, the French CAC40 fell 0.63% and the European Stoxx 50 fell 0.77%.</p><p>4. U.S. WTI crude oil closed 0.5% higher on Friday, down 9.7% this 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. But recession fears sent WTI crude oil recording a nearly 10% drop this week.</p><p>West Texas Intermediate (WTI) crude oil futures for September delivery rose 47 cents, or 0.53%, to close at $89.01 a barrel on the New York Mercantile Exchange. WTI crude oil has lost more than 9.7% cumulatively this week.</p><p>5. New York gold futures closed down 0.7% on Friday. Non-agricultural data put pressure on gold prices</p><p>U.S. gold futures closed lower on Friday. The U.S. non-farm payrolls report in July eased fears of economic recession, and at the same time strengthened the market expectation that the Federal Reserve will insist on active tightening policy, putting pressure on gold futures prices.</p><p>Gold futures for December delivery settled down 0.7% at $1,778 an ounce on the New York Mercantile Exchange.</p><p>International macro</p><p>1. The non-agricultural surge of 528,000 in July in the United States \"frightened\" the market! Fed Gets Another Tightening 'Ammunition'</p><p>Both the total population of non-farm payrolls and the unemployment rate in the United States have returned to pre-COVID levels.</p><p>Rising recession fears do not appear to have affected the scorching U.S. job market. According to the data released by the U.S. Bureau of Labor Statistics on the 5th, the number of new jobs in the non-agricultural sector in the United States jumped by 528,000 in July this year, significantly higher than the expected 258,000, compared with 388,000 in the previous four months. The U.S. unemployment rate edged down by 0.1 percentage points to 3.5% that month, and the average hourly wage of employees increased by 5.2% year-over-year, higher than market expectations of 4.9%.</p><p>So far, both the total population of non-farm payrolls and the unemployment rate in the United States have returned to pre-COVID pandemic levels in February 2020, continuing to strengthen and support the Fed's hawkish stance.</p><p>2. The hot market price of employment data reflects the possibility of rate hike during the two meetings of the Federal Reserve</p><p>Interest-rate futures traders reacted to stronger-than-expected U.S. jobs data in July by acknowledging that Fed policymakers may rate hike again before their next regular policy meeting in September.</p><p>At one point, the August fed funds rate futures price fell to 97.64, with an implied interest rate level of 2.36%, which is 3 basis points above the current effective Federal Funds rate. At present, the effective Federal Funds rate is within the target range of 2.25%-2.5% Federal Funds rate announced by the Federal Reserve on July 27th.</p><p>The implied interest rate on interest rate futures then stabilized at around 2.345%, suggesting that a rate hike between the meetings is slim to none. However, the unusually long interval between sessions from July to September can pose additional risks.</p><p>3. The U.S. job market recorded the second fastest recovery since 1981. The Federal Reserve or another 75 basis points of rate hike</p><p>The U.S. added 528,000 non-farm payrolls in July, more than double what economists expected, and the job market returned to pre-pandemic levels.</p><p>Although the labor market contraction during the pandemic was the worst in modern history, the rebound marked the second-fastest recovery in the job market since 1981. Michael Pearce, senior U.S. economist at Capital Economics, said that the unexpectedly far-exceeded non-farm report also indicates that the Federal Reserve is likely to raise interest rates by 75 basis points at its September meeting, which will mark the third consecutive time that the Federal Reserve has made such a large rate hike.</p><p>4. US President Joe Biden signs two bills to hold accountable fraudsters who use the COVID-19 bail-out bill</p><p>On August 5, local time, US President Joe Biden signed two bipartisan bills to hold individuals and institutions accountable for using the COVID-19 bail-out bill to commit fraud. According to CNN, the two bills would extend the time limit for prosecutions against those who use the Paycheck Protection Program or COVID relief bill to commit fraud, extending the statute of limitations for criminal and civil enforcement against borrowers to 10 years. Speaking that day, Biden said that \"the U.S. government will let scammers pay back what they stole and hold them accountable according to the law.\"</p><p>5. New York state health officials warn that reported cases are only the tip of the iceberg and hundreds of people are infected with polio</p><p>On August 4th, local time, health officials in New York State said that poliovirus was detected in sewage outside New York City, indicating that the virus was spreading in the community. Now these officials are again warning that the reported cases are only the \"tip of the iceberg\" and that hundreds more may be infected with polio.</p><p>In July, a case of polio (polio) was reported in Rockland County, New York, the first in the United States in nearly a decade, and later, sewage samples tested positive for the poliovirus, indicating a larger outbreak is in the works, New York State Health Commissioner Dr. Mary Bassett said in a statement.</p><p>6. Consumer credit in the United States surged by more than $40 billion, the second highest increase in history</p><p>U.S. consumer credit soared 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>Consumer credit rose $40.2 billion from the previous month, second only to a record $47.1 billion in March, according to data released by the Federal Reserve on Friday. The median economist expectation is an increase of $27 billion. These numbers are not adjusted for inflation.</p><p>Revolving credit balances, including credit cards, increased by $14.8 billion and non-revolving credit increased by $25.4 billion.</p><p>7. U.S. President Joe Biden still tests positive for COVID-19 and is still in quarantine</p><p>On August 5th, local time, the White House doctor said that US President Joe Biden still tested positive for the new coronavirus. At present, Biden's cough is almost completely improved, his body temperature, pulse, blood pressure, respiratory rate and other indicators are completely normal, and his lungs are unblocked. Biden remains in quarantine.</p><p>8. Canada's unemployment rate continued to remain historically low in July</p><p>On August 5th, local time, the latest labor force survey released by Statistics Canada showed that despite the loss of 31,000 jobs in July, Canada's unemployment rate remained at a record low of 4.9% in July, the same as in June.</p><p>The Canadian labour market remains exceptionally tight, with more than 1 million job openings across the country. The unemployment rate is the lowest on record.</p><p>The number of public sector employees declined while the number of self-employed increased and the number of private sector workers remained virtually unchanged.</p><p>9. U.S. Senate plans to vote on inflation reduction bill on the 6th</p><p>According to a CBS report on August 5th local time, the U.S. Senate plans to vote on the Inflation Reduction Act of 2022 on the 6th.</p><p>The Senate reportedly made key progress on the bill after Democrats agreed to change some of the tax proposal. Senate Majority Leader Chuck Schumer said at a press conference that day that the bill agreement retains the original core content including reducing the cost of prescription drugs, tackling climate change, closing tax loopholes, strengthening taxes on large companies and the wealthy, and reducing deficits.</p><p>It is reported that the policies in the Inflation Reduction Act of 2022 include allocating $369 billion to combat climate change, Medicare has the power to negotiate the price of certain drugs, limiting the out-of-pocket cost of Medicare, and extending the Affordable Care Act subsidy for 3 years.</p><p>Situation between Russia and Ukraine</p><p>1. The Moscow Exchange will allow non-residents from friendly countries to enter the forward market for trading from August 8</p><p>Russia's Moscow Exchange announced on the evening of August 5th that non-residents from friendly countries will be allowed to enter the forward market for trading from August 8th. At the same time, the announcement said that it will announce at a later time when non-residents of friendly countries will be allowed to enter the stock market for trading.</p><p>2. Foreign investors will return to the Russian blend market from Monday</p><p>On Friday, local time, the Moscow Exchange said that from next Monday (August 8th), investors from those \"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, in order to protect the Russian financial market, Russia has introduced a series of market support policies, and foreign investors' transactions have also been restricted.</p><p>Next, foreign investors will still be limited to trading, that is, only investors in \"friendly\" countries. The Moscow Exchange pointed out that banks and brokers providing trading services need to confirm the home country of customers.</p><p>3. Russian Deputy Prime Minister: Russian and Turkish presidents have reached a consensus on starting to pay part of Russian natural gas in rubles</p><p>On August 5th, local time, Russian Deputy Prime Minister Novak said that Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan have reached a consensus on starting to pay part of the cost of Russian natural gas supplied to Turkey through rubles.</p><p>On the same day, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held talks in Sochi, Russia. The talks lasted nearly four hours.</p><p>4. Russia announces sanctions on 62 Canadian citizens</p><p>On August 5, local time, the Russian Foreign Ministry issued an announcement saying that in response to Canada's renewal of anti-Russian sanctions on June 27 and July 7 this year, Russia decided to ban 62 Canadian citizens from entering Russia. The 62 included government officials, media journalists, social activists and military associates.</p><p>Company News</p><p>1、<a href=\"https://laohu8.com/NW/2257117425\" target=\"_blank\">Oracle cuts hundreds of jobs this week, reports say</a></p><p>According to reports,<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Company laid off hundreds of employees this week as IT prioritized growing its healthcare IT services and cloud businesses.</p><p>Citing people familiar with the matter, the report said the layoffs mainly hit<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Employees in advertising and customer experience.</p><p>Oracle's layoffs come as the company recently received regulatory approval to acquire electronic medical records company Cerner Corp for $28.3 billion, placing an increasing emphasis on the cloud<a href=\"https://laohu8.com/S/HCSG\">Healthcare services</a>。</p><p>2、<a href=\"https://laohu8.com/NW/2257486114\" target=\"_blank\">Another \"epic demon stock\"? Hong Kong-funded securities firm Zhifu Financing once soared more than 50 times on the first day of listing</a></p><p>Following the multiplication of numbers, the US stock market may usher in another epic demon stock. On the first day of listing, Hong Kong-funded securities firm Zhifu Financing once soared more than 50 times, and the stock price hit a maximum of 235.95 USD/share in the day, which triggered the fuse many times during the session.</p><p>On Friday (August 5th), Eastern Time, Zhifu Financing (stock code MEGL) officially landed in the US stock market, with an IPO price of USD 4/share. The company plans to publicly issue 5 million ordinary shares, with an opening price of USD 50. After drastic fluctuations, it finally closed up by 2325% at USD 97/share.</p><p>3、<a href=\"https://laohu8.com/NW/2257192191\" target=\"_blank\">The wild rise of Shangcheng Digital became a rapid plunge to evaporate $160 billion in market value in two days</a></p><p>A little-known Hong Kong financial services firm's previously dizzyingly wild rally came to an abrupt halt, followed by a two-day plunge that halved the value of its U.S. -listed shares.</p><p>Shares of Amplifier Digital, which has been listed on the New York Stock Exchange for less than a month, hit a record high on Tuesday, but then plunged 52% by Thursday's close, wiping out about $160 billion in market value, more than<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>Shares continued to swing wildly on Friday, swinging up and down, triggering a fuse at least once. Still, volumes remained very low at Amplifier Digital: fewer than 8,000 shares were traded as of 9:55 a.m. New York time. In each of the past four trading days, the stock has had a total daily turnover of less than 500,000 shares.