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2021-04-17

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Buy a house or buy stocks? That's what American residents see right now

2021-04-17

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Preview of Apple's Spring Conference: Which new products will be held at this "Science and Technology Spring Festival Evening"

2021-04-16

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JPMorgan to issue $13 billion in bonds, the largest on record for a bank

2021-04-14

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2021-04-13

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Pricing is low, subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold

2021-04-13

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2021-04-12

Whose problem

Whose pot is the car company lacking core and stuck neck?

2021-04-12

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2021-04-11

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2021-04-09

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Ctrip, which went to Hong Kong for the second time, you really know how to play!

2021-04-09

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Lychee: Institutional investors will buy $30 million in ADS and warrants

2021-04-08

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2021-04-07

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Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year

2021-04-06

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2021-04-05

Huat

2021-04-01

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2021-03-22

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2021-03-22

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2021-03-22

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Aauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months

2021-03-19

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That's what American residents see right now","url":"https://stock-news.laohu8.com/highlight/detail?id=2128537854","media":"格隆汇","summary":"2021年，美国家庭更加青睐房地产。","content":"<p>The sharp increase in residents' savings under the shock of the pandemic is almost a common problem faced by the world. In addition to consumption, how to make reasonable investment layout? This report from the New York Fed may give me some clues. Some numbers for U.S. real estate slowed in the first quarter of the year, but from a micro level, we might as well be optimistic.</p><p><b>text</b></p><p><b>Housing is the largest asset owned by most families and is the primary means of wealth accumulation, especially for the middle class</b>。 However, there is limited understanding of how households view and compare real estate investments to financial investments, in part because they differ beyond common risk and benefit standards. On the one hand, housing is an important source of household leverage, and it is also a reliable tool to preserve the value of savings. Owner-occupied homes can also provide stability and an effective hedge against rising housing costs. Housing, on the other hand, is far less liquid than financial assets and requires more time to manage.</p><p>In this article, we use data from the just-released SCE Housing Survey to answer several related questions about how households view real estate: Do households view housing as a good investment option compared to financial assets, such as stocks? Are there differences in preferences for housing investment among different populations? What factors do families consider when choosing the housing market or the stock market?</p><p><h3><b>Design of survey data</b></h3>A new survey was recently launched in the SCE Housing Survey, which targets households' preferences for real estate and the stock market and the reasons behind them. In the survey, respondents will imagine themselves giving financial advice to a couple in their 30s in the area: buying a house or buying stocks, who just got a gift that can cover the full advance payment for a home. The problem has two scenarios: one is to ask the young couple whether to buy an owner-occupied home or to invest in the stock market, and the other is to assume that the couple already owns a home, whether they should invest in rental property or stocks.</p><p>Each respondent answered one of the above questions at random. After giving a recommendation, respondents also need to choose the reasons for making the recommendation from a series of factors, including higher stock returns, less volatile real estate returns, whether it is a reliable savings preservation tool, etc., or they can also provide their own reasons. This survey was conducted in February 2020 (primarily prior to the COVID-19 outbreak in the United States), October 2020, and February 2021, and the results are reported below:</p><p><h3><b>Housing is a good investment</b></h3>The following table lists the distribution of results of financial advice in the housing market and stock market at different stages. In general,<b>Households generally agree that housing is a good investment compared to the stock market</b>。 When asked whether to invest in rental real estate or the stock market, more than 50% of households surveyed recommended housing. In the selection scenario of first home and stock, more than 90% of the respondents choose housing, and their preference for housing is stronger.</p><p>One interesting discovery is,<b>Preferences for real estate declined in October 2020 and returned to pre-pandemic levels by February 2021</b>。 Examining the rationale for these choices, we find that in October 2020, this shift away from real estate preferences was not driven by lower home price expectations, but reflected other reasons. For example, investors are more concerned about the risks of vacant rental homes. For purchasing owner-occupied homes, post-pandemic respondents were less concerned about the stability offered by owner-occupied homes, likely due to concerns that inability to make mortgage payments would result in a shorter period of living in the current home.</p><p><img src=\"https://static.tigerbbs.com/7446f0bfef91d753b549564a8bb711bb\" tg-width=\"1080\" tg-height=\"832\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/847eb2c2296ba22d4e737a7120244700\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p><h3><b>How do different groups of people view real estate investing differently?</b></h3>Next, we looked at the differences in the perception of real estate investment by different groups of people.<b>Two important factors influencing the questionnaire response were gender and education</b>。 In this analysis, we focus on how rental housing compares to stocks. The next chart shows,<b>Women and non-college graduates prefer housing over others</b>。</p><p>For gender differences, part of the explanation is that in our sample, men are more willing to take risks than women and are more willing to invest in the stock market, where returns are more volatile. With regard to the education gap, college graduates tend to think that the stock market is more rewarding than the housing market and cite \"managing rental properties is time consuming\" as one of the reasons to choose the stock market.</p><p>We also note that in the October 2020 survey, these gender and educational gaps narrowed significantly due to temporarily reduced real estate preferences among women and non-college graduates. In future research, we intend to examine the factors behind the gender and education gaps and why they temporarily reduced their preference for the housing market during the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6f2d9bb4a87ab766c9b9efd11c4e9187\" tg-width=\"500\" tg-height=\"435\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Reasons for choosing housing</b></h3>When it comes to reasons for choosing a home, the chart below shows the percentage of various reasons respondents recommend choosing to buy a first home rather than investing in the stock market. Respondents can choose multiple reasons. It can be seen that the proportion of choices for each reason is very reasonable. \"Ideal and stable living environment\" and \"less volatility in house prices\" are the most common reasons. Compared to the 2020 answer,<b>More respondents opted for higher housing returns and less volatility in 2021</b>While fewer survey respondents chose other reasons, including, for example, rent savings, stability, locking in housing costs, effective means of saving, etc.</p><p><img src=\"https://static.tigerbbs.com/7b5e4a78e93e5b919a8ccf14824ba5c6\" tg-width=\"500\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3>Real estate is an important asset class for middle-class families. Surveys conducted before and during the pandemic have shown that investors see housing, including rental properties and owner-occupied homes, as a good investment relative to the stock market. There are important differences in housing preferences among different populations, with women and non-college graduates preferring housing. More households are citing higher returns and lower volatility as reasons to enter the housing market now than before the pandemic.</p><p><i>This article is translated from the New York Fed's recent \"</i><b><i>Do People View Housing as a Good Investment and Why?</i></b><i>》, Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang</i></p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy a house or buy stocks? 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That's what American residents see right now\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-04-17 14:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The sharp increase in residents' savings under the shock of the pandemic is almost a common problem faced by the world. In addition to consumption, how to make reasonable investment layout? This report from the New York Fed may give me some clues. Some numbers for U.S. real estate slowed in the first quarter of the year, but from a micro level, we might as well be optimistic.</p><p><b>text</b></p><p><b>Housing is the largest asset owned by most families and is the primary means of wealth accumulation, especially for the middle class</b>。 However, there is limited understanding of how households view and compare real estate investments to financial investments, in part because they differ beyond common risk and benefit standards. On the one hand, housing is an important source of household leverage, and it is also a reliable tool to preserve the value of savings. Owner-occupied homes can also provide stability and an effective hedge against rising housing costs. Housing, on the other hand, is far less liquid than financial assets and requires more time to manage.</p><p>In this article, we use data from the just-released SCE Housing Survey to answer several related questions about how households view real estate: Do households view housing as a good investment option compared to financial assets, such as stocks? Are there differences in preferences for housing investment among different populations? What factors do families consider when choosing the housing market or the stock market?</p><p><h3><b>Design of survey data</b></h3>A new survey was recently launched in the SCE Housing Survey, which targets households' preferences for real estate and the stock market and the reasons behind them. In the survey, respondents will imagine themselves giving financial advice to a couple in their 30s in the area: buying a house or buying stocks, who just got a gift that can cover the full advance payment for a home. The problem has two scenarios: one is to ask the young couple whether to buy an owner-occupied home or to invest in the stock market, and the other is to assume that the couple already owns a home, whether they should invest in rental property or stocks.</p><p>Each respondent answered one of the above questions at random. After giving a recommendation, respondents also need to choose the reasons for making the recommendation from a series of factors, including higher stock returns, less volatile real estate returns, whether it is a reliable savings preservation tool, etc., or they can also provide their own reasons. This survey was conducted in February 2020 (primarily prior to the COVID-19 outbreak in the United States), October 2020, and February 2021, and the results are reported below:</p><p><h3><b>Housing is a good investment</b></h3>The following table lists the distribution of results of financial advice in the housing market and stock market at different stages. In general,<b>Households generally agree that housing is a good investment compared to the stock market</b>。 When asked whether to invest in rental real estate or the stock market, more than 50% of households surveyed recommended housing. In the selection scenario of first home and stock, more than 90% of the respondents choose housing, and their preference for housing is stronger.</p><p>One interesting discovery is,<b>Preferences for real estate declined in October 2020 and returned to pre-pandemic levels by February 2021</b>。 Examining the rationale for these choices, we find that in October 2020, this shift away from real estate preferences was not driven by lower home price expectations, but reflected other reasons. For example, investors are more concerned about the risks of vacant rental homes. For purchasing owner-occupied homes, post-pandemic respondents were less concerned about the stability offered by owner-occupied homes, likely due to concerns that inability to make mortgage payments would result in a shorter period of living in the current home.</p><p><img src=\"https://static.tigerbbs.com/7446f0bfef91d753b549564a8bb711bb\" tg-width=\"1080\" tg-height=\"832\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/847eb2c2296ba22d4e737a7120244700\" tg-width=\"1080\" tg-height=\"681\" referrerpolicy=\"no-referrer\"></p><p><h3><b>How do different groups of people view real estate investing differently?</b></h3>Next, we looked at the differences in the perception of real estate investment by different groups of people.<b>Two important factors influencing the questionnaire response were gender and education</b>。 In this analysis, we focus on how rental housing compares to stocks. The next chart shows,<b>Women and non-college graduates prefer housing over others</b>。</p><p>For gender differences, part of the explanation is that in our sample, men are more willing to take risks than women and are more willing to invest in the stock market, where returns are more volatile. With regard to the education gap, college graduates tend to think that the stock market is more rewarding than the housing market and cite \"managing rental properties is time consuming\" as one of the reasons to choose the stock market.</p><p>We also note that in the October 2020 survey, these gender and educational gaps narrowed significantly due to temporarily reduced real estate preferences among women and non-college graduates. In future research, we intend to examine the factors behind the gender and education gaps and why they temporarily reduced their preference for the housing market during the pandemic.</p><p><img src=\"https://static.tigerbbs.com/6f2d9bb4a87ab766c9b9efd11c4e9187\" tg-width=\"500\" tg-height=\"435\" referrerpolicy=\"no-referrer\"></p><p><h3><b>Reasons for choosing housing</b></h3>When it comes to reasons for choosing a home, the chart below shows the percentage of various reasons respondents recommend choosing to buy a first home rather than investing in the stock market. Respondents can choose multiple reasons. It can be seen that the proportion of choices for each reason is very reasonable. \"Ideal and stable living environment\" and \"less volatility in house prices\" are the most common reasons. Compared to the 2020 answer,<b>More respondents opted for higher housing returns and less volatility in 2021</b>While fewer survey respondents chose other reasons, including, for example, rent savings, stability, locking in housing costs, effective means of saving, etc.</p><p><img src=\"https://static.tigerbbs.com/7b5e4a78e93e5b919a8ccf14824ba5c6\" tg-width=\"500\" tg-height=\"432\" referrerpolicy=\"no-referrer\"></p><p><h3><b>conclusion</b></h3>Real estate is an important asset class for middle-class families. Surveys conducted before and during the pandemic have shown that investors see housing, including rental properties and owner-occupied homes, as a good investment relative to the stock market. There are important differences in housing preferences among different populations, with women and non-college graduates preferring housing. More households are citing higher returns and lower volatility as reasons to enter the housing market now than before the pandemic.</p><p><i>This article is translated from the New York Fed's recent \"</i><b><i>Do People View Housing as a Good Investment and Why?</i></b><i>》, Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang</i></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/460858\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b88e2fdae8e5bd88881023c7c82026ea","relate_stocks":{"09979":"绿城管理控股"},"source_url":"http://www.gelonghui.com/p/460858","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2128537854","content_text":"疫情冲击下居民储蓄大幅增加几乎是全球面临的共同问题。除了消费外，如何合理进行投资布局？纽约联储的这篇报告可能给我一些线索。美国房地产的部分数据在今年第一季度有所放缓，但从微观层面来看，我们不妨乐观一点。\n正文\n住房是大多数家庭拥有的最大额资产，并且是财富积累的主要手段，对于中产阶级尤其如此。然而，对于家庭如何看待和比较房地产投资和金融投资我们了解很有限，这部分是因为它们的差异超出了常见的风险和收益标准。一方面，住房是家庭加杠杆的重要来源，同时也是可靠的储蓄保值工具。自住住宅还可以为住房成本上涨提供稳定性和有效对冲。另一方面，住房的流动性远低于金融资产，并且需要更多的时间来管理。\n在这篇文章中，我们使用来自刚刚发布的SCE住房调查的数据来回答有关家庭如何看待房地产的几个相关问题：与金融资产（例如股票）相比，家庭是否将住房视为一种良好的投资选择？不同人群是否对住房投资的偏好存在差异？家庭选择房市还是股市时会考虑哪些因素？\n调查数据的设计\nSCE住房调查中最近推出一项新调查，针对性调研住户对房地产和股市的偏好及背后的原因。在调查中，受访者将在假想自己为本地区一对30多岁的夫妇提供理财建议：买房子还是买股票，这对夫妇正好刚获得一笔可以足额支付购房预付款的馈赠资金。问题有两种场景：一种是问这对年轻夫妇是购买自住住宅还是投资于股票市场，另一种是假设这对夫妇已经拥有住房，他们是该投资租赁地产还是股票。\n每个受访者随机回答上述某一问题。在给出建议后，受访者还需从一系列因素中选择作出该项建议的理由，这些因素包括股票收益更高，房地产收益波动更小，是不是可靠的储蓄保值工具等，或者也可以提供自己的理由。这一调查分别在2020年2月（主要是在美国COVID-19爆发之前），2020年10月和2021年2月进行，结果报告如下：\n住房是一种很好的投资\n下表列出了不同阶段房市股市理财建议的结果分布情况。一般而言，与股市相比，家庭普遍认为住房是一种好的投资。当被问及是投资租赁房地产还是投资股市时，超过50%的调查家庭都推荐了住房。在首套住宅与股票的选择场景中，超过90%的受访者选择住房，对住房的偏好更为强烈。\n一个有趣的发现是，人们对房地产的偏好在2020年10月有所下降，到2021年2月又回到了疫情前的水平。通过考察这些选择的理由，我们发现2020年10月，这种从房地产偏好的转变并不是由较低的房价预期推动，而是反映了其他原因。例如，投资者更担心空置出租房屋的风险。对于购买自住住宅，疫情爆发后调查对象更少在意自住住宅提供的稳定性，这可能是因为担心无法支付抵押贷款导致在当前房屋中居住的期限会缩短。\n\n\n不同人群看待房地产投资有什么差异？\n接下来我们研究了不同人群对房地产投资的看法差异。影响问卷回答的两个重要因素是性别和教育。在这一分析中，我们将重点放在租赁住房与股票的比较上。下一张图表显示，女性和非大学毕业生比其他人更青睐住房。\n对于性别差异，部分解释是在我们的样本中，男性比女性更愿意承担风险，更愿意投资股市，因为股市的回报率波动性更大。对于教育差距，大学毕业生倾向于认为股市的回报高于住房市场，并将“管理租赁房产耗时”作为选择股市的理由之一。\n我们还注意到，在2020年10月的调查中，由于女性和非大学毕业生暂时降低对房地产的偏好，这些性别和教育方面的差距大大缩小。在未来的研究中，我们打算研究性别和教育差距背后的因素，以及为什么他们在疫情爆发期间暂时降低对房市的青睐。\n\n选择住房的原因\n谈到选择住房的原因，下图显示了受访者推荐选择购买首套住宅而不是投资股市的各个原因的比例。受访者可以选择多个原因。可以看到每个理由的选择比例都很合理。\"理想稳定的生活环境 \"和 \"房价波动较小 \"是最常见的原因。与2020年的回答相比，2021年有更多的调查对象选择了更高的住房回报、波动性较小这两个原因，而选择其他原因的调查对象则较少，包括例如节省租金、稳定、锁定住房成本、有效的储蓄手段等。\n\n结论\n房地产是中产阶级家庭的重要资产类别。疫情爆发前和期间进行的调查表明，相对于股票市场而言，投资者认为住房（包括租赁房产和自住住宅）是一项良好的投资。不同人群对住房的偏好存在重要差异，女性和非大学毕业生更偏好住房。与疫情爆发前相比，现在有更多的家庭将较高的回报和较低的波动性作为进入房市的理由。\n本文译自纽约联储近日发表的《Do People View Housing as a Good Investment and Why?》，Andrew Haughwout, Haoyang Liu, Dean Parker, and Xiaohan Zhang","news_type":1,"symbols_score_info":{"09979":0.9}},"isVote":1,"tweetType":1,"viewCount":2122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379905952,"gmtCreate":1618647756376,"gmtModify":1704713808012,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"This news any suggestions&nbsp;","listText":"This news any suggestions&nbsp;","text":"This news any suggestions","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379905952","repostId":"1198410511","repostType":4,"repost":{"id":"1198410511","kind":"news","pubTimestamp":1618831731,"share":"https://ttm.financial/m/news/1198410511?lang=en_US&edition=fundamental","pubTime":"2021-04-19 19:28","market":"us","language":"zh","title":"Preview of Apple's Spring Conference: Which new products will be held at this \"Science and Technology Spring Festival Evening\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1198410511","media":"CSDN","summary":"苹果春季发布会定档 北京时间4月21日凌晨1点。","content":"<p>Spring is full of good time, once a year<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring launch comes in the spring. Not long ago, Apple officially announced that this conference would be scheduled at 1: 00 a.m. on April 21st. On the eve of the conference, we may wish to know in advance about a wave of new products that will appear in this conference through the big news at home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may be equipped with A14X, Mini LED, and the overall price will rise</b></p><p>If this conference is bound to release a new product, then the new iPad will certainly not be absent. Looking back at the past few Apple's spring conferences, iPad is almost the protagonist without exception, and I believe this year is the same.</p><p>It is reported that in terms of design, iPad Pro will not change much this year, and it still uses 11 inches and 12.9 inches.</p><p>In terms of performance, in fact, as early as last year, Apple used A14 chip in iPhone 12 series, while A14 adopted 5nm chip technology, and adopted 6-core CPU design, 4-core GPU and 16-core NPU. Not long after the iPhone 12 chip was introduced, the fourth-generation iPad Air also adopted the chip. Up to now, A14 can also be called Apple's most powerful chip so far.</p><p>At the upcoming press conference, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of A14X chip was found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand-new processor, or named A14X. It is reported that the performance of this processor is on par with that of M1 chip mounted on Mac in the second half of last year.</p><p>Furthermore, the 12.9-inch iPad Pro is expected to come with a new display Mini LED. In this regard, Apple analyst Ming-Chi Kuo said that the 12.9-inch iPad Pro using Mini LED will start mass production in mid-to-late April 2021. At present, Mini LED has been successfully launched in high-end 4K TVs. If the display is applied in iPad Pro, it will undoubtedly achieve higher contrast, brightness, color and other performance improvements.</p><p>Unfortunately, according to the foreign media \"Nikkei Asia\", due to the global chip shortage, the delivery of some important components in iPad and MacBook is delayed, which may also delay the release of new products.</p><p>However, the latest news says that Apple supplier Ennostar has greatly improved the yield of mini-LED chips and is on track to expand production of its iPad Pro from later this month.</p><p>In addition, Apple will also enhance the camera of iPad Pro. At the same time, according to the foreign news, Mr `White, its accessory Apple Pencil will also be upgraded, and the new Apple Pencil has a smoother surface and a longer tip. In fact, through the invitation letter of this conference, many netizens speculated that it was drawn through Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no news has been revealed at present, it is not difficult to imagine that the price of iPad Pro will rise this year. There are two reasons. First, the new iPad Pro can support 5G networks; Second, this product is expected to be equipped with more powerful A14X chip and Mini LED display. However, the current global chip shortage problem is difficult to solve in a short time, so it is expected that the hardware cost will rise.</p><p><b>New and upgraded iPad mini</b></p><p>If in 2019, the iPad mini equipped with A12 processor is full of sincerity, then the iPad mini released again at Apple's spring conference in 2021 continues to use this chip, which is an absolute perfunctory user.</p><p>Therefore, if this conference brings a new iPad mini, it is estimated that the \"new\" of them should focus on upgrading its processor. Some people speculate that it is very likely to be equipped with A14 bionic chip.