</p><p>4、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Will acquire consumer category for about $1.7 billion<a href=\"https://laohu8.com/S/300024\">Robot</a>Corporate iRobot Acceleration<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home Furnishing Business Growth</p><p><a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.O) announced Friday that it has agreed to acquire Consumer for $61 per share for a total price of about $1.7 billion<a href=\"https://laohu8.com/S/300024\">Robot</a>Corp. iRobot (IRBT.O). iRobot's best-known product is the Roomba vacuum cleaner, which will work with voice assistants Alexa, Astro<a href=\"https://laohu8.com/S/300024\">Robot</a>Wait together, join in<a href=\"https://laohu8.com/S/AMZN\">Amazon</a><a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Home Features Checklist. Neil Saunders, managing director of GlobalData Retail, called the move part of Amazon's efforts to own some of its home space through services and accelerate growth outside of its Retail sector. Amazon hasn't had much success with home robots yet, but the acquisition of iRobot and the company's strong market reputation provide a \"huge foothold in the consumer robotics market\" that could help Amazon replicate its Echo line, according to ABI Research analyst Lian Jye Su<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The success of the speaker box.</p><p>5、<a href=\"https://laohu8.com/NW/2257711744\" target=\"_blank\">American tech giants collectively downsized, Amazon reduced nearly 100,000 staff in a single quarter</a></p><p>American technology giants collectively shrank down, and Amazon shrank nearly 100,000 staff in a single quarter.</p><p>Recently, the international technology giant Amazon (NASDAQ:AMZN) reported its second quarter 2022 financial report, with revenue of US$121.2 billion, a year-on-year increase of 7%, and a net loss of US$2 billion, compared with a net profit of US$7.8 billion in the same period last year. Combined the first two quarters of this year, Amazon posted a net loss of nearly $5.9 billion. It should be pointed out that this is the first time that Amazon has recorded 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,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1748,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":1747,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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":1481,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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 23:08","market":"hk","language":"zh","title":"Real Bio, a manufacturer of anti-COVID oral drugs, submitted a listing application to the HKEx","url":"https://stock-news.laohu8.com/highlight/detail?id=1160989938","media":"华尔街见闻","summary":"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。","content":"<p><html><head></head><body>According to the documents of HKEx: Real Biotechnology Co., Ltd. submitted an application for listing to HKEx. The sponsor is CICC.</p><p>Azivudine, the core product of Real Bio, is an innovative drug with broad-spectrum antiviral activity, which has been conditionally approved by the NMPA for the treatment of HIV infection and COVID-19 in July 2021 and July 2022, respectively, and is the first NMPA-approved oral direct antiviral drug developed by a Chinese company for the treatment of COVID-19. The Company is well prepared to initiate commercial sales of azvudine.</p><p>Real Bio disclosed in the document that it has entered into strategic agreements with a number of leading pharmaceutical manufacturers in China, including Peking Union Medical College, to manufacture and supply the active pharmaceutical ingredient (API) and tablets of azvudine to the company. The company also has its own production capacity, with an annual production capacity of about one billion tablets of azvudine. The company believes that based on the combination of its own and contracted production capacity, it will be able 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 anti-COVID oral drugs, submitted a listing application to the HKEx</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 anti-COVID oral drugs, submitted a listing application to the HKEx\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 the documents of HKEx: Real Biotechnology Co., Ltd. submitted an application for listing to HKEx. The sponsor is CICC.</p><p>Azivudine, the core product of Real Bio, is an innovative drug with broad-spectrum antiviral activity, which has been conditionally approved by the NMPA for the treatment of HIV infection and COVID-19 in July 2021 and July 2022, respectively, and is the first NMPA-approved oral direct antiviral drug developed by a Chinese company for the treatment of COVID-19. The Company is well prepared to initiate commercial sales of azvudine.</p><p>Real Bio disclosed in the document that it has entered into strategic agreements with a number of leading pharmaceutical manufacturers in China, including Peking Union Medical College, to manufacture and supply the active pharmaceutical ingredient (API) and tablets of azvudine to the company. The company also has its own production capacity, with an annual production capacity of about one billion tablets of azvudine. The company believes that based on the combination of its own and contracted production capacity, it will be able 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":1469,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577393549070429","authorIdStr":"3577393549070429"},"themes":[],"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\" harvest your wealth and mine?","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>The circulation of the US dollar refers to the erosion effect on global asset prices as the Federal Reserve releases and contracts the US dollar.</b></p><p>Why can the US dollar have such a big impact around the world?</p><p>On the one hand, since the establishment of the Bretton Woods system in the last century, the US dollar has been bound to gold and oil successively, establishing its hegemonic position. Since then, the world trade settlement and foreign exchange reserves have adopted the US dollar;</p><p>On the other hand, a large part of the funds released by the United States through easing policies have participated in international carry trades, making use of the interest difference and exchange rate difference between countries to earn profits, that is, from the low-interest United States to emerging market countries with great economic potential and high interest rates, and then flowing back to the United States when the US dollar shrinks, forming an international circulation system of the US dollar.</p><p><b>These include the \"hot circulation\" formed by the release of currency and the depreciation of the US dollar;</b></p><p><b>It also includes the \"cold circulation\" formed by the U.S. debt shrinking balance sheet and the appreciation of the U.S. dollar.</b></p><p>Next, let's take a look at how the two circulations are promoted and what kind of impact they have on our lives.</p><p><b>Opening the sluice and discharging water of 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 own economy, the United States roughly has two operations: one is a more conventional interest rate cut, and the other is a hot quantitative easing in recent years, which is what we often call QE.</p><p><b>1) Interest rate cuts</b></p><p><b>The Federal Reserve's interest rate cut refers to lowering Federal Funds rate.</b>This is the interest rate of the US interbank offered market, which directly affects the capital cost of commercial banks, and thus indirectly affects the interest rate level of the entire US banking industry.</p><p>Its effect is mainly to reduce people's desire to save and stimulate consumption; While stimulating the economy by reducing corporate borrowing costs. This process will also release a certain amount of liquidity, but in terms of the amount of funds, it is far less direct and violent than QE.</p><p><b>2) quantitative easing</b></p><p>And the specific operation of QE is<b>The Federal Reserve quantitatively \"generates\" a sum of money out of thin air,</b>To buy Treasury Bond and mortgage-backed securities from major banks.<b>Just like you go to the supermarket with a money printing machine, 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>When the price of Treasury Bond rises, the yield will decrease, and the market interest rate against the benchmark Treasury Bond interest rate will be lowered accordingly, thus reducing the borrowing cost of the market;</p><p><b>On the other hand, the bonds in the hands of banks are exchanged for cash, and the supply of base money increases.</b>There is more capital to create money, thus increasing the cash in circulation.</p><p>The shrinking balance sheet that the media usually refers to refers to the reduction of QE, that is, 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 conduction of heat circulation</b></p><p><b>Active diffusion</b></p><p>First of all, when the United States started the interest rate cut cycle and launched the quantitative easing, a large amount of dollars flowed into the U.S. financial system and real economy, resulting in a situation of oversupply of funds.</p><p>In order to obtain higher returns, excessive funds took the lead in pouring into the local stock market, bond market and property market, causing U.S. stocks and house prices to rise.</p><p>At the same time, the cost of market capital is low, and the bonds in the hands of financial institutions that can continue to generate income are bought by the Federal Reserve and exchanged for dry cash.<b>This has resulted in a situation where institutions still have a large amount of money in their hands while domestic yields in the United States have declined.</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 money in emerging market countries with large interest rate spreads through carry trading 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, transferring equity or increasing capital.</p><p><b>In this process, due to the inflow of excessive capital, wherever there is room for appreciation, there will be capital to buy low and sell high to earn the difference, which will correspondingly raise the price of overseas assets.</b></p><p><b>Passive diffusion</b></p><p>As the Federal Reserve continues to cut interest rates and broaden its balance sheet, the amount of funds in the market is abundant, and the cost of borrowing dollars has dropped to an extremely low level (even approaching zero).</p><p>At this time, if US dollar bonds are issued in the international market or loans are borrowed from American banking institutions, the interest rate is extremely low.<b>This low-interest dollar is simply an irresistible temptation for enterprises with overseas financing needs.</b></p><p>After all, when the economy is improving, it is king to borrow a lot of money → invest → make a profit, so that the wheel of making money can move as soon as possible.</p><p>Take real estate companies as an example. Borrowing US $10 billion to speed up the acquisition of land and selling houses in Gai Lou, in the face of double-digit profits, the interest rate of 1%-2% is insignificant.</p><p><b>However, it should be noted that overseas enterprises borrowing US dollars will also cause the increase of local currency.</b></p><p>For example, a Chinese enterprise borrowed a foreign debt of $10 billion, but it could not be directly used domestically. It needed to sell it to a bank first, then the bank sold it to the central bank, and finally put it in the central bank's foreign exchange reserve pool. In this process, in order to maintain the stability of the RMB value (assuming that the exchange rate between the US dollar and the RMB is 1: 6), the central bank needs to print an extra 6 RMB out of thin air for every US dollar borrowed, and then hand over the newly created 60 billion RMB to the enterprise. Therefore, while foreign exchange reserves are rising, the local currency in circulation in the market is also increasing.</p><p><b>In a word, enterprises use their own credit as guarantee to create a foreign exchange reserve and an equivalent RMB out of thin air.</b></p><p>If there are more Chinese-funded enterprises borrowing US dollars, a lot of money will be generated out of thin air in the domestic market. If excess money chases limited assets, asset prices will be pushed up.</p><p><b>Transfer of liabilities for thermal circulation</b></p><p>Therefore, enterprises carrying US dollar liabilities will increase the circulation of local currency and push up asset prices;<b>But at the same time, the rise in asset prices will gradually transfer liabilities to downstream consumers.</b>Let's take an example:</p><p>Suppose the house price was 20,000 square meters in 2015, and it would cost you 2 million to buy 100 square meters. However, due to the rise in real estate prices, the house price has changed from 20,000 to 40,000, so the house price of 100 square meters 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>But at the same time, your income hasn't doubled. This means borrowing more mortgages to be able to afford a house. It used to be enough to borrow 1.5 million, but now you may have to borrow 3 million.<b>This kind of asset price growth rate exceeds the income growth rate, which causes the personal debt ratio to rise sharply.</b></p><p>Looking back at the whole process, the debt is passed on from the enterprise side to the downstream consumers, that is, the heads of ordinary people.</p><p>Therefore, after the US dollar starts the \"hot circulation\" and flocks to the world, it will lead to the expansion of local currencies of various countries, and at the same time, there will be the consequences of asset price inflation and liabilities increase.