</p><p>But relatively speaking, the design of iPad mini products has always been not so attractive, and the huge frame has made many users spit that its screen-to-body ratio is too low. Many users also said that if it is updated, they hope that Apple can increase the screen size without changing the actual size of the device.</p><p>In this regard, according to foreign media reports, the new iPad mini will adopt a full-screen scheme, and the frame will also be improved, which will be changed from the original arc design to the right-angle trimming design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>MacBook equipped with Apple's self-developed chip, will it appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually move Macs from<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with ARM64 architecture.</p><p>In the second half of last year, Apple also changed its usual and held three press conferences in three months. During this period, it also updated the configurations of MacBook Air, MacBook Pro and Mac mini. In order to speed up the initial transition goal, it is expected that Apple will still have the latest moves next.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while Mac Pro desktops are expected to use Apple Silicon chips in 2022.</p><p>Additionally, the MacBook Pro is expected to upgrade its 13-inch appearance to a 14-inch, along with a 16-inch design. At the same time, in addition to the 12.9-inch iPad Pro mentioned above, which will be equipped with Mini LED display, it is reported that the new MacBook Pro will also give up the long-used LCD screen and switch to Mini LED. The choice was made because the application of Mini LED also helps to improve battery performance.</p><p>The new MacBook Pro will also feature the next version of the M1, the M2, or M1X chip as it is called. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 efficient cores.</p><p>However, many whistleblowers said that the MacBook Pro and Air are expected to launch in the second half of the year, so if you see a Mac at this spring conference, it may be a new iMac.</p><p>It is reported that Apple is developing a newly designed iMac, which has more screen space, different body shapes, and brings Apple Sillicon upgrades and other improvements. It is expected that Apple may take a similar approach to last year, starting with the low-profile iMac and then gradually rolling out high-end models with the M1X.</p><p>It is worth mentioning that not long ago, Apple just announced that it would stop producing iMac Pro products, which can also be understood from the side as making way for the new version of iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Introducing the old, HomePod with screen coming soon?</b></p><p>At the autumn conference of 2017, Apple released its first HomePod product. However, what I never expected was that only four years later, it ushered in the fate of \"while supplies last\". Last month, Apple officially announced the discontinuation of production<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Speaker product HomePod, officials said that the company will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of HomePod, as a product that Apple took five years to develop, it has a built-in A8 processor, 6 microphone arrays, 4-inch subwoofer and 7 speaker arrays at the bottom. Among the same type of products, it can be said to surpass other smart speakers in the market in terms of sound quality. However, in the end, the initial price of $349 discouraged many people. At the same time, due to the lack of third-party ecological support, lack of intelligence and other factors, Apple eventually missed the market.</p><p>Now, according to Bloomberg, Apple is developing two new HomePod products, citing people familiar with Apple's plans as describing HomePod as related to \"screen\".</p><p>One is called HomePod TV, which can run tvOS through this product and can output high-definition pictures to Apple TV. The other is an iPad-sized screen built into the HomePod through the structure of a robotic arm.</p><p>In fact, Apple has previously explored connecting an iPad-like screen to a robotic arm that can track users and always follow them as they move through the space they are in. The product will also be equipped with a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Conceptual product AirTag, can it become a reality this time?</b></p><p>AirTag, as an item tracker, can be hung on some items. When the items are lost, they can also be found through iPhone location when the network is offline in time. All along, though, this technology has lived in legend.</p><p>It was first discovered because in early April, Apple uploaded a video on its YouTube channel instructing users on how to use \"Find My iPhone\" that showed AirTag traces:</p><p>Turning on Offline Search allows the iPhone and AirTag to be found without Wi-Fi connection.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Sadly, now the video has been removed. But there are still rumors that the technology foundation achieved by the AirTag will rely on the features Apple has recently added to the U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that the iPhone will soon be able to track missing items using the built-in Find My app. The software is ready, can the hardware be far behind?</p><p>Are you looking forward to the above new products?</p>","source":"lsy1578046468581","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>Preview of Apple's Spring Conference: Which new products will be held at this \"Science and Technology Spring Festival Evening\"</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\">\nPreview of Apple's Spring Conference: Which new products will be held at this \"Science and Technology Spring Festival Evening\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CSDN</strong><span class=\"h-time small\">2021-04-19 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Spring is full of good time, once a year<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The spring launch comes in the spring. Not long ago, Apple officially announced that this conference would be scheduled at 1: 00 a.m. on April 21st. On the eve of the conference, we may wish to know in advance about a wave of new products that will appear in this conference through the big news at home and abroad.</p><p><img src=\"https://static.tigerbbs.com/1a0fece4554a9679bf8d9057401f3db0\" tg-width=\"1080\" tg-height=\"551\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/00ed238724a9e65ebdd76ef29f452a26\" tg-width=\"107\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>The new iPad Pro may be equipped with A14X, Mini LED, and the overall price will rise</b></p><p>If this conference is bound to release a new product, then the new iPad will certainly not be absent. Looking back at the past few Apple's spring conferences, iPad is almost the protagonist without exception, and I believe this year is the same.</p><p>It is reported that in terms of design, iPad Pro will not change much this year, and it still uses 11 inches and 12.9 inches.</p><p>In terms of performance, in fact, as early as last year, Apple used A14 chip in iPhone 12 series, while A14 adopted 5nm chip technology, and adopted 6-core CPU design, 4-core GPU and 16-core NPU. Not long after the iPhone 12 chip was introduced, the fourth-generation iPad Air also adopted the chip. Up to now, A14 can also be called Apple's most powerful chip so far.</p><p>At the upcoming press conference, if the new iPad Pro wants to surpass the past, it will inevitably bring an upgraded version of the chip. According to foreign media 9to5Mac, the application of A14X chip was found in the source code of iOS 14.5 Beta. Based on this, it is not difficult to guess that the new iPad Pro will be equipped with a brand-new processor, or named A14X. It is reported that the performance of this processor is on par with that of M1 chip mounted on Mac in the second half of last year.</p><p>Furthermore, the 12.9-inch iPad Pro is expected to come with a new display Mini LED. In this regard, Apple analyst Ming-Chi Kuo said that the 12.9-inch iPad Pro using Mini LED will start mass production in mid-to-late April 2021. At present, Mini LED has been successfully launched in high-end 4K TVs. If the display is applied in iPad Pro, it will undoubtedly achieve higher contrast, brightness, color and other performance improvements.</p><p>Unfortunately, according to the foreign media \"Nikkei Asia\", due to the global chip shortage, the delivery of some important components in iPad and MacBook is delayed, which may also delay the release of new products.</p><p>However, the latest news says that Apple supplier Ennostar has greatly improved the yield of mini-LED chips and is on track to expand production of its iPad Pro from later this month.</p><p>In addition, Apple will also enhance the camera of iPad Pro. At the same time, according to the foreign news, Mr `White, its accessory Apple Pencil will also be upgraded, and the new Apple Pencil has a smoother surface and a longer tip. In fact, through the invitation letter of this conference, many netizens speculated that it was drawn through Apple Pencil.</p><p><img src=\"https://static.tigerbbs.com/8803141b517340abf7055a8737544f53\" tg-width=\"600\" tg-height=\"749\" referrerpolicy=\"no-referrer\"></p><p>As for the pricing of the new iPad Pro, although no news has been revealed at present, it is not difficult to imagine that the price of iPad Pro will rise this year. There are two reasons. First, the new iPad Pro can support 5G networks; Second, this product is expected to be equipped with more powerful A14X chip and Mini LED display. However, the current global chip shortage problem is difficult to solve in a short time, so it is expected that the hardware cost will rise.</p><p><b>New and upgraded iPad mini</b></p><p>If in 2019, the iPad mini equipped with A12 processor is full of sincerity, then the iPad mini released again at Apple's spring conference in 2021 continues to use this chip, which is an absolute perfunctory user.</p><p>Therefore, if this conference brings a new iPad mini, it is estimated that the \"new\" of them should focus on upgrading its processor. Some people speculate that it is very likely to be equipped with A14 bionic chip.</p><p>But relatively speaking, the design of iPad mini products has always been not so attractive, and the huge frame has made many users spit that its screen-to-body ratio is too low. Many users also said that if it is updated, they hope that Apple can increase the screen size without changing the actual size of the device.</p><p>In this regard, according to foreign media reports, the new iPad mini will adopt a full-screen scheme, and the frame will also be improved, which will be changed from the original arc design to the right-angle trimming design.</p><p><img src=\"https://static.tigerbbs.com/9c8edef74e050bcd251dccdc4c475ce3\" tg-width=\"109\" tg-height=\"40\" referrerpolicy=\"no-referrer\"></p><p><b>MacBook equipped with Apple's self-developed chip, will it appear this time?</b></p><p>At WWDC 2020, Apple announced that it would gradually move Macs from<a href=\"https://laohu8.com/S/INTC\">Intel</a>The x86 processor platform was migrated to the Apple Silicon platform with ARM64 architecture.</p><p>In the second half of last year, Apple also changed its usual and held three press conferences in three months. During this period, it also updated the configurations of MacBook Air, MacBook Pro and Mac mini. In order to speed up the initial transition goal, it is expected that Apple will still have the latest moves next.</p><p>According to foreign media reports, Apple plans to launch a higher-end MacBook Pro and the latest iMac this year, while Mac Pro desktops are expected to use Apple Silicon chips in 2022.</p><p>Additionally, the MacBook Pro is expected to upgrade its 13-inch appearance to a 14-inch, along with a 16-inch design. At the same time, in addition to the 12.9-inch iPad Pro mentioned above, which will be equipped with Mini LED display, it is reported that the new MacBook Pro will also give up the long-used LCD screen and switch to Mini LED. The choice was made because the application of Mini LED also helps to improve battery performance.</p><p>The new MacBook Pro will also feature the next version of the M1, the M2, or M1X chip as it is called. It is reported that the new Apple Silicon chip will have 12 cores, including 8 performance cores and 4 efficient cores.</p><p>However, many whistleblowers said that the MacBook Pro and Air are expected to launch in the second half of the year, so if you see a Mac at this spring conference, it may be a new iMac.</p><p>It is reported that Apple is developing a newly designed iMac, which has more screen space, different body shapes, and brings Apple Sillicon upgrades and other improvements. It is expected that Apple may take a similar approach to last year, starting with the low-profile iMac and then gradually rolling out high-end models with the M1X.</p><p>It is worth mentioning that not long ago, Apple just announced that it would stop producing iMac Pro products, which can also be understood from the side as making way for the new version of iMac.</p><p><img src=\"https://static.tigerbbs.com/063945dbbd12be21c1cadd573cb82e8b\" tg-width=\"111\" tg-height=\"38\" referrerpolicy=\"no-referrer\"></p><p><b>Introducing the old, HomePod with screen coming soon?</b></p><p>At the autumn conference of 2017, Apple released its first HomePod product. However, what I never expected was that only four years later, it ushered in the fate of \"while supplies last\". Last month, Apple officially announced the discontinuation of production<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Speaker product HomePod, officials said that the company will continue to produce and focus on the HomePod mini launched last year.</p><p>Looking back at the birth and demise of HomePod, as a product that Apple took five years to develop, it has a built-in A8 processor, 6 microphone arrays, 4-inch subwoofer and 7 speaker arrays at the bottom. Among the same type of products, it can be said to surpass other smart speakers in the market in terms of sound quality. However, in the end, the initial price of $349 discouraged many people. At the same time, due to the lack of third-party ecological support, lack of intelligence and other factors, Apple eventually missed the market.</p><p>Now, according to Bloomberg, Apple is developing two new HomePod products, citing people familiar with Apple's plans as describing HomePod as related to \"screen\".</p><p>One is called HomePod TV, which can run tvOS through this product and can output high-definition pictures to Apple TV. The other is an iPad-sized screen built into the HomePod through the structure of a robotic arm.</p><p>In fact, Apple has previously explored connecting an iPad-like screen to a robotic arm that can track users and always follow them as they move through the space they are in. The product will also be equipped with a microphone and camera to enable video conferencing.</p><p><img src=\"https://static.tigerbbs.com/466bee4cc81b16871ed0275d4d0a5964\" tg-width=\"109\" tg-height=\"39\" referrerpolicy=\"no-referrer\"></p><p><b>Conceptual product AirTag, can it become a reality this time?</b></p><p>AirTag, as an item tracker, can be hung on some items. When the items are lost, they can also be found through iPhone location when the network is offline in time. All along, though, this technology has lived in legend.</p><p>It was first discovered because in early April, Apple uploaded a video on its YouTube channel instructing users on how to use \"Find My iPhone\" that showed AirTag traces:</p><p>Turning on Offline Search allows the iPhone and AirTag to be found without Wi-Fi connection.</p><p><img src=\"https://static.tigerbbs.com/e029f34e065120da60bc25118ae2d182\" tg-width=\"928\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Sadly, now the video has been removed. But there are still rumors that the technology foundation achieved by the AirTag will rely on the features Apple has recently added to the U1 ultra-wideband chip.</p><p>Meanwhile, Apple announced that the iPhone will soon be able to track missing items using the built-in Find My app. The software is ready, can the hardware be far behind?</p><p>Are you looking forward to the above new products?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw\">CSDN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e968cc2fa9a8fe30f2575d1147007bba","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/KCzeZhdfNzp-wiLRCwnbRw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198410511","content_text":"春意盎然好时节，一年一度的苹果春季发布会踏春而来。不久前，苹果官宣将此次发布会定档 4 月 21 日凌晨 1 点，而在召开前夕，我们通过国内外的爆料大神，不妨提前了解一波本次发布会将会出现的新品。新款 iPad Pro 或将搭载 A14X、Mini LED，整体价格将上涨如果说这次发布会必然要发布一款新品，那么新款 iPad 肯定不会缺席。回看过往几届的苹果春季发布会，iPad 无一例外几乎都是主角，相信今年也是如此。有爆料称，在设计上，今年 iPad Pro 不会有太大变动，依然采用的是 11 英寸和 12.9 英寸。在性能方面，事实上，早在去年，苹果在 iPhone 12 系列中使用了 A14 芯片，而 A14 采用了 5nm 芯片工艺，且采用了 6 核 CPU 设计、4 核 GPU、16 核 NPU。在 iPhone 12 芯片推出不久后，第四代 iPad Air 也采用了这款芯片。截止目前，也可以将 A14 称之为是苹果迄今为止功能最为强大的芯片。而在即将到来的发布会上，新款 iPad Pro 想要超越过往，必然也会带来芯片的升级版，据外媒 9to5Mac 报道，在 iOS 14.5 Beta 的源代码中，发现了 A14X芯片的应用。基于此，也不难猜测，新款 iPad Pro 将搭载一种全新处理器，或命名为 A14X ，据悉，该处理器的性能与去年下半年 Mac 上搭载的 M1 芯片性能不分上下。此外，12.9 英寸的 iPad Pro 有望搭载一种新的显示屏 Mini LED。对此，苹果分析师郭明池表示，12.9 英寸使用 Mini LED 的 iPad Pro 将在 2021 年 4 月中下旬开始量产。目前，Mini LED 已经搭载在高端的 4K 电视中成功面市，如果该显示屏应用在 iPad Pro 中，无疑也会实现更高的对比度、亮度、色彩以及其他一些性能提升。遗憾的是，据外媒《Nikkei Asia》报道，因为全球芯片短缺，导致 iPad、MacBook 中一些重要组件延迟交付，也可能会让新品延迟发布。不过，最新消息称，苹果供应商 Ennostar 已经大大地提高了 mini-LED 芯片的良率，有望从本月稍晚些时候扩大其 iPad Pro 的产量。除此之外，苹果也会增强 iPad Pro 的摄像头，同时据国外爆料大神 Mr`White 表示，其配件 Apple Pencil 也会全新升级，且新款 Apple Pencil 具有更光滑的表面以及更长的笔尖。实际上，通过本次发布会的邀请函，就有不少网友猜测，是通过 Apple Pencil 画出来的。至于新款 iPad Pro 的定价，目前虽然没有任何消息透露出来，不过，也不难想象今年的 iPad Pro 价格会有所上涨。原因有二，其一，新款 iPad Pro 可以支持 5G 网络；其二，该产品预期搭载功能更强大的 A14X 芯片、Mini LED 显示屏，然而当前全球芯片短缺问题难以在短期之内解决，因此导致硬件成本上涨也在意料之中。全新升级的 iPad mini如果说 2019 年，iPad mini 搭载 A12 处理器是诚意满满，那么 2021 年苹果春季发布会上再次发布的 iPad mini 继续使用这款芯片那就是绝对的敷衍用户了。因此，如果这次发布会带来新款 iPad mini，那么估计其中的“新”应该重在升级其处理器方面，有人猜测极有可能搭载的是 A14 仿生芯片。但相对而言，一直以来，iPad mini 产品的设计并不是那么吸引人，巨大的边框，让不少用户吐槽其屏占比太低。也有很多用户表示，如果更新，更希望苹果能够在不改变设备实际尺寸的情况下，增加屏幕尺寸才是王道。对此，据外媒报道，新款 iPad mini 或将采用全面屏方案，同时边框也有所改进，将从原来的圆弧设计改为直角切边设计。搭载苹果自研芯片的 MacBook，这次会出现吗？2020 年 WWDC 上，苹果宣布将在两年内将 Mac 电脑逐渐从英特尔的 x86 处理器平台迁移到 ARM64 架构的 Apple Silicon 平台。去年下半年，苹果也一改往常，三个月连开了三场发布会，在此期间，也更新了 MacBook Air、MacBook Pro、Mac mini 三款电脑的配置。为了加快最初设下的过渡目标，预期接下来苹果仍然会有最新的动作。据外媒报道，苹果计划在今年推出更高端的 MacBook Pro 和最新的 iMac，而 Mac Pro 台式机预期将在 2022 年使用上 Apple Silicon 芯片。此外，MacBook Pro 有望将 13 英寸的外观升级为 14 英寸，同时还有一款 16 英寸的设计。同时，除了上文提到 12.9 英寸的 iPad Pro 将搭载 Mini LED 显示屏之外，有消息称，新款 MacBook Pro 也将放弃使用已久的 LCD 屏，改用 Mini LED。之所以做出这样的选择，是因为 Mini LED 的应用也有助于提高电池性能。新款 MacBook Pro 也将采用 M1 的下一版本 M2，又或者被称之为 M1X 芯片。据悉，新款 Apple Silicon 芯片将具有 12 个内核，其中包括 8 个性能内核和 4 个高效内核。不过，很多爆料者表示，MacBook Pro 和 Air 预计下半年推出，因此在这场春季发布会上，如果看到 Mac 的身影，那么可能是一台新的 iMac。据悉，苹果正在开发一种全新设计的 iMac，该产品具有更多的屏幕空间，不同的机身形状，并带来 Apple Sillicon 升级以及其他改进功能。预计苹果可能会采取与去年相似的方式，从低配的 iMac 开始升级，然后逐步推出搭载 M1X 的高端机型。值得一提的是，不久前，苹果刚刚宣布停止生产 iMac Pro 产品，这也从侧面可以理解为为新版 iMac 让道。推陈出新，带屏幕的 HomePod 即将到来？在 2017 年秋季发布会上，苹果发布首款 HomePod 产品，然而万万没想到的是，仅四年之后，其就迎来了“售完即止”的命运。上个月，苹果正式宣布停产智能音箱产品 HomePod，官方表示，公司将持续生产并专注于去年推出的HomePod mini。回看 HomePod 的诞生与消亡，作为一款苹果耗时 5 年研发的产品，其内置 A8 处理器，搭载 6 个麦克风阵列、4 英寸低音炮、底部配有 7 个扬声器阵列，在同类型产品中，在音质方面，可以说超越了市场上其他智能音箱。然而最终初始 349 美元的价格让很多人望而却步，同时因缺乏第三方生态的支持、不够智能等因素，最终还是导致苹果错失市场。如今，据彭博社爆料，苹果公司正在研发两款 HomePod 新品，其中援引熟悉苹果计划的人所描述的 HomePod 与“屏幕”有关。一款被称之为 HomePod TV，可以通过此产品运行 tvOS，且可以向 Apple TV 上输出高清画面。另外一款是在 HomePod 中通过机械臂的结构内置一块 iPad 大小的屏幕。实际上，Apple 此前已经探索过将类似 iPad 的屏幕与机械臂相连，该机械臂可以跟踪用户并在用户所处的空间中移动时始终跟随用户。此产品还将搭载麦克风和摄像头，用以启用视频会议。概念级产品 AirTag，这次能成为现实吗？AirTag，作为一款物品跟踪器，可以悬挂在一些物品上，当物品丢失的时候，及时在网络离线状态下，也可以通过 iPhone 定位找到。不过，一直以来，这种技术都活在了传说中。首次发现其踪迹还是因为 4 月初，苹果在 YouTube 频道上传了一则指导用户如何使用“Find My iPhone”的视频中显示了 AirTag 的踪迹：开启“离线搜索”可以让 iPhone 和 AirTag 在未连接 Wi-Fi 的情况下被找到。遗憾的是，现在这段视频已经被删除。但是仍然有传言称，AirTag 所实现的技术基础将依赖于苹果公司近期在 U1 超宽带芯片上添加的功能。与此同时，苹果宣布，iPhone 不久将能够使用内置的 Find My 应用程序跟踪丢失的物品。软件已经准备就绪，硬件还会远吗？针对以上的新品，你期待吗？","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347750987,"gmtCreate":1618532438549,"gmtModify":1704712255007,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347750987","repostId":"2127814888","repostType":4,"repost":{"id":"2127814888","kind":"news","pubTimestamp":1618519059,"share":"https://ttm.financial/m/news/2127814888?lang=en_US&edition=fundamental","pubTime":"2021-04-16 04:37","market":"hk","language":"zh","title":"JPMorgan to issue $13 billion in bonds, the largest on record for a bank","url":"https://stock-news.laohu8.com/highlight/detail?id=2127814888","media":"金融界网站","summary":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。　　此次发债的一天前，摩根大通公布了强劲的第一季度业绩。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。","content":"<p><a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Net April 15th news,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, thus setting the largest in the history of bank bond issuance. The issuance will be conducted in five tranches, with the longest maturity being a 31-year bond that is expected to yield 107 basis points above the US Treasury Bond, a person familiar with the matter said.</p><p>The issuance comes a day after JPMorgan reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Also issuing bonds on Thursday. The subscription amount for the offering reached about $26 billion, according to people familiar with the matter. Including today's offering, JPMorgan has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg Industry Research analyst Arnold Kakuda believes the huge bond offering may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) forgiveness expired in March.</p>","source":"jinrongjie_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>JPMorgan to issue $13 billion in bonds, the largest on record for a bank</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\">\nJPMorgan to issue $13 billion in bonds, the largest on record for a bank\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-04-16 04:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Net April 15th news,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, thus setting the largest in the history of bank bond issuance. The issuance will be conducted in five tranches, with the longest maturity being a 31-year bond that is expected to yield 107 basis points above the US Treasury Bond, a person familiar with the matter said.</p><p>The issuance comes a day after JPMorgan reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Also issuing bonds on Thursday. The subscription amount for the offering reached about $26 billion, according to people familiar with the matter. Including today's offering, JPMorgan has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg Industry Research analyst Arnold Kakuda believes the huge bond offering may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) forgiveness expired in March.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{"161121":"银行","JPM":"摩根大通"},"source_url":"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127814888","content_text":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。\n此次发债的一天前，摩根大通公布了强劲的第一季度业绩。竞争对手高盛也在周四发行债券。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。\n彭博行业研究分析师Arnold Kakuda认为，此次巨额债券发行可能与摩根大通的法定流动资金比率要求有关，此前补充杠杆比率（SLR）的宽免措施在3月份到期。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":1918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345774746,"gmtCreate":1618358005185,"gmtModify":1704709536370,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/5cb4a11df52161e4ff596b3afd6f33a8","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345774746","isVote":1,"tweetType":1,"viewCount":1795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":345185926,"gmtCreate":1618288032765,"gmtModify":1704708639436,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345185926","repostId":"2127109478","repostType":4,"repost":{"id":"2127109478","kind":"highlight","pubTimestamp":1618287482,"share":"https://ttm.financial/m/news/2127109478?lang=en_US&edition=fundamental","pubTime":"2021-04-13 12:18","market":"us","language":"zh","title":"Pricing is low, subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold","url":"https://stock-news.laohu8.com/highlight/detail?id=2127109478","media":"华尔街见闻","summary":"一度活在传言中的携程回港二次上市，终于靴子落地。\n不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。\n在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成","content":"<p>Ctrip, which once lived in rumors, returned to Hong Kong for a second listing, and finally landed its boots.</p><p>However, the latest news shows that the listing guide price of Ctrip's return to Hong Kong may be lower than the previous market estimate of HK$ 333/share, to HK$ 268.</p><p>In the new stage, Ctrip and Aauto Quicker at that time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The hot subscription formed a strong contrast, and the overpurchase of about 4.96 times became the worst performance among the 13 Chinese stocks listed in Hong Kong.</p><p>Almost all the business models have been determined, the new story is difficult to tell, and we have to face the \"pursuit of victory\" of the US Mission. Ctrip, then 22, left investors with the question of \"whether it can still eat\".</p><p><h2>Fight new and get cold</h2>According to IFR, a media owned by Reuters, on April 13th, Ctrip's listing price in Hong Kong was guided at HK$ 268 per share, raising HK$ 8.47 billion.</p><p>According to previous news, with reference to the price of Ctrip's depositary shares (ADS) listed on NASDAQ in the United States, the highest issue price of Ctrip's public offering in Hong Kong is HK$ 333/share, and the initial fundraising is expected to be HK$ 10.5 billion.</p><p>The funds raised by Ctrip will be mainly used for three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry and general corporate use.</p><p>In order to get a satisfactory start, Ctrip deliberately chose to stagger the peak at the new time point, in order to avoid the lack of funds caused by investors playing other giants.</p><p>On April 6th, Ctrip's second IPO in Hong Kong passed the hearing of HKEx. On April 8th, Ctrip made an official IPO, becoming the fastest Hong Kong stock listed company to open its IPO after passing the hearing recently. At present, it is in the IPO gap period of Hong Kong stock giants.</p><p>Even so, the reality has dealt a heavy blow to the leader of this online travel platform.</p><p>On April 12th, according to the data of brokerages, Ctrip recently recorded a margin of HK$4.398 billion, equivalent to about 4.96 times of overpurchase, which was in sharp contrast with the hot subscriptions of Aauto Quicker, Baidu and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went to the Hong Kong Stock Exchange for IPO, and the total margin amount on that day reached HK$283.9 billion, overpurchased by 269 times; Baidu started its IPO in March, with a margin of HK$34 billion on the first day and an overpurchase of 23.25 times; Later, Bilibili launched its IPO, and the overpurchase in half a trading day also reached 5 times.</p><p>Since the HKEx revised its listing system in 2018, 13 Chinese stocks have retained their listing status in US stocks and returned through secondary listing in Hong Kong stocks, most of which are highly sought after.</p><p>Regarding Ctrip's new hit, a new fund person in Hong Kong stock market once said:</p><p>\"The core business is unstable and continues to suffer from impacts. As soon as I returned to Hong Kong for listing, I publicly raised subscription funds, and I was treated coldly by investors. After Ctrip's listing, the market performance is worrying\".<h2><b>It's all old fault?</b></h2>It is also an Internet company. Why did Ctrip suffer differential treatment?</p><p>As we all know, \"storytelling\" has become an important means for an Internet company to support its valuation. Ctrip, which was established in 1999 and listed in the United States in 2003, may have nothing new in the eyes of investors.</p><p>At present, Ctrip's business models have almost been determined, and its main businesses include hotel reservations (accounting for 38.94%), transportation ticketing (39.02%), backpacking travel (6.78%) and business travel (4.79%).</p><p>Faced with bottlenecks, Ctrip is also looking for new power points and striving to slow down the declining performance. For example, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total commodity transaction volume of Ctrip Live + Special Sale Channel exceeded 5 billion yuan.</p><p>In addition, in addition to the difficulty of telling new stories, Ctrip has to face the threat from the US Mission.</p><p>In the second quarter of 2020, Meituan surpassed Ctrip's in-store, hotel and tourism business revenue, and then its advantage grew.</p><p>From the financial data of 2020,<a href=\"https://laohu8.com/S/90926\">Meituan Review</a>The total revenue from \"in-store, hotel and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also said that the data of the US Mission is not only the tourism sector, but also the in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of the COVID-19 epidemic, Ctrip has become the number one loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue and profit all declined. According to the prospectus, Ctrip's total revenue of 18.3 billion yuan in 2020 decreased by 49% year-on-year compared with 35.7 billion yuan in 2019, and its net loss of 3.247 billion yuan decreased by 146% year-on-year compared with its net profit of 7 billion yuan in 2019.</p><p>Meituan said that the recovery of \"in-store, hotel and tourism business\", which was most affected by the epidemic in 2020, was gradually on track, but it has not yet fully returned to normal levels, with revenue decreasing by 4.6% year-on-year to 21.3 billion yuan in 2020. Operating profit margin increased from 37.7% to 38.5%.</p><p><h2>Institutional perception</h2>For Ctrip's market outlook, investors chose to vote with their feet. As a professional investment institution, brokerage investment banks are also not optimistic about Ctrip's trend after its secondary listing.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>The report reiterated the \"underweight\" rating, and it is expected that the COVID-19 epidemic has been controlled in China and the domestic tourism market will continue to recover, but outside mainland China, travel restrictions and cross-border travel bans are expected to continue for the rest of 2021. Ctrip, which has significant operations outside mainland China, is expected to continue to drag on profitability this year.</p><p>The research department of Fortune Group only gave Ctrip a 3-star recommendation (out of 5 stars). According to its research report, since January 2020, customers have cancelled and requested a large number of refunds, and new orders for international and domestic travel and accommodation have decreased, and the supply of domestic transportation and international air tickets has also dropped sharply. Ctrip suffered a net loss of RMB3.3 billion in 2020. Although it has adopted cost control measures to cope with the pandemic, its operating expenses may increase in the future, affecting its results.</p>","source":"wallstreetcn_api","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>Pricing is low, subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold</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\">\nPricing is low, subscription is cold, and Ctrip's secondary listing of Hong Kong stocks is cold\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-04-13 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Ctrip, which once lived in rumors, returned to Hong Kong for a second listing, and finally landed its boots.</p><p>However, the latest news shows that the listing guide price of Ctrip's return to Hong Kong may be lower than the previous market estimate of HK$ 333/share, to HK$ 268.</p><p>In the new stage, Ctrip and Aauto Quicker at that time,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>as well as<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>The hot subscription formed a strong contrast, and the overpurchase of about 4.96 times became the worst performance among the 13 Chinese stocks listed in Hong Kong.</p><p>Almost all the business models have been determined, the new story is difficult to tell, and we have to face the \"pursuit of victory\" of the US Mission. Ctrip, then 22, left investors with the question of \"whether it can still eat\".</p><p><h2>Fight new and get cold</h2>According to IFR, a media owned by Reuters, on April 13th, Ctrip's listing price in Hong Kong was guided at HK$ 268 per share, raising HK$ 8.47 billion.</p><p>According to previous news, with reference to the price of Ctrip's depositary shares (ADS) listed on NASDAQ in the United States, the highest issue price of Ctrip's public offering in Hong Kong is HK$ 333/share, and the initial fundraising is expected to be HK$ 10.5 billion.</p><p>The funds raised by Ctrip will be mainly used for three aspects: expanding one-stop travel services, consolidating Ctrip's leading position in the industry and general corporate use.</p><p>In order to get a satisfactory start, Ctrip deliberately chose to stagger the peak at the new time point, in order to avoid the lack of funds caused by investors playing other giants.</p><p>On April 6th, Ctrip's second IPO in Hong Kong passed the hearing of HKEx. On April 8th, Ctrip made an official IPO, becoming the fastest Hong Kong stock listed company to open its IPO after passing the hearing recently. At present, it is in the IPO gap period of Hong Kong stock giants.</p><p>Even so, the reality has dealt a heavy blow to the leader of this online travel platform.</p><p>On April 12th, according to the data of brokerages, Ctrip recently recorded a margin of HK$4.398 billion, equivalent to about 4.96 times of overpurchase, which was in sharp contrast with the hot subscriptions of Aauto Quicker, Baidu and Bilibili at that time.</p><p>In January 2021, Kuaishou Technology went to the Hong Kong Stock Exchange for IPO, and the total margin amount on that day reached HK$283.9 billion, overpurchased by 269 times; Baidu started its IPO in March, with a margin of HK$34 billion on the first day and an overpurchase of 23.25 times; Later, Bilibili launched its IPO, and the overpurchase in half a trading day also reached 5 times.</p><p>Since the HKEx revised its listing system in 2018, 13 Chinese stocks have retained their listing status in US stocks and returned through secondary listing in Hong Kong stocks, most of which are highly sought after.</p><p>Regarding Ctrip's new hit, a new fund person in Hong Kong stock market once said:</p><p>\"The core business is unstable and continues to suffer from impacts. As soon as I returned to Hong Kong for listing, I publicly raised subscription funds, and I was treated coldly by investors. After Ctrip's listing, the market performance is worrying\".<h2><b>It's all old fault?</b></h2>It is also an Internet company. Why did Ctrip suffer differential treatment?</p><p>As we all know, \"storytelling\" has become an important means for an Internet company to support its valuation. Ctrip, which was established in 1999 and listed in the United States in 2003, may have nothing new in the eyes of investors.</p><p>At present, Ctrip's business models have almost been determined, and its main businesses include hotel reservations (accounting for 38.94%), transportation ticketing (39.02%), backpacking travel (6.78%) and business travel (4.79%).</p><p>Faced with bottlenecks, Ctrip is also looking for new power points and striving to slow down the declining performance. For example, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total commodity transaction volume of Ctrip Live + Special Sale Channel exceeded 5 billion yuan.</p><p>In addition, in addition to the difficulty of telling new stories, Ctrip has to face the threat from the US Mission.</p><p>In the second quarter of 2020, Meituan surpassed Ctrip's in-store, hotel and tourism business revenue, and then its advantage grew.</p><p>From the financial data of 2020,<a href=\"https://laohu8.com/S/90926\">Meituan Review</a>The total revenue from \"in-store, hotel and tourism\" was 21.3 billion yuan, while Ctrip's total revenue was 18.3 billion yuan.</p><p>Some analysts also said that the data of the US Mission is not only the tourism sector, but also the in-store business, so the two may not be comparable.</p><p>However, even so, under the impact of the COVID-19 epidemic, Ctrip has become the number one loser in its industry.</p><p>In 2020, Ctrip's total transaction volume, revenue and profit all declined. According to the prospectus, Ctrip's total revenue of 18.3 billion yuan in 2020 decreased by 49% year-on-year compared with 35.7 billion yuan in 2019, and its net loss of 3.247 billion yuan decreased by 146% year-on-year compared with its net profit of 7 billion yuan in 2019.</p><p>Meituan said that the recovery of \"in-store, hotel and tourism business\", which was most affected by the epidemic in 2020, was gradually on track, but it has not yet fully returned to normal levels, with revenue decreasing by 4.6% year-on-year to 21.3 billion yuan in 2020. Operating profit margin increased from 37.7% to 38.5%.</p><p><h2>Institutional perception</h2>For Ctrip's market outlook, investors chose to vote with their feet. As a professional investment institution, brokerage investment banks are also not optimistic about Ctrip's trend after its secondary listing.</p><p><a href=\"https://laohu8.com/S/601211\">Guotai Junan</a>The report reiterated the \"underweight\" rating, and it is expected that the COVID-19 epidemic has been controlled in China and the domestic tourism market will continue to recover, but outside mainland China, travel restrictions and cross-border travel bans are expected to continue for the rest of 2021. Ctrip, which has significant operations outside mainland China, is expected to continue to drag on profitability this year.</p><p>The research department of Fortune Group only gave Ctrip a 3-star recommendation (out of 5 stars). According to its research report, since January 2020, customers have cancelled and requested a large number of refunds, and new orders for international and domestic travel and accommodation have decreased, and the supply of domestic transportation and international air tickets has also dropped sharply. Ctrip suffered a net loss of RMB3.3 billion in 2020. Although it has adopted cost control measures to cope with the pandemic, its operating expenses may increase in the future, affecting its results.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3627547\">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/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团—S"},"source_url":"https://wallstreetcn.com/articles/3627547","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127109478","content_text":"一度活在传言中的携程回港二次上市，终于靴子落地。\n不过，最新消息显示，携程回港的上市指导价或比前市场预计的333港元/股更低，至268港元。\n在打新阶段，携程与彼时快手、百度以及哔哩哔哩的火热认购形成强烈反差，超购约4.96倍的成绩成回港上市13家中概股中表现最差的一支。\n业务模式几乎都已确定，新故事难讲，还要面对美团的“乘胜追击\"，时年22岁的携程给投资者留下了“尚能饭否”的疑问。\n打新遇冷\n据路透社旗下媒体IFR 4月13日消息，携程香港上市价格指引在每股268港元，筹资84.7亿港元。\n据此前消息，参考携程在美国纳斯达克上市的存托股票（ADS）的价格，携程此次在香港上市公开发售的最高发行价为333港元/股，首发募资预计为105亿港元。\n此次携程所募集资金将主要用于拓展一站式旅行服务、巩固携程行业领先地位以及一般公司用途三个方面。\n为了得到满意的开局，在打新的时间点上携程有意选择错峰，以求避开投资者因打新其他巨头而导致的资金缺乏。\n4月6日，携程回港二次IPO通过港交所聆讯。4月8日，携程就正式招股打新，成为近期通过聆讯后最快开启招股的港股上市公司，当前正值港股巨头IPO空档期。\n可即便如此，现实还是给了这家在线旅行平台龙头一记沉重的打击。\n4月12日， 综合券商数据，携程最新录得43.98亿港元孖展，相当于超购约4.96倍，与彼时快手、百度以及哔哩哔哩等的火热认购形成强烈反差。\n2021年1月，快手科技赴港交所招股，当天的孖展总额达2839亿港元，超购达269倍；百度3月开始招股，首日孖展340亿港元，超购达23.25倍；稍后，哔哩哔哩启动招股，半个交易日的超购也达到了5倍。\n自2018年港交所修改上市制度以来，已有13只中概股保留美股上市地位同时通过在港股二次上市方式实现回归，其中绝大多数都备受追捧。\n对于携程的打新遇冷，一位港股打新的基金人士曾表示：\n\n “核心业务不稳，持续遭受冲击，甫一回港上市公开筹措认购资金，又遭遇投资者冷待，携程上市后市场表现堪忧”。\n\n都是老的错？\n同样是互联网企业，为什么携程遭受了差别待遇？\n众所周知，“讲故事”已经成为一个互联网企业支撑估值的一个重要手段。而1999年成立，2003年就在美国上市的携程在投资者眼中可能已毫无新意。\n目前，携程的业务模式几乎都已确定， 其主要业务包括酒店预订（占比38.94%）、交通票务（39.02%）、背包旅游（6.78%）、商旅旅行（4.79%）等。\n面对瓶颈，携程也在寻找新的发力点，努力减缓下滑的业绩。比如2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元。\n另外，除了新故事难讲，携程还要面对来自美团的威胁。\n2020年第二季度，美团的到店、酒店及旅游业务营收超越携程，随后其优势越拉越大。\n从2020年财务数据来看，美团点评在“到店、酒店及旅游”的总收入为213亿元，而携程总收入为183亿元。\n也有分析人士表示，美团的数据不仅仅是旅游板块，还包含了到店业务，因此两者未必可比。\n不过，即便如此，在新冠疫情冲击下，在所属行业中，携程变成了头号输家。\n2020年，携程的交易总额、营收、利润均下滑。根据招股文件，携程2020年183亿元的总收入较2019年的357亿元同比减少49%， 32.47亿元的净亏损相较于2019年70亿净利润同比下滑146%。\n美团表示，2020年受疫情影响最大的“到店、酒店及旅游业务”的恢复逐步步入正轨，但尚未完全回复到正常水平，收入同比减少4.6%至2020年的213亿元。经营利润率则由37.7%升至38.5%。\n机构看法\n对于携程后市，投资者选择了用脚投票，作为专业投资机构的券商投行，同样对于携程的二次上市后走势并不看好。\n国泰君安研报重申“减持”评级，预计新冠疫情在国内已经得到控制，国内旅游市场将持续复苏，但中国大陆以外地区，预计在2021年剩余时间里，旅行限制和跨境旅游禁令将持续。携程在中国大陆以外地区有重要业务，预计将继续拖累今年的盈利能力。\n致富集团研究部对携程的推荐度也只打出了3星（满分5星），其研报认为，自2020年1月以来，客户大量取消和提出退款请求，且国际、国内旅行及住宿新订单有所减少，国内交通运输和国际机票供应亦大幅下降。携程2020年净亏损33亿元，尽管已采用成本控制措施应对疫情，但日后经营开支仍可能增加，影响业绩。","news_type":1,"symbols_score_info":{"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":2362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345937336,"gmtCreate":1618271770525,"gmtModify":1704708343596,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/ebd3ef16f89e12b99fb9aa36a52c4979","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":3,"link":"https://ttm.financial/post/345937336","isVote":1,"tweetType":1,"viewCount":2928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":342625323,"gmtCreate":1618213215862,"gmtModify":1704707576264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Whose problem&nbsp;","listText":"Whose problem&nbsp;","text":"Whose problem","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342625323","repostId":"2126059738","repostType":4,"repost":{"id":"2126059738","kind":"news","pubTimestamp":1618209183,"share":"https://ttm.financial/m/news/2126059738?lang=en_US&edition=fundamental","pubTime":"2021-04-12 14:33","market":"us","language":"zh","title":"Whose pot is the car company lacking core and stuck neck?","url":"https://stock-news.laohu8.com/highlight/detail?id=2126059738","media":"深燃","summary":"全世界都开始闹“芯”慌了。\n因为缺“芯”（芯片），车企直接停产了。蔚来就喊话：我们撑不住了，必须得停产五天。而且这还不是一家缺“芯”，也不单是中国车企告急。\n国外的大众、通用，甚至是一向以供应链安全为","content":"<p>The whole world is starting to panic.</p><p>Because of the lack of \"core\" (chip), car companies directly stopped production.<a href=\"https://laohu8.com/S/NIO\">Nio</a>He shouted: We can't hold up anymore, and we have to stop production for five days. Moreover, this is not a lack of \"core\", nor is it just that Chinese car companies are in a hurry.</p><p>Foreign Volkswagen, General Motors, and even Toyota and Honda, which have always focused on supply chain security, have also fallen into a core shortage crisis.</p><p>In fact, since the beginning of December last year, some automobile companies have been exposed by the media to stop production one after another due to lack of cores. In the past year, the first quarter has passed, and the chip crisis has not only failed to be solved, but has intensified, and even spread to the world to become a global supply chain crisis.</p><p>The Der Spiegel report quoted Berrett, an expert at Roland Berger Management Consulting, as saying that since the nuclear disaster in Fukushima, Japan, the automobile supply chain has not encountered such serious problems. According to statistics, global vehicle production will be about 672,000 fewer than expected in the first quarter of 2021 due to the chip shortage, with China being the country most affected by the shortage, cutting production by about 250,000 units in the first quarter.</p><p>These century-old car giants, because of their small chips, have suffered critical hits one after another-production reduction, production shutdown, work shutdown, and even directly faced huge economic losses.</p><p>Why is there a sudden lack of core? What do chips mean for cars?</p><p>Global car companies, collective \"core\" panic</p><p>The first to be exposed to the lack of core was the North and South Volkswagen.</p><p>In December last year, a news article of CCTV's Economic Information Network made the \"lack of core\" fire. According to the report, Volkswagen was affected by the shortage of chip supply. SAIC-Volkswagen started to stop production on December 4th, while FAW-Volkswagen also entered a shutdown state in early December.</p><p>Afterwards, the public responded that it was trying to solve it, which was equivalent to admitting in disguise-\"Yes, we have no core\".</p><p>At this time, many people may still think that the lack of core in car companies is temporary. But the subsequent developments made everyone realize that it was not that simple.</p><p>After the lack of core in North and South Volkswagen was exposed, auto parts giants such as Continental Group and Bosch Group spoke out unanimously, warning that the shortage of chips for automobile manufacturing may affect automobile production including the Chinese market, and this impact will continue until next year.</p><p>The haze of core shortage began to gradually envelop the global automotive supply chain. Over the years, more and more car companies have exploded. Not only did the crisis fail to be resolved, it intensified, like dominoes.</p><p><img src=\"https://static.tigerbbs.com/99e1017f189dc306ad40ed28392c15d3\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Source/Unsplash</p><p>Nissan, Volvo, Ford, Volkswagen, Mitsubishi, etc. More and more car companies are forced to cut production and stop production due to lack of core. Moreover, not only China, but also factories in Germany, the United States, India and other places around the world are facing the shortage of chips.</p><p>Even Toyota and Honda, which have always focused on supply chain security, are in crisis.<a href=\"https://laohu8.com/S/HMC\">Honda Motor</a>It was announced in March that most of the company's automotive plants in the U.S. and Canada would be closed starting March 22 and continuing through March 29.<a href=\"https://laohu8.com/S/TM\">Toyota Motor</a>It also announced production cuts at four North American plants.</p><p>Some car companies have to tighten their belts to supply limited chips to the most needed product lines. For example, Daimler gives priority to providing chips to production lines that produce Mercedes-Benz S-Class and other models;<a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>Ensure that the chip can prioritize the supply of Porsche-owned models as well as Skoda's new pure-electric SUV models...</p><p>Over time, this list of missing cores has not only failed to shorten, it has even become longer and longer. On March 26,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Announced that due to the chip shortage, the company decided to suspend production at Hefei JAC Nio Manufacturing Plant for five working days starting from March 29, 2021, amid an uproar.</p><p>Because the supply of chips exceeds the demand, upstream suppliers began to raise prices. Some manufacturers have increased the price of goods by 10-20%, and the delivery time has been extended from the normal two months to four months. Dutch automotive chip suppliers<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Customers have begun to be informed that prices for all products will have to be increased due to \"substantial rises\" in material costs and \"severe shortages\" of chips.</p><p>What's even worse is that the car companies that lack core are suffering huge losses in this global crisis due to production reduction or even production suspension.</p><p>At the beginning, Volkswagen, who broke out the shortage of cores, calculated the account. In the first quarter, it will produce 100,000 cars less because of the shortage of chips. Volkswagen's external spokesman even angrily said that it would consider claiming compensation from poorly prepared first-tier suppliers such as Bosch and Continental.