<b>This is like the process of blowing bubbles, and the whole process is relatively gentle.</b></p><p><b>Circulation reverse, hot and cold alternate</b></p><p><b>As the \"hot circulation\" of the US dollar continues,</b>When the direction of the Federal Reserve's monetary policy remains unchanged and new dollars are constantly injected into the market, everything is fine.<b>Because cheap dollars are everywhere, the rolling debt of borrowing new and repaying old debts is 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 circulation\" starts, that is, the Federal Reserve shifts from the interest rate cut cycle to the rate hike cycle, the global US dollar will gradually cool and shrink, and no new US dollars will flood into the international market. At the same time, overseas capital will return to the United States to avoid risks, resulting in The scarcity of the US dollar and the emergence of a US dollar shortage, which in turn pushes up the US dollar to strengthen. The strength of the US dollar has intensified the trend of US dollar return.</p><p>At the same time, as the U.S. dollar becomes scarce, institutions carrying U.S. dollar debt around the world need to sell their assets and run on the central bank's U.S. dollar reserves to repay U.S. dollar liabilities. Just as borrowing dollar debt will create a foreign exchange reserve and an equivalent RMB at the same time, in the same way,<b>When running on the country's foreign exchange reserves, a large amount of local currency will be exchanged for the US dollar, resulting in a sharp local currency tightening.</b></p><p>With the tightening of local currency coupled with capital outflows, a country's stock market or property market will often experience panic selling due to the loss of liquidity support, leading to a crash.</p><p>At the same time, due to<b>Debt rigidity</b>The existence of the Federal Reserve's rate hike has increased the financing cost of the US dollar (interest rate pressure), and the strengthening of the US dollar will also cause companies to use more local currency to exchange for the US dollar to repay debts (exchange rate pressure), coupled with the impact of the economic downturn (reduced income), everything It has become more and more difficult,<b>It is easy to cause a dollar repayment crisis.</b></p><p><img src=\"https://static.tigerbbs.com/4d3060c084921ce8054d4050f49299d6\" tg-width=\"484\" tg-height=\"300\" referrerpolicy=\"no-referrer\"/></p><p>The solvency crisis of the US dollar will trigger asset selling, US dollar run, asset price collapse, capital flight, etc.... A series of vicious chain reactions will get out of control.<b>This is like the process of popping a bubble. It is rapid and violent, and it causes great damage.</b></p><p><b>It's a little cold this winter</b></p><p><b>Global economy-cold weather overflowing</b></p><p>At present, the US dollar accounts for 41% and 59% of the world trade settlement system and foreign exchange reserve currency respectively. Although it has been weakened, its hegemony remains the same, while the RMB accounts for 2.7% and 2.9% respectively. There is still a long way to go to internationalization.</p><p><img src=\"https://static.tigerbbs.com/ddb89f7800feeb8ebaed9dbaad064bc8\" tg-width=\"1000\" tg-height=\"656\" referrerpolicy=\"no-referrer\"/></p><p>Taken together, it is currently in the stage of \"cold circulation\". After the Federal Reserve adopted tightening monetary policy, many countries were forced to follow the Federal Reserve's rate hike in order to hedge against the impact of capital outflows.</p><p>And just on July 27,<b>The Federal Reserve said it would accelerate the \"shrinking balance sheet\" from September as planned, while raising interest rates to at least 3.5% within the year.</b>This means that the amount of money base in the United States contracts. Without increasing the money multiplier (economic demand expands),<b>The probability of accelerated contraction of the global dollar will increase.</b></p><p><b>\"The United States takes 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-The Thunder Continues</b></p><p>The \"cold circulation\" is at the right time, and the repayment pressure of Chinese US dollar bonds is increasing.</p><p>At present, in China, the credit risk of US dollar bonds is still concentrated in the real estate industry. As of June 30, 2022, a total of 161 Chinese-funded US dollar bonds have defaulted, of which the real estate industry accounts for 52.80%, and the scale of defaults in the past three years has been increasing year by year. trend.</p><p><img src=\"https://static.tigerbbs.com/492bf073d34c5e0a5f62652a76f8541b\" tg-width=\"640\" tg-height=\"415\" referrerpolicy=\"no-referrer\"/></p><p>With the thunderstorm of US dollar bonds of large real estate companies such as Evergrande, Fantasia, Sunac, and Logan,<b>The credit of Chinese-funded real estate companies has been damaged, and the strategy of \"borrowing the new to repay the old\" is struggling.</b></p><p>In the second half of 2022, Chinese-funded US dollar bonds will usher in the peak of debt repayment, with a total maturity scale of more than 140 billion US dollars. At the same time, it is also the concentrated maturity time of the bonds of the exchange offer. Next, we should focus on the sales payment of real estate companies to measure their default risk.</p><p><b>Domestic economy-hesitation</b></p><p><b>At the end of July, the bill discount rate hit a new low for the year, indicating that there is some pressure on credit supply at present.</b>Generally speaking, at the end of the month and the end of the year, commercial banks often use bill financing to increase the credit scale, which leads to a rapid decline in bill interest rates.</p><p>At the same time, the domestic July PMI (Purchasing Managers Index) data released on July 31 was also significantly lower than expected.</p><p>To sum up, the above two points reflect<b>The domestic economy is still suffering from sluggish 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 in terms of 1) promoting credit easing, 2) stabilizing real estate and ensuring delivery of buildings, and 3) ensuring supply and prices. Steady growth is expected to continue to exert its strength, and economic development will improve in the long term, but it still takes time to repair.</p><p>The author thinks what we can do now is<b>Be patient, keep sharp, control your position, and wait for the 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\" harvest your wealth and mine?</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\" harvest your wealth and mine?\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>The circulation of the US dollar refers to the erosion effect on global asset prices as the Federal Reserve releases and contracts the US dollar.</b></p><p>Why can the US dollar have such a big impact around the world?</p><p>On the one hand, since the establishment of the Bretton Woods system in the last century, the US dollar has been bound to gold and oil successively, establishing its hegemonic position. Since then, the world trade settlement and foreign exchange reserves have adopted the US dollar;</p><p>On the other hand, a large part of the funds released by the United States through easing policies have participated in international carry trades, making use of the interest difference and exchange rate difference between countries to earn profits, that is, from the low-interest United States to emerging market countries with great economic potential and high interest rates, and then flowing back to the United States when the US dollar shrinks, forming an international circulation system of the US dollar.</p><p><b>These include the \"hot circulation\" formed by the release of currency and the depreciation of the US dollar;</b></p><p><b>It also includes the \"cold circulation\" formed by the U.S. debt shrinking balance sheet and the appreciation of the U.S. dollar.</b></p><p>Next, let's take a look at how the two circulations are promoted and what kind of impact they have on our lives.</p><p><b>Opening the sluice and discharging water of 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 own economy, the United States roughly has two operations: one is a more conventional interest rate cut, and the other is a hot quantitative easing in recent years, which is what we often call QE.</p><p><b>1) Interest rate cuts</b></p><p><b>The Federal Reserve's interest rate cut refers to lowering Federal Funds rate.</b>This is the interest rate of the US interbank offered market, which directly affects the capital cost of commercial banks, and thus indirectly affects the interest rate level of the entire US banking industry.</p><p>Its effect is mainly to reduce people's desire to save and stimulate consumption; While stimulating the economy by reducing corporate borrowing costs. This process will also release a certain amount of liquidity, but in terms of the amount of funds, it is far less direct and violent than QE.</p><p><b>2) quantitative easing</b></p><p>And the specific operation of QE is<b>The Federal Reserve quantitatively \"generates\" a sum of money out of thin air,</b>To buy Treasury Bond and mortgage-backed securities from major banks.<b>Just like you go to the supermarket with a money printing machine, 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>When the price of Treasury Bond rises, the yield will decrease, and the market interest rate against the benchmark Treasury Bond interest rate will be lowered accordingly, thus reducing the borrowing cost of the market;</p><p><b>On the other hand, the bonds in the hands of banks are exchanged for cash, and the supply of base money increases.</b>There is more capital to create money, thus increasing the cash in circulation.</p><p>The shrinking balance sheet that the media usually refers to refers to the reduction of QE, that is, 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 conduction of heat circulation</b></p><p><b>Active diffusion</b></p><p>First of all, when the United States started the interest rate cut cycle and launched the quantitative easing, a large amount of dollars flowed into the U.S. financial system and real economy, resulting in a situation of oversupply of funds.</p><p>In order to obtain higher returns, excessive funds took the lead in pouring into the local stock market, bond market and property market, causing U.S. stocks and house prices to rise.</p><p>At the same time, the cost of market capital is low, and the bonds in the hands of financial institutions that can continue to generate income are bought by the Federal Reserve and exchanged for dry cash.<b>This has resulted in a situation where institutions still have a large amount of money in their hands while domestic yields in the United States have declined.</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 money in emerging market countries with large interest rate spreads through carry trading 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, transferring equity or increasing capital.</p><p><b>In this process, due to the inflow of excessive capital, wherever there is room for appreciation, there will be capital to buy low and sell high to earn the difference, which will correspondingly raise the price of overseas assets.</b></p><p><b>Passive diffusion</b></p><p>As the Federal Reserve continues to cut interest rates and broaden its balance sheet, the amount of funds in the market is abundant, and the cost of borrowing dollars has dropped to an extremely low level (even approaching zero).</p><p>At this time, if US dollar bonds are issued in the international market or loans are borrowed from American banking institutions, the interest rate is extremely low.<b>This low-interest dollar is simply an irresistible temptation for enterprises with overseas financing needs.</b></p><p>After all, when the economy is improving, it is king to borrow a lot of money → invest → make a profit, so that the wheel of making money can move as soon as possible.</p><p>Take real estate companies as an example. Borrowing US $10 billion to speed up the acquisition of land and selling houses in Gai Lou, in the face of double-digit profits, the interest rate of 1%-2% is insignificant.</p><p><b>However, it should be noted that overseas enterprises borrowing US dollars will also cause the increase of local currency.</b></p><p>For example, a Chinese enterprise borrowed a foreign debt of $10 billion, but it could not be directly used domestically. It needed to sell it to a bank first, then the bank sold it to the central bank, and finally put it in the central bank's foreign exchange reserve pool. In this process, in order to maintain the stability of the RMB value (assuming that the exchange rate between the US dollar and the RMB is 1: 6), the central bank needs to print an extra 6 RMB out of thin air for every US dollar borrowed, and then hand over the newly created 60 billion RMB to the enterprise. Therefore, while foreign exchange reserves are rising, the local currency in circulation in the market is also increasing.</p><p><b>In a word, enterprises use their own credit as guarantee to create a foreign exchange reserve and an equivalent RMB out of thin air.</b></p><p>If there are more Chinese-funded enterprises borrowing US dollars, a lot of money will be generated out of thin air in the domestic market. If excess money chases limited assets, asset prices will be pushed up.