<a href=\"https://laohu8.com/S/F\">Ford Motor</a>It is estimated that the chip shortage may reduce profits by $2.5 billion this year.</p><p>Globally, global vehicle production will be about 672,000 fewer than expected in the first quarter of 2021 due to the chip shortage, with China being the country most affected by the shortage, cutting production by about 250,000 units in the first quarter.</p><p>Whose pot is behind the lack of core?</p><p>A trivia is that nowadays, whether it is a fuel vehicle or an electric vehicle, there will be dozens of chips on the body. Among them, an average car will use at least more than 40 kinds of chips, while high-end models need more than 150 kinds of chips.</p><p>Wang Feng, the relevant person in charge of Leapmotor, explained the importance of chips to the current automobile industry: today's cars are different from traditional cars, mainly in<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Software and hardware aspects of chemical. The core technologies of traditional vehicles are engine, gearbox and axle, while the core technologies of future new energy vehicles are batteries and chips.</p><p>\"If it was a car from a long time ago, it might not need a chip, but it won't work now. Our users have changed.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The demand for driving and the demand for Internet of Vehicles all require chip technology, so chips can be said to be one of the performance of car differentiation now. \"</p><p>The functions of chips on cars are different, and they can be roughly divided into microprocessors (MCUs), analog circuits, sensors, AI chips and other categories. And MCU is the largest part (about 30%).</p><p>Chips are also graded. High-end chips such as autonomous driving chips and intelligent cockpit chips don't need much for car companies, and one or two are enough. Low-end chip production is large enough, so there is no shortage. \"This time, car companies are short of cores, mainly the middle-end 8-bit functional MCU chip.\" Cao Shufeng, an automotive electronics engineer, pointed out.</p><p>These mid-range chips are not high in technology, with a unit price of a few dollars at most, but they are widely used in vehicle bodies. An MCU is equivalent to the cerebellum that controls each function of a car. Each sub-system of the car body, including fan control, air conditioning control, wipers, sunroof and so on, all need the control of the MCU. This means that if these MCU chips are missing, some of the very basic functions of the car can't be applied, and a car will be built for nothing.</p><p>Wang Feng said, \"Now it is indeed a shortage of MCU chips. Especially, ESP electronic stabilization system, including ECU trip computer and other functions cannot be realized.\"</p><p>This explains why the tightness of chips has such a great impact on the automobile manufacturing industry, and even this crisis has swept the world.</p><p>But in the final analysis, why is there a lack of MCU chips? Without the chip, wouldn't it be over for recreation?</p><p>It's not that simple. The chip manufacturing industry chain is long and complex. The production cycle of semiconductor wafers takes about 12 weeks on average, after which they have to be assembled, tested, finished and delivered. Calculated as a whole, the delivery time from the time the customer places the order to the time the final product is received can take up to 26 weeks (about half a year).</p><p>Equivalent, car companies need to predict the market and place orders six months in advance. Moreover, many times, car manufacturers do not communicate directly with MCU chip manufacturers, but also have to go through middlemen such as wafer foundries and first-level and second-level suppliers to make the difference.</p><p><img src=\"https://static.tigerbbs.com/68d0f3f16577d107c15a2066eabdd3fb\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\"></p><p>Source/Guangdong Securities Research Report</p><p>Report Source/CVSource hit data</p><p>This means that once there is a mismatch between supply and demand, or there is a mistake in a certain link, the rhythm of the whole upstream and downstream industrial chain will be disrupted, and the storm will sweep the whole industry.</p><p>Seeing this, I almost understand that the above-mentioned series of crises must be something wrong in which link of the industrial chain.</p><p>In fact, the biggest variable in the whole industry is the pandemic. At the beginning of 2020, McKinsey expects that due to the serious impact of the epidemic, world automobile sales will decrease by nearly 30% in 2020, sales in the Chinese market will decrease by 15%, sales in the United States and Europe will decrease by 18%-36%, and production will decrease by nearly 5 million vehicles respectively, which will be irrecoverable in the short term.</p><p>It is expected that production may decrease, so major car companies have reduced their orders for chips. Unexpectedly, in the second half of the year, the auto market began to recover or even rebound, especially the Chinese market began to grow explosively. The order volume on the demand side has surged. According to the original plan, the supply of chips must be in short supply.</p><p>It is not enough in itself, and there are still people who grab the supply. For chip factories, the most profitable demand with the largest order volume actually comes from the consumer electronics industry, such as laptops, games and so on. It is also because of the epidemic that people spend more time at home. Since 2020, the demand for consumer electronic products has soared, and more chip orders will definitely give priority to the rich and quantitative demand side. The car companies, which have a small share and a slow response, obviously lost in this round of grabbing goods.</p><p>Let's look at the supply side again.</p><p>You know, for a long time, most MCU chip manufacturers are reluctant to manufacture automotive chips, because the profits are low and the standards are high, which is hard work. There are only a few manufacturers who are willing to manufacture such chips globally. Moreover, such manufacturers have been standing at the bottom of the whole industrial chain, with little right to speak, and it is difficult to expand production or change production lines.</p><p>The whole industrial chain is very fragile. Once you encounter a large order, you will definitely not be able to supply it even if you work overtime.</p><p>There were more monks and less flesh, and there were many natural disasters. The most important material in a chip factory is actually wafer. Last year, several semiconductor companies frequently missed fires, resulting in a shortage of wafers. For example, at the end of October last year, the factory of Asahi Kasei, a semiconductor company that produces wafers in Japan, caught fire. It took three days to stop, and the factory stopped working on the spot. Semiconductor factories need to operate 24 hours a day, and the loss of shutdown for several days is very heavy.</p><p>\"Equivalent, the problem of core shortage is caused by some comprehensive reasons. This mismatch between supply and demand has jointly triggered such a crisis,\" Wang Feng said.</p><p>Can the core shortage crisis be saved?</p><p>Is it possible to alleviate the problem of core shortage?</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>The judgment is that the shortage may continue for more than a year.</p><p>IHS (Essence Huamai, a financial information firm) expects that although the supply chain will remain constrained in the third quarter, the automotive chip shortage will bottom out around the end of March and improve from the end of April, but it will still not meet the demand of OEMs. In the third quarter, the supply of MCUs can meet the ongoing demand of OEMs at the time, but may not be able to make up for the demand lost in the first half of 2021. To put it bluntly, it won't be solved for a while.</p><p>Cao Shufeng pointed out to Shenran: The chip production capacity can't be made up for a while. Now the global demand for consumer electronics is stable, the production capacity of consumer electronics wafers can't be evenly supplied to automotive electronics, and the new 8-inch production line can't be built for a while, so the lack of car cores will take some time.</p><p><img src=\"https://static.tigerbbs.com/43c4c0a26e0a51e3fdb96f12986d5878\" tg-width=\"550\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>Source/Pexels</p><p>However, for the domestic market, this core shortage has exposed a bigger problem-the localization rate of China's MCU is very low.</p><p>\"China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to the report of \"Automotive Supply Chain White Paper\", among the top 20 enterprises in the automotive semiconductor industry, there is only one local enterprise in China. In China's annual automobile market of 28 million vehicles, China's automotive semiconductor output value accounts for less than 5% of the world, and the import ratio of some key components exceeds 80%-90%.</p><p>The global power semiconductor supply chain is almost entirely controlled by<a href=\"https://laohu8.com/S/0KED.UK\">Infineon</a>、<a href=\"https://laohu8.com/S/ONNN\">ON Semiconductor</a>In the hands of foreign semiconductor manufacturers such as STMicroelectronics. Equivalent, China's semiconductor industry chain is still very weak in automobile, and it is difficult to seize the cake.</p><p>\"Therefore, for domestic car companies, another fundamental reason for this chip crisis is that most of China's chips rely on imports, which also leads to the fact that once suppliers have problems, OEMs will be implicated and lack of cores.\" Wang Feng pointed out, \"In fact, under the trend of globalization, most OEMs choose suppliers that are more convenient and cost-saving to purchase. Moreover, China started late in chips. In addition, chips are high-precision technologies, and it takes a certain amount of time to be laid out and applied.\"</p><p>But this is also a rare opportunity. Recently, the semiconductor industry has become hot, and the share prices of related companies have soared. Many car companies have also laid out the automotive chip industry to make up for the shortcomings.<a href=\"https://laohu8.com/S/600104\">SAIC Group</a>、<a href=\"https://laohu8.com/S/002594\">BYD</a>Great Wall and other car companies set up joint ventures with semiconductor manufacturers. Horizon,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>Domestic enterprises such as Xinchi Technology and Xinchi Technology are also making efforts in the field of automotive-grade chips.</p><p>In the long run, these low-end chips may be gradually replaced by high-end AI chips such as autonomous driving and vehicle-machine systems. An analyst pointed out: \"Under the trend of central computing architecture, one or two main chips can completely replace all MCUs and computing chips on the current distributed electronic and electrical architecture.\"</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Is the most typical example. With<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>After they parted ways,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It took three years to self-develop the FSD chip, which is one of the best in the industry in terms of process and computing power. It is equivalent to Tesla mastering the autonomy, being able to customize its own chips, and not being constrained by the supply chain.</p><p>Cao Shufeng pointed out, \"For high-end AI chips, you must be self-conscious, because when an automobile company's autonomous driving route is fixed, it is the most cost-effective way to develop the ASIC chip that best matches its own AI algorithm separately.\"</p><p>In order to realize chip freedom, more and more car companies have begun to enter the game. Such as BAIC, Geely and<a href=\"https://laohu8.com/S/002594\">BYD</a>Wait for car companies to start making cores; Nio also announced its own research and development of chips, which was promoted by Chairman and CEO Li Bin. On October 27, 2020, Leapmotor released the first nationally produced automotive-grade AI intelligent driving chip with completely independent intellectual property rights-Lingxin 01 chip.</p><p>\"The trend direction of electronic and electrical architecture is to gradually evolve from distributed architecture to integrated architecture. Theoretically, it can be controlled by one chip, but it is not absolute.\" Wang Feng said: \"Because some functions are due to cost and safety performance considerations, or because there are many electronic control modules in automobiles, they still need to be provided by parts suppliers, which will lead to some MCUs or ECUs still existing. However, the trend of self-developed chips is undoubtedly the general direction of the future.\"</p><p>* The title picture is sourced from Pexels. At the request of the interviewee, Wang Feng is a pseudonym in the article.</p><p>Disclaimer: The content provided by We Media Comprehensive is from We Media, and the copyright belongs to the original author. Please contact the original author for reprinting and obtain permission. The views of the article only represent the author's own, and do not represent<a href=\"https://laohu8.com/S/SINA\">SINA</a>Position. If the content involves investment advice, it is for reference only and should not be used as investment basis. Investment is risky, so you need to be cautious when entering the market.</p>","source":"lsy1598506047654","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>Whose pot is the car company lacking core and stuck neck?</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\">\nWhose pot is the car company lacking core and stuck neck?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">深燃</strong><span class=\"h-time small\">2021-04-12 14:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The whole world is starting to panic.</p><p>Because of the lack of \"core\" (chip), car companies directly stopped production.<a href=\"https://laohu8.com/S/NIO\">Nio</a>He shouted: We can't hold up anymore, and we have to stop production for five days. Moreover, this is not a lack of \"core\", nor is it just that Chinese car companies are in a hurry.</p><p>Foreign Volkswagen, General Motors, and even Toyota and Honda, which have always focused on supply chain security, have also fallen into a core shortage crisis.</p><p>In fact, since the beginning of December last year, some automobile companies have been exposed by the media to stop production one after another due to lack of cores. In the past year, the first quarter has passed, and the chip crisis has not only failed to be solved, but has intensified, and even spread to the world to become a global supply chain crisis.</p><p>The Der Spiegel report quoted Berrett, an expert at Roland Berger Management Consulting, as saying that since the nuclear disaster in Fukushima, Japan, the automobile supply chain has not encountered such serious problems. According to statistics, global vehicle production will be about 672,000 fewer than expected in the first quarter of 2021 due to the chip shortage, with China being the country most affected by the shortage, cutting production by about 250,000 units in the first quarter.</p><p>These century-old car giants, because of their small chips, have suffered critical hits one after another-production reduction, production shutdown, work shutdown, and even directly faced huge economic losses.</p><p>Why is there a sudden lack of core? What do chips mean for cars?</p><p>Global car companies, collective \"core\" panic</p><p>The first to be exposed to the lack of core was the North and South Volkswagen.</p><p>In December last year, a news article of CCTV's Economic Information Network made the \"lack of core\" fire. According to the report, Volkswagen was affected by the shortage of chip supply. SAIC-Volkswagen started to stop production on December 4th, while FAW-Volkswagen also entered a shutdown state in early December.</p><p>Afterwards, the public responded that it was trying to solve it, which was equivalent to admitting in disguise-\"Yes, we have no core\".</p><p>At this time, many people may still think that the lack of core in car companies is temporary. But the subsequent developments made everyone realize that it was not that simple.</p><p>After the lack of core in North and South Volkswagen was exposed, auto parts giants such as Continental Group and Bosch Group spoke out unanimously, warning that the shortage of chips for automobile manufacturing may affect automobile production including the Chinese market, and this impact will continue until next year.</p><p>The haze of core shortage began to gradually envelop the global automotive supply chain. Over the years, more and more car companies have exploded. Not only did the crisis fail to be resolved, it intensified, like dominoes.</p><p><img src=\"https://static.tigerbbs.com/99e1017f189dc306ad40ed28392c15d3\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Source/Unsplash</p><p>Nissan, Volvo, Ford, Volkswagen, Mitsubishi, etc. More and more car companies are forced to cut production and stop production due to lack of core. Moreover, not only China, but also factories in Germany, the United States, India and other places around the world are facing the shortage of chips.</p><p>Even Toyota and Honda, which have always focused on supply chain security, are in crisis.<a href=\"https://laohu8.com/S/HMC\">Honda Motor</a>It was announced in March that most of the company's automotive plants in the U.S. and Canada would be closed starting March 22 and continuing through March 29.<a href=\"https://laohu8.com/S/TM\">Toyota Motor</a>It also announced production cuts at four North American plants.</p><p>Some car companies have to tighten their belts to supply limited chips to the most needed product lines. For example, Daimler gives priority to providing chips to production lines that produce Mercedes-Benz S-Class and other models;<a href=\"https://laohu8.com/S/0P6N.UK\">Volkswagen Group</a>Ensure that the chip can prioritize the supply of Porsche-owned models as well as Skoda's new pure-electric SUV models...</p><p>Over time, this list of missing cores has not only failed to shorten, it has even become longer and longer. On March 26,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Announced that due to the chip shortage, the company decided to suspend production at Hefei JAC Nio Manufacturing Plant for five working days starting from March 29, 2021, amid an uproar.</p><p>Because the supply of chips exceeds the demand, upstream suppliers began to raise prices. Some manufacturers have increased the price of goods by 10-20%, and the delivery time has been extended from the normal two months to four months. Dutch automotive chip suppliers<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Customers have begun to be informed that prices for all products will have to be increased due to \"substantial rises\" in material costs and \"severe shortages\" of chips.</p><p>What's even worse is that the car companies that lack core are suffering huge losses in this global crisis due to production reduction or even production suspension.</p><p>At the beginning, Volkswagen, who broke out the shortage of cores, calculated the account. In the first quarter, it will produce 100,000 cars less because of the shortage of chips. Volkswagen's external spokesman even angrily said that it would consider claiming compensation from poorly prepared first-tier suppliers such as Bosch and Continental.<a href=\"https://laohu8.com/S/F\">Ford Motor</a>It is estimated that the chip shortage may reduce profits by $2.5 billion this year.</p><p>Globally, global vehicle production will be about 672,000 fewer than expected in the first quarter of 2021 due to the chip shortage, with China being the country most affected by the shortage, cutting production by about 250,000 units in the first quarter.</p><p>Whose pot is behind the lack of core?</p><p>A trivia is that nowadays, whether it is a fuel vehicle or an electric vehicle, there will be dozens of chips on the body. Among them, an average car will use at least more than 40 kinds of chips, while high-end models need more than 150 kinds of chips.</p><p>Wang Feng, the relevant person in charge of Leapmotor, explained the importance of chips to the current automobile industry: today's cars are different from traditional cars, mainly in<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Software and hardware aspects of chemical. The core technologies of traditional vehicles are engine, gearbox and axle, while the core technologies of future new energy vehicles are batteries and chips.</p><p>\"If it was a car from a long time ago, it might not need a chip, but it won't work now. Our users have changed.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The demand for driving and the demand for Internet of Vehicles all require chip technology, so chips can be said to be one of the performance of car differentiation now. \"</p><p>The functions of chips on cars are different, and they can be roughly divided into microprocessors (MCUs), analog circuits, sensors, AI chips and other categories. And MCU is the largest part (about 30%).</p><p>Chips are also graded. High-end chips such as autonomous driving chips and intelligent cockpit chips don't need much for car companies, and one or two are enough. Low-end chip production is large enough, so there is no shortage. \"This time, car companies are short of cores, mainly the middle-end 8-bit functional MCU chip.\" Cao Shufeng, an automotive electronics engineer, pointed out.</p><p>These mid-range chips are not high in technology, with a unit price of a few dollars at most, but they are widely used in vehicle bodies. An MCU is equivalent to the cerebellum that controls each function of a car. Each sub-system of the car body, including fan control, air conditioning control, wipers, sunroof and so on, all need the control of the MCU. This means that if these MCU chips are missing, some of the very basic functions of the car can't be applied, and a car will be built for nothing.</p><p>Wang Feng said, \"Now it is indeed a shortage of MCU chips. Especially, ESP electronic stabilization system, including ECU trip computer and other functions cannot be realized.\"</p><p>This explains why the tightness of chips has such a great impact on the automobile manufacturing industry, and even this crisis has swept the world.</p><p>But in the final analysis, why is there a lack of MCU chips? Without the chip, wouldn't it be over for recreation?</p><p>It's not that simple. The chip manufacturing industry chain is long and complex. The production cycle of semiconductor wafers takes about 12 weeks on average, after which they have to be assembled, tested, finished and delivered. Calculated as a whole, the delivery time from the time the customer places the order to the time the final product is received can take up to 26 weeks (about half a year).</p><p>Equivalent, car companies need to predict the market and place orders six months in advance. Moreover, many times, car manufacturers do not communicate directly with MCU chip manufacturers, but also have to go through middlemen such as wafer foundries and first-level and second-level suppliers to make the difference.</p><p><img src=\"https://static.tigerbbs.com/68d0f3f16577d107c15a2066eabdd3fb\" tg-width=\"550\" tg-height=\"350\" referrerpolicy=\"no-referrer\"></p><p>Source/Guangdong Securities Research Report</p><p>Report Source/CVSource hit data</p><p>This means that once there is a mismatch between supply and demand, or there is a mistake in a certain link, the rhythm of the whole upstream and downstream industrial chain will be disrupted, and the storm will sweep the whole industry.</p><p>Seeing this, I almost understand that the above-mentioned series of crises must be something wrong in which link of the industrial chain.</p><p>In fact, the biggest variable in the whole industry is the pandemic. At the beginning of 2020, McKinsey expects that due to the serious impact of the epidemic, world automobile sales will decrease by nearly 30% in 2020, sales in the Chinese market will decrease by 15%, sales in the United States and Europe will decrease by 18%-36%, and production will decrease by nearly 5 million vehicles respectively, which will be irrecoverable in the short term.</p><p>It is expected that production may decrease, so major car companies have reduced their orders for chips. Unexpectedly, in the second half of the year, the auto market began to recover or even rebound, especially the Chinese market began to grow explosively. The order volume on the demand side has surged. According to the original plan, the supply of chips must be in short supply.</p><p>It is not enough in itself, and there are still people who grab the supply. For chip factories, the most profitable demand with the largest order volume actually comes from the consumer electronics industry, such as laptops, games and so on. It is also because of the epidemic that people spend more time at home. Since 2020, the demand for consumer electronic products has soared, and more chip orders will definitely give priority to the rich and quantitative demand side. The car companies, which have a small share and a slow response, obviously lost in this round of grabbing goods.</p><p>Let's look at the supply side again.</p><p>You know, for a long time, most MCU chip manufacturers are reluctant to manufacture automotive chips, because the profits are low and the standards are high, which is hard work. There are only a few manufacturers who are willing to manufacture such chips globally. Moreover, such manufacturers have been standing at the bottom of the whole industrial chain, with little right to speak, and it is difficult to expand production or change production lines.</p><p>The whole industrial chain is very fragile. Once you encounter a large order, you will definitely not be able to supply it even if you work overtime.</p><p>There were more monks and less flesh, and there were many natural disasters. The most important material in a chip factory is actually wafer. Last year, several semiconductor companies frequently missed fires, resulting in a shortage of wafers. For example, at the end of October last year, the factory of Asahi Kasei, a semiconductor company that produces wafers in Japan, caught fire. It took three days to stop, and the factory stopped working on the spot. Semiconductor factories need to operate 24 hours a day, and the loss of shutdown for several days is very heavy.</p><p>\"Equivalent, the problem of core shortage is caused by some comprehensive reasons. This mismatch between supply and demand has jointly triggered such a crisis,\" Wang Feng said.</p><p>Can the core shortage crisis be saved?</p><p>Is it possible to alleviate the problem of core shortage?</p><p><a href=\"https://laohu8.com/S/601377\">Industrial Securities</a>The judgment is that the shortage may continue for more than a year.</p><p>IHS (Essence Huamai, a financial information firm) expects that although the supply chain will remain constrained in the third quarter, the automotive chip shortage will bottom out around the end of March and improve from the end of April, but it will still not meet the demand of OEMs. In the third quarter, the supply of MCUs can meet the ongoing demand of OEMs at the time, but may not be able to make up for the demand lost in the first half of 2021. To put it bluntly, it won't be solved for a while.</p><p>Cao Shufeng pointed out to Shenran: The chip production capacity can't be made up for a while. Now the global demand for consumer electronics is stable, the production capacity of consumer electronics wafers can't be evenly supplied to automotive electronics, and the new 8-inch production line can't be built for a while, so the lack of car cores will take some time.</p><p><img src=\"https://static.tigerbbs.com/43c4c0a26e0a51e3fdb96f12986d5878\" tg-width=\"550\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p>Source/Pexels</p><p>However, for the domestic market, this core shortage has exposed a bigger problem-the localization rate of China's MCU is very low.</p><p>\"China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>According to the report of \"Automotive Supply Chain White Paper\", among the top 20 enterprises in the automotive semiconductor industry, there is only one local enterprise in China. In China's annual automobile market of 28 million vehicles, China's automotive semiconductor output value accounts for less than 5% of the world, and the import ratio of some key components exceeds 80%-90%.</p><p>The global power semiconductor supply chain is almost entirely controlled by<a href=\"https://laohu8.com/S/0KED.UK\">Infineon</a>、<a href=\"https://laohu8.com/S/ONNN\">ON Semiconductor</a>In the hands of foreign semiconductor manufacturers such as STMicroelectronics. Equivalent, China's semiconductor industry chain is still very weak in automobile, and it is difficult to seize the cake.</p><p>\"Therefore, for domestic car companies, another fundamental reason for this chip crisis is that most of China's chips rely on imports, which also leads to the fact that once suppliers have problems, OEMs will be implicated and lack of cores.\" Wang Feng pointed out, \"In fact, under the trend of globalization, most OEMs choose suppliers that are more convenient and cost-saving to purchase. Moreover, China started late in chips. In addition, chips are high-precision technologies, and it takes a certain amount of time to be laid out and applied.\"</p><p>But this is also a rare opportunity. Recently, the semiconductor industry has become hot, and the share prices of related companies have soared. Many car companies have also laid out the automotive chip industry to make up for the shortcomings.<a href=\"https://laohu8.com/S/600104\">SAIC Group</a>、<a href=\"https://laohu8.com/S/002594\">BYD</a>Great Wall and other car companies set up joint ventures with semiconductor manufacturers. Horizon,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>Domestic enterprises such as Xinchi Technology and Xinchi Technology are also making efforts in the field of automotive-grade chips.</p><p>In the long run, these low-end chips may be gradually replaced by high-end AI chips such as autonomous driving and vehicle-machine systems. An analyst pointed out: \"Under the trend of central computing architecture, one or two main chips can completely replace all MCUs and computing chips on the current distributed electronic and electrical architecture.\"</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Is the most typical example. With<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>After they parted ways,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It took three years to self-develop the FSD chip, which is one of the best in the industry in terms of process and computing power. It is equivalent to Tesla mastering the autonomy, being able to customize its own chips, and not being constrained by the supply chain.</p><p>Cao Shufeng pointed out, \"For high-end AI chips, you must be self-conscious, because when an automobile company's autonomous driving route is fixed, it is the most cost-effective way to develop the ASIC chip that best matches its own AI algorithm separately.\"</p><p>In order to realize chip freedom, more and more car companies have begun to enter the game. Such as BAIC, Geely and<a href=\"https://laohu8.com/S/002594\">BYD</a>Wait for car companies to start making cores; Nio also announced its own research and development of chips, which was promoted by Chairman and CEO Li Bin. On October 27, 2020, Leapmotor released the first nationally produced automotive-grade AI intelligent driving chip with completely independent intellectual property rights-Lingxin 01 chip.</p><p>\"The trend direction of electronic and electrical architecture is to gradually evolve from distributed architecture to integrated architecture. Theoretically, it can be controlled by one chip, but it is not absolute.\" Wang Feng said: \"Because some functions are due to cost and safety performance considerations, or because there are many electronic control modules in automobiles, they still need to be provided by parts suppliers, which will lead to some MCUs or ECUs still existing. However, the trend of self-developed chips is undoubtedly the general direction of the future.\"</p><p>* The title picture is sourced from Pexels. At the request of the interviewee, Wang Feng is a pseudonym in the article.</p><p>Disclaimer: The content provided by We Media Comprehensive is from We Media, and the copyright belongs to the original author. Please contact the original author for reprinting and obtain permission. The views of the article only represent the author's own, and do not represent<a href=\"https://laohu8.com/S/SINA\">SINA</a>Position. If the content involves investment advice, it is for reference only and should not be used as investment basis. Investment is risky, so you need to be cautious when entering the market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/F10IXCjqFs0AT-MUA7Eh7A\">深燃</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/43c4c0a26e0a51e3fdb96f12986d5878","relate_stocks":{"F":"福特汽车","NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s/F10IXCjqFs0AT-MUA7Eh7A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126059738","content_text":"全世界都开始闹“芯”慌了。\n因为缺“芯”（芯片），车企直接停产了。蔚来就喊话：我们撑不住了，必须得停产五天。而且这还不是一家缺“芯”，也不单是中国车企告急。\n国外的大众、通用，甚至是一向以供应链安全为核心的丰田和本田也陷入了缺芯危机。\n事实上，自去年12月初起，就有汽车企业被媒体爆出因缺芯陆续停产。转过年来，第一个季度已经过去了，芯片危机不仅没能解决，反而愈演愈烈，甚至蔓延至全球成为了全球性供应链危机。\n《明镜周刊》报道援引罗兰贝格管理咨询公司专家贝雷特的观点，自从日本福岛核灾以来，汽车供应链就没遇到过这么严重的问题。据统计，受芯片短缺影响，2021年第一季度全球汽车产量将比预期少约67.2万辆，其中中国是受短缺影响最严重的国家，第一季度约减产25万辆。\n这些百年车企巨头，因为小小的芯片，接连遭受暴击——减产、停产、停工，甚至是直接面临巨额的经济损失。\n为什么突然缺芯了呢？芯片对于车来说意味着什么？\n全球车企，集体“芯”慌\n首先被爆出缺芯的是南北大众。\n去年12月份，央视《经济信息联播》一则新闻就让“缺芯”这事儿火出了圈。报道中称大众汽车受芯片供应不足影响，上汽大众在12月4日开始停产，而一汽大众也在12月初进入了停产状态。\n事后，大众回应表示正在想办法解决，相当于变相承认了——“是的，我们没芯了”。\n到这个时候，可能很多人都还以为，车企缺芯是一时的。但随后的事态发展，才让大家意识到——事情没那么简单。\n在南北大众缺芯被曝光后，大陆集团以及博世集团等汽车零部件巨头不约而同地发声，预警用于汽车制造的芯片短缺可能会影响包括中国市场在内的汽车生产，而且这种影响将会一直持续至明年。\n缺芯的阴霾开始逐渐笼罩全球汽车供应链。转过年来，越来越多的车企爆出没芯了。危机不但没能解决，还愈演愈烈，仿佛多米诺骨牌一样。\n\n来源/Unsplash\n日产、沃尔沃、福特、大众、三菱等等，越来越多的车企因为缺芯被迫减产停产。而且不止是中国，德国、美国、印度等全球范围内的多地工厂都面临芯片不足的情况。\n就连一向以供应链安全为核心的丰田和本田也陷入了危机。本田汽车3月份宣布，公司位于美国和加拿大的大多数汽车工厂将从3月22日开始关闭，一直持续到3月29日。丰田汽车也宣布削减北美四家工厂的产量。\n有些车企不得不勒紧裤腰带把有限的芯片供给最需要的产品线。比如戴姆勒优先把芯片提供给生产奔驰S级等车型的生产线；大众集团确保芯片能优先供应保时捷旗下车型以及斯柯达新推出的纯电动SUV车型……\n随着时间的推移，这份缺芯名单不仅没能减短，甚至变得越来越长。3月26日，蔚来宣布，由于芯片短缺，公司决定自2021年3月29日起，合肥江淮蔚来制造工厂暂停生产5个工作日，一时舆论哗然。\n由于芯片供不应求，上游的供应商们开始坐地起价。有些厂商供货的价格调涨10-20%，交货期由正常的两个月延长到了四个月。荷兰汽车芯片供应商恩智浦已开始告知客户，由于材料成本“大幅上涨”和芯片“严重短缺”，所有产品的价格都得提高。\n更要命的是，减产甚至到停产，这场波及全球的大危机中，缺芯的车企们在蒙受巨大的损失。\n最开始爆出缺芯的大众算了一下账，第一季度将因为芯片短缺少生产10万辆汽车。大众对外发言人甚至非常愤怒地表示，将考虑向准备不周的博世、大陆集团等一级供应商索赔。福特汽车预计，芯片短缺或使今年的利润减少25亿美元。\n从全球看来，受芯片短缺影响，2021年第一季度全球汽车产量将比预期少约67.2万辆，其中中国是受短缺影响最严重的国家，第一季度约减产25万辆。\n缺芯背后，谁的锅？\n一个冷知识是，如今无论是燃油车还是电动车，车身上都会配置几十颗芯片。其中，一辆普通汽车至少会用到40多种芯片，而高端车型则需要150多种芯片。\n零跑汽车相关负责人王峰解释了芯片对于当下汽车产业的重要性：现在的汽车区别于传统的汽车，主要是在智能化的软硬件方面。传统汽车的核心技术是发动机、变速箱、车桥三大件，未来新能源汽车的核心技术则是电池和芯片。\n“如果是很早以前的汽车，可能并不需要芯片，但是当下行不通了，我们的用户已经变了。智能驾驶的需求、车联网的需求都需要芯片技术，所以芯片可以说是现在汽车差异化的表现之一。”\n汽车身上的芯片功能各异，大致分为微处理器（MCU）、模拟电路、传感器、AI芯片等多种类别。而MCU是占比最大的部分（约占30%）。\n芯片也分等级，高端芯片比如自动驾驶芯片和智能座舱芯片，车企需要的不多，一两个就够了。低端芯片产量足够大，所以也不缺。“这次车企缺芯，缺的主要是中端的8位功能MCU芯片。”汽车电子工程师曹书峰指出。\n这些中端芯片技术含量不高，单价最多几美元，但是在车身上的应用较多。一个MCU相当于控制汽车一个个功能的小脑。车体的各个次系统，包括风扇控制、空调控制、雨刷、天窗等等都需要MCU的控制。这就意味着，如果这些MCU芯片缺失，汽车的一些非常基础的功能都无法应用，一辆车也就白造了。\n王峰表示，“现在确实是MCU的芯片短缺。尤其是导致ESP电子稳定系统，包括ECU行车电脑等功能无法实现。”\n这也就解释了，为什么芯片吃紧对汽车制造行业产生如此大的影响，甚至这场危机席卷了全球。\n但说到底，为什么会缺MCU芯片呢？没芯片，再造不就完了吗？\n事情没那么简单。芯片制造产业链漫长而复杂。生产半导体晶圆的周期平均大约需要12周，之后还得组装、测试、制成最终成品、交付。整体计算下来，从客户下订单到收到最终产品的交货时间最多可能需要26周（半年左右）。\n相当于，车企需要提前半年预判行情下订单。而且，很多时候车厂并不是直接和MCU芯片厂商沟通，中间还要经历晶圆代工厂、一级二级供应商等中间商赚差价。\n\n资料来源/粤开证券研报\n报告来源 / CVSource投中数据\n这也就意味着，一旦供需出现错配，或者某个环节出现错误，整个上下游产业链节奏就会打乱，风暴会席卷整个行业。\n看到这儿差不多就理解，上述一系列的危机，肯定是产业链哪个环节出了问题。\n事实上，整个行业最大的变数就是疫情。2020年年初，麦肯锡预计受疫情严重影响，2020年世界汽车销量或将减少近三成，中国市场销量下降15%，美国和欧洲的销量将减少18%-36%，产量将分别减少近500万辆，短期内不可恢复。\n预计产量可能会减少，于是各大车企就纷纷减少了芯片的订单。万万没想到的是，到了下半年，车市开始恢复甚至反弹，尤其是中国市场开始爆发式增长。需求端的订单量激增，按照原先的计划，芯片肯定是供不应求的。\n本身就不够用，还有抢货源的。对于芯片厂来说，最赚钱的、订单量最大的需求其实来自消费类电子产品行业，比如笔记本电脑、游戏等等。也同样是因为疫情，人们宅家的时间变多了，2020年以来消费电子产品需求量猛增，更多的芯片订单肯定优先供给有钱且走量的需求方。本身就份额不多，而且反应还慢半拍的车企，显然在这一轮的抢货大战中败下阵来。\n我们再看供给端。\n要知道，一直以来，MCU芯片厂商们大多不愿意制造汽车芯片，因为利润低，而且标准高，是苦活累活。愿意制造这类芯片的，从全球来看也就几家厂商。而且这类厂商一直站在整个产业链的底端，没什么话语权，很难进行扩产或者改变生产线。\n整个产业链非常脆弱，一旦遇到大订单，肯定加班加点也供给不过来。\n本身就僧多肉少，天灾还很多。芯片厂最重要的材料其实是晶圆。去年几家半导体公司频频失火，导致晶圆紧缺。比如去年10月底，日本一家生产晶圆的半导体公司旭化成厂房起火，烧了三天才止住，工厂当场就停工了。半导体工厂是需要24小时不停歇运营的，几天的关停损失非常惨重。\n“相当于，缺芯的问题是由一些综合的原因共同导致的。这场供需端的错配，联合引发了这样一场危机。”王峰表示。\n缺芯危机还有救吗？\n缺芯的问题，有可能缓解吗？\n兴业证券的判断是，缺货可能还会持续一年以上。\nIHS（埃信华迈，一家金融信息公司）预计，尽管供应链第三季度仍会受限，但汽车芯片短缺的情况将在3月底左右触底，4月底起将有所改善，但仍不能满足主机厂的需求。在三季度，MCU的供应可以满足主机厂当时的持续需求，但可能无法弥补2021年上半年损失的需求。说白了就是，一时半会也解决不了。\n曹书峰对深燃指出：芯片产能不是一时半会说补就能补上的，现在全球消费电子需求稳定，消费电子晶圆产能无法匀给汽车电子，新建8英寸产线又不是一时半会能建成的，所以汽车缺芯还需要持续一段时间。\n\n来源/Pexels\n但是对于国内市场来说，这次缺芯暴露出来一个更大的问题——中国MCU的国产化率很低。\n《中国新能源汽车供应链白皮书》报告显示，汽车半导体行业排名前20的企业，中国的本土企业只有1家，在中国每年2800万辆的汽车市场，中国汽车半导体产值占全球的比例不到5%，部分关键零部件进口度比例超过80%—90%。\n全球功率半导体供应链几乎全部掌握在英飞凌、安森美、意法等国外半导体厂商手中。相当于，中国半导体产业链在汽车方面还很弱，很难抢占蛋糕。\n“所以这次芯片危机，对于国内车企来说，还有一层根本的原因是中国的芯片大部分依赖进口，这也导致，供应商一旦出现问题，主机厂就会受到牵连而缺芯。”王峰指出，“事实上，在全球化的趋势下，大多数主机厂选择更为方便和节约成本的供应商采购。而且我国在芯片方面起步晚。再加上，芯片属于高精尖技术，布局到应用需要一定时间。”\n但这也算是难得的机遇，最近半导体行业热了起来，相关公司股价飞涨。不少车企也纷纷下场布局车用芯片产业，以弥补短板。上汽集团、比亚迪、长城等车企与半导体厂商成立合资公司。地平线、寒武纪、芯驰科技等国内企业也在发力于车规级芯片领域。\n长远来看，这些中低端芯片有可能被高端AI芯片如自动驾驶、车机系统等芯片逐步取代。一位分析师指出：“在中央计算架构的趋势下，一两颗主芯片完全可以把现在分布式电子电气架构上的所有MCU和计算芯片所取代。”\n特斯拉就是一个最典型的例子。与英伟达分道扬镳后，特斯拉用了3年时间，自研了FSD芯片，无论是制程还是算力在业内都算数一数二。相当于特斯拉掌握了自主权，能够自我定制芯片，不受供应链牵制。\n曹书峰指出，“对于高端的AI芯片肯定是要自硏的，因为当一家汽车公司的自动驾驶路线固定以后，单独开发最匹配自家AI算法的ASIC芯片，是性价比最高的途径。”\n为了实现芯片自由，越来越多的车企开始入局。比如北汽、吉利和比亚迪等车企开始下场造芯；蔚来也宣布自主研发芯片，由董事长兼CEO李斌主推。2020年10月27日，零跑汽车发布了首款全国产化、具有完全自主知识产权的车规级AI智能驾驶芯片——凌芯01芯片。\n“电子电气架构的趋势方向是逐渐从分布式架构到集成式架构演进，理论上可以实现一颗芯片来控制，但不是绝对的。”王峰表示：“因为有些功能出于成本和安全性能考虑，或者由于汽车的电子控制模块也比较多，仍需由零部件供应商来提供，会导致一些MCU或ECU仍然存在。但自研芯片的趋势无疑是未来的大方向。”\n*题图来源于Pexels。应受访者要求，文中王峰为化名。\n免责声明：自媒体综合提供的内容均源自自媒体，版权归原作者所有，转载请联系原作者并获许可。文章观点仅代表作者本人，不代表新浪立场。若内容涉及投资建议，仅供参考勿作为投资依据。投资有风险，入市需谨慎。","news_type":1,"symbols_score_info":{"NIO":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342622529,"gmtCreate":1618213185961,"gmtModify":1704707575423,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"This 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good","images":[{"img":"https://static.tigerbbs.com/c5cb3a398e587a4c7086bd4d93046c16","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342919965","isVote":1,"tweetType":1,"viewCount":1791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":348436399,"gmtCreate":1617950018611,"gmtModify":1704705210138,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348436399","repostId":"1159720741","repostType":4,"repost":{"id":"1159720741","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1617948539,"share":"https://ttm.financial/m/news/1159720741?lang=en_US&edition=fundamental","pubTime":"2021-04-09 14:08","market":"hk","language":"zh","title":"Ctrip, which went to Hong Kong for the second time, you really know how to play!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159720741","media":"节点财经","summary":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴","content":"<p>If you want to choose the most struggling entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.</p><p>List some of Liang Jianzhang's agenda casually:</p><p>More than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, we should inspect the review after the live broadcast, and we have to manage the company's affairs for more than ten hours a day; Not even 30 minutes of \"whole block time\"; On the plane to the next live broadcast point, you have to take out your mobile phone and write your own copy of the hotel live broadcast.</p><p>As a result of \"Desperate Saburo\", in 2020, the OTA industry experienced the biggest change: Ctrip drove the industry to start a new exploration at the fastest speed in a special environment.</p><p>Liang Jianzhang incarnated different characters in different tourism scenes and turned himself into a big V, which also made Ctrip use live broadcast as an entry point to interpret the real connotation of \"organic in crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Credit: Open Information</b></p><p><b>/01/is a big V, also a \"big V\"</b></p><p>Ctrip's prospectus shows that in the past 10 years, the transaction volume has maintained the first place in the national online travel industry, and it has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost $1.3 trillion in revenue, making it the \"worst year in tourism history\", and Ctrip was not immune.</p><p><b>The core of a successful enterprise is not the brilliance at its peak, but the resilience at its hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; Q2 All walks of life are preparing for the resumption of work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment of Liang Jianzhang's live broadcast, and Ctrip's revenue dropped by 63.7%; In Q3, Ctrip improved slightly, and the revenue decline narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservation recovery led the industry by about 15%; Ctrip's average daily order volume in March increased by 50% compared with February, and the average daily new passenger volume of the platform achieved double-digit growth compared with the previous month; During the just-concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine and wine bookings had reached full recovery.</p><p>Although the 2021 Q1 quarterly report has not yet been released, Ctrip has recovered ahead of Booking and Expdia, both OTA giants, with a rapid \"blood return plan\", and has gone out of a big V-shaped curve.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: various financial reports</b></p><p>At the same time as Ctrip's recovery, Ctrip's share<a href=\"https://laohu8.com/S/90129\">Tongcheng Elong</a>It also seized the sinking market in low-tier cities, and Ctrip's new users in low-tier markets accelerated their growth, further solving the congestion of OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on Ctrip's platform came from third-tier cities and below. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys Report, in 2019, the GMV of the top five travel platforms in the world accounted for 7.0% of the total market share, and Ctrip, the first place, accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's trend of getting out of the big \"V\", it can be seen that Ctrip still has the rare resilience of start-ups, and its sword is not old in rebound and recovery.</p><p><b>/02/Reconstructing the \"people and goods yard\" of tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In the prospectus of returning to Hong Kong, Ctrip also made it clear that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs to be supported by a core to string together various chains in travel, and this core is the content.</p><p>Some people say that Ctrip's content is difficult to do well because it lacks genes. This story is not long.</p><p>Say that Ctrip has no content gene? This can be somewhat \"shallow\" to Ctrip's understanding.</p><p>At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;</p><p>In 2011, Ctrip launched Donkey Review Network;</p><p>In 2016, Ctrip Raiders Community was launched;</p><p>In 2018, Ctrip began to build a travel short video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;</p><p>In 2020, Ctrip once again put the layout content on the agenda.</p><p><b>In addition to genes, the more important thing to do content is \"specializing in the art industry\". The travel content is about how to play, and of course, it is done by the travel platform that knows how to play.</b></p><p>A few days ago, Ctrip launched the \"1+3 strategy\", which uses \"Planet\" as the carrier to aggregate the three major sectors of traffic, content and commodities, refreshing the \"people (users) -goods (tourism products, ticketing services, etc.) -fields (scenes)\" in the tourism industry.</p><p>In the past, the tourism industry was basically people-goods, and almost no scenes landed; Or the OTA platform provides scattered and fragmented content, which can't accurately match with large traffic, thus leading to the disconnection between content and goods.</p><p>In terms of \"people\", when \"playful\" travel experts flood into Ctrip's planet with their own sharing content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;</p><p>In terms of \"goods\", participants in the whole travel link can set up a planet in Ctrip community. With the help of Ctrip's 300 million users and 200 million MAUs (monthly active users), there are more and more sensitive people under 25 who \"know how to play\" to supply food, accommodation, travel, travel and purchase all explosive products.</p><p>In the scene, Ctrip Live and Ctrip community will give the scene of content realization. In the whole content scene, Ctrip can also provide portraits of target people according to algorithms and private domain traffic management, so as to achieve a new \"100 billion small goal\" and tourism advertising;</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the size of China's tourism advertising market will reach 80-100 billion yuan in the whole year, and tourism advertising will become a new \"100 billion track\" for the tourism industry in the future.</p><p><b>Whether it works well or not, the data will speak.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total commodity transaction volume of Ctrip's live + special sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" was fully implemented, we have reason to believe that Ctrip can make more users \"play in Ctrip\" by taking advantage of \"knowing to play\".</p><p><b>/03/High Net Worth Users Who Can Play</b> <b>Deepening the moat again</b></p><p>In the prospectus submitted by Ctrip, there is another bright spot that has been ignored, but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.</p><p><b>High net worth users are not only Ctrip's competitive barrier, but also the cornerstone of performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel, the quality tour preferred by high-net-worth users will become Ctrip's new performance growth point.</p><p>The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure tours represented by high-star hotels and boutique private groups in China will surpass the mass leisure tours sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.</p><p>According to the data of Analysys, the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.</p><p>Whether on Wall Street or Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become Ctrip's new performance growth point.</p><p>To maintain the advantages of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.</p><p>Ctrip previously disclosed the supply chain related to quality leisure travel: from July to December 2020, the number of Ctrip private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 domestic tourist destinations; The number of private group products increased by more than 400%.</p><p>In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China, and the large-scale hotel cooperation with Ctrip has created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels designated by Ctrip Group as the general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the overall average final conversion that channels can bring is about 20%, but Ctrip's conversion is higher than the average level. Just like good birds choose good trees to live in, high-end hotels are willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have also become a \"mutual achievement\" relationship during the epidemic. In order to keep the brand bottom line of long-term hotel operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.