</p><p><b>Transfer of liabilities for thermal circulation</b></p><p>Therefore, enterprises carrying US dollar liabilities will increase the circulation of local currency and push up asset prices;<b>But at the same time, the rise in asset prices will gradually transfer liabilities to downstream consumers.</b>Let's take an example:</p><p>Suppose the house price was 20,000 square meters in 2015, and it would cost you 2 million to buy 100 square meters. However, due to the rise in real estate prices, the house price has changed from 20,000 to 40,000, so the house price of 100 square meters 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>But at the same time, your income hasn't doubled. This means borrowing more mortgages to be able to afford a house. It used to be enough to borrow 1.5 million, but now you may have to borrow 3 million.<b>This kind of asset price growth rate exceeds the income growth rate, which causes the personal debt ratio to rise sharply.</b></p><p>Looking back at the whole process, the debt is passed on from the enterprise side to the downstream consumers, that is, the heads of ordinary people.</p><p>Therefore, after the US dollar starts the \"hot circulation\" and flocks to the world, it will lead to the expansion of local currencies of various countries, and at the same time, there will be the consequences of asset price inflation and liabilities increase.<b>This is like the process of blowing bubbles, and the whole process is relatively gentle.</b></p><p><b>Circulation reverse, hot and cold alternate</b></p><p><b>As the \"hot circulation\" of the US dollar continues,</b>When the direction of the Federal Reserve's monetary policy remains unchanged and new dollars are constantly injected into the market, everything is fine.<b>Because cheap dollars are everywhere, the rolling debt of borrowing new and repaying old debts is 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 circulation\" starts, that is, the Federal Reserve shifts from the interest rate cut cycle to the rate hike cycle, the global US dollar will gradually cool and shrink, and no new US dollars will flood into the international market. At the same time, overseas capital will return to the United States to avoid risks, resulting in The scarcity of the US dollar and the emergence of a US dollar shortage, which in turn pushes up the US dollar to strengthen. The strength of the US dollar has intensified the trend of US dollar return.</p><p>At the same time, as the U.S. dollar becomes scarce, institutions carrying U.S. dollar debt around the world need to sell their assets and run on the central bank's U.S. dollar reserves to repay U.S. dollar liabilities. Just as borrowing dollar debt will create a foreign exchange reserve and an equivalent RMB at the same time, in the same way,<b>When running on the country's foreign exchange reserves, a large amount of local currency will be exchanged for the US dollar, resulting in a sharp local currency tightening.</b></p><p>With the tightening of local currency coupled with capital outflows, a country's stock market or property market will often experience panic selling due to the loss of liquidity support, leading to a crash.</p><p>At the same time, due to<b>Debt rigidity</b>The existence of the Federal Reserve's rate hike has increased the financing cost of the US dollar (interest rate pressure), and the strengthening of the US dollar will also cause companies to use more local currency to exchange for the US dollar to repay debts (exchange rate pressure), coupled with the impact of the economic downturn (reduced income), everything It has become more and more difficult,<b>It is easy to cause a dollar repayment crisis.</b></p><p><img src=\"https://static.tigerbbs.com/4d3060c084921ce8054d4050f49299d6\" tg-width=\"484\" tg-height=\"300\" referrerpolicy=\"no-referrer\"/></p><p>The solvency crisis of the US dollar will trigger asset selling, US dollar run, asset price collapse, capital flight, etc.... A series of vicious chain reactions will get out of control.<b>This is like the process of popping a bubble. It is rapid and violent, and it causes great damage.</b></p><p><b>It's a little cold this winter</b></p><p><b>Global economy-cold weather overflowing</b></p><p>At present, the US dollar accounts for 41% and 59% of the world trade settlement system and foreign exchange reserve currency respectively. Although it has been weakened, its hegemony remains the same, while the RMB accounts for 2.7% and 2.9% respectively. There is still a long way to go to internationalization.</p><p><img src=\"https://static.tigerbbs.com/ddb89f7800feeb8ebaed9dbaad064bc8\" tg-width=\"1000\" tg-height=\"656\" referrerpolicy=\"no-referrer\"/></p><p>Taken together, it is currently in the stage of \"cold circulation\". After the Federal Reserve adopted tightening monetary policy, many countries were forced to follow the Federal Reserve's rate hike in order to hedge against the impact of capital outflows.</p><p>And just on July 27,<b>The Federal Reserve said it would accelerate the \"shrinking balance sheet\" from September as planned, while raising interest rates to at least 3.5% within the year.</b>This means that the amount of money base in the United States contracts. Without increasing the money multiplier (economic demand expands),<b>The probability of accelerated contraction of the global dollar will increase.</b></p><p><b>\"The United States takes 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-The Thunder Continues</b></p><p>The \"cold circulation\" is at the right time, and the repayment pressure of Chinese US dollar bonds is increasing.</p><p>At present, in China, the credit risk of US dollar bonds is still concentrated in the real estate industry. As of June 30, 2022, a total of 161 Chinese-funded US dollar bonds have defaulted, of which the real estate industry accounts for 52.80%, and the scale of defaults in the past three years has been increasing year by year. trend.</p><p><img src=\"https://static.tigerbbs.com/492bf073d34c5e0a5f62652a76f8541b\" tg-width=\"640\" tg-height=\"415\" referrerpolicy=\"no-referrer\"/></p><p>With the thunderstorm of US dollar bonds of large real estate companies such as Evergrande, Fantasia, Sunac, and Logan,<b>The credit of Chinese-funded real estate companies has been damaged, and the strategy of \"borrowing the new to repay the old\" is struggling.</b></p><p>In the second half of 2022, Chinese-funded US dollar bonds will usher in the peak of debt repayment, with a total maturity scale of more than 140 billion US dollars. At the same time, it is also the concentrated maturity time of the bonds of the exchange offer. Next, we should focus on the sales payment of real estate companies to measure their default risk.</p><p><b>Domestic economy-hesitation</b></p><p><b>At the end of July, the bill discount rate hit a new low for the year, indicating that there is some pressure on credit supply at present.</b>Generally speaking, at the end of the month and the end of the year, commercial banks often use bill financing to increase the credit scale, which leads to a rapid decline in bill interest rates.</p><p>At the same time, the domestic July PMI (Purchasing Managers Index) data released on July 31 was also significantly lower than expected.</p><p>To sum up, the above two points reflect<b>The domestic economy is still suffering from sluggish 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 in terms of 1) promoting credit easing, 2) stabilizing real estate and ensuring delivery of buildings, and 3) ensuring supply and prices. Steady growth is expected to continue to exert its strength, and economic development will improve in the long term, but it still takes time to repair.</p><p>The author thinks what we can do now is<b>Be patient, keep sharp, control your position, and wait for the 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":1413,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":735,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"357739354907042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11:02","market":"sh","language":"zh","title":"Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?","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, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.</p><p>This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.</p><p>What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.</p><p>In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.</p><p>As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:</p><p>The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.</p><p>Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.</p><p>Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.</p><p>Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.</p><p>So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?</p><p><img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p>This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.</p><p>From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.</p><p><b>Characteristics of Assets and Liabilities Structure of Electronic Accessories Industry</b></p><p>Weir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.</p><p>Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.</p><p>The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.</p><p><b>Looking back at OFILM's \"Sao Operation\"</b></p><p>Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.</p><p>OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.</p><p>The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.</p><p>In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.</p><p>This is an incredible situation.</p><p>What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that 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, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.</p><p>When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.</p><p>In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.</p><p>However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.</p><p><img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.</p><p>For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.</p><p>Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.</p><p><b>Composition of asset impairment provision</b></p><p>In 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.</p><p>Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.</p><p>Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies have experienced huge asset impairments. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.</p><p>These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.</p><p>Inventory disaster: inventory depreciation reserve</p><p>On the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.</p><p>In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.</p><p>In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?</p><p>In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.</p><p>How investors should respond</p><p>Inventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.</p><p>Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.</p><p>How do investors choose in the face of inventory thunderstorms that may explode at any time?</p><p>The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.</p><p>First, be wary of enterprises with excessive inventory.</p><p>How to judge whether 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 large;</p><p>The second is to compare inventory turnover days.</p><p>Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;</p><p>The third is to trace the company's inventory depreciation losses in previous years.</p><p>The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation 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>Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?</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\">\nHuge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?\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, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.</p><p>This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.</p><p>What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.</p><p>In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.</p><p>As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:</p><p>The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.</p><p>Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.</p><p>Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.</p><p>Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.</p><p>So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?</p><p><img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p>This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.</p><p>From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.</p><p><b>Characteristics of Assets and Liabilities Structure of Electronic Accessories Industry</b></p><p>Weir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.</p><p>Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.</p><p>The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.</p><p><b>Looking back at OFILM's \"Sao Operation\"</b></p><p>Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.</p><p>OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.</p><p>The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.</p><p>In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.</p><p>This is an incredible situation.</p><p>What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that 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, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.</p><p>When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.</p><p>In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.</p><p>However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.</p><p><img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p><p>Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.</p><p>For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.</p><p>Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.</p><p><b>Composition of asset impairment provision</b></p><p>In 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.</p><p>Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.</p><p>Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies have experienced huge asset impairments. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.</p><p>These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.</p><p>Inventory disaster: inventory depreciation reserve</p><p>On the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.</p><p>In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.</p><p>In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?</p><p>In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.</p><p>How investors should respond</p><p>Inventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.</p><p>Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.</p><p>How do investors choose in the face of inventory thunderstorms that may explode at any time?</p><p>The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.</p><p>First, be wary of enterprises with excessive inventory.</p><p>How to judge whether 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 large;</p><p>The second is to compare inventory turnover days.</p><p>Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;</p><p>The third is to trace the company's inventory depreciation losses in previous years.</p><p>The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation 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":983,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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 precious legacy to the business community","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>Stone Introduction:</b>Although Mr. Zuo Hui is gone, his spirit and business ideas are precious assets left to the business community and young people. Today, we are here to select some key nodes of Mr. Zuo Hui's entrepreneurial road, explore his entrepreneurial mentality and business thinking on these key nodes, and I would like to commemorate them. Although many people know<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Zuo Hui, the founder of Zhaofang, has been in poor health in recent years, but the news of Zuo Hui's death on May 20th still shocked the entire media circle. In the past few years, seeing Zuo Hui's occasional public appearances, I once thought that he had passed the gate of hell. Especially when I saw him leading the company to develop rapidly from Chain Home to Keike House Search, I also think of what Kazuo Inamori said from time to time, \"A successful person must have experienced a dying catastrophe, suffered a serious illness or suffered a great setback, and his life is definitely not a lifelong happiness or a smooth one.\" But Zuo Hui left anyway.</p><p>Similar to the author's feelings, the news of Zuo Hui's death also shocked many media people and entrepreneurs. However, unlike similar emergencies, many people are shocked, but they show more regret. One of the most important reasons, from the simplest perspective, is that everyone feels that society has lost not only an excellent entrepreneur, but also a \"good\" entrepreneur.</p><p>This is an entrepreneur who upholds the values of being good and upward, and practices business ideas with such values. As early as the \"wild period\" of the real estate brokerage industry, he shouted that \"ethics determines success\". Chain Home Real Estate, which he founded, has also become a real estate brokerage company trusted by Chinese people. Not long ago, on the third anniversary of the establishment of Keike House Search, he also wrote an article \"Believe in the power of values, believe in the power of belief!\" \"Article.</p><p>As someone commented on Zuo Hui, \"Modern business society is very pragmatic. On the one hand, people advocate values, but on the other hand, they also hope to see that values can bring business success. The great commercial success of Mr. Zuo Hui's shell (as well as the freedom and vision of not landing in the capital market) has made people see the power of long-termism and convinced people that this value can indeed bring success. This provides a huge positive incentive to drive people to pursue and practice such values more firmly. \"</p><p>Although Zuo Hui is gone, his spirit and business ideas are precious assets left to the business community and young people. Today, we are here to select some key nodes of Mr. Zuo Hui's entrepreneurial road, explore his entrepreneurial mentality and business thinking on these key nodes, and I would like to commemorate them.</p><p><b>1. Entering the society for the first time: the most important thing is to give full play to your strengths</b></p><p>Like many college graduates who have just entered the society now, Zuo Hui was in a rush in the society after graduating in 1992. He was first assigned to a factory on the outskirts of Beijing, but within a few months he moved to<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>A software company. My new job is to answer the phone and collect the information from customers. He is not good at words and has to face all kinds of complaint calls every day. During that time, as soon as he gets off work, his ears are full of \"buzzing\" sounds, and his mind is often blank.</p><p>But it's this kind of job, Zuo Hui still insisted on doing it for three years. Three years later, he moved to another software company, also doing marketing. At that time, in order to prepare a detailed product introduction for his colleagues, Zuo Hui didn't have a rest day for three or four months. He thought that with a good information leaflet, he could achieve the corresponding market effect, but the result backfired.</p><p>Afterwards, Zuo Hui figured out that as a marketing worker, excellent materials and tools are not the first priority, but the ability to communicate with others and public relations, which are precisely his shortcomings. He is not a qualified marketing worker.</p><p>So later Zuo Hui warned young people: \"When a person does something in a major that he is not good at, he can never arouse his greatest potential. Faced with many career choices, don't continue to waste time after figuring out what you are not suitable for. To do things, the most important thing is to give full play to your strengths.\"</p><p><b>2. Start a business for the first time: \"Knowing the enemy\" is an effective magic weapon for you to defeat your opponent</b></p><p>In 1995, Zuo Hui and two classmates resigned to start a business. They each took 50,000 yuan to set up an insurance agency company. The biggest challenge at that time was that none of the three of them knew insurance at all, and they were not even \"consumers of insurance products\" before, but were complete laymen.</p><p>At that time, the general quality of insurance practitioners was not very high. Zuo Hui thought that if his team could study more carefully and do more professionally than these people, there would be opportunities. So every day after everyone got off work, he locked himself in the office and began to study the terms of various insurance companies collected.</p><p>The insurance company's claims and terms and conditions are complicated. Sometimes there are tens of thousands of words in a clause, and the writing is particularly \"professional\". Zuo Hui often looks at it, and if he is not careful, he is sleepy and falls asleep. But in order to find the most critical information and \"traps\" from these \"gobbledygooks\", he forced himself to hold those dense small print and read it silently and aloud until he thoroughly figured it out.</p><p>During that time, Zuo Hui taught himself at night, went to work during the day to train employees in front of the blackboard, and learned and sold now. But it is precisely because Zuo Hui and his team know more about products, industries and competing products that the business is doing very well. At one time, this small company occupied a 3% market share among hundreds of peers in Beijing.</p><p>Three years later, when the state was ready to make policy adjustments to the insurance market and Zuo Hui and his team withdrew from the insurance agency market, the income of the three shareholders was 100 times that of that year.</p><p>Afterwards, Zuo Hui concluded: \"In the fierce market competition, if knowing 'one's strengths and weaknesses' is the starting point for a young man to choose a career, then 'knowing the enemy' is an effective magic weapon for you to defeat your opponent.\"</p><p><b>3. Entering the real estate intermediary industry: ethics determines success</b></p><p>After the \"housing reform in 1998\", the state abolished the \"welfare housing distribution\" and all implemented market-oriented. Since then, new house construction and second-hand house transactions have become active, and real estate agents have risen in response to the situation. After keenly seeing this market opportunity, Zuo Hui decided to enter the real estate intermediary 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 Chain Home Real Estate Brokerage Co., Ltd. was officially born. At that time, thousands of real estate agents in Beijing were mixed with good and evil people, and irregular operation was a basic common problem. Fraud, false advertising, and unequal use of information to eat the price difference were everywhere. Facing the intermediary,<a href=\"https://laohu8.com/S/603883\">Common people</a>Not knowing the rules of the game is like \"a blind man rides a blind horse and faces a deep pool in the middle of the night\", which is easily deceived.</p><p>At the beginning, the chain home was no different from other intermediaries, and it also used the unequal information to eat the price difference. Zuo Hui said: \"The joy that we feel when we eat the price difference is very real, and the anger that consumers come to us is also very real.\" He began to reflect, \"You can't ignore the feelings of others, and you can't be completely self-conscious. You need to take care of the feelings of others before realizing your personal ambitions.\"</p><p>Zuo Hui feels that his opportunity is to solve this information asymmetry, just as he used to help customers understand insurance terms. In March, 2004, Chain Home compiled the first User Manual of Beijing's real estate brokerage industry, which included issues such as selling, buying, renting, seeking rent, loans, transferring ownership, etc. in the process of real estate transactions, as well as basic knowledge and risk prevention measures. From the customer's point of view, this manual takes out all the \"precious crystallization\" accumulated by chain stores. 181 questions and answers, all-round dispel doubts for the people.</p><p>After this book was distributed free of charge in chain stores, it attracted great praise from customers, and some units even bought it collectively. At that time, someone asked Zuo Hui, what money do you make if you tell customers all these fishy places? Zuo Hui said, a gentleman loves money in a proper way.</p><p>Facts have proved that Zuo Hui's approach is correct. With the establishment of Chain Home's reputation, Chain Home's stores began to expand rapidly. In 2004, there were only more than 30 Chain Home stores, but by 2005, it had increased to 105.</p><p>Faced with the achievements, Zuo Hui said at that time: \"I know very well that in many cases, it's not that our service is really'genuine ', but that so many customers give salesmen a chance based on their trust in the' Chain Home 'brand. And what can we rely on to repay this trust? It can only be professional ethics.\"</p><p><b>4. Team building: Only when practitioners have a sense of security can the industry develop healthily</b></p><p>In 2004, Zuo Hui took an MBA in Tsinghua University. At that time, a business management senior in Taiwan Province said on the podium that brokers should be core assets, but in reality they are consumables. Just like a towel, wrung it out and change it for another. No one pays serious attention to thinking about the state of the most basic service providers in this industry, their professional dignity and protection should be.</p><p>Zuo Hui was deeply impressed by this sentence. He understands the status and not easy of the broker. In his eyes, real estate agents are the carriers and service providers of products provided to consumers. They will fundamentally affect the development path of the industry.