</p><p>Therefore, for challengers who want to break through Ctrip's dominance of high-net-worth users, it is not overnight to grab more inventory of high-star hotels from Ctrip. First, it is to prove its channel capability to high-star hotels, and second, it is not overnight to continue to find users with high spending power.</p><p>Ctrip has done all this not only to maintain its reputation on Wall Street today, but also to win the prospect of tomorrow's Hong Kong Stock Exchange.</p><p><b>/04/Return to Hong Kong is both the return and the departure</b></p><p>The world's three major OTA heads Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>In the past three years, although Ctrip has occupied the first place in global transaction volume, Ctrip's share price has been undervalued.</p><p>As the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone in the epidemic are similar, the price-to-sales ratio can be a comparison of valuation.</p><p>Ctrip's latest market capitalization is US$23.3 billion, 8.3 times its revenue in 2020;</p><p>Booking latest market cap of $98.7 billion, 14.5 times 2020 revenue;</p><p>Expedia's latest market capitalization of $24.7 billion is 4.75 times 2020 revenue, but Expedia's shares have rebounded nearly 3x from their lows.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Legend: Stock price movements of the Big Three in the past year</b></p><p>Since Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply root in the tourism industry.</p><p>The share price of any listed company has been \"unreasonable\", but for Ctrip, what should be seen more is its distance.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nCtrip, which went to Hong Kong for the second time, you really know how to play!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-09 14:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you want to choose the most struggling entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.</p><p>List some of Liang Jianzhang's agenda casually:</p><p>More than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, we should inspect the review after the live broadcast, and we have to manage the company's affairs for more than ten hours a day; Not even 30 minutes of \"whole block time\"; On the plane to the next live broadcast point, you have to take out your mobile phone and write your own copy of the hotel live broadcast.</p><p>As a result of \"Desperate Saburo\", in 2020, the OTA industry experienced the biggest change: Ctrip drove the industry to start a new exploration at the fastest speed in a special environment.</p><p>Liang Jianzhang incarnated different characters in different tourism scenes and turned himself into a big V, which also made Ctrip use live broadcast as an entry point to interpret the real connotation of \"organic in crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Credit: Open Information</b></p><p><b>/01/is a big V, also a \"big V\"</b></p><p>Ctrip's prospectus shows that in the past 10 years, the transaction volume has maintained the first place in the national online travel industry, and it has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost $1.3 trillion in revenue, making it the \"worst year in tourism history\", and Ctrip was not immune.</p><p><b>The core of a successful enterprise is not the brilliance at its peak, but the resilience at its hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; Q2 All walks of life are preparing for the resumption of work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment of Liang Jianzhang's live broadcast, and Ctrip's revenue dropped by 63.7%; In Q3, Ctrip improved slightly, and the revenue decline narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservation recovery led the industry by about 15%; Ctrip's average daily order volume in March increased by 50% compared with February, and the average daily new passenger volume of the platform achieved double-digit growth compared with the previous month; During the just-concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine and wine bookings had reached full recovery.</p><p>Although the 2021 Q1 quarterly report has not yet been released, Ctrip has recovered ahead of Booking and Expdia, both OTA giants, with a rapid \"blood return plan\", and has gone out of a big V-shaped curve.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: various financial reports</b></p><p>At the same time as Ctrip's recovery, Ctrip's share<a href=\"https://laohu8.com/S/90129\">Tongcheng Elong</a>It also seized the sinking market in low-tier cities, and Ctrip's new users in low-tier markets accelerated their growth, further solving the congestion of OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on Ctrip's platform came from third-tier cities and below. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys Report, in 2019, the GMV of the top five travel platforms in the world accounted for 7.0% of the total market share, and Ctrip, the first place, accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's trend of getting out of the big \"V\", it can be seen that Ctrip still has the rare resilience of start-ups, and its sword is not old in rebound and recovery.</p><p><b>/02/Reconstructing the \"people and goods yard\" of tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In the prospectus of returning to Hong Kong, Ctrip also made it clear that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs to be supported by a core to string together various chains in travel, and this core is the content.</p><p>Some people say that Ctrip's content is difficult to do well because it lacks genes. This story is not long.</p><p>Say that Ctrip has no content gene? This can be somewhat \"shallow\" to Ctrip's understanding.</p><p>At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;</p><p>In 2011, Ctrip launched Donkey Review Network;</p><p>In 2016, Ctrip Raiders Community was launched;</p><p>In 2018, Ctrip began to build a travel short video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;</p><p>In 2020, Ctrip once again put the layout content on the agenda.</p><p><b>In addition to genes, the more important thing to do content is \"specializing in the art industry\". The travel content is about how to play, and of course, it is done by the travel platform that knows how to play.</b></p><p>A few days ago, Ctrip launched the \"1+3 strategy\", which uses \"Planet\" as the carrier to aggregate the three major sectors of traffic, content and commodities, refreshing the \"people (users) -goods (tourism products, ticketing services, etc.) -fields (scenes)\" in the tourism industry.</p><p>In the past, the tourism industry was basically people-goods, and almost no scenes landed; Or the OTA platform provides scattered and fragmented content, which can't accurately match with large traffic, thus leading to the disconnection between content and goods.</p><p>In terms of \"people\", when \"playful\" travel experts flood into Ctrip's planet with their own sharing content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;</p><p>In terms of \"goods\", participants in the whole travel link can set up a planet in Ctrip community. With the help of Ctrip's 300 million users and 200 million MAUs (monthly active users), there are more and more sensitive people under 25 who \"know how to play\" to supply food, accommodation, travel, travel and purchase all explosive products.</p><p>In the scene, Ctrip Live and Ctrip community will give the scene of content realization. In the whole content scene, Ctrip can also provide portraits of target people according to algorithms and private domain traffic management, so as to achieve a new \"100 billion small goal\" and tourism advertising;</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the size of China's tourism advertising market will reach 80-100 billion yuan in the whole year, and tourism advertising will become a new \"100 billion track\" for the tourism industry in the future.</p><p><b>Whether it works well or not, the data will speak.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total commodity transaction volume of Ctrip's live + special sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" was fully implemented, we have reason to believe that Ctrip can make more users \"play in Ctrip\" by taking advantage of \"knowing to play\".</p><p><b>/03/High Net Worth Users Who Can Play</b> <b>Deepening the moat again</b></p><p>In the prospectus submitted by Ctrip, there is another bright spot that has been ignored, but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.</p><p><b>High net worth users are not only Ctrip's competitive barrier, but also the cornerstone of performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel, the quality tour preferred by high-net-worth users will become Ctrip's new performance growth point.</p><p>The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure tours represented by high-star hotels and boutique private groups in China will surpass the mass leisure tours sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.</p><p>According to the data of Analysys, the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.</p><p>Whether on Wall Street or Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become Ctrip's new performance growth point.</p><p>To maintain the advantages of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.</p><p>Ctrip previously disclosed the supply chain related to quality leisure travel: from July to December 2020, the number of Ctrip private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 domestic tourist destinations; The number of private group products increased by more than 400%.</p><p>In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China, and the large-scale hotel cooperation with Ctrip has created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels designated by Ctrip Group as the general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the overall average final conversion that channels can bring is about 20%, but Ctrip's conversion is higher than the average level. Just like good birds choose good trees to live in, high-end hotels are willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have also become a \"mutual achievement\" relationship during the epidemic. In order to keep the brand bottom line of long-term hotel operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.</p><p>Therefore, for challengers who want to break through Ctrip's dominance of high-net-worth users, it is not overnight to grab more inventory of high-star hotels from Ctrip. First, it is to prove its channel capability to high-star hotels, and second, it is not overnight to continue to find users with high spending power.</p><p>Ctrip has done all this not only to maintain its reputation on Wall Street today, but also to win the prospect of tomorrow's Hong Kong Stock Exchange.</p><p><b>/04/Return to Hong Kong is both the return and the departure</b></p><p>The world's three major OTA heads Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>In the past three years, although Ctrip has occupied the first place in global transaction volume, Ctrip's share price has been undervalued.</p><p>As the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone in the epidemic are similar, the price-to-sales ratio can be a comparison of valuation.</p><p>Ctrip's latest market capitalization is US$23.3 billion, 8.3 times its revenue in 2020;</p><p>Booking latest market cap of $98.7 billion, 14.5 times 2020 revenue;</p><p>Expedia's latest market capitalization of $24.7 billion is 4.75 times 2020 revenue, but Expedia's shares have rebounded nearly 3x from their lows.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Legend: Stock price movements of the Big Three in the past year</b></p><p>Since Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply root in the tourism industry.</p><p>The share price of any listed company has been \"unreasonable\", but for Ctrip, what should be seen more is its distance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"TCOM":"携程网","09961":"携程集团—S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159720741","content_text":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴转十几个小时；连30分钟的“整块时间”都没有；在赶到下一个直播点的飞机上得掏出来手机自己写酒店直播的文案。\n“拼命三郎”的结果是，2020年，OTA行业出现了最大的变化：携程带动行业在特殊环境下以最快的速度，开始了新探索。\n梁建章在不同旅游场景里化身不同的人物把自己变成了大V，也让携程用直播这个切入点也诠释了“危中有机”的真正内涵。\n\n图片来源：公开信息\n/ 01 /是大V，也是\"大V\"\n携程的招股书显示，在过去10年中，交易额连续保持全国在线旅游行业第一，并连续3年领跑全球在线旅游行业。而去年在疫情的影响下，全球旅游业收入损失1.3万亿美元，成为“旅游业历史上最糟糕年份”，携程也未能幸免。\n成功企业内核并不是巅峰时的辉煌，而是看艰苦时的韧性。\n2020年Q1，由于疫情，携程营收下降42.1%；Q2各行各业都在做复工复产的准备，景区虽然开放了但是没人敢去。这也是梁建章直播最忙碌的时刻，携程营收跌了63.7%；Q3，携程略有起色，营收下降幅度收窄到47.9%；到了Q4，携程营收达到2019年同期的六成。\n而进入2021年，Q1的上半季度，携程的国内酒店预订恢复领先行业约15%；携程在3月份的日均订单量环比2月增长50%，平台日均新客量环比实现双位数增长；在刚刚结束的清明节假期，携程总预订量同比增长300%，多项业务的增速甚至超越2019年同期水平，在一个月前携程发布2020年年报之时，CEO孙洁表示携程的机酒预订达到全量恢复。\n虽然2021年Q1季报还未发布，但携程用迅速的“回血计划”，复苏领先于同是OTA巨头的Booking和Expdia，走出了大大的V形曲线。\n\n数据来源：各家财报\n在携程复苏的同时，携程参股的同程艺龙还抓住了低线城市的下沉市场，携程的低线市场新用户加速增长，进一步解决了OTA平台们在国内市场上的拥堵。\n招股文件显示，2020年，携程平台上超过40%的新交易用户来自三线及以下城市。其实在国内市场中，携程本来就较其他平台占有优势。根据易观报告，2019年全球前5大旅行平台的GMV在总市场份额的占比为7.0%，第一名携程占比为2.3%，较第二名高出0.4个百分点；2019年，中国前5大旅行平台在总市场份额的占比为21.5%，其中，携程集团占比为13.7%。\n2020年，从梁建章颇具创新性的变成“直播大V”到公司走出大“V”趋势可以看出，携程仍然具有初创企业少有的韧性，在反弹和复苏上宝刀未老。\n/ 02 /重构旅游的“人货场” 携程你可真会玩儿！\n在此次回港的招股书中，携程也明确表示募资的使用途径之一是拓展携程的“一站式旅行服务及改善用户体验”。\n\n图片来源：携程招股书\n作为业内为数不多的“一站式”平台，携程要把旅行中的各个的链条串起来，需要有内核在其中支撑，这个核心就是内容。\n有人说，携程做内容，因为缺乏基因所以很难做好，这个故事讲不长。\n说携程没有内容基因？这可对携程的认识有些“浅薄”。\n2000年诞生之初，携程就是中国最早的互联网旅游社区之一；\n2011年，携程推出驴评网；\n2016年，上线携程攻略社区；\n2018年，携程开始着手搭建旅行短视频内容平台，12月携程频道“旅拍频道正式上线；\n2020年，携程再次把布局内容提上日程。\n除了基因外，做内容更重要的是“术业有专攻”，旅行内容就是讲怎么玩，当然由最会玩的旅行平台来做。\n日前，携程推出了“1+3战略”，以“星球号”为载体，聚合流量、内容、商品三大板块，刷新了旅游行业中的“人（用户）-货（旅游产品、票务服务等）-场（场景）”。\n以前的旅游行业中基本上是人-货，几乎没有场景落地；或者是OTA平台提供了比较分散和碎片化的内容，无法与大流量形成精准匹配，因此导致内容和商品的脱节。\n在“人”上，当“会玩儿”的旅行达人们带着自己的分享内容涌入携程的星球号，由于携程庞大的产品库存和交易平台的属性，可以使内容顺畅地转化为交易；\n在“货”上，旅游全链路的参与者，均可在携程社区开设星球号，借助携程的3亿的用户量和2亿的MAU（每月活跃用户），还有越来越多的25岁以下“懂玩”的敏感人群，来供给吃、住、行、游、购所有爆款产品。\n在场景中，携程直播与携程社区将给予内容变现的场景，携程在整个内容场景中，还可以根据算法和私域流量管理，提供目标人群画像，实现一个新的“千亿小目标”，旅游广告投放；\n根据Fastdata数据，2021年随着中国旅游业的复苏及旅游供应商广告投入强度的增加，预计全年中国旅游广告市场规模将达到800-1000亿元，未来旅游广告将会成为旅游业新的“千亿赛道”。\n效果好不好，数据会说话。\n携程招股书显示，在去年“1+3战略“还处于雏形阶段时，2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元人民币，在“1+3战略”全部落地后，我们有理由相信携程可以借着“会玩”的优势，让更多的用户“玩在携程”。\n/ 03 /会玩的高净值用户 再次加深护城河\n在携程递交的招股书中，还有一个被人忽视，但是足以重塑携程估值的亮点，那就是高消费用户快速增长。\n高净值用户既是携程的竞争壁垒，也是驱动业绩增长的基石。\n随着消费升级，旅游业也在升级，比起节假日旅游“下饺子”，高净值用户们更喜欢的品质游，将成为携程新的业绩增长点。\n国内旅游市场基本可以分为三大部分：商旅、大众休闲游及品质休闲游。根据易观预测，国内高星酒店、精品私家团为代表的品质休闲游将于2024年超过大众休闲游板块，其市场规模将于2025年达到3.8万亿元。\n易观数据显示，携程平台中等及以上消费水平人群占比为82.2%，95后-80后人群占比为77.7%，高净值且会玩的年轻人有很多。\n不论是在华尔街还是在港交所，高客单价、高毛利一直都很受资本的青睐，也就是说，如果携程可以延续这个势头，品质休闲游市场的高准入门槛所形成的天然竞争壁垒，也将成为携程新的业绩增长点。\n要维持品质休闲游领域的优势，就得倚仗供应链，毕竟好资源都是稀缺的。\n携程此前披露过关于品质休闲游领域相关供应链的情况：2020年7-12月，携程私家团供应商数量增加 50%；超过2000家供应商通过携程为用户提供约6万条私家团产品；覆盖国内200多个旅游目的地；私家团产品数量增涨400%以上。\n在供应链中最关键的酒店方面，截至2019年12月31日，携程在中国境内提供了数量最多的机票及酒店住宿产品，大规模的酒店与携程合作，为携程创造了极具市场竞争力的价格优势。\n其中，指定携程集团作为总经销的高星酒店数量在2020年第二和第三季度均环比增长超过10%，携程在中高端酒店市场的竞争优势进一步扩大。\n从酒店行业来看，渠道能带来的最终转化整体平均保持在20%左右，但携程的转化高于平均水平，就像良禽择佳木而栖一样，高端酒店也愿意选择携程。\n据节点财经(ID:jiedian2018)了解，携程与酒店在疫情期间还成为了“互相成就”的关系，为了守住酒店长远经营的品牌底线，携程根据不同酒店的特色包装出了许多丰富的产品，比如美食套餐、亲子套餐，提供差异化的产品，吸引顾客的同时也释放酒店本身的价值。\n所以，对于想突破携程在高净值用户上统治地位的挑战者来说，从携程手里抢到更多的高星酒店库存，一是要向高星酒店证明渠道能力，二是持续寻找到高消费能力的用户，并不是一蹴而就的。\n而携程做的这一切，既是为了守住今天在华尔街的口碑，也是为了赢得明天在港交所的前景。\n/ 04 /回港，是归途也是启程\n世界三大OTA头部携程、Booking、Expedia中，携程在近三年来，虽然占据全球交易额第一，但携程的股价一直处于被低估状态。\n由于2020年三巨头的市盈率或为负，而疫情大家面临的环境困难都差不多，市销率可以成为估值高低的比较。\n携程最新市值233亿美元，为2020年营收的8.3倍；\nBooking最新市值987亿美元，为2020年营收的14.5倍；\nExpedia 最新市值247亿美元，为2020年营收的4.75倍，但Expedia的股价已经从低点反弹了近3倍。\n\n图注：三巨头近一年股价走势\n既然携程在美股没有得到相应的认可，二次上市，就是携程挥别过去发展模式的分水岭，也是发挥旅行内容价值、深度扎根旅游产业的新尝试。\n任何一家上市公司的股价都曾有过“苟且”，但对于携程来说，更应该看到的是它的远方。","news_type":1,"symbols_score_info":{"TCOM":0.9,"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348549425,"gmtCreate":1617945289867,"gmtModify":1704705151937,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348549425","repostId":"1155078663","repostType":4,"repost":{"id":"1155078663","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":1617943560,"share":"https://ttm.financial/m/news/1155078663?lang=en_US&edition=fundamental","pubTime":"2021-04-09 12:46","market":"us","language":"zh","title":"Lychee: Institutional investors will buy $30 million in ADS and warrants","url":"https://stock-news.laohu8.com/highlight/detail?id=1155078663","media":"老虎资讯综合","summary":"荔枝：已与机构投资者签订证券购买协议，以注册直接发行方式购买价值3000万美元的美国存托股票(ADS)和认股权证。","content":"<p>Lychee: has entered into securities purchase agreements with institutional investors to purchase $30 million worth of American Depositary Shares (ADS) and warrants in a registered direct offering.</p><p><img src=\"https://static.tigerbbs.com/758b6906965a03047547f389f752c97e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lychee: Institutional investors will buy $30 million in ADS and warrants</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; 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.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\">\nLychee: Institutional investors will buy $30 million in ADS and warrants\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-09 12:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Lychee: has entered into securities purchase agreements with institutional investors to purchase $30 million worth of American Depositary Shares (ADS) and warrants in a registered direct offering.</p><p><img src=\"https://static.tigerbbs.com/758b6906965a03047547f389f752c97e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1811f77d8d8344fa4e0044687620a5b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155078663","content_text":"荔枝：已与机构投资者签订证券购买协议，以注册直接发行方式购买价值3000万美元的美国存托股票(ADS)和认股权证。","news_type":1,"symbols_score_info":{"LIZI":0.9}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341794741,"gmtCreate":1617853854883,"gmtModify":1704703968233,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Very good&nbsp;","listText":"Very good&nbsp;","text":"Very good","images":[{"img":"https://static.tigerbbs.com/0a3a8d0cfe6b98890f7f91ab69052744","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341794741","isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":343750105,"gmtCreate":1617757170607,"gmtModify":1704702670264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/343750105","repostId":"1136729071","repostType":4,"repost":{"id":"1136729071","kind":"news","pubTimestamp":1617756714,"share":"https://ttm.financial/m/news/1136729071?lang=en_US&edition=fundamental","pubTime":"2021-04-07 08:51","market":"hk","language":"zh","title":"Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year","url":"https://stock-news.laohu8.com/highlight/detail?id=1136729071","media":"Wind资讯","summary":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1","content":"<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>","source":"wind","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>Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2021-04-07 08:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.stcn.com/sd/202104/t20210407_3006086.html\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1a3754f388f30b5f7e5d59651613a82b","relate_stocks":{},"source_url":"https://news.stcn.com/sd/202104/t20210407_3006086.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136729071","content_text":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1月， FF就和特殊目的上市公司PSAC合并达成最终协议，合并完成后将在纳斯达克证券交易市场上市，股票代码为“ FFIE”。\nFF上市细节\n文件显示，此次对FF的估值为每股12.2美元，总计34.28亿美元（约人民币230亿元）。\n\n股东方面，FF原有股东以及债权人(通过债转股)将在交易后持有公司股权比例达66%。FF创始人贾跃亭并不直接持有公司的股份，而将其个人资产通过债权人信托的方式转让给债权人，让债权人成为FF的股东。同时，文件披露了FF的供应商信托和债转股模式，多家核心供应商通过FF独有的供应商信托持股计划将债权转变为股权。\n\n财务方面，在2019年和2020年，FF的研发成本分别为2828万美元和2019万美元，销售与市场营销费用为530万美元及367万美元，净亏损1.42亿美元（约合人民币9.1亿）及1.47亿美元（约人民币9.5亿元）。文件显示，FF已通过2020年财务审计。\n\n什么时候造车？\n生产方面，FF的旗舰电动车型FF 91计划在合并完成后约12个月内推出，预计在2022年交付首批量产电动车，并可能在2025年累计交付超45万辆。据悉，FF将继续使用其位于美国加州汉福德的工厂，并在未来将该工厂作为在美生产的主要基地。\n贾跃亭动作频频\n此前，FF还任命了9名全球董事会成员。4月1日，贾跃亭在社交平台转发FF微博消息并配文称，“恭喜FF九名全球董事会成员。他们跨领域跨学科的专业能力和丰富的行业积累将帮助FF实现使命和战略目标，并助力FF 91按时、高品质交付，为用户和股东创造最大价值。”\n根据FF官方微博披露的信息，FF任命9名全球董事会成员，将在与PSAC的合并交易完成后生效。新董事会将由包括科技、汽车、金融、政府和监管、交通和能源等不同行业的专家组成。包括FF全球首席执行官Carsten Breitfeld（毕福康）、现任FF董事会成员Brian Krolicki、Matthias Aydt、Christine Harada、Lee Liu（刘辉）、Sue Swenson、Jordan Vogel、Scott Vogel和Bob Ye（叶青）。\n创始人贾跃亭并不在列。\n而在3月17日，FF宣布原奇瑞捷豹路虎副总裁陈雪峰出任FF中国区CEO，并向FF全球CEO毕福康直接汇报。\n股价方面，自今年1月28日宣布借壳PSAC以来，公司股价一度上涨超过80%，但强势股价并未持续太久就开始回落。\n\n而目前在新三板交易的乐视网3，股价已经从0.19元，上涨到0.42元。目前，贾跃亭仍然以22.52%的持股比例，为公司的第一大股东。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343696808,"gmtCreate":1617710518404,"gmtModify":1704702058222,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Very good&nbsp;","listText":"Very good&nbsp;","text":"Very 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Good","listText":"Very Good","text":"Very Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357858490","repostId":"1120111334","repostType":4,"isVote":1,"tweetType":1,"viewCount":991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359230105,"gmtCreate":1616401770807,"gmtModify":1704793528420,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good 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luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359297552","repostId":"1175922758","repostType":4,"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359295866,"gmtCreate":1616401511655,"gmtModify":1704793524178,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359295866","repostId":"1110579319","repostType":4,"repost":{"id":"1110579319","kind":"news","pubTimestamp":1616401392,"share":"https://ttm.financial/m/news/1110579319?lang=en_US&edition=fundamental","pubTime":"2021-03-22 16:23","market":"hk","language":"zh","title":"Aauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months","url":"https://stock-news.laohu8.com/highlight/detail?id=1110579319","media":"新浪科技","summary":"快手更多是顺应用户需求进入了二手市场。","content":"<p>It is reported that the second-hand business of Aauto Quicker e-commerce started at the end of December last year. In the past three months, it has attracted more than 1,000 professional anchors to settle in, with accumulated orders exceeding 630,000. Professional second-hand platforms and institutions such as Paipai, a second-hand trading platform under JD.COM, and Feiyu, an idle luxury trading platform, have settled in.</p><p>It is reported that the cooperation between Pai Pai and Aauto Quicker does not stop at selling goods. Through Aauto Quicker's Good Things Alliance, Pai Pai provides reliable supply to Aauto Quicker's second-hand anchors. At present, all digital products on sale have online \"ID cards\", one machine and one report.</p><p>The reason why Aauto Quicker chose this node to enter the second-hand market is that Zou Ji 'an, head of home improvement and second-hand industry operation of Aauto Quicker, said that before the second-hand business started, Aauto Quicker e-commerce already had many second-hand transactions, and many of the second-hand markets were orphans. Compared with traditional e-commerce, live e-commerce can solve this pain point of the industry very well, and Aauto Quicker entered the second-hand market more in line with users' needs.</p>","source":"sina_tech","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>Aauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months</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\">\nAauto Quicker joins the second-hand e-commerce track, accumulating 630,000 orders in the past 3 months\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-03-22 16:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is reported that the second-hand business of Aauto Quicker e-commerce started at the end of December last year. In the past three months, it has attracted more than 1,000 professional anchors to settle in, with accumulated orders exceeding 630,000. Professional second-hand platforms and institutions such as Paipai, a second-hand trading platform under JD.COM, and Feiyu, an idle luxury trading platform, have settled in.