</p><p>So Zuo Hui tried every means to provide brokers with all kinds of resources within the company, not only to help them solve the problems in business, customer search and service, but also to help them solve all the problems in life and family.</p><p>As a result, in industries where the average monthly turnover rate of employees exceeds 10%, Chain Home is only 3%. There are many brokers who have been in Chain Home for more than 5 years, which is almost a miracle in the field of real estate intermediary.</p><p>An executive of Chain Home once said that Chain Home has always done things around two essences, one is good for brokers, the other is good for customers, and good for brokers. What changes is the ecological environment, becoming more and more disciplined and healthy, good for customers, and improving the consumer experience. Zuo Hui said that only when people who serve in this industry can struggle with peace of mind can this industry achieve healthy development, which will ultimately benefit every consumer and every customer.</p><p><b>5. Business management: adhere to long-termism and do difficult but correct things</b></p><p>Around 2008, the hidden rule of the real estate intermediary industry was that real and fake houses were released at the same time, and fake houses were used to attract prospective customers to promote the sales of real houses. On the one hand, this is because there is little information about real houses; on the other hand, it can attract customers with false low prices. Whoever publishes real houses will easily scare away customers.</p><p>Such unspoken rules are undoubtedly beneficial to intermediaries, but they are obviously very unfriendly to customers. People angrily call real estate agents \"black intermediaries\".</p><p>At that time, Chain Home was already the largest real estate agency in Beijing. Zuo Hui didn't want to bear the stigma of \"black intermediary\" and let his children be pointed out in the future. He wanted to change this through his own actions.</p><p>In 2009, Zuo Hui put forward the idea of \"real housing action\". The so-called real houses are real houses with real existence, real sale, real price and real information. As soon as this idea came out, it immediately blew up in the company, and many agents thought the boss was crazy. Zuo Hui didn't push his own ideas. On the one hand, he did the ideological work of an agent, and on the other hand, he arranged for people to \"sweep the building\".</p><p>The so-called building sweeping is to find out the real information of houses. Zuo Hui recruited thousands of people to count houses in different communities in more than 30 cities. This huge and tedious \"housing census\" work not only seemed useless at that time, but even Zuo Hui didn't know when it would generate value, but he still proposed to \"invest regardless of cost\" in development, because in his opinion, it is the right thing to provide customers with real information.</p><p>After ten years of \"several buildings\" work, a \"real estate dictionary\" containing information such as original data of houses, floor plans, coordinates of houses, real estate environment, distance from subway, historical transaction data, etc. was born. This \"dictionary\" now covers 322 cities in China, with 240 million pieces of real housing information recorded in the database, and has become the housing information database with the largest amount of data, the widest coverage and the most comprehensive dimension in China.</p><p>After the \"Real Estate Dictionary\" had a certain scale of real data, in 2011, Zuo Hui began to promote the \"Real House Action\" in Chain Home. In the first three months of the operation, Chain Home's business continued to decline, and brokers also experienced a wave of resignations. There was a loud voice of internal shaking, but Zuo Hui resisted the pressure. About 100 days later, many customers who left came back, and Chain Home's business began to pick up rapidly, and its reputation became better and better.</p><p><img src=\"https://static.tigerbbs.com/1ca89764f33093c98a104dc186e46263\" tg-width=\"667\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>The real housing action is a milestone event in the development of Lianjia. On the eve of Keike's listing in the United States in 2020, Zuo Hui said in a letter to shareholders: \"The uniqueness of our organization lies in the fact that we firmly choose long-term interests and choose to do the'right 'thing instead of what succeeds quickly. We have a natural aversion to taking shortcuts. We also realize that 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 hard and right thing is the way to success that we understand and believe in. The most difficult thing is that a'correct 'decision often brings a decline instead of an increase in income. Of course, this decline is phased. After this stage, it will naturally enter a long-term growth channel, but it is this decline. This stage makes the organization face a lot of tests, 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 philosophy over the years. They have all experienced difficult'no-output periods' again and again, and then ushered in long-term growth and positive feedback from consumers, thus strengthening this belief.\"</p><p><b>6. Peer competition: recognize the advanced, learn from the advanced and surpass the advanced</b></p><p>After 2015, Chain Home, which has practiced \"internal strength\", began to expand at a high speed. In first-and second-tier cities such as Chengdu, Shanghai, Beijing, Shenzhen, Hangzhou, Chongqing, Jinan, Guangzhou, Dalian and Yantai, Chain Home has successively acquired 11 real estate agents, including Yicheng Real Estate, Deyou Real Estate, Yijia, Zhonglian (Real Estate), Beijing Gaoce, Shengshi Butler, Daxingye, Furui Real Estate, Mantanghong, Haomongkok and Yuansheng Real Estate... Zuo Huixiao said that all the more reliable agents in the country have been acquired by Chain Home.</p><p>However, with the expansion of business, Zuo Hui also found an enterprise bottleneck: it is necessary to set up more and more stores and support more and more real estate agents to cover more and more customers. However, the transaction volume of customers does not increase with the increase of the number of coverage, and the huge cost of raising people caused in the middle makes many intermediary enterprises miserable.</p><p>Moreover, Zuo Hui is also worried about the emergence of platform companies like Ali in the industry, which will eventually suppress Lianjia through the head aggregation effect. Therefore, instead of waiting for others to revolutionize, it is better to revolutionize your own life.</p><p>Under such considerations, in 2018, Lianjia.com was upgraded to a shell house search platform. There are not only Lianjia brands such as Lianjia and Deyou, but also a large number of third-party real estate brokerage companies who have settled in Keike to find houses. The data shows that as of the end of December 2020, Keike House Search has connected 265 brand chain brokerage companies. These brands have 42,000 stores in 103 cities, with a total of more than 456,000 brokers.</p><p>However, the development of shells has obviously hurt the interests of other real estate agencies. In June 2018, just two months after Keike House Search was launched, many domestic real estate service agencies gathered together to count the crimes of \"certain companies\" being both athletes and referees.</p><p>Last year, some peers in the industry even bluntly said that Keike was looking for a house: \"If you unify the rivers and lakes, the entire industry will not agree, developers will not agree, customers will not agree, and the government will not agree.\" This year, the national anti-monopoly thunder rumbled, 58 Yao Jinbo, the boss of the Group, suggested that the state give Keike a small penalty-a fine of 4 billion.</p><p>But Zuo Hui doesn't like to always mention competition. He believes that competitive thinking is inefficient. In his view, the progress of enterprises does not come from competition or environmental changes, but \"can create core irreplaceable value for the industry\".</p><p>Regarding competition, Zuo Hui said: \"If you want to win, there are two ways. The first way is to make yourself stronger, and the second way is to make others weaker. If you care more about competitors, it is easy to use the second method, because it is easier. In doing so, it is easy to hit others, and it will also give yourself a psychological hint: I'm not stupid. I think this is a very bad situation for the organization. No enterprise succeeds by hitting others. A truly strong team, including a strong nation, a strong organization and a strong individual, can do three things: recognize the advanced, learn from the advanced and surpass the advanced. Especially if the first thing can't be done, 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 precious legacy to the business community</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 precious legacy to the business community\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>Stone Introduction:</b>Although Mr. Zuo Hui is gone, his spirit and business ideas are precious assets left to the business community and young people. Today, we are here to select some key nodes of Mr. Zuo Hui's entrepreneurial road, explore his entrepreneurial mentality and business thinking on these key nodes, and I would like to commemorate them. Although many people know<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Zuo Hui, the founder of Zhaofang, has been in poor health in recent years, but the news of Zuo Hui's death on May 20th still shocked the entire media circle. In the past few years, seeing Zuo Hui's occasional public appearances, I once thought that he had passed the gate of hell. Especially when I saw him leading the company to develop rapidly from Chain Home to Keike House Search, I also think of what Kazuo Inamori said from time to time, \"A successful person must have experienced a dying catastrophe, suffered a serious illness or suffered a great setback, and his life is definitely not a lifelong happiness or a smooth one.\" But Zuo Hui left anyway.</p><p>Similar to the author's feelings, the news of Zuo Hui's death also shocked many media people and entrepreneurs. However, unlike similar emergencies, many people are shocked, but they show more regret. One of the most important reasons, from the simplest perspective, is that everyone feels that society has lost not only an excellent entrepreneur, but also a \"good\" entrepreneur.</p><p>This is an entrepreneur who upholds the values of being good and upward, and practices business ideas with such values. As early as the \"wild period\" of the real estate brokerage industry, he shouted that \"ethics determines success\". Chain Home Real Estate, which he founded, has also become a real estate brokerage company trusted by Chinese people. Not long ago, on the third anniversary of the establishment of Keike House Search, he also wrote an article \"Believe in the power of values, believe in the power of belief!\" \"Article.</p><p>As someone commented on Zuo Hui, \"Modern business society is very pragmatic. On the one hand, people advocate values, but on the other hand, they also hope to see that values can bring business success. The great commercial success of Mr. Zuo Hui's shell (as well as the freedom and vision of not landing in the capital market) has made people see the power of long-termism and convinced people that this value can indeed bring success. This provides a huge positive incentive to drive people to pursue and practice such values more firmly. \"</p><p>Although Zuo Hui is gone, his spirit and business ideas are precious assets left to the business community and young people. Today, we are here to select some key nodes of Mr. Zuo Hui's entrepreneurial road, explore his entrepreneurial mentality and business thinking on these key nodes, and I would like to commemorate them.</p><p><b>1. Entering the society for the first time: the most important thing is to give full play to your strengths</b></p><p>Like many college graduates who have just entered the society now, Zuo Hui was in a rush in the society after graduating in 1992. He was first assigned to a factory on the outskirts of Beijing, but within a few months he moved to<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>A software company. My new job is to answer the phone and collect the information from customers. He is not good at words and has to face all kinds of complaint calls every day. During that time, as soon as he gets off work, his ears are full of \"buzzing\" sounds, and his mind is often blank.</p><p>But it's this kind of job, Zuo Hui still insisted on doing it for three years. Three years later, he moved to another software company, also doing marketing. At that time, in order to prepare a detailed product introduction for his colleagues, Zuo Hui didn't have a rest day for three or four months. He thought that with a good information leaflet, he could achieve the corresponding market effect, but the result backfired.</p><p>Afterwards, Zuo Hui figured out that as a marketing worker, excellent materials and tools are not the first priority, but the ability to communicate with others and public relations, which are precisely his shortcomings. He is not a qualified marketing worker.</p><p>So later Zuo Hui warned young people: \"When a person does something in a major that he is not good at, he can never arouse his greatest potential. Faced with many career choices, don't continue to waste time after figuring out what you are not suitable for. To do things, the most important thing is to give full play to your strengths.\"</p><p><b>2. Start a business for the first time: \"Knowing the enemy\" is an effective magic weapon for you to defeat your opponent</b></p><p>In 1995, Zuo Hui and two classmates resigned to start a business. They each took 50,000 yuan to set up an insurance agency company. The biggest challenge at that time was that none of the three of them knew insurance at all, and they were not even \"consumers of insurance products\" before, but were complete laymen.</p><p>At that time, the general quality of insurance practitioners was not very high. Zuo Hui thought that if his team could study more carefully and do more professionally than these people, there would be opportunities. So every day after everyone got off work, he locked himself in the office and began to study the terms of various insurance companies collected.</p><p>The insurance company's claims and terms and conditions are complicated. Sometimes there are tens of thousands of words in a clause, and the writing is particularly \"professional\". Zuo Hui often looks at it, and if he is not careful, he is sleepy and falls asleep. But in order to find the most critical information and \"traps\" from these \"gobbledygooks\", he forced himself to hold those dense small print and read it silently and aloud until he thoroughly figured it out.</p><p>During that time, Zuo Hui taught himself at night, went to work during the day to train employees in front of the blackboard, and learned and sold now. But it is precisely because Zuo Hui and his team know more about products, industries and competing products that the business is doing very well. At one time, this small company occupied a 3% market share among hundreds of peers in Beijing.</p><p>Three years later, when the state was ready to make policy adjustments to the insurance market and Zuo Hui and his team withdrew from the insurance agency market, the income of the three shareholders was 100 times that of that year.</p><p>Afterwards, Zuo Hui concluded: \"In the fierce market competition, if knowing 'one's strengths and weaknesses' is the starting point for a young man to choose a career, then 'knowing the enemy' is an effective magic weapon for you to defeat your opponent.\"</p><p><b>3. Entering the real estate intermediary industry: ethics determines success</b></p><p>After the \"housing reform in 1998\", the state abolished the \"welfare housing distribution\" and all implemented market-oriented. Since then, new house construction and second-hand house transactions have become active, and real estate agents have risen in response to the situation. After keenly seeing this market opportunity, Zuo Hui decided to enter the real estate intermediary 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 Chain Home Real Estate Brokerage Co., Ltd. was officially born. At that time, thousands of real estate agents in Beijing were mixed with good and evil people, and irregular operation was a basic common problem. Fraud, false advertising, and unequal use of information to eat the price difference were everywhere. Facing the intermediary,<a href=\"https://laohu8.com/S/603883\">Common people</a>Not knowing the rules of the game is like \"a blind man rides a blind horse and faces a deep pool in the middle of the night\", which is easily deceived.</p><p>At the beginning, the chain home was no different from other intermediaries, and it also used the unequal information to eat the price difference. Zuo Hui said: \"The joy that we feel when we eat the price difference is very real, and the anger that consumers come to us is also very real.\" He began to reflect, \"You can't ignore the feelings of others, and you can't be completely self-conscious. You need to take care of the feelings of others before realizing your personal ambitions.\"</p><p>Zuo Hui feels that his opportunity is to solve this information asymmetry, just as he used to help customers understand insurance terms. In March, 2004, Chain Home compiled the first User Manual of Beijing's real estate brokerage industry, which included issues such as selling, buying, renting, seeking rent, loans, transferring ownership, etc. in the process of real estate transactions, as well as basic knowledge and risk prevention measures. From the customer's point of view, this manual takes out all the \"precious crystallization\" accumulated by chain stores. 181 questions and answers, all-round dispel doubts for the people.</p><p>After this book was distributed free of charge in chain stores, it attracted great praise from customers, and some units even bought it collectively. At that time, someone asked Zuo Hui, what money do you make if you tell customers all these fishy places? Zuo Hui said, a gentleman loves money in a proper way.</p><p>Facts have proved that Zuo Hui's approach is correct. With the establishment of Chain Home's reputation, Chain Home's stores began to expand rapidly. In 2004, there were only more than 30 Chain Home stores, but by 2005, it had increased to 105.</p><p>Faced with the achievements, Zuo Hui said at that time: \"I know very well that in many cases, it's not that our service is really'genuine ', but that so many customers give salesmen a chance based on their trust in the' Chain Home 'brand. And what can we rely on to repay this trust? It can only be professional ethics.\"</p><p><b>4. Team building: Only when practitioners have a sense of security can the industry develop healthily</b></p><p>In 2004, Zuo Hui took an MBA in Tsinghua University. At that time, a business management senior in Taiwan Province said on the podium that brokers should be core assets, but in reality they are consumables. Just like a towel, wrung it out and change it for another. No one pays serious attention to thinking about the state of the most basic service providers in this industry, their professional dignity and protection should be.</p><p>Zuo Hui was deeply impressed by this sentence. He understands the status and not easy of the broker. In his eyes, real estate agents are the carriers and service providers of products provided to consumers. They will fundamentally affect the development path of the industry.</p><p>So Zuo Hui tried every means to provide brokers with all kinds of resources within the company, not only to help them solve the problems in business, customer search and service, but also to help them solve all the problems in life and family.</p><p>As a result, in industries where the average monthly turnover rate of employees exceeds 10%, Chain Home is only 3%. There are many brokers who have been in Chain Home for more than 5 years, which is almost a miracle in the field of real estate intermediary.</p><p>An executive of Chain Home once said that Chain Home has always done things around two essences, one is good for brokers, the other is good for customers, and good for brokers. What changes is the ecological environment, becoming more and more disciplined and healthy, good for customers, and improving the consumer experience. Zuo Hui said that only when people who serve in this industry can struggle with peace of mind can this industry achieve healthy development, which will ultimately benefit every consumer and every customer.</p><p><b>5. Business management: adhere to long-termism and do difficult but correct things</b></p><p>Around 2008, the hidden rule of the real estate intermediary industry was that real and fake houses were released at the same time, and fake houses were used to attract prospective customers to promote the sales of real houses. On the one hand, this is because there is little information about real houses; on the other hand, it can attract customers with false low prices. Whoever publishes real houses will easily scare away customers.</p><p>Such unspoken rules are undoubtedly beneficial to intermediaries, but they are obviously very unfriendly to customers. People angrily call real estate agents \"black intermediaries\".</p><p>At that time, Chain Home was already the largest real estate agency in Beijing. Zuo Hui didn't want to bear the stigma of \"black intermediary\" and let his children be pointed out in the future. He wanted to change this through his own actions.</p><p>In 2009, Zuo Hui put forward the idea of \"real housing action\". The so-called real houses are real houses with real existence, real sale, real price and real information. As soon as this idea came out, it immediately blew up in the company, and many agents thought the boss was crazy. Zuo Hui didn't push his own ideas. On the one hand, he did the ideological work of an agent, and on the other hand, he arranged for people to \"sweep the building\".</p><p>The so-called building sweeping is to find out the real information of houses. Zuo Hui recruited thousands of people to count houses in different communities in more than 30 cities. This huge and tedious \"housing census\" work not only seemed useless at that time, but even Zuo Hui didn't know when it would generate value, but he still proposed to \"invest regardless of cost\" in development, because in his opinion, it is the right thing to provide customers with real information.</p><p>After ten years of \"several buildings\" work, a \"real estate dictionary\" containing information such as original data of houses, floor plans, coordinates of houses, real estate environment, distance from subway, historical transaction data, etc. was born. This \"dictionary\" now covers 322 cities in China, with 240 million pieces of real housing information recorded in the database, and has become the housing information database with the largest amount of data, the widest coverage and the most comprehensive dimension in China.</p><p>After the \"Real Estate Dictionary\" had a certain scale of real data, in 2011, Zuo Hui began to promote the \"Real House Action\" in Chain Home. In the first three months of the operation, Chain Home's business continued to decline, and brokers also experienced a wave of resignations. There was a loud voice of internal shaking, but Zuo Hui resisted the pressure. About 100 days later, many customers who left came back, and Chain Home's business began to pick up rapidly, and its reputation became better and better.</p><p><img src=\"https://static.tigerbbs.com/1ca89764f33093c98a104dc186e46263\" tg-width=\"667\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>The real housing action is a milestone event in the development of Lianjia. On the eve of Keike's listing in the United States in 2020, Zuo Hui said in a letter to shareholders: \"The uniqueness of our organization lies in the fact that we firmly choose long-term interests and choose to do the'right 'thing instead of what succeeds quickly. We have a natural aversion to taking shortcuts. We also realize that 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 hard and right thing is the way to success that we understand and believe in. The most difficult thing is that a'correct 'decision often brings a decline instead of an increase in income. Of course, this decline is phased. After this stage, it will naturally enter a long-term growth channel, but it is this decline. This stage makes the organization face a lot of tests, 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 philosophy over the years. They have all experienced difficult'no-output periods' again and again, and then ushered in long-term growth and positive feedback from consumers, thus strengthening this belief.\"</p><p><b>6. Peer competition: recognize the advanced, learn from the advanced and surpass the advanced</b></p><p>After 2015, Chain Home, which has practiced \"internal strength\", began to expand at a high speed. In first-and second-tier cities such as Chengdu, Shanghai, Beijing, Shenzhen, Hangzhou, Chongqing, Jinan, Guangzhou, Dalian and Yantai, Chain Home has successively acquired 11 real estate agents, including Yicheng Real Estate, Deyou Real Estate, Yijia, Zhonglian (Real Estate), Beijing Gaoce, Shengshi Butler, Daxingye, Furui Real Estate, Mantanghong, Haomongkok and Yuansheng Real Estate... Zuo Huixiao said that all the more reliable agents in the country have been acquired by Chain Home.</p><p>However, with the expansion of business, Zuo Hui also found an enterprise bottleneck: it is necessary to set up more and more stores and support more and more real estate agents to cover more and more customers. However, the transaction volume of customers does not increase with the increase of the number of coverage, and the huge cost of raising people caused in the middle makes many intermediary enterprises miserable.</p><p>Moreover, Zuo Hui is also worried about the emergence of platform companies like Ali in the industry, which will eventually suppress Lianjia through the head aggregation effect. Therefore, instead of waiting for others to revolutionize, it is better to revolutionize your own life.