</p><p>It is reported that the cooperation between Pai Pai and Aauto Quicker does not stop at selling goods. Through Aauto Quicker's Good Things Alliance, Pai Pai provides reliable supply to Aauto Quicker's second-hand anchors. At present, all digital products on sale have online \"ID cards\", one machine and one report.</p><p>The reason why Aauto Quicker chose this node to enter the second-hand market is that Zou Ji 'an, head of home improvement and second-hand industry operation of Aauto Quicker, said that before the second-hand business started, Aauto Quicker e-commerce already had many second-hand transactions, and many of the second-hand markets were orphans. Compared with traditional e-commerce, live e-commerce can solve this pain point of the industry very well, and Aauto Quicker entered the second-hand market more in line with users' needs.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/tech/2021-03-22/doc-ikknscsi9410301.shtml\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b357ea96419dc9b92c0d7b67ea8625e3","relate_stocks":{"01024":"快手-W"},"source_url":"https://finance.sina.com.cn/tech/2021-03-22/doc-ikknscsi9410301.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110579319","content_text":"据悉，快手电商二手业务于去年12月底开启，过去3个月，已经吸引超过1000个专业主播入驻，累积订单超过63万，已有京东旗下二手交易平台拍拍、闲置奢侈品交易平台妃鱼等专业二手平台及机构入驻。\n据悉，拍拍与快手的合作并非止步于卖货，通过快手的好物联盟，拍拍给快手的二手主播提供靠谱货源。目前拍拍在售的所有数码产品都有线上“身份证”，一机一报告。\n快手之所以选择这个节点进入二手市场，快手家装与二手行业运营负责人邹继安表示，在二手业务开启之前，快手电商已经有不少二手交易，而且二手市场很多都是孤品，相较于传统电商，直播电商非常能解决行业这一痛点，快手更多是顺应用户需求进入了二手市场。","news_type":1,"symbols_score_info":{"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350997234,"gmtCreate":1616146821228,"gmtModify":1704791520174,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578974580733428","authorIdStr":"3578974580733428"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350997234","repostId":"1139313031","repostType":4,"isVote":1,"tweetType":1,"viewCount":890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":345937336,"gmtCreate":1618271770525,"gmtModify":1704708343596,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[{"img":"https://static.tigerbbs.com/ebd3ef16f89e12b99fb9aa36a52c4979","width":"750","height":"1625"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":3,"link":"https://ttm.financial/post/345937336","isVote":1,"tweetType":1,"viewCount":2928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":343750105,"gmtCreate":1617757170607,"gmtModify":1704702670264,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/343750105","repostId":"1136729071","repostType":4,"repost":{"id":"1136729071","kind":"news","pubTimestamp":1617756714,"share":"https://ttm.financial/m/news/1136729071?lang=en_US&edition=fundamental","pubTime":"2021-04-07 08:51","market":"hk","language":"zh","title":"Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year","url":"https://stock-news.laohu8.com/highlight/detail?id=1136729071","media":"Wind资讯","summary":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1","content":"<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>","source":"wind","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>Jia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJia Yueting really wants to turn over? FF is expected to go public in May, with a huge loss of 900 million in a single year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2021-04-07 08:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On April 5th, US time, Faraday Future (Faraday Future, FF) formally submitted its S-4 listing documents to the US Securities and Exchange Commission. The document discloses FF's financial status, shareholding ratio and the timing of the new vehicle's launch, and it is expected to complete the backdoor and go public in May. In January this year, FF reached a final agreement on the merger with PSAC, a special purpose listed company. After the merger is completed, it will be listed on the Nasdaq stock exchange with the stock code \"FFIE\".</p><p>FF Listing Details</p><p>According to the filing, the valuation of FF this time is $12.2 per share, totaling $3.428 billion (about RMB 23 billion).</p><p><img src=\"https://static.tigerbbs.com/2d4a86d6f9abc3499f430a7f927ec546\" tg-width=\"602\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>In terms of shareholders, the original shareholders and creditors of FF (through debt-to-equity swap) will hold 66% of the company's equity after the transaction. Jia Yueting, the founder of FF, does not directly hold the shares of the company, but transfers his personal assets to creditors through creditor trust, so that creditors become shareholders of FF. At the same time, the document discloses FF's supplier trust and debt-to-equity swap model, and a number of core suppliers convert their creditor's rights into equity through FF's unique supplier trust shareholding plan.</p><p><img src=\"https://static.tigerbbs.com/badd41b11bac49fcbd4801486547cefe\" tg-width=\"558\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p>In terms of finance, in 2019 and 2020, FF's research and development costs were US$28.28 million and US$19.9 million, sales and marketing expenses were US$5.3 million and US$3.67 million, and net losses were US$142 million (approximately RMB910 million) and US$147 million (approximately RMB950 million), respectively. FF has passed its 2020 financial audit, according to the documents.</p><p><img src=\"https://static.tigerbbs.com/848e01abb7f6aaa5d535373f82e20978\" tg-width=\"558\" tg-height=\"777\" referrerpolicy=\"no-referrer\"></p><p>When to build a car?</p><p>On the production front, FF's flagship EV model, the FF 91, is scheduled to be launched within approximately 12 months of the completion of the merger, with the first batch of mass-produced EVs expected to be delivered in 2022, and a cumulative delivery of over 450,000 units could be possible in 2025. It is reported that FF will continue to use its factory in Hanford, California, USA, and use this factory as the main base for production in the United States in the future.</p><p>Jia Yueting moves frequently</p><p>Previously, FF also appointed nine global board members. On April 1st, Jia Yueting forwarded FF Weibo message on the social platform with a text saying, \"Congratulations to FF's nine global board members. Their cross-disciplinary professional ability and rich industry accumulation will help FF achieve its mission and strategic goals, and help FF 91 deliver on time and with high quality, creating maximum value for users and shareholders.\"</p><p>According to the information disclosed by FF's official Weibo, FF's appointment of nine global board members will take effect after the completion of the merger transaction with PSAC. The new board will be comprised of experts from diverse industries including technology, automotive, finance, government and regulation, transportation and energy. Including FF Global CEO Carsten Breitfeld (Breitfeld), current FF board members Brian Krolicki, Matthias Aydt, Christine Harada, Lee Liu (Liu Hui), Sue Swenson, Jordan Vogel, Scott Vogel and Bob Ye (Ye Qing).</p><p>Founder Jia Yueting is not listed.</p><p>On March 17th, FF announced that Chen Xuefeng, the former vice president of Chery Jaguar Land Rover, was appointed as the CEO of FF China, and reported directly to Bi Fukang, the global CEO of FF.</p><p>In terms of share price, since the announcement of backdoor PSAC on January 28th this year, the company's share price once rose by more than 80%, but the strong share price didn't last long before it began to fall back.</p><p><img src=\"https://static.tigerbbs.com/7e0383d853ef18e02c298632e55a88d6\" tg-width=\"558\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p>At present, the share price of LeTV 3, which is traded on the New Third Board, has risen from 0.19 yuan to 0.42 yuan. At present, Jia Yueting is still the largest shareholder of the company with a shareholding ratio of 22.52%.</p><p><img src=\"https://static.tigerbbs.com/5336d8c3f06b530dc52e2b0d3aaa9d63\" tg-width=\"558\" tg-height=\"397\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.stcn.com/sd/202104/t20210407_3006086.html\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1a3754f388f30b5f7e5d59651613a82b","relate_stocks":{},"source_url":"https://news.stcn.com/sd/202104/t20210407_3006086.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136729071","content_text":"美国时间4月5日，Faraday Future(法拉第未来，FF)在美国证监会正式提交S-4上市文件。文件对FF的财务状况、持股比例以及新车上市时间都进行了披露，预计将在5月完成借壳并上市交易。今年1月， FF就和特殊目的上市公司PSAC合并达成最终协议，合并完成后将在纳斯达克证券交易市场上市，股票代码为“ FFIE”。\nFF上市细节\n文件显示，此次对FF的估值为每股12.2美元，总计34.28亿美元（约人民币230亿元）。\n\n股东方面，FF原有股东以及债权人(通过债转股)将在交易后持有公司股权比例达66%。FF创始人贾跃亭并不直接持有公司的股份，而将其个人资产通过债权人信托的方式转让给债权人，让债权人成为FF的股东。同时，文件披露了FF的供应商信托和债转股模式，多家核心供应商通过FF独有的供应商信托持股计划将债权转变为股权。\n\n财务方面，在2019年和2020年，FF的研发成本分别为2828万美元和2019万美元，销售与市场营销费用为530万美元及367万美元，净亏损1.42亿美元（约合人民币9.1亿）及1.47亿美元（约人民币9.5亿元）。文件显示，FF已通过2020年财务审计。\n\n什么时候造车？\n生产方面，FF的旗舰电动车型FF 91计划在合并完成后约12个月内推出，预计在2022年交付首批量产电动车，并可能在2025年累计交付超45万辆。据悉，FF将继续使用其位于美国加州汉福德的工厂，并在未来将该工厂作为在美生产的主要基地。\n贾跃亭动作频频\n此前，FF还任命了9名全球董事会成员。4月1日，贾跃亭在社交平台转发FF微博消息并配文称，“恭喜FF九名全球董事会成员。他们跨领域跨学科的专业能力和丰富的行业积累将帮助FF实现使命和战略目标，并助力FF 91按时、高品质交付，为用户和股东创造最大价值。”\n根据FF官方微博披露的信息，FF任命9名全球董事会成员，将在与PSAC的合并交易完成后生效。新董事会将由包括科技、汽车、金融、政府和监管、交通和能源等不同行业的专家组成。包括FF全球首席执行官Carsten Breitfeld（毕福康）、现任FF董事会成员Brian Krolicki、Matthias Aydt、Christine Harada、Lee Liu（刘辉）、Sue Swenson、Jordan Vogel、Scott Vogel和Bob Ye（叶青）。\n创始人贾跃亭并不在列。\n而在3月17日，FF宣布原奇瑞捷豹路虎副总裁陈雪峰出任FF中国区CEO，并向FF全球CEO毕福康直接汇报。\n股价方面，自今年1月28日宣布借壳PSAC以来，公司股价一度上涨超过80%，但强势股价并未持续太久就开始回落。\n\n而目前在新三板交易的乐视网3，股价已经从0.19元，上涨到0.42元。目前，贾跃亭仍然以22.52%的持股比例，为公司的第一大股东。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343696808,"gmtCreate":1617710518404,"gmtModify":1704702058222,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Very good&nbsp;","listText":"Very good&nbsp;","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/343696808","isVote":1,"tweetType":1,"viewCount":616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347750987,"gmtCreate":1618532438549,"gmtModify":1704712255007,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347750987","repostId":"2127814888","repostType":4,"repost":{"id":"2127814888","kind":"news","pubTimestamp":1618519059,"share":"https://ttm.financial/m/news/2127814888?lang=en_US&edition=fundamental","pubTime":"2021-04-16 04:37","market":"hk","language":"zh","title":"JPMorgan to issue $13 billion in bonds, the largest on record for a bank","url":"https://stock-news.laohu8.com/highlight/detail?id=2127814888","media":"金融界网站","summary":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。　　此次发债的一天前，摩根大通公布了强劲的第一季度业绩。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。","content":"<p><a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Net April 15th news,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, thus setting the largest in the history of bank bond issuance. The issuance will be conducted in five tranches, with the longest maturity being a 31-year bond that is expected to yield 107 basis points above the US Treasury Bond, a person familiar with the matter said.</p><p>The issuance comes a day after JPMorgan reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Also issuing bonds on Thursday. The subscription amount for the offering reached about $26 billion, according to people familiar with the matter. Including today's offering, JPMorgan has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg Industry Research analyst Arnold Kakuda believes the huge bond offering may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) forgiveness expired in March.</p>","source":"jinrongjie_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>JPMorgan to issue $13 billion in bonds, the largest on record for a bank</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\">\nJPMorgan to issue $13 billion in bonds, the largest on record for a bank\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金融界网站</strong><span class=\"h-time small\">2021-04-16 04:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Net April 15th news,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>It will issue $13 billion in bonds, thus setting the largest in the history of bank bond issuance. The issuance will be conducted in five tranches, with the longest maturity being a 31-year bond that is expected to yield 107 basis points above the US Treasury Bond, a person familiar with the matter said.</p><p>The issuance comes a day after JPMorgan reported strong first-quarter results. Competitors<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Also issuing bonds on Thursday. The subscription amount for the offering reached about $26 billion, according to people familiar with the matter. Including today's offering, JPMorgan has raised $22 billion in the investment-grade dollar bond market this year, more than any other major U.S. bank.</p><p>Bloomberg Industry Research analyst Arnold Kakuda believes the huge bond offering may be related to JPMorgan Chase's statutory liquidity ratio requirements, after the supplemental leverage ratio (SLR) forgiveness expired in March.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml\">金融界网站</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{"161121":"银行","JPM":"摩根大通"},"source_url":"http://usstock.jrj.com.cn/2021/04/16043732382775.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127814888","content_text":"金融界网4月15日消息，摩根大通将发行130亿美元的债券，从而创下银行发债历史最大规模。一位知情者表示，此次发债将分五部分进行，其中期限最长的是31年期债券，预计收益率将比美国国债高出107个基点。\n此次发债的一天前，摩根大通公布了强劲的第一季度业绩。竞争对手高盛也在周四发行债券。据知情人士透露，此次发行的认购金额达到约260亿美元。包括今天的发行在内，摩根大通今年已在投资级美元债券市场募集了220亿美元，超过其他任何美国的主要银行。\n彭博行业研究分析师Arnold Kakuda认为，此次巨额债券发行可能与摩根大通的法定流动资金比率要求有关，此前补充杠杆比率（SLR）的宽免措施在3月份到期。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":1918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342919965,"gmtCreate":1618148864257,"gmtModify":1704706976038,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Very good","listText":"Very good","text":"Very good","images":[{"img":"https://static.tigerbbs.com/c5cb3a398e587a4c7086bd4d93046c16","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342919965","isVote":1,"tweetType":1,"viewCount":1791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":348436399,"gmtCreate":1617950018611,"gmtModify":1704705210138,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Verygood","listText":"Verygood","text":"Verygood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348436399","repostId":"1159720741","repostType":4,"repost":{"id":"1159720741","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1617948539,"share":"https://ttm.financial/m/news/1159720741?lang=en_US&edition=fundamental","pubTime":"2021-04-09 14:08","market":"hk","language":"zh","title":"Ctrip, which went to Hong Kong for the second time, you really know how to play!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159720741","media":"节点财经","summary":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴","content":"<p>If you want to choose the most struggling entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.</p><p>List some of Liang Jianzhang's agenda casually:</p><p>More than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, we should inspect the review after the live broadcast, and we have to manage the company's affairs for more than ten hours a day; Not even 30 minutes of \"whole block time\"; On the plane to the next live broadcast point, you have to take out your mobile phone and write your own copy of the hotel live broadcast.</p><p>As a result of \"Desperate Saburo\", in 2020, the OTA industry experienced the biggest change: Ctrip drove the industry to start a new exploration at the fastest speed in a special environment.</p><p>Liang Jianzhang incarnated different characters in different tourism scenes and turned himself into a big V, which also made Ctrip use live broadcast as an entry point to interpret the real connotation of \"organic in crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Credit: Open Information</b></p><p><b>/01/is a big V, also a \"big V\"</b></p><p>Ctrip's prospectus shows that in the past 10 years, the transaction volume has maintained the first place in the national online travel industry, and it has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost $1.3 trillion in revenue, making it the \"worst year in tourism history\", and Ctrip was not immune.</p><p><b>The core of a successful enterprise is not the brilliance at its peak, but the resilience at its hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; Q2 All walks of life are preparing for the resumption of work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment of Liang Jianzhang's live broadcast, and Ctrip's revenue dropped by 63.7%; In Q3, Ctrip improved slightly, and the revenue decline narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservation recovery led the industry by about 15%; Ctrip's average daily order volume in March increased by 50% compared with February, and the average daily new passenger volume of the platform achieved double-digit growth compared with the previous month; During the just-concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine and wine bookings had reached full recovery.</p><p>Although the 2021 Q1 quarterly report has not yet been released, Ctrip has recovered ahead of Booking and Expdia, both OTA giants, with a rapid \"blood return plan\", and has gone out of a big V-shaped curve.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: various financial reports</b></p><p>At the same time as Ctrip's recovery, Ctrip's share<a href=\"https://laohu8.com/S/90129\">Tongcheng Elong</a>It also seized the sinking market in low-tier cities, and Ctrip's new users in low-tier markets accelerated their growth, further solving the congestion of OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on Ctrip's platform came from third-tier cities and below. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys Report, in 2019, the GMV of the top five travel platforms in the world accounted for 7.0% of the total market share, and Ctrip, the first place, accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's trend of getting out of the big \"V\", it can be seen that Ctrip still has the rare resilience of start-ups, and its sword is not old in rebound and recovery.</p><p><b>/02/Reconstructing the \"people and goods yard\" of tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In the prospectus of returning to Hong Kong, Ctrip also made it clear that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs to be supported by a core to string together various chains in travel, and this core is the content.</p><p>Some people say that Ctrip's content is difficult to do well because it lacks genes. This story is not long.</p><p>Say that Ctrip has no content gene? This can be somewhat \"shallow\" to Ctrip's understanding.</p><p>At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;</p><p>In 2011, Ctrip launched Donkey Review Network;</p><p>In 2016, Ctrip Raiders Community was launched;</p><p>In 2018, Ctrip began to build a travel short video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;</p><p>In 2020, Ctrip once again put the layout content on the agenda.</p><p><b>In addition to genes, the more important thing to do content is \"specializing in the art industry\". The travel content is about how to play, and of course, it is done by the travel platform that knows how to play.</b></p><p>A few days ago, Ctrip launched the \"1+3 strategy\", which uses \"Planet\" as the carrier to aggregate the three major sectors of traffic, content and commodities, refreshing the \"people (users) -goods (tourism products, ticketing services, etc.) -fields (scenes)\" in the tourism industry.</p><p>In the past, the tourism industry was basically people-goods, and almost no scenes landed; Or the OTA platform provides scattered and fragmented content, which can't accurately match with large traffic, thus leading to the disconnection between content and goods.</p><p>In terms of \"people\", when \"playful\" travel experts flood into Ctrip's planet with their own sharing content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;</p><p>In terms of \"goods\", participants in the whole travel link can set up a planet in Ctrip community. With the help of Ctrip's 300 million users and 200 million MAUs (monthly active users), there are more and more sensitive people under 25 who \"know how to play\" to supply food, accommodation, travel, travel and purchase all explosive products.</p><p>In the scene, Ctrip Live and Ctrip community will give the scene of content realization. In the whole content scene, Ctrip can also provide portraits of target people according to algorithms and private domain traffic management, so as to achieve a new \"100 billion small goal\" and tourism advertising;</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the size of China's tourism advertising market will reach 80-100 billion yuan in the whole year, and tourism advertising will become a new \"100 billion track\" for the tourism industry in the future.</p><p><b>Whether it works well or not, the data will speak.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total commodity transaction volume of Ctrip's live + special sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" was fully implemented, we have reason to believe that Ctrip can make more users \"play in Ctrip\" by taking advantage of \"knowing to play\".</p><p><b>/03/High Net Worth Users Who Can Play</b> <b>Deepening the moat again</b></p><p>In the prospectus submitted by Ctrip, there is another bright spot that has been ignored, but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.</p><p><b>High net worth users are not only Ctrip's competitive barrier, but also the cornerstone of performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel, the quality tour preferred by high-net-worth users will become Ctrip's new performance growth point.</p><p>The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure tours represented by high-star hotels and boutique private groups in China will surpass the mass leisure tours sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.</p><p>According to the data of Analysys, the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.</p><p>Whether on Wall Street or Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become Ctrip's new performance growth point.</p><p>To maintain the advantages of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.</p><p>Ctrip previously disclosed the supply chain related to quality leisure travel: from July to December 2020, the number of Ctrip private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 domestic tourist destinations; The number of private group products increased by more than 400%.</p><p>In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China, and the large-scale hotel cooperation with Ctrip has created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels designated by Ctrip Group as the general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the overall average final conversion that channels can bring is about 20%, but Ctrip's conversion is higher than the average level. Just like good birds choose good trees to live in, high-end hotels are willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have also become a \"mutual achievement\" relationship during the epidemic. In order to keep the brand bottom line of long-term hotel operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.</p><p>Therefore, for challengers who want to break through Ctrip's dominance of high-net-worth users, it is not overnight to grab more inventory of high-star hotels from Ctrip. First, it is to prove its channel capability to high-star hotels, and second, it is not overnight to continue to find users with high spending power.</p><p>Ctrip has done all this not only to maintain its reputation on Wall Street today, but also to win the prospect of tomorrow's Hong Kong Stock Exchange.</p><p><b>/04/Return to Hong Kong is both the return and the departure</b></p><p>The world's three major OTA heads Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>In the past three years, although Ctrip has occupied the first place in global transaction volume, Ctrip's share price has been undervalued.</p><p>As the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone in the epidemic are similar, the price-to-sales ratio can be a comparison of valuation.</p><p>Ctrip's latest market capitalization is US$23.3 billion, 8.3 times its revenue in 2020;</p><p>Booking latest market cap of $98.7 billion, 14.5 times 2020 revenue;</p><p>Expedia's latest market capitalization of $24.7 billion is 4.75 times 2020 revenue, but Expedia's shares have rebounded nearly 3x from their lows.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Legend: Stock price movements of the Big Three in the past year</b></p><p>Since Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply root in the tourism industry.</p><p>The share price of any listed company has been \"unreasonable\", but for Ctrip, what should be seen more is its distance.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nCtrip, which went to Hong Kong for the second time, you really know how to play!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-09 14:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If you want to choose the most struggling entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.</p><p>List some of Liang Jianzhang's agenda casually:</p><p>More than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, we should inspect the review after the live broadcast, and we have to manage the company's affairs for more than ten hours a day; Not even 30 minutes of \"whole block time\"; On the plane to the next live broadcast point, you have to take out your mobile phone and write your own copy of the hotel live broadcast.</p><p>As a result of \"Desperate Saburo\", in 2020, the OTA industry experienced the biggest change: Ctrip drove the industry to start a new exploration at the fastest speed in a special environment.</p><p>Liang Jianzhang incarnated different characters in different tourism scenes and turned himself into a big V, which also made Ctrip use live broadcast as an entry point to interpret the real connotation of \"organic in crisis\".</p><p><img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\"></p><p><b>Credit: Open Information</b></p><p><b>/01/is a big V, also a \"big V\"</b></p><p>Ctrip's prospectus shows that in the past 10 years, the transaction volume has maintained the first place in the national online travel industry, and it has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost $1.3 trillion in revenue, making it the \"worst year in tourism history\", and Ctrip was not immune.</p><p><b>The core of a successful enterprise is not the brilliance at its peak, but the resilience at its hardship.</b></p><p>In Q1 2020, Ctrip's revenue decreased by 42.1% due to the pandemic; Q2 All walks of life are preparing for the resumption of work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment of Liang Jianzhang's live broadcast, and Ctrip's revenue dropped by 63.7%; In Q3, Ctrip improved slightly, and the revenue decline narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.</p><p>Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservation recovery led the industry by about 15%; Ctrip's average daily order volume in March increased by 50% compared with February, and the average daily new passenger volume of the platform achieved double-digit growth compared with the previous month; During the just-concluded Qingming Festival holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine and wine bookings had reached full recovery.</p><p>Although the 2021 Q1 quarterly report has not yet been released, Ctrip has recovered ahead of Booking and Expdia, both OTA giants, with a rapid \"blood return plan\", and has gone out of a big V-shaped curve.</p><p><img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: various financial reports</b></p><p>At the same time as Ctrip's recovery, Ctrip's share<a href=\"https://laohu8.com/S/90129\">Tongcheng Elong</a>It also seized the sinking market in low-tier cities, and Ctrip's new users in low-tier markets accelerated their growth, further solving the congestion of OTA platforms in the domestic market.</p><p>According to the prospectus, in 2020, more than 40% of new transaction users on Ctrip's platform came from third-tier cities and below. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys Report, in 2019, the GMV of the top five travel platforms in the world accounted for 7.0% of the total market share, and Ctrip, the first place, accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.</p><p>In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's trend of getting out of the big \"V\", it can be seen that Ctrip still has the rare resilience of start-ups, and its sword is not old in rebound and recovery.</p><p><b>/02/Reconstructing the \"people and goods yard\" of tourism</b> <b>Ctrip, you really know how to play!</b></p><p>In the prospectus of returning to Hong Kong, Ctrip also made it clear that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience\".</p><p><img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\"></p><p><b>Image source: Ctrip prospectus</b></p><p>As one of the few \"one-stop\" platforms in the industry, Ctrip needs to be supported by a core to string together various chains in travel, and this core is the content.</p><p>Some people say that Ctrip's content is difficult to do well because it lacks genes. This story is not long.</p><p>Say that Ctrip has no content gene? This can be somewhat \"shallow\" to Ctrip's understanding.</p><p>At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;</p><p>In 2011, Ctrip launched Donkey Review Network;</p><p>In 2016, Ctrip Raiders Community was launched;</p><p>In 2018, Ctrip began to build a travel short video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;</p><p>In 2020, Ctrip once again put the layout content on the agenda.</p><p><b>In addition to genes, the more important thing to do content is \"specializing in the art industry\". The travel content is about how to play, and of course, it is done by the travel platform that knows how to play.</b></p><p>A few days ago, Ctrip launched the \"1+3 strategy\", which uses \"Planet\" as the carrier to aggregate the three major sectors of traffic, content and commodities, refreshing the \"people (users) -goods (tourism products, ticketing services, etc.) -fields (scenes)\" in the tourism industry.</p><p>In the past, the tourism industry was basically people-goods, and almost no scenes landed; Or the OTA platform provides scattered and fragmented content, which can't accurately match with large traffic, thus leading to the disconnection between content and goods.</p><p>In terms of \"people\", when \"playful\" travel experts flood into Ctrip's planet with their own sharing content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;</p><p>In terms of \"goods\", participants in the whole travel link can set up a planet in Ctrip community. With the help of Ctrip's 300 million users and 200 million MAUs (monthly active users), there are more and more sensitive people under 25 who \"know how to play\" to supply food, accommodation, travel, travel and purchase all explosive products.</p><p>In the scene, Ctrip Live and Ctrip community will give the scene of content realization. In the whole content scene, Ctrip can also provide portraits of target people according to algorithms and private domain traffic management, so as to achieve a new \"100 billion small goal\" and tourism advertising;</p><p>According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the size of China's tourism advertising market will reach 80-100 billion yuan in the whole year, and tourism advertising will become a new \"100 billion track\" for the tourism industry in the future.</p><p><b>Whether it works well or not, the data will speak.</b></p><p>According to Ctrip's prospectus, when the \"1+3 strategy\" was still in its infancy last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the total commodity transaction volume of Ctrip's live + special sale channel exceeded 5 billion yuan. After the \"1+3 strategy\" was fully implemented, we have reason to believe that Ctrip can make more users \"play in Ctrip\" by taking advantage of \"knowing to play\".</p><p><b>/03/High Net Worth Users Who Can Play</b> <b>Deepening the moat again</b></p><p>In the prospectus submitted by Ctrip, there is another bright spot that has been ignored, but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.</p><p><b>High net worth users are not only Ctrip's competitive barrier, but also the cornerstone of performance growth.</b></p><p>With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel, the quality tour preferred by high-net-worth users will become Ctrip's new performance growth point.</p><p>The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure tours represented by high-star hotels and boutique private groups in China will surpass the mass leisure tours sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.</p><p>According to the data of Analysys, the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.</p><p>Whether on Wall Street or Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become Ctrip's new performance growth point.</p><p>To maintain the advantages of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.</p><p>Ctrip previously disclosed the supply chain related to quality leisure travel: from July to December 2020, the number of Ctrip private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 domestic tourist destinations; The number of private group products increased by more than 400%.</p><p>In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China, and the large-scale hotel cooperation with Ctrip has created a highly competitive price advantage for Ctrip.</p><p>Among them, the number of high-star hotels designated by Ctrip Group as the general distributor increased by more than 10% quarter-on-quarter in both the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.</p><p><b>From the perspective of the hotel industry, the overall average final conversion that channels can bring is about 20%, but Ctrip's conversion is higher than the average level. Just like good birds choose good trees to live in, high-end hotels are willing to choose Ctrip.</b></p><p>According to Node Finance (ID: jiedian2018), Ctrip and hotels have also become a \"mutual achievement\" relationship during the epidemic. In order to keep the brand bottom line of long-term hotel operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.</p><p>Therefore, for challengers who want to break through Ctrip's dominance of high-net-worth users, it is not overnight to grab more inventory of high-star hotels from Ctrip. First, it is to prove its channel capability to high-star hotels, and second, it is not overnight to continue to find users with high spending power.</p><p>Ctrip has done all this not only to maintain its reputation on Wall Street today, but also to win the prospect of tomorrow's Hong Kong Stock Exchange.</p><p><b>/04/Return to Hong Kong is both the return and the departure</b></p><p>The world's three major OTA heads Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>In the past three years, although Ctrip has occupied the first place in global transaction volume, Ctrip's share price has been undervalued.</p><p>As the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone in the epidemic are similar, the price-to-sales ratio can be a comparison of valuation.</p><p>Ctrip's latest market capitalization is US$23.3 billion, 8.3 times its revenue in 2020;</p><p>Booking latest market cap of $98.7 billion, 14.5 times 2020 revenue;</p><p>Expedia's latest market capitalization of $24.7 billion is 4.75 times 2020 revenue, but Expedia's shares have rebounded nearly 3x from their lows.</p><p><img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><b>Legend: Stock price movements of the Big Three in the past year</b></p><p>Since Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply root in the tourism industry.</p><p>The share price of any listed company has been \"unreasonable\", but for Ctrip, what should be seen more is its distance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"TCOM":"携程网","09961":"携程集团—S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159720741","content_text":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴转十几个小时；连30分钟的“整块时间”都没有；在赶到下一个直播点的飞机上得掏出来手机自己写酒店直播的文案。\n“拼命三郎”的结果是，2020年，OTA行业出现了最大的变化：携程带动行业在特殊环境下以最快的速度，开始了新探索。\n梁建章在不同旅游场景里化身不同的人物把自己变成了大V，也让携程用直播这个切入点也诠释了“危中有机”的真正内涵。\n\n图片来源：公开信息\n/ 01 /是大V，也是\"大V\"\n携程的招股书显示，在过去10年中，交易额连续保持全国在线旅游行业第一，并连续3年领跑全球在线旅游行业。而去年在疫情的影响下，全球旅游业收入损失1.3万亿美元，成为“旅游业历史上最糟糕年份”，携程也未能幸免。\n成功企业内核并不是巅峰时的辉煌，而是看艰苦时的韧性。\n2020年Q1，由于疫情，携程营收下降42.1%；Q2各行各业都在做复工复产的准备，景区虽然开放了但是没人敢去。这也是梁建章直播最忙碌的时刻，携程营收跌了63.7%；Q3，携程略有起色，营收下降幅度收窄到47.9%；到了Q4，携程营收达到2019年同期的六成。\n而进入2021年，Q1的上半季度，携程的国内酒店预订恢复领先行业约15%；携程在3月份的日均订单量环比2月增长50%，平台日均新客量环比实现双位数增长；在刚刚结束的清明节假期，携程总预订量同比增长300%，多项业务的增速甚至超越2019年同期水平，在一个月前携程发布2020年年报之时，CEO孙洁表示携程的机酒预订达到全量恢复。\n虽然2021年Q1季报还未发布，但携程用迅速的“回血计划”，复苏领先于同是OTA巨头的Booking和Expdia，走出了大大的V形曲线。\n\n数据来源：各家财报\n在携程复苏的同时，携程参股的同程艺龙还抓住了低线城市的下沉市场，携程的低线市场新用户加速增长，进一步解决了OTA平台们在国内市场上的拥堵。\n招股文件显示，2020年，携程平台上超过40%的新交易用户来自三线及以下城市。其实在国内市场中，携程本来就较其他平台占有优势。根据易观报告，2019年全球前5大旅行平台的GMV在总市场份额的占比为7.0%，第一名携程占比为2.3%，较第二名高出0.4个百分点；2019年，中国前5大旅行平台在总市场份额的占比为21.5%，其中，携程集团占比为13.7%。\n2020年，从梁建章颇具创新性的变成“直播大V”到公司走出大“V”趋势可以看出，携程仍然具有初创企业少有的韧性，在反弹和复苏上宝刀未老。\n/ 02 /重构旅游的“人货场” 携程你可真会玩儿！\n在此次回港的招股书中，携程也明确表示募资的使用途径之一是拓展携程的“一站式旅行服务及改善用户体验”。\n\n图片来源：携程招股书\n作为业内为数不多的“一站式”平台，携程要把旅行中的各个的链条串起来，需要有内核在其中支撑，这个核心就是内容。\n有人说，携程做内容，因为缺乏基因所以很难做好，这个故事讲不长。\n说携程没有内容基因？这可对携程的认识有些“浅薄”。\n2000年诞生之初，携程就是中国最早的互联网旅游社区之一；\n2011年，携程推出驴评网；\n2016年，上线携程攻略社区；\n2018年，携程开始着手搭建旅行短视频内容平台，12月携程频道“旅拍频道正式上线；\n2020年，携程再次把布局内容提上日程。\n除了基因外，做内容更重要的是“术业有专攻”，旅行内容就是讲怎么玩，当然由最会玩的旅行平台来做。\n日前，携程推出了“1+3战略”，以“星球号”为载体，聚合流量、内容、商品三大板块，刷新了旅游行业中的“人（用户）-货（旅游产品、票务服务等）-场（场景）”。\n以前的旅游行业中基本上是人-货，几乎没有场景落地；或者是OTA平台提供了比较分散和碎片化的内容，无法与大流量形成精准匹配，因此导致内容和商品的脱节。\n在“人”上，当“会玩儿”的旅行达人们带着自己的分享内容涌入携程的星球号，由于携程庞大的产品库存和交易平台的属性，可以使内容顺畅地转化为交易；\n在“货”上，旅游全链路的参与者，均可在携程社区开设星球号，借助携程的3亿的用户量和2亿的MAU（每月活跃用户），还有越来越多的25岁以下“懂玩”的敏感人群，来供给吃、住、行、游、购所有爆款产品。\n在场景中，携程直播与携程社区将给予内容变现的场景，携程在整个内容场景中，还可以根据算法和私域流量管理，提供目标人群画像，实现一个新的“千亿小目标”，旅游广告投放；\n根据Fastdata数据，2021年随着中国旅游业的复苏及旅游供应商广告投入强度的增加，预计全年中国旅游广告市场规模将达到800-1000亿元，未来旅游广告将会成为旅游业新的“千亿赛道”。\n效果好不好，数据会说话。\n携程招股书显示，在去年“1+3战略“还处于雏形阶段时，2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元人民币，在“1+3战略”全部落地后，我们有理由相信携程可以借着“会玩”的优势，让更多的用户“玩在携程”。\n/ 03 /会玩的高净值用户 再次加深护城河\n在携程递交的招股书中，还有一个被人忽视，但是足以重塑携程估值的亮点，那就是高消费用户快速增长。\n高净值用户既是携程的竞争壁垒，也是驱动业绩增长的基石。\n随着消费升级，旅游业也在升级，比起节假日旅游“下饺子”，高净值用户们更喜欢的品质游，将成为携程新的业绩增长点。\n国内旅游市场基本可以分为三大部分：商旅、大众休闲游及品质休闲游。根据易观预测，国内高星酒店、精品私家团为代表的品质休闲游将于2024年超过大众休闲游板块，其市场规模将于2025年达到3.8万亿元。\n易观数据显示，携程平台中等及以上消费水平人群占比为82.2%，95后-80后人群占比为77.7%，高净值且会玩的年轻人有很多。\n不论是在华尔街还是在港交所，高客单价、高毛利一直都很受资本的青睐，也就是说，如果携程可以延续这个势头，品质休闲游市场的高准入门槛所形成的天然竞争壁垒，也将成为携程新的业绩增长点。\n要维持品质休闲游领域的优势，就得倚仗供应链，毕竟好资源都是稀缺的。\n携程此前披露过关于品质休闲游领域相关供应链的情况：2020年7-12月，携程私家团供应商数量增加 50%；超过2000家供应商通过携程为用户提供约6万条私家团产品；覆盖国内200多个旅游目的地；私家团产品数量增涨400%以上。\n在供应链中最关键的酒店方面，截至2019年12月31日，携程在中国境内提供了数量最多的机票及酒店住宿产品，大规模的酒店与携程合作，为携程创造了极具市场竞争力的价格优势。\n其中，指定携程集团作为总经销的高星酒店数量在2020年第二和第三季度均环比增长超过10%，携程在中高端酒店市场的竞争优势进一步扩大。\n从酒店行业来看，渠道能带来的最终转化整体平均保持在20%左右，但携程的转化高于平均水平，就像良禽择佳木而栖一样，高端酒店也愿意选择携程。\n据节点财经(ID:jiedian2018)了解，携程与酒店在疫情期间还成为了“互相成就”的关系，为了守住酒店长远经营的品牌底线，携程根据不同酒店的特色包装出了许多丰富的产品，比如美食套餐、亲子套餐，提供差异化的产品，吸引顾客的同时也释放酒店本身的价值。\n所以，对于想突破携程在高净值用户上统治地位的挑战者来说，从携程手里抢到更多的高星酒店库存，一是要向高星酒店证明渠道能力，二是持续寻找到高消费能力的用户，并不是一蹴而就的。\n而携程做的这一切，既是为了守住今天在华尔街的口碑，也是为了赢得明天在港交所的前景。\n/ 04 /回港，是归途也是启程\n世界三大OTA头部携程、Booking、Expedia中，携程在近三年来，虽然占据全球交易额第一，但携程的股价一直处于被低估状态。\n由于2020年三巨头的市盈率或为负，而疫情大家面临的环境困难都差不多，市销率可以成为估值高低的比较。\n携程最新市值233亿美元，为2020年营收的8.3倍；\nBooking最新市值987亿美元，为2020年营收的14.5倍；\nExpedia 最新市值247亿美元，为2020年营收的4.75倍，但Expedia的股价已经从低点反弹了近3倍。\n\n图注：三巨头近一年股价走势\n既然携程在美股没有得到相应的认可，二次上市，就是携程挥别过去发展模式的分水岭，也是发挥旅行内容价值、深度扎根旅游产业的新尝试。\n任何一家上市公司的股价都曾有过“苟且”，但对于携程来说，更应该看到的是它的远方。","news_type":1,"symbols_score_info":{"TCOM":0.9,"09961":0.9}},"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359297552,"gmtCreate":1616401718776,"gmtModify":1704793527441,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Good luck","listText":"Good luck","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359297552","repostId":"1175922758","repostType":4,"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350997234,"gmtCreate":1616146821228,"gmtModify":1704791520174,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350997234","repostId":"1139313031","repostType":4,"repost":{"id":"1139313031","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":1616144162,"share":"https://ttm.financial/m/news/1139313031?lang=en_US&edition=fundamental","pubTime":"2021-03-19 16:56","market":"us","language":"zh","title":"Pre-market Change: Digital Asset Boom Heats Up! NFT Concept Stocks Surge","url":"https://stock-news.laohu8.com/highlight/detail?id=1139313031","media":"老虎资讯综合","summary":"3月19日，美国三大股指期货震荡上扬，截至发稿，道指期货微涨0.20%；标普500指数期货涨0.37%；纳斯达克100指数期货涨0.72%。NFT概念股盘前大涨热门中概股盘前走高区块链板块盘前上扬大麻","content":"<p>On March 19th, the futures of the three major U.S. stock indexes fluctuated and rose. As of press time, the Dow futures rose slightly by 0.20%; S&P 500 futures rose 0.37%; Nasdaq 100 futures rose 0.72%.</p><p><img src=\"https://static.tigerbbs.com/5e0841950e3d8eb7264f11a67ac13299\" tg-width=\"478\" tg-height=\"189\" referrerpolicy=\"no-referrer\"></p><p>NFT Concept Stocks Surge Premarket</p><p><img src=\"https://static.tigerbbs.com/7e33ef5d5fea3066322cdef025ba9033\" tg-width=\"478\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p>Popular Chinese Concept Stocks Higher Premarket</p><p><img src=\"https://static.tigerbbs.com/fde34ffa6a28fa90bcc951ae20d99a8a\" tg-width=\"478\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Blockchain sector rises in premarket</p><p><img src=\"https://static.tigerbbs.com/1ff419b9144c1efd9787271df6943533\" tg-width=\"478\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>Cannabis Stocks Move Higher Premarket</p><p><img src=\"https://static.tigerbbs.com/04079d9d955196f1850e3eed71b0016d\" tg-width=\"478\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>It rose 4% before the market, and the company's revenue in the third quarter exceeded expectations.</p><p><img src=\"https://static.tigerbbs.com/427b6ae8559da58e54ad1a327b34a43d\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/IDRA\">Jingji Pharmaceutical</a>It fell nearly 60% before the market because the company's drug trial failed to meet the final target.</p><p><img src=\"https://static.tigerbbs.com/11e23bd82ede75f24dd78108d245cd39\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PLUG\">Pragg Energy</a>It fell more than 3% before the market, and the company said it received a letter from the listing eligibility department of the Nasdaq exchange saying that the company did not meet certain listing rules.</p><p><img src=\"https://static.tigerbbs.com/908d0e43606ad04d2470b2c8ef9ffa12\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TUYA\">Tuya Intelligence</a>It fell more than 4% before the market, and yesterday, the NYSE closed up 19% for the first time.</p><p><img src=\"https://static.tigerbbs.com/3aa49684d14d6c31bfb639eaa33b928b\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Nike fell more than 3% premarket, and its revenue in the third quarter of fiscal 2021 fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/47a2a3583dd4681be45f3084632794d8\" tg-width=\"822\" tg-height=\"653\"></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>Pre-market Change: Digital Asset Boom Heats Up! NFT Concept Stocks Surge</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\">\nPre-market Change: Digital Asset Boom Heats Up! NFT Concept Stocks Surge\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-19 16:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On March 19th, the futures of the three major U.S. stock indexes fluctuated and rose. As of press time, the Dow futures rose slightly by 0.20%; S&P 500 futures rose 0.37%; Nasdaq 100 futures rose 0.72%.</p><p><img src=\"https://static.tigerbbs.com/5e0841950e3d8eb7264f11a67ac13299\" tg-width=\"478\" tg-height=\"189\" referrerpolicy=\"no-referrer\"></p><p>NFT Concept Stocks Surge Premarket</p><p><img src=\"https://static.tigerbbs.com/7e33ef5d5fea3066322cdef025ba9033\" tg-width=\"478\" tg-height=\"430\" referrerpolicy=\"no-referrer\"></p><p>Popular Chinese Concept Stocks Higher Premarket</p><p><img src=\"https://static.tigerbbs.com/fde34ffa6a28fa90bcc951ae20d99a8a\" tg-width=\"478\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Blockchain sector rises in premarket</p><p><img src=\"https://static.tigerbbs.com/1ff419b9144c1efd9787271df6943533\" tg-width=\"478\" tg-height=\"662\" referrerpolicy=\"no-referrer\"></p><p>Cannabis Stocks Move Higher Premarket</p><p><img src=\"https://static.tigerbbs.com/04079d9d955196f1850e3eed71b0016d\" tg-width=\"478\" tg-height=\"251\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/FDX\">FedEx</a>It rose 4% before the market, and the company's revenue in the third quarter exceeded expectations.</p><p><img src=\"https://static.tigerbbs.com/427b6ae8559da58e54ad1a327b34a43d\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Biopharmaceutical companies<a href=\"https://laohu8.com/S/IDRA\">Jingji Pharmaceutical</a>It fell nearly 60% before the market because the company's drug trial failed to meet the final target.</p><p><img src=\"https://static.tigerbbs.com/11e23bd82ede75f24dd78108d245cd39\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/PLUG\">Pragg Energy</a>It fell more than 3% before the market, and the company said it received a letter from the listing eligibility department of the Nasdaq exchange saying that the company did not meet certain listing rules.</p><p><img src=\"https://static.tigerbbs.com/908d0e43606ad04d2470b2c8ef9ffa12\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TUYA\">Tuya Intelligence</a>It fell more than 4% before the market, and yesterday, the NYSE closed up 19% for the first time.</p><p><img src=\"https://static.tigerbbs.com/3aa49684d14d6c31bfb639eaa33b928b\" tg-width=\"822\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Nike fell more than 3% premarket, and its revenue in the third quarter of fiscal 2021 fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/47a2a3583dd4681be45f3084632794d8\" tg-width=\"822\" tg-height=\"653\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139313031","content_text":"3月19日，美国三大股指期货震荡上扬，截至发稿，道指期货微涨0.20%；标普500指数期货涨0.37%；纳斯达克100指数期货涨0.72%。NFT概念股盘前大涨热门中概股盘前走高区块链板块盘前上扬大麻股盘前走高联邦快递盘前涨4%，公司第三财季营收超预期。生物制药公司井寺制药盘前跌近60%，因公司药物试验未达到终期目标。普拉格能源盘前跌超3%，公司称收到了来自纳斯达克交易所上市资格部门的信，称公司不符合某些上市规则。涂鸦智能盘前跌超4%，昨日纽交所首挂收涨19%。耐克盘前跌超3%，2021财年第三财季营收不及预期。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349665514,"gmtCreate":1617606942538,"gmtModify":1704700753136,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Huat&nbsp;","listText":"Huat&nbsp;","text":"Huat","images":[{"img":"https://static.tigerbbs.com/7350c7eabb6a3dc1a3658b5c671d3da1","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349665514","isVote":1,"tweetType":1,"viewCount":852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":359230105,"gmtCreate":1616401770807,"gmtModify":1704793528420,"author":{"id":"3578974580733428","authorId":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578974580733428","idStr":"3578974580733428"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[{"img":"https://static.tigerbbs.com/498a460e6f570a4c24b4869ac3776922","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359230105","isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}