</p><p>Under such considerations, in 2018, Lianjia.com was upgraded to a shell house search platform. There are not only Lianjia brands such as Lianjia and Deyou, but also a large number of third-party real estate brokerage companies who have settled in Keike to find houses. The data shows that as of the end of December 2020, Keike House Search has connected 265 brand chain brokerage companies. These brands have 42,000 stores in 103 cities, with a total of more than 456,000 brokers.</p><p>However, the development of shells has obviously hurt the interests of other real estate agencies. In June 2018, just two months after Keike House Search was launched, many domestic real estate service agencies gathered together to count the crimes of \"certain companies\" being both athletes and referees.</p><p>Last year, some peers in the industry even bluntly said that Keike was looking for a house: \"If you unify the rivers and lakes, the entire industry will not agree, developers will not agree, customers will not agree, and the government will not agree.\" This year, the national anti-monopoly thunder rumbled, 58 Yao Jinbo, the boss of the Group, suggested that the state give Keike a small penalty-a fine of 4 billion.</p><p>But Zuo Hui doesn't like to always mention competition. He believes that competitive thinking is inefficient. In his view, the progress of enterprises does not come from competition or environmental changes, but \"can create core irreplaceable value for the industry\".</p><p>Regarding competition, Zuo Hui said: \"If you want to win, there are two ways. The first way is to make yourself stronger, and the second way is to make others weaker. If you care more about competitors, it is easy to use the second method, because it is easier. In doing so, it is easy to hit others, and it will also give yourself a psychological hint: I'm not stupid. I think this is a very bad situation for the organization. No enterprise succeeds by hitting others. A truly strong team, including a strong nation, a strong organization and a strong individual, can do three things: recognize the advanced, learn from the advanced and surpass the advanced. Especially if the first thing can't be done, 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":620,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":1099,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":"other","language":"zh","title":"Pinduoduo fell more than 10% as the decline of popular Chinese stocks continued to expand","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 of popular Chinese stocks continued to expand,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>Both fell by more than 10%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fog core technology fell by more than 9%,<a href=\"https://laohu8.com/S/BEKE\">Shell</a>fell by more than 8%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Fell more than 7%, Nio,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</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>Pinduoduo fell more than 10% as the decline of popular Chinese stocks continued to expand</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{ 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}\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\">\nPinduoduo fell more than 10% as the decline of popular Chinese stocks continued to expand\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 of popular Chinese stocks continued to expand,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/IQ\">iQIYI</a>Both fell by more than 10%,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fog core technology fell by more than 9%,<a href=\"https://laohu8.com/S/BEKE\">Shell</a>fell by more than 8%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Fell more than 7%, Nio,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</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":{"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","PDD":"拼多多","BK4548":"巴美列捷福持仓","BK4526":"热门中概股","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","TTTN":"老虎中美互联网巨头ETF","BK4504":"桥水持仓","BK4553":"喜马拉雅资本持仓","BK4501":"段永平概念","BK4558":"双十一","BK4531":"中概回港概念","BK4509":"腾讯概念"},"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,"QNETCN":0.9,"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":806,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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 Drops More Than 24%, Q4 Net Income Drops 49% YoY","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>On February 2,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>Continued to fall, now falling by more than 24%. On the news side,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>Net income fell 49% year over year in the fourth quarter as the company dropped guidance to achieve 750 million accounts by 2025.</p><p>Dragged down by Paypal's performance below expectations, the share prices of peer competitors also followed suit, with Block falling by more than 8% and Affirm Holdings falling by 5%.<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 Drops More Than 24%, Q4 Net Income Drops 49% YoY</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 Drops More Than 24%, Q4 Net Income Drops 49% YoY\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>On February 2,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>Continued to fall, now falling by more than 24%. On the news side,<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>Net income fell 49% year over year in the fourth quarter as the company dropped guidance to achieve 750 million accounts by 2025.</p><p>Dragged down by Paypal's performance below expectations, the share prices of peer competitors also followed suit, with Block falling by more than 8% and Affirm Holdings falling by 5%.<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":938,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":{"BK4542":"充电桩","EVGO":"EVgo Inc.","BK4214":"汽车零售","BLNK":"Blink Charging","BK4551":"寇图资本持仓","CHPT":"ChargePoint Holdings Inc.","BK4096":"电气部件与设备","ABB":"阿西布朗勃法瑞公司"},"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":{"BLNK":1,"ABB":1,"EVGO":1,"CHPT":1}},"isVote":1,"tweetType":1,"viewCount":692,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":835,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":686,"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":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"themes":[],"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":"sh","language":"zh","title":"Vanke's net profit fell by 45.7% in 2021, throwing out the highest proportion of dividends 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 situation in Vanke's 31 years since its listing.</p><p>The annual report disclosed on the evening of March 30 showed that Vanke achieved operating income of 452.80 billion yuan, a year-on-year increase of 8.0%; The net profit attributable to the parent was 22.5 billion yuan, a year-on-year decrease of 45.7%.</p><p>After 1995 and 2008, Vanke's net profit declined for the third time since its listing 31 years ago.</p><p>At the same time as the annual report was released, Vanke also launched a repurchase plan and the highest proportion of dividend distribution plan since its listing.</p><p>Vanke said that it will choose an opportunity to carry out repurchases of 2-2.5 billion yuan in the next three months, and the dividend ratio is planned to jump from 35% in 2020 to 50%, with a total planned dividend of 11.28 billion yuan. Judging from the current stock price, the Dividend rate is about 5.1%, and Vanke has become the only A-share company that has paid cash dividends for 30 consecutive years.</p><p><b>Vanke hopes to please shareholders in this way and express its apology for its report card.</b></p><p>Yu Liang, chairman of Vanke's board of directors, also said in the shareholder letter, \"I should come out and take responsibility, and I should work with the team to face up to problems, find shortcomings, prescribe the right medicine, act resolutely, and make redouble efforts for them.\"</p><p>Wall Street News also noticed that Yu Liang voluntarily gave up all his bonuses in 2021.</p><p>Yu Liang apologized to the shareholders in the shareholder letter. He reflected that from a structural point of view, the real estate development business still plays a decisive role in the company's net profit.</p><p><b>Although Vanke has undergone early transformation, it hopes to spend about ten years exploring and laying out new tracks with long-term potential. However, at present, in terms of operating income and profit, these businesses can't be compared with real estate development now and in the future. Moreover, in the initial stage, the investment in these new businesses will also cause a considerable burden on short-term performance improvement.</b></p><p>The cost method adopted by Vanke depreciates and amortizes these asset-heavy businesses, which increases the impact on the report profit.</p><p>Yu Liang said that although the company realized earlier in the industry that high-speed growth would eventually end, it was ashamed that Vanke's behavior failed to resolutely get rid of the inertia of high growth. When the pursuit of scale is still popular and the competition for land is intensifying, some cities' investment is chasing high and aggressive, and their market judgment is too optimistic. The investment expectations of some projects have not been realized, resulting in a decline in gross profit margins.</p><p>\"The performance in 2021 is a wake-up call for Vanke.\" Yu Liang said that in 2022, Vanke will take resolute and targeted actions to solve the problems existing in the development business, consolidate its first-mover advantage in the comprehensive development of real estate, ensure financial security, and realize the stabilization and recovery of operating income 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 fell by 45.7% in 2021, throwing out the highest proportion of dividends 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 fell by 45.7% in 2021, throwing out the highest proportion of dividends 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 situation in Vanke's 31 years since its listing.</p><p>The annual report disclosed on the evening of March 30 showed that Vanke achieved operating income of 452.80 billion yuan, a year-on-year increase of 8.0%; The net profit attributable to the parent was 22.5 billion yuan, a year-on-year decrease of 45.7%.</p><p>After 1995 and 2008, Vanke's net profit declined for the third time since its listing 31 years ago.</p><p>At the same time as the annual report was released, Vanke also launched a repurchase plan and the highest proportion of dividend distribution plan since its listing.</p><p>Vanke said that it will choose an opportunity to carry out repurchases of 2-2.5 billion yuan in the next three months, and the dividend ratio is planned to jump from 35% in 2020 to 50%, with a total planned dividend of 11.28 billion yuan. Judging from the current stock price, the Dividend rate is about 5.1%, and Vanke has become the only A-share company that has paid cash dividends for 30 consecutive years.</p><p><b>Vanke hopes to please shareholders in this way and express its apology for its report card.</b></p><p>Yu Liang, chairman of Vanke's board of directors, also said in the shareholder letter, \"I should come out and take responsibility, and I should work with the team to face up to problems, find shortcomings, prescribe the right medicine, act resolutely, and make redouble efforts for them.\"</p><p>Wall Street News also noticed that Yu Liang voluntarily gave up all his bonuses in 2021.</p><p>Yu Liang apologized to the shareholders in the shareholder letter. He reflected that from a structural point of view, the real estate development business still plays a decisive role in the company's net profit.</p><p><b>Although Vanke has undergone early transformation, it hopes to spend about ten years exploring and laying out new tracks with long-term potential. However, at present, in terms of operating income and profit, these businesses can't be compared with real estate development now and in the future. Moreover, in the initial stage, the investment in these new businesses will also cause a considerable burden on short-term performance improvement.</b></p><p>The cost method adopted by Vanke depreciates and amortizes these asset-heavy businesses, which increases the impact on the report profit.</p><p>Yu Liang said that although the company realized earlier in the industry that high-speed growth would eventually end, it was ashamed that Vanke's behavior failed to resolutely get rid of the inertia of high growth. When the pursuit of scale is still popular and the competition for land is intensifying, some cities' investment is chasing high and aggressive, and their market judgment is too optimistic. The investment expectations of some projects have not been realized, resulting in a decline in gross profit margins.</p><p>\"The performance in 2021 is a wake-up call for Vanke.\" Yu Liang said that in 2022, Vanke will take resolute and targeted actions to solve the problems existing in the development business, consolidate its first-mover advantage in the comprehensive development of real estate, ensure financial security, and realize the stabilization and recovery of operating income 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":{"02202":0.9,"000002":0.9}},"isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}